no, like after i have two, i'm full. that's enough. >> cheryl: angela? >> it's big because of joey chestnut. >> cheryl: angela you could try it, i'm just saying. >> i don't even know if i could get two. mike you might have me beat as well. >> cheryl: guys it was a great three hours with both of you thank you so much for having me have a great morning but stay there, everybody, "varney" & company is up right now. stuart: here we go, good morning , cheryl. good morning, everyone. you know, whenever you come off a long weekend first thing you want to know is how is your money doing. sorry folks this tuesday morning it's not looking that good. the dow is poised for a 400 point loss. that be in percentage terms about just over 1% same with the s&p, same with the nasdaq. plenty of red ink this tuesday morning. bitcoin back below $20,000. 19, 295 to be precise. interest rates still way down, as money keeps flying into treasury bonds, and source of

safety basically. look at that, 2.83% on the 10 year treasury right now. lots of action in the markets today and then we have the president demanding that gas station owners lower prices and do it now. amazon's jeff bezos don't think much to that. he says the president's call is straight ahead missdirection or a deep misunderstanding of basic market dynamics. it's like the president is wav ing a magic wand. do this because i say so. it's not going to work. gas averages $4.80 this morning that's regular around the country, diesel 5.72. both gas and diesel are within just a few cents of their all-time highs. treasury secretary yellen held top level virtual meetings with china's officials over the weekend. the administrations floating the idea of lifting tariffs on china, which were imposed by president trump. we are coming at a very very difficult devastating holiday for air travelers, 17,000 flight s delayed over the weekend in america.

1,400 cancellations. today, so far, i've got 700 delays, 120 cancellations. that is today. a suspect in custody in the julm o is in his early 20s and posted disturbing videos including references to lee harvey oswald, the man who shot president kennedy. did no one see this coming? it is july 5, 2022. "varney" & company is about to begin. i'm on top of the world, i'm on top of the world ♪ stuart: well look at that. that's sixth avenue, new york. you know, charles that's getting busy. lauren, that's busy for a tuesday, coming off a three-day weekend. >> maybe the three bicycle lanes though. stuart: cramming them all in. >> exactly. stuart: i think you're right. really do. look we're coming off the july 4

holiday weekend the price of gas now 4.80 nationwide that's regular. lauren good morning to you. lauren: good morning. stuart: let's get into this. president biden calls out the gas station owners. he says you gotta lower prices. then bezos went after the president. lauren: one of the world's richest men. amazon's founder, owner of the washington post, and he responded biden's order that gas stations cut their prices within he says ouch, inflation is far too important problem for the white house to keep making statements like this. it's either straight ahead miss direction or a deep misunderstanding of basic market dynamics. so he's criticizing the administration for not knowing what they're doing to fix inflation, that they, in part, caused so here is john kirby's response on fox news, sunday. >> it's a pretty serious allegation from a business mogul who happens to the owner of the washington post.

>> anybody that knows president biden knows he's plain-spoken and says exactly what he's thinking and in terms everybody can understand so we obviously take great exception to the idea this is missdirection. president is speaking honestly with the american people about what he's trying to do to bring the prices down. stuart: okay now we're just trying to fix lauren's mic. i believe it's fixed. she sounded a little odd earlier is it fixed? lauren: i sounded odd? stuart: you can't answer me. lauren: bright and early. stuart: basically, mr. kirby there, he confirmed that it was misunderstanding, didn't he? lauren: yeah, and when you think about it, who owns these gas stations? they are mom and pops. they are small business owners they operate on margins that's why so many have the convenience store to buy a cup of coffee and a doughnut or something. stuart: i think we got most of that. thank you very much lauren. we'll bear with you, [laughter] the aforementioned charles payne is with us.

now you had particularly difficult time on sunday with your giant suv. how much did it cost you to fill it up? charles: $183. yeah, 183. i broke the record from a week ago, 177. stuart: did it take premium or something? charles: yeah, yeah, yeah. stuart: what is it a rolls royce charles: it's damn near a rolls royce. it's the t-rex, bought it last year, it's gigantic, 700- horsepower, hellcat engine, it's an absolute beast and eats teslas for lunch. just the fact that listen everybody is suffering. i'll tell you what's interesting and listen i like john kirby a lot. i feel like he is one of the straightest shooters involved with this administration and he grappled with that answer. it's disingenuinous. when president biden do this , it's disingenuinous, all these folks started coming at me, and i said listen, i put up a fact. over 60% of gas stations are

independently owned, individual, mom and pop, on very thin profit margins. i was shocked at how many times i would have had to post that if i cared, like there's a lack of understanding out there, that ironically the administration could fix but they build on that they use it as a smoke screen. the fact that most people, a lot of people, believe this is exxon-mobile, having a record year, not caring about them, and it's just somebody who by the way these same mom and pop operators a couple years ago when the crew was negative barely lived, barely made it so if it wasn't for cigarettes and candy and soda they would the have. stuart: the chinese communist party weighed in and said final ly the president understands capitalism is about exploitation. you've got to worry when the chinese communist party agrees with the economics of joe biden. you gotta worry about that. let's have a look at the market. we're looking towards a 400 point drop for the dow industrials when we open up business this morning. do you think charles you're the market guy here. do you think we're anywhere close to a bottom?

charles: it went to over 40% cash a month ago and kind of wish i stayed there. more cash than normal. i think we're in a bottoming process. you know what the problem is though we're in a unique situation where the fed is deliberately trying to harm the economy as its organically falling apart which means how far do we go before someone, because already they are building in estimates that the fed is going to have to cut rates next year, early next year because everyone now believes they are going to over do it but they have this criteria. last week, five fed speakers including powell said the economy was strong, and people are saying golly, why, i mean, just -- stuart: where did he get that? charles: you just cringe every time they say it and the market goes down every time they say. stuart: here is where we'll leave it. you think we're forming a bottom and we're not necessarily there yet? charles: i bought etsy in my own accountant 10 days ago. stuart: etsy? what are you big on that or something? charles: i think it's the next amazon over the next five or 10

years. stuart: whoa you saved the best until last, he bought etsy. all right, charles we'll leave it there. charles: check with me in five years. stuart: you'll be, oh, by the way you're hosting an inflation town hall in a couple weeks. you can send in your questions for charles to investedinyou@fox .com. charles: it's not just markets, stu, it's retirement plans are being disrailed right now, pensions. i think you'll be okay. stuart: all right gotta get to politics i'm sorry, times pressing in here. former president trump could reportedly announce a 2024 presidential run before the mid-terms. look whose here now, mercedes schlapp is with us, lets get into this. is mr. trump considering a run because ron desantis is pressur ing him in the polls and the january 6 hearings are not looking good for him. >> no, i think both of those assumptions are not accurate. i think that president trump is eager to get into the race. i think he's focused on being

the first one out the gate to send a message very clearly that he is has a very strong base. now with that being said, stuart , you could still see many of these republican candidates wait a little bit but then also continue to plot their potential run for president. i don't think it necessarily keeps people from running, but i do think that president trump still has a very loyal following , and the mere fact is is that he wants to be able to get out there and start making that comparison, saying do you want an america-first president who knew about what it was to have a prosperous economy and opportunity for all americans or are you going to stick with biden and this insane inflation and these economic policies that don't make sense for the american families. stuart: it's going to be an interesting debate that's for sure. by the way vice president harris goes to chicago today. and it's a pre-planned trip, it was planned prior to the deadly shooting in highland park.

what do you expect to hear from the vice president today? >> look, i think she stumbles over her own words constantly, stuart. it's very problem problematic for the vice president. she doesn't have any clear messaging. they are going to hone in as the democrats have been on obviously how do you stop gun violence and for them, stopping gun violence is trying to reduce the number of arms in our country, and impacting the rights of law-abiding citizens, and so i think this becomes, you know, one of their issues that the democrats are going to try to run on as we get into the mid-term election. i also think, i'll be curious because she's addressing the national education association, what she's going to talk about in terms of how they close the gaps for so many of those students who lost, you know, their ability to really catch up in the last few years because of the covid lockdowns and the schools being closed down. stuart: huge problem. >> that's very problematic i think. no great message coming out of

kamala harris. that's for sure. stuart: we shall see , mercedes schlapp, thank you. we'll see you again soon. >> thank you. stuart: speaking of that shooting, six people dead, 30 injured. lauren, a person of interest has been taken into custody what more do we know? lauren: 22-year-old robert crimo iii arrested without incident hours after that attack. where officerses say he opened fire from the roof top of a building along the parade route before he escaped the scene. authorities are looking into his online activity. they found a long trail of tributes to mass shootings, to public killings. he was a rapper, songs, videos, often violence. his uncle spoke out and said look, he kept to himself but his actions are anything but. you have more american families left grieving after daily ritual s going to the food store, going to school, going to church , going to celebrate the 4th of july and they're attacked. stuart: i'm going to leave it right there. very difficult story on july 4. thank you, lauren. check those futures, please.

we're going to open down this tuesday morning, 400 off for the dow, 150 for the nasdaq. and it is a july 4 staple. the nathan's hot dog eating contest, new york city. if you were watching at home you may have missed this moment. roll tape. >> [cheers and applause] stuart: well, if you saw that, that's joey chestnut, the man himself, putting a protester in a chokehold and it didn't even slow him down when it came to eating hot dogs he won again. travel headaches thousands of flights canceled or delayed this holiday weekend. when will we see any real improvement? we'll try to answer that question, right after this. i'm leaving on a jet plane ♪ meet jessica moore.

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tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist ♪ stuart: that is the dallas fort worth international airport, it's sunny right now and believe it or not it's going to a temperature of 104 degrees just a little later on today. airline travelers, another, they face another weekend of mass delays and cancellations. madison alworth is at newark international airport right now. all right, madison how many flights have been canceled so far today? reporter: stuart we're in good shape today compared to what we've been seeing, 123 flights been canceled so far, it's still early in the morning but that's less than what we saw around this time friday, but it was a different story this weekend. we really saw a chaotic july 4 travel holiday season. if you take a look at the number s of cancellations, we were looking at 21,000 flights

delayed, between friday and monday, and more than 1,800 flights canceled in that same period all according to flight aware. you know the problems they just keep piling on. even after schedules have been slimmed down, major carriers on average are flying about 15% less this summer than they were originally planning, because of the shortage of 31,000 workers but this weekend of travel is still not over. people traveling today, they are being told to still expect problems. take a listen. >> if you're traveling this weekend, unfortunately, you can not take the schedule your airline has published as gospel. you should take it as a best guestimate of when your flights will leave and arrive. reporter: yeah, it's really interesting situation when that's the case, that you have a scheduled departure but you're told not to expect that to be the bible and it's something we're seeing and also expecting through the summer. there was an issue with american

airlines this weekend july schedules were opened up and pilots dropped off those flights so this weekend was a mess. unfortunately, we're looking forward through summer worrying that might still be the case and passengers are just wondering where the $54 billion in relief, where that all went because for them they just want to get home and it's becoming increasingly difficult to do so. stuart? stuart: got it, madison, thank you very much indeed. see you later. all right, jeff hoffman, travel expert, is with us now. terrible weekend for travel. do you expect, really, any real improvement from here on out? >> well from here on out, stu, it's not going to improve this summer. in the fall, by definition, when all the kids go back-to-school and vacation ends travel goes down significantly anyway, which gives the airlines a breather and a chance to catch up so i don't think we're going to see anything better in the summer, then we've had, you know, additional things. madison mentioned that american airlines, that was their pilot

booking system and it glitched, on 4th of july weekend and pilot s were able to just drop flights which they aren't supposed to be able to do. in fact now american is offering pilots triple pay if they will pick-up flights in july, so it just seems to be one thing after another, and i don't think it'll stop until the fall. stuart: i'm picking up some unhappiness, shall we say, amongst the traveling public. they want to know, what happened to the $54 billion that the airlines received from the government, taxpayer money, to keep them going during the pandemic and get them going after the pandemic. what happened to that money? >> yeah, i mean, without a doubt. obviously, the airlines, they shelved a lot of airplanes so a lot of people are saying you weren't paying the leases on the planes and you let go a third of your workforce where did that money go? i don't know the answer to that question but it's a fair question but i'll tell you it is affecting consumer confidence because if you look at like this weekend, saturday and sunday, tsa reported about

2 million travelers each day, which is higher than it was during the pandemic, but those same days in 2019 were 2.7 million people, so a lot less people flew on july 4 holiday. i think with the prices up and all the other travel nightmares, definitely affecting consumer confidence and travel and our numbers were way below the pre- pandemic levels. stuart: now i've heard that they've cut roughly 15% of the flights. just cut from the schedule. so there's far fewer flights, so why can't it return to more like normal? is it because the demand for those flights is just huge? >> it is. it's a lot of demand and you know, a lot of consumers believe that the airlines are continuing even with those cuts to schedule flights that they can't staff. that's part of the anger with the airlines why are you scheduling flights when you know what your staff is. again i can't answer for the airlines, but yeah, there's high demand for the

limited number of flights and then when you add to that the even the faa air traffic control, having staffing issues and slowing down the number of flights per day, it's just frustrating for travelers everywhere. stuart: it just makes america look so bad. empty shelves, high gas prices, overbooked flights, chaos at the airports just makes us look bad to foreigners. jeff thanks for being here. >> i don't know why charles payne isn't taking some of those passengers in his t-rex he could help out. stuart: it is a big car that's for sure. jeff, we'll see you again soon thanks for being here. now listen to this one this is most unusual. air new zealand offering economy passengers new way to travel. sounds intriguing what do you got? lauren: it's a lie-flat bunk bed in coach and they stack them three high and next to each other there's video of it, and you can rent one of these, buy one of these going from new zealand to jfk starting in 2024.

i don't have a price tag. it's not that you sit in this configuration for your entire flight. you just rent it for a four hour interval and you get rested, you're comfortable, they change the sheets and someone else comes in so it's kind of like recurring revenue for the airlines. stuart: you buy the ticket, get the seat and then if you want to, pay x number of dollars extra for four hours in a bunk bed. lauren: correct. stuart: not a bad idea. believe me when you're going from new zealand to jfk new york , that's approximately 16-17 hours you could use four hours of shut-eye on a bunk bed. i would. lauren check futures this is how we open up on your money this tuesday morning after a long weekend it's going down off 400 for the dow, 150 for the nasdaq, back after this. ♪

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stuart: all right futures look rather grim this tuesday morning , dow down 400, nasdaq down 150. we better bring in our market watcher of the morning that will be luke lloyd. all right, luke. let's get straight at it. what is your outlook for stocks for the second half of the year?

>> yeah, so i think we're either in a recession right now or going to be in one in the next 12 months. so look, i think the second half of the year will be just as crazy as the first half and most likely even crazier. i mean, we just started seeing tip of the iceberg melt when it comes to the economy. layoffs have just started with initial claims rising over the past couple months, and consumers seem to finally be slowing down their spending habits so layoffs and slower spending will just get worse over the next six months, so if the middle class was strong, i wouldn't be worrying so much but the fed was just so late to the game, the middle class is already exhausted and we haven't really seen the true pain yet. stuart: there's an article in the wall street journal today, i'm going to read the headline from it. falling commodity prices raise hopes that inflation has peaked. commodity prices are, indeed, coming down so luke, doesn't that help the economy? >> well, it actually doesn't, because i think the commodity prices are actually moderating because recession risk continues

to go higher and higher every single day. it's not because inflation is peaking which is actually, you know, culprit of probably a recession because inflation will come down because people aren't spending money. it's actually because of a recession so look, over the past year, we saw record levels of demand for goods and services and essentially no supply to meet that demand. i think we're entering an environment over the next year where we have a huge supply of inventory in a much-lower demand because people are living paycheck to paycheck with credit card balances on the rise so commodities going into the goods we sell so when secures aren't buying things commodity prices fall. take a look back to 2008 when oil crashed because of a recession something similar here is at play. stuart: okay, so here comes a recession, says luke lloyd and it ain't going to be very pretty you know, reminds me of the 1970 s i'm sorry to say that but it really does. president biden reminds me a lot of jimmy carter that's just me okay? thanks very much for joining us, luke, see you again soon. we're going to get the opening bell in about 28 seconds.

the backdrop is, well futures are pointing sharply dow is down 400 points, nasdaq is down about 150, of course we open the market in 10 seconds so we'll see how that actually shakes out but we also have oil down sharply, off $4 a barrel. [opening bell ringing] stuart: that could be another recession indicator. interest rates down on the 10 year treasury as well, perhaps that's a flight to safety. here we go. we're almost ready to start trading literally in a couple seconds and off we go it is tuesday, july 5, 2022. we've opened with almost all of the dow 30 on the downside and the dow is indeed off over 400 points, that's 1.3%. s&p 500 also on the downside to the tune of 1.3%, the nasdaq composite down 1.4%, have a look at big tech taking it on the chin all over again, look at apple, 137, amazon 107, meta 157 , microsoft is down four bucks at 2.55.

show me tesla, please. they are on the downside today, 2% lower at 666. is this , susan is with me. are they no longer the world's largest seller of electric vehicles? >> yeah, so we have hong kong listed buffett invested byd is the largest maker of ev's but the headline is tesla ending its two year runoff record quarterly delivery so they only delivered 25 5,000 in the spring time that was short of analyst estimates looking for something closer to 270 or so, but also, more importantly, it's less than what they delivered in the first quarter when they had over 300,000-plus cars that exchanged hands, shanghai covid closures, a delay in berlin opening and that meant a drop fromq 1 but here is the good news is that in that report is a tesla so that the production in june has picked back up to record levels they have never made as many cars as they did in the month of june. jpmorgan this morning saying that tesla could fall 40% on

weaker deliveries they had price target and cut it to 385, but okay, so also remember that jpmorgan has been pretty bearish on tesla for a long time, and i would say probably an anomaly since we're looking at the 380 levels. stuart: 338 was very bearish. >> well in the 600s. stuart: that's a disaster. >> most people though still have closer to $1,000 price target for tesla. stuart: oh, they do okay, all right let's have a look at the tech stocks. i believe that some of the analysts out there are becoming less bullish on the big names on your screen right now. >> well, i would say barclays in particular and especially when it comes to social media and this has a tesla tie-in of course with twitter so barclays cutting their price predictions because of a perfect storm they say in the ad revenue space. especially for social media, so tik tok competition is going to takeaway some of that ad spending, global slowdown is taking place and barclays says meta is only worth 280 and only, that's still pretty good upside of 100%

almost. stuart: yeah. >> alphabet is worth 3,000 in their view, pinterest worth 20, so is snap but twitter this morning also making news in that they are challenging an india ruling that forced them to remove some content and of course, with all this decline in the social media stocks, have you looked atwitterrer recently, trading at $30-plus, 54.20 doesn't seem like it's going to happen for elon musk twitter deal who by the way broke his 10 day silence on twitter with a picture of the pope and his four kids on friday evening. it was the longest absence for elon musk in i would say probably six years low pressure. stuart: twitter is down 1.5%. tesla is down 2.2%. all swept up in a general downside move that has the dow down 500 points. let's talk oil for a moment. warren buffett has been buying up shares of occidental petroleum. >> yes that's right so that's thumbs up, from warren buffett although carl icahn has sold out of occidental so which billionaire has it right?

berkshire is doubling down up ping their stake in occidental so they bought almost close to $10 million more shares so they have a stake worth 17.5% but it makes sense with oil prices it crossed 111 last night, exxon says that -- stuart: way down this morning. >> but again that's growth concerns i think global growth concerns. so we have exxon-mobile also saying that because of the higher oil & gas prices, they are going to be $18 billion , $18 billion in three months in the second quarter. stuart: profit. >> i believe so. stuart: 18 billion. >> i'll double check that but i think it's revenue to be honest, but still 18 billion in revenue in three months is pretty outstanding for an old industry, right? something we thought was in past stuart: it's only a matter of time before the oil company haters, come after them and say you're making far too much money >> it's so complex so pump oil now but we're looking to long term kill your business. stuart: yup. >> what's the incentive? stuart: another big item of news

this morning was that the u.s. is looking at cutting some of the tariffs on china products that were imposed by president trump. now my question is, if they did this , what be the impact on american stocks? >> so positive, because you saw that initial lift i would say in the stock futures overnight. so this is a call with treasury secretary janet yellen and her counterpart in china, and they've been talking about this , the administration, the white house, has even been making calls to retailers saying if we do cut china tariffs, will you, in response, then cut your prices in your stores? they are looking at some ways to try to bring down inflation right now, which is sitting at 40-year highs. i would say retailers probably have an inventory issue right now, demand issue, because we do know interest rates are going up that means people have less to spend. stuart: exactly. it's a very complex thing isn't it? you know, we never talk about currencies, so the value of the dollar. well this is news this morning. the euro is at a, i think it's a

20 year low against our money, our dollar. now, my question is, what does that 20 year low for the euro mean to you and i? >> well it's going to make your european vacations a little bit cheaper i would say. so we're looking at 102 so that is the weakest since december 2002 and the reason, well there are multiple factors as you know. have you looked at natural gas this morning by the way? stuart: down again. in the $5 range now. but the forecasts go up 700% because of the winter upcoming, also the strikes with some of the natural gas plants that has the factor in there but also would say it's the differential in interest rates. you know the europeans, the ecb european central bank, i don't know how many acronyms they use but the ecb is set to finally raise interest rates for the first time in 10 year this month and only raising it by 25 basis points whereas the fed at the end of this summer we could be up 150 basis points, right? so crossing 2% and that means it's more attractive dollar

assets are more attractive when rates go up because you get more return for your money. stuart: okay, 102 on the euro. >> but england is much cheaper now than 20 years ago. i'm so jealous. stuart: in the unly event i a a e eur e eacnac iuess iou get a bar.ar. >> c iustsk o quest question because ht heardour rvw rvwithw uk llo lumbrices pricerecereown, downdo 1 s you hav heav input costs coming down. somebody challenged me saying lumber costs are down 45%. stuart: i am a tree farmer and lumber prices are way, way down. >> what does that mean for the economy when you have input costs? stuart: it means you may see a slight dechain in the inflation rate overall. >> also slowing growth. stuart: it'll come along as well not quite stagflation but somewhat similar in the immediate months ahead. that's what it looks like to me.

>> so knowledgeable. thank you, stu. stuart: flattery is whatever. susan thank you very much we'll see you again later. check the big board we are now seven minutes in and down 1.7% that's 550 points. look at the dow winners, there are a few, the lowest loser, that stock which is losing the least among the dow 30 is walmart only down seven cents. s&p 500 winners, dollar tree, clorox, constellation brands on the upside, nasdaq winners, dollar tree, costco, micron, vertex, o'riley automotive, none of the big names. coming up chaos in philadelphia after two police officers were shot during july 4 celebrations. the cities democrat mayor says the supreme court is to blame. roll it. >> and we have the second amendment and we have the supreme court of the united states telling everybody to carry a gun wherever they want. stuart: that's not quite

accurate and we'll discuss that a little bit later. nba star britney griner has been locked up in russia for nearly five months and now she's pleading with president biden for help. we'll tell you what she's saying the administration targeting america's biggest oil field. they could shut parts of the permian basin. why would they do that? i'll ask oil expert steven shorc k after this. tell me why you lie to me ♪

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output. all right, in worst case scenario, how high do you think the price goes? lauren: this is kind of unbelievable. it's for brent oil, the one in europe, and it's $380 a barrel. 380. it's so that would happen if russia says let's cut production by 5 million-barrels a day, because it's happening right now is g-7 nations are considering capping oil prices to squeeze putin and squeeze the ability of russia to continue to fund their attack in ukraine. if that happens, they are saying this could be jpmorgan says this is russia's retaliation to the world. stuart: if the europeans put a cap on the price they might not sell it to them in the first place, 5 million short, whatever it is $380 a barrel oil. lauren: but china and india can continue to get it pretty cheap right now. stuart: that is true. now take a look at the american oil lake otherwise known as permian basin. the epa is targeting this giant

underground lake of oil. stephen schork joins us. stephen, why is the epa considering reducing the output from this most productive oil field in america? why are they doing it and why are they doing it now? >> well looking to expand their powers over the industry to regulate the industry even further, stuart. we of course we had the supreme court hearing on the case in west virginia which severely clipped the wings of the epa to attain certain powers is this is just the epa's response to say look we can go after and label parts of the permian as a non- attainment zone status and now it gets regulated by the epa's ozone regulations and of course this is being done to once again to appease the radical side of the president's party so the president can sit there and make the claims he's doing working like the devil to lower gasoline prices and yet his administration and his agencies

are doing everything they can to limit the amount of fossil fuels that comes to the market. stuart: it seems like this is a terrible warning to be giving to the oil industry. i mean, the administration is saying, we're going to get you. we're going to make you cut production in the permian basin, which is the biggest underground lake of oil in the united states this cannot be good for future investment in the oil industry. >> no, absolutely, and this is, it's clear now, and it always has been clear that this is the biden administration's game plan is to starve the industry of capital, that is capital goes where it's welcome, stays where it's well-treated. we now know that they are do everything they can, let's keep in mind, permian is responsible for nearly four out of every nine barrels nearly 44% of the production of u.s. crude oil it's also the second-largest next to the marcellus here in pennsylvania, producer of natural gas, so if you continue to attack this , this is the clear message you are sending. an investment as capital intensive as drilling for oil &

gas, you have 5, 10, 15, 20 year paybacks on these investments. who is going to invest what banker is going to invest capital in you when they know there's an administration within two years could outright out law whatever your investing in so yes we are looking at stuart a long term structural imbalance and $380 the worst case scenario , yet not as farfetched as the economy will be so far in recession, will never get there, but $200 at this point, yes, it certainly is possible with the message that the markets continuing to send and the white house is sending to this market. stuart: stephen that's not what we wanted to hear but that's your point of view and we appreciate it, stephen schork we'll see you again soon. change the subject completely. you want to know all about fenway park and how it was built green monster and all? check this out. >> you don't replace the mona lisa, you keep it alive.

stuart: big risks. he was an average businessman. stuart: high stakes. >> we can't let that happen under my watch. stuart: and bad luck. >> unless the grandstand burned down, they got punished by the gods of baseball. stuart: the making of an icon. >> it's unlike any other place in american sports. >> every change is prompted by something memorable. stuart: how they built and saved the oldest park in the majors. yeah that will be tonight on " american built" 8:00 p.m. eastern on fox business prime. coming up on the show this morning, a woke employee says he was fired because he refused to work. he refused to work because he was "mourning" the reversal of roe v. wade. a city in florida sent out an e-mail saying a lot of people probably don't want to celebrate our nation with all the hate and unrest. they're walking it back after they received quite a backlash. ♪

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every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. stuart: oh, yes the hot dog eating contest, which takes place every july 4 in new york. this year there was an unexpected visitor on the stage. lauren: and the news is what

joey chestnut did to that unexpected visitor. the protester, as he downed his 17th hot dog, watch this. i mean, it's unbelievable. he still won the contest, he didn't set a record but he down ed 63 hot dogs and buns and he spoke about what he thought was happening on fox & friends earlier. >> yeah, so i thought somebody fell on to me and then i realized oh, he's holding a sign and he wasn't moving over so i kind of moved him over, and you got him in a headlock. >> while you were eating the dog. stuart: [laughter] lauren: that was the most remarkable, he couldn't even see him, he's competing eating a hot dog and puts a protester in a chokehold just like that. stuart: he won i think. lauren: he won, 63 hot dogs. his record is 76. stuart: still on the hold day weekend orlando, florida in hot water for a statement they released about july 4 take me through that one.

lauren: they were trying to get people to come to their fireworks display and they led their newsletter saying this. a lot of people probably don't want to celebrate our nation right now and we can't blame then, when there's so much division, hate and unrest why would you want to have a party celebrating any of it? but then they said we brought the fireworks, so just come on down, come celebrate. snarky? okay, but other people thought it was downright disrespectful and the backlash was severe. this is the apology that they issued. orlando sincerely regrets the negative impact our words have had on some in our community. we understand these words offer some of our residents which is not our intent. we value the freedoms we have in this country and they go on. that did not go down as they thought. stuart: we like july 4. lauren: i was upset by that. i didn't think that would happen in florida. stuart: i agree entirely but it did. there's one more for you here. violence in philadelphia this weekend and the cities mayor blames it on the supreme

court decision. take me through it. lauren: so this is hours after the chicago shooting and you're looking at video on the screen. two officers who are working this fireworks display, they are doing security there. they're shot at during the celebration. they are okay but you can just see the crowd running from the fireworks in the background. there you can capture it more there as the crowd just runs away. the mayor, a democrat of philadelphia, his name is jim kenny, he said it's not the gunman's fault. it's the constitutions and the high courts. listen in. >> weather was beautiful. but we live in america, and we have the second amendment and we have the supreme court of the united states telling everybody you can carry a gun wherever they want. stuart: that's ridiculous. lauren: it's something we'll have to live with as long as gun s are legal. stuart: supreme court is not saying you can all carry a gun whatever you like, that's just simply not true. all right thanks, lauren. check those markets please we're 25 minutes into the session dow is down nearly 600 now, nasdaq

is down 173. still ahead on this program, new york congresswoman nicole malliotakis, brian kilmeade, charlie hurt, serve en moore, yeah, the 10:00 hour of "varney" is next. ♪

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♪♪ stuart: 10:00 eastern. it is tuesday, july 5th. straight to the market, at the moment the dow is down, the nasdaq is down almost 200. the yield on the 10 year treasury, happen our go was 283, now it is 282. the guild is coming down as money flows into treasuries, it is a source of relief, safe haven that puts the price up and the yield down.

the price of oil down 5%, $5 a barrel, back to $103 a barrel, bitcoin not above the 20,000 mark, back to 19,300 as we speak, so often progress. now this. i am going to call it the magic wand theory of economics, the president tells gas station owners to lower prices just like that. we are not command economy. do this because i say so. president biden's government insider, he spent a half a century in washington dc and does not understand how the rest of the country works, the chinese communists approve of the biden command, this tweet from chinese state media, now us president finally realized capitalism is all about exploitation. she didn't believe this before. it can't be good when the

communists think our president is right about economics and troubling when our president appears willfully ignoring. has anyone told him 60% of gas stations are mom and pop family operations which would go out of business if they sold gas at a loss. he surely knows this but chooses not to acknowledge it because his base loves to beat up on anything to do with oil. wise biden going to saudi arabia, to beg them to produce more oil? the greens can't stand the idea of producing more here. it is astonishing that the degree to which the climate crowd is prepared to make us pay for their green dreams. biden has waived the magic wand but it won't work. political posturing cannot reverse bad policy and that is my opinion. second hour of varney just getting started. we need him, we need him badly.

scott shellady. i called it the magic wand theory of economics, command economy. what do you say to that? >> at the best of times that would have been difficult to have a command economy. they rolled out a program to a country that is addicted to petroleum. they want us to get off of it. unbelievable we are seeing this happen in front of our eyes. of our economy was smooth sailing, it would be difficult but as i researched everything this weekend it came to my mind they are doing this at the wrong time. we need more oil and do what we need to do in the short term to shore up our ballots because we are teetering and it is not good. look at everything from commodities to fixed income to

equity markets, no one has anywhere to hide. the money flowing out of these is historical. stuart: are we about to go into a recession? where do we stand? >> i think we are in a recession. following last quarter's-14%, that's two in a row. they are going to try to change that definition of a technical recession so i'm expecting that but comparing our inflation rate to the rest of the world, it will be called international inflation, weight for that to start. stuart: if you get two back to back quarters it is technical, technical recession. my question is what about from here on out? does it get worse? >> i think it does.

we have to shore up the size of the ship because we have to find a bottom but everyone is ripping for the face rally in 2,020, i don't think that will happen as long as we have the idea we need to move from fossil fuels to green we are not going to have the rip your face off rally, we will have higher than normal inflation and job cuts. job cuts just around the corner. i think it will be a difficult road for the next 6 to 12 months. stuart: it is 1979 all over again. see you soon. jeff bezos isn't the only one blasting president biden over his comments about gas prices. >> the oil and gas association that advocates for the industry, have a happy fourth and make sure the white house registers for econ 101.

misunderstanding of how the economy works which you talked about in your mytake, the white house press secretary said oil prices have dropped $15 over the past month but prices came down, in the past month gas prices dropped $7, so much less. in china, it is noticing this, chinese journalist writing in response to biden's ordering of gas stations to lower their prices, biden realized capitalism is all about exploitation. they are saluting their interpretation of biden's denunciation of capitalism. stuart: never good when the chinese commonest party agrees with the economics of president biden. we have some movers today, the dow is down 625 points.

lauren: the electric f 150 in the month of june, if you look at the entire second quarter stocks rose 1.8% at wall street was expecting double that. stuart: a copper miner i want to look at, down 8%. lauren: had a strong dollar to that, it is a new 17 month low, that's why this is the biggest loser. stuart: you would think with inflation expectations with commodities coming down that would move it up a bit. lauren: the interpretation is a hard landing might follow this, oil prices go to $45 next year. stuart: dollar tree, hard to find a winner.

lauren: the dollar store, trying to save money. stuart: one of the most active of the nasdaq composite. stacy runs's campaign spent half a million dollars on private security for her even though she's on the board of the foundation that wants to abolish the police. isn't that a contradiction? a leading georgia politician on personal safety? >> truly incredible and a pattern we have been seeing. back to the old adage, no one is anti-gun. the question is who get to have guns to protect themselves and stacy abrams is part of a political population who believe normal people shouldn't have guns to protect themselves

but better. she believes she should have people with guns to protect her and the voters see-through and democrat voters see through it, democrats voters love their families and want to protect their families as much as republican voters do. it is it is a losing strategy in the long run. stuart: president biden will deliver remarks on his economic agenda. he makes those remarks tomorrow. is there any industry he has not yet blamed for country ills. any industry he likes? >> no. that is how he colludes with chinese communist talking about how awful and rapacious gas station owners, the story last month that didn't get a lot of play, vladimir putin went to moscow and st. petersburg to talk about sanctions against russia and how they backfired.

what plan report and said about the war in ukraine was the same thing president biden says talking about how all the ills in this country were putin's fault, seems to look like he brought the united states to its knees and president biden playing into his arms making the same argument, that determine the next election don't buy the stuff. these are politics of desperation, president biden caused these problems. stuart: on january 6th, the impact on the elect oral process.

>> you don't hear anybody and exploiting tragedies to go after things, gun laws and abortion issue don't think that's going to work. stuart: thanks for being here, you know what you are talking about and see you again soon. a new poll says people are largely a poster president biden seeking reelection. >> 70 one% don't want biden to win again because they think he is a bad president and others because of his age and others say we need change so please don't run. should donald trump run again? 61% in the same paul say no, not trump. who will be the candidate in 24? stuart: the way it is shaping out, newsom from california versus desantis in florida, a lot of people talk about that. lauren: they are younger and have fresher ideas.

stuart: hollywood elites like sinker katy perry and kim kardashian use social media to protest 4 july, rachel campos duffy will deal with that in the 11:00 hour. migration study says the us mexico border is the deadliest land route in the world but if you ask secretary mayorkas he says the administration is doing a good job handling the border, role tape. we will have that for you momentarily but tom homan will be on the show. see what he has to say to those people, 6 people gunned down during a july 4th parade, the suspect is in custody. grady from. in highland park with the latest, joining us and reporting after this. felt overwhelming at times. but i never just found my way, i made it.

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stuart: a lot of red ink. dow is down 570 can nasdaq down one hundred 70, nasdaq has come back a little bit, it was down 200, now it is down one hundred 20, 6 people are dead, 30 injured after a shooter opened fire ida july 4th parade in highland park, illinois. the shooter is in custody. do we know emotive at this point? >> we don't, but we expect an update from police in the next couple of hours. we do know two of the six people who lost their lives in yesterday's horrific attack. one of them is jackie sondheim, a preschool teacher at local synagogue, the synagogue confirmed her death on its website.

the family of nicholas toledo identified grandfather visiting from mexico. 30 other people were hurt, victims ranging in age from 8 to 85. police say the gunman opened fire from the roof of a downtown business just after 10:00 at highland park's fourth of july parade, climbed up on an unsecured latter attached to the building, the mayor of highland park told the today show the suspect legally obtained the gun used in the shooting. people who were there at the time including parents and young children ran for their lives as gunshots rang out. >> started shooting again, we ran behind the building and he sat there and i went back, left them -- it was horrible. two people shot on the ground.

>> reporter: after the attack a massive manhunt ensued. an officer with a neighboring police department spotted the suspect in his car about 5 miles from the parade route, they surrounded him and took him into custody in the middle-of-the-road around 6:thirty yesterday evening. police identified the gunman as robert creamoh iii and he grew up in highland park, he's in his early 20s and previously posted disturbing videos and pictures on social media including one depicting the aftermath of what looked like a school shooting, several of those posts have been taken down. we don't know whether police know about them before the shooting happened, whether this man was on their radar before yesterday and the manhunt that followed. stuart: thank you very much indeed, difficult story, appreciate you coming. the department of homeland security secretary claims the administration is doing a good

job handling the border crisis. watch this. >> we are doing a good job. the migration occurring throughout the hemisphere is reflective of economic downturn can increase in violence throughout the region. the result of the covid 19 pandemic, the results of climate change. stuart: tom homan is with us. this migration is the result of climate change and covid. you want to respond to that? >> the secretary thinks he is doing a good job because this is what the white house wanted, what they campaigned on, executive orders, this is open borders, this in his mind is doing a good job. the american people's mind he needs to resign or get impeached. remember when this first started happening, he became

secretary, they blamed trump policy that a few months later it is seasonality, now they are blaming covid, economy, wasn't there climate change in 2019-2020 when we had immigration at a 40 year low, wasn't the economy downturned when the entire country was shut down. everything he's claiming caused it, the trump administration got historical success on the border, immigration down 83% to 93%, illegal immigration at a 40 year low despite these problems, these problems are based on biden's policy. if you wants to look for the root causes he needs to walk down the oval office, the root causes are sitting there. stuart: mayorkas says the remaining mexico policy will continue for several weeks but the supreme court said biden could end it.

why is mayorkas continuing it? >> he's only running at 40%. most families are being let in. he is only running it but they have been stewing to end it and suing to end title 42, the only things that remain that even smell enforcement they are killing it. the decision by the supreme court, more people will come and when more people come more border patrol agents will be taken off the line. 70% of border patrol agents no longer online because doing this crisis as it is, more agents flying, what happens then? more fentanyl getting across the border, more overdose deaths, more children, president biden becoming

president, up 900 migrant deaths, historic record. the policies of the biden administration, over one hundred thousand, migrant deaths close to a thousand, his policies are inhumane, secure border saves live. how many sexually assaulted, and how many migrants didn't die. trump's policy save lives. we won thanks for telling it how it is. appreciate you on the show. the government, both the government and the private sector looking to hire more cybersecurity workers. do we know for a fact that cyber threats from overseas are on the rise? lauren: they are and they rose with of the war in ukraine. & the government scrambling for years building up now to fill

the cybersecurity rules. and 7000 positions need to be filled. the education level, graduates major and specialize in deals to 70 companies. we won 70,000, what is this about tiktok employees in china being able to access user data here in america? >> tiktok confirmed it, leaked video, and 9 senators asking information how they collect user data, the chinese government has access to personal information and brendan car wants apple and google to pull tiktok from their apps stores, on july 8th.

stuart: the pressure is on tiktok. turning to china for help, rolling back tariffs on chinese products to deal with inflation here at home. gordon chang in the next hour. pope francis hints he could one day resign, growing spec elation he will step down over health concerns, and may be a new era, retiring popes, that is next. ♪♪

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my grandchildren, there they are, grandchildren, a chatham fourth of july in cape cod over the weekend, they held their annual lemonade cookie stand to raise money for the local food pantry, on the left, and page on the far right, there, lemonade, which we bought. we raise $551 for charity. stuart: everything had a price. everything had a price. lauren: under cookie. stuart: inflation was not part of the schedule this time around. $551, well done, kids, you did a great job. now look at the market, selloff continues down 600 points,

nasdaq is down 115. what are the banks doing this morning? lauren: morgan stanley, citigroup, jpmorgan, treasury yields on, investors look to buy bonds, a safe haven, re-inversion of the yield curve signaling recession in the future -- stuart: it is -- crocs moving, crocs are my favorite, they are up 5%. stuart: lauren: they are assigned a $70 price target. stuart: not bad at all, 50% gain. my favorite store, costco, gas sales in new jersey. lauren: they are down a little bit. if you fill up in new jersey you can save 1/4 of a gallon but now, members still perked,

$60 a year in new jersey you can use the costco gas station. not, can't do it. stuart: this is really interesting. i am a spiritual person, religious, christian, find this fascinating. pope francis dismissing speculation that he will resign. he said he would only resign if his health prohibited him from running the church. jonathan morris, our resident theologian. are we in a new era where popes can think about redesigning? >> pope francis said if i can no longer condition to govern the church i will resign and he went further, thanks to pope benedict, it had not done for 500 years but thanks to him he woke the church up to the possibility of stepping aside when you can no longer govern the church. i think it's a great thing.

when you get so depleted physically or mentally other people govern the church for you. you know how that works. stuart: what does that do to papal infallibility if they resign and retire are they no longer infallible? >> you always talk about infallibility with me. we are supposed to understand infallibility. it does not mean a pope never makes a mistake. it doesn't mean he never trips. it doesn't mean he doesn't make imprudent decisions. all of that happens. we know that through the history of the church. when he makes what we call in infallible statements, when he sits on the seat of the pope and says this doctrine i declare to be infallible then he's not going to ever go against something the holy spirit has inspired. if he retires it is no longer pope, he can't make that statement. let me say something out. these rumors about the pope resigning imminently and other

news stations jumped on that, "varney and company" stood the ground of rationality and said there are no signs there would be an imminent resignation by pope francis and he just said that and has confirmed that i will not resign imminently. only when i can't do any longer. stuart: the pope did reemphasize very recently his stance on abortion in the wake of the roe v wade reversal, he compared to hiring a hitman. what do you say to that? >> paying somebody to take a life. that's what a hitman would be. pope francis has said consistently life in the womb is human life and deserves respect. people will be surprised at this because he is liberal in other areas but this is a great example why when we look at something in the catholic church and something internationally, we can't use

the conservative liberal kind of categories we can use when we talk about american politics. it is very different in the papacy, very different internationally. stuart: the catholic church says life begins at conception and therefore any form of abortion is killing a human being. you can't do that. >> he said i don't understand the constitutional law. what i can talk about is taking the life of an innocent human being in the wound. we wanted is wrong. a catholic church in kentucky held what they call a service of apology to the lgbt q plus community apologizing for the church's lack of respect, compassion and sensitivity for unjust discrimination. your reaction to that? >> there has been a lot of on justice, nation, lack of compassion to all sorts of people, homosexuals have gotten

a lot of that even from the church community. respecting the individual human being doesn't mean i agree with all of your choices and the church has to distinguish what do we believe in? one thing they believe in that we are believing as human beings and christians is respect and compassion for every human being. stuart: the catholic church will not marry gays, that is accurate? respect the individual and their individual point of view but will not allow that institution of gay marriage inside the catholic church. >> doesn't take away learning from the path and saying you need to respect people for who they are, respecting the individual, even people who disagree. blue when you are a theologian and a diplomat as well. >> i'm just telling the truth. sometimes the truth is very compassionate. stuart: you got me again. thank you so much, see you soon. hotels turning to robots to help them deal with the ongoing

labor shortages, there is one right there. that is not sitting well with the unions. we have that story coming up. another shepherd of baby formula coming to philadelphia today. jeff flock, the philly airport. we will be back. ♪♪ [whistling] when you have technology that's easier to control... that can scale across all your clouds... we got that right? yeah, we got that. it's easier to be an innovator. so you can do more incredible things. [whistling]

stuart: savvy selling this to say following the long weekend, the dow down 580 a nasdaq was down 200, now it is down 40, big losses for the dow. the next shipment of president biden's operation fly formula, jeff flock is at the philly international airport. how much baby formula is being delivered today? >> reporter: 2 million bottles from australia, 8 ounce

equivalent bottles at the ups air pub -- air hub in philadelphia. you see behind me a 747 bringing the stuff in today. look at the numbers. the australian company has a contract to ship 21 million bottles, walmart, target, acme, and kroger. the administration says it brought in 37.2 million bottles but the problem persists. typically 10% when it comes to baby formula, that is the norm. the last couple weeks, 25% out of stock nationwide, 27% on june 19th. republicans and democrats upset about this because the fda,

before they began investigating. rafael warnock writing to the fda and i quote him now, it is clear there are serious issues, it is alarming they took 6 months for the fda to act. progress being made herein 5 hours time, that plane, the 747 ups will land, formula from all over the world as we try to get up to speed but the plant in michigan not making formula. stuart: see you later. americans started to dip into their savings, we are starting to dip into our savings to cope with inflation. how much are doing that? ashley: tens of billions of dollars, families have already

tacked 114 billion of their pandemic savings, sky high inflation wiped out wage again. the personal saving rate, the amount of money people have left after spending in texas reached 5.4%, that number below the average of the next decade, below the record of 34% in april 2020, some businesses are offering pay hikes of bonuses to keep workers in a tough labor market, when executives worry about a recession, many corporate leaders say business is strong and higher pay is important to reward employees performance as we say in a tight labor market. stuart: stuart: labrie group says in unions not happy as more hotels look to use robots to combat short staffing.

ashley: they are upset and worried robots are starting to replace a growing number of emphasis dues paying members, robots are not paying any dues, the issue is bubbling up especially in the hospitality industry where robots began to fill jobs, they provide guest services like taking extra towels, they announced their arrival, they can't knock on your door. after properties that are strapped for labor using robots to help with hard to fill night shifts, there might be one person working at the front desk. the hospitality industry lost one. 3 million jobs over the last two years and still 49% of hotels say they are severely understaffed. stuart: we have this excess inventory piling up with big retailers.

liquidators want to dispose of this oversupply. can you tell me which retailers are we talking about. are we cutting prices to get rid of the inventory. ashley: big companies like target and walmart see inventories piling up, big business for liquidators, to dispose of the oversupply and there are savings, we are talking about a glut of kitchen appliances, 40% off, televisions, outdoor furniture and apparel, major change trying to clear out. the liquidators are picking up pallets at portend the warehouse without the goods ever hitting store shelves, it has been created is retailers placed extra orders to compensate for the supply chain bottlenecks put in place -- inflation left less money for discretionary items.

one of the big winners, the big discount chains like t.j. maxx and ross that are gobbling up surplus merchandise and you can get some good deals. stuart: that might impact inflation down the road. back to you later. donald trump may lunches 2024 presidential bid earlier than anticipated. why the rush? brian kilmeade has some idea on that. he is here next. ♪♪ jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, trelegy for copd. you get a different kind of bank.

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stuart: plenty of red ink, the dow is close to 700 points, nasdaq doing a little better, it had been down 200, there is plenty of red ink. 10:51. brian kilmeade is with us, donald trump may launch his 2,024 presidential bid earlier than anticipated. why is he doing that? is it because the staffers are gaining ground? >> maybe. a lot of people discussing running, tom cotton has not given up running, nikki haley says i'm not going to run of trump runs. mike pompeo says i am still thinking about it. governor youngkey in is not in

trump world but is friendly with trump, that's the perfect scenario. chris christie says he is in. if you want to make it clear i still got the majority of republican vote, going to be tough to beat, i will come after you, clear the field and trump is getting frustrated watching what is happening with the january 6th committee and says i want to steal some of that narrative back, not only do i not agree with what is going on, another witchhunt, part 5 i guess but i will run again. you think i'm worried if i will run again? he will debate what he's going to announce. stuart: on the matter of governor desantis he is mocking governor gavin newsom after newsom rolled out a new political ad and he rolled out the ad in the state of florida. watch the ad. >> freedom is under attack in your state.

i urge all of you living in florida join the fight, join us in california where we still believe in freedom, freedom of speech, freedom to choose, freedom from hate and freedom to love. don't let them take your freedom. stuart: i won't comment on that. do you think we will see a desantis/newsom face-off? i cannot see newsom winning a national election. >> the fact is this says to me a couple things. gavin newsom is friendly with the biden family and is a faded comp lien democratic circles that biden is stepping aside and gavin newsom says i want to be first in show you how bold i'm going to be, i will be the fighter you say doesn't exist on the left and go after the number one fighter on the right and if they get more people like every moment we are talking about gavin newsom he is happy. you know what else he did? open the account on truth social, trump's conservative version of twitter and is fighting there.

he wants people to not talk about high taxes, high homelessness, french laundry visit, cracked down after covid. doesn't want to talk about illegal immigrants taking over their entire state. he says let me go fight against the other young guy. bypass trump and biden who might be in the top of the ticket. it is smart but the other problem with gavin newsom is his report card, it is abysmal. he took a homerun and ran around the bases. stuart: i can't believe a liberal from california with a track record like that could win a national election. do you believe he could win? >> he could only win by saying i am not liberal, i am moderate and go to the right. there are some things i agree with the republicans on and some things i don't. separate himself from his track

record but if you look what is happening on the left he's going against bernie sanders at 82 years old, peter buttigieg who was in effect on job performance, kamala harris who can't get a sentence out that's not in a prompter. who should -- elizabeth warren, unbelievably unlikable so where is the person that will stare down gavin newsom? he has a lot of money, hollywood behind him to get him to the finals and see what happens. stuart: you make a good case. i can see him as the front runner. they have a week bench at this point. >> a week starting lineup, not even a bench, the starters are ineffective. if you show me the starting lineup. stuart: you are all right, to see you again soon. have a look at the markets, moments ago we tipped a bit further south on the down just real, 700 points, that is 2 and

12:45%. rachel campos duffy, new york congresswoman, after the midterm elections the next climate summit starts in egypt. i think the summit should acknowledge reality, the climate policy is collapsing, strong word but it is true, that is "my take" and it is next. ♪♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i'm amber, i've lost 128 pounds with golo,

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♪♪ ♪♪ i don't know about you but i feel good ♪♪ stuart: strange music. i am not quite getting to grips with pitbull let this moment in time but it is 11:00 eastern time, tuesday july 5th. a selloff in progress, dow is down 705 points. look at the price of oil sharply lower, down $7, 6.5%, just holding above $100 an ounce.

the 10 year treasury yield is also making news. the yield is down 2. 83%. you come out of risky stocks and go to solid bonds, the price up and the yield comes down, 282. a lot of reading on the markets this morning and now this. in november just after the midterm elections the next climate summit begins in egypt. i think the summit years should acknowledge reality, temperature targets, co2 emissions targets will not be met. there whole system of targets and goals is collapsing. climate policy is collapsing. the greens are insisting we must all, we've got to soldier on and put fossil fuels firmly in the rearview mirror but we are not doing that. several european countries including germany have gone back to call. china has started to build new coal-fired power plants, india

is increasing its coal consumption it in the middle of all of this the biden team is doing its best to suppress the production of natural gas, the fossil fuel that pollutes the least. climate czar john kerry simply hopes russia lives up to climate obligations. this is not an editorial about whether climate change is real or man-made. it is an editorial addressing reality. when the climate conference convenes in egypt between november 8th and 12 there will be a lot of handwringing about backsliding on carbon. what they should be doing is figuring out a new policy, the all policies and working, it is not saving the planet. it is impoverishing the whole world. third hour of varney is just heating up.

fortunately rachel campos duffy agreed to come into the studio to respond to the greens and i am asking the question will they admit their policies are not working? >> no because -- this is the first time you see people deliberately impoverish their own people to achieve a policy goal. i believe the policy goal as a means to was mikel, i think the end is they want this globalist idea, a chinese style capitalist system where the top benefits from capitalism in that way and the rest of us live under socialism, the one that famously said you will know nothing and to be happy, this is what they want for us and climate change is a means to that end, that is my view. we when i'm going to move on -- i do agree with you, just don't want to cross you.

woke hollywood elites, katie. think it is, kim kardashian, leading calls on social media to protest 4 july. on instagram from the business of fashion founder anita bitton wrote fourth of july is canceled due to a shortage of independence, sincerely women. >> fundamental misunderstanding of what we are, we are a democratic republic representative government and this decision gives more power to the people. i don't understand these congressmen and senators on the democrat side so upset about this, this gives more power to their own constituents to have a voice in this, the decision will go back to the states because that opinion by the court role versus wade was always on shaky ground, ruth bader ginsburg said that, this isn't what women want, 80% of women who had abortions said they would not have had an abortion if they had more support, they are not clamoring for more abortions, they want

more support when in a crisis pregnancy. this is a time for pro-lifers but also government to step up to help women who are in need and make it easier for people to have babies, start families and hold men accountable. abortion has been an escape gap for many men in terms of taking response ability. stuart: interesting angle, make men accountable. for what they have done. one more for you. >> takes two to tango. stuart: i want to tell you a serious subject, the highland park shooting, they have a suspect in custody, 6 people killed, 30 injured. all kinds of dreadful stuff on this young man's social media, why didn't we know about this earlier. what this young man was posting. >> i did see the videos that

simulate a school shooting, clearly troubled young man, hard these days to get a child or young adult over the age of 18 to get mental health services, that something we ought to discuss. politicians are moving to guns, chicago, illinois has the strictest gun laws, a very good memory of what happened in the waukesha christmas parade, 60 some injured with a car. it's not a matter of the weapons, it is a mental health crisis, it has been something we have seen for a while, kids and young men feeling lost, undirected, spiritual crisis, much different to deal with. stuart: a cultural crisis. >> cultural spiritual crisis, younger men feel like they have

no direction and no hope, much deeper question and we need to talk about family crisis, young men, this kid in particular like many of the others from broken homes. stuart: you have addressed some important issues and we appreciate that. let's get back to the markets, a ton of selling this morning, dow is down 700 points and nasdaq down 77. look who is with us on july 5th, jason katz joins us now. how do you see the second half of the year? in terms of the stock market? >> better than the first. not unlike the basketball game where you are down so much.

i coached my son for a decade. i tell the team in that situation put the past behind you, start the second half. we look at it through that lens. we clearly saw the same challenges, the fed is going to continue to raise rates, that is for sure and earnings estimates are going to come down. that doesn't sound like a great environment to invest in equities and we've seen multiple contraction from 23 to 15 earnings and we have commodity prices starting to come down albeit may be symptomatically of a recession but helps with input costs and professional investors, hedge funds taking down their short positions right now. the bottom line is we are priced for imperfection and if anything breaks in terms of positive news you see a pretty meaningful rally in the latter part of this year, not so sure the market hasn't done a lot of the wood chopping early.

stuart: is there any particular industry or group of stocks you think could do well in the second half of the year? >> there is. i will say quality which is the most overused term on wall street. what does that mean? quality are companies that generate high free cash that use that to buy back stock or to pay dividends. you want to focus on companies that have short duration meaning earnings visibility, free cash flow now. you find that in healthcare, if you are sick regardless of recession or not you will get medicine. aging, living longer, the odds are given the constituency in congress and the senate at how that may shift i don't think price reform is going to be as onerous. that's very investable. the value tilt and quality. stuart: however you define it,

lots of cash flow. you have a difficult position, market selling off, that is a tough job. stuart: appreciate that. oil companies. oil is way down at $101. lauren: the s&p 500 energy sector 5%, 8% declines, a strike in norway cut gas output by a quarter by saturday, you would think the price would go up when going down. this is recession fears. stuart: a recession indicator. warner bros. discovery. what is the story down 2%. lauren: hbo max is halting the production of originals and most of europe to save money, part of the post merger, growing pains, targeted $3

billion in cost, cut some production in europe. stuart: before the long weekend, disney at $96 a share, i have it at $94 a share right now. what is the problem? lauren: a downgrade at vertical group. they said there is concern about advertisers cutting spending on national television specifically, a lot of real estate when it comes to content. stuart: another recession, the economy slowing down. that is the theme. president biden sends a tweet blaming gas station owners for rising prices, the oil and gas association responded please make sure the white house intern who posted this tweet recognizes or registers the econ 101 for the fall semester, that is getting sarcasm right on their. we are on that story. tiktok making changes to its data security after tiktok admitted employees in china can access information from american users.

the president could lift china tariffs as early as this week to ease inflation but won't it make us, america, appear week on china? gordon chang is with us next. ♪♪

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with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. stuart: i promise there will be more on the supply-chain crisis in just a moment. i want to show you the price of

oil, you drop to $100 a barrel, moments ago it was down 99. a sharp drop in the value of a barrel of oil and this is a recession indicator, $100, $72 a barrel as we speak, the chip shortage showing no signs of using. intel paused plans for new us-based factory, the shortage leaves them with 95,000 vehicles unfinished and in storage. kelly o'grady is with us. what is the delay with the chip fixed. >> reporter: it comes down to the $52 billion chip act. for context legislation speaks to make the us more competitive by funding the mystic research but republicans are warning i will not get past, the billback better legislation, mitch mcconnell tweeting let me be clear, there will be no bipartis ibm as long as democrats pursue a partisan recreation bill, the white

house and the left hitting back arguing his shooting to help china outcompete the us and before for pandemics of us firms, chip shortages, it is much worse. it was short 8. 2 million vehicles resulting in $200 billion in lost revenue when tvs using more chips taking the brunt of it. intel and a number of taiwanese companies announced us plans to bolster the supply-chain but warning the investments are contingent on the legislation. until announcing 20 billion ohio factories on hold and taiwanese global waivers warning $5 billion texas plant will not happen without funding for midship to act. writing a letter to congress arguing, quote, legislation pending in congress is critical to the us economy, national security and supply-chain resilience, the rest of the world is not waiting for the us to act, global competitors are investing in their industries, workers, economies and it is imperative congress act to advance us competitiveness.

with europe acting as well uni -- many companies are looking to walk with no signs of congress. we will see movement soon. secretary of commerce amando morning of this is not past by labor day chipmakers will forgo us investments. stuart: see what mitch mcconnell has to say about that. the wall street journal reports president biden could soon rollback tariffs on imports from china. biden could decide on these tariffs. do you think he should lift tariffs. it will help inflation here. should he do this? >> absolutely not. his belief that if you remove tariffs prices will come down on goods is based on a fundamentally flawed assumption how prices adjust. sellers did not drop prices when costs go down, sellers drop their prices when demand goes down. this is unrelated.

when these tariffs were in place in 2018 china, born 80% of the cost by subsidizing factories, if you remove the tariffs your helping the chinese central government. with these tariffs they have encouraged companies to move back to the us as soon as biden said we won't -- we will remove tariffs, manufacturers stopped their plans to onshore. if you've got a chip shortage or anything else the best thing to do is to say we will raise these tariffs so people bring back their manufacturing to the us. this is simple stuff to understand. the biden administration doesn't understand. stuart: stuart: i want to talk about hong kong. xi jinping went there first time outside the mainland. i think the chinese communists have crushed hong kong and it is a crying shame because it

used to be a beacon of freedom at light in asia and it is gone. i feel strongly about this and i think you do too. >> to end autonomy, what we've seen in hong kong over the course of decades is an insurgency. insurgencies can melt away and disappear for decades and then they come back. that's the pattern in hong kong. 2,003 the big protests over the national security law they disappear -- the umbrella protests, until 2019 when you have protests over the extradition bill. china has been able to stop dissent for now but i think people in hong kong don't want to the chinese there and sometime in the future, i don't know when, sometime we are going to see the people of hong kong say we don't want the chinese here. stuart: tough for them to say that. you pop up nowadays in hong

kong and you are crushed, you go to prison. >> we also know hong kong is one of these peripheral areas to china and the country expands and starts to contract and you are starting to see problems in peripheral areas in china not just hong kong. this is a centuries long process. who knows what is going to happen? if you protest today in hong kong you will get in prison, probably get killed because we've seen this in recent years but nonetheless people there are insurgents and freedom loving insurgents. stuart: that is a wonderful thing. we appreciate it and happy birthday. you are one of the few guests on this program who could not be my son. thank you very much. tiktok confirming some employees in china may have access to user data here in the us. tell me more. ashley: of viral video sharing

apps owned by china says some employees outside the us can access information from american losers, they came in a letter to 9 us senators who accused tiktok, taking and checking out us citizens basically monitoring them, tiktok says china-based employees who clear internal security protocols can access certain information on us users like public videos and comments. the company claims none of that is shared with the chinese government but the social network said it is working with the us government. the project will physically store us information and data centers on us service owned by oracle, tiktok shipping its platform to oracle's cloud infrastructure but while this is going on republican senator marsha blackburn of tennessee says americans need to know if they are on tiktok communist

china has their information. stuart: we should know that. the wnba star who was stuck in a russian prison made a direct appeal to the president for her freedom. what is brittany saying? ashley: britney is writing a letter to the white house telling the president she is terrified she might be incarcerated in russia forever. the 30-year-old wnba star was jailed in mid february when stopped at a moscow airport and accused of bringing hashish oil into the country. her trial began last week but with low prospects for an acquittal and charges could carry a sentence of up to ten years. the white house says the us government is continuing to work aggressively to bring her home, but talk of a prisoner swap is yet to gain any traction. in the meantime she languages in a russian jail, not a good situation at all.

stuart: bad situation. check the markets please. we are down close to 700 points on the dow jones average, down 687, nasdaq down 117. look at the price of oil, momentarily dropped below $100 a barrel, right now it is at $100.04 a barrel, that's a recession indicator. universal music group accused of being anti-gay after firing a worker. the employee last his job after he refused to work saying he was morning the roe v wade decision. a deadly fourth of july weekend, violence out of control, in democrat run cities. congresswoman republican nicole malliotakis takes it on next.

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stuart: believe me, folks, there's a reason we are playing metallica, that song came out in 1986 but is now at the top of the music chart, the top song come because it was

featured in the new season of stranger things on netflix, the second 80s song from stranger things to top the charts. susan: i love stranger things and rush home to wash volume 2 of season 4, the second relief everyone is talking about, usually they release it all in one batch but season 4, stranger things, had to wait three years for this so i have pent-up demand. have you ever watched stranger things? it is perfect. it is so cute, great character development, in the 80s so fantastic. stuart: would you buy netflix stocks on the basis of stranger things? susan: the most-watched shows ever with billions of our streamed, this is what netflix needs, that hit tv show to

bring back the audience. stuart: is there right now -- is there such a thing, right now, a high growth rally? on the market today? susan: look at robox, that is performance in a down market. it all comes down to a 10 year treasury yield rally, the lowest since may. with these stocks, speculative tech stocks whose earnings are so far in the future, less guaranteed money on government bonds, makes these stocks look cheaper, more of a bargain, dip buyers to buy high tech growth stocks. we went got to bring me up to speed on tesla.

susan: still down but carmakers across the board, tesla with a record of quarterly deliveries on china lockdowns, delays in berlin ramping, chrysler -- stuart: i didn't know that, i said i was not interested in that story, that is old chrysler. susan: former fiat chrysler rebrand. i hear that a lot from you. and 20,000 cars this year, 14% fewer vehicles in the first half of this year. it is pretty shocking and ford this morning said sales went up by one. 8% % in the springtime and that is thanks to a surge in june up 30% and you heard that from tesla with record june

production level and gm reaffirmed guidance. stuart: they are all selling off. susan: so that -- stuart: crypto coin base. susan: outperformance in a down market. i was surprised when i saw coin base getting upgraded and upgrade by cybersecurity to hold of $50 in this crypto collapse and more companies going under halting withdrawals. a crypto exchange in india called volt is got after they halted withdrawal so clients get access to their cash. a large crypto exchange, friday halted clients from being able to access their money and like celsius and others it continues and at the end of the day it depends whose cash job and those that do have the cash

like ftx, and worth $400 million -- stuart: interesting story. vice president kamala harris will head to chicago today after a weekend of deadly violence in that city, 62 people were shot this weekend, ten were killed, move on to new york city, at least 52 people were shot, new york city. congresswoman nicole malliotakis, republican from the city of new york joins us now. this was a deadly we can for democrat run cities and it is getting worse. that is my opinion. what say you? >> reporter: if you look at the stats and see how our laws on the books are not being enforced, that's the major issue. in chicago, 87% of those individuals who kill someone had on average 12 prior arrests.

in new york city, 2021 you had 4400 arrests for illegal firearms and if you look at the conviction rate only 700 of those were convicted. 1200 cases were thrown out by prosecutors who refused to prosecute. people talk about new laws but we need to enforce the laws we have, we need judges and prosecutors to hold them accountable. in terms of kamala harris coming to town in chicago i will say, kamala harris supported the minnesota freedom fund that allowed an individual in september to be released onto the street and he ended up shooting and killing someone so these woke politicians that we have at the city, state, and federal level need to get serious about law and order and making sure there are consequences for individuals actions if they want to see this crime that is skyrocketing

turn back to save communities. stuart: the vice president is making this trip that was arranged before the terrible shootings of july 4th. is she being handed a job again that she will find difficult to do? she was handed the border job, that didn't work. what about crime in the big cities? >> the vice president is completely incompetent. the president did task her with border security and it has only gotten worse. we see human trafficking, child trafficking, fentanyl trafficking becoming a leading cause for 18-45-year-old americans dying. to give the vice president another task particularly when it comes to crime and law and order when we know this vice president has been a soft on crime prosecutor but in addition to that supported bail funds, urged americans to fund

these organizations that continue to bail people out of jail despite their criminal histories, i think is the wrong approach here but at the end of the day this is what the democratic party has stood for, lawlessness at our borders, lawlessness in cities, and it is absolutely outrageous we give this vice president more responsibility when she can't do the things she has been tasked from the beginning. stuart: another difficult day for the vice president. congresswoman malliotakis, always appreciate it. listen to this one. a woke employee at the universal music group claims he was fired for speaking up about abortion rights. take me through the story, fascinating. ashley: michael lopez, production coordinator at universal music enterprises says he was devastated by the supreme court's ruling on roe

versus wade and refused to work because he was, quote, in morning. after he was fired for that he took to linkedin and blasted his former employer for being anti-gay, firing him during pride month and because he was speaking in defense of abortion rights. the note went viral and generated 3,000 reactions and as you can imagine plenty of comments. some were supportive but many were less sympathetic calling him childish and entitled while others said his employer was left with little choice. stuart: i want to know if he is still fired. ashley: he is. stuart: despite the travel chaos, 2. 5 million people passed through tsa checkpoint on friday alone, the highest number of travelers since february 2020. we will detail it. moments from now, the president just did this, presented four vietnam veterans with the medal of honor. we will bring you their historic story, their heroic stories next. ♪♪

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stuart: at this hour four u.s. army veterans will receive the medal of honor at the white house for their bravery during the vietnam war. jennifer griffin at the pentagon, tell us please about these four american heroes. >> reporter: the medal of honor ceremony began moments ago at the white house, these soldiers are present the best of what it means to be american. among those, specialist for all classed white birdwell, proud citizen of the jerky nation who led his people her blood he ambush at the start of the tet offensive in 1968 after his own machine gun exploded from and b fire, bird well refuse to

evacuate staying behind to fend off the enemy with hand grenades. birdwell is the first native american of the cherokee foundation to receive the medal of honor from the vietnam era. >> proud to be an american person, proud to be cherokee. i grew up in the woods so to speak and the man who raised me always emphasize listen to the sounds around you. listen to the sounds of the birds, the squirrels, even the cattle. they will tell you when something is going on. >> reporter: major john duffy of the fifth special forces group served four tours in vietnam and in 1972 braved enemy fire to treat vietnamese soldiers and scored made airstrikes. a pulitzer nominee, he is now an author and a poet. >> they tried to evacuate me twice and i refused because you had to have an american on-site

to close american air assets. without american air assets, would have overrun charlie within hours. >> reporter: sergeant edward kinsharo will receive the award posthumously, he was killed in vietnam. his son spoke of his father's heroism. >> to push forward the fight for the enemy and his buddies out there, i hope i can live up to it, what he did. >> reporter: specialist fifth class dennis fuji was a helicopter ambulance crew chief after surviving a crash behind enemy lines in laos, fuji exposed himself to enemy fire for 17 hours to direct airstrikes. these are all american heroes, now they are recipients of the nation's highest medal of valor. stuart: thank you very much indeed. quick programming note. tonight, there will be two

episodes of my fox business prime show, american built. one of these episodes will look at mount rushmore. look at this. >> they dynamited away 400,000 tons of rocks. stuart: a sculpture of unusual size. >> think aplenty during accomplishment. you one from a sculpture was larger than life. stuart: a danger. >> hanging in midair. >> the heartbreak. >> had to abandon it. stuart: an army of men managed to face the nation. carving mount rushmore. stuart: fascinating, great stuff, two episodes of american built air tonight, 8:00, fenway park, green monster and all. what you just sock on a really great stuff.

show me the dow 30. i want to censor the market. almost already, a lot of selling going on today. the president demanding gas station owners lower prices and lower prices now. amazon's jeff baeza's didn't think much of that. he thinks it is misdirection or a deep misunderstanding of basic market dynamics. stephen more on that next. ♪♪

stuart: president biden sent of tweet calling forget station owners to stop price gouging. that caught the attention of a lot of business leaders including jeff baeza's. edward lawrence, has the white house responded to the baeza's tweet? >> reporter: directly, no but the feeling is the president should give credit for the low unemployment rate that he has. president biden losing friends among long-term allies the longer his policies push these -- this inflation we are seeing, the flash point is the

gas prices, jeff baeza's, the president tweeting, the july 4th weekend, comedies should just lower gas prices because of the invasion of ukraine, that prompted this. jeff bezos saying inflation as far too important for the white house to keep making famous like this, either straightahead misdirection or deep misunderstanding of basic market dynamics, the set up a series of other tweets to highlight his low unemployment rate he says he has and blaming republicans for stalling his agenda even though democrats control both houses. >> biden has to stop blaming everybody but himself what is going on, take some responsibility for what is happening and do something, he is going to have to do something to fix it. >> beto's joins mark zuckerberg, jamie dimon, larry summers, concerned about a downturn ahead without a pivot and policies, i talked with

democratic senator chris coons last week who says he supports streamlining regulation for pipeline projects, something the white house has not shown support for. tomorrow president biden takes his message on the road to persuade americans that his economic agenda without changes is helping all americans. stuart: i'm dying to hear it. stephen more, i've got to tell you i find it very worrying when the president the bands a command economy and the chinese communist party agrees with him on economics, that to me is very worrying. >> i saw that tweet from the chinese government saying capitalism stinks and socialism is the way to go. what is interesting about the graphic you just had up of leading americans in business who have criticized what biden is doing, zuckerberg, elon musk

and jeff baeza's, they are all democrats. musk is moved more into the republican camp but there is no way president biden would have been elected had it not and for hundreds of millions of dollars zuckerberg and beto's put behind biden, they are supporters, they supported him and yet even they are calling into question his economic agenda and that's very troubling for all of us that there is no anti-inflation agenda from this administration and nobody -- i have an idea. why doesn't president biden bring in somebody like jeff bezos who knows how to run something? nobody in this white house knows anything about the economy or business. stuart: something else to add, the wall street journal has article reading falling commodity prices raise hopes that inflation has peaked, we put on the screen oil is down to $99 a barrel, way down today.

doesn't this signal peak inflation has been reached and we are looking toward less inflation and that's good for the economy. you are laughing. why? >> i've always been an advocate of looking at commodity prices as a lead indicator. whether it means we reached peak inflation we will see. this is only been the last week but i looked at those numbers because i knew you would ask about this and they are still up some 30% so that is a huge jump. stuart: thanks for setting us straight. always appreciate it, see you again soon. 11:55, you know what that means? the trivia question. which country has the longest coastline? russia? the philippines? indonesia? canada? tricky question. the answer after this. node-posr

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stuart: which country has the longest coastline? ashley, i guessed to start with i guessed the philippines or indonesia. both countries have loads and loads of islands which have lots and lots of coastline. i go with both of them. what is your guess? ashley: everything with russia is huge but not the coastline. i would go with indonesia.

stuart: all right, let's reveal the correct answer, it is canada. fascinating. i didn't guess this one. canada has a coastline of 151,000 miles long. there you have it. lots of beach places in canada i would guess. ashley: very cold. stuart: thanks for egg, ashley, great to have you on the show. appreciate what you did for me on friday. neil, it is yours. neil: thank you for that. we're following the same selloff you have been, down 600 points. the real anomaly to watch, the yield on the two-year note got a little bit higher than the 10-year note. people look at that as a sign slowdown or recession is coming. coming close to even, a tad more on a 10-year than a two year but defend much of this has a view you can't win. used to be if we get strong economic data that would worry