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5th. quick look at your money in. i have got numbers for you. market not good. the dow is down 360 points. nasdaq down 116. let's look at 10-year treasury yield. well below the two-year yield. 3.56 on the 10-year. it is about 4.30 on the 10-year. inversion predicting recession. opec will not raise production. bitcoin still around $17,000, despite all the turmoil in crypto bitcoin holds up at 16, 17,000 bucks a coin. the latest read on the service sector just coming at us. >> unexpectedly rose. stronger than expected for november. 56.5. in october it was 54.4. it didn't go down. it actually went up. the services sector holding up apparently. stuart: i have to believe that a strong service sector report pushes the stock market down.

strength in the economy not seen as good at this point. dow down 360. nasdaq down 125. most of this loss occurred right after the number was released at 10:00. got that? now this, folks. in the jungle known as the crypto world charlatans can be expected. sam bankman-fried is a charlatan. he is on apology tour trying somehow to explain away the juvenile lunacy known as ftx. it won't work. he said he didn't knowingly play fast and lose with billions in customer funds. he didn't knowingly commit fraud. he didn't know how bad things were until too late. and today we hear he claims to have, misaccounted $8 billion in customer funds. what on earth does misaccounted mean? how do you misaccount 8 billion? also today it is revealed that the crypto broker genesis owns

gem my investors $900 million. not household names. never heard of them for most folks but the losses are huge. the apology tour is not stopping the implosion of the crypto infrastructure business. what it is doing undermining confidence in the entire crypto business. bank bankman-fried found one supporter masks even waters. chairman of the house services committee. she thanked him quote, being candid on the apology tour. she tweeted this your willingness to talk to the public will help customers, investors and others end quote. how bus the 8 billion-dollar misaccounting statement help everybody? perhaps maxine waters appreciates the millions bankman-fried he gave to democrats and leftist causes. the rest of us wonder how a charlatan can fool so many people for so long? the second hour of "varney," oh, we're just getting warmed up.

♪. stuart: elon musk really, is teasing the release of more smoking guns following the hunter biden report. just watch this, please. >> if twitter is doing one team's bidding before an election shutting down dissenting voices, on pivotal election, that is a very definition of election interference. twitter was acting like an arm of the democratic national committee. it was absurd. i think there will be more smoking guns. the obvious next question, what happened after the election? stuart: miranda devine knows all about the story. she has been following it since day one. miranda joins us now. what more smoking guns can we expect? can you spell it out for us? >> i think the one missing link so far from elon musk's dump of the twitter files is the fbi

involvement and we know they were involved. first of all because mark zuckerberg from facebook told us that the fbi warned them about impending dump of russian disinformation before our story came out that fit the pattern of our story. then we also have a sworn declaration from a top executive at twitter who said before the 2020 election they were having weekly meetings with the fbi in which they were warned been an impending hack and leak operation from state actors, aka, russians, that would likely happen in october and involved hunter biden. so that was a specific warning about a hunter biden dump of information that was going to come, that the fbi was pre-warning, pre-bunking the social media giants before our story came out and we know that they knew everything about the

laptop because they had it more than a year and they had been spying on rudy giuliani's icloud, so they knew all the emails he got from john paul mac isaac, the computer repair shop guy who gave the laptop to the fbi and they also would have had access to my messages with rudy giuliani telling him roughly when the post was going to public like. stuart: they were putting their thumb on the scales right before an election and affecting that election at the same time. >> yeah. stuart: i want to ask you this one, miranda, you say jack dorsey was blindsided by the hunter biden censorship? how did dorsey not know this was going on? how could that be? >> well, i'm really just getting that information from the twitter files and matt taibbi the journalist who was tasked by elon musk to disseminate them and he says there that jack dorsey seemed unaware of what

his staff were doing. i mean it kind of doesn't surprise you, when you saw jack dorsey testifying in front of congress he seemed kind of vague and checked out and zen. i think he was the founder of twitter and it grew bigger and out of his control. you can see that from some of the messages that have been made public between him and elon musk when elon was first starting to buy twitter and jack dorsey seemed to support that move as if look, can you get my baby back on track? stuart: i think you're going to have a field day early next year when the republicans running the house do an investigation of what's been going on. miranda devine, you're in the middle of it, thank you very much for being with us today again. thank you very much. >> thanks, stuart. stuart: lauren, let's get into this, did any democrat at all show any concern over twitter censorship. lauren: ro khanna. stuart: just one? lauren: congressman, part of his

district is silicon valley. stuart: he is far left too. lauren: he was concerned about the first amendment, imagine that. so the reporter just talking about it, matt taibbi, one expose' of the twitter files, writes this, read it in part. reaches to the twitter head of safety and legal issues at the time to getly suggest she hop on the phone regarding backlash against free speech. khanna was the only democrat i found in the files who expressed concern. what was gotti response to congressman khanna. she cited weeds of twitter policy. she was given cover by the fbi that a hack operation was coming. that felt why they could do it. that is one reason they censored the laptop as russian disinformation. stuart: that is combly commoditily kateed. >> givegive credence what

donald trump was saying that the 2020 election was -- stuart. moments ago we got the strong service sector report. >> yes. stuart: i said it was a strong report and that is why the market is selling off s that accurate? is there another reason here? >> i think it could be a little profit-taking. we had a magnificent move in stocks, stuart. dow has been up 20%. i was bullish on your show, most strategists were very, very negative. goldman two months ago tale low everyday the target on s&p to 3600. meanwhile i was on set telling you the economy is in decent shape and markets should rally. here we are. stuart: we are dunn today, but by the end of the year we'll rally even more, santa claus rally. >> if you look at the job numbers came in red hot, wages are up almost something like 6% on three months annualized basis. wages are going up, people have jobs. inflation is coming down. we know the fed will pivot.

i'm simple math. if people have money in their pocket, if you look at gasoline prices they're down to $3, almost $3. real purchasing power is almost going up. the service industry which drives america is actually looking strong here. stuart: so you think the economy is pretty resilient? >> i think it is extremely resilient and caught most strategists, investors off-guard. they're anticipating a big slow down. that is not what you're seeing. stuart: with the strength in the economy like this the service sector we just reported, doesn't that mean the fed will have to take a second look at its slowing down in rate increases? >> i don't think they do. because if you look at inflation on the ground floor it is coming up precipitously. the housing market has come to like a halt. that is 40% of the cpi number. we talked about oil prices. they're down 30% from the peak. lumber costs are down 60%. the fed in face of the data, jay powell said last week we'll probably see 50 basis points come the end of the week here, next month, two weeks from now. so i think the bottom line the

fed will pivot. they will slow down interest rates. wages stay strong. job markets stay strong. that is a pretty awesome combination, stuart. stuart: that is pretty good. >> bodes well for the stock market and economy i've been saying all along. >> you have been saying it. appreciate that. thanks for being here. >> you got it. stuart: lauren is looking at movers. first one we're looking at is mgm,. lauren: nice gain in a down market. number one on the s&p 500. some chinese cities announced easing, i hate to use that word, slight easing of pandemic restrictions. you don't want to live in china if you have covid or might have covid. they looked at the calendar of all events coming to vegas, formula one a construction show. here in the u.s. covid is over. people are out and about congregating good for mgm in vegas. stuart: you can get on the subway without a covid test.

lauren: can you go to a shopping mall? stuart: i didn't check. lauren: it is crazy. stuart: tesla is down 5%. lauren: tesla is denying a bloomberg and reuters report that they plan to cut the out put at shanghai plant 20%. that cut would begin as soon as this week. if true, maybe the market thinks it is true, it would mark the first volunteer cut at that chinese plant. stuart: ryan still with us. you wouldn't put money into tesla or would you? >> i. wouldn't hear. valuation is extremely high. everyone halling electric vehicles. competition has come to the party. i would stay away of hot winners in the last decade, put into consumer staples, financials, internationals, stu. i like england. positive. stuart: doing well in the world cup to. vfc, corporation, north face, timberland? lauren: good job. stuart: i saw the prompter. lauren: i feel like these brands are very popular but the company

is not doing well. they cut their profit forecast for the year. then they said their ceo is leaving. wonk wonk, worst performer of the s&p. stuart: vf corporation. vfc is the ticker. lauren: cold outside. north face, you would think they would be popular. stuart: elon musk says the liberal media needs to in the mirror after criticizing reporter matt taibbi releasing the twitter files. we have musk's full response to that. former president trump coming under a lot of fire after he called to terminate parts of the constitution and throw out the 2020 election results. has trump gone a little far? i will ask will cain. he is in our next hour. sam bankman-fried lost $8 billion in customer funds but it seems the media now giving him an outlet for an apology tour. watch this. >> how concerned are you about criminal liability at this point? >> so i don't think that, i mean obviously i don't personally think that i have, you know,

but, i have had a bad month. this has not been -- [laughter] stuart: audience is laughing y is the media going so easy on the troubled ftg -- ftx founder? joe concha has a couple ideas and joe is next. ♪. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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braid kelly o'grady has been following the story in los angeles. the latest please. >> reporter: sure, stuart. that relationship between ftx and alameda reserve is at the crux of these fraud allegations. bankman-fried says once the money was with alameda he has no idea what they would have done with it. that is the main defense he is building, despite being 90 percent of the owner of the firm and the alameda ceo was his resume mowerred girlfriend. ties are deep for years. going back to the beginning money was wired through alameda before ftx had bank accounts. sbf admits that may still have been ongoing, an excuse he is using to explain how poor accounting caused customer funds to be comingled. furs "the financial times" reported that last year alameda stepped in to save ftx up to a billion dollar loss on a bad customer trade with independently confirmed this as well as gained access to blockchain ledger records that show the two firms routinely

propped each other up from a funding perspective far more than the normal limit. the disgraced founder is now teasing he will expand his media tour to include capitol hill responding to representative maxine waters praise for speaking out. he tweeted this, quote, once i finish learning, reviewing what happened i would feel like it was my duty to appear before the committee to explain. i'm not sure that will happen by the 13th. when it does i will testify. i question if that testimony will include more than i didn't know about alameda but regardless, stuart, ftx funds being lent to alameda without customer consent is an ftx decision, not an alameda decision. the defense feels thin. stuart: exactly. he is in a difficult legal position. we'll see. thank you very much. we'll see you again later. we got, despite this ongoing backlash it seems that bankman-fried is getting his chance at an apology tour. watch this. >> i didn't ever try to commit fraud on anyone.

i saw it as a driving, growing business, i was shocked what happened this month. it completely failed that feels embarrassing. people lost a lot of money and i mean at the end of the day, look there is a question of what happened and why. i think i got a little cocky. i made more than a little bit. look, i have had a bad month. [laughter]. this has not been a great month for me. stuart: i think that is an understatement. joe concha is with me this "morning joe, why is the media going easy on him? it seems to me they are going easy on him? >> it doesn't seem that way, doesn't it. and congress. you mentioned maxine waters before, stuart. here is what she said to him on twitter, quote, we appreciate you've been candid in your discussion what is happened at ftx. okay. your willingness to talk to the public help the company's customers, investors and others. oh, that is nice. there is only a 8 billion-dollar shortfall here. he is the guy running the company. it is rich that

sam bankman-fried is doing these interviews, these generous interviews from his 40 million-dollar penthouse to avoid extradition while he is on the beach in the bahamas. he needs to come back, economy i hope class, of course, in flying back, come back face the music with the fbi, the sec, new republican congress next month. instead of doing interviews with "the new york times" and "good morning america." i can't get over the fact, he says, ha-ha, i had a bad month. the audience laughs along with that? people lost life savings. you saw bernie madoff and that was bad? this could be inknit at thisly worse. this guy is 30 years old, he sounds like average sophomore. his hair is disheveled. made made was ranas dak and people invested money with him. who looked at sam bankman-fried said hey, i will give that guy a lot of money. he looks like a responsible

person. stuart: how did the charlatan pull in so much money. left-leaning journalists critizing reporter matt taibbi after he released elon musk twitter files. musk firing back. roll that tape please. >> a lot of lick ral news reporters came out and really slammed matt taibbi which was really shocking. what was your response to that? >> well, i think those people should be looking in the mirror and wondering why they were deceptive, why did they deceive the american public. instead of trying to redirect blame to matt taibbi, should be accepting responsibility themselves for not being truthful to the american public. stuart: joe, do you have any doubt that twitter did deceive the american public? >> no doubt whatsoever. no ambiguity there. it's all in writing, right? it is three weeks before a presidential election and they literally censored accounts just for sharing a story from the

"new york post" based on emails that they had to influence that election. there is no debate around this. it is the best unintentional comedy out there, stu, see jv journalists mostly left-wing activists play on twitter all day, they're lecturing matt taibbi, an actual independent journalist with the resume' to prove it? these folks same folks in lockstep, october 2020, without a hint of scrutiny or effort dismissed the hunter biden laptop story as russian disinformation. case closed. they're trying to downplay the story again not a big deal. here is why the story is important. i will leave it here, stuart. if emails are accurate they have been verified says joe biden who is the big guy that got 10% from countries like china and ukraine. if we have a sitting president who is compromised particularly by china, i would think journalists would want to look into a little more, instead of saying no big deal, nothing to see here, stu.

stuart: journalism not looking good. that is a fact. joe concha. see you soon. >> thank you. stuart: you remember when president biden said this about black voters. roll tape. president biden: if you have a problem figuring out whether you're for me or trump you ain't black. stuart: well, charlemagne tha god is says biden is still taking the black vote for granted. a new campaign says people should try smoking drugs instead of snorting them. it's a safer all alternative. we're not joke egg. former drug czar bill bennett is on the show. bill bennett is next. ♪

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♪. stuart: a bit of a pullback from the earlier losses. the dow is down 240 instead of 300 points. nasdaq show still down 1% off 122 points. i want to take a look at disney today. it is down 1.4%. the story. lauren: i want to point out the shares are higher since bob iger came in as ceo but he has his work cut out for him in fixing

the changes that his predecessor bob chapek. strange worlds, has a animated film with a gay character. released in the first weekend it bombed. bombed the second million. didn't take in five million dollars. stuart: what? lauren: holiday season animated film. my son had a birthday party this weekend. parents were canceling this movie was being played. stuart: because it had a gay character. lauren: i think the issue was disney didn't appropriately market that to the parents. some parents are not okay with that. it's a shock in the first weekend to a lot of people. now that people know, some saying we don't want this in animated family films. stuart: less than five million bucks at the box office right -- lauren: slated to lose reports say 150 million all said and done. stuart: you said it bombed. you're right. it did bomb. canopy growth. lauren: look at this gain marijuana. stuart: marijuana story. lauren: they will push through

marijuana legislation increasing access to banking, expunging past convictions for it. it would not however legalize it federally. it would be positive news for the industry. canopy growth is surging. stuart: united airlines. morgan stanley up grading them. they're up 2%. lauren: going to 67. up about 50% from here. they say 2023 could be the goldilocks year for united. stuart: i came off a 17 hour united airlines flight. i don't know what day it is. charlemagne tha god calling out democrats. he says the party takes the black vote for granted. what else did he say? lauren: president biden has not earned the black vote. by the looks of it, most democrats doesn't deserve it either. listen here. >> they feel like, hey, black men, black women they're almost loyal voting block. they show up for us no matter what. it might be shocking to hear but he didn't say anything folks didn't already know.

the democratic party takes the black vote for granted. that is something a lot of people are realizing. there are black conservatives out there, sorry, you know what i mean? all black people are not a part of the democratic party. damn near everything they promised black people i have not seen come to fruition. lauren: put him down as a maybe? he is from south carolina. he knows people from the south. that interview went on. he said his gut, i'm quoting, his gut ask telling him that ron desantis is more stable and could win the republican primary. stuart: so he is weighing in on that little contest. lauren: he did. stuart: thanks, lauren. republican senators sounding off over a panel in the department of education. they say that panel is stacked with liberal activists who support issues like critical race theory. bill bennett joins us now, former education secretary. bill, great to have you back again. is the administration forcing critical race theory in public schools, forcing it down their throats all across the country? >> well, they're smiling at it.

they're giving permission and they're putting together committees of people who are more in favor of this. the net result will be more people will leave schools where this stuff is taught. they're alienating parents left and right. i mean left and right. stuart: look, i'm not kept track of this but you say alienating parents left and right, give me some evidence of that? >> well parents, decline in public school enrollments over the last couple years. if you go to school board meetings you will see there is a lot of agreement among parents as to whether this kind of thing should be taught in schools. the agreement is, it should not be taught in schools. a lot of other things shouldn't be taught in schools. now you're seeing migration out. if we want the public schools back, they need to stop doing this. you know, whether parents choose other schools or not, the public schools will still be 80, 90% of the education of young people. so we need to get things right

in them and this kind of posture of the administration is not helpful. stuart: if only we could deunionize the public schools. we talked about this before. probably not going to happen in my lifetime. we live in hope. next one for you, bill bennett a new campaign in san francisco tells people to change the way they take drugs. officials don't want you to inject dangerous drugs. they don't want you to senator them, they want you to smoke, smoke these drugs instead. bill this is outrageous. this is crazy stuff. >> it is outrageous. this is how low we have gone. how low can you go? they are giving permission for people to use these drugs and they're saying you know, don't senator, ingest or you know, do some other way to do it. but don't senator. smoke it or ingest it but permission to use these drugs. let not the country be like san francisco. these ads are up.

what it shows, this is the really bad part, people having fun at a party. there are a series of ads people smiling and having such a good time, attractive people, and if you want to get on the band wagon, you should do this. stuart, there were more deaths from opioids for people under 40 last year in one year than all the deaths that people under 40 in three years from covid. we're looking in the wrong place when we talk about the dangers to young people this kind of ad campaign is not helpful in the least. stuart: not helpful in the least. sir, i think that is one of the great understatements of the current decade and that's a fact. >> yes. stuart: bill bennett, always a pleasure to have you on. please don't be a stranger. come back soon, sir. >> anytime, thank you, sir. stuart: got it. all right, a teacher in minneapolis asked her students if they want to conceal gender changes from parents? this is in a middle school.

tell me more. lauren: science teacher, mandy young. she sent a survey out to students. here is a copy of it. what name should i use speaking to your parents? so one thing to say what do you want me to call you in class? what name do you like to go by, what pronoun you should go by, but what should i tell the parents? stuart: separating it out. lauren: there was no parental consent for the survey. another example of alienating parents. middle school is certainly a young child. stuart: i will move on. difficult subject. lauren: same thing with these cards they were handing out. what do you want us to call you, what do you want us to tell your parents. stuart: separating the parent from the child. putting the teacher in the middle of it. lauren: parent not okay with it. many parents would be fine. automatically the assuming parent is not supportive. stuart: parents should be told everything about this. next case, opec, opec plus these days.

maintaining its production levels despite a price cap on russia's oil. how will this affect gas prices here at home? edward lawrence will break that one down for us shortly. first all electric autonomous tractors are rolling out here in america. the founder and ceo of monarch tractor will tell us how his tractors will help farmers with high diesel prices that is next. look at that. ♪.

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♪. stuart: opec plus locking in their current production levels. in other words they're not going to raise production. edward lawrence at the white house. all right, edward, what does this mean for gas prices here?

>> reporter: it means we could be headed to a big mountain we might have to climb. as you know also the eu as well as other g7 partners imposed that price cap of russian oil of $60 a barrel. oil traders are telling me that price cap is actually above the level that russia is currently selling its oil to say china and india. now china openly says today it will still maintain what it calls a relationship of mutual benefit with russia over oil. seemingly no plans to stop propping up the russian economy. the head of the american petroleum institute says he doesn't know if this will work. >> i applaud the administration for trying to keep profits out of the russian economy during this time of war and their terrible invasion of ukraine but at the same time, we just don't know how other countries are going to respond to this and if they are going to go along with this idea of a price cap on oil coming out of russia. >> reporter: so the strategic petroleum reserve at the lowest

level now since july of 1984. you can see on this graphic what happened to the reserve as president joe biden tried to use it to get gas prices lower. today the price of a gallon of gas, $3.40. that is up five cents from a year ago. is up more than a dollar a gallon since the day biden took office. the president of aei policy says without change we will be in the same boat as europe. >> europe is cautionary tale on why you need to produce your own resources and not be reliant on foreign sources of energy that might be hostile to your own interests. european countries became too reliant on russian crude and russian natural gas and the result has been supply challenges and cost increases. >> reporter: so opec plus members as you said left the production the same. they're looking at china now, lifting those covid restrictions and increasing their demand for oil. back to you. stuart: you know i was expecting

the leaf blower man to arrive right behind you any moment but i think he is giving you a pass today. maybe tomorrow. we'll see. edward lawrence at the white house. thanks so much, edward. my next guest just rolled out the very first fully electric driver optional tractor here in america. he is the founder and ceo of monarch tractor. he joins me now. start with this, you have actually rolled one out. you have got a customer. how much do you charge for that tractor? >> so, stuart, our tractors starts under $70,000. our first customer is constellation brands which is a global wine and beer producer. stuart: now, can it do the things that a normal tractor does like plowing a field or harrowing, that kind of thing, can it do all of those functions? >> it absolutely can, stuart, and our goal when we started the company was to give a no compromise solution to the farmers and a solution that helps them save not only on

diesel fuel, but also makes them more fin end on the labor side, using our a.i. systems on the data side. stuart: what is the range? in other words if i get a full charge, how long can the tractor work? >> the farmer are already clear with expectations with us, stuart. they want the tractor to work all day. so our tractor does 14 hours of operations. we have a battery swap, it can to bo 24/7 if you swap the battery out of the tractor. stuart: you must have enormous batteries. i know how much power it takes to get a tractor going. the batteries mouse be gigantic. >> it's a very large battery. that is one of the technologies we had to focus on how do we put a large battery into a small tractor. make sure it is something affordable for farmers? so our battery is larger than some of the other electric cars you might have seen on the road. stuart: now, i know you produce this in california of all

places. are you getting some special help from the greens in california? it's a very green state. they would love anything electric? >> so, just like most of the other electric car companies we started off in california right now and we do get support from the state of california in both in terms of the california resource board and california energy commission but, stuart, our whole goal how do we get the tractor into every farmer's hands around the whole country. so our production next year is actually going to be moving to ohio. we're very proud that the tractor is designed in california and our volume production at scale will happen in ohio, which we think is the best combination possible. stuart: i'm a farmer, i'm a tree farmer and i drive tractors. and, do you think i'm going to be forced eventually to drive and buy an electric tractor? >> so i hope that you buy the

tractor because it is so easy to use and also safe to use and it is so easy that even people like you and me who maybe have some farming roots but are not true farmers can still use this kind of equipment, stuart. that is our goal here at monarch tractors. it is very easy to use. let me assure you, you can drive it, you will drive it because it's a great tractor, not because it is electric. stuart: even you can drive it, i caught that you're probably right of course. 170,000 bucks a pop. monarch tractor founder and ceo, thanks for joining us, sir, we appreciate it. >> thanks a lot, stuart, for having me. stuart: the california-based startup, alef aeronautics says they will have flying cars within the next few years. okay, wait, wait. flying cars within the next few years. how realistic is it? lauren: they say they want to sell them by the end of 2025. so i mean really right around the corner. so they have the model a. it costs ready?

$300,000. that is what it looks like. they're taking preorders, for as little as 150 bucks. i think it is peculiar looking. what it does is totally cool. you are on a short commute, you run into a traffic jam or obstacle. the car tilts to the side. hops up above the obstacle and continues driving like a regular car would. they have the toyota z. that will be the toyota corolla of flying charges. that will cost $300,000. stuart: stuck in traffic. tilt it on the side. up you go. nobody else is doing that. lauren: jettison's world absolutely. i love to be in the car. i don't think it will happen. stuart: nor do i. thank you very much indeed. programing note. this is of great importance, folks. tonight catch two episodes of my show, "american built." here is a preview of, the hoover dam.

roll it. the innovation and the courage that transformed the american west. >> the largest man-made lake in the world. >> it was a dam at a scale that no one had attempted to do. they weren't even sure it would work. stuart: how they built the largest concrete structure on earth. >> there is enough concrete there to pave a two-lane highway from new york to california. stuart: the hoover dam. yeah, the hoover dam. you can watch that episode at 9:30. that is tonight and sofi stadium episode. that is at 9:00 eastern tonight. only on fox business prime. still ahead a photo intended to show prince harry and meghan getting hounded by paparazzi is actually from a movie premier. nigel farage digs into the latest royal scandal in the next hour. apple looking to speed up plans to move some of its iphone production out of china. the move may not be the sweeping solution the tech giant is

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stuart: let's start with apple, shall we? they want to move iphone production out of china.

susan li back with us this morning. by the way thanks for all your hard work. >> reporter: thanks so much i appreciate it. stuart: where are they reportedly moving to? >> reporter: suppliers to actively apple products elsewhere in asia. move to india and vietnam according to the journal. the order to accelerate the move to get it by the anti-lockdown protests taking place last month where foxconn's largest facility is based. they put together the majority of apple devices. the city has lifted the citywide covid lockdowns only after confrontational protests in the city across many in china. as a result of the weeks of disruptions, shutdowns, apple could lose up to six million of their high-end iphones over the important holiday shopping period. you have wait times here in the u.s., almost five to six weeks according to the latest estimates for those high-end iphones. apple warned of lower production this quarter as a result.

china's covid zero restrictive policies is rethink of apple, apple executives not to concentrate so much production in one place. at one point they were assembling 85% of apple's high-end iphones according to counter point research. i checked through the entire apple supplier list, majority based in asia. tie one semimakes their chips, building a 12 billion-dollar facility in arizona and japan, korea, a great nexus with cheaper engineering expertise to bring all the suppliers across asia. the time has come for apple to hedge, possibly move production to india and vietnam instead. we had apple up in the session because foxconn which operates the xenshow facility, sales were down 11% only. only. multiple weeks of shutdowns.

people say that unbelievable. stuart: when i was overseas i did not see the video you ran of the protests there. i did not realize it had gone to that level. >> reporter: zero covid policies after three years of being locked in your work facilities, imagine that happening? stuart: couldn't do that in america. thanks, susan. good stuff. still ahead, steve forbes, will cain, nigel farage, chris rufo and this, a woman in florida hoping to hit the jackpot. she is suing kraft heinz for five million dollars because her velveeta mac and cheese took longer than 3 1/2 minutes to make. oh, the horror. this another ridiculous episode in liability law. that is "my take," yes it is and it is next. ♪ get refunds.com powered by innovation refunds

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>> i think, stuart, that there's just enough energy we could go higher. traders can't afford to miss if powell really does slow things down, so i think they will have to get on the gas in the next four or five days. >> we got up to 9% inflation a few months ago. i think we're headed to 5% to 6% inflation. meanwhile interest rates are going up. i am worried about this housing market. >> wages are going up and inflation is coming down and we know the fed igo