fireworks. there's music, there's food, there's great company, so brook neil, virginia, red hill. you can see fireworks and celebrate with patrick henry. i think that does it for us, liz peek and liz carter. thank you, ladies, so, so much. it's a pleasure to spend the morning with you. "varney" & company starts right now. ashley webster, take it away. ashley: thank you, good morning, dagen. i'm loading up the minivan and heading to virginia right after the show. good morning, everyone. dagen: you should. ashley: i'm ashley webster in of course today for stuary varney. we are entering the 4th of july holiday weekend and the airline chaos unfortunately has no end in sight. already 2,400 trips disrupted thursday and already 226 cancellations today. wh exw, but if you're driving, the national average for a gallon of regular is $4.84. not great. diesel, in fact it's awful,

diesel at $5.76. very expensive. now, to the markets. futures, well slipping after the s&p sees its worst first half since the 1970s and more red as we begin the second half of the year. bitcoin has had its worse month in more than a year. this morning let's take a look. it's still below the 20,000 mark , it's up 500 bucks, but still at 19, 265. the 10 year treasury yield let's have a look at that. hovering just under 3% this morning, so more money going into the yield, the treasury that means prices go up, the yield goes down. let's take a look if we can at oil. it was moving higher on supply concerns. the cost of oil, nope we don't have it. meanwhile, we are one year out from the biden administration taking credit for a $0.16 price drop in your 4th of july cookout remember that? but this year the cost of your barbecue has increased drastically. the total cost for a cookout for

10 guests is up more than 10 bucks from a year ago, from ground beef to pork chops and lemonade, all up 20% or more this independence day, but wait, there's more. national economic council director brian deese says hey americans just need to be reminded of the progress that has been made. however, a new fox news poll shows pride in the country is down significantly. as always, the big show ahead we have congressman jim jordan, tammy bruce, mike huckabee and congressman byron donalds ay 1,. "varney" & company is about to begin. >> iron terry short from southern california, and i'm watching "varney" & company.

ashley: awww, thank you so much, good to have you on board. there's a, well rather misty point loma in california. it's almost like the june gloom along the southern california coast, but it's july 1 we need to get rid of the mist and in joy the sun. by the way if you are planning on flying this holiday weekend, well, first of all, good luck. also get ready for pure chaos at the airports. wouldn't want to be one of you guys. lauren? come on in. good morning to you. how many flights have been canceled or delayed already today? lauren: this is june and july gloom so the numbers for today, mind you it's 9:00 in the morning, 226 flight cancellations into, out of, or within the u.s. , make that 762 delays. yesterday delays more than 5,100 , ashley. it's really just frustrating and chaotic, so i can tell you this. the allied pilots association they say a big reason for what you're seeing at the airport is management. it's their problem, aggressive scheduling of the pilots, but

that union was just offered a base pay raise through 2024 of 16.9%. in fact, americans, yeah, regional carrier, envoy air, they tripled pilot's salaries if they fly in the month of july. so there is some good news, ashley, coming out of this at least for the pilots. ashley: some good news. lauren: yeah. ashley: yeah, i mean, that's just 17% pay hike, not enough i guess. all right, lauren thank you very much. if you don't have to go to the airport, don't. well of course we have a big holiday weekend ahead. gas and food prices are sky rocketing. my good friend andy pudzer joins me now i'm assuming you're in franklin, tennessee, andy. good morning to you. people are going to splurge, are they, or are they holding back? what are we seeing in the economy and what impact, obviously, are these sky high prices having? >> well, as of may, there was a big pullback in consumer

spending, which is really bad news for the economy. i mean, gross domestic product is about two-thirds dependent on consumer spending and we've already seen gdp now, the atlanta's forecast for gdp for second quarter coming in at a negative number. if it does that, it means as everybody is sensing we're actually in a recession, so consumer spending is dropping. people are not going to start spending more because prices are too high, and the biden administration really has no solution. ashley: you know, andy, i think i read in your notes that you think the inflation is actually far worse being reported and we're kind of in the jimmy carter realm right now. is that right? >> yeah, and that's not only me that's an article i had with the daily mail, but part of the article was based on an analysis that larry summers co-authored recently, the former secretary treasury under president clinton, head of the national council of economic advisory under president obama, came out and said that the way

that we calculate inflation changed in 1983 and if we went back to the way that we calculated it back then, today, we be at or above the inflationary levels that were experienced during the jimmy carter era which were horrific for the american people and led to a very serious recession, so we're there. i think people knew that, yet it was good that dr. summers came out and said, you know, put the numbers down but i think the american people were sensing this their wallets are telling them that we're in a recession and that's why you see the slowdown in spending and economic growth. ashley: it's hurting everybody in the pocketbook, no doubt. andy puzder, have a great holiday weekend, great to see you thanks for joining us. >> thank you very much. ashley: let's take a look at the futures. the futures all red. lauren how did stocks do on the final day of the second quarter? lauren: and the first half of the year, and they set records, ashley, unfortunately it was records no one wants to see , so the dow lost 15.3% in the first

six months, that was its worst performance since go all the way back to 1962. the nasdaq down almost 30%, worst decline in the first half that we've ever seen, and the s&p 500 dropped almost 21%. its worst finish since yeah, 1970. here is another measure for you. in all, this year, u.s. stocks lost more than $11 trillion. can we try to be optimistic here it's hard, but it's a mid-term election year. cfra does research and they go all the way back to 1945 and they say look, historically, you see stocks bottom in a mid-term election year, in the third quarter, which will be this quarter, but then they rally in the forth at the end of the year. i don't know how that's going to work out with the fed hiking rates into a slowing economy but i'm trying to be optimistic. ashley: good for you. yeah, let's hope history plays out with that scenario, but lauren, the fed bank warning of a recession, right? lauren: andy was just talking about this. it's the federal reserve bank of

atlanta. they have that gdp now tracker and after that really weak consumer spending data that came out yesterday, they revised what they think of the second quarter and they say growth will shrink by 1%. we found out earlier this week, the government said in the first quarter, the economy slang by 1.6%, so if the atlanta fed is true, you do have a technical definition of a recession, right two straight consecutive quarter s of shrinking growth. ashley: you're absolutely right. we shall see , as they say, but it certainly feels like it. lauren thank you very much. let's bring in ed yardeni this morning. are we in a recession right now, what do you say? >> i think we're in a growth recession, we're seeing no growth. if you look at first quarter real gdp was down 1.6% and yet consumer spending was actually up around 3%, and in the second

quarter, all your commentators are correct. the atlanta feds latest reading is that it's tracking at minus 1 %, but the consumers tracking at 2%. it be pretty unusual to have a severe recession when we've got two job openings for every unemployed person out there. ashley: right. i want to get to the markets. i kind of buried the lead because i read in your notes, you say possibly on june 16, the dow finished at 3,666. you say that may well or might have been the bottom. is that right? >> right. yeah, well, coincident with that , and subsequently, we've seen commodity prices coming down pretty hard across-the-board, industrial commodity prices, food and energy prices have all come down , and that's a very good leading indicator for inflation i think inflation if it hasn't peaked it's peaking and i think we are going to see a law enforcement erin population rate

in the second half of the year. i do think the fed is going to continue to raise rates. i do think in july it'll be 75 basis points again, and then i think in september it could be 75 basis points again but maybe consistent with that mid-term election idea, i think that might very well be the end of it and the market may very well have bottomed back on june 16. ashley: with that in mind, are you now buying into these cheaper prices? >> i think long term investors have to be moving in and buying some of these opportunities here it's not something where you've got to chase them, where you've got to buy today, but i think you pick your points and there are definitely opportunities. ashley: well, jpmorgan i was reading, says that apple could rebound by 40% before the end of the year. are some of these beaten up tech stocks the big ones, are you interested? >> yeah, absolutely. unfortunately, i've been interested for a while and the

ones that have earnings haven't had any interest whatsoever and the ones that don't have earnings and unfortunately, the ones that don't have earnings got pummeled and took down the ones with earnings, but look, valuation was with a benefit of hindsight, elevated and its come down quite a bit, and i think these are companies that have great prospects ahead still for the rest of the decade. ashley: we may have hit the bottom. that's big news. ed yardeni as always, thanks so much for joining us this morning great stuff as always. >> thank you. ashley: thank you. taking a look at the futures we see big tech as you can see slightly lower and also on the major indices as well. the dow up 80 points right now we'll see how it all works out when we open at 9:30 eastern time. all right, even though 85% of americans thinks we're on the wrong track, president biden 's top economic advisor says hey, we need to be reminded

of all the economic progress. listen to this. >> we have and also remind the american people that even as we go through this challeng ing period, as we move through this transition, we also have made historic economic progress. ashley: uh-huh, we can bet we're going to take that, president biden says high gas prices are going to last as long as he waits for a ukraine victory. listen to this. >> how long is it fair to expect american drivers and drivers around the world to pay that premium for this war? >> as long as it takes, so russia cannot, in fact, do that. ashley: all right, congressman jim jordan will get into that, next. ♪

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♪ ashley: you are looking at the white house right there, in the foreground, where it is currently 80 degrees in the nations capitol. seems about right for the first of july. president biden wrapping up a nearly week-long trip abroad, where, in times, he made false claims about rising inflation. hillary vaughn joins us now this morning. hillary? what is the administration's plan to tackle rising costs? reporter: well, the first part of their plan is to make sure that all americans know the reason why, who is to blame for these rising prices, but part of the problem is that they are not correct when you look at the data of who is to blame and

why prices are rising. president biden made it very clear that when it comes to the state of the u.s. economy, he has a story and he plans to stick to it. he says things are not as bad as they seem, that the u.s. economy is stronger than the entire world, and he also said that he doubts that there is one person in the entire country who thinks that america is on the wrong track. >> they do not think that. you haven't found one person, one world leader to say america 's going backwards. america's better positioned to lead the world than we ever have been. we have the strongest economy in the world. our inflation rates are lower than other nations in the world. reporter: but that's just not true, and it hasn't been true. if you look at the inflation rates in the united kingdom, germany, canada, italy, france and japan, they are all lower than the inflation rate right now in the u.s.. president biden also repeated his false claim that high gas

prices right now are all putin's fault. that was an idea debunked by the man in charge of getting control of inflation, fed chair jerome powell when he was on the hill last week, and also, the facts. take a look at inflation since president biden took office. you see that there is a very steady climb upward well-before russia's putin decided to invade ukraine. ashley? ashley: all right, hillary, thank you very much. take a listen to more. president biden's blame game on inflation. listen to this. >> ultimately the reason why gas prices are up is because of russia. russia, russia, russia. >> how long is it fair to expect american drivers and drivers around the world to pay that premium for this war? >> as long as it takes, so russia cannot, in fact, defeat ukraine and move beyond ukraine.

ashley: russia, russia, russia. congressman jim jordan, republican from ohio joins me this morning. thank you, congressman. what do you make of the blame game that's coming from president biden? >> well, i mean, he's wrong like he is on every other issue. we know why we have inflation. they spent like crazy, they pay people not to work and it wasn't russia it was their crazy policies that ended the pipeline and policies that won't let you drill and policies that made it difficult to get leases on federal land so everything costs more because of joe biden. if you want to buy a new home it costs more. everything costs more, and this idea that, you know, somehow, americans don't understand. they do. there's a reason, ashley, that more than seven out of 10 of our fellow citizens think the country is on the wrong track because it is under joe biden and democrats running our government, and that's why i think there's going to be a big change come this november's election. ashley: you to, it's interesting , we hear this time and again from the president,

regardless of what the polls are saying about his performance, but to come out boldly like that and say i defy you to find americans to think we're heading backwards. we're not pushing the economy forward. he can't really believe that because i'm sure a vast majority of the people in this country don't buy it. >> well, he doesn't buy it. the country doesn't buy it but i think it's rooted in something that's even worse, and that is this dislike they have for folks who live in flyover country. out here in western ohio, north central ohio that i get the privilege of representing where you make things, grow things and move things, you need fuel prices at a lower level. you're going to work, you're in manufacturing. you're in construction. you're in the field planting crops, harvesting crops, and then you're in trucking business moving those goods all over the country. that's where it really impacts families and really impacts our economy and these folks who live on the coast who think they are so much smarter than us regular people who can work remote and zoom it in you're in trucking or manufacturing, you can't remote

work. you gotta go to work and that's what they don't get and but the american people understand it and again, that's why i think there's fixing to be a big change in the mid-terms. ashley: yeah, i think you're right. congressman we're already out of time but thank you so much for taking the time to talk to us this morning really appreciate it. >> thank you. ashley: thank you. yes, you too, sir. 85% of americans say the country is on the wrong track. come in, lauren, what is president biden's advisor brian deese saying about it? lauren: i'll give him an a for effort. he's acknowledging the frustration that so many of us feel those poll numbers were awful, but then, as you listen here, there's a white-washing of the administration's economic record. listen in. >> when prices are high, people are understandably frustrated when they are pulling up at the gas pump and that is understandable. at the same time, it is our job and it's the president's firm conviction that what he can do

as president is to take every responsible action that he has and we have and also remind the american people that even as we go through this challeng ing period, even while you move through this transition, we also have made historic economic progress. lauren: i don't know it's hard to to the the economic progress when 85%, ashley, say the economy is on the wrong track, and we're going through a transition. ashley: it's the old nothing to see here, move along, please approach. anyway, thank you very much, lauren. i think the people get the picture. let's get a check of the futures why don't we and the picture shows more red on this first day of the second half of the year. we may start out mildly on the downside. also, hey, don't forget to submit your friday feedback questions. send an e-mail with your question or comment to "varney" viewers@fox.com and guess what? we might just read it on the air we'll be right back.

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ashley: all right, welcome back. the market will be open in just under three minutes. let's bring in paul christopher this morning. paul, good morning to you. you're expecting a mild recession to begin later this year. why just mild? >> well, there's still some buffer in the economy. there's a lot of liquidity. a lot of cash, banks are still doing quite a bit of lending. it's going to take sometime for that buffer of cash to go away. once it does we think we'll have a recession but it should help to keep a mild recession, something like 1990, 1991 maybe starting late this year and into the spring of next year. ashley: so from an investor point of view, you say that you should put new cash to work incrementally. what do you mean by that and where should you put it? >> yeah, there's an old practice in this business called dollar-cost averaging which is where you take every quarter you look at the market and say where is the best value, where is the best risk versus reward, and

you put a little bit of money there and then the next quarter you do the same. you could also do the same approach if you want, as the market falls by a certain percentage let's say the market falls by 2-3% that triggers an examination of your portfolio or your positions, and you decide to put a little bit more to work. the reason for doing it incrementally is really that you don't want to put in all the chips at once because the market may go down before it goes backup again. you want to have an opportunity perhaps to buy a little bit later at somewhat lower prices. ashley: is there any sector that stands out to you more than others? >> yes. you know, our whole focus in terms of how to deal with a period right now where the markets are anticipating economic weakness, perhaps a recession, that's not yet the consensus on wall street, and so what you want to do is preserve capital and to do so you want to go with quality, and so we like the u.s. better than international. we like u.s. large and mid caps better than small caps, and then to get to your sector question, within the large and mids, we

like those areas that have good cash flow, good cash-to-debt ratios so good balance sheets and good organic prospects for revenue growth and that's focused in three areas, one is healthcare, the other is energy, because prices we think will continue to rise, and then the third maybe a little bit of a surprise but we really like information technology here. acknowledging that its been pummeled but there's some good opportunity there we think. ashley: very good stuff. lots of information. paul christopher, thanks very much for joining us as you can see they've waived and pushed the button we're underway, the opening bell is now off and running on the very first day of the second half of the year. the first half of the year was, well, queue the sad trombone, the lowest performance in 52 years. thank you very much, you guys are great so here we go. the dow starting the second half of the year, pretty much where

it ended. down slightly though, as you can see by about 30 minutes, the s&p off ever so slightly. we'll call that flat, and let's take a look at the nasdaq that's been down, i believe in the first half of the year. 29.5% today, july 1 starting off slightly lower we expect the volumes today to be pretty low as well trading volumes. big tech very early going. apple and amazon slightly higher , but meta, alphabet and microsoft slightly lower. let's stay on tech such a big sector is it not? let's bring in susan li. i mentioned, susan, the nasdaq down 29.5% in the first six months. >> yeah, worst quarter in years , ashley, for all big tech and you have to remember that the big five tech stocks now represent around 20-25 for the s&p 500, so that's the apple and the microsoft go so go the broader markets and amazon had a really tough three months. worst quarter since 2001 down 35

%, google parent alphabet down 22% so the worst quarter we've seen since 2008. microsoft loss 17% worst three months since 2010 and apple was down by a quarter and for them that was the worst three-month performance since 2018. now here is the bright spot and utility could take it with a grain of salt because facebook's parent meta lost more than a quarter in the spring time but they actually did better in the second quarter than in the first, after they lost users for the first time ever quarter- on-quarter so look it's a tough picture for everybody, so i was being facetious there and ironic but you know, reuters was reporting quoting mark zuckerberg in an all-hands meeting he's expecting one of the worst downturns that we've seen in recent history, and that's why meta is cutting their engineer hires bias much as 30% this year. ashley: yeah, we're going to probably see more and talk about struggling let's take a look at bitcoin just had its worst month in more than a year

right? >> actually worst month on record, so it was down 38% for bitcoin, second biggest cryptocurrency ether down by almost 50% and yes it's the worst quarterly performance for the asset class and at least a decade-plus, now crypto companies hedge funds are collapsing, as a result of some of these, some would argue are over-leveraged and digital assets they say is facing so-called lehmans moment but also think about the dot com bubble back in the 2000 so there will be companies that emerge bigger, more successful out of this and that includes ftx, which is owned by billionaire sam bankman-fried and cashed up and ready to spend and could be buying one of the largest crypto banks around blockfi, in a fire sale price of just $25 million. remember that blockfi was worth as much as two to $3 billion last year, so if you're cashed up like ftx strategically you raise enough cash before this downturn you're in a pretty strong position. ashley: you are, indeed. let's take a look at the

electric vehicle makers on the other side of the coin, they are seeing a sales boom, right? >> yeah, so think of nio, looking at a record sales number in the month of june. they delivered almost 13,000 cars, and nio was just accused this week of being valiant-esqueh by grizzly research, accusing them of over inflating their sales and profit through a suspicious third party buyer but it's not just nio, look at xpung, all delivering more cars than anticipated in the month of june and by the way that's a great sign for tesla in china, which makes and sells more cars in all three of its chinese local rivals and also all three of these chinese names they confirm that they are still going to launch on track to launch their new models this year so what that tells me is that shanghai has reopened, china has reopened and factories are backup and running after those covid-19 lock docks started this year. ashley: yeah, very positive news there. let's take a look at kohl's.

they've ended talks to sell is that right? >> to franchise group which owns the vitamin shoppe amongst other names because they couldn't agree on price, apparently, read through the details because they were citing deteriorating retail, financial problems which has changed the whole landscape for how you price retail assets. remember that kohl's had accepted franchise group's $53 bid share, the offer, right? $53 a share. that was actually lower than the initial $60 bid but then indications were that franchise wanted an even cheaper price and at that point, kohl's said no, we're going to go it alone for now but remember when they announced that franchise group offer, you had tons of other bidders, i think almost 20, raised their hand saying well we're interested as well, and that includes private equity groups like sycamore, hudsons base, so i think kohl's is saying well if you want a cheaper price of $53 we'll look around and see what else there is. ashley: very good. do you know what? we haven't talked about elon

musk as much as we normally do, and that's a lot but its been a while since he tweeted right? >> we talk about tesla a lot but we don't talk about any elon musk tweets because he hasn't tweeted in around 10 to 11 days so you have to remember that tesla is coming off its worst quarterly performance since its 2010 ipo. worst as a public company, so the stock is down 38% and you're right people are taking notice of the fact that the stock is down and there's been a notable absence of twitter from elon musk in fact it's the longest absence he's had in at least four years on twitter and the social media platform going back to 2018. now he has taken four daybreaks in the past and that includes this past january, but his silence is maybe hinting to some , especially on wall street, that maybe his interest to buy twitter is wanning. we know he's arguing about the number of bots on the platform, he thinks it's much more than the 5% that twitter says. now is that a way to extract a

cheaper price from the 54.20 theys offered offer does it give him maybe that leeway and that excuse to walk away from the bid with just a billion dollar break up fee which will be contentious of course, contended in the courts. i would say there's been an over hang on tesla stock price by 100 to $150, because of how he's going to find financing, where the loan is going to come to pay for this $40 billion offer so i think there's been a rethink on what he's going to do with twitter. ashley: interesting with twitter at 37.63 right now. susan, great stuff thank you very much. let's look at some of the other metrics this morning. we know the major averages are edging lower. let's take a look at the 10 year yield. down more than 12 basis points at 2.88%. so, money going into treasuries, the prices go up, the yield comes down let's take a look at gold also down by about $10 at 17.97 per troy ounce. take a look at bitcoin if we could. still below 20,000, but up a little bit, up 480 bucks at 19,

240. take a look at oil if we can. that price also up, up $2 basically 2.50 a barrel at 108.28 and natural gas too up 8% at $5.86 and of course, the big one for this holiday weekend, the average price for a gallon of regular gas, it's at $4.84. okay, it's under five bucks but still very expensive and guess what? what is it in california? i can tell you with all those taxes, $6.27 per gallon, ouch. all right coming up, our good friend mike guns took to the streets to find out how inflation is affecting everyone 's lives. watch this. >> with traveling with shopping , i mean, everything in general. everything has changed. i see my parents getting more frustrated because food prices are ridiculously high. ashley: it is ridiculous. there's much more, by the way,

where that came from. former president trump and florida's governor ron desantis have consistently been at the top of republican 2024 polls, but, would they ever consider joining the same ticket? trump answered that question. we'll tell you what he said. and one republican lawmaker says president biden is canceling oil & gas leases that he supported during the obama administration and now, that lawmaker wants to stop him. congressman dave joyce will be here to explain his latest effort, after this. ♪ you see, son, with a little elbow grease,

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ashley: president biden wrapped up his foreign trip with little progress on the energy crisis. now, the white house is preparing a visit to the middle

east. edward lawrence has been following the president, joins us this morning from madrid. edward, good morning to you. do we know where the president's energy plans stands right now? reporter: ashley, in quicksand. there's no other way to say it. the president back at the white house right now getting ready to go to camp david for the weekend but for gas prices at the g-7 the president and the g-7 leader s decided to not ban russian oil or try to ban it on the global market anymore. instead they add a price cap to russian oil on this and now the administration saying that russia is selling the same amount of oil as before the ban. with near-record gas prices the president made it clear he will not ask the saudis to pump more oil, even though he happens to be going to saudi arabia in two weeks for a special trip. >> i'm sure that in saudi arabia but it's not about saudi arabia. it's in saudi arabia and so

there's no commitment that has been made or i'm not even sure, i guess i will see the king and the crown prince but that's not the meeting i'm going to. they will be part of a much larger meeting. reporter: he got through that so remember, the hot mic moment at the g-7 where the french president ran to tell president biden a message from the saudis through the uae, it would take six months for the saudis to increase capacity and they could not pump more oil right now. the president's top energy advisor dodged my questions about the back door channel. >> we have direct conversations with many countries including opec countries on a regular basis. we talk all the time and compare notes and discuss our views of the market. sometimes we agree, sometimes we disagree on the needs of the market. so we do that directly. the united states has all that we need to communicate directly with countries. reporter: and in a meeting

yesterday, the opec plus countries decided to stay the course. no new additional pumping of oil or production coming on to the market. back to you. ashley: you think they realize those mics are hot but they never do, and it's always interesting. edward thank you very much in madrid this morning. congressman dave joyce, republican from ohio joins me now. good morning to you, sir. you want to force the biden administration to hold canceled oil & gas sale lease sales. would that make any difference. what's your motivation here? >> thank you for having me, ashley. you know, the difference be instead of having to go with hat in hand to saudi arabia and ask them to produce more oil, or venezuela or anywhere else, we have an an abundant supply in america and we were energy independent and actually that exporter in 2019 before this administration took over. now the leasing program was actually adopted under somebody

whose wild and crazy like president obama and in the program that he put together , he had defined these fields in the gulf of mexico as being some of the most productive and most effective and having the infrastructure to actually move it around the country and the world, but the cancellation of these leases just proves this president doesn't care a lick about making sure america's energy independent. ashley: the administration continues to use the argument though, congressman, that there are many leases out there that oil companies possess but they just never use them, and so they say don't blame us, blame the companies who are not using the leases they already have. >> the arguments i've heard from the democrats were first, it's obviously all with putin, this is a putin price hike. well, at thanksgiving gas was up 60% anyhow so this may have increased it because of the war but it's all the president's fault when he declared war on our energy sources.

secondly, the fact that the oil companies are greedy. well when the president comes out and tells you that he wants to eliminate fossil fuels, then nobody wants to spend the money to start punching holes in the ground because it costs the same amount whether it's going to be wildly productive or not sure and there's a lot of speculation that goes into those leases. no one wants to factor that in. they have a duty to their shareholders, a fiduciary duty, to make sure they actually try to return a profit but the ones that are the most profitable and ones that drive me crazy is the fact of the ones that they just canceled which were in the gulf of mexico which is a known source and it was, it made us energy independent for decade s to come. ashley: yeah, it's so frustrating to be energy independent and then lose it so quickly. congressman joyce, thank you so much for joining us this morning do appreciate your time very much. >> thanks for having me have a great 4th. ashley: yes, you too, sir. progressives had a meltdown after the supreme court's epa ruling on power plants emissions.

lauren, what did our good friend congresswoman can answer say about this? lauren: she called the 6-3 to reign in federal power to address climate change catastrophic a filibuster carve- out is not enough. we need to reform or do away with the whole thing for the sake of the planet. i'm not sure if she wants to do away with the filibuster or the supreme court. let's go with the filibuster that likely won't happen because senators sinema and manchin are not on board with that but you have a growing frustration among aoc and others on the far left that you have a democrat in control of the white house, the white house and the senate and with the supreme court, they cannot push through their agenda i think they are fed up. ashley: i think they are. lauren, thank you very much. how about this? remember last year when the white house bragged about a $0.16 drop in july 4th cookout

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ashley: as we head into the holiday weekend, the price of your july 4th cookout will be burned by inflation literally. grady trimble, as always, hosting his own barbecue in naperville, illinois. takes" are hard to get to this event but grady how much more did you spend this year compared to last year? reporter: well, we lost our receipts from last year, so we couldn't do a comparison, ashley , but the american farm bureau federation says americans will spend 17% more this year to host a barbecue for 10 people compared to a year ago. about 10 bucks more than it was last year, a total of 70 bucks. by the way this is our producer phil. have to give him credit because this is his house. he's the real host and this is the one day a year where he lets us film him on television so let's go through item-by-item and tell you how much you're paying compared to a year ago.

ground beef for those burgers up 36%. chicken breasts up 33% from a year ago. they don't trust me with the grill only the baked beans and those are going to cost you 33% more than last year, as well over to our accessory table. hamburger buns are going to be more than a year ago as well, 16 % more. chocolate chip cookies gotta have those , those are going to cost you 7% more than they did last year. i want to draw your attention to this side of the table, because if you're only going to buy items that cost a little less than last year, here is your spread. it's a pretty sad cookout. you'll have sliced cheese, potato chips, and strawberries. and by the way, ashley, even our decorations cost more than they did last year. we got these at dollar tree, where everything used to be a dollar. now, buck 25 so it's a pricey barbecue, but we'll take one for the team to celebrate the 4th on a friday while we're

working. ashley: it is quite a spread, grady, thank you so much as well as phil on the grill he looks great on camera by the way thank you, guys i'm jealous. all right, still ahead, tammy bruce, former governor mike huckabee, florida congressman byron donalds, and vivek vivek ramaswamy, the 10 a.m. hour of "varney" & company is next. 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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♪♪ ashley: it is 10:00 eastern as we listen to j lo. let's get straight to your money and look at the 10 year treasury falling to a 1-month low and because of that things have turned around especially the nasdaq, the yield down 13 basis points now at 2.875%, money going into treasury,

prices go up, yield goes down, the price of oil no relief up a couple dollars at $107.72 a barrel, bitcoin under 72,002. it was positive but still under 20,000, it is up $665 but bitcoin at 19,425 and as i've been talking we just got the latest read on our manufacturing numbers. lauren: this follows the regional reading that was disappointed, more than expected, down several months in a low to a level of 53 in june. it was at 56.1 in may. i want to pay attention to the prices, the inflation indicator has fallen 3 months in aro to 78.5 so if you are making the argument for the fed that inflation is getting better according to this report on the

manufacturing sector, it would be. ashley: interesting, no impact on the market, the dow up 100 points, where up to starting slightly down, we are now firmly positive. the white house press corps sent a letter to karine jean-pierre demanding a end to the restrictions for president biden's remarks at the white house, the letter says the continued inability of the white house to be candid and transparent about the selection process for reporters attending his remarks undermined president biden's credibility when he says he is her defend or of the first amendment. tammy bruce is here, is it that bad that the press corps has to make a request for more access to the president? >> happy independence day weekend. what is really bad as it took

them so long. it took them way too long. this is a ridiculous statement. is credibility on any issue they are suggesting he has some. from the start, donald trump proved you can have incredible access, he was one of the most accessible if not the most accessible president to the press ever so this is a sign that there is recognition he is a lame-duck, he is doing damage to everyone's work to everyone's outlook and when he goes into an international arena and complains about this country, yells at the press for the most part, says i am out of here, walks away, he does continual damage to consumer confidence, the confidence of the american people. every time he shows up, numbers go down carmines not just us but the world but he can't function properly as president.

neil: president biden quickly left the stage to bring this home after taking questions from five reporters in but dread. it >> president biden: all right, guys -- there's no such thing as a quick one. i'm out of here, thank you all very much. ashley: this is opposite donald trump who would take a question from anyone just walking by, the president consistently checks the list throughout his remarks of approved reporters to take questions from. to your point earlier this is from up your optics point of view really poor. >> that implies there is an agreement, that there's some kind of exchange going on, that his handlers would know who is

maybe not going to be too rough on him so that has to be questions, why are certain reporters favorite and others like mister doocy is ignored and not spoken to so this is a major concern. i think the world notices that this is a collusion in the sort of where to not ask the hard questions or to ask them but not follow-up and to be gentle so this is not at all what the world needs, not just the american economy, the world is effectively at war, you've got putin, two newman numbers of nato, not going to make this maniac happy, north korea that everyone is ignoring come seems to be having fun with more bombs, china watching all this in filing its nails. all of this, a president, an american president who is effectively the leader of the world, who cannot function so this affects every level but i

would end with this. his handlers -- his handlers know that he can't but they put him in that position anyway and that should concern us as well. ashley: it is almost cruel and unusual punishment, you struggle so much. thank you so much, great stuff as always. hillary clinton was asked if she would endorse president biden if he runs in 2024, she snapped at the reporter. lauren: a really great exchange. >> is a sitting president. i would endorse our sitting president, of course. this is a silly question. let's go, the person most likely to win, joe biden beat in a huge landslide victory in the popular vote donald trump, that says a lot. lauren: what pitch is that for

the future of the country? democrats are going backwards, don't think that is a pitch for 2024 that biden got more votes than so he can do it again, don't think that is a good argument. ashley: there are some democrats who bolted endorsing him but let's get back to the markets. after a pretty dire first half of the year, kenny polcari is here, worst first half for stocks in 52 years so with that in mind how are you playing the market right now? >> reporter: i remain cautious as we go through july, more turbulent when you get more macro data, we saw yesterday according to the old destination of recession the country is now in one so we have in one so have two negative back to back consecutive quarters that are negative growth but they will work hard to change the

definition so nobody talks about it but doesn't mean i am getting hysterical and selling anything. i continue to put money into tax advantaged accounts and into the market. a little bit more cautious but not just sitting on the side. some people holding cash, that is okay, but we should take advantage of the fact that prices declined and we put more money, you get a bigger bang for your buck. ashley: i could not imagine kenny polcari being hysterical. might be a good tv but i can't imagine it. we had a guest earlier today who said he felt we may have hit bottom june 16th when the s&p closed at 3666. he was optimistic that could have been the bottom and we may have some setbacks from that

point on words we make the pool forward and up. what say you? >> i'm not that far away, 3600 is the level i targeted, 3600, 3650, it is essentially in the same place. i think that is correct. i'm playing on the fact that the market is going to attempted again and they will find the buyers willing to defend that position in the market will stabilize, doesn't mean it is back to 4800 the way jpmorgan thinks it will be by the end of the year. that's an aggressive target but it does build base and at that level xxxvi is where we will find some support so i am all in. ashley: great stuff, have a great weekend, thank you as always. i will indeed. you are looking at some of the movers, let's start with

micron. lauren: pretty gloomy forecast, the consumer is cutting back on the number of computers and smart phones, that's the demand issue at the supply issue too because they source a lot out of china. let's look at fedex, they are also lower. baron burry research downgraded them to hold that the overall economic slowdown is going to hit fedex and stock gains fedex is seen in the last few weeks, time for investors to take a breather, down 2.3%, but i have a winner, etsy is up. cut the price target to 95, but that implies it is going up $15 and really positive comments, they say this is a high-quality asset, healthy margins, attractive free cash flow and that is a winner today. ashley: all good terms, up 10%.

a former apple lawyer admitted to engaging in years of insider trading. >> not just any apple lawyer, the one responsible for enforcing apple's insider-trading policy, the guy who saw their earnings before they were filed with the sec, he pleaded guilty to 6 counts of securities fraud between 2011, and 16, he basically made trades during blackout periods with data he saw and told other apple employees you can't do that so how much did he make? $227,000 in personal profit, sentencing is in november and, for each of the charges he faces, carry a maximum sentence of 20 years in prison but he won't get that much time. but he will get something. stuart: interesting nevertheless. next one, meta, formerly facebook warning employees the rest of this year may be a

little difficult. lauren: the economic downturn. mark zuckerberg called at one of the worst downturns he has seen in recent history as a result, and fewer engineers this year, 30% fewer, 6000 or 7000 is supposed to 10,000, then for all those unfilled or open positions they will stay unfilled and they are going to weed out the underperformers, is that a message, you need face time and go to the office? they need to make more money from instant reels, they are targeting that is a moneymaker and invest in artificial intelligence where you need the engineers so they can take on their biggest competitor which is tiktok. ashley: a somewhat ominous message, thank you very much. coming up major retailers are considering a new return policy, why some stores may tell you to just keep your

unwanted items, we are days from celebrating independence day and a new poll shows american patriotism is on the decline, we break down those numbers. president biden blaming russia for high gas prices, he says americans will have to foot the bill for as long as it takes. >> how long is it fair to expect american drivers and drivers around the world to pay that premium for this war? >> president biden: as long as it takes, russia cannot in fact defeat ukraine. ashley: canary ceo dan everheart takes it on next. ♪♪ nda like having liberty mutual. they customize your car insurance, so you only pay for what you need. woah! look out! [sfx: submarine rising out of water ]

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take a look at lee's markets, we were down, then positive, now down again, the dow off 154 points, weaker the next acted report under us manufacturing activities sarah the sentiment raising more fears of a recession. look at the 10 year treasury yield. this is been dropping. gave the market a boost before the manufacturing report, the yield down 17, 18 basis points, two. 83% on the 10 year treasury yield. normally that is positive for the averages especially the nasdaq but manufacturing numbers are week and that is hurting market sentiment. gas, the average cost of a gallon of regular now will cost you $4.84. if you are in the golden state gas will cost $6.27 a gallon. that price will be going up

soon. kelly o'grady has the story. why is california, for crying out loud, raising its gas tax with prices near record highs? >> reporter: it is a standard increase for inflation but many folks are frustrated they are going through with it given, this is not just golden state. a number of states hiking there gas tax in time for the holiday we can, the increases take place today ranging from $0.03-$0.09 on diesel in connecticut, this is other states like illinois and kentucky are taking a pause, that means california, drivers will be shelling out near $0.54 a gallon, instate textile uncle we talked are drivers who are at their wits end. >> i think they are ridiculous the crazy. it is not fair to the average

american, going to start riding a bike, literally, at this point, it is ridiculous. >> i plan to do what i have been doing, stay home. without spending my money. >> reporter: this increase comes as president biden urges states to provide relief and many are considering a gas tax holiday, california's addressing things different, governor newsom refusing to suspend the taxes he doesn't trust big oil to pass savings on, he approved a tax rebate ranging 200 to 3 to 50 per person depending on income but some worry another stimulus check may make inflation worse. >> we are repeating policies that are one of the reasons dollars are not stretching as far, injecting more money into the policy. >> reporter: rather than saving a few bucks every time you go to the gallon a few hundred bucks at once is better optics but drivers won't be getting those checks until october which is curious with the midterms timing but won't help drivers this weekend and as you heard many are saying i'm going

to just stay home. ashley: the other popular word, ridiculous. kelly o'grady, great stuff, thank you very much. dan eberheart, adding insult to injury, what do you make of california hiking there gas tax? >> reporter: i think it is the wrong tax increase at the wrong time. the timing couldn't be worse but the bigger problem is supply and the administration seems unwilling to address the supply problem and the reason gas prices are so high. ashley: prices are down for the second straight week. do you expect this trend to continue? >> a temporary reprieve, prices down on recession fears but ultimately as we move through the calendar and get closer to

fall and winter we will see that the us and europe is unprepared for what energy costs and demand will be. it will be a scary time for lower income families. the biden administration needs to inject more supply to lower the price and keep the economy out of recession in my opinion. ashley: how can they do that? what is the action the president can take right now to get the supply beefed up? how does he do it? >> reporter: it has nothing to do with the gas tax holiday. they need to allow more drilling on federal land, get rid of the checkerboard approach that harms infrastructure and makes people not want to invest. need to solve offshore blocks which the biden administration canceled and the white house and the administration and jen psaki is famous about it talking about leases. what we need is permits, permits, permits. the other thing is we have a

lot of the same supply chain issue businesses across america are facing, labor shortages, difficult to import manufactured items needed in the drilling process and we need help with that and that's another reason we can't add more. and the solution is not a gas tax holiday and the strategic petroleum reserve, we want more supply. ashley: that is it, bottom line, give the president a call, give him a lesson. thank you for joining us, really appreciate it. president biden providing some insight into what he will be doing during his trip to saudi arabia but he won't be asking for more oil. lauren: he's not going to ask the saudis. he is going to ask everybody.

>> what would you ask them to increase oil production. >> president biden: i am going to ask all the gulf states, i indicated to them i thought they should be doing that, not the saudis particularly and i hope we see them, their own interests, that makes sense to do. lauren: he sent the denigration to venezuela, he has not asked north dakota or new mexico. this is why people are outraged and frustrated. saudi arabia poms 2. 5 million barrels a a day. they can go to 11 or 12 million. historically that is something they've really done at the same level so some analysts are saying even if they pump more is not feasible long term, looking at oil prices why are they up today? you have outages in libya, and a pending strike.

ashley: we stand on all the oil we could ever need in this country, thank you very much. now this. the governor of new york wants to crack down on gas powered crypto currency plants, saying they create too much pollution, that story coming up. mike guns talks about how inflation is affecting everybody's holiday plans. role the state. >> with traveling, shopping, everything in general. >> food and everything is more expensive. ashley: everyone is feeling the pinch. mike guns is next. ♪♪

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ashley: one of my all-time favorite songs of the disco

era. hot stuff, that is north carolina, looks beautiful, 83 °, those lucky folks are not working today, they are hanging out on the beach. if you like the music we play on the show, make sure to follow us on spotif a mat, follow us on "varney and company" or scan the qr code on your screen. i will talk slowly so you can do that -- right -- now. we were up and we were down and we were up, now we are down again. week manufacturing, the latest ism report for june came in weaker than expected putting the sentiment sour, fears of a recession, dow off 200 points, s&p and nasdaq down half of one%. lauren, you're looking at some other movers begin with boeing.

lauren: china southern airlines are buying rival airbus jets for $12 million with prices but that airline also has the 737 max from boeing which is still grounded in china so how is this not down. china is lifting covid restrictions, there's that desire to travel that would be good in the end for boeing, the next stock is our rio tinto compromise, look at them. the hp down 6% a recession fears, copper prices, 17 month lows, manufacturing data the stock market is down, if you look at two component senate new orders end employment, they both contracted, not a good sign for the overall economy, you could spin that, maybe the fed won't hike as much but investors not doing that in the second half of the year. i have a winner, moderna, the omicron tweaked covid booster

offers protection to boost demand for fall stocks up 3%. ashley: thank you. we are heading into the fourth of july weekend and people are paying more for all the items they typically have at their holiday parties. our good friend mike guns is here to talk to people, you took for the streets of new york. if you came with me on the street of new york wielding a mike i might be a little concerned but you found people who talked to you about how much inflation is impacting their celebrations, what did they tell you? >> reporter: no surprise americans are getting slammed across the economy. going to try to go to barbecue you are not allowed two hot dogs, you can only afford one. we are cutting back on food and traveling, who wants to deal with an airport this weekend. everything is a mess. i took to the streets of new

york city with guns on the go for how people are dealing with this. ♪♪ >> reporter: you have to change your fourth of july plans because of the economy and how everything is going? >> not so much. we are hoping to plan a longer vacation but airlines canceling flights, we decided not to do that. >> everything being shut down for a year and 1/2, we are sacrificing family time. >> traveling, shopping, everything in general, a little picnic because food and everything is more expensive. >> i normally spend fourth of july at home. >> reporter: is it meat and bread, eggs? >> the eggs number one, $8. eggs are up.

>> a lot of price gouging out there. companies can get away with it now. >> i see my parents getting frustrated because of food prices. >> we see a lot of shrinkflation. >> reporter: how much you are driving? >> it is like being on probation. you go to work and you go home, that is it. >> reporter: who or what is to blame for the rising costs? >> i don't know that there is anybody to blame, huge shock to our economic system with covid. >> can't put it all on the biden administration but they are not doing a lot to help. >> not going to try to go to jail but government. >> reporter: there you have it. what we are seeing is people are still, we've been stuck inside for years so we went to spend some of our lives but we are seeing a change in how much people are willing to spend and go out.

the american people are fed up, frustrated and about to say forget this to everything that is going on. when biden is overseas and is asked how long do we have to deal with high gas prices because of ukraine, as long as it takes. no, no, calm down, i am not dealing with that. are you kidding me? if you are a democrat running for election in november you better work on your resume unlinkedin because you are voted out. people are angry. ashley: the funniest comment, like being on probation, you go to work, you go home. thank you as always, i will have more than one hotdog. july 4th is a holiday to show you are proud of america but is that pride dwindling? lauren: it is but can i get some commentary? i said who has one hot dog?

it doesn't fill you up and the soundbite of probation was the best, great minds think alike, look at this fox news paul are you proud of the country today? 39% say they feel proud. it was 50 and higher when donald trump and president obama were in office. the decline makes sense with everything that has happened starting with the withdrawal from afghanistan. if you look at army recruiting they are 23% under target, that is not good for morale and look what they are teaching kids in class, teaching young people everything is about race and identity and you should feel ashamed for how you are and these things come together and, at inflation in and you have a pretty nasty feeling. ashley: you do. it is sad. lauren: i will take another hot dog. ashley: as many as you want. major retailers considering a

return policy that will let you keep unwanted items and still get your money back. you can flood your wardrobe. popular big box retailers like target and walmart are floating the idea because of the excess inventory caused by a supply chain crisis. it may seem crazy returns cost the stores more to pay employees to assess and restock the merchandise. i am not suggesting get but if you go around these places you can fill your wardrobe for nothing. let's talk about cancellation chaos, thousands of passengers stranded as airport delays are throwing americans independence day plans up in the air. madison allworth will have a report from newark airport, submit your friday feedback questions, send an e-mail with your question or comment to varneyviewers@fox.com and we might read them on the air.

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ashley: europe would be the first, the you but he them agreed on landmark regulation terrain in the wild west of crypto as it is sometimes called. what does the deal do? >> the first major revelatory framework that will clean up the crypto market, help investors feel more secure, that is hard to do right now. it holds the exchange liable if customer assets are lost and for stable coin, liquidity reserves and transactions and transactions at 2 millions a day. this does not include nfts and does not ban the mining of crypto currencies for environmental reasons.

ashley: what is this about governor huchul trying to shut down a gas powered crypto plant. lauren: she waited is left of the primary to deny a permit, it uses gas, a fossil fuel to power the mining. she says it is bad for the environment and she's under pressure to put a moratorium on other fossil fuel powered mining projects in the state. ultimately that could be a deathknell for the industry here. ashley: from crypto to chaos, people flying this holiday weekend could prepare for mass delays and cancellations. madison allworth is at newark international airport. how many flights have been canceled today? >> reporter: 238 flights

canceled today. could be more as we go through the day. this week has been a tough week for travel, not promising heading into this holiday we can. looking at the past 5 days we've seen 3000588 cancellations, well above last year when we had 2302 canceled flights leading up to the holiday weekend. there are fears that it will get worse as the weekend goes on. airlines are struggling with labor shortages as americans returned to the skies. it is estimated 3.5 million americans are going to fly this holiday weekend. we spoke to some who are having major issues, doug and his family are headed to greece for a wedding. they were supposed to fly out yesterday, the second leg of their flight was canceled, they were at jfk airport until midnight, caught up with him in newark, they booked new flights but are worried they are still

not going to get in. >> have to go to boston, then greece and my wife and son, to madrid and greece and i will make the wedding and then be late for the wedding if we get there. >> reporter: secretary of education pete is willing to go after airlines if there are delays which is this weekend, we don't know what that looks like and more importantly, and and looking at itineraries if the worst-case scenario happens and we get that cancellation.

ashley: listening to that poor gentleman after nightmare makes my blood pressure go up. donald trump, maybe rhonda santos as a running mate for 2024, could we see a trump/desantis ticket. byron donald in the next hour. going woke behind bars, the doj spending one million dollars to develop a program for transgender prisoners, jason rents takes that on next. ♪♪

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georgia has turned violent. jonathan seri is in atlanta with the details. >> reporter: a proposed public safety training center for firefighters and police, it faces opposition, police say some of the protesters are resorting to destructive and even violent means. look at this video from back in may, what appears to be a molotov cocktail exploding near a group of officers at the construction site but vandals have damaged property and off-site locations of businesses involved with the project. one contractor believes protesters tracked him to an unrelated construction company more than 20 miles away where he visited a friend. construction agreement was burned and spray-painted with slogans opposing the training center which opponents called cop city. >> makes us worry if this is going to start happening on other jobs. we know a lot of guys who could

potentially do work down there at a later time and gets everybody a little shaken. >> reporter: activists deny involvement with any violence or destruction but tweeted photos of small treehouses protesters have been occupying at the construction site. last month police arrested 7 protesters from out-of-state on charges related to trespassing and obstruction of law enforcement officers, the construction site is a former landfill and prison farm, they are concerned about the project's environment impact and increased police presence the training center would bring this low income neighborhood just outside atlanta city limits. police point out there is a big difference between legitimate protest and criminal activity. ashley: now this, the part of justice is spending $1.5 million to develop services and programs for

transgender prison inmates. is this really what taxpayer money should be spent on? >> reporter: probably not considering we've seen a surge of folks who are not actually transgender, biological men pretending so they can get placed in female prisons. we've seen it in washington state and it has caused significant issues in the jail but also for the lawmakers and other public officials who get behind these pushes to explain why they are allowing that kind of abuse and it does highlight the inconsistencies in how democrats treat this issue. transgender women are women but on the other hand we have to have special programming because transgender women are not women. at some point they are going to have to pick a lane. ashley: another subject,

seattle public schools releasing its budget. it is largely focused on helping black students and if that is true how is that effective in promoting equality? >> reporter: it is not largely doing it, it is completely doing it. the goals set for the strategic plan for seattle public schools is to focus on black boys, they use the philosophy called targeted universalism which argues if you treat everyone equally it might deepen inequality between different groups, they don't explain how, just as affect. they are looking at the data and the data does show african-american boys in particular are not doing as well academically although it is similar to latino students so they will focus attention there and by doing that it lifts everyone but arguments from folks like me that we should treat everyone equally who is doing poorly academically, there are white, latino, asian students who are

struggling, let's figure out how to lift everyone rather than focus on the race of individuals, don't think that sends the right message or gets the right result. ashley: was there any pushback on this and has it been approved? >> reporter: it is seattle after all, the budget, this is an ongoing years long push. they've been doing it and you can see the actual test scores of other groups going down and it is remarkable they can't step back and say we are going in the wrong direction or implying, racially segregated classes, that black students do better with black teachers, that is not the right place to go. we want to make it so one teacher regardless of race can reach everyone regardless of race. ashley: what a concept, great

stuff, thanks for joining us from beautiful seattle, let's check the market, we have moved lower after week manufacturing report, worries of recession, the dow off 200, the nasdaq down 0.6%. we can look at the 10 year treasury yield, another big story, down well under 3%. still ahead mike huckabee, florida congressman byron donald's and vivek ramashwami, the 11:00 hour of "varney and company" is next. ♪♪ noises] alright, limu, give me a socket wrench,

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>> un-american president who was the leader of the world who cannot function. 's handlers know he can't but they put him in that position anyway and that should concern us as well. >> every thing costs more because of joe biden. 7 of 10 fellow citizens think the countries in the wrong track because it is under president biden and democrats -- >> the american people miss

their wallets and you see the slowdown in spending and economic growth. >> i think inflation if it hasn't peaked is speaking. it might very well be the end of it and the market may have bottomed back in june 16th. >> i am cautious but not hysterical. i continue to put money into the market. ♪♪ ♪♪ ashley: perfect picture for the fourth of july weekend, big for 4 july weekend, big and rich, lady liberty in new york harbor, 11 a.m. on the east coast this friday july 1st. i'm in today for stu. let's look at the markets, we were down, up and now we are down because week manufacturing reports for june that showed activity slowed down, weaker than expected. that took the air out of the

market, the dow, s&p down half of 1%, let's look at the price of oil. that was on the way up earlier and it is up $1.77 at $107 and $0.52 recruit. one of the big stories, the 10 year treasury yield absolutely diving not at 3% but down 2.85%, down 15 basis points, generally that is positive for equities especially big tech growth stocks but we are not seeing that because of a week manufacturing report. jonathan honing joining me this morning, we have to take this market for what it is. what is it and what should we do? >> reporter: go where the action is. it is not in stocks. stocks and bonds have gotten their keisters kicked this year, s&p having its worst year and 50 years. as a hedge fund manager i'm looking for alternatives, not

just commodities but currency as well, goldman sachs, the japanese yen is an all-star hedge against inflation. sounds esoteric but this is an asset anyone can invest in. do your own due diligence but blog will x why is one that i own and it can do well even if the market sells off like we've seen in the second part of 2022. ashley: we had ed yarddenny and he believes it bottomed at 3666 and all things considered that could have been the bottom. what say you? >> you don't have to by the bottom of a move to make money and move. the market while it might have bottomed it is not going to bull market. to go where the action is, look at the period 2002-2010, big tech stocks, that was a period

where a lot of foreign currency did well, one part of a diversified portfolio, we learned having oracle and cisco and microsoft and apple, they are all big tech and bitcoin as well. the idea of currency is one of the assets that can zigged while the rest of the market zagged zags. ashley: very quickly. if we are close to the bottom are these big tech stocks so popular, are they worth it at this price? >> a terrible adage that losers average losers. i have to remind myself of that many times and investors, higher prices, wouldn't take this opportunity to catch that. ashley: are we passed the peak of inflation which some have suggested?

>> look to history. the 80s inflation started in the late 1960s. this could take since biden and washington continue to spend, gavin newsom, more checks to the people fueling inflation on the inflationary fire. neil: have a great holiday weekend. now this. presidential advisor brian deese. the progress made by this administration. >> when prices are high people are understandably frustrated, that is understandable. at the same time it is our job, the president's firm conviction that what he can do as president is to take every responsible action that he has and remind the american people as we go through this challenging period, as we move

through this transition we have made historic economic progress. ashley: those comments come as an ap poll shows 85% of americans say the country is heading in the wrong direction. good time to bring in governor mike huckabee. we talked to a lot of people at gas pumps who are pretty angry. i would love to go up to them and say overall we are headed in the right direction, making good progress. it is ridiculous. >> like saying other than that, mrs. lincoln, how was the play, this poor guy, his nose growing as pinocchio that you could hang 300 chinese suits on the end of his nose because nobody is believing how great things are and the pole reflects when 85% of the american people going in

the wrong direction, 8 of 10 democrats and 92% of republicans these folks better wake up and smell something, maybe not the coffee but they better smell something that it is going the wrong way. ashley: do you think they know how to reverse things? >> it is obvious they don't. in crime in la, shootings are up 69%, the murder rate is on track to beat what will be a 15 year record in la, in new york city you of got violent crime up 40% and in the midst of this kamala harris saying we need to reimagine the police. what does that even mean? it means defund them and i don't know of anybody who brought their brain to work the didn't leave it in there nightstand who believes when crime is up, the best thing to do is defund the police and reimagine them into something different.

this is nonsense and that is why the american people, democrat and republican will honestly say we are in the wrong direction. ashley: i would say so. churches and pro-life centers across the country facing increased acts of violence in the wake of the row ruling, the fbi opened 200 threat assessments since the draft was leaked in may. we are reporting on it but where is the outrage from the rest of the media. you don't hear about it. >> they don't care. they don't mind if these clinics for women get firebombed and vandalized and people are threatened with death threats and that is tragic. i want merit garlands to be as bold about these people who face real threats as he was threatening parents who went to school board meeting because they were concerned what their children were being taught. these are real dangers and the

irony is the crisis pregnancy centers are the very entities that provide women with not only prenatal care but postnatal care, neonatal care, they provide diapers and formula, the things that women need. you think of somebody really cared about women and women's need they would be saying don't touch these people, they are doing something we want done but these crazy people will burn down the very entities that are actually helping poor women. ashley: all these companies that say they will pay the travel expenses for employees to go out of state if they have to to cover abortion expenses, what are they doing to help mothers with the formula shortage? nothing. they are happy to pony up for the abortion procedure. >> that is an absurdity. will they help their employees fly to another state to pick up a baby they are adopting? if they don't they are showing they don't care about women or families.

people should note which companies are doing this and let them know they are not going to patronize them if they are going to spend money on paying for abortions but not adoptions. ashley: we will leave it right there. thank you for taking time to join us today. >> thank you. ashley: let's begin with calls. >> reporter: a takeover by franchise groups, basically looking at this environment, franchise downed their offer and cold didn't like it, might have gotten scared in this environment, stocks down 20 one%, not sure doctors are convinced that is a good strategy. we spoke about micron before, not the big story of the day because they have a week forecast on concerned of slowing demand for consumers

and smart phones, they scaled back their expansion plan because they have so much supply, could be deflationary but not good news for stocks down 5% and sending a chill among rival chipmakers, intel, qualcomm, all down, taiwan's sam atop clients which include intel up, they need to scale back some orders because of this week demand. we talk about recession these could be some kind of that. ashley: they could indeed. now this. a new survey shows inflation hitting consumers. lauren: they find two thirds are planning -- the high price and everything. this includes travel, they will fly this weekend.

they are weaker than they were last summer. 55% hers consumers, and it is 64%. we are not as ready to go places. ashley: when you see what it is like when you get there. we showed you these robot waiters roaming around restaurants, that looks pretty good. a woman known as the crypto queen is accused of defrauding millions of dollars that landed around the fbi's most wanted list. catastrophic is how aoc describes the clean air act,

the left melting down. byron donald's. ♪♪ lee end of the world as we know it ♪♪ the end of the world ♪♪ as we know it ♪♪ ♪♪ i feel fine ♪♪

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145 new laws will go into effect in the state of florida. what do i need to know? charles: we will pick three. this is my favorite to. . don't know how loud they play their music but there is a loud music law, police can to? if you play too loud driving, hard to determine that this is video. of the officer can hear your music 25 feet away you can be fined $115. you can get out of this one pretty easily. ashley: it should be okay. then there is this stop woke act that bans the indoctrination of systemic racism in school but also workplace training, and florida dissolved disney's special district status, and acted its own private government since

1967, now florida takes jurisdiction over the disney amusement park but this law doesn't go into effect until june next summer. ashley: don't mess with florida, says ron desantis. some democrats went into complete meltdown after the supreme court's epa ruling, look at this. catastrophic, a carveout is not enough. we need to do this for the sake of the planet, some high stakes. congress and byron donald's, don't know if you like to play your music loud but have to be careful, could get a ticket, to the initial issue, your colleagues want to end the filibuster. what say you? >> my colleagues on the democratic left are insane but everybody knew that.

this epa decision, get back to the rule of law, constitutional government and back to the things congress actual he said, not what the epa wants it to do. the epa ruling was a disaster for the energy matrix of the united states, one of the reasons gas prices and electrically prices continue to rise because of the bureaucratic red tape put in place by agencies like the epa. this is a great decision, i like playing my music loud. i need to talk to my colleagues on the florida legislature and see what they are doing. >> donald trump is not ruled out, ron desantis as a running mate for 2024. as speculation swirls over who may indeed, it is a ways off but what do you think about that?

a trump/desantis ticket could be strong. >> the second coming of kobe and shaq, they would have nothing to to do with of that duo. they would be phenomenal. at the end of the day ron desantis is running for reelection at ford's governor, he will do it your medicine job. i will let them figure that out in 2,024 but if they are rolling together be careful, there will be nothing you can do. ashley: are using an influx from the northeast or high-tech states, is florida still seeing a lot of folks moved to that state? >> we still do. florida has been an exception for quite some time, we always had an influx of people choosing our state. you have independent voters who

were just passed off and republicans who had, they are coming to florida in droves but low taxes and regulatory environment and great weather is a recipe for success. california should take a lesson from the great state of florida. ashley: you are absolutely right. crank up your music and enjoy the holiday weekend. ashley: the major markets down. the dow, the nasdaq and the s&p, they are slashing their hiring target, 10,000 new

engineers, looking at 67,000, the stock, it is 2. 5%. robot umpires may be coming to major league baseball. come on in, what is it about? lauren: they have been testing them in the minor leagues. it is not a robot that looks like a human, that would stand behind the batter. it is an automated system and its intention is to accurately call balls and strikes. what do you think? ashley: probably i think you are right. lauren: the point is to cut the length of the game by tween 9 minutes and the commissioner, the mlb in 2,024, would you want to work next to a robot? how do you feel about that? ashley: i wonder if they could be hacked, call a strike on the

red sox, i would hack in and no boston batter could ever get on base. lauren: you are opening up a new can of worms. working next to a robot, and new research. ashley: it is safer to do so. speaking of stu, this research finds some workers use more drugs and alcohol when working next to nonhumans, no one to talk to. ashley: the robot is more efficient from you. interesting phenomenon. lauren: your out of a job. ashley: more robots than they are right now.

they are taking over in warehouses but haven't taken it on. lauren: i was looking at the robot umpire story and this idea of what if you put the human alongside the robotic sensor and then you have coexistence? ashley: interesting. i think a robot just pulled on -- better move on. all right. how do you feel about the country, a question as we head into the holiday weekend. listen to this. >> i will spend the day getting to know london's history. >> history began july 4th, 1776. everything before that was a mistake. ashley: it is held various. not everyone feels that way.

a new poll shows american patriotism is on the decline. we will break down the numbers. and columnist in the new york times says woke liberals are destroying the democrats chances in the midterm us. it was in the new york times. vivek ramashwami will take that on next. ♪♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist,

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introducing elevance health. where health can go. ashley: you are looking at the intrepid museum, if you like the music on our show, make sure you are following a sunspotify i scan the qr code on your screen. we post new playlists every week, check that out on spot so ify? the qr code done, let's bring in susan lee, looking at the movers, let's begin with micron. susan: knowing how to open it on his iphone. if he can do it everybody else

can do it. see if you are listening, the chipmakers, talk about micron, and the philadelphia semi index selling off today is micron's results thomas the chip boom for smart phones expecting the decline, 5% of smart phone chips, growth of 5%. it is 10% and that is a big drag today, general motors halted, and sales volume, wholesale volumes will be negatively impacted by a shortage in chips and other supply chain issues. 95,000 of its cars in

inventories, and it was anticipated. chinese electric car rival booting june deliveries for the likes of exxon we, they deliver the record 13,000, and that is why grisly research this week questioning their numbers and accusing neo-of being a valiant pharmaceutical or so. tesla coming off of its worst quarter since its 2,010 ipo down 40% and there are concerns because of the tesla slide and because musk has been noticeably absent from twitter for close to 10 days but may not be as interested in buying twitter. ashley: all right, lots of information as always, thank you so much. the fbi added a new person to their most wanted list. hope it is not me. who was it?

what do they do? lauren: her name -- she has been on the run since investigator started to close in on her in 2017. what did she do? she's accused of defrauding investors out of $4 billion by marketing the digital coin as a bitcoin current operating it as a ponzi scheme, pyramid scheme. the fbi thinks the public and find her, they are offering one hundred thousand dollar reward and added her to their most wanted list. ashley: very interesting. new york times opinion column sounding off on woke liberals saying they are destroying democrats chances in the midterms. the article quotes a nonprofit official who says, quote, it has become too easy for people to conflate disagreement about issues with matters of identity. vivek ramashwami joins me.

this column suggests democrats could be too far left. for some voters. for those voters who think they've gone too far left do they vote republican? >> one of the most interesting things about that story is the orientation of the mission of any organization whether you are a nonprofit organization or political organization or a company. if you are not focused on your core mission it instead bickering about the language you are supposed to use in adjudicating debate you don't accomplish that mission. the interesting part, this is an article about the democratic party as an organization that wasn't effectively accomplishing its own goals, that the printable that applies to any organization. that is a wake-up call regardless of whether you are on the left or the right. whether it has consequences for the republicans the conventional wisdom would be it does but the more interesting

consequences are deeper than that. ashley: how do those policies play out in the flyover states, middle america. i don't think they are connected to what the ultraleft policies talk about. it leads a lot of americans behind. >> there are 100 million americans in this country that are badly disaffected from institutions broadly, including political institutions and political leaders and the private sector. one of the things politicians have missed over the last couple years, a lot of companies have missed as well those 100 million americans are some of the best customers for any business, the most politically engaged voters and we will see a turn of the tide to recognizing, i'm in central ohio, i was in new york city years ago, lived in central ohio for a long time now.

the real idea here is the everyday citizen in what you call flyover, moving the wind in a different cultural direction. ashley: you are launching a new campaign that calls out asset management terms, using money from retirement plans to lobby against political beliefs essentially of hard-working americans, watch this. >> americans from coast-to-coast waking up to more bad news. in a record high when it comes to the price of gas. ashley: interesting. tell me about the campaign. what are you trying to achieve? >> education is the number one goal. there's the image of a man pushing a black rock up the hill, clear reference to black rock, the largest asset manager who's managing the money of

everyday citizens, the people we were talking about, using the money of everyday citizens to tell corporate america to advance political agendas that most every day americans disagree with. that is a fiduciary breach but as it relates to the energy sector that is causing higher gas prices at the pump. when large asset managers tell energy companies to cut production and reduce drilling for gas and harvesting natural gas, that contributes to higher energy costs. this july 4th or the comedy i founded are launching the new educational campaign to show every day americans how their investment accounts are contributing to america's energy crisis, they are left holding the bag and that is the first step towards empowerment and solutions. ashley: we wish you the best with that campaign and thank you for joining us, we appreciate it. and now this. q the jaws music.

a popular beach town could soon be surrounded by great white sharks. where researchers are telling people to stay out of the water. look at these american flags. hand made out of metal. they are very cool by her father and son from wisconsin. they are in new york showing off the newest patriotic products. we will tell you how to get your hands on one of these next. ♪♪ ♪♪ living in america ♪♪ ♪♪ ♪♪ living in america ♪♪

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ashley: what a pretty picture, new bedford massachusetts near cape cod, very nice indeed on

the first day of july which brings us to this, a great warning for people heading to the beach this weekend, sharks are swimming around cape cod, 11 great white sharks have been seen in the area over the last week, one of those sightings even forced a beach to close like the jaws movie. the sharks come to the cape in warmer weather to eat seals. look at that. we need a bigger boat as they say. as we head into 4 july weekend a new fox poll shows 39% of americans are proud of their country, down 12 points from june of 2,017. at this point i will toss it back to the studio. those metal american flags. >> reporter: two gentlemen are proud of the country they live in.

justice henderson, the owners of metal art of wisconsin. these are gorgeous flags that you welded to, made of metal, you came up with this idea in your garage. >> father and son project on a saturday and put them on instagram and woke up. and all by accident and it has been -- he works with me every day and it is awesome. >> how many do you sell? >> thousands. the freedom cabinet. >> it says varney, doesn't say ashley webster or even warren. >> the freedom cabinet, they store their dirty little secrets.

>> how much would this be? >> $150. lauren: i see metal and your costs have gone up. >> labor is the same way. lauren: you wouldn't know that because you just graduated, what is in the future for you? >> i will go to school for welding. lauren: exciting for you. look at the things you learned, any charity or federman's groups? >> i run a program, the freedom cabinet.com, donated $300,000 of veterans organizations, fallen police officers, you nominate a hero on the website. the community making a

difference, or crossing guard -- lauren: the you pinch your self, working with my son one day. making flags for donald trump junior and helping veterans, making all this money. >> it has been a crazy ride. and superbusy. lauren: what are we looking at? >> outdoor aluminum flags, so many outdoor flags. outside your house and aluminum grid. they withstand the elements and let the neighborhood know how you feel. lauren: either states you sell the flags to?

>> loudon, texas. texas is big for us. lauren: any surprises on the way? >> good support for people who like to support, and it is a cinderella story, thousands of flags -- lauren: the american dream alive and well. ashley, back to you. ashley: thank you for stopping by today. let's take a quick listen to dow 30 stocks, the second half of the year, more red than green, the dow off 52 points.

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ashley: that is a beautiful look at salt lake city. i used to live in montana and come through salt lake all the time. now it is time for a fanfare, time for friday feedback. come ian, susan and lauren. let's get started on a holiday weekend coming up, first one is from larry. larry asks where is everyone's favorite vacation location? beach? mountains? national parks? others? i think if i am on vacation i want to go where i want to do the least of everything was i'm not a vacation adventure, won't the hiking in national parks or anything like that so you could say beach. how about you? lauren: beach but i don't have a favorite one.

i will take any. susan: i will go somewhere where there are great massages and a beach, hawaii, something more tropical. ashley: that is very good. a massage on the beach, next one is from leon, leon says i have a solution for lauren not to be confused with the meta-verse. i have no interest. why don't you like the meta-verse. >> it is the way of the future but i like being with people in real life. i like human beings as they are in real form. i put stamps on an envelope with the check inside. can you get more ready than that? susan: the world is pivoting to meta verse or whatever you want

to call it. only 30% of people going into the offices, remote work, not doing things in person is the wave of the future. facebook will win the meta-verse, so many companies out there. ashley: i know it is heading this way but some of us are kicking and screaming. let's move up the prompter to the next question from andy. what is something new you have been waiting to learn or do? let's start with you. susan: skydiving. i am afraid of heights. that's never going to happen. ashley: lauren? lauren: i went skydiving for the first time in cape town, south africa. i will never forget it. i paid at the time a lot of money for video and the vcr, the tape was broken. never got to see it. it was long time ago. but right now. ashley: have to believe you.

susan: surfing, love to serve, not very good. ashley: i always wanted to learn a new language but have a rotten year for it. green bay lead singer renouncing his us citizenship. how will i ever sleep at night? says jim. hope the door doesn't hit him on the way out. couldn't agree more. i hate it when liberal celebrities say i am going to move to canada. who says canada would take them? i would say go ahead, do it. there you are. don't keep coming up here. right. we are going to have to leave it there. thanks to everyone who sends their feedback. fun to find out what people want to know. it is time for the friday trivia question.

a lot of people stopping the in florida saying we love the trivia, they play along. what was the us population in 1776? 2.5 million? 4.5? 5.5 million? think about it. the answer after this. essed in. three days. instructor: come on milwaukee! i see you! after riding twelve miles to nowhere, ... your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

i'm steve. i lost 138 pounds in 9 months matching your job description. on golo and taking release. golo saved my life. i was way overweight, and that's what sent me down the path, was i--i wanted to make sure and live for my kid. plain and simple. ashley: before the break, we asked you, what was the u.s. population in 1776? all right, lauren take a guess.

lauren: number two, 3.5 million. ashley: that's exactly the one i went for. how about you, susan? >> 2.5 million since we know the population growth has grown on the greatest country on the planet. ashley: it has. guess what, susan li gets the door prize. 2.5 million. today, almost, yes, donuts on the way, almost 330 million today. it has grown a lot since 1776. neil cavuto, it's your time, take it away and happy 4th my friend. neil: to you as well. i was there for the first census count, the 2.5 million. one of the first stories i was ever assigned. um, thank you very much, ashley, have a wonderful weekend. let's get right to it here, corner of wall and broad we're starting things off kind of the way we ended the last quarter and the last half year we're down but here is what's remarkable and today is the taker on all of the stats we're getting look at the yield on a 10 year note so much is pegged, its gone down to 2.87%. remember less than two weeks ago this was north