independence day just to remind us that a lot of these censorship tools used by twitter gatekeepers are stifeling our free speech. i recently wrote for the philanthropy round table about how his acquisition of twitter is going to be the way to break that censorship, part of the strong el hold on social media so this is just another reminder that that deal is really important. maria: all right, nancy tengler, patrice, great to see you both have a great day we'll see you again tomorrow, "varney" & company begins right now. stuart: good morning, maria, good morning, everyone. there is intense debate about the state of the economy, is inflation peaking? are we in or are we going into a recession? well in a major speech the president addresses those issues in ohio this afternoon. meanwhile, white house press secretary continues to blame gas station owners for high gas prices, and transportation secretary pete buttigieg cannot explain why it's okay to have a

79-year-old president running the country but you can not have a 65-year-old fly a commercial airliner. no wonder things are falling apart. the president's approval rating sinks to just 36%, and 88% think the country is headed in the wrong direction. troubling crypto land. a crypto lender, voyager digital , will file for bankruptcy. it suffered huge losses when crypto hedge fund, three arrows capital, went bust last week. sam bankman-fried one of the crypto billionaires will lose around 75 million. little price change for stocks, one big question facing investors, will the federal reserve pivot to a less aggressive stance as the economy slows. dow is going to be down maybe 18 , two-point loss for the s&p, a near 1.5 point gain for the nasdaq. i'll call that dead-flat. now look at this. the 10 year treasury yield has broken well-below the 2.8% level it's all the way down to 2.76%.

the moneys coming in, because treasuries, unlike stocks, are considered safe, and that low yield is a recession indicator. we have been saying it for a long time, red states run by republicans are doing much better than blue states run by democrats. a new and reliable report shows when it comes to economic performance, florida and texas win. california, new york, and illinois lose. boris johnson in deep trouble. britain's prime minister rocked by scandal and deflections from his cabinet. his leadership is threatened by his personal and political behavior. question? is there a parallel over here, with donald trump? yeah, it's going to be quite a show, wednesday, july 6, 2022. "varney" & company is about to begin. ♪ stuart: all right, everybody.

let's get straight to it. i'm going to talk about the price of oil, a very key recession indicator. it closed yesterday below a hundred bucks a barrel, this morning it's right at a hundred bucks a barrel. why are people so worried about this , lauren? lauren: the r word. recession. are we in one? do lower oil prices mean we're in one or about to go into one? there's a lot of angst out there look this could be a positive for consumers. citi has that prediction oil could go to $65 this year, $45 next and look at gas prices down 21 straight days. i'm not saying they are affordable. still an uncomfortably high 4.77 a gallon but they are coming down. the president is asking the saudis next week for help to bring them down even more, and this just goes to show you they are coming down but not enough. stuart: but the white house is still blaming small business owners for high gas prices. what happened to putin? lauren: well, putin inflation didn't resonate with americans, not one bit, so they found

another target, now it's the mom and pops. >> how did the president go from blaming high gas prices on putin to big oil to small business owners? >> retail gas prices, however, have only declined just about 3% their profits have gone up about $0.40 nearly in that same period of time so what the president is saying is that everyone along that chain, along that production chain line needs to make sure that they're doing what is possible, their part, in bringing down the cost for the american people. that is what we're asking consumers should not be the first to pay and the last to benefit. lauren: what's the white house doing? everybody else has to do their part. what is the white house doing? we're only getting gimmicks to the gas tax, embracing saudi arabia, let texas, let new mexico, let north dakota, let them drill. stuart: that's a fine piece of editorial, right there, lauren simonetti, well done. i'm in total agreement with you.

lauren: we've said it a million times nothing is going to change stuart: you're right let's get to this one. transportation secretary pete buttigieg joined neil cavuto yesterday. neil asked him about the rule that pilots must retire by 65. roll tape. neil: are you compromising safety with the pilot older than 65 because a lot of people say 65 is the new 55 and we have a president whose almost 80, so what's the big deal if we went a few more years? >> look, that regulation is there for safety reasons. i haven't seen any piece of information or data that would suggest that the reasoning has changed and so i'm going to look at other stuff that are not affecting safety. stuart: okay, but look we're in a pilot shortage emergency, you can't change the rules in an emergency. the gentleman on the right hand side of the screen is matt schlapp. a valuable contributor to the programmed to. all right, matt. if pilots are not allowed to fly after age 65, why is it okay to

have a president who is 79 running the whole country? >> well, in this case, it's actually not okay to have a president whose 79 running the country, because i think he views it as kind of a part-time job. look we have these arbitrary rules in our economy, forced retirement ages. it comes down to the individual, and that individual's capacity, and i know some people on tv who might be 65 doing a hell of a job too and i just feel like we've got to get away from this one-size-fits-all kind of approach that people like pete buttigieg believe in. why do they have this rule on the books is because they believe just like franklin roosevelt pushed people into retirement, have a retirement system that basically keeps them comfortable and allow young people to take those jobs. that is a very static view of the economy, and it's just not how it works. stuart: the strange thing is that pete buttigieg is considered a possible front runner to head the democrat party ticket, but his

performance, airline pilots and the airports, is just not been very good but that's my opinion. let me move on to this. the wall street journal headline read it. red states are winning the post- pandemic economy. matt, california is the biggest loser in this from moody's analytics. california is the biggest loser, yet gavin newsom, the governor, he's got presidential ambitions. what do you make of that? >> right. well, just like pete buttigieg, gavin newsom, the people who will choose who the next democratic nominee is are the heads of the teacher's union which closed our schools, the heads of these, you know, transportation unions that believe in things like forced retirement at a certain age. elizabeth warren, bernie sanders , aoc, remember they're the elite party. they act like the masses but they are the elite. it'll be about 10 or 20 people who decide who that nominee is on the republican side. my lord, we are a wash in populism and grassroots

activists picking those numbers, and what's happening in the country is this great revolt in politics, we talk about re apportionment stuart. in economics you talk about how there's a transfer of wealth from one state to the other. california lost a congressional seat for the first time in our history. that is an alarm bell to california. they always just had steady economic growth or excuse me, population growth, a lot due to immigration and that's not happening anymore. that's not happening in illinois , that's not happening in new york. these states, these big bankrupt blue states, they are broken and people are fleeing. stuart: they certainly are. all right, matt schlapp good stuff today. see you again real soon. i do hope, okay, let's get back to the recession and the possible recession. the atlanta fed says that the u.s. economy is accelerating into a recession. all right, so they say that. what's the white house say? lauren: they're doubling down on what they think that a recession is not inevitable.

>> to believe we are in a recession and second of all, does the president accept responsible for his policies as part of that? >> so first, do we believe we're in a recession, no. that's my answer to you on that. consumer spending remains strong , and above pre-pandemic trends. business investment remains strong, and household balance sheets remain strong, so we do not believe that we are in a recession. lauren: but it feels like we're in one. commodities are trading like we're in a recession, and honestly a recession might be the only relief for consumers who are battling high prices for everything. stuart: okay. lauren: the fear of a recession is bringing some prices down. stuart: all right let's have a look at futures see how we open the market in 20 minutes time. it's flat to slightly lower pretty much across-the-board. mark tepper is joining us this morning. look the economy is clearly slowing. it really is slowing. >> without a doubt. stuart: whether it's into a recession or not. >> yes stuart: but i'm asking about the

federal reserve, as the economy slows, will they keep, you know, pumping on the brakes? will they keep raising interest rates? will they keep tightening? >> yes. stuart: will they pivot? >> no. so i think that's the biggest thing investors are missing right now because the market seems to be grappling going back and forth with whether or not we're in a recession but the market also seems to believe that when things get ugly, when we're in a recession the fed is going to do the same thing it always does which is do a 180, reverse course, stop hiking, start cutting, and i can tell you that is not going to happen. stuart: not. >> it's not going to happen. they are going to hike us into a recession. we're probably already in one and they have to continue hiking throughout the recession to combat inflation. now, you know, even with oil prices coming down, grocery prices are still high, rents and wages, that's sticky. i mean, rents and wages, that's the kind of inflation that could persist for five, 10 years, or longer, so they're going to have to fight inflation. it's not going to be fun. this isn't going to be a short

shallow recession like a lot of people believe. it's going to be deeper and more painful. stuart: ouch, now the bottom line for stock prices is usually earnings, profit. how much money did you make. all right, earnings season soon, what are the profits going to look like as we head towards a deep recession? >> well look earnings season, every single company kind of gains earning season. whether we're in a recession or not, somewhere around 70% of companies beat, you know, their earnings estimates but what i thinks going to happen is you're going to hear some soft guidance and this is going to be the quarter where analysts use this as an excuse and use this quarter as a permission slip to begin to lower their estimates for what they expect out of companies over the course of the next year. stuart: that be very interesting to see because earnings season is right upon us. >> and earnings have not, earnings estimates have not come down much at all. lauren: where are the analysts? i wonder if they are looking at the things we're pointing out because i haven't seen any big downward revisions. >> no next year the s&p was at

252 bucks, its come down a whole whopping $2 to 250. it's just not budging. stuart: maybe time for adjustments. we've got what is it? 19 minutes to go to the opening of the market. futures on the left-hand side of the screen, flat to slightly lower. kind of a mixed bag. here is what we have coming up. the democrat mayor of philadelphia says he'll be happy when he's out of office. >> i don't enjoy 4th of july, i don't enjoy the democratic national convention, i don't enjoy the nfl draft. i'm waiting for something bad to happen, so i'll be happy when i'm not here, when i'm not mayor stuart: isn't that quite an approach? i suggest the mayor resign now, saving some trouble. oil prices, back at the $100 mark. does that mean we're going to see gas prices come down too? gasbuddy patrick de haan on the show, next. down on the corner, out in the

streets ♪ dad, when is the future? um, oh wow. um, the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present. and now... we're in the future. the all-electric chevy bolt euv with available super cruise™ for hands-free driving. - dad. - yeah? do fish get thirsty? eh. find new answers. find new roads. chevrolet. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist,

the bank that starts with care when you start with care, you get a different kind of bank. 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 love all types of dancing... salsa, and even belly dancing! i am a triathlete. i've always been into health, and wellness, and fitness... i tried everything with diet and exercise, and nothing worked. there was just kinda this stubborn area on my stomach. but coolsculpting worked for me! coolsculpting targets, freezes and eliminates treated fat for good. no needles, no incisions. discuss coolsculpting with your provider. some common side effects include temporary numbness, discomfort and swelling. you've come this far... coolsculpting takes you further. visit coolsculpting.com millions have made the switch from the big three coolsculpting takes you further. to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction.

that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. psst. girl. you can do better. ok. wow. i'm right here. and you can do better, too. at least with your big name wireless carrier. with xfinity mobile, you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill, over t-mobile, at&t and verizon. wow. i can do better. yes, you can. i can do better, too. break free from the big three and switch to xfinity mobile. hi, my name's steve. i lost 138 pounds on golo and i kept it off. so with other diets, you just feel like you're muscling your way through it. the reason why i like golo is plain and simple, it was easy. i didn't have to grit my teeth and do a diet. golo's a lifestyle change and you make the change and it stays off.

golo's changed my life in so many ways. i sleep better, i eat better. took my shirt off for the first time in 25 years. it's golo. it's all golo. it's smarter, it's better, it will change your life forever. ♪ stuart: very interesting, the sunshine of your life. at what age does one enter the sunshine of one's life? lauren: right now, stuart. right now. stuart: birthday is rather soon. i'm glad you asked the question. oh, they can say anything they like, that is ocean city, new jersey, 78 degrees it is a nice day, folks. all right the price of oil, oh, look at it though down, $98 a barrel as we speak. that is a recession indicator; however, there are some on wall street who are predicting a much -lower price for oil. lydia hu has been studying this. how low can the price go? reporter: yeah, stuart, analysts with citi say we could do $65 a

barrel by the end of the year possibly $45 a barrel by the end of next year. well it might sound like a good thing, oil prices go down, gas prices stall, what's concerning here is the reason for the plunge. wall street is worried that if a recession hits, it's going to cripple demand and that's going to bring the prices down and now yesterday, brent texas intermediate saw its largest one day dollar decline since march closing at 99.50 a barrel. brent crude closed at 102.77 a barrel that's almost 20% off from the high back in march of this year, but underscoring this period of uncertainty right now, other analysts with jpmorgan warn oil prices could surge over $380 per barrel if russia retaliates against the western decision to cap russia's oil prices, so now while investors try to pinpoint where this market for oil is headed, gas prices, well they remain over $4.70 here you can see 4.77.

the administration says well it's because of big oil. transportation secretary pete buttigieg telling neil cavuto yesterday, oil companies are responsible for the gas prices. watch here. >> well look, the one group of people that we see who are actually happy about what's happening with gas prices are oil company executives and owner s. we've seen them out there saying , you know, they're not going to increase production and why would they when they are this profitable? reporter: but of course, stuart, the administration's critics point out, why would oil companies increase their production right now, because their investments up until this point have not been supported by the administration's policies and if we are staring a recession in the face we're about to see demand drop-off increasing production is not going to be a very smart move. stuart: the understanding of the economics on behalf of this administration is at a miserable new low. i'll leave it at that. shall we? don't want to be sarcastic. certainly not. [laughter] pat rake de haan is with us, he's the gas buddy guy. oil has come down to what 98

bucks a barrel. doesn't that mean that gas prices are going to come down significantly from here? >> well, stuart, and thank you for having me on finally when i can give you some good news and that's exactly where we're going for once. it seems like all the time we're talking about prices going up and now they're coming back down and wti flipped around again down another dollar a barrel and the price of gasoline yesterday, stuart, plummeted over $0.35 a gallon, americans are seeing big drops but as some of the biggest investment banks have basically indicated, nobody has any idea what's coming next, so anywhere from 40 to $300 a barrel is apparently on the dart board, but for now, i think the next couple weeks motorists will see a continued fall in gas prices. stuart: okay, what happens to the price of gas if we do, indeed, go into a recession? a fairly deep recession? >> well, certainly, there's the potential that we'll see prices continue to plummet. now -- stuart: can we get down to four bucks a gallon?

>> i think absolutely we could. it really dependses on how the recession looks. you mentioned a deep recession though the jobs market i don't know if we'll see much of a deep recession there the jobs market remains rather strong so this could be a funky recession in ways but i certainly believe, stuart, even without a recession , based on how things are looking we could see some $4 prices by the end of the summer. the biggest wrench possibly in that equation is if we see a major hurricane. if we do that still can send us higher but for now lower gas prices coming, stuart, we could drop another 25 to $5.50 over the next month or two. stuart: okay how about demand for gasoline has it gone up to $ 5 a barrel, how much has demand been destroyed people just not driving as much? >> not a whole lot, stuart we're talking about gasoline demand over the july 4 holiday was about 10% higher than the week prior. everyone wants to make comparisons to 2019, 2020, 2021. 2022 demand, over the weekend, was not as what we saw in 2019

and that's where those high prices are really kicking in americans appetite to hit the road but having said that, the high prices aren't really derailing a whole lot of americans in light of potentially good economic conditions. stuart: got it. all right, patrick. you've done your work again and we appreciate it, patrick de haan, gasbuddy guy, we'll see you again real soon. mark tepper, i want to ask you something. yesterday on the show, my colleague charles payne joined us. >> yeah. stuart: now he drives a gigantic suv. what's it called again? lauren: the t-rex. stuart: that's a picture of his gas bill, filling up the t-rex, 183 bucks just to fill it up. that's a lot of money. >> that's brutal. stuart: you've got big cars. >> i do. not 29-gallons worth though, so i think charles payne has me, he has me beat there. he has me beat in the suit department. he wears some pretty good suits. stuart: but you don't have to face those kind of high gas prices? >> oh, we do, yes, and the weird thing is it seems like

the only cure for inflation, the only relief for oil right now is a recession, unfortunately, right? and as patrick just mentioned, demand over the july 4 weekend is 10% higher this year than it was last year, yet over the course of the last few weeks , oil prices are down 20%. obviously that smells of a recession. that's not good. i think everyone is beginning to price in slower growth. very very quickly over the course of the last few weeks stuart: it is 98 bucks a barrel, recession indicator. got it, mark, thank you. check futures again, please. where are we now with a couple minutes to go before the opening bell. return higher but only just dow up three, nasdaq up 20. we'll take you to the opening bell, next. ♪

like any family, the auburns all have... individual priorities. some like strategic diversification.

some like a little comfort, to balance out the risk. others want immediate gratification... and long-term gratification,too. they have their own interests, but at the end of the day there's nothing like being... a gold-owner. visit invest.gold to see why gold is everyone's asset.

researchers believe the first person to live to 150 has already been born. it could be you! wow. really? of course, you'll have to eat your greens, watch your stress, wear sunscreen... but to live to 150, we're developing solutions that help doctors listen to your heartbeat while they're miles away, or ai that knows what your body will do before you do. cool. introducing elevance health. where health can go.

stuart: flat to slightly higher opening expected on wall street this morning and look whose here today eddie ghabour is back. all right, eddie let's keep this short. are you still saying, sell any rally because the market is going sharply lower soon. you still saying that? >> absolutely.

look, stuart i'm in the camp we're heading into a recession and the fed is not going to navigate a soft landing. it's going to be a hard landing and now the commodities market is saying we're heading to a recession in our opinion. the bond market, you've got high yield spreads continuing to widen, and now you have the twos and tens inverted and this environment is not an environment where you want to be overly bullish and that's what we've told our clients. even though they are long term investors, we're not riding this out, because you're long term doesn't mean it's okay to lose 30% of your portfolio so you have to be very active in our opinion, in this type of environment. stuart: okay the earnings season is almost upon us, and we've got apple reporting their earnings at the end of this month. you say that is the big one to watch. what are you expecting and why is it so important? >> so we think earnings season as a whole is going to have some of the toughest comps we've seen in our lifetime because we're coming from record profit margin s where you'll see profit margins really compress. apple in my opinion no doubt is the biggest date on the calendar

for july because they're so widely-held that if they disappoint, because they haven't given any guidance. you know, there's been the supply chain issues they are dealing with, consumers are hurting in my opinion i think that's going to really hurt sales. so if they disappoint i think you'll see the next leg down really happen very quickly because how widely-owned it is. now if they surprise to the upside, you know, now the bulls have something they can hang their hat on but i wouldn't put too much weight on that. stuart: okay what about the rest of the companies reporting their earnings? overall, where do you see profits going? >> overall i think you're going to see the rh's of the world or ceo's continue to give warning, the jpmorgan giving warnings in regards to how bad this environment is, and where margins have really compressed so i think you'll see revision after revision, and more importantly, i think you're going to see guidance moving forward, get extremely weak and that's going to be very problematic for equity. stuart: okay, we hear you, eddie ghabour, you've been right so far as we always say, and i'm sure we'll see see you again real soon thanks.

good luck. >> thank you. stuart: they are clapping and cheering they do this every time a few seconds before the market opens. the backdrop to today is president biden delivers a major speech on the economy this afternoon, talking about inflation and the recession, and the yield on the 10 year treasury and inflation indicator , i'm sorry, recession indicator and also a flight to safety. all the way down to a yield of 277 this morning. >> [opening bell ringing] stuart: that is a factor on the market. here we go, we're off and running it is july 6, all day long, and we've opened slightly to the upside. not much movement really, among the dow 30 is a pretty even split between winners and losers the dow is up 29 points just a fraction of 1%. here is the s&p, also up .09% and the nasdaq composite also opening .18%. again, not that much movement in prices. the price of big tech stocks all over the place. apple, amazon down, alphabet down, meta and microsoft are on

the upside. show me apple, please. i've got a question about apple. where does goldman see apple stock going if there is a severe revision? i'm told they are really looking for a low number, susan. >> well, 130 so they are cutting it from 157 and that's on a slowing economy, but that means what they're saying is theres less demand for hardware devices like phones, ipads and m acs, and the analyst at goldman expects a 2% annual decline in group sales over the next two years, and speaking of hardware we have that mac book air with apple's own m 2 nextgen chips available for orders on friday. stuart: but wait a second aren't they calling for a very low price on apple, around 80 bucks a share? >> yes, that is a bear case, but not necessarily their base case, and i like to talk about what's probable instead of what could be an anomaly and morgan stanley, katie hubert it yesterday said she does see

slowing in china's app store but she keeps, she is, by the way, probably the most listened to apple analyst on the street keeping her price target intact at the 160-170 level. stuart: let's have a look at tesla. i believe they had a big increase in sales of china-made vehicles in june. that i would have thought that was a big plus for tesla. >> well so i think that's pretty much been built into the stock. we heard that yesterday, so that's a delivery number is actually more than all their china local competitors combined in the month of june, and you have to remember that shanghai closed starting the year, tesla production records in june we just mentioned yesterday, but we also mentioned the fact that byd is overtaken tesla as the world's largest ev seller so byd, buffett invested, hong kong listed, sold 600,000 in the first six months i'm not sure that's apples-to-apples and i've seen a lot of reports so by d, that 600,000 figure actually includes hybrids and then pure electrics whereas

tesla is just a pure electric car seller. stuart: maybe you just moved the market. >> you think? stuart: it just popped up there. >> let me ask you this because we were talking yesterday. stuart: when you ask me questions i never have answers. >> you always have answers you just need to have a little bit more -- stuart: what do you got? >> but yesterday, so we had the comeback for the s&p down 2% finished higher in the session. a lot of people have taken a lot of, about 80 basis points out of the markets in terms of fed tightening, because the markets have done the work for the federal reserve so maybe we won't get as high interest rates as people had anticipated which has been spurring this bear market rally. stuart: i'll go along with anything you say. show me amazon, please. $114 a share. they struck a deal with delivery giant, grubhub. >> yes, and you know, you will tell us when you start delivering, get food delivery love to hear it so prime members are getting access to order food on grubhub, without the delivery fees so that will be waived at some of the restaurants.

amazon has also a deal to buy 2% of grubhub. they could bump that up to 15% but look, i think it's probably a win for grubhub given that they get access to 115 million prime members here in the u.s. and look at the competition, the uber, doordash, all down and by the way, this is an andy jasse decision, you know he is only amazon's second ceo in history, entering his second year starting this week. stuart: all right coinbase. this is your turf. the crypto people, obviously, coinbase is actually now up, i thought it was down. why is it, what's the connection between coinbase and this bankruptcy voyager digital. >> so they are competitors. i don't think there is much of a connection. i would say it's probably more to do with ftx, you know, sam bankman-fried, one of the richest men in crypto, and he is trying to propose to d.c. to allow traders, crypto traders to trade derivatives directly on to the exchange ftx in

particular, without having to go through the brokers like voyager , et cetera. so that means more competition for coinbase, which is why it was down in the pre-market. now, it's also by the way, it's being lifted by atlantic equities, sorry downgraded by atlantic equities but it's more on the rebound that we're seeing crossing bitcoin, crossing 20,000, so atlantic is calling it neutral and they are just confused about the talent attraction. stuart: you know the economist magazine out of london? >> yeah, i haven't loved it in the last few years. stuart: neither have i. i used to have it and i cut it. they say that sam bankman-fried used to be worth $29 billion. >> now he's worth eight. stuart: that's right. and worth $75 million less as of this morning because he was a creditor of voyager digital. >> chapter 11 doesn't mean that voyager is going away. stuart: he doesn't but he's looking shakey on his 75 million >> also the lender of choice so he will get bigger after this

crypto carnage. stuart: what is this ability microsoft they are under their investigation for their deal with activision. >> so that's a $65 billion deal , one of the largest if not the largest in microsoft history so the uk markets and competition authority this morning said they are now looking into that possible $75 billion bid, and that's because they're concerned about competition. the merger between two large tech companies, what does that mean for other players? also by the way we just talked about amazon. the uk is also looking into amazon and its use of data there in the uk. stuart: all right susan let's wrap it up we've got the dow up 40 points in the first few minutes of business. thank you, susan. all right you've got any top picks for us, tepper? >> i do, celsius holdings is one. it's my non-crypto crypto play. it is not the celsius crypto company. it is the celsius energy drink company, so it sold off tremendously over the course of the last few weeks that went from 70 bucks down to maybe 52,

up 13% yesterday, back above 70 bucks. you gotta know it's not a crypto play on any pullbacks it be something worth looking into possibly buying. stuart: and you bought the dip didn't you? >> i did, i did. i saw the dislocation and i got in. stuart: what is axeon? >> axon there's a lot of people talking about police brutality, especially on the left, so this is kind of, you know, your taser play, your police body cam play. they do all the software, they pretty much have a monopoly there, and i think there's bipartisan support that every single police department needs more of this stuff that involves non-lethal force. stuart: constellation brands, big alcohol company. >> you drink in good times and bad. now look though, constellation brands, it's the kind of stock that should holdup better in a recession. it's not going to be up in a recession. there's very few stocks that are up in a recession but relatively stuart: it'll lose less. >> there you go. stuart: okay, thanks, mark. the 10 year treasury yield, i'm keen on that this morning 2.79%, earlier it was 2.75.

the price of gold not doing that much, it's down $0.40 at 17.63 per ounce, bitcoin just holding on to 20,000 bucks. oil 98 bucks a barrel, it was on the cusp of breaking below 98 a moment ago. nat gas not doing very much 5.61 the average price for gallon of regular is 4.77 but you lucky people in california will keep on paying 6.21 for regular. coming up, the mayor of chicago calling for more civility. one week after cursing out supreme court justice thomas. watch this. >> the toxicity in our public discourse is a thing that i think we should all be concerned about. stuart: i wish we would have had a font there, the lady was using extremely obscene language to describe justice thomas, and that was really quite a turnaround wasn't it? we'll get into that. boris johnson, the fight for his political life, johnson says he

plans to stay on his prime minister. does he have the support to stay there? nigel farage is here with an answer, and is there a parallel with donald trump? we'll question that one too. president biden preparing to lift some of trump's tariffs on china and it could be good news for tech stocks. that is next. ♪ when traders tell us how to make thinkorswim® even better,

we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them. thinkorswim® by td ameritrade

stuart: president biden close to deciding whether he'll remove trump-era tariffs on some china products. hillary vaughn with us. he would do this to ease inflation but do we know how much families would actually

save? reporter: it might save them a little, stuart. it depends on what categories of goods actually fall into this tariff removal, but the former deputy assistant treasury secretary telling fox business yesterday that it can't hurt. >> well, in terms of the economics, you know, it wouldn't hurt to roll them back. estimates are taking off almost all the tariffs could shave between .2 and 1.8 percentage points off of inflation, so that's not going to be a panacea it's not going to solve the inflation crisis, but it wouldn't hurt either. reporter: even officials in the biden administration are not on the same page if it would hurt more than help. u.s. trade representative katherine thai says doing so would give up leverage for the u.s. and future trade negotiations with china, which she says is worth more than what it might save some. the peterson institute for international economics says

the direct effect of removing all tariffs on imports from china, could lower the consumer price index inflation by .26 percentage points only marginal ly reducing inflation, but that's if all the tariffs on chinese imports were removed which is not even what's on the table. instead, just a tiny tariff package about 10 billion out of 370 billion in tariffs right now is being considered. republicans think this is another distraction tactic by president biden. >> this is just another example of joe biden blaming inflation on anyone but himself. we've had these tariffs in place for three or even four years and we didn't have inflation when it started. reporter: stuart, politico is reporting this package could be narrow about $10 billion of things that fall into the consumer goods category like bicycles. we're not sure what else would fall into that category so if you're in the market for a a bicycle this might be good news but it's not clear if everyday

goods that people buy everyday like groceries are going to be impacted by this. stuart? stuart: probably not. okay, got that. hillary thank you very much indeed. look whose here now. ray wong joins us. which tech company, if any, gains the most if president biden does withdraw those china tariffs? >> that's a great point. there are two categories that are important. one is really semiconductor stocks, the u.s. based ones like intel, micron and nvidia and of course we're looking at u.s. exporters like apple and tesla that have big manufacturing presences there. why? because we're looking between 7.5% tax on apple watches to 25% tax on mac book pro coms, most chip manufactures are impacted by 15% so uplift in terms of component cost and drive down the prices and improve the margin compression we might see in q 3 forecasts. stuart: okay now look at all the big techs.

would they fall in value, the big tech stocks would they come down in price if we go into a recession? say a revere recession? >> we might, but the interesting thing is we're sitting at 11,000 nasdaq floor and it's kind of interesting to watch, because none of these big tech companies have fallen below a 52 week low. they are trading about six to 12 % above the 52-week low. if we get into a recession people are going to wonder hey where is the growth going to come from and what we're looking for right now is a little more data points trying to figure out services inflation, where we are on q 3 earnings as we'll see at the end of the july in terms of forecasts and of course, we're also looking to see like what kind of jobless and job claims happen when some of the reports coming out tomorrow. stuart: i'm waiting for a moment where i think i can safely jump back into big tech stocks and from what you're saying, it sounds like they've already established something of a bottom, and have bounced off that bottom. is it safe for me to go back in? >> i'm close to saying it's

safe to get back in. what i'm really worried about is what the fed will do in the july rate hikes and also looking at the fed minutes just to get more details not that you'll get a lot out of that to understand what signals are out there. stuart: ray wang, thank you very much indeed, appreciate you being with us. tepper, glutton for punishment, still with me after all this time. would you buy any big tech on the screen right now? >> yes. stuart: any of them? >> i would. so my favorite, my two favorites of all of big tech be microsoft, and amazon. so microsoft obviously mission-critical software for pretty much every single business in america, whether it's a small business or a fortune 500 company, everyone is using microsoft's products. amazon, obviously you know. its created a friction less experience for consumers to get their basic necessities delivered to their doorstep so i like those two, the valuations look very attractive right here and the cloud business, i can't believe i'm mentioning that one last, that is a huge part of both microsoft and amazon and

that's a recession-proof business. stuart: it does look like these stocks have bottomed. i'm not saying all of them but a couple of them. >> even if they haven't, what's wrong with putting a little bit of money to work in them right here? stuart: especially if you have a two or three year time horizon. >> without a doubt. stuart: so if i live into my late 70s i should buy now. >> you'll be fine. get a little more. stuart: no problem. thank you, mark. stay there. vice president harris arrived in highland park, illinois with her signature word saladment watch this. >> we got to take this stuff seriously and seriously as you are because you have been forced to have to take it seriously. stuart: that little clip is going viral. we've got more on it later. look at this. a warning in the wall street journal. a rude awakening is ahead for young employees. we'll tell you all about that, just ahead. why you gotta be to rude, don't you know i'm human too ♪

new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. talisker resources is ready to dominate - with two whose resumes on indeed fully permitted resource assets; an upcoming maiden resource at its flagship gold project in southern b.c.; and a vast pipeline of world class greenfields projects. talisker resources.

so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features textured surfaces, convenient handrails for more stability, and a wide door for easier mobility. kohler® walk-in baths include two hydrotherapies— whirlpool jets and our patented bubblemassage™ to help soothe sore muscles in your feet, legs, and back. a kohler-certified installer will install everything quickly and conveniently in as little as a day. they made us feel completely comfortable in our home. and, yes, it's affordable. i wish we would have looked into it sooner. think i might look into one myself. stay in the home and life

you've built for years to come. call... to receive fifteen hundred dollars off your kohler® walk-in bath. and take advantage of our special offer of no payments for eighteen months. stuart: in big cities, all across the country, they're los ing police officers. of course that does not help solve crime, now does it? madison alworth in new york. madison?

how many police officers has new york city lost this year? reporter: this year, stuart, we have lost 614 police officers that have resigned, not retired, just left the force and resigned , and what's concerning about that number is that it already out paces the amount that left in 2020. we saw 553 officers resign that year, and we're now on pace to surpass last year's 1,032 officers that left, and like i said earlier, what's concerning about this , this is not people retiring. this is people opting to leave the course saying they aren't willing or no longer want to do the job making it difficult for people who have been the victims of crime in new york city. it's not just happening here though. it's really creating a problem across the united states and it's really creating a disturb ing pattern. what we're seeing is that murdered across america are going up and the percentage solved, they're decreasing. a new report from the murder accountability project found that only 54% of homicides in

2020 were cleared through arrest that is the worst percentage on record. the 2020 drop in clearance rate when a murder is solved was the largest single year drop since the fbi began tracking data in 1965 and during the last seven months of 2020 the majority of murders went unsolved. a decrease in resources and financial support are driving this problem. >> they are overwhelmed and under staffed and this lack of resources, more than anything else, is driving and has driven the decade-long decline in the rate at which we clear a murder, to the point now that it's 50/50 o coin flip. reporter: as that clearance rate drops, the murder rate is also increasing, while the fbi official data 2021 has not yet been released, according to the murder accountability project, the preliminary data from the cdc, for homicides shows that the rate will remain steady at this new high.

meaning that 2021 saw at least as many murders as 2020 and of course, the fear is also that the clearance rate will remain just as low unless something changes. i mean, think about that, stuart essentially you're being told that if you commit murder in the united states, you almost have a 50/50 shot of getting away with it. that's the current reality and the murder accountability project says unless something changes that's what we look at for years to come. stuart: that's not good. quick check of the markets in particular, we can't get it up in time but the price of oil, right now, down to $95 per barrel that's a plunge and a half. stocks barely change ever so slightly lower. mr. tepper, thanks for sticking around for the hour. >> thank you, sir appreciate it stuart: you got it, man. still ahead, lara trump, nigel farage, dr. siegel and the president of the u.s. oil & gas association tim stuart. the 10:00 hour is next. if you used shipgo this whole thing wouldn't be a thing.

yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. .. th shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel.

stuart: good morning. it is 10:00 eastern. to the stock markets. there is more price movement elsewhere, the dow is up 5, nasdaq up 18. i call that not that much movement but the 10 year treasury yield is 2. 80 one%. a few minutes ago it was 275. loss of movement in the bond

market, the price of oil, moments ago i had it at $95, now it it is $97.94. real movement in the oil market. as for bitcoin moments ago was hanging onto 20,000. 20,160 is the crypto quote of the morning. latest read, the jolt -- the jobs report, number of job openings in our society, what is the number? lauren: sell in may 211.25 million job opening so essentially you are still two jobs over for every one person looking for work. you could go from 11.4 million to 11.3 million. is a slowdown of sorts, knocking on the door, potentially seeing a recession. stuart: potential recession indicator but not a strong one. there's a read on the service sector.

that could be important. lauren: it is 55.3, down three months nro so you get to 55. stuart: not much movement in the stock market. now this. how many times have we said this? by almost every measure, red states beat states run by democrats. it is official, moody's and ellen x crunched than others, the red states when his dramatic. 11 of the 15 best performers were run by republicans, tweet of the sweet and worst states were run by democrats. biggest winners were florida, texas and north carolina, the losers, california, new york, illinois. strange that the governor of california thinks his

performance makes him presidential material, gavin newsom's add which ran in florida says join us in california where we still believe in freedom. the governor of illinois, billion a democrat is now considered a possible white house contender. how come the red states are winning? look at the response to covid. democrats love those masks, vaccination mandates, social distancing and remote learning in schools and kept all the restrictions in place as long as possible. no wonder people chose freedom for themselves and their children and got out. don't forget taxes. in 10 states that lost, the most people, the average state income tax, there is no state income tax in florida, texas, tennessee, or nevada. what this is describing is the biggest shift in people and money in a generation and in my opinion policy is at the heart of it, democrats are top-down authoritarians, do this, do

that, pay more tax and shut up, no wonder they are losing, second hour of varney is just getting started. ♪♪ lose peak is with us. i say the performance of these popular red state governors like ron desantis puts them at the forefront of the republican party and were newsom gets the it he can run for president after his performance in california i don't know. go ahead, make your point. liz: not just newsom, eric adams, mayor of new york talked as a presidential candidate. it isn't just the things you mentioned that separate the red states from blue states but hyperregulation. when you talk about the cost of

living let's talk electricity costs which are 50% higher in california than the rest of the country. gasoline prices probably 50%, california versus the rest of the country. new york isn't far behind and this is not the weather as andrew cuomo many years ago pretended. this is policies that have taken the states in the wrong direction, housing, cost of housing in california is one. 5 times what it costs to live in florida because zoning regulations, environmental problems out there, i call them problems, you can't build anything, there's no new housing. what is amazing to me is people don't know this. people in california don't recognize their cost of living is out of control because of what their governor is doing and what do we have going on in california now? giving people checks over $1000

in certain income categories to offset what is happening in inflation, sounds great except that is counterman doing what the fed is trying to do in terms of tamping down demand, you can't get much dumber than this and the reason people don't know what is the media won't be honest about it. used to be the media held local officials to account. they don't do that anymore. stuart: let me quote something, put it on screen. biden's presidency looks out of control but could it get worse? you wrote that so you will answer the question. how could it get worse? liz: it is very simple. first of all a lot of things that are going on, the border chaos, biden is about to make that much worse, crime is getting worse across the country. inflation, we hope is coming down but who knows? here's the thing that could make this presidency completely unravel, the reason biden has anyone approving at him at this

point is there is still a firm jobs market but the numbers you just quoted, the job market is beginning to fray. arising number on average, unemployment claims going up, the jolts number in terms of jobs available is going down. companies held onto workers because they are afraid of not being able to rehire them. wait until people can't find a job. that is what biden is going to tout today as his economic accomplishment. it isn't much of an accomplishment when wages are still lagging behind inflation but this job market weakens jeff: i can't imagine approval ratings will go. stuart: a fierce critic of president biden, lose peak, please come back soon. thank you. another op-ed i will put on screen, in the wall street

journal. a rude awakening is ahead for young employees. what is the morning? lauren: the job market, a tough job market for people who started working in the past dozen years or so, many young employees, more realistic demands of the workplace, so says daniel greenleaf was the father of two young adults and ceo of a healthcare company. what he has been doing, he sees so much attrition, he is hiring overseas. there is no commitment to your company, to your boss anymore. it is, the employees have the upper hand all this time so he argues with inflation and the slowing economy there might be a no found appreciation for your paycheck and desire to physically show up to work. stuart: at the moment workers have an advantage, that's going to change, i think the employer will have the advantage in a shrinking job market. check those markets.

we are now 38 minutes in. the dow is up 100, the nasdaq is up 48, i see some green. david lefkowitz is the market watcher of the morning. i read your stuff. you put your target for the year end, the s&p 500, at 3900. it is 3800 now. you are not looking for much gain in the next 6 months. >> it will still be a challenging environment. the first half of the year was all about inflation. thankfully it looks like it is speaking oil prices coming down, interest rates coming down at the long end. we will transition now from concerns about inflation to more concerned about economic growth, talking about the job market. exactly how week will the economy be in the face of much tighter policy from the fed in terms of interest rates. stuart: you think we avoid a recession. >> it is a close call. it is going to come down to how

much does the job market we can over the next few months and is there enough or read momentum in the job market to sustain consumer spending into 2023? that is going to be the critical issue, but the probability between recession and non-recession are close to one another. we will watch this closely. stuart: the conversation seems to have shifted in the last two or three weeks, inflation seems to be powering ahead and now it is not. commodity prices down, gas down, oil down. >> this is what the fed is trying to do, trying to get inflation lower. they have one major tool that is interest rates and it is a blunt instrument. it hits the economy broadly, they can't make more semiconductors than oil so it is going to slow down the economy and we are seeing the markets begin to appreciate that a little more and that is going to be the conversation the next few months. of what i have a suspicion in

his speech in ohio when the president addresses the economy he will take some credit for the oil prices. he will do that but that is policy and you don't engage in politics at all. >> call it as we see it. you are all right. stuart: thank you very much. lauren is still with us right there looking at the movers. a look at walmart up 1.2%. lauren: fuel surcharge coming next month for certain suppliers according to the wall street journal who transport goods to warehouses so these companies are having trouble absorbing the higher cost of gas in particular. stuart: pass it along and get some more revenue. netflix is down 2%. lauren: barclays cut the price target by one hundred $5 taking it to 170. here is why.

they say netflix is on the path to losing 2. 8 million subscribers, higher than the 2 million netflix has warned about. what is strange about this is stranger things has been a smash hit. they are losing eyeballs. stuart: here's a company i've never heard of. cornit digital, they are down 33%. lauren: it is an israeli company, the industrial printing, they put logos, week second-quarter revenue, essentially cut in half. supposed to be 95 million, now 55 million in revenue. stuart: they put logos? lauren: digitally print for garment companies. stuart: got you. lauren: they are down 33%. stuart: glad you are here. donald trump may launch his 2024 presidential bid earlier than anticipated. is it because governor desantis is gaining ground?

i will ask lara trump in the 11:00 hour. growing number of states, tax breaks to lure hollywood out of california, the formerly golden state, but will it work? kelly o'grady has the story. texas border officials urge the governor to give them more power to stop the surge of illegals. >> i have ever seen it like this, never seen large groups, the amount of smuggling going on is unprecedented. stuart: they have declared cross-border traffic and invasion very important word, that story next. dad, when is the future? um, oh wow. um, the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present. and now... we're in the future. the all-electric chevy bolt euv with available super cruise™ for hands-free driving.

- dad. - yeah? do fish get thirsty? eh. find new answers. find new roads. chevrolet. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i grew up an athlete, i rode horses... i really do take care of myself.

i try to stay in shape. that's really important, especially as you age. i noticed after kids that my body totally changed. i started noticing a little pudge. so i took action! coolsculpting targets, freezes and eliminates treated fat for good. no needles, no incisions. discuss coolsculpting with your provider. some common side effects include temporary numbness, discomfort and swelling. you've come this far... coolsculpting takes you further. visit coolsculpting.com

psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx.

don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. 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 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: the markets are showing

red, what a reversal that is, dow is down 60, nasdaq down 32. look at the 10 year treasury, the yield is 2.86%. that is extraordinary. maybe that is where the market turned south. it was all in the green. the yield on the 10 year treasury going straight up for stock prices. lauren: the nasdaq was up. >> 2.75% earlier. they don't know about finance, that a huge move in money. governor newsom bashes florida, trying to get people to come back to california. a lot of states have tried to take the movie business out of california. kelly o'grady with the story, what are the other states offering?

>> reporter: it is all about the tax incentives. that's attractive for companies spending tens of millions on each movie. the fabled paramount pictures city a lot behind me, not only is hollywood entwined with the state to look optically but is an economic generator, more than half the states in the us offers something, georgia, new mexico, massachusetts all developing strong industries but it isn't just the tax credits, many states offer cheaper cost of living to navigate and the number of shows filled in california last year dropped 39%, those losses are meaningful. with economic activity, 28,000 jobs due to tax subsidies in other states, direct spend on the production is one element but the impact of small businesses make the difference in the community. the latest in arizona, lots of westerns can be filled there. it will offer a tax credit equal 15% to 20% of expenses capped at one hundred $25 million he earned it is

attractive. a quick flight from la and some are considering fleeing california. >> we did a movie in march. the main actors were so impressed with southern arizona they went looking for real estate. costs less to live here, tax structure is less, there's more open land. it will entice some people. >> reporter: california may see its economic and identity at risk, a hard sell for governor newsom. stuart: i think that is putting it mildly, a hard sell. thanks, kelly o'grady. i want to get back to the report that says blue states like new jersey are losing people in droves to read states like florida and texas. you are very much part of this population change, what is driving this exodus from

california, new jersey, new york and illinois? is it taxes? is that home prices? was a crime? is it response to the covid pandemic? what is the big deal that is making people move? >> reporter: all of the above. most of our clients are middle-class families but a number of businesses moving as well. look at the outpace out of new jersey. for every one person moving to new jersey you have three that are leaving. you look at governor newsom just attacked the governor in florida with an ad in that state and governor newsom's quote was to the floridians, freedom is under attack in your state. this is coming from a governor of california where they have the highest crime, poverty, homeless rates, attack on businesses across the board so newsom is doing an interesting tactic which is going to backfire but you have two parallels of red states and blue states. one stat. since 2,000, read states have

added 341,000 jobs while blue states have lost one. 3 million. on the economic front hands down red states are winning and families and businesses realize that and that is why they are moving to read states. stuart: you are in the business, you run a company called conservative move, you are in the business of advising middle-class people how to get out and where to go. fast forward to the present. at this moment is that migration still in effect? are you seeing the same number of people trying to get out of california into florida? >> we are, not just from california to florida, they are moving around 40 different states, the largest state that picks up the most, florida, texas, tennessee, idaho, they are moving out of new york, new jersey, california, seattle, washington. right now families are concerned about interest rates and what they can afford. the other hiccup is new construction. if a family buys a new house,

could take 3 to 6 months, got to pay interest rate when the house is built so there is concern among those families as well, interest rates playing internet but not impacting the number of people moving. it is accelerating because they are worried they might lose out, the biggest problem in america is we don't have enough supply of single-family homes. stuart: interesting information. see you again soon. gavin newsom is on vacation in montana. why is that controversial? lauren: is one of 22 states that newsom band state employs from traveling to, california does not like it's anti-lgbt q plus policy. isn't this interesting? at the height of lockdown, lawmakers travel to florida

because the weather is great and it is wide open. it is bad optics, looks up radical, feels hypocritical. he can vacation there on his personal die but won't let state employees go there on official business. stuart: there are some counties in the great state of texas which are calling the influx of migrants and invasion. that is a very important word. lauren: they are overwhelmed by record number of people, what they are trying to do is use the language of the constitution to hand immigration enforcement powers to local government. they saw 240,000 migrants, and here is the sheriff of one of those counties on fox and friends this morning. >> never seen it like this, large groups, the amount of smuggling is unprecedented.

hopefully to get some relief from the governor's office and the federal government, we are entitled to those under the constitution to declare this information when you have groups from 400 people coming across, it is an invasion. stuart: governor abbott is on board with this. stuart: he is not following on that. thanks. vice president harris, what some people call a word salad response to highland park. be the judge of it. >> got to be smarter in terms of access to what, particular assault weapons. we've got to take this stuff seriously, as seriously as you are because you have been forced to take it seriously. we when we have more on that in the next hour and president biden is going to head to

cleveland to push his economic agenda. edward lawrence will have a report from the white house. he might know what the president is going to say. we will find out after this. ♪♪ lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. ♪ and never wonder if you got a good deal. because you did. ♪

stuart: the markets are all in the green, we've been all over the place today. the yield on the 10 year treasury has gone up from 275 to 288 and the price of oil dropped some more, $96.54 per barrel as of right now. lauren is with us. norwegian cruise line. lauren: you are going to like this news. passengers no longer need to do the covid testing protocol. starting next month, because it is a local government says you need to test negative, be vaccinated, norwegian is no longer going to require that starting next month.

and desperate to get people -- stuart: i think they are. lauren: equities downgraded. where it is now, be concerned about crypto economy and the ability to attract talent. stuart: why is the electric car people up 10%. lauren: their delivery nearly quadrupled in the second quarter, they are getting them and produce 4400 vehicles sharply higher, 2400 to 4500. stuart: they sell those 2 amazon. president biden heads to cleveland, o to ut his

ec ndomom y?say?say?y?g tog g >> wiounemo to ave eeeee uni pensions jolting the jobs report, one unemployed person and puts upward pressure, companies, salaries, downplaying any negative news, pay no attention to the man behind the curtain. >> and and when you are in a recession, does the president accept responsibility? >> do we believe we are in a recession, no, that is my answer to you. help steady the 3.6 of unemployment rate, consumer

spending remains strong and above pre-pandemic trends, does investment remain strong and how balance sheets remain strong, we don't believe we are in a recession. >> reporter: former chief economist for the international monetary fund says economists are starting to pivot because of inflation. >> i have to say it is kind of amazing, reading proquest of economists who not long ago were saying we have to have helicopter money and give it to everyone. suddenly saying may be we need to slow down. >> reporter: no pivot from the president. he's going to tout the good economy he says he has. stuart: thank you very much indeed. we need an economist and we've got one. i want to talk inflation. commodity prices are down. gas prices down. oil prices sharply lower. have we seen peak inflation?

>> tangible goods but not consumer services. look at rents. most localities are reporting double-digit percentage year-over-year increases for rent yet if you look at the cpi rent is only up by 5%. i think inflation will continue, very much remain on the high side until the final quarter of this year. stuart: today the president goes to ohio, tout his economic achievements, strong economy, low unemployment. what is your judgment of the state of the economy? >> not good. the economy is declining. we will not see 2% growth anytime soon after we are in a declining trend. i would pay a lot of attention to consumer sentiment for the month of june. consumer sentiment fell to its lowest level in 70 years.

this index began with dwight eisenhower, the presidency of november 1952. this is bad news. consumers are upset over the fact that for 15 consecutive months inflation has well outpaced wage growth and that -- stuart: that is a big deal for consumers, inflation inflation inflation and is it swamping wage gains? >> yes it is and if you look at some of these quarterly earnings reports for corporations what i see too often is companies saying they are able to increase sales or revenues mostly because price hikes compensated for drop in unit sales volumes and that is important because it tells me a lot of companies are discovering they are overstaffed with highly paid employees, the labor market can fall apart very quickly regardless of this very low unemployment rate. stuart: if that happened, the job market really softened,

that changes the position of workers, they are in a strong position, if the job market softens a lot the employer. >> the employer has the upper hand, much lower wage growth. i'm puzzled by the jolt thing. they say we have twice as many job openings as the number of people out of work but why hasn't wage growth been growing more rapidly, wage growth has been slowing, the only segment doing well in terms of wage growth, nonsupervisory production workers, nonmanagerial workers, their wages are up 6. 5% from a year ago, well above the overall gain of 5. 2. stuart: we seem we are at a pivot point. >> workers who would likely form a union.

>> truck drivers. lauren: encourage them not to unionize. stuart: we found an economist with an opinion, that's very good. thank you very much indeed. crime in new york city out of control. even one of the mayors aids was robbed at gunpoint. in a moment, we give you the dreadful story of parents, man and wife shot in highland park leaving a 2-year-old wandering the streets. grady from. there, file for report after this. finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it.

so when i finished active therapy, i kept moving forward and did everything i could to protect myself from recurrence. verzenio is the first treatment in over 15 years to reduce the risk of recurrence for adults with hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning, as determined by your doctor when added to hormone therapy. hormone therapy works outside the cell while verzenio works inside to help stop the growth of cancer cells. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be.

i'm making my way forward, my way with verzenio. ask your doctor about everyday verzenio.

hi, i'm karen. i lost 58 pounds on golo and i've kept it off for over a year. it was so easy that the weight just kept coming off. that's when i knew that this is real. golo works. i still can't believe that i look like this. stuart: this market is moving. i'm talking about the oil market. it is moving down, 4% lower, $4 lower, $95 a barrel for crude oil, not been as low as this for several months. the 10 year treasury is making

news, the yield is all the way up to 2.87%. it is 275 earlier, that is a huge move in bond prices. investigators looking for a motive behind monday's parade shooting in highland park. 1/7 person has died. grady trimble is there, the suspect preplanned the attacks. >> the suspected shooter, bail hearing in 20 minutes time, faces 7 counts of 1st ° murder. just got a booking photo 30 minutes ago we want to show you of the suspected gunman. an attorney for him tells our fox affiliate in chicago he plans to enter not guilty pleas on all twee 7 of those counts. this after police, 70 rounds from the roof of the business, he dressed as a woman to blend

in with the crowd and walk away from the scene and noticed. with 3 dozen people injured in the attack, the state's attorney says murder charges are just the beginning. >> i want to emphasize there will be more charges. we anticipate dozens more charges around each of the victims. >> reporter: police knew the alleged gunman before monday's shooting. in september 2019 they were called to his house after they say he threatened to kill his family. police took a dozen knives and a sword from the house but months later, he applied for and received estate id to legally purchase guns in illinois sponsored by his dad because he was under 20 one at the time and past background checks each of the four times he bought guns. as for the grieving community

there were several vigils in the highland park area focusing on 7 people killed in the massacre. police name twee 6 of them. among the dead, irina and kevin mccarthy. there little boy just two years old was found by a stranger wandering the parade route alone amid the chaos after the shooting asking for his parents. a go fund me has been started to raise money for that little boy and so far people have donated more than $2 million. stuart: thank you very much. absolutely dreadful story. and aid to the mayor of new york city, eric adams, was robbed at gunpoint in brooklyn. what more do we know about this? ashley: the rising crime rate, christopher was mugged in broad daylight at 10:30 in the morning in brookland while setting up a plan to visit by adams. police say he refused to turn

over his wallet and cell phone telling the two robbers you don't want to do this. i work for the mayor. that didn't work. one of the croke/the gun before he was pushed to the ground and robbed. the most recent crime stats for the city show major crimes up 37. 8% year-over-year. that is remarkable with robberies up 40%, 39.4% and those stats coming home to the adams administration in new york city. stuart: the mayor of philadelphia, jim kenney, is walking back some of his previous comments, can't wait to leave office following the shooting of two police officers. ashley: he says i was speaking out out of pure frustration, if he gave the impression he didn't care. he was fed up with the city spike in -- july 4th

celebration. >> when they look at the ceiling and wonder if they worry about stuff. everything we have in the city over the last 7 years i worry about. i will be happy when i am not here. ashley: didn't go down well. despite walking back those comments there has been plenty of criticism including from pennsylvania republican senate nominee dr. oz who says kenney should resign medially, blaming the rise in violent crime for radical far left policies implanted by candy, in the state. ashley: stuart: health experts says the response to monkey pox has been too slow, the us is at risk of losing control, covid cases on the rise.

what happens if you get covid a second or third time? dock siegel on the show next. ♪♪ 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]

municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free. with details about how bonds

can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217.

stuart: i see a mixed picture on wall street, dow is down 48, nasdaq up 5, not much movement in stocks but a lot of movement in oil and bond prices. macau has been forced to shut down one of the casinos. it first time in two years it has happened, got to be covid. lauren: 950 cases and they locked down what is owned -- talking about a dozen cases. 500 people that were in their, sent into quarantine zones after they lost it down. stuart: that was one of the

original casinos. the world health organization reports 4 million new covid cases in the last week up 18% from the week before. number of cases straight up so some of us getting covid for the second or third time. what are the consequences of that? >> the ba 5 some variant of omicron, what it means is it is evading immunity. not offering as much protection as it is, if you had the vaccine, not offering as much protection, under this headline is the idea if you had it previously you are still protected against severity pretty well so the chances of getting in the hospital remain

very low but when indictment is we saw under operation warp speed rapid vaccine production, we are something like thing like that under this administration. stuart: health experts say the administration's response to the monkeypox is too slow, the us may be losing control of this. i don't see anyone panicking about monkeypox, should we be concerned more than we appear to be? >> we shouldn't panic over monkeypox. it is not the same kind of virus, doesn't spread as easily, i love the vaccine we had for decades, those of us, those of us born before the 1970s get the smallpox vaccine. having said that here we go again with lack of testing. it is so easy to test for monkeypox, you just put a swab into the rash and you've gotta test but we don't have enough tests. should have learned from that two years ago, don't have the

ability to test what we need to isolate people to give vaccinations around those who have monkeypox. it is affecting the gay population, not taking it seriously enough, it is not going to be a pandemic. stuart: the covid situation is not over. cases are rising. monkeypox, we don't know how many cases, i don't see any panic, anybody expressing concern. don't see people wearing masks, no social distancing, back to normal even though we have a rise in covid cases, it is another wave. >> you can say we are not taking it seriously enough but how much damage was done to the economy and all of the problems that occurred by fast overreactions the didn't bear fruit, i think we have to focus

on hospitalization and death and go on with our lives, if we continue to hunker down forever we have low economy left. stuart: those the strain get weaker and weaker? >> that is a point we are not talking about. if we stay in the look on family we will see immunity that helps you. it is spreading more easily, no sense it is getting more severe at all. stuart: i see no panic, none at all. dock siegel, see you again soon. the cdc is linking big all off creamery in florida to a listeria outbreak. the cdc's website, 22 hospitalizations and advising consumers throw out any ice cream they have from that round. to the markets, we have a mixed picture mostly lower, dow is

down 50. the price of oil has been moving, $96 a barrel as we speak. that should mean lower gas prices soon. the us oil and gas association president tim stewart, lara trump will be here, nigel farage, the brits turned against boris johnson, he tired of his political and personal behavior, could we see the same thing happen here to donald trump? we will be back. ♪♪

>> california luster congressional seat for the first time in history, that is an alarm bell, big bankrupt states are broken and people are fleeing. >> when we are in a recession the fed will do the same thing it always does which is one hundred 80, reversed course, stop hiking, start cutting, that is not going to happen. >> from $40-$300 apparently on the dartboards.

>> heading into recession, the will not navigate a soft landing, hard landing. >> wait until people can't find a job. of this job market weakens i can't imagine where approval ratings are going to go. ♪♪ signed sealed delivered ♪♪ i'm yours ♪♪ stuart: it is 11:00 and it is wednesday, july 6th. straight to the markets, not much movement in stock prices this morning, nasdaq is up 14, the real movement is in the bond market and oil. start with bonds, 10 year treasury yield now 2. 69%, not that long ago, an hour ago it was 2.75%, that is huge movement, as for oil, all the way down to $96 a barrel, touched 95 earlier, oil way down, bitcoin just holding on to $20,000 a coin, been at that

pivotal level all morning, 20,140 to be precise. now this. the brits have turned against boris johnson. i wonder if the same thing might happen here to donald trump. boris's troubles began during the pandemic when he held blues in our parties and his residence in defiance of his own lockdown rules but things have gotten worse this week, his treasury secretary has resigned. imagine if that happened here. his health secretary has resigned, so has the minister for children and families. boris foolishly appointed a colleague to a senior position who was accused of sexual misconduct and excessive drinking. he apologized for the appointment but said he didn't know about the history, that was a lie and he was caught. there was a time not long ago when boris johnson was very popular. now he is fighting for his political life, done in by his personal and political behavior.

boris was often called britain's version of trump, mister trump came under attack for his personal and political behavior. january 6th committee has not been kind to the former president, his behavior in georgia after the 2,020 election has come under intense and negative scrutiny. boris faces his own conservative party in parliament, his leadership is in question. donald trump faced his own republican party in the run up to 2024. 's leadership is in question too. third hour of "varney and company" roles on. nigel farage, very serious day. you are a big supporter of donald trump. do you think what is happening to boris johnson in britain could happen here to donald trump? >> they are very different things. the first thing is trump is a

true conservative. you may disagree at times with his statements or the way in which he acts but he is a true conservative. he says what he thinks and as president he tried to carry that out, johnson is the opposite. johnson is a metropolitan liberal, member of the elite, went to the famous eaton school in oxford college in our country. he pretended to be a conservative in order to get votes and then has governed as a liberal and what is happening here, very important this, 54% of people in an overnight paul who voted conservative in 2019 now want him gone as leader whereas if you ask republicans in america who they want the next presidential candidate to be donald trump leads by 40 points so there's a very difference, both have their issues, both have their problems. one has the party rocksolid behind him, the other has the

party deserting him in droves. stuart: i am watching what is going on in britain from a distance but from that distance i'm astonished by the strong response to what boris johnson has been up to on the part of the british people, i'm amazed at the strong response. >> you can do what you like, you can make mistakes in this country, you can get policies wrong, the one thing the british public respects is straightforward, decent, truthful honesty. if you say i made a mistake by got it wrong, they will buy into it. they might even sympathize with you but if you lie, if you are caught out lying and partygate which he referred to, over partygate, over the course of the last week we have been told he did not know about the

sexual misconduct of this important finger, then told he didn't know the specific allegations against this individual. we were then told he did know of specific allegations but he had forgotten about it. i am sorry, that is not believable. he has openly lied about this rather than putting his hands on it and that is something the british cannot forgive and we know during a pandemic, during tough economic times it is not easy to be leader of any western country. we can forgive normal human errors, we can forgive him divorcing, remarrying, we can forgive all those things, we can't forgive lies but in the end that is what has done him in. i would say there is a 50% chance he will be gone today.

stuart: he is answering questions in parliament this afternoon. that's an interesting item of news. thank you very much for being with us, big day, appreciate it. looking at the dow down close to a hundred points, all over the place today as oil moves down and the yield on the 10 year treasury goes up so that is where we are in the market and then we've got hedge fund billionaire bill ackman has issued a warning. current inflation levels very high will not return to normal anytime soon. what else? lauren: he continues to hit the fed because they act too slow but it is changed. powell committed to do what it takes to quell inflation even if doing so causes an increase in unemployment and a recession. inflation not coming down soon, even though commodity prices,

mark tepper said this, housing, rent, all of that remains expensive. bill ackman is not worried about a bad recession. she says always calls, a deep dark recession, the economy stronger than that. stuart: he says inflation is not coming down that much, that is important. i want to get back to the markets, the dow is down one hundred points. michael lee is with us, michael was a super bull, he is not now. you turned the corner. has inflation peaked? >> i think it has. you can look at the prices of various commodities specifically copper to extrapolate that. what you are now seeing we are most likely in a technical recession, the second quarter most likely contract. we got the news that we are tracking that way on friday

from the atlanta fed, two quarters of contracting gdp so we are in that recession. the other thing that is screaming recession, screaming inflation has peaked is the bond market, the 10 year treasury, 28 range, 30 range just a couple weeks ago. the long end of treasuries will sustain a big rally in the 30 year. people believe inflation has peaked and the fed may continue on course, they are probably not going to get to 3 accord, 31/2 before they pause and start going the other way, that look like to 1/2, 275 in that range. stuart: when i look at the trading activity in big tech, i think they hit bottom. may be a week ago and bounced up, am i crazy if i say now

maybe is the time to buy? >> you are not crazy. that would follow historical trends that these high quality companies that are making a ton of money even though business may be slowing down typically peak ahead of the market. these companies, google, microsoft, amazon, all bottom sometime in the fall of 2,008 when the market did not bottom until march 2009. those companies and other companies like them will continue to bottom ahead of the overall market. we probably got some more pain into equities before we hit bottom but remember in march of 2,009 the market bottomed, unemployment bottomed in april 2010 so while the economy may continue to deteriorate for a while stocks will turn long in advance of the overall economy, 12 to 24 months. stuart: i'm glad i'm not crazy.

thank you for joining us. i will tell everybody when i get back into microsoft. lauren's look at the louvers, oil companies have to be moving big. lauren: oil is growing on the recession fears, brent also went below $100. we have 6% decline for doj resources down sharply. stuart: freeport mcnamara is a copper producer. >> the largest publicly traded one, once again copper is at a new 20 month low. they are down 50%. that is what this is. stuart: the rocket companies. upgraded them to overweight, the stock going to $10 which is 24% gain.

residential mortgage market definitely challenged but negative sentiment might have peaked. with all this recession there is some positivity. stuart: thanks. remember when the mayor of chicago cursed out clarence thomas? role it. >> he said thank you, clarence thomas. stuart: the mayor is slamming toxicity in our discourse, made quite a turnaround. former president donald trump considering declaring early for the presidency. does he want to clear the field? larra trump response to that coming up. vice president harris delivered puzzling remarks to highland park residents, you will see that take next. ♪♪ ♪ ♪ make way for the first-ever chevy silverado zr2.

with multimatic shocks, rugged 33-inch tires, and front and rear electronic locking differentials. dude, this is awesome... but we should get back to work. ♪ ♪ this good? perfect. if you're gonna work remote... work remote. find new workspaces. find new roads. chevrolet. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq i love all types of dancing... salsa, and even belly dancing!

i am a triathlete. i've always been into health, and wellness, and fitness... i tried everything with diet and exercise, and nothing worked. there was just kinda this stubborn area on my stomach. but coolsculpting worked for me! coolsculpting targets, freezes and eliminates treated fat for good. no needles, no incisions. discuss coolsculpting with your provider. some common side effects include temporary numbness, discomfort and swelling. you've come this far... coolsculpting takes you further. visit coolsculpting.com

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

and so many more in the xfinity app. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. 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: vice president, harris made an unscheduled trip to highland park yesterday. she spoke to residents following the mass shooting july 4th. she took it seriously. role paper. >> as we move forward, you've got to be smarter as a country in terms of who has access to what, assault weapons and got to take this as seriously as you are because you are forced to take it seriously. stuart: janel king comes back, this was surely a time the vice president, time for her to

shine. i don't think she did shine particularly. what say you? >> i don't think so at all. what i saw was another discombobulated leader that is not doing her job because i felt is one thing to support and comfort. it is another thing to turn something that is so dreadful into a political statement which is what we see happening on the democrat side all the time. the fact of the matter is pushing for gun control only impacts law-abiding citizens, it impact of those going through the process the correct way because that is how you know who has the guns. it is not, for some reason democrats act as if gang members are going to line up in droves and turn over their weapons but that is not going to happen. i wanted to see a woman who was more compassionate but her false sense of humility got in the way and that is what we got. stuart: what is her standing, political standing within the party. does she run into thousand 24

if president biden does not running 24? >> i think she does. i think she is going to try through and worked her way out of the shadows as we speak about not doing a good job. i wonder who her speechwriters are and who was assisting her. she comes off as if she hasn't done the proper research in order to address whatever issue she is talking about. i do think she may want to run. i read somewhere the democratic party is looking for hillary clinton to come back. i'm not sure what is going to happen. stuart: what you are really saying is there is no wench strength in the democrat party. a sitting vice president can't be relied upon to run into thousand 24 and when there is something wrong, no bench strength for the democrats, what say you? >> none at all. as a woman i am disappointed by her behavior. even though we don't share the same political beliefs we

anticipate the woman in leadership would take the opportunity to show her strength, to show she can utilize what we bring to the table as females in order to operate in this role but that is not what we are seeing, we are seeing someone who is bowing down to the culture, someone who is always unprepared and that is the part that is so disturbing. i want to see more leadership out of the administration but don't think we are going to get that. we will wait and see what happens in the midterms to show the world that the republican party and conservatism is what is necessary to get out of this hole. stuart: the gender question is interesting, shall we put it like that in america. i go back all the way to the 1970s when margaret thatcher appeared in a socialist economy, strained everything out, but nobody really objected to her because she was a woman. they liked her because she got

things done. i don't see the same thing here. >> you brought up margaret thatcher, she's a hero of mine. i read her books and listen to her speak on certain things, certain issues and i feel there is a way to be firm yet feminine. when i think about leadership in general it comes with a certain measure as well as emotional restraint and that is where i feel we are missing when it comes to america. i look at this administration as a whole, we are not showing up on the main stage, the world stage, we are showing that we are not prepared, we are willing to bow down against the culture and that is not what we need right now. we have people who can barely pay for groceries, moms you can't feed their children, high inflation, so many issues at hand, we need leadership.

stuart: you must not be such a stranger to this show. you've got to come back soon. open invitation. you are all right, see you soon. the mayor of chicago, lloyd lightfoot, does not like toxicity in public discourse, that is what she says but didn't she say something completely different last week? ashley: funny you should say that. an excellent example of hypocrisy, here's what the chicago mayor said about disrespect for this country's institutions, listen to this. >> people are losing respect for the institutions of our democracy. the toxicity in public discourse is a thing that i think we should all be concerned about. every single person has a role to play in healing the wounds that are plaguing us in our country. ashley: that is all well and good to.

where was that respect when mayor lightfoot had this to say following overturning of roe versus wade, listen to this. >> he said thank you, clarence thomas. ashley: absolutely charming, when the draft opinion on row was leaked, lightfoot said it has to be, quote, a call to arms and she is urging residents to respect each other and focus on what brings us together and not what tears us apart. give me a break. stuart: there is no break for you. elon musk is back to mocking twitter. what is he saying about paul revere? ashley: on 4 july musk shared a fake tweet depicting twitter in 1775 where iconic american historical figure paul revere was fact checked by twitter for saying the british are coming,

the british are coming, the fake tweet depicted a misinformation label reading learn how british taxes are better for society. meantime conservative commentator dave rubin has been suspended by twitter, says he hopes musk's purchase of the platform goes through, so humanity can move past this pervasive, twisted, self-imposed mental institution. musk does have a good sense of humor. that was funny. stuart: that was funny about british taxpayers, that was very funny, thanks, president biden blaming gas stations for rising gas prices but what about when prices come down? i got a book says the president will take the credit when prices come down. the president of the us oil and gas association will respond to all of this in just a moment.

♪♪ hit me with your best shot ♪♪ fire away ♪♪ ♪♪ this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion,

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

when high quality is the only quality that matters, we fit your standards, with no-compromise quality and a lifetime guarantee. bath fitter. it just fits. visit bathfitter.com to book your free consultation. stuart: check the markets. i see some red appearing, dow

is down 100, 30 are points, s&p down 13. amazon is moving, susan is here to tell us what is going on. susan: the session is so volatile. it is 110 plus us prime members, grub hub but will waive delivery fees at some restaurants. maybe stuart might one day. amazon has an opportunity to buy 2% of grub hub, couldn't buy it, 15% in the future as you can imagine uber, door dash down on the news and walmart charging some suppliers new fuel and pickup fees to cover transport and inflation, similar to amazon's surcharge added in april. stuart: if they can pass along, extra revenue, stock goes up.

what is the story with rivien? susan: reaffirming they are on track to produce 25,000 pickup trucks and suvs this year, they deliver 44,000 of them in the springtime. and in june, that is their record production that they announce an toyota sold they plug in electric, more $75,000 tax rebate, because the maxed out their tax rebates. when you sell 200,000 cars, you don't have the tax rebate to give to your customers anymore. stuart: what is the story on tech this morning? susan: interest rates will go up less because of the slowing economy, the federal reserve might not tighten as much, might get interest rate cut

next year if a recession does happen. appleby and called the one hundred 30 stock by goldman sachs and shopify, $30 stock after the 10 to 1 stock split. i know you have been talking about the 10 year treasury yield. you look at west texas, looking at $95 a barrel, that would be the lowest we've seen for west texas the first week of april, that demand for higher interest rates filtering through the economy. stuart: a movement on some markets. susan: is that enough to get interest rates cut for next year? that is up for debate. stuart: fox's peter doocy pressed press secretary karine jean-pierre on why the white house blames high gas prices on everyone but themselves. come on in, tell me more about this. ashley: peter doocy did his

very best to get an explanation. watch this exchange. >> when you look at the crude oil and when you look at wholesale oil prices as well, they declined 15%. retail gas prices have only declined 3% over the same time period, everyone along the chain, along that production chain line, doing what is possible, their part in bringing the costs for the american people. ashley: not really sure i follow that but they are saying everyone along the chain is now to blame. don't forget liberal jeff bezos blasted the president this weekend for blaming gas station owners accusing biden of misdirection or deep misunderstanding of basic market dynamics. one wonders who the administration will blame next.

stuart: the price of oil drops below one hundred dollars a barrel the first time since early may. it is down to $96 and $0.99 as we speak. tim stewart is president of the us oil and gas association and jointly now. oil is down, gasoline is starting to come down a little bit. i bet that president biden takes credit for it this afternoon. what say you? >> reporter: i bet he won't take credit for the recession that will follow that. the reality is he mentioned earlier there is demand collapse underway, lot of uncertainty continues to be priced into the market and industry coupled with the fact that we are doing what we can to increase production, you are starting to see those prices come down which is a good thing. i think our industry, worst thing is extreme volatility, we have long-term plans and we welcome more stable pricing. stuart: transportation secretary pete buttigieg said

they are not using available drilling leases. >> why are they sitting on opportunities to produce right now? because this environment where they are extremely profitable, they are favorable for the bottom line. neil: they are limited with those permits and licenses you talk about, they are not all going to be gotchas and even that 9000 is about half of what was months ago. why didn't they counted? >> they make more money with the status quo. stuart: let's nail this. they make more money on the status quo and that is why they are sitting on oil and gas drilling leases. would you get into that, demolish it please? >> i watched that. that was cringe worthy interview, bad for the secretary. the reality is they don't have

any ideas and they keep dusting off the same playbook of leases, the worst part about that interview was the fact the secretary of transportation, the man responsible for portend pipelines and highways, put oil and gas executives in the same group with vladimir putin. that is really disturbing to me. they don't have any ideas and it is up to you and me to give them ideas. i would float this to the secretary of transportation. you can't make gasoline station owners drop their prices but you are in charge of mass transit assistance through the united states and i would suggest that the part of transportation float fair, free for 23 for anyone who uses mass transit. that will have as much impact and accomplish the goal they want which is to move people to use mass transit and won't rob the highway trust fund but they don't have any ideas so they keep repeating the same thing over and over and it will not fix the problem. stuart: it doesn't work, not a good explanation of what is going on.

i know you're busy but thanks, appreciate it. last week the supreme court ruled to limit the authority of the epa, the environment a protection agency, that is good news for coal producers, is it? jeff flock at a shuttered power plant in philadelphia. is the plant going to start backup now with coal? >> reporter: absolutely not. no way. this is the richmond generating station, on the edge of the delaware river. look at the roof of that place. it is in shambles but interestingly enough this was a long time coal plant, it can run on oil a little bit in a peak period so some of that infrastructure is in place, no coal plants are coming back. if you look at the numbers on coal plants, the sierra club

numbers, fairly accurate and sierra club has declared war on coal, used to be 530 coal plants, they are shut 357 down in the last 10, 12 years, we only have 173 more to go. the energy department says we will burn less coal for electricity this year than we did last year, 501 million tons last year, 483 million this year. what may happen as a result of the supreme court ruling as some of the coal plants that were going to close may stay open. listen on that one. >> using the ep and weapon icing the epa added a clear financial burden, what may happen is coal plants without burdensome regulations may have a fair chance of competing in the marketplace. >> reporter: the only problem with that is the one thing that

has increased when it comes to coal as prices. look at these numbers on central appalachian coal, the best in the country, last month, $129 a ton, prices skyrocketed and some since the ruling, big profits for the coal companies which were in bankruptcy, console up 167%, arch coal up 137%, peabody the same amount. stuart: good story, thank you, mister flock. we got a new poll that shows confidence and the president has plummeted. we will bring you some really extraordinary numbers. remember when president biden said this about his son hunter's overseas business dealings.

roll role it. >> how many times have you spoken to your son about his overseas business dealing? >> president biden: i have never spoken to my son about overseas business dealings. stuart: the white house is responding to a leaked voicemail that says otherwise, we have that report next. ♪♪

stuart: the dow is down 140. the nasdaq is down 60. a slide 2 southland going on in the stock market. same with oil. a barrel of west texas intermediate crude valued at $96 a barrel, oil is coming down and probably gas will follow. we have a new gallup poll shows

americans losing confidence in the presidency as an institution. the numbers please. ashley: americans confidence in the presidency as an institution has fallen 15 percentage points dropping from 38% last year to just 23% this year. the gallup survey found 27% of us adults had a great deal or quite a lot of confidence in 14 major sectors that included organized religion, congress, big business, the police and criminal justice system, and americans have confidence, 7% in america's legislative body, a drop of 5 percentage points from 2,020 one. big media taking a beating as well with confidence in television news descending from 15% to 11% over the past year. when you look at the political parties all three, republicans, democrats and independents are

much less confident in the presidency than they were a year ago showing declines of 10 points. that is the mood of the nation as we speak. stuart: we are not a happy bunch and that is a factor. the white house is responding to questions about a leaked voicemail. in it, president biden talks to hunter about his overseas business dealings. that contradicts his earlier remarks. mark meredith, what is the white house saying now? >> reporter: the white house is trying to sidestep questions about this voicemail reportedly made by president biden in 2018 well before he was president. it was as pained by the daily mail tied to the infamous laptop by hunter biden. >> it is 815. on wednesday nights. give me a call, nothing urgent. just want to talk to you.

i thought the article was online, going to be printed tomorrow in the times, want to make it clear. >> reporter: it appears he was referring to a story in the new york times which suggested ties with chinese oil giant, what is surprising was the president told peter doocy many years ago he never discussed foreign business deals with his son hunter. tuesday, several hours after the story broke, peter asked the white house what was going on at the white house left many questions unanswered. >> i am not going to talk about alleged materials on the laptop. >> it is not -- >> i refer you to his son's representative. >> okay. >> reporter: the investigation into the federal probe, whether hunter biden committed tax fraud remains ongoing. republicans in the house are beginning to increase pressure on the administration to get them answers. a letter sent to janet yellen

by james comeare, whether they step in it even more if they think the majority is at fault but the question is not going away anytime soon. stuart: no comment is not acceptable in my opinion on this issue right now. thanks very much. show me the dow 30, we always do it at this time. a sense of the market, more sellers than buyers and the dow is down one hundred 28 points, not quite half a percentage point. the governor of california, gavin newsom launched a direct attack on florida, he says freedom is under attack there, florida. laura trump lives in florida, she will take on that next. ♪♪ [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]

neil: stuart: donald trump may launches president a bit earlier than expected. is your father-in-law considering this, an early declaration to clear the field for 2024? that is what a lot of people are saying.

>> it is just speculation. no one has declared that they are running for president. joe and kamala are a sure thing, we can all but on that one. people acknowledge donald trump if he decides to run is the person to beat. a lot of folks are kind of waiting and taking their time, they want to see what donald trump does here. he has done this job before. i think if he runs i think he will be the republican nominee and don't we need somebody to dig us out of the whole the democrats have put us in. a lot of people are checking donald trump out, when is he going to announce. if he announces how will it go, i think a lot of people are waiting to see what he does. stuart: boorse johnson is described as britain's donald trump, he's in trouble because of his personal and political behavior. he lost the people's confidence. could the same thing happen

here because of your father-in-law's behavior after the election? >> people can take a step back and look at what the democrats are trying to do especially with the january 6th commission, their last-ditch attempt, the hail mary to convince people not to vote for a guy who hasn't even declared he is running for president yet but america is like the patient at this point on life-support. we need a doctor to come in who has done the surgery before and performed it masterfully which donald trump is actually done so i again think if he decides to run i think he will be the nominee, i think he will win in 2024 but all speculation at this point. stuart: nice hedge. the governor of california, gavin newsom, just rolled out a new political ad and rolled it out in florida, he claims

freedom in florida is under attack. >> freedom is under attack in your state. i urge all of you living in florida to 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: you left new york to live in florida, do you feel like your freedom is under attack? >> i never heard something more ridiculous. i thought this was a babylon be spoofed because it is that crazy to see gavin newsom trying to claim california is a freer state than florida, the cato institute ranks the state from freest to less free in florida falls number 2, california 48/50 meaning they are the least free state in the country, no one is buying this but clearly so many people did what i did and my husband did and many new yorkers and

californians left blue states for red states, so many people left california, lost a congressional seat, florida gained a congressional seat, texas gained two and that is because they are much freer and much better places to live with nicer people, better weather and better taxes. stuart: i agree with you, great stuff, thank you for being with us, always a pleasure, see you soon. almost 11:55, a couple seconds. here is the trivia question this wednesday. which airport is the largest in area? in america? denver international, chicago's o'hare, jfk, lax? the answer when we come back. . .

to finally lose 80 pounds and keep it off with golo is amazing. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music)

stuart: and here is the question, which airport is the largest in america? now we're talking here about land area. you have a guess, ash? >> well i was seen denver international eight months ago. that place is huge. it has room to spread. i will go with denver. stuart: i was going with dallas-ft. worth because it's a fairly new airport with lots of space. that is not on the list. i will go with you, with denver international. i've been there, it is huge. the answer is? denver international. it is the second largest airport in the world, by the way. it has six runways, 53 square miles. the comparison, manhattan is

just 22.8 square miles. so denver airport is twice the size -- >> hope you don't lose your luggage. >> that's right. hey, ash, thanks for all the help today especially for last friday. your numbers were fantastic. well-done, young man, great stuff. >> thank you. stuart: my time is absolutely up. but here is neil to take it away. neil, it is yours. neil: thank you, stuart. i was thinking of you, stuart and ashley by extension of boris johnson, the opposition leader going at each other in parliament. that is wild stuff to watch. i wish we had that here. stuart: yes. neil: you know? stuart: very different system when you think about it. really is. neil: i love the way they can criticize someone. my good man, you're talking out your -- and it is wild. stuart: in parcel they have to be apart a sword's length apart. that is the ruling. neil: i couldn'tie