board in having to watch a very long baseball game. dagen: ryan real quick. >> yeah, her eye-hand coordination is better than mine , that's why i ran track. dagen: that's what you get from new york city fans though, if you're a little girl. [laughter] mercedes, thank you so much, ryan, you too. that does it for us, "varney" & company starts right now. stuart take it away. stuart: all right, good morning, dagen. good morning, everyone. we lead this morning with a terrible story from the border. you have to wonder if something is awful as this will not final ly push our president to get a grip on the border. at least 50 migrants died inside an abandoned truck in san antonio. they had been locked inside, no air, no water. outside temperature 103 degrees. inside, much hotter. where is the lift? i'm sorry. where is the left? they screamed false outrage but kids in cages under trump.

silence today. my opinion? homeland security secretary mayorkas should resign. in other news let's get to the markets. stocks going up a little at the opening bell this morning after small losses yesterday. the dow maybe up 150, s&p 17, nasdaq about 35. so, have we hit a bottom? time to buy something, anything. we will ask. bitcoin trading around 21,000, at 20, 900 to be precise as of right now. interest rates moving up i have the yield on the 10 year treasury above 320 it's now 3.24 %. oil moving up as well. you're looking at $111 a barrel, but gas, well it continues its very slow decline. national average for regular 4.88. that's only down $0.13 from its high. diesel, 5.78 and that is only pulled back $0.03 from its record. president biden done with the g-7 summit, before the close , french president

macron told biden that the gulf states and saudi arabia have nearly reached their oil production limit. that maybe a little subtle nudge that biden won't get much when he begs the saudis for oil next month. today, the president starts the nato summit which is all about ukraine and new weapons. on the show today, a shock for conservatives. abortion, guns, school prayer, non-citizen voting, sudden reversals leave the left reeling the vice president harris, kamala harris, walks into another mess. she offers a confused word salad when asked what the administration will do about inflation. tuesday, june 28, 2022. "varney" & company is about to begin. here i go again on my own, going

down this only road i've ever known ♪ stuart: doesn't that look nice? that is sixth avenue, new york city. beautiful day. there's a lot of traffic out there, because of course it is a tuesday, so people are coming back into the city on a tuesday as opposed to a monday or a friday. so you've got action out there. >> if you work three days a week at least. stuart: all right it's election day by the way in seven states, including new york. susan? what are the highlights? >> yeah, so abortion rights and the trump endorsement will be tested in interesting races i think across those seven states i think illinois, new york, utah , mississippi, south carolina, colorado. now here in new york state, poll s have already opened this morning you have andrew cuomo successor kathy hochul facing off against democratic challengers and on the gop side, lee zeldin is facing off against rudy giuliani's son andrew. illinois i think will be incredibly interesting tonight. it will definitely test that trump endorsement and it feature s trump-backed candidate

darren bailey for governor also that congresswoman who caused that controversy over the weekend when she misread in her comments at that trump rally that we discussed. also a $50 million ken griffin- backed candidate the aurora mayor richard irvine is in that race, the primary race. stuart: $50 million? >> yeah, so you have ken griffin is one of the richest men on the planet and here in the u.s. and he has every stake, he said if he does get to that point where he challenges for the illinois governorship, he will put $50 million into backing richard irvine. stuart: the republican? >> that's right. stuart: not the billionaire governor. >> well, sokol cold will feature a gop candidate as well that favors abortion rights in a tight race that challenged incumbent democrat senator michael bennett, the democrats are picking a candidate to take home republican senator tim scott, utah will have a trump allie and you have him on the show, senator mike lee facing off against a few challengers and a rare primary runoff mississippi,

and oklahoma will choose two gop senate nominees tonight. stuart: so a trump endorsement and support of a candidate is very much on the line in many elections. >> he's only lost two out of 50 some odd races or something. he's incredible win rate, so let's see if it keeps up tonight stuart: well this time tomorrow morning we'll tell him how it all worked out i guess thanks, susan. let's get to this. dreadful story. at least 50 migrants found dead inside a sweltering truck in san antonio texas. charles hurt with us, this morning. i say this speaks volumes about the gross failure of the president's border policies, and my opinion is mayorkas should resign. what say you? >> i think you're exactly right about that, stuart. it's absolutely appalling. it's shocking and to think that when authorities found those 50 migrants dead, i think there were 46 at the time, that number has moved up but there were 16 people still alive in the back of that trailer including four

children. we don't know the status of all those 16, but no, it's shocking beyond words and there are a few things that we come across a few stories we cover that have, where you have people dying as a direct result of the policies of a president but this is one of them. this was not a problem before joe biden ripped out all of the policies that were in place when he took office, but he created this. this is what human smuggling looks like. stuart: i'm exasperated by this , because this would have been screaming to the high end, this would have been murder if it happened under president trump. right? >> and i get it. you and i are both reluctant to sort of always go back to that in talking about well if trump had done this , just because there's so many things we say about but this is something that's actually really, it's a life and death situation. this is what happens when you have a president who throws open the borders, allows this sort of

thing to happen, and this is what human smugglers are the most evil humans on the planet, and they are thriv ing under the biden policies. they were not thriving under the trump policies, and you're exactly right. if this had happened under trump , it would have been, there would have been impeachment hear ings over it. the only other people, the only other people who are making money and thriving under joe biden at the border right now are the drug smugglers, and they're bringing literally 100,000 people a year are dying of fentanyl overdoses from fentanyl coming across the border, that joe biden is allow ing to happen. stuart: just a dreadful story. there you have it. charles thank you very much. >> it really is. stuart: hope to see you again real soon. vice president kamala harris gave yet another i keep using this expression "word salad" it's going to be the most popular expressions of the year i think. she gave a word salad answer on inflation. spell it out. >> i think it means she didn't say much. there weren't much in terms of

specifics in tackling high prices. listen for yourself. >> now, inflation is really high. are you concerned about a recession? >> i think that there can be no higher priority than what we have been clear is our highest priority which is bringing down the costs and the prices as much as we possibly can. >> is there anything else you can do to help bring down the cost? >> well first of all, let's just say that this is a very real issue, and we have to do something about it, and it's one of our highest priorities as an administration. >> so no solutions that you heard there, but i think everyone knows that it's the number one issue facing american households and voters, and really, it's pushing the u.s. economy at the brink of a recession, interest rates being pushed up quickly in the short-term and sharply in order to bring down prices and you even heard cathie wood saying this morning she probably the most famous fund manager of

the moment right now. she says that the u.s. is already in a recession right now stuart: and i really didn't understand what vice president harris was saying. >> that's the point. we can describe the issue broadly, but given some solutions, as to what the administration is doing to try to bring down prices, that be great. stuart: well-said, susan. well-said. let's have a look at the futures market we're looking in the green as we open the market this morning. jason katz with us today. jason, the administration simply doesn't know what it's doing on inflation. that's my opinion, that that is clearly a problem for the markets isn't it? >> oh, without equivocation. there's a lot they can do starting with energy independence or perhaps strengthening our trade alliance s with our allies. even selectively lifting tariffs and lastly, what about putting policies in place to protect against some of the price goug ing we're seeing? so it's more than just the fed. the fed has its heavy lifting to do, but government has a role in fighting inflation.

stuart: looking at recent market action, it seems like the stock market is looking for a bottom. has it found it yet? >> well the rebound, stu, is predicated on hopes that the fed will actually tap on the brakes. commodity prices have rolled over a bit, and money supply is starting to shrink a little bit so i know it's like upside down logic but the fed acknowledging elevated recession risks, stocks coming down, that sort of forces the hand of corporate executives to dial back their spending, and their hiring, so that, in turn, could lessen the need, or so the theory goes, for the fed to raise rates. so is the market bottomed? it's a process. it's never a point in time. the big test is really earnings, and we're in the precipice of hearing whether these earnings estimates need to come down, which in my opinion, they do. the market wants and needs transparency here in order to find that bottom, stuart. stuart: and we start with the earnings in about a weeks time i believe, some her around

there is that right? >> that's right. stuart: jason thanks for being here. i know we'll see you again. >> you bet. stuart: thanks. we just got this coming at us the latest read on home prices. this is the schiller report isn't it? >> case schiller so if you look on a year-on-year basis, it's the largest annual gain on record, so you're up 21.2%; however, here is the caveat. month-on-month there's a moderation taking place, so april from march we're looking at a slower pace of gains in that 20-city index which tells us that with higher interest rates, that you have this house bubble, and this heated house market coming down. stuart: okay, got it. >> make sense? stuart: yeah that does make sense. year-over-year -- >> huge. stuart: back in april going up 20-odd percent month-over-month the increases moderate. >> moderating. stuart: the trend is beginning to come down a bit. >> very interesting indeed. stuart: susan, thank you look at futures up 160 for the dow at the opening bell up 30 odd points for the nasdaq.

take another look at the futures , that is, without truck drivers. the fleet of electric trucks are operated by remote control and all over europe, we hear. soon, they will be coming here. i'm talking to the company's ceo a bit later on. what is emotion anyway? >> [crying] >> please don't cry like that. stuart: okay, enough. enough. we'll try not to get emotional about it but microsoft is indeed putting its emotion recognition tool out to pasture. fortunately, susan is here to explain, and we will be back. ♪

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♪ it's a beautiful day ♪ stuart: you know, it is a beautiful day. that's smithfield, rhode island, 65 degrees, bright and sunny that to me is perfect. have a look at futures looking like we've got some green at the opening bell this tuesday morning, dow is up about 160, much smaller gain for the nasdaq though, up maybe 35. brian belsk i'm joins me. he's not in naples this morning, oh,, no, no, he's next to me in new york city, ain't you? >> oh, it's amazing. >> [laughter] >> it's a beautiful day. i ran the park last night at the exact wrong time it was about

150% humidity. this morning i wake up and i walk here, it's so beautiful out i should have done it this morning but i had to come and see you. stuart: oh, you did indeed. what a guy let's get on with it shall we? you think we've already seen a bottom for the market? >> i think there's a very good chance, when everybody says we need to see capitulation i'd probably go the other way and everybody seems to be convinced that we need to see this massiv. not too dissimilar to what we endured in march of 2020. no market is exactly the same as the prior market. you can look back at history, you know, the famous line, but at the end of the day, we really think that when they took energy stocks out two weeks ago, and when you take out the generals, meaning the last kind of semblance of real strength, not only in terms of fundamentals, stu, but in terms of price performance, that's when the market was bottoming so i really think there's a very good chance. stuart: that was it? >> i think there's a very good chance that was it and everybody now is picking on earnings, right? stuart: right. >> so from our models, we see

that earnings are actually still going up. nobody believes this but on a bottoms-up basis numbers are still trailing higher. so you saw yesterday with the banks, some of the banks came out and said they are increasing their dividend. we really think and what we've done with our portfolio is we run for realized money at bmo both in canada and the united states is for the u.s.-centric portfolio, stuart we've tilted more toward value and growth at a reasonable price, and that really really centers on some of the big banks we think those are positioned right now. stuart: so that's where you're at. real fast question. are bear markets much shorter than bull markets? >> they are. stuart: we've had a long bull market. is this a short bear market? >> well we've had a long bull market. they had a cyclical bull coming out of the cyclical bear not to throw a bunch of analogies on. stuart: i don't into what you're talking about. >> we had the very shortest bear market in history when we went down for 34 days in 2020 so we've recovered from that but we're in a big, giant secular bull and you can have several cyclical bears within a secular bull. stuart: we are in a secular bull

market. >> yes we are 10 more years to go. stuart: once the bear market starts, and it has started, what's the normal timeframe to get that returned to the bull market? >> well it's a great question. the average is around 180-200 days. stuart: that's it? >> yeah, that's it to kind of get back into bull market status so we just published a piece about this last week, but at the end of the day we think that given that interest rates are still low, stuart, from a historical perspective, and from an alternative basis, we believe north american equities are a place to have money especially given the fact to place money, especially given the fact that real rates return and fixed income are negative and we do think that a strategies like equity income growth, especially in the united states, but also canada, make a lot of sense as investors look for income, there's a lot of great companies in the united states are growing the dividend overtime. stuart: main point which i understood we've already hit bottom. thank you very much brian belski all right, amazon adding a second prime event. i want to know when it's going

to be, and why they are doing a second event. >> and will you buy i think that's my question to you, stuary varney. so first one is next month, jul. always in the summer as you know , but now you're going to get a second one which i find interesting in the fourth quarter, unusual because that's during the christmastime and we have black friday, boxing day around the rest of the world. reports are that amazon has already asked sellers to submit their lightning deals for this prime fall event as they call it for q 4. no word yet, no confirmation from amazon but look they are trying to find ways to grow sales and revenue. they are coming off the slowest quarterly sales growth to start off this year so the dot com bubble back in the 2000 first profit drop i would say in almost what, five, six, seven years? stuart: i think it was seven years. >> for amazon. stuart: i want to get to this microsoft story. you're the one to explain it. it changes in the facial recognition technology. what's this about trying to take emotion out of it? >> we can ask brian if he can

read emotion from your face sometime. >> he is fully engaged this morning. stuart: oh, yes. >> always. so emotion recognition, think facial expressions, tone of voice for stuart, maybe a voice or word that he uses, and that's to detect the emotional space; however, even microsoft's chief ai scientist says that the science for emotion is far from settled meaning it's not very accurate so far. it really hasn't worked but this is all part of microsoft's drive for responsible artificial intelligence use in the future. okay, brian is looking at me already. there's been a lot of doubt. >> what's responsible though? >> okay so if we're using facial recognition, i mean, do you want your face recognized? do you want the state government s to have access to this technology in order to detect how you're feeling where you are, how can they can track you around the world so it's limiting privacy or accelerating privacy so that i can't be tracked by bad state

actors. stuart: that was a very good answer. >> it really was. she was prepared for that. >> well, i expect some any saying from this guy. stu will question me about whether or not emotional detection really works. stuart: okay i'm going to leave it at that because your explanation was pretty good to start with. futures, i see green, sports fans. dow up 170, nasdaq less so, up 35. we'll take you to wall street, for the opening bell, which is next. ♪ you see, son, with a little elbow grease, you can do just about anything. thanks, dad. that's right, robert.

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stuart: okay, let's get back to the money. we're looking in the green at the opening bell. mike murphy joins me this morning. i think you're going to try to give me a case of fomo, fear of missing out, because you're saying it's time to buy, because we've reached the bottom. is that what you're saying? >> i think we're a lot closer to the bottom, stuart, but look, to be clear for our viewers i've said this for months the time to buy a lot higher you should also be putting money to work so no

hindsight 20/20, so really where we are you should be putting money to work in the market. stocks have corrected, the market has corrected. if you're sitting there waiting for an all-clear signal, you're going to be waiting for a very long time. you're never going to get it. you should be putting money to work, let your cash work for you in the market. stuart: the signal, the all- clear signal, what you're talking about, is the capitulation selling, isn't it? that's where everybody gets out all at once. >> i would argue, stuart, yes, but even when that comes on a day if we were down a thousand points are you going to say okay now i'm taking all my money out? no you'll hold on to it. stuart: i wouldn't have the courage. >> that's why you should take the emotion out of it, and you should just be investing, and that means you may have a correction. you may have a 15-20% correction as we've seen, but that's normal we will get back to new highs. for certain, take that to the bank. stuart: oh, we slapped the table that is my brand new set you're slapping here. you're talking about a five year horizon aren't you or a three year horizon? >> maybe and maybe a six-month

horizon. march of 2020 we bottomed and reversed very quickly so i'm smart enough to know that i'm not smart enough to predict that , but it will come and if you're investing though, stuart, for 12 months or three years, that's your time horizon maybe the stock market isn't the right place for you. >> [laughter] stuart: oh! why were you laughing, susan li? >> because mike murphy is bringing it this morning he's very spicy and just i think he's challenging you to put your money where your mouth is. stuart: everybody is challenging me this morning, belski had a go at me, murphy is having a go at me and you too, susan li. >> we're on the same team you and i. stuart: whose the opposition? >> susan is with us. we're all together. >> team effort. >> give the viewers the best point of view from all different angles so they don't make bad decision with their money and bad decision i would argue is pulling out and waiting for the perfect time to get back in because you end up waiting for a very long time. >> but are we in a recession? you heard cathie wood say that. >> so do we have back to back

quarters of negative gdp growth? maybe. >> yes and no. >> call it yes, but should you invest your money today? stuart: should i buy microsoft today? >> absolutely. stuart: yes for sure? >> for sure. stuart: without knowing anything about my money you'd say yes, buy it today? >> you had it, wrote it up, sold some of it and now, it's corrected over 100 points so yes >> [opening bell ringing] stuart: fortunately the market just opened and we can digress to that. the big board is open, running on business, and we're three- quarters of the dow 30 are in the green. so upside move right from the get-go, 150-160 points that is a half of 1%, s&p 500 also on the upside, not by much, however there, the s&p show me, please, you're looking have we got it? oh, there you go. up against, almost a half percentage point, an the nasdaq composite is up just a fraction. just .15%, so let's have a look at big tech.

is microsoft up or down? >> it is down. stuart: is this a buying opportunity? >> it is, but not based on the point. i mean, these companies are going to be announcing earnings in two weeks so let's wait until we hear what they say but i think what they say is going to be very positive. stuart: amazon is down, microsoft down, the rest are up. twitter, 39.31 the wall street journal says that said this morning, that elon's battle for information, on those spam accounts, does the journal think that elon, susan, this is for you, does the journal think that elon's going to get what he wants? >> so he has the info already, so twitter says here, you want to look at the data? here is all of it. analyzing all that data is a tough part so coming up with a concrete bot number is going to be very difficult according to the experts. twitter has said that it's at 5% that's the number of bots on the 229 million daily active users, musk has said he thinks that number is much-higher at least 20% in his view. now wall street thinks that this is a way for elon musk to

get a cheaper price, below that 54.20 offer price, or he gets to walk away from a billion dollar breakup fee which will likely get challenged in the courts as you know. i spoke to evercore, mark mahane y, he tells me, he thinks this deal will get done and maybe a 5-10% discount so think about more in the $40-plus range per-share for twitter so i think that's roughly around $30 billion deal or so. stuart: murphy, should i buy twitter today? >> no. stuart: thank you. look at the casinos. >> well what about tesla? i mean, tesla is i think up today. there's been an overhang on tesla about $150 according to wedbush because of this ongoing twitter bid. stuart: right, murphy should i buy tesla today? >> i wouldn't go out for me, i'd rather buy the biggest of the big tech but in the basket of the s&p 500 tesla will be in there, so i would want to have that 2% ownership in the s&p 500 for investors at home rather than trying to pick a top or bottom in tesla, get the entire

basket of the high growth company. stuart: okay it's 738 as we speak, the price of tesla stock, casinos all rallying and by the way i think china tech stock s are rallying big time too >> that's right. stuart: the casinos are rallying because they take covid restrictions off. >> i think it all leads back to the same thing which is china loosening on their zero covid policy so first of all they are going to reduce the quarantine for international travelers down to 10 days instead of 21 to visit the chinese mainland, daily testing will be much more relaxed over those 10 days, and that's a sign, a hint to investors that the chinese government will be focusing on economic growth and possibly, helping stimulate either the chinese economy or again the stock markets a lot more, so these get out and travel stocks called goat stocks for short, look at they are rallying today. gaming stocks are benefiting because travelers might be able to visit macau, the world's largest gaming enclave more often with reduced quarantine

days. stuart: look around the world there's one big bull market and that is china at this moment. the streamers. >> up 50% from last year. stuart: yeah, a huge gain for a lot of the tech stocks. the steamers i've have them on the screen right now. what's the are they doing well? >> yeah, well so here is what i wanted to highlight. walt disney, look at that reopening that china reopening trade is epidemic hadding lift disney stock by three and one- third. we talked about shanghai disneyland being shut since march 21, we had no reopening date, but the fact that chinas politicos loosening up i think that's encouraging for possibly a reopening of that theme park, which contributes around 25% of theme park revenue for disney. that's important. also amc was ripping yesterday. stuart: what do you mean ripping >> a 13% in the session because it was again, the number one most mentioned ticker on wall street bets with the meme stock traders, and really there's been an influx back into the theaters we talked about paramount plus and top gun 2 maverick

surpassing $1 billion. stuart: bottom right hand corner of your screen the dow is up nearly 400 points this tuesday morning. how about that? i don't want to digress, i want to get back to robinhood. still well-under $10 a share cratered since its ipo nearly a year ago. is ftx trying to buy them? >> they clarified it this morning sam bankman-fried, the second-richest man in crypto , owns ftx, one of the largest crypto exchanges he roughly personally already owns around $600 million in robinhood , which is roughly around 7% so he's the third- largest shareholder in robinhood. yesterday, there was a bloomberg report that said that he was interested. his company was interested in buying all of robinhood, clarify ing today that those talks to acquire the company are not happening. stuart: down it goes. now it's under $9 a share in the last 30 seconds. nike, i believe they came out with strong earnings. is that correct? the stock is up it went down now it's up. >> so look, you have to factor in the fact that they have an

$18 billion stock repurchase program. when you take supply out of the market, price goes up and that's what you're seeing right now. i think rightly reflected in the stock price because yesterday it went down after what i thought was a fantastic first quarter to start the year, i mean better sales, better profit, inventory went up by a quarter and china is growing. stuart: okay, look at this. just look at the big board right now. so far on the show this morning, we've had two analysts, belski and murphy, both of whom are saying we're either forming a bottom or we've hit the bottom time to put your money at work and look at this. in the first six minutes of business the dow is up 424 points that's one and one-third percent, dow winners boeing. >> they had a jet order reaffirmed by india for max jets stuart: okay that helps. disney is on that list. american impress, caterpillar, goldman sachs. >> we have to mention the fact that banks are by the way increasing those dividends because they pass the stress test. stuart: that's the whole point, increasing dividends. mark? >> so on nike the earnings were good. remember the stock has come from

170 down to 107 so after that correction, so they came out with good earnings, solid earnings, consumer demand is still there, still strong, and they are selling more products direct to consumer rather than throughout lets like foot locker so that's a positive quarter and why the stock is moving up. stuart: do we have the s&p 500 winners on the screen? i think we did. >> airlines mostly from what i saw, travel. stuart: it's the china gambling stocks, wynn las vegas, boeing is up as well. how about the nasdaq composite winners? marriott, al qaeda come, micro chip, csx bookings holdings , got it. here is what's coming up for you bidding wars, common for new homes, got that, but now, they're hitting renters too. we've got the story. every branch of the military struggling with recruitment. you've got to wonder if it has anything to do with woke stunts like this one from the navy? the governor of new jersey denies that he's running for the presidency in 2024, but that's not what it looks like. roll tape.

>> i worked hard and the american dream worked for me but today that dream feels distanced so we got to work. we're rebuilding the american dream in new jersey. stuart: i have to live there. larry kudlow knows governor murphy pretty well. larry is going to react to that after this. have a nice day ♪ (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks?

(fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. what if you were a gigantic snack food maker? and you had to wrestle a massively complex supply chain to satisfy cravings from tokyo to toledo? so you partner with ibm consulting to bring together data and workflows so that every driver and merchandiser can serve up jalapeño, sesame, and chocolate-covered goodness with real-time, data-driven precision. let's create supply chains that have an appetite for performance. ibm. let's create.

♪ stuart: cute little song, i'm not sure what it is but that is the white house, and it's heading to 83 degrees right there. and it is tuesday, all day. vice president kamala harris appeared to be stumped on how to address soaring prices. listen to this , please.

>> now, inflation is really high. are you concerned about a recession, the administration said that they weren't that worried about inflation, and then that changed. >> i think that there can be no higher priority than what we have been clear is our highest priority, which is bringing down the cost and the prices as much as we possibly can, and we will stay focused on that. stuart: look whose here. larry kudlow the man himself. the king of business news as he is well-known to our audience. >> [laughter] stuart: joking aside, look. >> [laughter] stuart: let's get serious here, okay? the administration is clueless on inflation. am i being too harsh? larry: no. no, i thought vice president's answer was absolutely fabulous. i don't know what she said, no one knows what she said.

i mean, you know, this doesn't have to be that hard. just freeze spending, make the tax cuts permanent, end the war on fossil fuels, de regulate business, that's how some supply side growth, let's let the fed raise interest rates like they're going to have to do look, stu, my totally favorite thing, i mean, kamala harris pal es to what's going on in the g-7 where i guess janet yellen wants price caps, aka price controls on russian oil, but emmanuel macron who i actually know rather well, he wants global price caps on everything. i just love this. this is like a race to world socialism. this is like richard nixon, jerry ford, jimmy carter, whip inflation now, gone g-7 and global. i just love this stuff, and it just, it's just the utter failure of this green new deal

stuff. you've got european countries and read james friedman's article, european countries announce reigniting coal plants, okay? the worst carbon emissions because the green new deal has failed in europe. the green new deal has failed here, and they won't go back to basics, you know? stop the spending, pro-growth supply side regulation, and tax cuts. but this is crazy. this is the world race to socialism. i just love it. it's like i've seen this -- stuart: no you don't. larry: so have you. stuart: you hate it. i know you do. i've got to get into this , larry . this has been troubling me for sometime. a few months ago on this program you said that governor murphy of new jersey was your friend. he was your pal. he's a good guy. we believe he's running for the presidency. he launched $2 million worth of ads. i know he said he's not running for the presidency but he's got those ads out there. you say he's a friend of yours, but then again, larry, you don't have to live in new jersey, do

you? larry: [laughter] well i grew up in new jersey. i guess that's close enough. i went to school in new jersey for quite sometime. look, i worked for phil murphy in the white house. he is a love louis man. he's a charming man and one of my favorite socialists in the country. he's absolutely a lovely, charm ing, socialist and i wish him well running for president, because i mean, i haven't spoken to him in quite a while, but i would say to him, governor, it's not working. it's not working. the jersey economy is in bad shape. he's raised taxes. he shut the state down. i mean, you know, very much of a man of the left, but stu, don't you have socialist friends? you've got to have some socialist friends. stuart: i do. are you kidding? larry: [laughter] stuart: i'm a refugee from british socialism and when it cops over here, it makes me really annoyed. i don't know whether i've got any friends who are covertly socialists, maybe they are, but i try to steer clear of them

that's the way it is. i'm a one side of the fence, larry, that's where i am. larry: it's nice to have a diet coke with everybody. look, i wish phil murphy luck. i just want to say this. this election is going to show you that the public is rejecting socialism. it's rejecting wokism, it's rejecting the green new deal, and it's rejecting attempts to transform our culture, keep parents out of school. the whole biden agenda, which phil murphy would probably run on, which you're seeing at the g-7 meeting, but look janet yellen was the one that started price controls on russian oil. all this stuff has backfired disastrously, you know, just in the past year, and i think the voters are going to reject this soundly and we're going to start getting back to free market capitalist economy and much more. stuart: that be nice. larry: and i think that's coming. stuart: i think you should setup

a cage fight with governor murphy on your show like at 4:00 this afternoon on "kudlow" because that, i would watch, believe me, larry, but we will be watching anyway. larry: we'll invite him on the show. he's actually a nice guy. stuart: okay. larry: he's a nice socialist. he eats with a knife and fork, he's okay, he's all right stuart: [laughter] >> [laughter] stuart: larry, you, sir, are all right, and we will see you again soon. on your screen right now, ladies and gentlemen, the average price for a gallon of regular gas today is at 4.88. it was 3.10 a year ago, but susan's found a gas station chain, you found this? >> i found this. stuart: that's lowering prices ahead of the holiday weekend. okay wait a minute. which chain? where is it? and how much are the price cuts? >> it's part of a nationwide discount you're going to get. so it's a promotion and that means i haven't filled up my gas tank there, but you don't need to in new jersey because they will do it for you anyways,

right? stuart: only state in the nation where you can not pump your own gas. >> so 3.99 a gallon for unleaded this weekend throughout the entire july 4 weekend, 3.49 for the ethanol e- 85 flex fuel blend and that means gas prices since you were talking to larry kudlow and jersey families and phil murphy, gas prices at record levels are eating into 25 % of all of new jersey's family food budget. so that means instead of 25% being spent on food for the family, it's being spent on fuel instead. stuart: and they are dropping it to the $3 level as opposed to nearly $5. good for them. there will be a line out the door. fireworks, not the only thing expected to explode this 4th of july. you've got this story. >> who wrote the intro? stuart: cookout costs, rising, by how much? >> 17% more expensive for the stu "varney" barbecue this year i'm expecting an invite at some point. farm bureau survey found americans are paying at least $ 10 more in 2022 than 2021, so

for an average 10 person cookout , that's roughly close to $75 does that make sense? stuart: it does. >> think of paying $70 to cook the hamburger, chicken breasts, ground beef, ice cream is up 10% but when i look around at all of the meats up by one-third, fresh squeezed lemonade will increase by a quarter in case you care. fresh squeezed. stuart: i do care so now you know. all right, good stuff, susan, thank you. these, i should say, because you'll see them, these over-the-top milkshakes are all the rage on social media. the restauranteur who created them is going to be here. wonder how much they cost with inflation. ♪ 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. ♪

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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: at least three people are dead, dozens injured after an amtrak train collided with a dump truck this happened in hend on, missouri. we'll give you an update on this tragedy a little later in the show. back to the markets just before the 10:00 hour, we have a rally in progress here. i'm sorry, garrett tennis is with us at the scene in missouri , the latest on the train crash, please, garrett reporter: yeah, stuart, we are expecting investigators from the ntsb to arrive on scene

sometime in this next hour and one of the things they are looking at is this particular kind of train crossing. it's called an uncontrolled crossing, meaning that there's no flashing lights or barriers to let drivers know that a train is coming. i want to show viewers this cell phone video that shows the chaotic moment after this amtrak train smashed into this dump truck that was working its way across the road, right as this train was coming and it forced the train cars off of the rails and threw passengers out of their seats as the train eventually tipped over. >> it is hard to comprehend that i made it out okay with no injuries when the lady across the aisle from me actually had to get flighted out. >> you heard a loud noise and i thought oh, we hit something. >> i turned to my friend and i said we just hit a truck and he goes what and that's when we felt the whole train just start

to tilt, so i grabbed the bottom of my seat because i know this is going to fall. we hit the point of no return. reporter: the train was carrying 243 passengers and 12 crew members. three people were killed including the driver of the dump truck, and more than 50 people were injured. the passengers included families going on trips, teachers and students heading to conferences and two troops of boy scouts on their way home there a week-long hiking trip. those scouts who were not injured jumped into action to help other passengers get out of the train and using their first aid training to help stabilize other passengers until first responders arrived and we will be speaking with one of those scouts this next hour, and we are expecting an update from investigators in the next couple hours as well. stu? stuart: garrett tenney, thank you very much indeed. still ahead on the show today, florida congressman greg stubey, kurt volker and rob smith the 10:00 hour is next.

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stuart: is it james bond -- james brown? i feel good. good morning. 10:00 eastern straight to the money.

329 points, nice gain for the s&p, not bad for the nasdaq, plenty of green on the market this morning. as for the 10 year treasury the yield moving up to 3.21%. oil moving up this morning $110 a barrel. $21,000, that is where it is now. let's do "my take," now this. give me that animation please, thank you. a little confusion there. remember the screams of protests about kids in cages? it was during the trump administration. he was building the wall and getting the border under control in the left couldn't handle that so the invented outrage, the cages were not cages and the obama years as well. i am waiting to hear some outrage from the left about the

50 migrants who died last night in a truck abandoned in the san antonio. no air, no water, sweltering heat, they were sealed inside and left to die. during the biden administration's first year 650 migrants died on the cross-border track, add another 50 to that total. today the governor of texas is putting the blame squarely on biden's shoulders, that is fair because the entire biden team has consistently failed to do anything about this. secretary mayorkas said the border is closed, the border is secure. he said that last year as the stream of migrants was reaching record proportions. what does he say about these truck debts and share of gone dollars who was withdrawn from consideration in immigration and customs chief. there is no border protection. what is aoc going to say? she was vocal about kids in cages. 50 migrants, horrific death,

shows the hypocrisy of the left and the disgrace of biden's open border. resign mayorkas, it is the honorable thing to do. second hour of varney just getting started. rob smith joining me this morning. if all this happens, this truck thing happened under donald trump let media would call him a murderer. >> when you look at what happened, this is a horrific thing. this is 50 migrants that were dead. if this had happened under donald trump there would be outrage, and all the other people would be in a week and a half of professional outrage but now we will hear nothing. this weird thing going on now, weird silence coming from the left when all these issues they pretended to care so much about

when it it was easy to make it was easy to make donald trump the villain now they are silent so it speaks to their hypocrisy. stuart: i would like to hear something from mayorkas. he has to say something after a terrible thing like this. >> he should but won't because when the pressure is on these people from conservatives they won't say anything because they are lacking from the mainstream media, continue to cover for them and pretend it didn't exist. in order for him to redesigned that would be the honorable thing to do, no honorable people in this administration. after the supreme court's ruling of concealed carry, an op-ed in the la times, if california is ready for more black people to legally carry guns in public. you've not seen that editorial. >> i glanced at it when i saw

it. the thing about this this is how the left talks about second amendment rights, this is what i believe about the second amendment, and the second amendment is for everybody, you, me, black americans, white americans, whatever, the left does not want people to realize that so they create a wedge where they are creating this nonexistent villain that is afraid of black americans, and advocates like prime time, who does firearm training in inner cities for people who want to legally carry. they are trying to make this a racial issue and the second amendment's for all americans no matter the color of your skin. stuart: first amendment, second

amendment doesn't matter. president biden's nominee to run ice has withdrawn his name. tell me more about this. ashley: in a letter to the president, ed gonzalez that he was withdrawing in the best interests of the nation. on dollars who was the sheriff of harris county, texas which includes houston was nominated 14 months ago and was a fierce critic of hardline policies at the beginning. has long troubled nomination therefore came, facing a difficult path from the beginning. his withdrawal means ice have a permanent director since the obama administration. it is a political liability if it won't admit it. this is an important thing, an indicator. what is the number? ashley: it has come in at 98.

7, continuing decline from april 1, '08, may 1, '06, this is below 100. basically 100 or above is considered positive, this is thinking below that line as consumer sentiment is at an all-time low and consumer confidence is heading in the same direction. stuart: check the market and see if that had any impact at all. it did not. we are in the green across the board. it is slightly to the downside not because of consumer confidence. scott shelladdy, we have a rally on our hands. what do you say? >> i boiled it down so i can understand it. until we get the energy situation under control, we are

not going to see the bottom of the stock market. we have to get out in front of inflation. inflation cost 60% to 70%, some say more. until we get in front of our energy problem when we can get hold of inflation the market will keep going down with the fed raising rates to stop the rise in inflation. it is a secular argument at all has to do with the fact that we can't pump. everybody wants -- to send us into a recession, he did get in front of the problem with inflation. he got that done, the only thing he was able to do. imagine if paul volcker had a chance to pump for oil because that will keep us out of getting in trouble. he would have done the oil thing before sending the country into recession. my question to the fed, is your only path bankrupting and

ruining american families to get in front of inflation? stuart: do you think a recession is inevitable? >> i do. until we get the energy problem under control all the bad stuff is inevitable. until that is done we can't which this problem away. if you see oil prices rise one hundred 20, one hundred 50, what will the fed do about inflation figure they will raise interest rates because inflation is based on what is going on with energy so the circular argument will keep going on and we will keep guessing and it is easily solved with energy. stuart: we have been having this conversation for months and months and months. we all say a drill for more oil, get more natural gas, solve the energy price inflation problem. it never happens and i think you and i both know under this administration it is never going to happen. >> it is not but this is the beginning of the social experiment failing. your next guest and a few other

ones today, larry kudlow for one, they are failing at every turn. energy, safety, border, it is all failing and they are failing to look at the fact they've got done nothing to help the american consumer. two numbers for you. 16 and 17. last july 4th, $0.16 cheaper. this july 4th to 17% more expensive. how do you like them apples? stuart: that was very good. a nice juxtaposition, saving $0.16 and having your meal go up 17%. scott shelladdy. back to the markets and show you the banks because four major banks are raising their dividend, which ones are raising the dividend? ashley: wells fargo, bank of america, morgan stanley raising

their dividends after clearing the federal reserve's annual stress test exercise. wells fargo expects to hike the dividend from $0.25 a $0.25 a share, be of a raising its dividend by $0.20 a share. goldman hitting its dividend by 25%, $2.50 per share and morgan stanley increasing 77. $0.05 per share and the share buyback program of $20 million, the feds is the biggest lenders in the country could lend a severe economic downturn despite bigger capital buffers. stuart: they offered to pay travel costs for employees seeking abortions but those same companies have been silent when it comes to the baby formula shortage. more on that coming up. craig steube says disney is losing special privileges to conduct woke activism. is interesting a bill to strip

disney of those protections. today was president biden's last day to purchase climate agenda to g7 leaders but there are reports biden is clashing with uk prime minister boris johnson. peter doocy has that report next. ♪♪ visit indeed.com/hire >> tech: need to get your windshield fixed? safelite makes it easy. >> tech vo: you can schedule in just a few clicks. and we'll come to you with a replacement you can trust. >> man: looks great. >> tech: that's service on your time. schedule now. >> singers: ♪ safelite repair, safelite replace. ♪

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stuart: there was a time the dow was up 400 points. it is come back down a bit. very small gains for the s&p and the nasdaq. florida congressman greg steube

introducing a bill that would strip disney of their copyright protections. what kind of punishment would that inflict on disney? >> they've been given a huge amount of time for copyright protection for one hundred 20 years which the typical time is only 28 years. a huge expansion in special privilege just for disney because washington politicians thought it would be good to give their lobbyist friends a handout so it is making it fair across the board for every company in the united states, bringing it down to 56 years instead of one hundred 20 that was given to disney. we want what that mean i could full around with mickey mouse images in public and not get sued? >> that is exactly it. anything they had copyright protection on over 56 years would no longer be copyrighted. stuart: it seems attacking disney has been successful.

this is my judgment. i don't think it hurt their business. i think it hurt their image. what do you say to that? >> i don't think we should support companies that get special privileges through government actions. every complete should be treated the same. we shouldn't give special privileges to certain companies and when this company specifically is paying for transportation, for abortions, trying to poison our children's names, not mines, with transgenderisms cover they shouldn't getting special protection. we when there's a long list of companies providing travel expenses for abortions, long list of those companies. >> they are not getting special privileges of copyright protection for 120 years. we when i'm sure you saw this but the associated press reported over the past year, 1 million voters have switched from democrat to republican affiliation. you must be cheering that went

on. >> for the first time in history of florida we have more registered republicans in florida than democrats, never happened before in the history of the state. in one county, sarasota county, we had 800 republicans newly filed, 300 democrats so that shows you the swing we are seeing from people registering to vote in my district and coming to the state of florida, you see that all across the country, direct result of the left-wing progressive policies of this administration. stuart: lots of florida folks used to be worried about an influx of people coming from new york or chicago or wherever that bring their politics with them. apparently that is not happening. >> they are fleeing those democratically led city states to come to freedom we have in florida. we when greg steube, congressman from florida, appreciate it always. a number of companies have indeed offered to cover employees abortion travel costs. there is a new name on the list

to. who is the new guy? ashley: jeffries financial vowing to cover the cost of travel, the latest, the long list of companies that made the same pledge, and both jeffrey's ceo and president saying they will donate a combined $1 million to charity to promote women's rights but as you mentioned earlier what about the baby formula shortage. the daily caller contacted 14 companies that covered abortion costs and not one could name a benefit or initiative that helps employees pay for baby formula. the ruling for women's health in jeopardy, absolutely nothing about the baby formula shortage. stuart: very interesting juxtaposition on those issues. the administration is laying

the groundwork for president biden's reelection campaign, there are reports he's not getting support from his own party. it is primary day in illinois. the democrat governor spent millions on the gop primary. he wants to take down the guy he things will be hard to beat. grady trimble has that report next. ♪♪

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stuart: president biden left the g7 summit but not without tension. peter doocy, what is this about president biden, at odds. >> the g7 wrapped, it is all unscripted. >> have you given ukraine what it needs to win the war. >> a split between priorities of the us and uk.

the uk, boris johnson argued, to grow grain for people to eat because so much is stuck in ukraine, globally the use for biofuel has contribute in to reduce availability to increase costs for human consumption. the us blocked boris, the statement doesn't have anything about world hunger, just lines like this one, we call on all countries to avoid stockpiling of food which could lead to further price increases and got some surprising news about crude oil supplies from emmanuel macron who said the uae is already at maximum refining capacity after meeting for others in saudi arabia and finding more. >> spoke with a couple other

leaders about the trip as well, not focused on the unity piece but a broader strategic dynamic at play. >> the next's trip to the middle east to talk to golf partners, if it is true what he was heard whispering to biden, they can't refine any more. stuart: even if the president bags for oil from the saudis it might not be there. peter doocy in the middle of it, see you soon. check the market, dow still up 150, the nasdaq turned south instead of 15 points. in a report says president biden is going frustrated with fellow democrats skeptical about his ability or capacity to run for reelection. the full story. ashley: it is fair to say president biden is eager for signs of loyalty but according to the new york times they are becoming harder to find.

reports claim the president and his top aides are irritated to say the least by lack of respect both from within their own party and the press the. the biden is the president is laying the groundwork for his reelection but blame other democrats for putting too much emphasis on the president's for polling numbers and questions about his age. as one democrat insider said, quote, too many people in our party look at the glass as half-empty as opposed to half-full. there you have it. stuart: new speculation that mike pompeo is launching a 200024-bit. what is he doing? ashley: this is a good sign or bad. the former secretary of state releasing an ad floating. is freedom just minutes after the supreme court ruled in a major school prayer case. in the ad pompeo says together let's make sure our religious freedom and right to pray are never canceled.

a person familiar with the ad campaign says it is running in iowa and south carolina. too early, two early primary states seen as key to win a party's nomination for president. the ad was paid for champion american values, a political group launched by mr. pompeo himself last year. stuart: looks like he is running. primary day in illinois, gop race for governor taking center stage. the democrat governor of illinois is a democrat, he spent millions in the republican primary to try to change the outcome. to does he want to win and why? >> reporter: it is more about who he doesn't want to win and that is republican candidate richard irvin who is expected to vote here in 30 minutes or so.

we are in the city of aurora. urban is mayor of our roar are as was consider the front runner when he launched his campaign largely because he's more moderate than the other candidates and his ability to appeal to suck up urban -- suburban chicago voters. democratic governor, and the democratic governors association spent tens of millions of dollars on attack ads against irvin seeing him as a bigger threat in november so now trump endorsed state senator bailey is in the lead, he's a farmer from southern illinois and has a strong base in the vat part of the state. we caught up with bailey on a campaign stop this morning. >> somewhat argue your too conservative to win the general election. >> that my point. i think people are ready for conservative values, family values, good job opportunities, better schools and i know people are ready for safer

streets and less taxes and that is what i stand for. >> reporter: the governor spent $90 million of his own money on the race but is not the only billionaire involved, ken griffin, citadel founder and ceo spent $50 million to support richard irvin who you are expected to see here any minute now, richard has spent $9 million to support darren bailey. we are following other races including a republican senate primary, interesting incumbent on incumbent primary for congressional seat in southern illinois between rodney davis and trump endorsed candidate mary miller. a lot to follow in illinois. stuart: we will find out how much those trump endorsements are worth because there are a lot of them across the country. been dominic with us now. political question. seems to me democrats are

running on abortions, guns and maybe january 6th. is that enough to beat the border, inflation, the energy crisis and all the other crises going on? >> you almost answered your own question. i feel like this is a situation where the culture war issues that the democrats are now just grasping onto i think are ultimately going to backfire in a lot of ways. look at the dynamics at play, democrats brought in their coalition in 2020, a lot of suburbanites, socially moderate women and the like who might have voted for mitt romney but didn't like donald trump's tweets. they will hold onto that coalition but republicans replace that constituency with more diverse and socially and culturally conservative or traditionalist hispanic, asian, immigrant voters and the like, that was the playbook they ran in virginia, resulted in glen

youngercan become a governor, that's the playbook in 2022 and republicans look at the landscape and say they feel democrats are just gifting hispanic voters to them across this country and that will ultimately be a very shortsighted decision by the democrats to play this game the way they have. we won i am sure you saw the horrific news this morning from san antonio where they opened the truck and found 50 migrants locked inside and dead. i have to believe that is going to have some impact on border policy. >> i absolutely do. it is a tragedy but a tragedy the biden administration is welcoming through its actions and decisions. this is a policy choice they are making in terms of their approach to the border, not just something happening out of nowhere. we saw the difference in policy when it was put in place in 2016-2020, in a way that would

keep people from having this kind of appeal to a border that is so porous and allows people through, not just migrants but the cartels that pray on them to use them and make money from them with these types of vehicles that result in so much human tragedy and death, and this is an issue that is going to become more and more of a priority in the coming months and republicans need to be prepared to have an answer about what they are going to do. a call for impeaching mayorkas is not out of the realm of possibility in a serious way of republicans are able to have the kind of success in november we expect them to have. be one but see how that shakes out. i know we will see you soon. back to the markets, the dow industrials showing again of 100 points. an hour ago we were up nearly 400 points, up by one third as we speak. the yield on the 10 year

treasury, 3. 22% and creeping up, not great for stocks. gold down $1.90, hardly moving, bitcoin holding around 27,000, the price of oil up $109 a barrel. natural gas all the way down to $6.63 per million british thermal units. average price per gallon of regular $4.88. california will pay $6.30. the dow winners, give you that list headed by boeing. boeing, american express down on the upside, the s&p winners, las vegas sands, loosening regulations around covid in china, hoping the gambling stocks, nasdaq, qualcomm, marriott, microchip, none of the big tech names on that nasdaq list of winners.

the new york supreme court strikes down a law that allowed noncitizen residents to vote in local elections, that's another important reversal of policy. i call it a win for conservatives. a new poll shows the majority of americans feel inflation is holding them back from the american dream, especially tough on first-time homebuyers, the pandemic graded the perfect storm. kelly o'grady breaks it down after this. ♪♪

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stuart: not much price movement so far, thousand 90, nasdaq down 50. the majority of americans feel

the cost of living is holding them back from living the american dream. ashley: rising prices pinching the pockets of americans. a new survey by wallet hub shows 56% say they feel financially independent and when asked what is holding them back from living the american dream, 62% of those surveyed said the cost of living. fewer than 32% said their income was the main obstacle and the american dream is becoming harder to obtain. the median home price in the us is up 14. 6% from last year, more than $430,000. more than 59% of homes sold in may went for more than their listing price was the home markets are starting to cool off but coming from elevated prices so it is becoming harder especially with mortgage rates to get a home. stuart: let me add this to that.

rising home prices, surging mortgage rates hitting first-time homebuyers the hardest. kelly o'grady in los angeles talked about a first home there. give us the story. >> reporter: if you are a first-time homebuyer the market is tough. demand is sky high. we all wanted space like this to start renting, build equity but it is a perfect storm. the 30 year fixed rate mortgage the average is soaring 3. one%, already hitting 5.81% with the fed raising rates. many are willing to accept less than desirable terms or adjustable-rate, the fear of missing out on the perfect home. that's the problem when prices are so high, 21.2% spike, the biggest gain on record, lysander was worth a 24%. we are seeing price cuts in the market, limited supplies a core challenge and inflationary

pressures. you are up against cash offers and wave inspections and if you are a first timer you are not with a lot of saving knowledge of the process experienced buyers have an advantage. >> i have seen buyers bid on houses for two years and not get anything because they are not advised correctly. depending on the house they may have to come in and 10% asking on houses. >> some predict this will cause long-term damage if young households can't buy the house now, it prevents will building, the average homeowner had $250,000 in wealth in 2019 compared to 6000. for a vendor. things are softening, houses that would have 15 offers have 5 to 6 but experts tell us the way the market is going and supply, they could last another year or two. stuart: in the old days when you look at with a view like

that behind you there would be an orange haze. it is gone. that is pretty good. nice view. the cities with the biggest increases in home prices during the pandemic are now seeing the biggest price cuts. how much is coming down and where? ashley: you could see across the street. that was a good day. i remember those days in the 80s, the top 50 metro areas, 32, with a price decline, fed rate hikes have pushed the median mortgage application payment to just under $1900, payment of increased $513 in the first five months of the un as kelly just explained that is hard for first-time homebuyers.

home prices are still elevated. both significant head wents, you see these prices on a more general basis start to drop. stuart: what is this about bidding wars taking over the rental market? ashley: rentals used to be over home sales but real estate agents from new york to chicago and atlanta seeing more people than ever before making offers to lease harm homes and apartments they will never own. increasing number of white-collar professionals, some who recently sold homes are reluctant to buy because of record home prices, rising mortgage rates and limited supply still an issue and that is helping to drive a frenzy for these lease properties where they are often above the asking rent. for median, asking rent in the us surpassed $200,000 for the first time in may.

a number that has risen 15% and with this going on those wents will go up up up. stuart: median $2000, not like the good old days. don't forget to tune into a new episode of american built tonight. we look at the building of the great wall of louisiana. watch this. >> built after katrina versus before katrina. the dramatically different. >> no second chance. >> the engineering. >> deepest foundation of anything in the united states. stuart: how they built the great wall of louisiana. stuart: you can watch on 8 p.m. eastern on fox business prime. still at right now officials

are warning every branch of the military struggling to reach recruitment goals. the story in the next hour. lawmakers in texas slamming president biden after 50 migrants were found dead in 18 wheeler. is biden to blame? border guy brandon judge takes that on next. [whistling] when you have technology that's easier to control...

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stuart: i find this a horrific story. 50 migrants were found dead in an 18 wheeler in texas. ashley: that number was 46, it is up to 50 after authorities in mexico added their details to this. authorities say 16 people including four children, the survivors were said to be hot to the touch and heat exhaustion, the truck had been abandoned by its driver, had no working air conditioning or drinking water, 103 degrees, someone heard a cry for help and report say three people

were taken into police custody for questioning, but they use trucks to transport undocumented migrants. a human tragedy. stuart: brandon judd with us, the border guy, i've not heard anything from the left. what would be the reaction if this had happened under donald trump? >> that he is a monster, everything he is doing, his policies are incorrect to. the evidence shows this is on the shoulders of president biden, look at the numbers of people crossing the border illegally compared, they are astronomical. look at the numbers of people being released, being rewarded for violating our law it is

astronomical and that is driving the current situation and why we have these people who perished. it is disastrous, what is happening on the border. stuart: should mayorkas resign and if he doesn't should he be impeached in the next republican congress? >> he should resign. i personally know that behind the scenes he's working to make things better but it doesn't matter what your intentions are but what you accomplish. he has accomplished nothing and if he can't get done what he intends to do he needs to leave office, there has to be response bullet and without respond to billy we will continue to see these things happen. stuart: a story i think is related to the border, the new york supreme court struck down a new york city law that allowed noncitizens to vote in local elections. this is all part of the immigration story.

what do you say? >> when people think they can come through just to be rewarded later on. i love ronald reagan, everything he did except 86, when you look at the immigration reform and control act, what gave the roadmap to everybody, across the border they will be rewarded later down the road and when you listen to politicians talking immigration reform they are not talking about the border security, but legalizing the millions of people that are here, one of the other magnets that drive people. when you allow people to participate in the government that is telling people they need to get here as quickly as they can in the event there is a legalization. we won biden invited them in from the get go they have been invited to come into our country. not surprising they are flowing in at 200,000 a month. last word to you.

>> it shouldn't surprise anybody when you look at how he panders to his open border base, look at the people in the white house, activists in the white house, activists in dhs, that's the problem we face, they will do nothing as far as border security goes. we thought we would hit the ceiling. we don't know where the ceiling is. blue when it is a terrible story. thank you for being with us, appreciate it. sean duffy, former us ambassador for nato kurt volcker and michael lee. the left started to lose. it is quite a shock. the landscape has changed and it has changed quickly. a week ago abortion was a right, and out is subject to a vote. we the people are back in charge, that is my opinion and it is "my take" next.

♪♪ ♪♪ 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.

>> the green new deal has failed in europe. the green new deal has failed here and they won't go back to basics, stop the spending, progrowth on supply-side regulation and tax cuts, the world race to socialism. >> until we get our energy situation under control and energy policy under control we won't see the bottom of the stock market, energy is 60%, 70% what causes inflation. >> it is more than the fed. government has a role fighting inflation. >> it is a process, never a point in time. the big test is earning. >> you should be putting money to work in the market, the market has corrected. if you are waiting for an all clear signal you will be waiting for a long time. ♪♪ stuart: it is 11:00 eastern

time, tuesday june 28th and we will check the markets. we have a modest gain for the dow up 400 in the open, now up 88 points, the nasdaq slipped to the south side and dead flat on the s&p. they are all down, every last one of them on the downside today. the price of oil going up, and interest rates going up today, the 10 year treasury yield, 3.23%. in the last week the left to started to lose. the landscape has changed and it has changed quickly. a week ago abortion was a right, now it is subject to a vote, we the people are back in charge. a week ago in new york you had to prove your need to carry a concealed weapon.

now you don't. three days ago a high school coach who prayed at the 50 yard line and been fired for it was just another plaintiff seeking justice, took his case to the supreme court and won. looks like we might get back to freedom of religion rather than freedom from religion. another reversal, a judge struck down new york city's plan to allow 800,000 noncitizens to vote in local elections. that strikes at the heart of the left's plan to take over big city elections by packing the voting rolls with noncitizens. the left is reeling but wait until november. if the polls are right and the democrats lose the house and maybe the senate there will be more reversals. republican congress will not give the left its treasured tax and spending plans, they will not be allowed to continue the carnage at the open border and hopefully they will not allow further attacks on american energy. we are just getting warmed up.

third hour of varney starts right now. up to a great start, the fool extent in the brand-new studio and sean duffy with me to enjoy it. >> this is great. stuart: about time at my age. the political landscape changing just in the past week, maybe i'm going overboard. has it changed that much? >> i can be pessimistic where we are is a country because we have these schools indoctrinating kids coming out so woke, leftist democrats but you make a good point, school choice in the state of arizona,

$7000, and everyone in arizona and sent children to work and bring competition, one million voters changed their reservation to republican from independent or democrat so things are changing and i think it is because when you have democrat to make promises to people and have an apple meant in -- opportunity to implement and don't deliver on the promise, you have inflation. and english, math and science, to love crt and love transgenderisam. things are changing and give donald trump credit this court -- and not about legislating from the bench but what did the founders say in the constitution?

strick constructionists abided by the to give freedom to the people to make decisions. stuart: we the people should to have the power again. >> when you do that read. stuart: vice president kamala harris, providing travel vouchers for women seeking abortions. >> this is something we are looking at. in terms of how this will impact real people, and that means if they are going to travel we have five days and pay for it. we want to make sure it does not result in extreme disparities, and how much money they got. what do you think of that? >> using taxpayer money to fund abortion.

it is at -- the white house trying to implement this plan. if they wait too long to try it, you have a republican majority, this will never pass because the power of the purse is in the congress. and it is used for abortion and abortion travel purposes. stuart: if political -- in november, i will leave now. you know what is coming. >> bring it. stuart: cryptos last 2 thirds of their total value since hitting the highs last year. you are crypto cheerleader. are you doing anything? >> i'm not sold. i reshuffled what i do. the garbage coins, and serious with my bitcoin and you should

too. bitcoin, and following the market as a whole and in the markets, more pain and crypto. i am a 10 year investor, i will get a chicken dinner. stuart: i will have a chat with rachel, your wife. >> he may disagree with that. several of the analysts on the show this morning have suggest that the bottom of the market is either here, or very close. i will stick my toback in the

water and do some buying. >> the bottom is not it. i can unequivocally say no, the bottom is not in. what you are seeing is bear market rally with several factors not related to the overall economy or current apple situations. overly bearish sentiment for the retail investor and the fear gauge at 0. extreme fear, hedge funds, supershort betting against the market. when those sorts of things happen and all these factors come together combined with a lot of pension funds to balance the end of quarter, natural buyers on the trade desks, forced to go in and buy stocks. a short squeeze.

the bear market rally, what you are seeing, higher highs and lower lows. the bottom could be soon but i don't think we have seen it. stuart: there has been a shift into companies with renewable energy. you don't like that. you think it is a scam? >> total and complete scam. 1970 renewables including nuclear, 14% of the energy base, they make up 18%. nuclear is 10% and hasn't been growing. despite $2.6 trillion investment, solar, wind, 8% of our energy, fossil fuels make up 82%. to think we can get out of this energy crisis with renewables if you are willing to believe that i have an island with a

dozen bridges i can sell you. stuart: i think you made your self very clear. down industrial top 60 points so we have come back to a mere flat. what day is it? sean is with me. today is national paul bunyan day. i hear you, you are and where a champion lumberjack. >> the skills of the all-time lumberjack, logrolling, tree climbing, that is me. stuart: how many years ago was that? >> one of my first political ads when i ran for congress. stuart: i am a sponsor of the lumberjack festival in deposit, new york, where we had those things. i own a tree farm. >> these are razor-sharp

australian made crosscut sauce, razor-sharp teeth on them and it is great competition at a throwback to this era where men worked hard, made a lot of money and went to the saloons and other houses and spent it all. paul bunyan, just a quick note, my old district in wisconsin, rib mountain legendarily has the burial place of paul bunyan. it is a huge mountain for wisconsin, and that is where paul bunyan is buried, to recognize that and i introduced it. stuart: did not know any of that. >> smarter now that you've talked to me. i will come back. stuart: you like the new deal, you are all right.

the white house breaking the cost of a july 4th cookout was $0.16 cheaper, your barbecue not a lot more expensive. army national guard troops must be vaccinated this thursday or they lose the job. we've got that story too. president biden heads to spain for a nato summit, labeling china as a systemic challenge to the rest of the world. the report next. ♪♪ ♪♪ 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

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stuart: the us and its allies found a massive $600 billion investment to counter beijing's global infrastructure plans. one white house official says china will remain abroad theme throughout the trip. $600 billion is a lot of money to been my china's influence? >> they hope so, from the biden administration, the pledge, the communiqué out of the g7 was critical of china on many levels, specific on human rights and market manipulations china does. president biden is meeting with president of spain holding a bilateral lose conference and

in that news conference, with spain that has come out. the video here, the president meeting on the sidelines of the g7 in germany, the united kingdom, france, germany, and italy, the collective state with acknowledges, and industrial directives, and $600 billion investment in 2027 to help developing nations with the infrastructure might be late because of the road initiative but the president thinks it will deter china's advancement. >> the strategic investments are areas critical to sustainable development. health and health security, connectivity, gender equality

and equity, climate and energy security. >> reporter: the president believes all of that will counter with the chinese, into nato meetings, talking more about russia and china to pressure russia to back off of ukraine. the secretary-general stressed the important of leaders staying on the same page today. >> to be able to defend in the more dangerous world and invest more in our defenses. >> getting them to invest more in the defenses, the president has dinner with the president of spain, the news conference with president biden. stuart: thank you very much. kurt volcker, i want to talk about ukraine, seems to me

russia is winning by not losing. look like a stalemate. how do we break that stalemate? >> a couple things. ukraine is winning by surviving. russia's effort was to overkill thorough the ukrainian government and 118 ukraine is a country at a people and they have failed to do that and they are fighting to take territory in the east. they are succeeding at taking some of that oratory. with the ukrainians need is better longer-range artillery systems, missile defense systems to protect cities like we saw that attack on the shopping center where the russians bombed the shopping center. and and the territory.

russia is winning, ukraine is the victor, as a sovereign european democracy. stuart: what does the biden administration went? what do biden and the europeans ones? some kind of settlement with troops on the ground in place, peace talks fairly soon, is that what they are geared towards? >> there are some differences and we will hear about this in the coming weeks. ukrainians want russian forces out of their territory completely. the biden administration is giving support to the ukrainian view but you hear from several ukrainian leaders this will be too long and too blood he and ukrainians need to think about negotiating and surrendering some of their territory to russia. ukrainians are not willing to do that now and there is a difference about whether and when negotiations can produce anything. the unity stands in continuing

to give ukraine the financial and military support it needs to keep fighting. stuart: nato is going to increase high readiness forces, that sounds like an escalation on the front here. what say you? >> it is quite the opposite. the response to russia's aggression in ukraine. four months ago no one is talking about, beating them up so much. what we have seen in ukraine, russia's unprovoked aggression seizing territory, in this covenant bombing civilian centers, war crimes, it is not really faith out there. we got to be ready to protect ourselves and ideally to deter russia from launching attacks against nato states. that's a reason to put more forces on the table to prevent

russia, or change the calculation that russia would know it is too -- stuart: to get the impression the american public is losing interest, ukraine is no longer the top of the news cycle. >> there is a bit of fatigue that we've heard the stories from ukraine over four months now. we know the picture, other things creep into the headlines, guns or abortion and it creeps off the front pages. the ukrainians are fighting every day. stuart: are we going to give them the weapons they need? >> we have done better over time. we are on a track to get what they need. missile defenses, anti-ship systems, the ukrainians are willing to fight and asking us to help with the arms. blue and thank you for being with us, we appreciate it, see

you again soon. every branch of the military is struggling to reach their recruitment goals. what's the problem? stuart: ashley: the military has not had such a hard time signing recruits since 1973 when the us left vietnam and the draft ended. the pool of those eligible to join the military continues to shrink with more young men and women than ever before disqualified for obesity, drug use or criminal records, data shows 23% of americans age 17 to 24 are qualified without a waiver, defense department survey reported by nbc news shows half of young americans, 57% think they would have emotional psychological problems after serving in the military. this recruitment shortfall, scrambling for new ways to fill out the ranks.

stuart: a related story. and vaccinated army national guard troops could be forced out of their jobs. how many soldiers are we talking about? ashley: 40,000 army national guard soldiers, 13% of the force who have not gotten the mandated covid vaccine. guard soldiers have until thursday to get the jab or be forced out. numbers show 7000 soldiers asked for exemptions which are almost all for religious regions. lloyd austen, ordered national guard and reserves to get the vaccine saying it is critical to maintaining readiness of the force. soldiers on state activated, don't have to be vaccinated based on requirements in their states meaning as long as they remain in the states to do

their work paid by the state and used for state missions. stuart: interesting situation, thank you very much. we will show you something. this electric freight trucks can make deliveries with no driver on board. we've got the wrong thing up there. we are talking electric freight trucks operating in new york and coming here. and next we have a michelin star chef who took a big risk over the new restaurant in new york city, he's dealing with major supply chain issues especially where this of all things, alcohol, is next. 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

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stuart: why not a little country music when looking at nashville, tennessee, 70 °, 78 right now. we turned south, the dow is down 100, selling as of right now, movers include the airlines?

>> reducing 4% to 5%, the reason is china's travel restrictions have been eased. think of a 7 day quarantine for international travelers in supporting community 3 days of home isolation afterwords but less testing requirements. we one doesn't make much sense. it is in and out. telling investors, for the frontier deal. for spirit airlines. stuart: i don't care. consolidation in the airlines is inevitable. susan: there's this intense bidding war taking place, how badly, that is a story for me.

susan: more travel movers for you. the gaming stock. stuart: china reducing restrictions from covid. and border controls and allow travel for the largest gaming enclave, and lbs. stuart: have you been to macau? susan: on the helicopter. stuart: i have never seen a gambling mecca like it. the casinos are very quiet. susan: the chinese gamblers enjoy. stuart: shanghai disneyland. susan: they are reopening thursday and that makes up a

big chunk of themepark revenues am. stuart: you are so cool and banks pay a lot of dividend. susan: they passed their annual stress test meaning they will survive a bad recession, they can do all out the cash just in case to shareholders in the form of higher dividends, raising their payout. jpmorgan keeping them flat. stuart: you realize sitting in between us is one of the world's great chefs who has been looking at us and absolutely astonished and nervous because he will be interviewed by me right now. opening a brand-new restaurant in new york city, a labor shortage, inflation, supply chain problems. >> i'm crazy, out of my mind,

who would open a restaurant in this climate? it is what i do, what i love to do. i've opened restaurant in new york city for many years and my family has operated here since 1954. we know what we are doing. i don't suggest anyone open a restaurant anytime soon. stuart: we accept you know what you are doing. tell me about the liquor shortage, i don't believe it. >> people are drinking a lot given the times and the liquor shortage, keeping a wine list at play in the restaurant is tough. i'm constantly changing inventory, constantly trying to find what is available and when it is available prices are sky high. what we paid for a simple chianti four or five years ago is double if not triple. stuart: how about vodka? >> same thing. i can't keep it on the shelf. i think tito's is keeping up with it but there are other shortages but people want it so

much all the time that all we do is pour it. stuart: i heard that. you have been open for a week. >> about three weeks. stuart: stuart: our people tipping the way they use to? >> we are the hottest reservation in new york city and customers have been phenomenal. all the things going on with inflation and cost of goods everyone taking it like a champ. people are having fun, tipping grade, enjoying the service, 25%. stuart: minimum? >> i would say minimum but a lot of people doing 25% or they come up to me and thanked me and my staff. stuart: you've got all the kitchen staff? >> i don't what we are making it work. there is room for more. stuart: what is the name of the restaurants? >> arthur and sons italian. stuart: are you packed every night? >> all the way through july, got to get a cable at 5 p.m. or 10 p.m.

or we are booked. stuart: that is a great story. >> we are lucky and excited. we need to make sure we have enough chicken and house and enough chianti and we can serve everybody. stuart: you are a great guy and you are all right. if you are not careful -- are you open for lunch? >> for you i will be open for lunch. stuart: we appreciate it. inflation is going to hit your july 4th cookout. how much prices gone up from last year? ashley: as much as 36% in some cases and here are some examples of what inflation will do for your cookout compared to 2,020 one. let's get going, 2 pounds of ground beef $11.12 up 36%, 2 pounds of boneless, skinless chicken up 33% year-over-year, 32 ounces of pork and beans up 33%, throw in the old vanilla

ice cream, $0.16. that is up 10%. there are some items that have gotten cheaper, 2.of strawberries going for $4.44, down 16% and sliced cheese, doesn't like that, 13% to $3.53. overall you can expect to spend 17% more on food for a fourth of july barbecue this year, that marks the biggest increase since tracking data began over a decade ago. stuart: you've got to pay $5 a gallon to drive to the barbecue and worry about airport congestion if you want to fly there. ashley: avoid the airports. stuart: we found the gas station chain that wants to reduce your pain at the pump, slashing prices ahead of the holiday. we will tell you where to get gas on sale. 7 states holding elections in

new york, voters will decide on the state's next governor. the full report next. ♪♪ new york new york ♪♪ [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: markets heading south. down 200 points, quite a selloff mostly in the last 45 minutes time. they are leaving russia, to what turkish company, that move will cost whirlpool $400 million in losses. the alcohol guys, no impact on the stock. we are at 1821.

blocked imports from russia, no impact on the price of gold. ernst and young fined one hundred million dollars by federal regulators, his accounting firm, they admit their employees cheated on ethics exams. this is the largest penalty for an audit firm in sec history, $100 million. primary day in new york, voters will decide which candidates compete to be the next governor. take me through the top candidates. >> reporter: republican congressman leads eldon is the front runner in the republican primary for governor endorsed by conservative and republican parties in new york and he voted earlier this morning alongside his family at the polling location, a 4 term

congressman touting his experience and electability talking about how he won 7 elections, 7 elections in a row. he's the havard though tonight could be unpredictable, for both parties. >> between school letting out last week or july 4th this week, the supporters pool up, at 9:00 pm. >> eldon faces 3 other candidates including andrew giuliani, the son of rudy giuliani, surging crime, covid 19 mandate and the economy, the biggest issues on the campaign trail. the candidates promise to fire the manhattan district attorney alvin bragg and cashless bail and enact tax cuts. giuliani appears to be zelda napster first competition, the name recognition associated

with fighting crime and when associated with donald trump, giuliani touts himself as the most trumpen candidate. they voted to decertify the 2020 election results. the winner will face governor kathy huchul who is favored to win the democratic primary against her challengers am a former lieutenant governor replacing andrew cuomo after his resignation. on the issues of crime and the economy, republican see the best opening in 20 years to take back the governorship of new york. stuart: it has been a generation. the dow 30, the vast majority of them. the vast majority were in the red. 400 points higher, we are 170 points lower, the dow 30

dominated by the sellers. i will put something on your screen showing it to you. that is an electric freight truck, on the roads already in europe without any drivers on board and they are coming here. the ceo of that company which makes those products, that electric truck on the show next. ♪♪ le mons, 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. ♪

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stuart: the average price of a gallon of regular is $4.88 but there's a gas station chain slashing prices. sheets will charge $3.99 for unleaded gas through the july 4th holiday. sheets stores located in pennsylvania, west virginia, maryland, ohio, virginia, north carolina. a line around the clock to get the cheap price. the average price for electric vehicle jumped in the last year. how much are we talking about? ashley: $54,000 on average for an electric vehicle, a surge of 22% in the last year. supply chain challenges because

the cost of materials like nickel, cobalt and lithium, all essential ingredients for ev batteries to skyrocket. according to kelly bluebird, searches have increased 73% since just this january, last year we should point out sales of electric vehicles represented 4.5% of all us car sales. meantime what about gas guzzlers? americans are paying $44,400 on average on average for fossil fuel powered vehicles, that is again of 14% year-over-year on that price. stuart: that is called inflation. my next guest owns and operates a large fleet of autonomous electric vehicles in europe, the ceo and founder joins me now. are you actually running autonomous trucks and europe with no driver? they are on the roads, no driver? is that accurate?

>> part of the service we are offering is our shippers have an opportunity to utilize the latest technology and get the benefits of autonomous -- stuart: what kind of roads are they driving on? audubons in germany? >> this, we are taking a step-by-step approach. we can help our clients to ship goods. we take sipple steps first. we are going from warehouse to warehouse in pent-up areas and nearby applications. blue one what kind of distance from warehouse to warehouse? hundreds of miles or what? >> more in the us, less than 50%, less than 200 miles and specialize on others, the first step. stuart: you come to america. it seems america is suited to

this because we have wide-open spaces with huge highways and not much traffic. when are you coming here? >> you ask about the home invasion and very natural next step. what is fascinating is the fact of building on the logistics, the city, the place of distinction, this new technology to regrow the map. blue when i presume you have a regulatory problem before they arrive on american roads? >> the first approval on a public road and very historical step, the driver in the vehicle and more autonomous future.

stuart: when will we have one of the autonomous electric trucks. >> doing that in a fenced off area 6 or 7 months, the outside of this, the big step for us. stuart: a highly unusual design, odd looking truck. >> designed and developed for autonomous electric, when you have the opportunity to rethink what the system looks like, very natural thing, the design will be a cheaper way of doing transport. stuart: you've got our attention with that. thank you for being with us. tell us you are spending in america.

appreciate it. coming up on 11:50 -- i've got a programming note. before we get to the trivia question two new episodes american built premier tonight. a sneak preview of the lincoln highway. role it. >> if you are lost you are really lost. >> a long winding idea. >> they were visionaries. >> to build a road from coast-to-coast. >> this is better than a muddy road. stuart: the mud, the blood, sweat and the dears. >> life and death endeavor. >> in possible. stuart: how they created the lincoln highway. the lincoln highway, the 1 rock road across the united states, that episode 8:00 tonight on fox business, 8:30, the great wall of louisiana. now at 11:55, time for the

tuesday trivia question. which president was the first to hold a celebration at the white house for the july 4th holiday? george washington? john adams, thomas jefferson, james madison? the answer after this. . .

stuart: all right, here's the question again, which president was the first to hold a celebration at the white house for the 4th of july? why don't you start us out, ash. what have you got? >> you know what they are good questions. i don't have a clue. i will go with john adams number

two. stuart: so will i. i go with john adams. no. it is thomas jefferson. celebration held in 1801, just in case you need to know. a couple of brits didn't get it right but you know, so what? >> go figure. >> my time is almost up. i will leave you with the dow down nearly 200 points. that is what i give to you, neil. it's yours. neil: stuart, thank you very, very much. it is noon on the east coast of america. we got a selloff right now as the dow is in and out of session lows, down better than 201 points. we have a slight backup in yields. that hurts disproportionately technology stocks. that is what is happening. the story is what might be happening with housing. we might see the last spurt of activity before some say we see a housing correction. price increases are still happening for homes but here's the deal, those increases are slowing and for example, some hot markets in southern