happened. angela, real quick. >> it's amazing, and while nuclear has such great potential i think safety issue here is going to be paramount. people already worry rightfully so about safety when they get on a plane and when you've got an aircraft that doesn't have a pilot? dagen: thank you, angela and mike. thank you, both "varney" & company, right now. stuart? stuart: all right, good morning, dagen and good morning, everyone i'll start with the market, because after a big gain friday, investors really want to know if the rally holds. well, yes, it is holding, at least at the opening bell marginally. the dow is up what 800 points friday, it's up about 30 points that's it at the opening bell. s&p getting a little closer to 4,000 again, it'll be up just a couple of points that's it, and the nasdaq, back above 12,000, up maybe 20 points, that ain't much of a rally on a monday morning, is it but it's better than a sell-off.

bitcoin is holding above 21,000 but there was some shakey stuff earlier this morning that dropped below 20,000 after three arrows, that's a very large crypto hedge fund, have trouble, maybe about to default. it's back to 21, 100 as of now. interest rates, they're moving up. the 10 year treasury yield right now at 319. gas down to an average of 4.89 but it's only down $0.12 from its record, 4.89 this morning, diesel 5.79 just $0.02 below its record. that is the markets. there are a lot of political news after intense weekend, starting with travel chaos. that's what a lot of people are talking about. high anxiety at the airports over the weekend. it was a nightmare, and it's shaping up to be another mess today, as we go into the july 4 long weekend. real bad stuff. today, nearly 700 cancellations, that's just so far, and 600 delays. the airlines demand a meeting

with transportation secretary pete buttigieg. the airlines cut their summer schedules in the face of very strong demand, chaos. the abortion fight continues. violence in several cities over the weekend. some pro-life pregnancy centers vandalized. extreme reaction from the left, aoc says gorsuch and kavanaugh lied at their confirmation hearings and should be impeached. senator warren says the court must be packed to make it legitimate. it's a full court press from the democrats to make abortion the big issue in november rather than inflation, crime, the border, the economy or afghanistan. meanwhile, many corporations are planning to pay abortion expenses for their employees. it's a kind of abortion benefit. the president is meeting g-7 leaders, they plan to stop russian exports of gold to europe; however, russia is still making a great deal of money selling its oil to china and india, and several european countries, including germany, are going back to coal.

no summer doldrums here, oh, no, another big show for you monday, june 27, 2022, "varney" & company is about to begin. walking on broken glass ♪ stuart: all right, i'm not sure of that music. i like it though, it's "walking on broken glass" well that's interesting. lauren: annie lennox. it's a solo project for her. stuart: great to see you susan, set me straight on the music why don't you? let's get serious. we're one week from the july 4 weekend holiday. airline cancellations are just piling up. how many flights canceled, let's start with the weekend. how bad was it? >> it was pretty bad on sunday and i can attest to that because i actually flew into newark last

night so more than 850 flights canceled sunday alone, 6,500 being delayed. i think your children were caught up in some of those cancellations and delays over the weekend. now, delta canceling at least 224 on sunday. united canceled 71, american was down 66 flights and the same issues here. there aren't enough workers to fill the shifts in the jobs, also unscheduled absences possibly related to covid exposure, air traffic control delays over and over again and united already said they will be cutting around 50 daily domestic flights from newark starting in july because they can't staff it and they know it so why not get ahead of the problem but travel is booming. the airports, the flights are packed, prices are rising at record rates, and airline ceo says we're backup to pre- pandemic levels. now you wanted to check on the cancellations today. stuart: what you got? >> globally it's 2,300 according to flight aware in terms of the flight coming in and going around the u.s. , close to 700 so far this morning stuart: my goodness, i don't see

any solution in sight. if you haven't got the workers and can't change the rules how do you handle this summer demand it's going to be chaos. also what about the heavy-handed treatment passengers get? i'll tell you my outgoing flight if you weren't wearing a mask and this was to canada so it was different jurisdiction, but they were kicking people off the flights if you didn't move from a mask-free zone like laguardia on to a mask-required zone like on-flight air canada, they are saying well, you have to get off and get on the next one. stuart: i think not, susan, great to see you again welcome back see you again in a bit more check futures, please. a little bit of green, not that much. david nicholas is here. look, david, it was a great week last week for stocks, especially friday, up 800 on the dow. are we going up from here, do you think? >> yeah, stuart, it was a great week but when you look at the year so far we've seen one of the worst six months for the markets and half a century and that's been depressing for a lot of

investors but the silver lining is when we have the losses earlier in the year like we had it this year, generally if you look at the last 90 years every single time the markets have been positive for the second half of the year saw this in 1932 saw this in 1940 and 1962 and also 1970 so it's not that i think everything is great and that the economy and the world is in a great economic position, but if most investors think that we're heading towards economic doom, stuart, if that doesn't materialize, you could see a really nice rally so i think markets will head higher from here, and i think we end the year higher, than where we're currently sitting. stuart: okay talk to me about the second half of the year which begins in the next few days. who will be the big winners in the second half? who are you betting on? >> stuart i think investors need to look at financials so we've got this unique situation right now where you've got ris ing earnings but you've got falling valuations for financials so we see that interest rates are rising and we all believe rates are only going to continue to rise from here. that helps companies because

companies invest in higher- yielding bonds, that affects their investment income but for banks it's pretty simple they are going to have a larger spread between deposits and what they can get for loans, so i think that the rate return right now for banks are really good. we did an analysis, stuart for every 1% rise in from rates that impacts a 24% growth-to- earnings in just the first year for banks so look at a name like bank of america trading at nine times earnings, 2.6% dividend it's a name we own , jpmorgan trading at about nine times earnings, a 3.4% dividend. i think those are two names that are going to do very well in the second half of this year. stuart: thanks very much indeed, david we will see you again soon let's get to the big political news that broke during our show on friday. roe v. wade overturned and that's got democrats springing into action. ronna mcdaniel is the chair of the republican national committee and she joins me now. ronna, will the democrats be able to turn the abortion issue into a winning issue, having

screwed up gas prices, inflation and the border et cetera et cetera. >> well they are certainly going to try but we saw that this draft opinion was leaked in april. we did not see any change in the polling. gas prices are going to be about $6 by the end of the summer, the average family is spending 600 more a month. i just don't think voters are ink is el-issue voters, certainly women are not single- issue voters we're making a majority of healthcare, business decisions things in our family so i don't think it's going to materialize the way democrats are hoping. stuart: they seem to expect all women to demand abortion on demand from conception to the moment of birth. i don't think many american women feel that way, do they? >> they don't. most american voters don't. 80% of american voters and poll ing say they want restrictions in the third trimester. democrats, again, this weekend, all over the tv, wouldn't say where they stood on abortions on a baby's due date. i think most people think that's

egregious. stuart: democrats are again calling for an expansion of the supreme court. just listen to senator warren for a moment. roll tape. >> this court has lost legitimacy. they have burned whatever legitimacy they may still have had after their gun decision, after their voting decision, after their union decision. they just took the last of it and set a torch to it, with the roe v. wade opinion. i believe we need to get some confidence back in our court and that means we need more justices on the united states supreme court. stuart: ronna, is america so upset by the supreme court's ruling that we be willing to pack the court? >> well democrats are certainly trying to do that and they are being dishonest because there wasn't a ban. what they did is centi back to the states. become the supreme court shouldn't be legislating heartbeat bills to 15 week to 20 week to 24 week, as all these cases were coming from them they

said this is ridiculous. we are not a legislative body. that's not our constitutional role. we'll use the tenth amendment and send it back to the state so california still has abortions so does new york, so does new jersey. it's going to go to the state legislature where it should have been and the democrats are fear mongering an lying to the american people and this is really really dangerous because let's look at venezuela and other countries where they packed the supreme court. we love the united states of america the way it is. the constitution was founded directly. it has the checks and balance, the balance of power and the supreme court and the democrats want to tear that down to the ground. stuart: ronna mcdaniel thank you very much for joining us on a monday morning. andrew yang, the presidential candidate in 2020 with unusual ideas i think. he's calling out the democrats for their reaction to roe v. wade being overturned. he ran quite strongly in 2020. what's he saying? >> that was on the universal basic income so that's what you call the weird policies.

stuart: well tax big tech and re distribute the money. that was a wild idea. >> he's no longer a democrat as you know so he's saying in this overturning of roe v. wade, he says democrats need to blame themselves and he's tweeting that it feels like democrats owe their people an apology for being bad at their jobs. they had a long time to codify roe v. wade, defend a balanced court, get rbg to step down, et cetera, and he got played and help undue our failures is not a compelling rallying cry. yang goes on to criticize democrat politicians using the overturning of roe v. wade to start fundraising right away. you saw the e-mails going out from president biden, house speaker nancy pelosi, amy klobuchar and a lot of others in the dnc, and being called out by prominent progressive leaders on the democratic side for what they call tacky immediate fundraising e-mails so they were sent out on the back of the supreme court decision. stuart: i thought andrew yang was a very interesting guy.

>> well now he wants to start a third party. two-part system doesn't work for america. stuart: he's broke the mold in many ways. >> he's very neutral and down the road. stuart: check futures, please it's monday morning, after a big rally last friday. we're going up just a little bit more at the opening bell. coming up, remember when celebrities like brian cranston vowed to leave the country in 2016 if trump won roll tape. >> the election, brian, if he does win, do you see an extended vacation to vancouver? >> it wouldn't be a vacation. i'd be an ex-patriot. stuart: to point out cher says she be moving to jupiter. we'll tell you who is threatening to leave the country because of the supreme court's roe v. wade reversal. president biden using the war in ukraine to push for green energy watch this. >> the entire world is feeling the impact of russia's brutal war in ukraine and on our energy markets. we need worldwide effort to

invest in transformative clean energy projects. stuart: how is that message landing on the world stage? edward lawrence has the full report, he's over there. he's in austria. he joins us after this. sending out an sos ♪ >> tech: when you have auto glass damage, trust safelite. in one easy appointment... ♪ pop rock music ♪ >> tech: ...we can replace your windshield and recalibrate your advanced safety system. >> dad: looks great. thanks. >> tech: stay safe with safelite. schedule now. >> singers: ♪ safelite repair, safelite replace. ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

millions have made the switch from the big three match to xfinity mobile.ption. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today.

so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. ♪ you can't always get what you want ♪ stuart: you can't always get what you want but if you try , you might just get what you need. [laughter] what a line, sports fans. by the way you are looking at i'm reliably informed it is pronounced haughton lake in michigan. it's the largest inland lake in

the united states. cloudy and 58 degrees. that's not the name of the lake. that's the name of the town on that lake. okay let's get going. energy at the top of the g-7 agenda. look whose over there in austria edward lawrence. all right, edward. hope you're enjoying yourself. how is the president's green energy push landing on the world stage? reporter: yeah, you know, it's really interesting what's happening. as you know the president pitch ing that shift to wind and solar as a way to get clear of russia from the oil and natural gas, because russia is using it as a weapon. the message though is getting a little muddled. the president talked about china , for example, with the other g-7 leaders and made an investment they are going to put $600 billion for developing countries by 2027 and invest sort of competing with the belt and road initiative but look here at the main objectives now for the g-7 and you could see that the china infrastructure, that's on that list there, but what's interesting here is as europe

turns away from russian oil and natural gas germany is going back to coal. president joe biden meeting with the german chancellor on sunday, he had a working dinner last night, but ignoring the pivot that europe is making, president biden still pushing that wind and solar is the cure for high gas prices. >> the entire world is feeling the impact of russia's brutal war in ukraine and on our energy markets. we need worldwide effort to invest in transformative clean energy projects, to ensure the critical infrastructure is resilient to changing climate, critical materials are necessary for our clean energy transition. reporter: but again germany has already reversed course and started to reopen some of the coal plants they closed, the european union itself is fast-tracking streamlining the process to get new pipelines laid down in through europe while the biden administration is still pushing not making any

changes whatsoever to those added restrictions or regulations on the oil and natural gas industry in the u.s. we have heard a lot of talk from the camps or in the other camps around world leaders about biden 's inability to get things done domestically but a senior administration official is telling us what they heard from other world leaders is what can be done going forward and they hope that focus is on climate change. stuart: okay, edward thanks very much indeed. tom pile is with us the president of the american energy alliance joining me now. tom, europe is going backwards, back to fossil fuels but america absolutely will not. can you explain why we will not do it? >> well, stuart, this is just a perfect example of what the administration has been doing versus what they're saying now, they just can't hide it any more, right? they are basically in denial of the fact that we're in an energy crisis in this country and to

some extent around the world and they're still pushing this green dream. they've been at it since early 2000s. we've made barely a dent even though they have cost us trillions of dollars in subsid ies and now, folks aren't even benefiting from what they used to enjoy which was low gasoline prices. stuart: well, tom, just suppose for one brief shining moment our president decided he would change course, and he gives a speech saying we're going to drill. we're going to frac like crazy. we're going to extract all the energy under our turf as much as possible and they are going to do it now. if he did that and i don't suspect he will but if he did that what be the effect on prices of energy? >> if he did that and he backed it up with action, it would have an immediate downward impact on prices. the challenge that we're facing is he keeps saying he wants to work like the devil to lower gas prices but at the same time, he said but in five or six years, you need to stop drilling, right

we need to get off of these resources. nobody is going to make the investments necessary. the millions of dollars in investment necessary to build-out our infrastructure, to build-out our oil & gas production, if they keep hearing the same thing over and over. it's like a broken record with this administration. stuart: yeah, why invest when you know perfectly well that it'll have no value five years from now. i've got it. tom, thanks for joining us this morning, big day and we appreciate you being here thanks a lot, sir. inflation is sparking global protests. all right, susan, wherein the world is this happening? >> everywhere so inflation is a global problem, so the u.s. , of course we feel it but also in pakistan, you have nurses in zimbabwe protesting wages that are not covering costs. belgium rail workers in the uk, which kind of reminds me of the days of the iron lady. stuart: yup, early to mid 1970s, precisely the same kind of inflation and strikes to get even with inflation. >> that's right because inflation is overtaking wages

and they feel poor. they also have european airline workers are protesting and thousands of truckers in south korea protesting for eight days. now these are just examples but really it's a global issue right now, and government imposed also protests curfew after protests in peru, so i'm giving you these international examples over and over again of people feeling strapped because they can't afford to keep up with rising prices, according to the imf, inflation around the world be up 6% this year in developed nations in emerging markets guess how much that is? stuart: more than that. >> at least 9%, 9% inflation. can you imagine trying to keep up with 10% price increases each and every year? by the way here is one bright spot because we've been talking about negative-yielding, guess where the 10 year german yield? at 1.5% up 10.5 points this morning that's a big move anticipating the central bank will pullback some of the that stimulus and raise interest

rates. stuart: inflation has consequences. thanks for outlining it good stuff. check futures again, please we're seven minutes away from the market open. modest gains at the opening bell we'll take you to wall street, in just a moment. ♪ about two years ago i realized that jade was overweight. i wish i would have introduced the fresh food a lot sooner. after farmer's dog she's a much healthier weight. she's a lot more active. and she's able to join us on our adventures. get started at longlivedogs.com

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

stuart: well, it's appropriate that we bring in keith fitz-gerald this monday morning, to see what on earth is going on on the stock market. and keith fitz-gerald just happens to be here. opening question. is it time to buy, keith? >> you know what? i am super-excited for the first time in months, stuart. i think we could have a great tail end into the year, a couple days of concerted buying, going to change investor psychology, and we're going to get through this. i'm really excited to see green on my screen this morning. stuart: okay are you buying anything today? >> i will be, but i haven't had a chance yet because you and i are having this conversation, so next hour or two, yeah i'm going to get serious. stuart: if it's planned that you are buying today what are you buying? will you tell us? >> sure, absolutely. you know, if i'm looking to beat inflation and get growth, jpmorgan is especially attractive right now. i'm looking to see as a flier because i like to have everyone in those , twitter looks really interesting to me right now. i think they are bending over backwards to give elon musk what

he wants quick 40% if the deal goes as planned fine, and of course big tech has been shellac ked but i'm particularly interested in cyber defense because that is not going anywhere. stuart: name me some cyber defense stocks. >> well, nvidia thinks they are going to make the chips but crowdstrike is what i'm looking at mostly in particular. stuart: crowdstrike and nvidia. okay. >> yup. i want the power and i want the stuff. stuart: is there any particular juan of the big five technology stocks that you would buy today? >> well, any of the ones that i like, because people are making a fundamental mistake right now, they are lumping them altogether amazon has got a lot of pressure in front of it but apple, for example, does not, so i split the line between what customers have and don't want to give up versus stuff that advertisers are going to pressure so apple and microsoft are logical big buys today. stuart: to summary recognize we may have hit a bottom or be close to a bottom, and now is

the time to buy cheap. can i summarize it like that, keith? >> yes, and stick with only the very best names you can buy, because the psychology has not shifted all the way to green light. it's just enough that savvy investors are going to get moving and that's what's hatching. stuart: keith fitz-gerald thanks for being with us on an important day monday morning we'll see you again soon. >> [opening bell ringing] stuart: it is bringing and we are trading stocks this monday morning, june 27 right from the start we've got a very modest upside move, i'll have to characterize it like that, very modest. if you look at the dow 30, most of them about two-thirds are in the green, so we're going to upside move for the dow in the early going, about less than a quarter of 1%, way less than a quarter of 1%. the s&p 500 where is that? it's up one-quarter of 1%, the 3,923 level there, nasdaq composite up close to a half percentage point, 11.6 the level right there. big tech all of them gaining

ground, apple is back to 143, amazon 117, meta 171. alphabet and microsoft is up to 268. i really quant to take a look at coinbase, rather dramatic news there. susan, you're the expert here. you attend all these crypto conferences. i know you do. is goldman sachs telling people to get rid of coinbase? >> well, yes, in one word, sell is what they're saying so we're looking at sub-20,000 this morning for bitcoin and there are concerns about contagion and defaults from one of the world's largest crypto hedge funds three arrows and by the way in terms of the crypto markets 2 trillion wiped out out of 3 trillion so you're down to 1 trillion right now and coinbase is getting a downgrade from goldman, a sell only worth $45 instead of 70 and some say crypto is facing a lehman moment with collapsing companies including that $10 billion hedge fund, three arrows which borrow ed from other crypto banks and exchanges so think of the

contagion effect when they can't payback their debt. $600 million worth, back to voyager digital by the way one name being floated that the could possibly go under because of the risk. stuart: but at these crypto conferences that you've been to is the mood sort of doom and gloom? >> subdued. they've been humbled all that type and glitz is pretty much been wiped out and you saw that last week as well with the nft/n fc week and also there are reports i should mention that goldman sachs might be buying celsius which is that troubled crypto bank, that has stopped withdrawals. goldman sachs might be looking to buy celsius for $2 billion, so goldman says sell coinbase, it's not like we're bearish on the crypto markets, because we can still see a long term path to wider use of it. also they are upgrading robinhood as a countertrade, calling it neutral but they are cutting the price target on robinhood to 950 from 1,150. stuart: all go in the crypto world. let's go to tesla, please.

do they still have a firm grip on the ev market? >> looking at the ev registrations and they've doubled over the past year, although peter strzok is still at 5%, so a bit off the white house 50% call by the end of the decade, i think it's going to be tough so tesla accounts for 61% of all registered ev cars as of april and ford has eight, hyundai-kia with six. what the takeaway tells me is that tesla obviously dominating the electric car race still which is why it's worth a trillion dollars worth more than all of the car companies put together, but it also tells me you know that ford push with the f-150 lightning and the ma ch e hasn't really made a dent in the electric car. now gm has announced a $30 billion investment plan in making ev's and going combustion -free by 2035, but do the numbers tell you that maybe they are a bit late to the game? stuart: could be, could be. >> okay, poll star, did you see that fantastic debut on friday, did you see that? stuart: no i missed it.

>> 15% in that spac deal it was pretty impressive. stuart: that was up now they are down. >> volatile markets. stuart: i've got to get to apple because you're the expert on cryptos and expert on apple. >> still haven't made you buy it. you could have the go en it at $ 14. stuart: i know they have new products coming. i want to know what's coming and when and do i really care? >> yes, you should and you should have bought at $14 a long time ago, i wish i had the opportunity, previous so we know a new iphone comes out each and every fall so we're expect ing iphone 14 upgrade cycle this september, but the worldwide developers conference that i also attended in cupertino tells me there's a whole new array coming with the fast chips and new software upgrades, so here is what i'm expecting and this is what bloomberg is reporting as well. you'll get new apple watches. several macs, a big one though and this st. is the big

pipeline apple could get into first new product category in more than a decade, virtual reality. you have one of the top prominent apple analysts says that it's coming in 2023. so i think if they actually come out, and it's not going to be a clunky headset, because when apple does something it's very sophisticated and also the only launch of product when it's absolutely up to their 100% specs, so they could come in 2023. we're also expecting next generation air pods, if you can get a pair of those , ipads, upgraded apple tv. by the way 142, you know just a few weeks ago at the depths during the sell-off apple was at 128. stuart: yes i remember that. that was a buying opportunity. >> that could have been a buying opportunity and the top apple analysts are still predicting up to 170-180 or so. stuart: where were you? >> i was right here. i was pretty loud about it i've been trying to sell it to you for the last four years or so. stuart: let's get to disney. i don't know whether this is important for the stock. it's already down to 97 for

heaven sake. have they got a reopening date for shanghai? >> no and that's the problem because its been shut since march 21 and they aren't sure when it'll exactly reopen but you have to remember that shanghai has been slowly reopening. they have the factories to restart june 1 and the park has yet to announce any opening date because there are concerns covid cases could spread pretty quickly. remember that shanghai disney cost around $5 billion to construct and it's also one i think it's about 20-25% roughly of the theme park revenue each year. stuart: so non-performing asset at this point. >> well unfortunately, so and that's a problem by the way for the theme parks and the reopening revenue growth. stuart: 97 bucks a share? >> i do want to talk to you about streaming and people going back to the theaters. did you see the number one movie this weekend were top gun 2 again, maverick, so surpassing $1 billion that should have paramount global which it is also amc is up this morning, because it seems that theatre-go ers and movie fans are

going back in. isn't that encouraging? so there were two movies for the number one spot guess what the other one was? elvis. so i feel people are saying look , you know, we know the youngsters have been going back into the theaters because they feel more safe but now i guess movie fans of all ages and demographics are going back in which is positive, if you look at it from a stock perspective. stuart: well i would consider going to see top gun: maverick and i would consider going to see elvis. i would. see , but those are the kind of titles and movies i'd track somebody like you. stuart: somebody like you. >> which is great. stuart: older person like you, thank you, susan. >> i didn't say that. stuart: check the big board. we're going for the downside i'm afraid we're off just a fraction of 1% but we're down 42 having opened higher. dow winners on the big screen, i can see them, merck, chevron, american express, united health and walmart is up there too. s&p 500 devon energy, cf industries, baker hughs, energy big on the 5 hunched today.

nasdaq winners -- >> you can read all of them. stuart: we're in the studio and i've got big screens with big numbers, micron technology, qualcomm, dollar tree, tesla, kraft heinz, spoken fluently without stumbling at all. brilliant. >> always. stuart: coming up democracy here in america is not dead according to britain's prime minister, roll it. >> i think that reports of the death of democracy in the united states are grossly grossly exaggerated. stuart: he's trying to butter us up. nigel farage is here a little later and another britt, sir paul mccartney makes history. we will show you what he did. larry summers says a recession is almost inevitable but wait a minute. that's not what president biden told us. watch this. >> i was talking to larry summers this morning, and there's nothing inevitable about a recession. >> a recession is almost inevitable. stuart: okay there you go, good

thing we have an economist on hand to settle the argument, stephen moore is next. ♪ [ marcia ] my dental health was not good. i had periodontal disease,

and i just didn't feel well. but then i found clearchoice. [ forde ] replacing marcia's teeth with dental implants at clearchoice was going to afford her that permanent solution. [ marcia ] clearchoice dental implants gave me the ability to take on the world. i feel so much better, and i think that that is the key. [whistling] when you have technology that's easier to control... that can scale across all your clouds... we got that right? yeah, we got that. it's easier to be an innovator. so you can do more incredible things. [whistling]

♪ i ain't got nothing but love, girl ♪ stuart: a little beaters we're looking at the beach in south carolina, sunny and 81 degrees right there, looks beautiful doesn't it? the president and former treasury secretary that's larry summers and by the way we've gone to negative for the dow, s&p, and the nasal down. let me rephrase that. the president and former treasury secretary larry summers do not agree on a recession. roll tape.

>> i was talking to larry summers this morning and there's nothing inevitable about a recession. >> look, i think that a recession is almost inevitable, probably is 75%-80% chance within the next two years and there's certainly a real risk that it will come sooner, but i think it's going to be very important to make sure if we're going to go through a period of pain, we do sleigh the inflation dragon. stuart: economist stephen moore with me this monday morning. stephen who are you with on this issue? >> well i'm with neither of them. i think that i said on your show last week, i'm going to stick with this , that we are in a soft recession right now. first six months of the year have been negative for growth. that's kind of technically, now it's, you know, not a catastrophic loss in gdp but we're probably down 1% from where we were six months ago and then when you add to that,

stuart, the fact that people's incomes in real terms are falling really fast, you know, something like two to $3,000 a year, that's a recession, so yeah, we're in a recession. i think the only real question right now is whether we're going to have a soft landing or have a crash landing. i think a lot of that depends on the policy decisions that the fed and the biden administration make over the course of the next two to three to six months. right now i'm not hearing much positive out of this white house in terms of how to combat a recession when they talk about higher taxes, more price controls, more regulations, and more spending. that's going to make the problem worse. stuart: i just want to sum this up. you think we're now in a soft recession? >> that's right. stuart: a very mild recession but it could get worse, depending upon government policy and fed policy in the second half of the year. that's where you're coming from? >> that's a very good summary of exactly what i'm saying. i think if you're going to have the fed tightening, laffer and i and steve forbes would rather

than the fed raising rates, stuart, we would like to see the fed selling off assets and their balance sheets. the fed doesn't set interest rates. the fed is a follower of interest rates. if the fed were to release some of the , what is their balance now, $8 trillion of assets they are holding those are mortgage- backed securities and government bonds, that would some of this excessive money out of the economy. stuart we may have seen the editorial in the wall street journal today talking about the airlines and what's going on there where they are having to give pilots as much as 50% increases in their salaries to get them to stay on-the-job. that's happening throughout, now look i'm all for high wages for people, but now we're in the risk because of this labor shortage, of a kind of wage put inflation that could make the situation worse in the months to come. stuart: got it, stephen thank you very much for being here. we'll see you again soon, stephen moore. >> by the way, stuart i saw paul mccartney last week in

baltimore he was awesome, 80 years old so i can't wait to hear your news. stuart: i'll give it later, but it's about him being 80. thank you very much, sir. california residents may soon be getting billions in "inflation relief." how is that going to work? >> so $9.5 billion is how much they are looking to spend and they can afford it since they do have a record $100 billion state surplus which i think is pretty incredible. so anybody making less than $250,000 a year, you're going to get a check for as much and this is a top level of 1,050 to cover rising gas costs and higher prices and that is a tentative deal which still needs to be ratified, but you know, californians are paying the highest gas prices in the country at seven bucks a gallon in some cases i think 6.50 is what triple a is saying is the average across the state but don't you think the handouts and the $100 billion surplus in california is going to be a pretty good foundation as some would say possibly national

political ambitions for governor gavin newsom. stuart: he's a shoe-in for another term as governor of california. >> some say he wants to run for 2024 as well. stuart: i county he'd win. >> first of all there is an incumbent in the office who says he's still running in 2024, so you know, if he's running on the democratic ticket i guess he still needs announcements there. stuart: i can't see the rest of the country voting for a california liberal. but that's just me. >> wouldn't it be something to see gavin newsom up against ron desantis which some people are predicting in 2024? stuart: that will be interesting , whether it happens or not is another story. coming up one of the best tennis players in the world says he's still not getting the covid jab even if it means not playing in the u.s. open. a weekend of pure chaos. thousands of flights canceled and delays over the weekend, at newark airport, lydia hu is there and she will report another disastrous situation developing, she reports after

this. ♪ lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. ♪ and never wonder if you got a good deal. because you did. ♪

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill.

and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. stuart: i'm afraid the travel nightmare frankly is getting worse.

more than 1,700 flights canceled over the weekend, 6,000 delayed. lydia hu is at newark airport for us. all right, that's a big hub. how many flights have been canceled at newark so far today? >> stuart already we're at 16% of departing flights here at newark, that's more than 100 flights scheduled for this airport, and we're see ing that number climb as the morning wears on, across the country we're tracking more than 700 cancellations for the day already. this is happening as we're see ing a surge of passengers return to flying just ahead of the july 4th holiday weekend. just yesterday the tsa screened more than 2.4 million people. that's the highest checkpoint volume since february of 2020. now, all travelers face these disruptions airlines are pointing the finger at the federal aviation administration. a letter written by the trade group, airlines for america, to transportation secretary pete buttigieg, says air traffic

control staffing challenges have led to traffic restrictions under blue sky conditions. the group adds that an faa facility in jacksonville, florida "has been under staffed for 27 of the last 30 days" which is crippling to the entire east coast traffic flow, but the faa, stuart, is pushing back saying,"after receiving $54 billion in pandemic relief to help save the airlines from mass lay off and bankruptcy the american people deserve to have their expectations met" stuart a reference to safe, affordable and efficient travel right there. the at say says it has also added air traffic controllers and also added alternative routes. now in the midst of the finger pointing and back and forth triple a still expects more than 3.5 million people to fly over the july 4 holiday weekend. that's more than we saw last year. that comes despite the climbing prices of tickets that are up

around 37% over a ago, but it seems while we're paying more, stuart, passengers travelers really brace for a bumpy travel experience coming up in the next weekend. stuart: all right, thank you very much, indeed. now our new segment we tested it out last week called "what day is it"? all right, what day, you know, these special days that congress implies is a special day for this , that and the other. >> it's national ice cream cake day and we have one just for you it's from carvelle, and fudgey the whale, iconic of course, so happy ice cream cake day to you. stuart: is that what it? national ice cream cake day? >> yeah, are you going to have one by the way? stuart: for those of us, it's not carvelle. it's the first ice cream i ate when i first came to america, in the early 1970s there was a store outside westport, connecticut and i indulges in

that. >> so is it target or tar-jey then? by the way i flew into newark and there was a hall of fame for new jersey. i'm surprised no stuary varney. stuart: no i'm not going to cut into that cake and eat it on camera but taking it home. still ahead steve forbes, nigel farage, four star general jack keane and mercedes schlapp all that, 10:00 hour is next, go ahead. >> i love that. ♪

. ..

municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-763-2763. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years,

and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763. ♪. stuart: who is that singing? of course it is he will vase. okay that was my older brother's generation. i was beatles, they were elvis. that is how you work it out. good morning, everyone. 10:00 eastern. straight to the money. downside moves, not much but a little red ink for the dow, the s&p and the nasdaq. the 10-year treasury yield, it was approaching 3.20. it has backed off. it is 3.16.

the price of oil was just above 100 bucks a barrel earlier. it is 106. bitcoin is holding, no it is not. it is at 20,625. there are concerned about three arrows. that is a large crypto hedge fund that is in trouble. just received the latest on pending home sales. important news for realtors. ashley, what is the number, please? ashley: a surprise, good morning, stu on the upside. so-called experts were looking for a decline of 4%t was up 0.7%. reversing a trend we've seen of declining pending home sales. pending home sales are where a contract has been signed but not closed. this is a nice blip what has been downward trajectory because of the high price of houses, also the high cost of a mortgage, stu. stuart: i wonder if it is a temporary blip. we'll see. no impact on the overall stock

market. we're still down 70 odd points on the dow. everyone now this. i don't know whether the supreme court roe v. wade will be a winning decision for democrats in november. they will do absolute best to make it a winner. why not? they are losing on just about everything else, inflation, gas prices, the border, crime, afghanistan, possible recession, predictably in their desperation they have gone to extremes. aoc says justices gorsuch and kavanaugh lied at their confirmation hearings and should there there be impeached. "wall street journal" said the justices didn't lie to the senate. no one in the majority promised to up rolled roe v. wade i'm with the journal on this one. elizabeth warren piled on the outrage. she thinks the court should be expanded to restore legitimacy, packed in other words. even president biden is against

that. they are over playing their hand. the supreme court did not ban abortion. it put it in the hands of voters. the democrats aassume all woman voters are want abortion from the moment of con essential to the moment of birth. i doubt that. according to the associated press, more than one million voters in 43 states have switched to the republican party in the last year. the switch was most pronounced among well-educated suburbanites, the very people that helped joe biden win. are we to believe they will all switch back because supreme court put voters back in charge of abortion? i think that is highly doubtful. the second hour of "varney" is just getting started. ♪ stuart: mercedes schlapp with us this monday morning. democrats will zero in on abortion. will this be a winning issue for

them in the midterms? >> look, stuart, i don't think so. we're looking at the different battleground states. quite frankly the economy is the one issue that continually stands out as issue that voters are going to be basically focused on in these midterm elections and i do think the democrats will do everything they can to fund raise over the roe v. wade decision but when you're looking at polls right now, about less than 15% of voters believe abortion is the step issue they will focus on come november, compared that to 66% voters say economy is the top issue. american families are hurting. they have to figure out a way to pay for the rising costs of gas and food and concerns that they're having in their own families. i think on the abortion issue while the democrats yeah, might pull away some of the voters, i don't think it will be enough to

help democrats stay in control of the house and senate. stuart: i don't know whether you just saw the report i broadcast a few moments ago, from the ap. over a million voters switched to the republican party over the last year and now, are the democrats, some of those were suburban people, very well-educated people, the ones who switched to joe biden gave him in the win in 2020. are the democrats assuming that all of those people will switch back just because of the abortion issue? i think not. >> no, you're right and you said it correctly. it is about the democrats overplaying their hand. i think what happened is, you had a lot of people, especially parents in some of these states were never politically engaged. they had stayed out of politics because they felt they had to get involved in politics. why? not only economy was an important issue, also the education, the idea that the public school systems were failing our children by

inserting this unnecessary curriculum of critical race theory, of gender confusion, parents are wait a second, why am i kids going to this school? i want them to learn math, reading science. on top of that you have failed economic policies where the democrats are so honed in on the climate change agenda, instead of making sure our country stays, energy, once again become energy independent. they have, i think democrats have really lost their focus. they were hoping to spend our way out of problems we're seeing in our economy. it has backfired because now you're seeing, you know, such high inflation, historic levels inflation we haven't seen in decades. stuart: mercedes schlapp i know we'll see you soon. thanks a lot. >> thanks, stuart. stuart: price of regular gas is 4.89. that is 12 cents below the all-time high. ashley, what is it about gas theft rising?

ashley: when it gets to a certain price thieves across the u.s. are stealing gas, physically taking gas from pumps and other vehicles or hacking gas retailer networks. some is for personal use. others are revealing it as a discount rate n virginia beach earlier this month, police watched numerous vehicles using devices to pump gas from a citgo station that was closed at the time. according to the u.s. information information agency, 25% of gas retailers experienced an increase in gas theft compared to last year. authorities say, look the gas station owners are the least responsible for high prices and the thefts could ultimately put them out of business, a sign of the times as they say, stu. stuart: absolutely right, ashley. check on the markets, please, very modest losses this monday morning across the board. that follow as significant gain last week this is not much of a

pullback. jeff sica joins me now. we had a nice rally friday. only a little lower today. is it time to crack open the champagne to celebrate a rally? >> on friday i was very tempted to crack the champagne, celebrate, join in a chorus of let the good times roll but i will say that we will have two weeks of what i anticipate will be something like ignorance is bliss because you have a lot of money that was on the sideline that is now going to be coming in. mutual funds have funds have hundreds of billions of dollars could be coming into the market. you have also portfolio rebalances happening which tend to move the market up before earnings. stuart: jeff sica would be selling into the rally on expectation after big dip coming later? >> it will be very hard to sell. that's what is going to happen. a lot of people looked at the

decline being an opportunity. we're so programmed like robots to buy the dip and now we're getting this rally. people are deathly afraid of missing out. it's going to be hard to sell but for me i'm not going to sell everything but i am going to take the opportunity to take money off the table before earnings. stuart: whoa, jeff sica, selling into a rally. how about real estate? i have op-ed that the housing market is weakening but not at 2008 levels. what do you think, are you selling real estate as it goes down? >> i think in times of inflation the best investment out there is real estate, tangible assets out there like real estate. there is going to be a decline because you have mortgage rates which have doubled but what you have is, you have about 7 billion home shortage right now.

stuart: billion? >> seven million home shortage. with that anytime you have way more demand than supply, you tend to have less of a potential price decline. so i would say that the real estate market is going to fall. keep in mind, stuart, a lot of these single family homes are either directly or indirectly owned by firms like blackstone, who have bought the individual homes. they're not going to sell as quickly as some of the independent owners will sell. stuart: i know you don't like stocks at the moment. you don't much care for real estate and you absolutely hate bitcoin. there you have it jeff sica. thank you very much on monday morning. new poll shows people's views of the economy is actually worse zenning. how bad, ashley? ashley: 3/4 of americans rate the current conditioning of the economy very bad or fairly bad. a majority are concerned about the ability to afford day-to-day

expenses. this is according to a cbs news/ugov poll. this has grown each of the past two months rising from 63% in april to 75% in this latest poll. just 9% of republicans say the national economy is at least fairly good while 36% of democrats and 20% of independents view the economy at least fairly good. the poll shows rampant inflation left many americans unsure of one retire, take vacation or even afford day-to-day items. the mood is sinking stu. stuart: so it is, ash, thank you. coming up president biden telling fellow leaders at the g7 summit, investing in green energy is the way to solve energy prices. interesting story. peter doocy will have a report in our next hour. the u.s. promised $52 billion of aid to the

chip-makers to help boost the industry. kt mcfarland says that is like bringing a knife to a gunfight. kt is here. russian forces launched first major strike on kyiv since april. as a ukrainian soldier told fox they need 50 times the amount of weapons they currently have. nate foy has the report from ukraine next. ♪. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different.

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app.

stuart: all the markets are in the red but not by much. dow down 50. nasdaq down 78. look at etsy, okay? the financial firm needham is warning that etsy's sales are slowing. that has taken the stock down 4.7%. all the way back to 79 bucks.

russia another series of missile strikes on the capital of ukraine, kyiv. g7 leaders spoke to president zelenskyy about a new round of aid in. nate foy is lviv. what do you have for us? reporter: stuart, one day after kyiv was targeted the first time in three weeks, president volodymyr zelenskyy is asking for better air defense. he may get it from the united states. reports that ukraine will provide ukraine the surface-to-air defense missile, the same one that protects washington, d.c. fox news is working to independently verify the report. after yesterday's attack one person was killed, six are hurt. here is president zelenskyy asking for help to make sure it doesn't happen anymore. >> translator: some of the missiles were shot down. only part of them. we need a powerful air defense system, modern, fully effective, one that can provide complete

protection against these missiles. we talked about this with our partners on a daily basis. reporter: stuart, look at this video from just after 5:00 a.m. yesterday when those missiles hit. first-responders rushing in to help anybody trapped in the rubble. unfortunately that included a 7-year-old girl and her mother. they are two of the six people that we know of so far who are injured. the russians also targeted odesa in the the cherniv. at the same time of that strike targeted kyiv, idaho senator risch arrived in kyiv. as ranking member of the foreign relations committee. he wanted to see how the aid was being delivered first-hand. after talking with him this morning, hear is what he heard. >> i'm incredibly impressed the way stuff is coming to the front lines. we hear anecdotal stories that

the russians blow up the stuff when they get here. that is not the case. this stuff is coming through and getting to where it needs to be. reporter: senator risch tells fox news he is impressed with the training and competence of ukrainian troops and believes that they will take full advantage of military aid including from the united states. also today president zelenskyy is making news telling ukrainian leaders that allies should end the war before winter before fighting conditions get worse. i will send it back to you. stuart: i will take it. nate foy, thank you very much indeed. president biden travels to saudi arabia next month. i want to bring in kt mcfarland. it seems he is creating alignment against iran, saudi arabia, gulf states, united states, israel. isn't that a good thing? i know he is begging for oil but isn't that a good idea to regroup and oppose iran? >> yeah it would be terrific if

he is really going to do it. the biden administration, the obama administration before it, there whole point was to have better relations with iran. effectively let iran get nuclear weapons, let iran be rich, let iran have missiles. who is iran's greatest enemies in the middle east. saudi arabia and israel. i don't think he has a whole lot of credibility n middle east. stuart: having dealt with that quickly, u.s. promised $52 billion for chip-makers to help boost the industry. the money may not arrive. do you think that is bad news? >> look this is like bringing a knife to a gun fight. the problem is, we can't even build the knife. the united states is supposed to do $52 billion to manufacture chips in the united states. but the bill has been stuck in congress for a year. they're all squabbling with etch effort, red tape, who gets payouts, who gets the kickbacks, as a result we're not spending 52 billion. meanwhile the chinese are

spending 150 billion to manufacture chips. the chips are going to rule the world. a major component of all electronics, all industry worldwide. and we're falling behind. why? because we can't even get our act together in congress. stuart: but who is opposed to this in congress? the left, they don't like it or is it republicans? who doesn't like it? >> they all like it. stuart, the house and senate, they both passed the bill overwhelmingly. now inn conference. they have to hammer out what is the one bill both houses can pass and the president can sign. that is where it is stuck. red tape. not even red tape. green tape. it is green new deal. the states i want a piece of that. no, i want a piece of that meanwhile intel, major u.s. chip manufacturer, intel was going to build a 20 billion-dollar factory in ohio to manufacture chips in america. not just invented in america,

but made in america. they can't go ahead of that while congress is squabbling. stuart: that is a shock. one other one for you, president biden and the other g7 leaders say they will ban imports of russian gold to deny putin revenue. but can't the russia sell the gold to india, for example, which has a huge domestic goldmark dealt? will this be effective? >> no. same way banning russian oil in the west. what is russia doing? selling the oil to china. the more telling fact that over the last year, i mean not the last year, the last couple months while the war in ukraine has gone on the russians have collected almost a billion, a trillion dollars in oil sales. if you want to get serious punishing russia, bankrupting russia, stop the war on american fossil fuels. we could replace russia as dominant world supplier of energy t would drive the price down. it would bankrupt russia.

they could keep their gold. stuart: foreign policy ain't going well, is it. kt mcfarland. thanks for being here. >> no. stuart: kt, thanks. tencent wants to be the go to product in the electric vehicle market. do they have a new product? ashley: they have want to help foreign automakers that want to sell chars in china's massive electric vehicle market. bmw, some u.s. automakers although have not been named are apparently working with tencent, unveiled the new cloud automobile computing program. the technology provides comprehensive range of features, storing data and giving drivers access to tencent social media apps and maps that could be a big selling point to china's drivers as tencent leads the top

entertainment apps in china that is the story, stu. stuart: thank you very much indeed, ashley. tennis star novak djokovic. he refuses to take the jab. dr. siegel is here. he will tell us how susceptible children are to it and how long covid is too. ♪

stuart: here's a story we've been following for you all morning, airline chaos. 710 flights have already been canceled across this country already this morning. at newark airport, which is a sizable hub, 16% of all flights have been canceled, 16%. and new york's laguardia, another 10% have been canceled. it is a growing mess. to the markets and we see some red on the left-hand side of your screen but not much. dow is down 40. nasdaq is down 90. now this. there are new concerns over long covid in children. dr. marc siegel is with us. doctor, welcome back, good to see you on a monday morning.

couple questions, what is long covid? two, are children susceptible to it? >> great questions as usual. you know long covid is ill-defined. in the study you're talking about today doesn't define it well enough. i tell you what i think it is, symptoms you got from the virus that last months longer after you're over it, that don't go away. the ones i would target in my mind, fatigue, difficulty concentrating, and trouble breathing. those are the main ones. but "the lancet" study looked at rashes, changes in behavior and problems with your stomach, with your bowel. those could be from anything i didn't think that moved the needle very much. a previous study in nature, the journal nature, the children don't tend to get long covid as much as adults do. i think that's valid. i think it is much less common in children. again it is something that can occur.

one more thing, neither of these studies looked at omicron. they looked at delta, alpha, not the latest variant which i think is milder. stuart: world health organization says monkeypox is not a global health emergency. what do you say to that? >> i can't believe the world health organization something that was finally right. they don't call covid a world wide emergency when it was spreading through communities. they didn't called bird flu an emergency when 100 people died from it. now they get one right. they stumbled into it like a casino. in this case there are 3300 worldwide. especially prominent among men that have sex with men, especially with anonymous partners. that is what we need to look at from public point of view. we need to do what is called ring vaccination, where we use a monkeypox vaccine. yes, we have around those who were exposed. but it is not taking off.

it is not spreading through communities asymptomatically the way covid did. there is chance of reaction here. hooray the covid getting the right hand on blackjack. stuart: back to covid are we through the latest wave, ba.2, 3, 4, 5, the latest variants. i notice overall cases in america are coming down, not a lot but coming down. are we through the far side of it? are we through it? >> we're through it in terms of deaths, hospitalizations down, or prior covid or vaccination combined with hybrid immunity. seeing it come down in the northeast for sure. i think the concern right now the ba 4-5 variant comes out of south africa. the good news booster combing out in the fall, omicron booster has good response for that.

i win keep you posted on the idea. i know how much reluctant you are on vaccines. i will keep you with posted whether that vaccine is finally coming out. this administration has been so slow on the public/private partnership. this vaccine should have been out months ago. we'll finally get late summer early fall. stuart: i'm sure you will keep me up to speed on that one, doctor, i know you will. i have every confidence. thank you, marc. >> moderna, pfizer. stuart: thanks. novak djokovic will not get the jab. that means he cannot play in the u.s. open. after i bottom that right, ashe? ashley: he has not received any covid-19 shots and cannot enter united states as unvaccinated foreigner. he still has time to get vaccinated before play begins in the u.s. open on all 29 but djokovic reviewses to do any of that. n january you remember his

decision in january led to his deportation from australia before the australian open. so, as it stands, wimbledon will be his last grand slam tournament of 2022. stu. stuart: after weeks of intense lockdowns i understand shanghai is beginning to ease up on restrictions. tell me more, ash. that is important. ashley: yes, shanghai's communist party chief declaring victory in the city of 25 million against covid. authorities continue to ease restrictions. as yesterday evening there were two local asymptomatic cases outside of quarantine. that ended a two-day streak of no new local infections. restaurants in some areas of the city can resume dine-in services starting from wednesday. meantime in beijing, in-person classes for primary and middle schools resume today but authorities in the gaming hub of

macau didded extend suspension of public sector activities until at least july 1st. so the macau shutdown goes on. stuart: better look at gaming stocks. they won't like that, not at all. macau is big gambler in the world. thanks, ash. >> several major companies playing travel costs for employees seeking abortions but it may land them in trouble. senator elizabeth warren is saying supreme court has lost legitimacy with the roe reversal. she is seeking to expand and the court. roll tape. >> they set a torch to it. i say we need to get confidence back in our court. that means we need more justices on the united states supreme court. stuart: hillary vaughn with the full story on capitol hill next. ♪

meet ron. that man is always on. and he's on it with jardiance for type 2 diabetes. his underhand sky serve? on fire. his grilling game? on point. and his a1c? ron is on it. with the once-daily pill, jardiance. jardiance not only lowers a1c... it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease. and jardiance may help you lose some weight. jardiance may cause serious side effects, including ketoacidosis that may be fatal, dehydration that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away

if you have symptoms of this infection, ketoacidosis, or an allergic reaction, and don't take it if you're on dialysis. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. a once-daily pill that goes beyond lowering a1c? on it with jardiance. ask your doctor about jardiance. [whistling] when you have technology that's easier to control... that can scale across all your clouds... we got that right? yeah, we got that. it's easier to be an innovator. so you can do more incredible things. [whistling]

stuart: had a really good rally this week especially on friday. some people worried as we came to work the markets would sell off badly as they have in the past but not so. there is a minor selloff after last week's big rally. dow down 30. nasdaq down 60. democrat lawmakers sounding off after the supreme court reversed roe v. wade, overturned roe v. wade. hillary vaughn on capitol hill following it all. what is the latest reaction from the democrats, please? reporter: stuart, democrat lawmakers are turning their attention to focus attacks on the supreme court and justices sitting on it, the latest ruling on roe v. wade where high court decided individual states have power to decide abortion legal in their state, they say that makes the court illegitimate.

so they want to expand it. >> this court has lost i will legitimate sy. they have burned whatever illegitimate sy they may still have. i believe we need to get some confidence back in our court and that means we need more justices on the united states supreme court. reporter: white house press secretary karine jean-pierre was asked if the president was open to adding seats? she told the press over the weekend, the president made his view clear on this he does not agree with this. other democrats would like to kick justices off the court because they feel they lied to the senate after being confirmed. >> they sent a blaring signal to all future nominees they can now lie to duly elected members of the united states senate. i believe lying under oath is an impeachable offense. reporter: protesters take to justices doorsteps to protest, republicans are warning the doj to draw a line at harrassment at

justices homes. >> if we don't watch it somebody will get killed out here and i'm urging merrick garland to start putting people in jail who show up at the justices home to try to intimidate and their family. if we don't reset here pretty soon, somebody is going to get killed. reporter: president on friday did ask for all protesters to remain peaceful but he made a point to single out the three trump appointed justices on the court saying they are to blame for this decision. stuart? stuart: thank you very much, hillary. care reseverino joins me former clerk for justice clarence thomas. despite their claim that the justices lied to the senate "the wall street journal" said no, they did not. what ask your take on this? what say you? >> if you listen what they said, it is burglarying obvious.

row was precedent for a long time. that is accurate. these people, senator warren should know. she was my law professor at harvard law school. every member of the supreme court overturned cases at one point or another. including all members of the supreme court now. saying something is precedent is not a promise you would ever overturn it. if it was it was not a promise they would not be able to make at hearings. they will not commit to how they vote on hearings. this is ludicrous. really at the end of the day they disagree with the opinion and they're trying to attack anyone they can. stuart: there is some disagreement this morning, certainly a lot of debate about the morning-after pill, i believe that is called a medical abortion, if i'm not mistaken. could you clear up the legal status of the morning-after pill? >> you know what? i think that will depend on a particular state's law in terms of what they particularly

prohibit because in some circumstances, you know, you have a state that might say after a heartbeat is detected, a morning-after pill would obviously work before that. i think it will depend on the state. it might depend on other details, in some cases morning pill acts to prevent ovulation. in some cases it acts to destroy, end the life of a conceived embryo. stuart: i'm told if there is a state here which does not allow abortion, pro-abortion people are sending vans to the state line and prescribing the morning-after pill to anybody who wants to get into that state and take the pill back with them to the anti-abortion state. have you heard about that? i don't know if that gets around to the legality of this? there is certainly attempt to do that? >> we have to be concerned about people using off label uses, doctors, just as we see unfortunately with some of

opioid problems with doctors simply willing to enable people in whatever they want to do. i think you might see the same thing with the regular abortion pill as well where it's got a very clear limit where it is safe for the mother. it is obviously never safe for the child. i think you could see pressure on people to prescribe it even later at times when we know it is much more likely to cause serious complications. so i think that is something that is worth keeping an eye on going forward. stuart: justice thomas want to reexamine cases like lgbtq rights. what are the chances of that happening? >> you know justice thomas concurrence for anyone who follows the court is nothing new. this is not about his position on lgbtq rights. this is not about his position on contraception or any other things, it is his concern particular mode of constitutional reasoning, due process. the 14th amendment protects due process. what the court said process

which is normally procedural as the word says actually includes context. they have used it to shoehorn a whole bunch of different rights are not in the constitution into there. justice thomas has been really concerned about that. in some cases rights he thinks are protected but elsewhere in the constitution. he doesn't think that is the right vehicle to do that people are making a lot of it. it is an issue with perspective of one justice. he was the only justice signing that opinion. it is distraction from what the decision actually holds which has exclusively to do with abortion. that is something the majority makes clear as well as the concurrences. stuart: it does indeed. carry severino thanks for being with us. >> thanks, stuart. stuart: a lot of companies offering to play employees abortion travel costs could face legal challenges. what do you know about this, ashley? ashley: it's a little complex but legal experts say paying for

out-of-state abortions could leave u.s. companies exposed to lawsuits and perhaps potentially criminal liability. companies will have to navigate pretty much a patchwork of state laws but the consequences may depend ultimately on the size of the company. large corporations that fund their own health plans could be protected from civil lawsuits by federal law regulating employee benefits and their reimbursement policies, but, in the case of fully insured health plans where employees purchase coverage through a commercial insurer, i told you it was complex, that is regulated by the state and not protected by federal law. so you could be open to the individual state laws. this means that most businesses, small and medium, could be exposed to lawsuits in cases where they cover abortion expenses across state lines. i can see this ending in a legal quagmire. i really do. stuart: yeah. we've got one employee at disney who really opposes that

companies. he works there, opposes them for covering workers abortion travel costs. what is that employee saying? ashley: not the first time he lashed out. jose castillo works in resort management in orlando accusing disney trying to influence politics in the wake of the supreme court overturning roe. castillo says as you can see on the screen, this is yet another attempt by disney to take a political stance that will inevitably ail end eight potential customers. as we've seen in past several months, disney political activism that it is my belief that the board of directors is hurting the fiduciary duty by continuing to comments on political matters. castillo is republican candidate for a congressional seat. he spoke out against his employer when disney spoke out to repeal the don't say gay law. disney getting lashed at by one

of its employees. stuart: the stock is way under 100 bucks. how about that? thanks, ash. the lead singer of the ban on green day, announced on stage is renouncing his u.s. citizenship. he doesn't like the abortion decision. more on that later. keel drone became the first company to commercialize a drone swarm. what is a drone swarm? the founder, ceo will join us in just a moment. ♪ 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. my little family is me, aria, and jade. just the three of us girls. i never thought twice about feeding her kibble. but about two years ago, i realized she was overweight. she was always out of breath. that's when i decided to introduce the farmer's dog to her diet. it's just so fresh that she literally gets bubbles in her mouth. now she's a lot more active she's able to join us on our adventures. and we're all able to do things as a family. ♪♪ get started at longlivedogs.com

millions have made the switch from the big three to xfinity mobile. ♪♪ that means millions are saving hundreds a year

on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health,

weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. ♪. stuart: we are playing this particular song, maybe i'm amazed, by paul mccartney, because sir paul mccartney just made history. he is now officially the oldest solo headliner ever to perform at the glass ton bury festival, famous festival in britain. like woodstock. he was joined on stage by bruce springsteen and the frontman of the foo fighters, dave grohl.

i will call that a remarkable performance for a man who is 80 years old. i hope i do that when i'm that age. i probably won't be able to. check the markets. dow jones industrial average is down. sorry. [no say. just became the first company in america to commercial alize drone swarms. the founder around ceo is george mattis he joins me now. all right, george, is a drone swarm where one pilot controls multiple drones to create a swarm? have i got it right? >> that's right, stuart. i think you should be actually called our chief technology officer because a long time ago you answered me if teal can do rohn storms. since then we've been exactly hard at work doing just that. thank you. stuart: what is the practical use for drone swarms outside of

the military. i understand what they can do for the military, but what about domestically? anything other than military? >> i will start with brief context and specifically what swarm can do. since we acquired by mastec holdings, our parent company, we build a sustainable product and offering products no one else can. today we're introducing our first swarm products which you see behind-the-scenes footage on the left this is eagle drone. this is part of our factory in utah where we do all of our mass production. this is completely different from the normal drone light shows everybody has seen. for the first time in this category drones can intelligently work together to complete a mission, all flown by a single pilot. stuart, i guarranty you you can fly this swarm. stuart: what mings can they accomplish other than the military. >> think of three different things this technology can do across military, public safety,

and enterprise. the first is a virtual wall of golden eagles to build and deploy along the area like the border. teal has a 90 million-dollar contract vehicle with the department of homeland security. another thing is being able to have 360-degree situational awareness around a specific target using multiple drones. the last thing is having infinite flight time where drones can swap out for each other to go back to charge while the operator seam lessly continues the mission with the energized golden eagles. we think this is step forward for our country's capabilities. i'm grateful to be living the american dream. stuart: george matus. thank you for joining us. your parent is red cap a nasdaq stock. we'll follow you closely. >> thanks, stuart. stuart: you got it. still on the program, shannon bream, four-star general jack keane, steve forbes, nigel farage. the airports in chaos again this weekend and it is no better this morning.

nearly 700 cancellations, 5000 delays already today. july 4th a week away. not looking good. this will be a summer of discontent. that is my opinion. that is "my take" next. ♪ ...

>> american families are hurting they got to figure out a way to pay for the rising costs of gas and food. i just think on this abortion issue, i don't think it's going to be enough to help the democrats stay in control of the house and senate. >> the democrats are fear mongering and they're lying to the american people. we love the united states of america the way it is and the democrats want to tear that down to the ground. the best thing we're heading toward economic doom, stuart if that doesn't materialize we could see a nice rally. >> i'm excited to see green on my screen this morning. it's just enough that savvy investors will get moving. >> we are in a soft recession right now. we're going to talk about higher debt, more price controls, more regulations, and more spending. that's going to make it worse. ♪

stuart: well lively music to start us off this monday morning it is 11:00 eastern and it is monday, june 27. check those markets, please. bit of a turnaround for the dow nothing dramatic but we opened lower, now we've gone up. dow is up 60 not a lot but it's up. s&p up 8 and the nasdaq is up 3 the price of oil going up this morning. $109 a barrel the 10 year treasury yield last time we checked it was 319 now it is 317 and bitcoin, bit of a scare about bitcoin earlier this morning. there's some question about the validity or the possible default of three arrows that's a large crypto hedge fund. bitcoin actually dropped to 18 grand earlier, struggled back to 21, now it's 20, 700. troubling crypto land again this morning and now this. the airports were in chaos again this weekend, and it is no

better this morning. 1,300 cancellations and 700 delays already and it's only 11 eastern. the millions of americans who plan a summer get away are getting anxious and probably getting angry too. blame vaccine policy. why are airline staff banned from working from not getting a jab that doesn't work? blame retirement policy. it's emergency. can't we allow pilots to fly after age 65? blame training policy. they can't find enough trained and vaccinated air traffic controllers. same with the tsa. well, here comes july 4 and it's not looking good. airlines have cut their summer schedules quite dramatically actually, so you face the unfortunate choice. buy a ticket and face cancellation and delay or don't buy a ticket because none is available and you can't afford it anyway. what a choice. the airlines demand a meeting with transportation secretary pete buttigieg, but having done little to fix the supply chain problem, he is unlikely to resolve the airline travel

problem anytime soon. it's going to be a summer of discontented. for what it's worth, here is my advice. take the first flight out. take direct flights. don't check bags. invest in clear or global entry to avoid the worst of the tsa lines, and please, share a thought for those airline workers who have to bear the brunt of passenger anger. the gate agent, customer service people, flight attendants, tsa folks. they are front line workers just like doctors and nurses during the pandemic. it is not their fault. third hour of "varney" starts right now. to the markets, please, and look whose here with me now, in our brand new lovely studio. ryan payne, the man himself. let's get straight at it. is it time to start buying? >> it's deaf into thely time to

start buying, stuart. the problem right now is every strategist says wait, wait for that great buying opportunity. we're in the middle of it right now, right? we've seen tremendous sales in the market, sentiment at the lowest levels i've seen in my career, and d stocks are starting to look cheap. stuart: why do you say tech is dead? >> because tech is the highest multiple out there, the grow from these levels is a lot harder for tech because those multiples haven't come down as much as other parts of the market. secondly, whenever you have turmoil like this in the markets , typically, the leadership changes. you saw this back when we had the great bubble burst back in 1999 and the dot com bubble a big change in leadership of what stocks did best and remember the world is changed now, with low inflation the last decade. we had loose monetary policy. times were good. that was great for tech. now we're going to tighter monetary policy, rates are going up. all these companies have earnings out hundreds of years from now being priced in because very problematic.

stuart: banks are good? >> banks are fantastic. stuart: and where you should be or moving into at this point? >> absolutely. you have low valuations there, you've got wonderful yields like citigroup pays 4% right now and if interest rates keep going up that's great for net interest margin because last time i looked at my savings account they are paying .001% making that spread with interest rates going up so good to be the banks stuart: financials like banks and energy stocks like oil company, verse companies, they're the ones to invest in now. not tech move on to something else. >> it's kind of like revenge oh disruptive technology but now it's getting destroyed today we're down to 18,000 on crypto. stuart: at one point, yeah. >> it's selling off all other markets kind of like throwing the baby out with the bath water so now you have time to pick-up the old school stock we love the bank and america and jpmorgan of the world, exxon at a discount. stuart: what do you make of the possibility of a recession? does your outlook for stocks, go into energy, go into financials,

does that change if we really do get a nasty recession? >> i think the markets very priced in a recession whether we go into a recession or not is a different story because remember the markets predict the last nine of the last six recessions. stuart: would you change your outlook if we get into a serious recession? >> i wouldn't because you'll want companies with immediate cash flow. the ones that are making it now paying dividends because i don't think inflation is going away even if we go into a minor recession and you need a return on your money getting .005% of your money-market fund doesn't cut it when inflation is going higher and energy companies do banks have pricing power so you want to have places where they can raise the revenue and raise the derivative defenseds. stuart: you're killing me, ryan because i'm still in tech. >> i'm here to help you. stuart: three words you never want to hear from the government i'm only here to help you. >> [laughter] stuart: ryan payne thank you very much indeed. >> thanks, stuart. stuart: got breaking news, happening right now. the supreme court ruled that a high school football coach does have the right to pray on the field with his players.

coach joe kennedy lost his job after leading students in prayer at bremerton high school near seattle. kennedy argued that the school district violated his religious freedom and the court just agreed. shannon bream with me now, our legal expert of the day. what does this ruling mean for prayer in school, shannon? >> well, what it means is that public employees will have a right to make expressions of their faith even in the workplace. this coach had gone to the field as you said, after the game, went to the 50-yard line, he told me he thought it was a matter of conviction and listen whether you win, give me the glory of you lose be gracious and defeat and i want you to go out and do this so he felt a conviction about it. students started to ask if they could join. they were actually people from other schools and coaches and players who would say can we come too? but there were complaints, worries from parents that if their child on the football team didn't do this , it be seen as some kind of signal they didn't want to be a part of it and the coaches could decide well maybe we don't give you

playing time. i ask coach kennedy about that and he said the two players who came to him about it, he pushed for them to become team captains because he admired their independence and their willingness to go against the grain but the school said you can't do this. it looks like an endorsement of religion or connection of religion somehow for a public employee. he's been fighting this battle for seven, eight years now this legal battle. i want to read a little bit of what justice gorsuch wrote in writing for the 6-3 majority said a government entity thought to publickish an individual for engaging in a brief quiet personal, religious observance, protected he says by the free exercise and free speech clauses of the first amendment. the constitution neither mandates nor tolerates that kind of discrimination. not surprisingly the descent ord by justices bryer said you're basically allowing a single employee's religious rights and religious beliefs to trump those of all of these students who she says, you know, there's a duty to protect them and they are vulnerable and should not be

exposed to things that look like maybe there's a school endorsement of this religion so a 6-3 win for the coach. he's told me all he wanted was his job back so now we'll wait and see if he gets it. stuart: shannon it seems like a real reversal in the court this term. reversal on guns, reversal on abortion, and now on prayer. the conservative majority is really making itself felton this court, isn't it? >> it is, and it makes a big difference. the supreme court appointments and all of the federal bench appointments that a president is able to pass with the help of in this case the man who was senate majority leader mitch mcconnell, senate minority leader those things carry on for decade s. really the judges he or she puts on the bench they do last as a legacy for them far beyond their term, or two terms as president, and i think that's clearly the case with president trump. he has repeatedly stepped up to say don't forgive i gave you those three justices and it certainly made a big difference this term. stuart: let me get back to the

abortion ruling. senator warren is claiming the supreme court has torched its legitimacy with the roe reversal and even called for expanding or packing the court. just watch this briefly. roll tape, please. >> they just took the last of it and set a torch to it, with the roe v. wade opinion. i believe we need to get some confidence back in our court and that means we need more justices on the united states supreme court. >> i know that's something you support. >> it happened before. we've done it before. we need to do it again. stuart: shannon? we're not going to pack the court, are we? >> well, there has been a call, numerous times on the hill, and in the past several months from democrats to say let's introduce this legislation and get it done congress can do it. they don't have the numbers now to do it and there are even democrats who would say not a great idea because they worry republicans if they are in control again, do we just go back and forth with packing the court depending on which party is in control.

listen, she very much senator warren echoes the descent in that apportion case, they said the court had betrayed its own guiding principles. they also think the court has been hurt. those dissenters by these recent decisions certainly by the o portion decision but i don't think there is the will on capitol hill right now to do this but you will see increasing calls from members of congress who stepped that up in the last two or three days. stuart: shannon bream thank you very much for being on the show with us this morning so early in the day at 11. i'll try to stay up late to watch you on fox news tonight. week nights 12 midnight eastern time only on fox. i don't know how you do it shannon but you do it and you do it well. >> following your lead, stu, the hardest working man out there. stuart: that's not true but i enjoy the flattery. thank you, shannon. see you soon. >> good to see you. stuart: the supreme court more news from them. ashley? they just rejected cases from a few big companies, who are we talking about? ashley: yeah, the high court declined to hear apple's bid to revive an effort to cancel two

qualcomm start phone patents. now, there has been a global settlement of this underlying dispute and the justices turned away apple's appeal of a lower courts ruling that the tech giant lacked standing to pursue the matter because of that settlement but apple had argued that it should be allowed to appeal qualcomm because that company could sue again after the settlement ends in 2025 but the high court said no. the supreme court justices also turned away an appeal by bayer, the bigger man chemical company leaving a lower court decision that upheld a judgment awarded to california couple diagnosed with cancer after spraying round up for more than 30 years and they argue the cancer claims it goes against science and the product has been cleared by the epa, but the supreme court says no and in fact, last week, the supreme court rejected a bay era peel in a different roundup

case so bayer getting no relief from the u.s. supreme court. stu? stuart: what a shame but i'll pass judgment on that later. we've got a new poll and it shows 75% of people think the economy is bad. and by the way that is up 12 points since april. it's also a new high under president biden. steve forbes takes it on. beijing's communist party wants to keep covid protocols for another five years, but you'd never know that by scroll ing social media posts about the announcement being deleted. we've got the story. right now, the president is meeting with leaders from around the world and what seems to be his priority? climate change and blaming russia. peter doocy has the story, next. ♪ your record label is taking off.

but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire about two years ago i realized that jade was overweight. i wish i would have introduced the fresh food a lot sooner. after farmer's dog she's a much healthier weight. she's a lot more active. and she's able to join us on our adventures. get started at longlivedogs.com

♪ ♪ how's he still playin'? aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme.

stuart: russia has defaulted on its foreign debt for the first time in more than a century. ash, what more do we know about this? ashley: well, it's for the first time since 1918 it's the culmination of western sanctions that have essentially shutdown those payment routes to overseas credit creditors. for months, the country found ways around these penalties imposed but yesterday, the grace period on about $100 million in interest payments that were due may 27 expired. russia calls the whole situation a farce, saying it has the money to make the payment but sanctions are making it impossible. now, analysts say russia does not need to raise money internationally because it is reaping revenue from the high price commodities such as oil, but in the long run, the default

could hangover the economy and make recovery a whole lot more difficult. stu? stuart: i want to bring in general four star general jack keane, now retired. general, i want to talk about the war in ukraine. we're told that we, america, will speed the delivery of highly-effective surface-to-air missile defense systems. i believe they are called the man sames, like the ones used to guard facilities at u.s. bases. are those weapons truly advanced would they make a difference, and will they get through? >> oh, yeah, one they are advanced, two they make a difference and we'll get it to them as quickly as possible. they are stepping absolutely in the right direction. it is really quite remarkable, stuart, when i took a briefing in the pentagon some two-plus weeks ago i asked a question. how effective is the ukrainian air defense systems in terms of integrated air defense? that means their radar, command and control and their batteries

and missiles, and the guy told me, he said sir, they still have 74% of their existing systems. that is absolutely stunning that the russians do not have the capability to eliminate that all that said, these systems are very advanced and will complement what the ukrainians are doing. that's why the strike that took place on kyiv this morning, that came from as far away as russia. they were not, the airplanes delivering the strike were not inside ukraine because they knew that ukraine air defense systems would put them at risk. yes, this is what needs to be done. continue to provide the ukrainians advanced weapon systems and the volume they needed and certainly as quickly as possible, stuart. stuart: what i'm picking up from a lot of people is that america and the europeans are actually slow-walking the delivery of decisive weapons. what's your opinion on that? >> it's true for some of the europeans.

the french and the germans specifically. most of the europeans are really very forthcoming. the polls, the brits, the baltic states all in the netherlands, all in. our decision-making process, i got into that a little bit. that has taken time. when ukrainians request a system that they haven't requested before, like these multiple rocket launchers, that goes into the national security council and they argue back and forth whether that's going to provoke russia or not. sometimes that doesn't just take days. that takes weeks. that system is not serving us very well in my judgment but once the decision is made, the pentagon ships very quickly and delivers those goods somewhat rapidly to the ukrainians based on the feedback we're getting. stuart: will the u.s. organize protection for ukraines grain ships because at the moment they're blocked. they can't get out of those ports in i think it's the

black sea or that area. are we going to organize convoys to protect those grain ships? >> yeah, that's a great question, and something that we've been advocating for sometime, so our audience understands, the economy in ukraine is completely dependent on their manufacturing products being exported globally, and all of that is being blocked right now because the russian navy will not let the cargo ships come into pick-up the grain. i believe the united states had organized an international coalition made up of mostly non- nato countries who be in receipt of that grain, with warships, escort the cargo ships through international waters, never leave international waters , so that they can go into the port of odesa and get it out it's not just devastating for ukraine's economy, now contracting at 35% going to 50% and likely heading towards an

economic failed state if this isn't done, but it's also impacting the food supply and huge famines are predicted in africa which means significant loss of life. i mean this is a humanitarian relief operation that can be organized by the united states as we did during the 80s under reagan in the gulf and under trump a couple years ago. the issue is will russia do something about that? possibly. should that stand us down and prevent us from doing it? i don't think so, but that really is the issue that's holding back the administration. stuart: general, you know what you're talking about. that's really appreciated. thanks for being with us this morning, sir, we do hope to see you again real soon, thank you, sir. now this , social media posts about covid control are disappearing in beijing. ashley, what is going on? ashley: well, big brother. chinese digital sensors quickly

deleted the #the nextfiveyears that had generated a lot of discussion on social media. no more. the hashtag referred to remarks made by beijing's communist party secretary who said the city will normalize pandemic prevention controls over the course of the next five years. that generated the discussion, but the current version of the beijing daily, for instance no longer has the phrase, in the next five years, and on webo , the hashtag, the next five years was just simply deleted. a search for it on the social media platform turns up a notice saying the topic could not be displayed. even now in beijing, by the way, residents are required to hold a negative test from within the last 72 hours, just to enter any public venue, including restaurants and offices. stu? stuart: now we know. all right, ash, thanks very much indeed. check the markets, please. dow is up about 80 points, s&p is down, i'm sorry the nasdaq is down what, 8 points, small gain for the s&p. mixed market so far this morning

show me, please, ihg. that's the company that owns and runs holiday inn hotels. they are stopping all operations in russia and the stocks gone up , how about that. now this. a green day front man, billy joe armstrong says he's renouncing his american citizenship over the role reversal. we'll tell you where he intends to go next. an economic think tank says the roe decision will cause " immediate economic pain." steve forbes takes that on. steve forbes is here, and steve forbes is now approaching the desk. on the set, steve forbes, the man himself, come on in, steve. ♪

riders! let your queries be known. uh, how come we don't call ourselves bikers anymore? i mean, "riders" is cool, but "bikers"...is really cool. -seriously? -denied. can we go back to meeting at the rec center? the commute here is brutal. denied. how do we feel about getting a quote to see if we can save with america's number one motorcycle insurer? should flo stop asking the same question every time? -approved! -[ altered voice ] denied! [ normal voice ] whoa.

♪ i like it, i love it, i want some more of it ♪ stuart: tim mcgraw, i like it, i love it. okay, let's move on. that is middleton, rhode island by the way, where it is 68 degrees as of today. now, we're going to use our brand spanking new studio to greater effect. susan li, actually standing right next to me in this vast studio space and you're going to

talk about, look at me, if you can see me from that distance, talk about crypto. >> yeah, is there six feet? is this enough here, stu? well okay, look. i'll tell you about the winding gap in cryptocurrency because you have goldman sachs this morning cutting coinbase down to a sell worth $45 only $45, now cryptocurrencies are going what they call a lehmans moment right now, with companies and hedge funds going under, and what is the contagion effect. three arrows, one of the largest crypto funds in the world likely defaulting on hundreds of millions of dollars on lows possibly even billions of dollars and taking other companies down along with it. oh, by the way goldman sachs also reportedly looking at buying troubled crypto banks celsius which has stopped withdrawals for roughly around $2 billion and we know that cryptocurrency value has wiped out two-thirds of its value just in the past few months or so. stu? stuart: okay, frontier airlines you going to bring me up to

speed? i don't care about it. >> from a guy who bought peoplesoft in the 80s right and lost his shirt so okay, people express, i remember, it wasn't that long. so frontier airlines is offering $2 more per share in cash in its pursuit to buy spirit airlines so that's over $4 a share plus and this is a cash and stock deal now worth 2.7 billion and here is the rub. it's a billion dollars less than what jetblue has offered in an all-cash deal but spirit shareholders likely voting nurse to accept either frontier or jetblue likely frontier because spirit ceo prefers that bid because he doubts regulate regulators would approve any jetblue. stuart: let's move on to apple computer. >> okay you haven't bought apple and maybe steve forbes can convince you to do that because you can buy at 14 and that's previous to so many other splits so imagine what it could be worth now so apple reiterated at $170 stock by bernstein this morning. they say apple tv plus has tok

40 million paying subscribers and they only spent $3 billion a year on content so that's much less than what netflix spends at roughly 15 or $17 billion a year. netflix cutting jobs, including 300 last week, and i just came back from hosting north america 's largest tech conference, "collision" and its really been eye opening to me and tell me what you think is that everyone is talking about how private markets started the markdowns before the public ones, stu. have you ever seen that before where private markets venture capital funding, they saw the downturn before the stock markets and public funding. stuart: that is different. >> yeah. it's a different world we live in, right? stuart: it sure is, indeed. have we got anything else on there? >> i wanted also to tell you that from my conversations, freight, shipping, prices are down 40 to 50%, so that tells me that the supply chain is easing, and also possibly inflation could possibly be coming down. stuart: that is a positive. >> i think so. stuart: we like this new positioning in the studio. >> very close. stuart: [laughter]

careful. thank you very much. >> thank you. stuart: we'll swing all the way around right there. the president of the economic policy institute, heidi sheerhol ts is warning of the economic consequences of overturning roe v. wade and she says "this decision will cause immediate economic pain in 26 states where abortion bans are most likely and where people already face lower wages, less worker power, and limited access to healthcare. the fall of roe will be an additional economic barricade." steve forbes with me now. to me, she's implying that it's better not to be born than to live in poverty. >> well, also the supreme court decision does not ban abortion. it leaves it up to the states. they determine the limitations. a lot of these states are going to be grappling with that. so abortion will be available for those who want it. the states she's talking about a lot of those states are fast- growing states because they've been lowering taxes. they didn't go overboard on the lockdowns. so the key thing is, where is the economic momentum?

certainly sadly it's not in new york or california. stuart: okay, now there's a new cbs poll that shows we americans have a poor outlook on the economy. does 44% anticipate the country to be in a recession by next year, 75% think the economy is already bad. what do you make of that? >> well whatever name they want to give to it for a lot of people it is a recession. when prices are going up and your wages aren't matching that. so i think you're going to see a lot more pain out there, especially after the summer, when people do their splurge, want to get out thereafter two years of lockups, and they have to make real decisions about where they spend their money so when wages go up companies are going to be cutting back, you're already starting to see a little bit of that so this disruption is going to continue for a while longer. stuart: so look if we're in a slowing period now, that slow down continues for the rest of the year. you don't see a real bright economic expansion anytime this year, correct? >> correct. especially with the federal reserve still believing that the

way you fight inflation is by clamping down on demand. trashing demand. making people poorer. that's the real threat to the economy. we'll see what they do next month in the coming months on interest rates. they keep raising those interest rates, you're already seeing hurt in the housing market. you're going to see hurt in the rest of the economy, as businesses find it more expensive and harder to get credit. stuart: what's your answer? you don't think, you think that the fed raises rates that doesn't necessarily kill inflation? >> well it kills it only in the way that if you are going out of business prices go down. stuart: how would you kill inflation? >> stabilize the value of the dollar, like they did in the late 80s and early 1990s and then forgot about it, and leave interest rates to be set by the marketplace. interest rate control is like rent control. the rent you pay we know when you control that, you get trouble. when the fed controls what you can pay in terms of renting the money, it's always wrong. always distorts the economy. pullback, say of one task, stable dollar, let the american

people do the rest. stuart: the russians, we are told, have just defaulted on some of their foreign debt. default is an ugly word. does it have any impact on us here in america, at all? >> the answer is no impact because everyone has foreseen it coming, and they know the russians, some day, this war will be over and the russians have the cash to make good on those payments, unless they for political reasons decide not to make those payments. stuart: but sanctions haven't really worked that well have they? >> no they have not and this gets to why you have to keep ramping up those sanctions because people are clever. they find ways around them. we've seen that in the past so unless you're serious about cutting off russian oil, russia is going to find a way so the key thing is as general keane makes it very clear, supply the weapons ukraine needs to throw the invader back. stuart: tough though on the europeans, because if they really do stop taking russian energy, they will freeze this winter and they won't do too well in the summer either. >> this is where hopefully now

they make alternative preparations and one of the things this administration is not doing is giving the licenses to export lng from this country to europe. stuart: they aren't giving the licenses? >> no. they are holding back on them. very very hard to get and so as a result, this is part of their war against this is part of the war against fossil fuels. stuart: where it all comes down to isn't it? >> yeah. stuart: never get away from it. we pay the price of their green dreams that's the way i summit up. >> yeah, green nightmare. stuart: oh, thank you even better. steve forbes, thank you very much, sir. >> good to see you. stuart: appreciate it. now this , the brits lost confidence in boris johnson when he broke his own rules during the lockdowns. now, the rank-and-file, the conservatives, they're looking for a new leader. that's new to me. boris may not be the prime minister much longer. tomorrow, primary day in illinois. voters most concerned about crime and taxes, that could be a big problem for progressives. grady trimble is over there and he has a report after this. ♪

my little family is me, aria, and jade. just the three of us girls. i never thought twice about feeding her kibble. but about two years ago, i realized she was overweight. she was always out of breath. that's when i decided to introduce the farmer's dog to her diet. it's just so fresh that she literally gets bubbles in her mouth. now she's a lot more active she's able to join us on our adventures. and we're all able to do things as a family.

♪♪ get started at longlivedogs.com

stuart: we have some devastating news here at the fox news family over the weekend, fox news analyst gianno coldwell's 18-year-old brother was shot and killed in chicago. ashley take me through the story , please. ashley: yeah, just terrible news chicago police have released few details, only the coldwell's 18-year-old brother christian was fatally shot friday night in a south side neighborhood. caldwell and his brother were two of nine siblings who grew up in the city. another one of his brothers was

shot actually and survived in 2017. a year later, caldwell spoke out about the violence in chicago calling on the mayor and then president trump to get involved and try and solve the crisis. hearing the awful news this weekend about his young brother he took to instagram saying in part, after all the things my family has been through, never could i have imagined my baby brother's life be stolen from him. please keep my family in your prayers. stu? stuart: we shall indeed. ashley, thanks very much indeed. tomorrow is primary day in illinois. crime and tax policies are back in the spotlight. grady trimble is in chicago. all right, grady. are those the top issues for a voter as opposed to abortion? reporter: abortion is certainly front and center again, stu, but the republican candidates for governor have been hammering those two issues, crime and taxes, under democratic leadership here in illinois, and the leader-up to the primary and those are issues that affect

everybody. crime in chicago in particular is up nearly 35% from a year ago and a recent wallet hub study found that state and local taxes in illinois are higher than any other state. in fact, illinois is the only state in the country, that study shows, with a state and local tax rate above 15%, so combined with inflation, high gas prices, voters we've spoken to really feel the pinch in their budgets. high taxes and crime aren't just impacting voters either. also businesses. ken griffin of citadel became the third major company in the past two months to leave illinois for states like texas in the case of caterpillar, florida for citadel and virginia in the case of boeing. the conservative job creators network says republican governor s have positioned their states as pro-business and tax- friendly and it is really helping their case. >> people are voting with their

feet. companies are voting with their feet and the sad part is that for every one large corporation like a caterpillar or boeing, there are hundreds of small businesses that pick-up and move too that we never hear about in the news but those are jobs too so the loss to illinois is much bigger than just caterpillar. reporter: for his part, democratic governor j. b. pitz core claims illinois leads in corporations to the state and he pointed to kellogg which announced it's moving one of its headquarters to chicago but after last weeks supreme court decision, pritzker says he is also the most pro-choice governor in the country so we will see , stuart, tomorrow whether abortion as you mentioned takes the stage as the top issue for voters in illinois, or if it's those daily issues like inflation, high taxes, and high crime. stuart: all right we'll get your property tomorrow, i'm sure thanks very much, grady. let's get back to the market. you know, we used these days we

kind of used a sharp up and down movements of the dow or the nasdaq. we don't have that today. i'm showing you the dow 30 to show you that it's a pretty even split between winners and losers that's a sense of the market. not a great deal of price movement today. that's kind of unusual in these volatile times. britain's prime minister boris johnson hits back against claims that american democracy is dead. well watch this. >> are r you worried at all? >> no, i want to say this to the people of united states. i'm not. america is the greatest global guarantor of democracy and freedom. stuart: all right, boris, nigel farage takes it on, next. ♪

we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country. pods, your personal moving and storage team. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

this is xfinity rewards. whose resumes on indeed ma our way of showingia. our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app.

every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. ♪ stuart: well, london looks good, doesn't it? it's 61 degrees there today. by the way, it is not raining, which is interesting, because wimbledon is being played and wimbledon always gets rain but not today. we're playing that particular song, "american idiot" because

it was by green day, the lead singer of green day, billy joe armstrong, went on a profanity- laced rant against america, while performing in london over the weekend. all right, ashley. is he going to renounce his u.s. citizenship? ashley: well, apparently so. a move to england he claims because he's so upset over the supreme court overturning roe. the american idiot singer made the comments to a crowd at the band's show in london on friday which of course begs the question, will he become an english idiot. most of what he said is not air able, because he uses one word, a lot, and it begins with f. armstrong does like to get political. he sang, no trump, no kkk, no fascist usa in 2016 and also compared trump to hitler in an interview. bottom line not sure england would take him. stuart: oh, i hope they do. please, take hip, anybody, not

here. calm me down, ashley, calm me down. all right, next case, boris is hitting back against claims that american democracy is dead. listen to this. >> i think that reports of the death of democracy in the united states are grossly grossly exaggerated. i don't believe that american democracy is under serious threat. far from it. i continue to believe that america is the greatest global guarantor of democracy and freedom. stuart: the interview there with jake tapper whose desperately trying to get him to say something different. the man on the right hand side of the screen is nigel farage who joins us now. why was boris saying that some who was the audience for that remark? domestic voters? >> no. i don't think so particularly, although we don't hear enough pro-american talk. we tend to get too much green day over here i'm afraid, but

hey, i tell you what though. we'll take him if you keep prince harry, okay? it's a deal. no, i mean, boris -- stuart: it's a deal. it's a deal. any day of the week we'll do that. okay, go ahead. >> okay, harry and meghan, absolutely you keep them. i mean, look. boris was born in new york and he's always, always, always been pro-american consistently so yes what he was saying about the death of democracy in america, we had a big hillary clinton interview in the financial times a few days ago telling us that if the republicans get back in democracy is dead. so, sensible stuff from boris, although he then gave one of the reasons that america is in such good shape was that joe biden's in the white house. not sure with all of the fox business would necessarily agree with that view. stuart: at least you've got a sense of humor, 9/11 all. the british conservatives lost two elections that's a big blow

to johnson, to boris. is he going to survive? >> yeah, they lost two special elections, as you call them, one of them, in the west of england in devon, a constituency that was held since 1835 and with a nasdaq massive majority. what is happening isn't just the normal mid-term blues. there's a growing segment of the company including a significant number of those who voted conservative in 2019 who now dislike the prime minister intensely. so it isn't just that he's not a vote-getter anymore. but he's motivating people to go out and vote against the british conservative party on domestic policy he is a disaster. he's raised taxes to the highest level since the immediate post- war government in britain. on energy, his commitment to net -zero means we're a massive importer of energy when we could be produce producing our own. he's not even vaguely conservative in anything that he

says or anything that he does, plus it's pretty clear the majority of brits think he lied to the public about drinks passes in tandowning street during lockdown, and look he was the man for 2019. it was the right moment, we broke the deadlock finally on brexit. i helped him a bit on his way and he did that successfully. history will record that, but it really is time for him to go and i would say this clearly. if he's still the conservative leader at the nextgen all election, they will suffer a dropping like blair gave them back in 1997. stuart: all right, unfortunately , i have to end it on that note but you make a very good case. nigel, thanks for being here. gotcha. well look, 11:55 you know what that means it's time for the monday trivia question. this is a good one, and i've got it right. i think i've got it right first time. how many times does the liberty bell ring every independence day once, 13 times, 50, 76 times?

as we always say, the correct answer, after these messages. . .

stuart: all right, how many times does the liberty bell ring every independence day? ashley, what do you think? ashley: couple of brits talking about this. 13 would be the original colonies. 50 number of states. i will go with 50, number three.

stuart: no. it was 13. i thought a couple brits would get it right. 13 original colonies. wanted a couple brits british accents to overshadow americans. we didn't do it. every 4th of july, 2:00 p.m., children descend ands of the signers tap the bell 13 times in honor of original states. david asman, i bet you didn't know that. david: i lived in philadelphia didn't know that. i'm david asman in for neil cavuto. market struggling back from bear market lows even though we had good economic news. we have a big show ahead for you. former chairman of the council of economic advisors, one of the smartest guys around, kevin hassett is talking about voters switching parties as inflation and gas prices soar. why the trend is