your choices are '91, '94, '97, 2000. i'm guessing, 1994. yes, ways right. it was created by dr. hobson who worked for ericsson for sweden in 19994. oil turned positive. down to 121. time's up. jackie deangelis in for neil. jackie: i'm jackie deangelis in for neil cavuto on "cavuto: coast to coast." let's get started. the s&p 500 entering bear market territory, dropping more than 20% from the january 3rd highs. big tech is leading today's losses ahead of the federal reserve two-day meeting starting tomorrow. let's get the read from our all-star panel, mark tepper

joins us. capitalist pig hedge fund manager joins us jonathan hoenig. jonathan, i will start with you this is really backlash from friday's inflation report. the indication we peaked in march. that we'll start to slowly creep down. that number indicating that is not the case. we hit 8.6%. markets looking at the federal reserve this week saying we might get more than half a point rate hike. >> yeah. without a doubt. last week's data was downright atrocious between the cpi data being up 1% month over month. consumer sentiment being at an all-time low. the data only goes back to the late '70s but still that's pretty bad. look, you have got more and more people now jumping on the recession bandwagon. when that happens, that leads to more volatility. it seems like nearly every single day this year has been a greater than 1% move which is

quite different than what we experienced the last few weeks. you mentioned peak inflation. seems a lot of people on the peak inflation bandwagon, were same people claiming inflation was transitory. i've been saying this for a while, whether we're at peak inflation or not the bigger concern how long will we be at elevated levels of inflation. what will that be, five to 6% a year for the next three to five years? where do we land after that, 3 1/2? we're not going back to two anytime soon. the market is starting to digest all of this right now. jackie: that is one of the reasons people are jumping on the recession bandwagon. i think we lost his shot, mark. i will continue with you on this. look where the markets were trading. a big loss on friday a big loss today. waiting on the fed to move potentially. overall the long term picture doesn't look great. that is what the market is trading off of. i think we got jonathan back. your sense what investors are feelings going through at this

moment as they are trying to reposition here. >> jackie there has been tremendous -- >> sure, i would say there is tremendous, jackie, not just in stocks, however. look, this isn't a function of friday's inflation report, i'm sorry. even before friday's inflation report average nasdaq stock is already down about 40%. so this is a trend going on since the first of the year. not so much even in stocks. the bond market, jackie, as you know has been absolutely shellacked. u.s. government bonds are down from 6% to 20%. that is what is causing those big dogs nasdaq, apples, microsoft, google. they're leading markets down right now. jackie: mark, back to you, what imworried about, looking at market, what the fed could do, fed could raise rates even more than expected. indication cools market, demand destruction. it may do that when it comes to consumers hitting the road. of course gas prices hit the five dollar mark average over

the weekend. we're at $5.01 expected to continue to climb throughout the summer. that is supply side problem. that is the problem i have that the fed possibly has inflation under control. i don't think it can impact all of the tentacles here that we're seeing? >> the fed, the fed can't impact everything but you know, the fed at the end of the day will still have to take it further than a lot of people are expecting. the fed fund futures are pricing in over 10 more hikes this year. jackie: wow. >> even that is not going to get it done. look, you know, i've been saying this for a while, i believe the fed is going to hike not only into a recession but i think they have to continue to hike during the recession. unfortunately think this recession will be longer, deeper than most people believe. you know consensus still seems to be set on this recession being short and shallow. i don't think that is going to happen.

fed has dual mandate, price stability, dual employment. avoiding recession is not one of them. directly full employment. tech companies saying we'll institute a hiring freeze. we'll start to lay off employees. th is hue it starts. starts slowly impact of overall economy. you start laying people off. they don't have discretionary income. they can't get out there to spend. consumer is 2/3 of the u.s. economy. a lot of people are worried about that, this is an administration keeps touting the labor market as the one thing that is holding everything up right now. >> jackie that trouble with tech stocks, actually started back in february, remember. facebook fell 25%. its largest decline ever because of what, because of inflation. this is not only hurting jobs long term. this is also hurting production. i mean people with inflation, they're noticing how high prices

are going. the problem is, that companies like facebook, like microsoft, aren't able to produce to create wealth in this country requires. one good thick you can say, jackie, we're starting to see some signs of capitulation. today the breadth is over 1000 stocks at new lows. only three stocks at new highs but one doesn't have to buy the bottom of a move to make money on a move, i would be very cautious buying any of these falling knives at this point. jackie: mark, jonathan, we'll see you later in the hour. thanks so much for that. meantime gases are a big part of this story. they hit another record high this morning. drivers are not only ones unhappy with the high prices. one minnesota gas station owner put up this sign. we hate our gas prices too. fox business correspondent grady trimble is live in chicago with more. many people feeling that pain at the pump, grady. reporter: jackie, the truckers don't like it. the everyday drivers like you and me don't like it, and the

gas stations don't like it. unfortunately the news is bad today. we hit a new record high for average gallon of gas. it will keep getting worse by almost all accounts. at this gas station in chicago we're at 6.09. there is some talk that the national average could hit six dollars by the end of this summer. the national average already climbing 34 of the last 35 days. you saw the streak ended on the 27th. now we're on another 17-day streak hitting five dollars a gallon on saturday. staying above the mark yesterday and today as well. >> i think it is going to get worse before it gets better. everyone needs to brace for that. >> to get to school, home, every single day, costing me $150 a week. >> $140 to fill up my van. reporter: for perspective, if you drive a honda civic, a full tank of gas a year ago would have cost you around $38.

today, the same tank of gas is going to cost you $62. that's a maller tank, a more fuel efficient vehicle. if you try a truck, suv likely you're spending well over $100 to fill your tank. we've talked a lot about how gas stations aren't making a ton of money even with high prices. their profit margins stay 15 cents a gallon no matter how high prices go. you see it there, showed it in the intro, jackie, the gas stations commiserating with the drivers. we hate our gas prices too is their message. unfortunately the message from the experts, jackie is that, you should keep sticking with what you're doing. unfortunately dealing with higher prices because it is not getting any better anytime soon. jackie: buckle up for the long haul. grady trimble thank you very much. president biden is still blaming gas prices on energy companies themselves. take a listen to this. president biden: exxon made more

money than god this year. why aren't they drilling? they make more money not producing more oil. exxon, start investing, start paying your taxes. jackie: wow, okay. let's go to schork group principle, stephen schork. always great to see you. >> thanks. jackie: the president accusing big oil essentially of price fixing with respect to this market but we all know it's a global market. we know it is set by speculators looking at future supply demand balances. also impacted by what you're seeing in opec countries, as russia as well. the issue here that i sort of am focused on is the supply side issue from the u.s. standpoint. he says that the energy companies should be investing more when he has gone spent last year of administration essentially attacking them, letting them know green energy will pave the way forward. he is saying they're price fixing. he is talking out of both sides of his mouth here, stephen. >> absolutely.

i started calling president tail gunner joe as nod to the joe mccarthy years. this is what we're seeing. we're seeing a false narrative being created by price gouging. it's a false narrative to created to hide or shield the president's failed policies with regard to energy and fossil fuels. he wants to go ahead and lambaste the likes of exxon and other big oil for making more money from god. spoken like a man who spent his entire year in congress, who never had to sweat a payroll, who never had to take a risk of investment in a business, either risk or rewards or taking the losses. spoken like a true politician who knows nothing about the business cycle. yes, we can lambaste exxon. look at net profit margins. we look at philip morris, whose only product causes cancer among people. they're outearning exxon by a

margin of eight to one. same with the credit card companies where only make bulk of their money when their customers go into debt, far out earning big oil f you're joe biden, if you're democrats, that's okay. jackie: yeah. >> but if you're a company literally fueling the economy, that apparently you are a pariah. jackie: we know there is a sweet spot for big oil. roughly call it, 45, $50, when prices were around there. they were making decent profits. investing for the future of the gas prices were low. kind of working for everybody. not that big oil doesn't want to drill. they see happened writing on the wall. that is why they're not investing for the future. having said that, you have got president planning a trip for saudi arabia. will ask opec countries to drill for more oil. spend seeing how things develop here, stephen, they have nor incentive not to pump right now because they need extra money with respect to their margins to

fuel their huge kingdom spending plans and essentially, their existence. so if anybody's price gouging here it would be the saudis. he is going to ask them to pump more? >> yes. when we talk about the saudis, venezuelans, other opec members including iran one, only opec country on the united states official state, list of state sponges sore of terrorism, we would rather talk to terrorists than texans. we would rather blame texans for price gouging and kowtow to a bunch of terrorists. going back to this administration we have the secretary of energy, jennifer jennifer granholm a self-smitten ignoramus with regard to fossil fuels. we go back. i encourage people put in granholm, her energy plan on another network. when this occurred in november when she was asked when oil

prices are $70 a barrel what her plan was. she absolutely laughed at the interview told him his question was hilarious. a month later, spr released how much oil does the spr produce? she doesn't know. we have a bunch of know-nothings running energy policy we're reaping the benefits. they want to ignore this they want to try to pull the wool over consumers eyes. they want to try to blame other market factors. that unencumbered that could solve this problem. jackie: it's a lot to take in but consumers are not stupid, stephen. they're feeling it at the pump. they know forecast prices will continue to head higher from here. spr releases haven't helped at all. great to see you always. have you back on soon. >> excellent. jackie: americans under excessive heat warnings as well. we're live in nashville what to

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jackie: soaring around the globe with rice prices creeping higher. soybean prices soaring 30% this year. this is not helping farmers struggling amid record gas prices. texas department of agriculture commissioner sid miller joins me now. commissioner, great to see you this afternoon. thanks for joining us. let's start by just hearing in your own words, lay out some of the biggest issues right now. >> well, i think people get confused on a food crisis and a food shortage. we've got just as much food as we ever have. we just can't get it delivered there is no worldwide catastrophic weather events, no droughts, floods, freezes, things like that. so we're producing as much as we ever have. as a matter of fact here in the united states we planted more acres this year than we ever have before. the problem is with what is causing the crisis is the delivery props, supply chain problems. we know what is happening in

europe. we have russia, ukraine, you know. gets -- grain from that region. it is all disrupted. so that causes shortages, or crisis around the globe. we have the food. we just can't get it to the people. jackie: sid, let me ask you this what is happening domestically? the president said they're trying to engineer a plan to get some grains out of ukraine. we don't know whether that will be. we're looking at the domestic food supply, you say it is supply chain, the issue i look at are high labor prices, high diesel prices, difficulty to secure vehicles to transport things as well. these are supply chain issues that impact agriculture in this country. do i have it right? >> you got it pretty much right. we have high inputs. but thanks to the trump administration and him winning the trade war with china, we have good commodity prices.

our commodity prices are higher than they ever been. the problem is offset by highest input prices we ever had. we can't win for losing. so we're fighting that. what's driving the price of soybeans, our rice, other crops, wheat, here in the united states higher is world demand. since the supply chain has been disrupted from, you know, ukraine and russia, they can't, they got to get it somewhere. so you know highest bidder wins. that is why our commodity prices are up because we can get it shipped, get it out of here. others can't. jackie: let me ask you this, because we're watching china very closely as well, resuming some of these lockdowns as a result of its zero covid policy. don't know how long that is going to last. that has an impact too. we don't necessarily get food products pro china. they supply a lot of mechanics we need in this country to get supply chain moving. you have that problem. >> one of the things in

agriculture disrupted us and caused our inputs, is fertilizer. it is up over 500%. we get the nitrogen source, urea, and phosphorus from china. they cut off shipments last october. so we haven't been able to get that. so that has caused farmers to have to either cut back, not put out as much fertilizer or pay five times what they have been paying. you can actually still kind of make it work even at high fertilizer prices because commodity prices are also good at this time too. so that is one of the things, you know, coming out of china or not coming out of china. they're supposed to release fertilizer again 22nd of this month. hopefully they will. jackie: sid, final point, let me ask you, when do you see an end to this? is there an end in sight? >> yeah. i think once we get the incident in ukraine settled, that will help. we get our supply chain, get all

these ships you know, that are backed up, all these containers back on a good schedule we can count on i think you're looking at probably no more than 12 months in my view. jackie: right. >> we'll have a new crop this fall. we should have abundant food by, you know, early fall. jackie: all right. 12 months. we'll be watching. sid, thank you for coming on today, really appreciate it. >> thank you. jackie: meanwhile more than one million americans in 24 states are under some sort of heat alert this week as temperatures are creeping higher and higher over the next several days. fox weather multimedia journalist will nunley joins us live from nashville. will, join us about temperatures there. looks like they will reach triple digits today i'm told? >> absolutely. anywhere from 105 to 110. with temperatures like that, it is not just inconvenient but almost defensive trying to stay cool like that. we found one of the spots where

people do that. this is the bicentennial park at the tennessee state capital. all of fountains representing a tennessee river. they are doing a run to stay cool t only take as matter of minutes with this type of heat, with temperatures across so much of the country right now. i will add a couple zeros to the estimate you gave in the intro. it is 100 million people that are facing some type of heat advisories today. we're certainly seeing that across the state of tennessee as well. you have to alter your plans, right, in situations like this. i caught up earlier with maggie in the park. sure enough she is having to change the way she goes about her day. >> it is about an hour earlier than i would normally get out but during the summer months we kind of switch it forward to that indefinitely while it is hot. i grew up in the south. ways always told carry a bottle of water with me, if you're thirsty, probably waited too long to drink it.

reporter: let's not forget how quickly those cars can become ovens in temperatures like this. there are cooling centers opening up across the south as part of all this. in response, nashville has cooling centers opening. sorry, folks a train is passing nearby. cooling centers opening, memphis, birmingham. expect a lot of communities to have response for residents when they can't access cool weather. anywhere you go in the south. make sure you're a few feet away from finding shade to cool off in indoors. back to you. jackie: will, thank you for that. people have to stay hydrated as well. it could be very dangerous. good to see you this afternoon. stay cool. >> without a doubt. jackie: bitcoin plunging 18% the lowest since december of 2020. a look what is causing that drop coming up. ♪

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jackie: welcome back. bitcoin plunging wiping out $200 billion from the crypto market over the weekend. susan li is here with more what is causing the crypto casualty. reporter: we saw 18 meant low for cryptocurrencies. at the bottom bitcoin was sub-23,000. that is the lowest since december 2020. we saw similar losses for ethereum. that means crypto is worse less than a trillion dollars for the first time since january 2021. that is just a third of the near $3 trillion the entire market was worth just a few months ago, at record levels back in november. there is a reckoning taking place, with another blow up with one of the largest crypto lenders a bank run taking place.

celsius, pausing all withdrawals, swaps, transfers. that is one of the biggest lenders out there with over $12 billion in loans and 1.7 million accounts. meantime the world's largest crypto exchange, binance, temporarily pausing bitcoin withdrawals what they call a stuck transaction backing up the execution system. they say the tie-up would only take 30 minutes. it has been a few hours and counting. crypto stocks, coinbase, miners, riot, selling off in jittery environment. some is blocked by the way jack dorsey payment companies, single largest corporate holder of bitcoin, 140,000 on the balance sheet for block. microstrategy, essentially a bitcoin holding company now has 129,000 bitcoins. but average price at 45,000. this microstrategy bitcoins and the value is underwater. the stock fell as much as 25% the in session.

tesla spent 43,000 for bitcoin's company. elon musk is okay the average price for their bitcoin purchases is around roughly around these levels. i talked to some of the most influential cryptocurrency players last week in austin, texas. here is what they said about the future of crypto amidst the selloff. >> no reason why crypto should be correlated with interest rates. in the short term it has been. it might be for couple months but i could see a world where other asset classes struggle, things like commodities, gold, crypto do well. when you look at people under the age of 30 are likely to own crypto, nft or security than bond or traditional asset. crypto is really for the future and it is going to take over everything. reporter: they told me this is great shakeout for of the industry for those trying to get in, get rich quick. you have to remember buyer beware environment. do not invest more than you can

lose. margin is very dangerous in volatile, higher rate times. jackie: susan, thank you for that. crypto lending firm celsius taking a dive after announcing a plan to slow withdrawal for customers after the company calls extreme market conditions as susan was breaking down there we have jonathan hoenig and strategic wealth partner and president ceo, mark tepper. jonathan, start with you on this. as susan said, investing in crypto is not for the faint of heart. people took on a lot of risk. they're dealing with crunch time issues within this market as well. given what we're seeing in the broader marketplace. this might be a lot for people to take at this moment. >> the average crypto investor, jackie, only got within the last five years and their average price is somewhere around $45,000. most crypto investors have lost money at this point. as we've been talking about for some months now, crypto is essentially perfectly correlated with technology stocks. it is not a commodity. it is not a hedge.

it is, i think what you're seeing here is some correlation. this started just a few weeks ago, another so-called stablecoin, ha, ha, luna imploded this is contagion now. as susan pointed out we've had $2 trillion of value wiped out in just the last couple months. jackie: mark, we had been talking about crypto for so long and cryptocurrencies as an inflation hedge. that is what the market believed they were at that time. obviously you see a selloff because of what is happening in this space. you look at gold. i would expect gold to move higher because of dynamics in the market. we're not seeing that happen either. i'm curious of what you make of all the pieces as you try to put athe puzzle together? >> jackie, i got to tell you, the biggest red flag for crypto was this "wall street journal" article written i believe november 8th of 2021 t was hearing is titled rich millenials to financial advisors. thanks for the golf invite but you can't invest my money.

the story talks about a 26-year-old individual who is funneling 90% of his money into crypto. he says it is easy to manage 500,000 or a million on your own. he spends less than hour a week monitoring his investments. obviously things are not going so well for him right now. just so happens, guess what? the peak in crypto was, very next day, november 9th. okay? with regards to the gold versus bitcoin chart relatively gold obviously looks a heck of a lot better, but looking everything that is happening right now, this bloodbath in crypto i think a lot of it people realizing man i don't want to get stuck holding the bag. i don't want to be the guy holding this mysterious asset no one knows what it is worth if there is a run on crypto. when you're talking about celsius which looks like it may be insolvent, that is a big concern for investors. jackie: it is a huge concern for

investors. so interesting susan's report there, the crypto investor she was talking to the at conference, essentially saying nope, we're holding on. this is a future play. they are still believers. we'll see how it all shakes out. guys, great to see you as always. thank you. it was a blockbuster weekend for "jurassic world" dominion with 143 million-dollar domestic opening. final installment in the jurassic world trilogy. top"top gun: maverick" fell to number two but did pretty well in opening debut. >> world will survive matters what we do now. >> baby raptor, i made a promise to bring her home. >> you made a promise to a dinosaur? >> yeah. what? ing experience. with innovation that lets you customize interfaces, charts and orders to your style of trading.

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>> wrote something very interesting about this, student loan cancellation and partial forgiveness are regressive policies because they the

greatest benefits to the highest earners. >> i think this is policy on the surface is nailed in progressive relief. it is proposed in the mail of helping those most at need but economists looked at this policy, when i say this policy, i'm referring to the most comprehensive student loan forgiveness proposals, chief among those is that proposed by senator elizabeth warren and economists found time and time again this assigns disproportionate relief to the most well-off. jackie: that was a dartmouth college student with neil cavuto last week. it was a great interview. she was making the case against canceling student loans. my next guest is takes it a step further than that. introducing a bill that would aim to block president biden's student loan forgiveness plan. tennessee republican congressman scott desjarlais. good to see you. many people are up in arms. the biden administration says it is stimulative to cancel student

loan debt. you say it is not. it takes the debt, shifts it to the taxpayers. people were up in arms about $5.8 billion the president wants to forgive for the corinthian colleges. we don't know, this is slippery slope how far this can go. >> totally agree. why we're speaking up. we had great feedback since fox released the story we're trying to hold students accountable for the debt they took out. most people went to college knew they were taking a risk. they knew the interest rates were, plan to pay this back and biden sinking poll numbers to some way attract younger voters for elections this fall, burdening people that did it right, people working now, paying their taxes is certainly the wrong approach in the eyes of most americans. jackie: and what concerns me the most in this inflationary environment where we talk about the administration, much of the spending that got us here, even

though it wants to blame vladmir putin and its assault on, russia's assault on ukraine right now for the problem and the mess we're in, it has to do with a lot of spending. many people sit back to say how is it possible you could be proposing to spend more right now? >> right. i mean we're looking at record inflation and gas prices that we have never seen before in our lifetime. if you go back to the jimmy carter era to see this type of financial trouble. we got 1.6, 1.7 trillion in student loans. just having a blanket forgiveness is absolutely the wrong answer as you mentioned, slippery slope. why not pay-day loans or underwater on house loans, or all the people that start small businesses. they don't always succeed but that is the risk you take? especially student loans. you're making investment in yourself. taking personal responsibility. you know what you're getting yourself into. you know if the government is going to be bad parents and try to give an easy way out that

sounds good for people on receiving end but store most of us it flies in the face of how we're taught, raised manage their own money. jackie: many people agree with you, congressman. midterms are around the corner. we have a lot of trouble on the administration's plate this is one way to try to appeal to part of the base. also fulfill campaign promises et cetera. ahead of those elections. we'll see what happens there. great to see you. thanks so much for laying that out for us. >> thanks for having me on. jackie: all right. biden administration canceling something else as well. the covid testing program. that requirement for international travelers. madison alworth joins me right now with more from newark international airport in new jersey. hey, madison. reporter: jackie, this is a big change, very exciting for travelers. as a traveler myself i would be cheering this news but as you can hear i don't really have a voice so this is what we're working with today but getting to the report, yes, there has now been this change. no longer are travelers needed

to test 24 hours before arriving here to the u.s. this went into effect yesterday meaning that anyone arriving here at this airport today did not need to test. the cdc made this change after seeing that cases were going down. it's really been a big shift this is longest existing covid restrictions we've had in the u.s. you know what we're hearing though it's a bit overdue. the u.s. travel association saying that 54% of foreign travelers were avoiding travel to our country because of these testing requirements. industry experts are grateful for a change now but they feel it should have happened in april when masks on planes were also lifted. >> it really did not follow any of the science for the data. what helped make this happen is both trade organizations like ours, hundreds of businesses, mayors, all wrote letters to the government saying you got to end this. it is crippling international

travel. reporter: so the hope is this will bring that international travel back to the u.s. it has been a slow portion of the travel industry to return but when those travelers come back they will be faced with very high prices. hotel prices are up over 22% in u.s. air fare costs soaring. they're up 37% year-over-year. now this is exciting news now but when it comes to travel, all the changes we've seen should still keep an eye on this story because the cdc has given themselves the opportunity to re-evaluate in 90 days, jackie. but for now if you're traveling internationally, coming back to the u.s., waiting to come back here, you can do it without the test. jackie: the cdc always leaves that hanging out there just in case. madison, i hope the sore throat, lost voice is as a result of having a fun weekend. thank you for that report. good to see you. protests at the supreme court breaking out today during one of the court's 2022 decision days. more when we return.

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jackie: anticipation growing over pending release of the supreme court opinion that sparked weeks of protests over women's right to choose. fox news correspondent david spunt is live at the justice department with all the latest. hi, david. reporter: jackie, good afternoon. no decision today but the next supreme court opinion day is on wednesday. that could be the day when we find out the future of roe v. wade which has granted women a right to an abortion for the last 50 years in this country. listen, no matter what the decision is, it is going to bring out strong emotions on both sides of the issue. for the last several weeks tall fences have circled, encircled i should say the u.s. supreme court building in washington, d.c. in anticipation of some potential protests. now this is all over the so-called dobbs case a case from mississippi that would make abortions illegal after 15 weeks. the court is also poised, potentially changing the leeway to overturn that roe v. wade decision which provides nationwide legal access to abortion pre-viability which is

24 weeks. last month "politico" published a leaked draft opinion of the dobbs case authored by just sis samuel alito. it was written in february. alito, the conservative wing of the court which is majority appeared to readily overturn roe access across the state that would send the issue of abortion bark to the states. some court watchers believe chief justice john roberts, known as a middle of the road compromiser. he may try to pull fellow conservatives brett kavanaugh and potentially bait barrett to endorsed a watered down, upholding mississippi' restrictions making abortions illegal after 15 weeks, leave roe intact. but it would be dramatically weakened. >> doesn't surprise me this there is lobby behind the scenes.

would be surprised in the outcome is dramatically different from the draft opinion. reporter: if roe is overturned it would send issue back to the state. it depend where you live you would have access to an abortion. just because supreme court abortions would be illegal doesn't mean they're going to stop. you may see a lot of people crossing state lines to get the procedure done. jackie? jackie: david spunt, thank you for that. a big question, how much are the protests we've seen weighing on the decision. joining me former constitution law attorney and federal prosecutor, kate at this. the issue the fact this draft opinion was leaked. we saw weeks and weeks of protests at the justices homes. last week we saw an attempted threat on brett kavanaugh's life, justice kavanaugh. you sit back and wonder, if john roberts is trying to broker some watered down decision here that really gets to the core of the system.

that is not what is supposed to happen. this court is supposed to be independent and it is supposed to speak the truth of the law. >> well, absolutely. it is all really just such a shame both with the leak and with these prolonged and protracted protests resulted from that. i think obviously if the court were to come down with a decision that overturned roe as through the normal procedure, we would have seen the outcry. now it has been an ongoing and seemingly never ending sort of conversation as we wait for this decision to drop which known knows exactly when that will happen. jackie: it is interesting, because we're watching the january 6th hearings take place right now and at the same time we're looking backwards into something that happened in this country instead of sometimes, focusing on what is happening in front of us right now. it is illegal to protest at the home of a supreme court justice yet, nothing happened here. >> that absolutely true.

there is a federal law that prohibits people protesting in front of a judge's home or a courthouse with the distinct i am intent to have a judge or justice to change their opinion. there have not been arrests in these cases even though there is no protests. it is quite disgusting all the media ignored the kavanaugh attempted assassination attempt. hypocrisy regarding this issue is very, very high. i think it is so unfortunate even our leadership at the white house really somewhat encouraged that according to some people at least in the ways that they have responded or failed to respond to very increasing threats from what it looks like. jackie: to your point, we showed a full screen there, no coverage at all on the sunday shows of attempted threat on justice kavanaugh this weekend. so you think to yourself, this is, at least, on certain networks it is not part of the conversation even though it has been part of the conversation that we've had here. you think about katie, integrity of the court, how this impacts

us going forward. justice kavanaugh has a family. all of these justices do. they must take this into some consideration. they're human beings. it would be difficult to imagine they don't. we'll really never know what impacts i'm sorry this has on opinions, outcomes, cases, right? >> absolutely not. but i think to the point of how this decision will come down, anyone who has read the draft can see that it really isn't a close call. according to alito and whoever supports that draft. they either see this as an incorrect decision never should have been regulated under the constitution federally or not. so i don't see a middle drowned there in terms of any sort of pressure that comes out of it. i think the opinion takes great pains to explain how this was not a close call. it should never have been something that was regulated by the supreme court and federal government in the first place. i think pressure could exist. maybe that will have an impact but i don't see how they go from that extreme of an opinion to

something more moderated. jackie: right. >> at least by not all of those folks. it is interesting to watch the process unfold as we are. jackie: absolutely. all eyes will be on this. we'll be waiting for the opinion to come out to see what the aftermath of it is. appreciate your insight. thanks for coming on today. >> thank you. jackie: let's take a look at the markets real quick because all three indices are continuing selloff today, with the dow droppinghundred points. s&p 500 remaining in bear market territory. more "cavuto: coast to coast" 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. but you can invest in them. we believe that your investments

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♪ you're hot, then you're cold -- ♪ you're yes, then you're no concern the you're -- can. ♪ you're in when you're out ♪♪ jackie: hot and cold, up and down. hot inflation, gas prices going up and markets going down with the s&p 500 plunging into bear market territory the. lauren simonetti joins us now with the lowdown on what's dragging these markets deep or into the red. lauren: jackie, it's the pretty brutal today the as well as friday. officially, the s&p 500 entering bear market territory if it closes at these levels. if you look at last closing high for the inconnects, it was january 3rd -- index. if we close here, yes, officially starting the s&p bear market, that according to s&p

and global. the nasdaq is taking its annual losses to 30%, the lowest level since september of 2020. investors are concerned that persistently high inflation will push the federal reserve to dramatically hike interest rates, and there is now a 30% chance that the fed moves an aggressive 75 basis points wednesday when they wrap up their meetings. and ahead of that we saw the rare inversion of the yield curve. haven't seen that since early april. this morning you saw the 2-year treasury briefly fall below the 10-year. that occurrence has a reputation for being a predicter or future -- of future slowdowns, and it's the forecast every recession since 1955 with one exception. those recession fears are hitting big tech. look at apple, it's at 133. amazon had gone to 101 earlier. the so-called fang stocks have lost about $220 billion in market cap since thursday's

close. and finally here, jackie, take a look at tesla. it's down can, what -- well, almost 6% even after getting an upgrade at rbc capital the markets. tesla has this competitive advantage in electric vehicles, and they think that second quarter earnings will surprise to the upside. while expensive, electric cars are are attractive now. 21 states and d.c. have clash 5 a gallon gas -- $5 a gallon gas. oil's up a bit even though china locks down parts of the country again to battle covid. jackie? jackie: a lot to take in, lauren simonetti, thank you for that. of course, these soaring gas prices fueling many fears for americans coast to coast, and the picture looks even worse for truckers. kelly o'grady is in los angeles with what drivers need to know, and that is one area wherest the probably the worst -- where it's

the probably the worst. >> reporter: it definitely is. if you look over my shoulder, that would be a relief here. $6.89 a gallon, the state average in california is 6.43, and, of course, records are nothing new. 34 of last 35 days we've seen highs across the country. the national average for gas is now 15 cents higher than last week and $1.93 increase from a year ago. just to put that into context, let's say you drive a honda civic. that still costs over clash 60 to fill up. a year ago it would cost clash 38, so today it's the costing 63% more to fill up, and drivers here are struggling. >> it's outrageous and just dealing with it, you know? so i just kind of fill up, i watch the prices and just fill up when i and when it's acceptable to me. >> reporter: you know, but you don't just feel energy crunch at pump. diesel prices are sky high. $7 a gallon in california.

the truckers have to fill up a 300-gallon tank the, that costs over $1700 before transthe porting -- transporting goods across country. at grocery store things are too high or not in sock. and this trend will likely continue. some analysts are predicting we'll top $150 a barrel this year. one i spoke to said the recession is ineffable if we reach that -- inevitabling. the demand is there, and there are reports that the president will announce a trip to saudi arabia soon, but even with opec turning face set on -- a few faucet -- faucet on more, we have a long way to go before drivers feel relief. jackie: we sure do. and at $120 a barrel, many experts saying we are in recession right now. thank you so much for that. well, the federal reserve widely expected to announce another interest rate hike this week as it looks to tame the scorching hot inflation. actually, all of us in right now

on the fed -- all of the onus on the fed. edward lawrence at the white house, lauren said it was a 30% chance we could see 75 basis point hike on wednesday. what do you have? >> reporter: it's a little bit more than that, actually. from the president's perspective here, he's trying to lower now expectations when it comes to fighting inflation as well as growth in the economy. now, the president back in the united states here at the white house, just now arrived in the last 30 minutes or so. on friday he said this, he told a group of democratic donors we're going to live with this inflation for a while, it's going to come down gradually, but we're going to live with it for a while. the cme fed watch tool now says 66% chance of a 50 basis point hike. group seeing a 34% chance now there'll be a 75 basis point hike, but that percentage was 5% a week ago. now, the president seemingly not fazed by any of this and still

blaming everyone else for inflation. >> never seen anything like putin's tax the on both food and gas. america should also understand our economy has unique strength that we can build on. job market is the strongest it's been since world war ii notwithstanding the inflation. >> reporter: the republicans not buying it saying there's a simple fix here. the president refuses to do, just change course on energy policies. >> we have increased our dependence on foreign oil including russian oil because of our lack of domestic energy policy under in the administration. so it's all kind of tied together. bottom line is this started when president biden took a negative view towards domestic energy production. that's just a fact. >> reporter: now tomorrow the president will speak with an afl-cio conference, and the public schedule says his message will be that he's got an economy

that's rewarding work, not just wealth. we'll see how that message goes for all of those union members who fill up their trucks when they get to go home from that meeting. jackie: that's exactly right. edward lawrence, thank you for that. and, of course, how will the fed and the white house handle all of this indignation over inflation? joining me now is former investment banker carol roth and the expert press ceo dave manny. carol, i want to go ahead and start with you because i watched that speech on friday from california. the president, it was a doozy of a speech, is the best way i could put it. bret baier said the president keeps getting up to the podium and essentially appears more and more disconnected from reality with every day that passes. he continues to blame the inflation problem on vladimir putin when it started much longer before russia's invasion of ukraine. it actually started with the president's inauguration. [laughter] >> yeah. i mean, we saw record high, 40-year record high inflation

many january -- in january, way before we had anything that the had to do with russia and ukraine on the record. and it's the really frustrating, jackie, because i don't recall -- you know, normally i'm a millon the friedman fan. i -- milton the friedman fan. given the supply constraints we've had, given the fact they tried to the power cycle this economy, the president actually holds the cards here. if he kid the a 180 on concern if he did a 180 on energy policies, has way we are going to bring inflation down. it would shore up long-term economic and national security. unfortunately, that's the one thing that can save us, and that's last thing he's probably likely to do. jackie:s the last thing he's likely to do. in fact, he wants to take a trip to saudi arabia to coserious the sakis and opec -- to coerce the saudis and opec to the pump more oil. to me, it feels like the biden

administration has dumped this massive problem in jerome powell's lap at this point. you know, a half a point hike on wednesday after the previous half a point hike, market might have priced that in. but if jerome powell needs to act more swiftly, which is what the inflation numbers are saying to this market, why we're selling off friday and today, the picture could be a hot ugherly -- a lot uglier. what do you think's going to happen? >> it's hard to say. we're clearly in for raises and more raises. there was a great line, i was looking at an old government report about how government handled the postwar inflation from world war ii the, and there was a line in it, it was a backyard ward-looking -- backward-looking analysis, and they said the problem is using air artillery to try to swat flyers -- flies. this problem is not one you can really address subtly, so you just use these massive tools that can, obviously, go too far or explode in the wrong

direction. and so, you know, i think this thing of what is the exact quarter point difference it's going to make, it's like in the end it's going to be the human beings based on imperfect information guessing, and i think that's all any of us can do right now is guess -- jackie: right. >> -- whether it's a half point or three-quarters. jackie: and, carol, if you think there is a recession coming down the pike, whether it's a half a point or three-quarters of a point and this continues to go on for, you know, ten more meetings to really try to tame this inflation, worry as mark tepper put it before of the market, essentially, is that inflation isn't going to be slammed down to that 2% level. we're going to still be living with elevated inflation for quite some time, and that really has an impact on the average american. >> yeah. i mean, i think that is, you know, sort of the foundation of the issue here. the fed has a bunch. of tools to tamp down demand,

but we are supply-constrain thed pretty much everywhere in the economy. we're supply-constrained in labor, in food, in the housing, in energy, in commodities. and so the only way using these, quote-unquote, tools that the you can kind of close that gap is with utter, utter carnage. and like you said, we may not see that inflation going down right away. so it's a very ugly position to be in and, unfortunately, the tools that are out there, the heavy artillery that dave just alluded to isn't the right kind of thing to get this done. jackie: and you look at the markets today, down 720 the points, the dow is off its session lows but still setting up to be a brutal day for the stock market after a brutal day on friday. year to the date the picture is brutal as well. somebody on our show said to me this morning, you know, i hope this is the end of it. unfortunately, i think this is just the beginning.

i wonder what you think? >> well, once again, i mean, if i had that perfect crystal ball,sing i'd probably be in a different place and time. i do this think that suggestion -- think that session of kind of looking at it and saying what would actually kind of reverse it right now would be something that's probably almost certainly not going to happen, but imagine the power of a president biden saying, look, we have these environmental goals, but people are suffering. the poorest people, my core voters are suffering, and were going of to have to delay the implementation of in the aggressive green agenda. and here's what we're going to do. it's better than me going and asking bad actors in saudi arabia and venezuela to do more to hurt the environment over there. the signal of that and the power of that that would probably snap us out of much of current distress. and it's amazing that there's no possible way that's going to the happen. jackie: i hear you.

i don't think he's going another that. and even if he did do that, we've lost a year and a half of investment and traction, right? there's a lag time before you actually see an impasse. and so that really is a massive issue as well. we let it go so long, that we've dug ourselves into a hole. carol, dave, great to see you both. you'll be back hater. straight ahead, russia's ongoing blockade of ukrainian grain shows no sign of stopping. what one historian predicts putin is plotting. ♪ gonna save the world tonight. ♪ who's gonna bring it back to life? ♪♪

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tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. if you think you have dupuytren's contracture, there's a simple test you can take—from anywhere. try to lay your hand flat against a surface. if you can't, you may have dupuytren's contracture. talk to a hand specialist about your options, including nonsurgical treatments. jackie: with global food prices soaring and food shortage fears growing, a yale historian predicts that russian president vladimir putin is planning to force west to end sanctions by causing a widespread famine. joining me now is foreign policy fellow and former "wall street journal" moscow bureau chief claude a ya row set. can claudia rosett. let's start with the theory of this yale historian, essentially that putin's goal is to wage a

worldwide famine. the longester his -- longer his invasion goes on, the more dire the situation gets. we've been talking about the growing food crisis here and globally for the last hour and 17 minutes. your thoughts. >> this would be classic putin, and it's right now sort of a no-lose for him. he's already, you know, a scapegoat. people don't hi well of him in the -- think well of him in the west, and here this is classic old kgb, soviet-style blackmail. he's going to, first of all, stir up trouble, foment chaos which he takes advantage of. ukraine, the invasion of ukraine for all the problems he's had, it's given him great leverage to do that. and, yeah, he's meddling now with supply chains of not only fuel, oil and gas, that is becoming a real problem, it's also a potentially grain. so all of this, these are bargaining chips. how far he'll push in the, i

don't know. we don't know. but what's clear is this is the one morestration is desperate for an iran nuclear deal. he's looking for things that he can leverage against the west, and this is the certainly one. jack in a way as somebody who, you know, has studied vladimir putin as long as you have and in such depth, i mean, when you rook back to when he was building his troop presence on the border, the administration essentially stood back, right? waiting for things to happen, not imposing sanctions, saying we'll wait for him to do manager, and then we'll do this. instead of being proactive about it. could have, would have, should have, right? if somebody else were in charge, they would have been more proactive and not allowed this situation to spin out of the control in the way that it has now. >> yeah, look, that's exactly problem. kinds of weapons they're now saying they're going to send to

ukraine, had they sent them last year as putin began massing rooms along ukraine's border borders might have deterred this whole invasion, might have delayed it, might have done something that would the help. as it is, why on earth are we now look at a situation where odesa is unable to export grainsome that's serious. jackie: can i ask you if you have any insight on his health and all of these rumors swirling around that he could be ill, he's not in his right mind? i mean, he's acting the way i would expect a dictator to act, so i don't necessarily think that the he is ill, but some people are saying that the there may be more to the story. >> look, we can't rule it out, but i think rumors of the great illness are greatly exaggerated. we've heard this both about him and xi jinping in china recently. you know, this disease, that disease. the fact is there have been rumors like that for years. it's wishful thinking in the main. at some point it will be true,

but i would certainly not bank on it. the biden administration certainly shouldn't count can on it for any strategy. that's wishful -- you know, we hope, but we don't know. it's unlikely. and you're absolutely right, he is behaving as a dick ato have of his kind concern dictator of his kind would behave, and what he's doing right now is the trajectory he's been on since he got a job in the kremlin under previous president boris yeltsin in the 1990s. this is a trajectory which you could map from one of his early trips was to the north korea after he became president of russia. that was a bad signal. and what he's been doing ever since is working toward this exa pabding influence, reach, territorial acquisition. this is part of what putin and xi jinping announced as their idea of the ascendant few world order in which they reign supreme. jackie: yeah. speaking of china, final point,

defense minister there accusing the united states of being a bully following the meeting we defense secretary the lloyd austin, adding that the china would fight to the very end to stop taiwanese independence. your thoughts about how this is going to play out with a president who didn't saw stand up to vladimir putin. >> yeah. if only we would be a bully are. i mean, the problem is china is much better arm ad, much more adept and competent, i would wager, than russia. it's a more por mid bl foe, and this is getting worse and worse. xi jinping's building up the military at great speed including his navy while ours is basically grinning. and there -- dwindling. and there are the i think what the chinese defense minister is trying to do, and he may well have had success with the biden administration, is lay out a marker that says it's not worth your fighting for taiwan because we will fight to the end. in other words, you're not going to stop us. and what we need is a biden administration to really push

back against that and basically say that's a joke. we don't believe you for a minute, and we will defend taiwan until end. instead, i'm very worried about this very timid strain in the administration, the retreat from afghanistan, the half measures in ukraine. what they're doing the here is very dangerous. we need a much stronger response than anything we've seen. jackie: it is dangerous, and it feels like quite the tinderbox that's -- >>s. jackie: it's scary as well. claudia, really appreciate your insight and wealth of knowledge on this topic, thank you. coming up, wealthy home buyers feeling a little heat. how luxury home sales are taking a hit, when we return. ♪ burning down the house. ♪ another crazy day? of course—you're a cio in 2022.

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♪ jackie: social security recipients are due for a raise next year thanks to higher inflation. fox business correspondent gerri willis has more. >> reporter: hi there, jackie, you've got that right. look, despite projections that social security recipients will get an 8.6% cost of living adjustment next year, the reality? seniors still aren't keeping up with the rising cost of living. a recent survey by the senior citizens' league finds seniors coping over the last 1 months by, look at, drawing more in retirement savings, spending emergency savings, refinancing a mortgage or even, get this, going back to work. that's despite a 5.9 adjustment in 2022, this year. and while an 8.if 6% pay -- 8.6% pay hike may sound attractive, the biggest in 40 years, it's sill no the match for deeply

growing gas and grocery prices. over same period, the cost of goods and services bought by a typical retiree up 130%. senior citizens league analyst mary johnson says the cpi index they use to calculate social security adjustments, well, it just really doesn't reflect how much seniors spend for expensive things like health care and shelter. listen. >> my research has failed to find any indication whatsoever that there is a fair measure of health care costs even for the average consumer. i feel that our systems of measuring those costs is incomplete. >> reporter: stretching budgetsen even tighter, the high cost of debt as interest rates rise, seniors struggling with credit card debt. and get in the, they may have as much as 30,000 in balances. that's a recent average we found in the research are.

so lots of financial weights on those seniors' shoulders. jackie? jackie: absolutely. and it's a huge problem across board. people wracking up debt. gerri willis, thank you so much. meantime, luxury home sales seeing the biggest drop since start of the pandemic as the housing market cools down just a little bit. joining me now is founder and president of empire state properties, suzanne miller. great to have you with us. let's often the real estate market because this is something i've been following closely, i'm passion mate about it. we've seen interest rates rise just a little bit now, and how does that correlate to the cooling we're seeing in the market? >> well, i think it's not cooling, i think it's just leveling off. jackie: okay. >> so i remember my first conoco, i paid 11% interest rate in 1983, and i was a happy of the it. jackie: wow, okay. so a lot of people are looking at this market and saying it's a leveling off, or we haven't gotten to the tipping point yet

where we see higher rates really impact prices. do you think because of the inflation situation that a we're in right now that the fed really has to to take rates up? what we saw in the early '80 #s, the scenario you're describing? >> perfect. so in the early '80 #s, we came through it, and i think that we are again. the rents are so high right now, and les such a pent-up demand in cities like boston the, industries and new york where the rents are so high that the sales are going to adjust. jackie: even with a little interest rate rise, we're seeing that the leveling off, because i think there's still buyers out there exactly thinking about it the way you are, it still costs a lot to rent. so even with interest i rates at roughly 5%, it still makes sense to try to buy and get in now. >> this is a good opportunity. this is a good understood. so if you think about -- this is history. when rents are down, sales lag a little bit. when sales go up, rents go down. people will start to buy shortly. jackie: i know this isn't a

scenario across the board throughout the country, but we certainly see it here in new york city, you have a lot of international buyers come in. they're all-cash buyers. they don't need financing. and so that the impacts the market that we're seeing here. do you think that that's something to consider, you know, across -- in pockets, in certain cities across the country the? it's not just international buyers, but domestic buyers that have the cash. >> that's a great point, because in 2008 and banks were falling, people were very leveraged. the market really took a tank then. but now, people have their own money many these apartments, so they're not going to let it go. that's why i think it's much more stable and in the market today is much more secure than it was in 2008, and i think that we're with going to be fine. jackie: there was pandemic paren si, right? people moving out of the city, moving into the suburbs. i just think about what happened in the new york metro area and with crime and problems that

we're having here many new york city, you don't see people coming back in droves the way we were hoping they would, let's say. does that keep the prices elevated in the suburbs as wellsome did people learn during the pandemic that it was more atrackive to have the more space and swimming pools and all these amen is? >> i've been doing for the last four decades. we see a larger demand right now than we've ever seen. international companies are coming to new york, 100% occupy is city. you can't get an apartment for, like, three months. jackie: yeah. >> so i think it's going to -- there'll be some leveling off, but i think it's going to continue to be stable. jackie: what cools rental market, or do we just see that continue to go higher? [inaudible conversations] >> yeah, inflation, people will start to buy. people will say i don't want to the pay clash 5,000 a month -- jackie: sell down as well. >> if you think about the everybody wishes he were in the market evener is use -- seven years ago, ten years ago, it's your biggest purchase. and with the hybrid of work

right now, people value where they're living a lot more than they ever have. jackie: absolutely, they sure do. suzanne, great to see you. thank you for coming in. coming up, a shocking number of nypd officers have either resign or are retired already. what's behind the alarming trend the, when we come back. ♪ oh, won't you stay with me. ♪ 'cuz you're all i need ♪♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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♪ jackie: new york city police officers quitting in record numbers amid escalating police hostility, bail reform and rising crime. alexis mcadd also joins me now with more on the go cuts. alexis. >> reporter: that's right. well, right now city's police union says not only is this a drastic drop in officers on the streets when crime continues to rise, but they say it's also a

threat to public safety. look at these numbers that we just got in throughout the weekend. brand new information from the new york post says more than 1500 officers have resigned or retiredded this year, that's up 38% compared to last year. so this puts the county on track to have the biggest loss of manpower in decades. the nypd shared much lower numbers, but that's because law enforcement experts say many officers who have retired have not yet been removed from the roster, so question is why are these cops leaving myself in the first placesome police union says it's the low pay, inferior with benefits and an anti-cop atmosphere, a trend to be seen in departments across country. >> listen, i mean, if you're surprised, i'd like to know where you've been for the last couple of years. there's who the things there. the big number is the resignations where people are leaving before their time is up. >> reporter: now, the nypd and the city of new york have been working hard to recruit hundreds of new cops.

the nypd registration is open right now for new officers through july sawth -- 15th. mayor where eric adams said he's not concerned yet about getting new officers on force. >> no, it does not. new york city police department is an amazing career, you know? i know it firsthand, and we're boeing to find young men and women who are going to want to be a member of the -- of new york city's finest. >> reporter: the m.d. and the mayor have been rolling out -- police department and the mayor have been rolling out campaigns to talk to people online about how importants to have the officers who want to have the a positive impact on the community and how good of a job it is. a former police officer els fox news though it could take decades to replace these vacant spots because it has not been easy to recruit officers. back to you. jackie: that's unfortunate because we don't have decades. many of the people who live here are really focused on this issue. we need to clean up crime

quickly. thank you so much for that. primary season continuing. all eyes are on tomorrow's nevada sales race. hillary vaughn is live in reno with the latest for us. hi, hillary. >> reporter: hi, jackie. republican primary voters here in nevada, we've been talking to people throughout the week, they know a lot is on the line because who hay pick in the primary on tuesday is going to be the person that goes head to head with senator katherine corps ez the maas toe the -- cath can run cortez masto. the most endangered democrat. this election was weighing on your mind most. >> probably getting some of people who are in office out of office. [laughter] >> reporter: so you're really hoping to find someone who's going to beat the 'em doing contact senator in november. >> yes, ma'am. >> reporter: voters have two totally different candidates, former attorney general and front-runner adam lax are at. his grandfather was governor here and a senator, and he also

has a coveted endorsement from former president trump and and a lot of gop hey hitters. heavy hitters. >> people are fed up with all of leftist policies that are being shoved down our throats here in nevada, and they just don't feel like washington represents us, and they don't feel like senator masto has done anything for our state. >> reporter: but enjoying a burst of last minute momentum is reire thed army captain sam brown who is few to politics but not new to sacrificing for his country. he suffered life-threatening burns from an ied attack while on tour in afghanistan. he's chipped away at laxalt's lead, narrowing the gap to 14 points in the latest nevada independent poll. he els me not getting trump's endorsement has made him work harder doing things the old-fashioned way, going door the door. >> i will outwork katherine cortez the masto. this is the a senate seed that -- seat that we only have

one-third of registered republicans, so you have to outwork, outcommunicate and earn the vote of a bunch of independents. we're not relying on political celebrities and surrogates from d.c. to come out and rescue us in the primary, we're not going to depend on that in the general. we're going to work for that and earn it. >> reporter: jackie, some voters are having a really hard time making up their minds. i talked to the person who voted earlier, he old me he he had to flip a coin because he really likes both candidates. jackie: all right. coin flipping is not ideal, but great reporting, thank you. [laughter] >> reporter: yeah. jackie: south carolina voters heading to the poms number, two the incouple dent house concern incumbent house members are facing challengers. mark meredith is here with the latest from the pal met eau the state. >> reporter: hey, jackie, good afternoon from a very hot and humid south carolina. just a little under two hours from now we're boeing to see the

former u.n. ambassador and governor of south carolina, nikki haley, she's going to be at this restaurant to campaign for congresswoman nancy mace. haley's going to be the pitted against her ex-boss, former president donald trump. congresswoman nancy mace is considered favorite many tomorrow's house gop primary, but we have seen president trump sour on mace. he's backing katie arrington in this contest because he pelt that mace had gone too far of a when she began to create criticize him after the 2020 the election. mace is could being on haley's support to help sway maga voters. mace tells us she's focusing on issues she believed palmetto voters care most about. >> the folks down here mt. the low country want somebody who is fiscally conservative and will protect our economy and way of live concern way of life and tourism. that's really important to voters. >> reporter: we're also hearing from former president

trump who says don't forget katie the air aingington the, a wonderful person, is running against the terrible nancy mace. we're also watching another connest the, trump trying to get another south carolina republican out of office, congressman tom rice who represents the myrtle beach area. he's repeatedly criticized trump since leaving office. rice is facing a challenge from state rep russell frye. trump did hold a rally many florence, south carolina, back in march and campaigning heavily on claiming that the -- claims hat 2020 the election was not properly conducted. urnout was lore from what we saw only a few years ago, in 2018. i just got done speaking with one political expert who said they were really surprised by those numbers. a lot of national interest on this race because a lot of people looking to see, jackie, whether or not trump's endorsement will is still matter to south carolina voters.

jackie. jackie: thank you for all that detail. we will be watching closely to see who wins, and we'll be checking back in with you for sure. mark meredith, thank you. a look at markets, a ec the-led selloff dragging the indices lower, the dow sill down over 600 points. the nasdaq falling over 3.5%. we've got more on the markets when we come back. ♪ ♪

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jackie: president biden being forced to play a game of geopolitical ping-pong amid massive backlash over an expected tripp to saudi arabia and a plan to lift some tariffs on chinese goods. fox news sate county correspondent rich edson is live from the white house with the latest. >> reporter: hey, good afternoon, jackie. an expectation soon that the white house is going to announce that president biden is going to go to saudi arabia with. now, president and democrats deny that this is about an idea of trying to get saudi arabia to pump more oil to lower gas prices. >> how, senator, can that not look like a blatant the effort

to just try to get gas prices down? >> this is a summit that's being hosted by saki king come that will -- saudi kingdom that will allow him to meet with a whole range of heads of state from the persian gulf, from the middle east. president, as you know, has decades of experience in foreign policy, and i trust his firm hand, his leadership in this moment. >> reporter: the president has said this is mostly about national security. biden had previously called saudi arabia a pariah after its government murdered washington post columnist jamal khashoggi in 2018. early in the biden administration the u.s. released an intelligence report saying crown prince approved the operation and killed khashoggi, and there are concerns among democrats. several top house democrats wrote the president, quote: the kingdom has long been an important u.s. partner, and we seek to further cooperate with it on regional, counterrecordism, energy and other priorities. however, since 015 its

leadership has repeatedly acted in ways at odds with u.s. policy and values. and you mentioned china the here. another issue the administration is looking at according to commerce secretary, perhaps paring back some of hose air the riffs on chinese imports -- tariffs. if you remember, concern there, of course, is china's rolling back human rights in places like hong kong and also, according to the u.s. government, pursuing aside against the uighur minority in northwest xinjiang. back to you. jackie: a quick look at the markets as s&p because sit in bear market territory. back with me, war on small business author carol roth and the expert press ceo dave maney. great to see you both again. carol, we've pared our losses here, down 5912 points -- 592 points, but still not a great day ahead of the fed's meeting and decision announced on wednesday. your thoughts on how investors are digesting all the news we're

getting. gas prices over $5, inflation at a 40-year high and just what people are feeling out there the with respect to the worry about recession is. >> yeah. i mean, i am right now, jackie, a chicago bear, and i think that in terms of the fed if and the economic back crop we're seeing, market -- backdrop, the market key the jesting in a way --ty the jesting in a way of -- what we haven't seen is a change in the valuations based on earnings. earnings are still project at about 10% for this year, and just about that for next year. so not only do we have the fed meeting, but going into the months ahead we're going to get q2 results. i think at that point in time we're going to end up seeing ceos bring down some of that guidance for this year and next year given the economic backdrop and, unfortunately, i think that means we have further to go. jackie: dave, i keep putting you on the spot asking you to the

take out the crystal ball, but i'm going to do it again and ask you when you expect to see that tipping point. we've heard from walmart, target the, things have been a little rough. some companies bringing guidance down, but it's not widespread. at a certain point, it will become more per vase isive. >> i think the that's right. i mean, there's no question that consumers are now feeling the pinch, and like all things in our economy, they take some time to kind of work its way through. so anything that's got consumer components, it seems to me, is going to start to show up. it's really been over the last, you know, sort of 90 days that people have really begun to feel that something's off track here. you can see it in real estate listings and housing markets, you can see it in just lines or lack of lines at the grocery stores and sores. stores. the market is always one part of it's looking down the road, and you're right, second part's

reacting to kind of current news. but i think that, you know, the market's crystal ball and the players is more efficient than mine, so many some ways they're probably already thinking through those earnings compressions and may have priced that in already. jackie: and, carol, we've talked about food and gas prices, madisonal madison alworth was on the program before from newark international airport talking about the some of the tourism trends, the ckc lifting international covid restrictions. -- cdc. having said that, with prices so high it does make it difficult for people to travel, and i'm wondering if that will be where people start to pull back first, the travel, discretionary trips. it's summertime. or maybe they'll just push through it this summer and take the pain on back end. i don't know. >> yeah. i'm betting a little bit of the sort of last hoorah. there's so much pent-up command, and we are seeing switch from goods to services, so i think

there are a lot of people who just feel like they need to have this. they haven't gone on vacation in the two or three years, they need to do those things, and they're willing to spend. jackie: yeah. >> but i think when we look at the consumer spending numbers on an inflation-adjusted basis, which is what we're going to look at for gdp, that is not going to make up difference. jackie: yeah, it's tough. people want to live. they want to live and enjoy their lives especially when they're working hard. guys, thank you so much. good to see you both, as always. all right. morgan stanley see joe james gorman saying chances of recession are 50-50 # but unlikely to be a deep or long recession. also saying europe's economy is going to be the slower than north america year, for sure. we'll be back. ♪ ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this.

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jackie: oil prices going up and down all around this session but now u.s. crude back up after a rather steep decline. trading up about half a percent. charles payne over to you. stuart: thank you so much, jackie. good afternoon, everyone, i'm charles payne this is "making money." breaking right now stocks plunging as inflation, record low consumer sentiment continues to rattle the markets but the real loss of faith may be in people in charge and maybe this is what capitulation is all about. we've been warned so is this it? of course your portfolio is underwater. you will need to pay extra close attention. we'll go to chart school for the downside risk from here. my market pros are weighing in throughout the hour so be