it's at the lowest level since 2020. this is really ugly stuff. i want you to look at the segments that are contracting faster. i mean, it's just amazing. the headline number, new orders, employment, backlog, exports, imports, overall economy contracting faster, we are barreling toward a recession. you know, also take a look at the lack of the overtime. this is really amazing too. this number is freefalling, down almost 18% from a year ago it's just screaming to the fed, please, put on the brakes. please. by the way, keep an eye on the 10-year buying yield. we haven't talked a lot about it today, but it's getting near 3.40, an important support point. this economy is looking awful, to me, and i really hope the fed acknowledges that, cheryl. cheryl: yeah. and then they would maybe not raise rates as much as expected, and we would avoid said recession, finning pers crossed. charles, thank you. fingers crossed. i want to show you these the lye pictures outside of trump tower right here in new york city.

as we await the arrival of the former president ahead of his arraignment in lower manhattan tomorrow afternoon. this as we watch the markets where we are seeing a mixed picture on this first trading day of the week, the month and the quarter. one of the big drivers of market action is rising oil prices after a surprise output cut from opec+. the cartel slashing 1.6 million barrels per day adding to inflation mare pressures within the u.s -- inflationary pressures within the u.s. economy. brent crude and west texas the intermediate both settling more than 6% higher as you can see on your screen. now the oil majors are also surging. chevron is one of the top leaders on the dow right now as you can see, 4.5% to the upside. and then on the economic front, we've got news that manufacturing activity the slowed more than expected last month while the prices paid index fell. let's get right to our floor show, a lot to go through.

joining me now, ryan payne, geltrude and company's dan geltrude and from the oil pits, the man himself, phil flynn. great of all of you here. phil, to you to first on the surprise news out of opec of opec+. it's going to go are from may to the end of the year, the production cut, and this really took the markets by surprise. >> it did. and i call it the redemption of the cartel, cheryl, because opec is sending the message to the biden administration and to the united states that there's a new sheriff in town. you know, that thought of u.s. energy production leading the world in acting as a deterrent to opec, those days are over, and this is a real slap in the face to the biden administration and to the united states consumer, you know? the biden administration welcomed this production cut with their energy policies, and now we're going to pay for those policies at pump this summer. cheryl: dan get ruled the, you look a lot at the concern get

trialed the, you've got chevron up, that's a big performer, one of the energy companies that you like. so at this point you're saying let's take another look at these names and these stocks on that side of it. >> absolutely. and, look, when you're dealing with oil companies like chevron, there's going to be ups and countieses. looks like we're heading towards an up. that's fine. but the reason i like chevron, it's a steady company. steady profits and dividends. in this market i think you have to look at not just appreciation, but what do those dividends look like, how do you mitt gate your risk because it's going to get choppy. cheryl: yeah, how do we play that, ryan? if you talk about the oil, you have to talk about china and the are reopening story. that is china right now. we've got opec+ cutting on the one side and china reopening after ending zero covid on the other side. that tells me that there's a lot of pressure to the upside, and we're going into the summer driving season. >> you know, it's a great point, and i think the china reopening,

as bad as it is for oil prices, it's phenomenal for the global economy, right? copper prices are going up a lot, steel prices going up a lot which just speaks ott fact that they're back in business, and heir going to the buy a lot of goods and services from awe across the world. so that makes you more optimistic that you have the second largest economy in the world, one of the biggest consumers now is going to be buying goods and services. it makes me more optimistic even if oil prices have to go up a little bit. cheryl: phil, let's talk about this as we go into the summer driving season. we have seen demand surge after covid, especially in 2022. people were driving, they were flying, they were out, they were about. what does the consumer face this summer, in your opinion? >> you know, everybody bought $4 a -- thought $4 a gallon was a given, now it's definitely a given. now the question is there we hit $5 a gallon. i'm afraid consumers are in for a very expensive summer. it's a new era of higher prices. and if we don't get into a recession, i still think that

there's a lot of pent-up demand by the consumers. and i agree with dan, i mean, i think chevron's a great stock. you know, i remember exxonmobil, i remember everybody hated that stock. that's one of my favorites. and then take a look at rig, transocean. everybody love ared that stock many years ago, it crashed. what a comeback story. i think transocean is going to be the story, the reemergence of the cleanest type of technology to bring oil to the global market is, you know, offshore, and i think that stock's going to do very well in this new environment of sharply rising energy prices. cheryl: let's talk about the economy, ryan, because obviously the other big question here is if you see the inflationary pressures hitting the economy from the oil side of things and gasoline prices -- which has already helped us get to 6% on cpi year-over-year -- does that tell you that the fed is going to the pause? there's about a 58% chance right now that the fed is going to the only do a quarter point in may or june. not both.

one. >> yeah. you could almost flip a coin right now. i always lean on the optimistic side, and i feel like the fed may actually pause next month because you just saw producers paid, price index paid, that was down. that's a disinflationary sign. commodities in general 13% year-over-year. the fed's favorite gauge of cpi was down on friday, the pce. so it's kind of like you don't need a weatherman to know which way the wind blows. inflation's coming down, wages are staying strong, and wages over inflation now growing. i'm not a rocket scientist, but that's the sign of a soft landing that everyone on wall street doesn't want to the acknowledge, and they've been dead wrong. st kind of like embrace the fact that things are getting better. cheryl: dan, it's the almost like the banking debacle with silicon valley bank and signature kind of gave us this entry to say, okay, things are not so great. crisis mt. if banking industry. -- in the banking industry. again, if the fed stops, chills out, whatever they do, keeping

it simple, i like that like you co, that tells me that we avoid a recessment concern recession. >> well, it's certainly possible. the question is whether jay powell will actually listen, okay? because he's committed the fed to getting the rates, or getting inflation down to 2 the 2 concern 2%. we are a long way off from doing that. however, the bank crisis helped him, right? that helped him out because it causeed a potential for a nationwide or maybe worldwide global crisis in banking. so now he's got to think about it and is say, well, listen, if i pause this, i could stabilize the banks. how many more hints do you need? cheryl: exactly, exactly. [laughter] hey, phil, because oil is the story of the day, i'll give you final world as we wrap up our floor show. final thoughts before we go. >> you know, my final thought, i think that this production cut by opec was basically because we decided not to buy oil back from

the strategic poll yum reserve when we said we did below -- 70 a barrel. so this is definitely a slap in the face to the biden administration, and they're saying, take that. so take that, mr. , and that's from opec to the bidens. [laughter] cheryl: things didn't go so well. let's build more energy more wind farms and solar panels. let's do that. that'll help. all right, a little humor there. phil flynn, ryan payne, dan geltrude, guys, thank you very much is. appreciate it. >> thank you. cheryl: all right. well, the $5 the billion taxpayer-funded chips act hitting some unexpected hurdles. why many companies are thinking twice about applying for fund ifing. and as the chips act -- government regulations, the steel have industry is under siege as four nations act with complete disregard for trump-imposed tariffs. what is the u.s. doing about it? we ask the ceo of the largest independent manufacturer of steel pipes and tubes how his business has been impacted.

" claman countdown" is coming right back. dow up 303. ♪ ♪ you can't buy great conversations, or excuses to unplug. you can't buy possibilities, and you can't buy moments that matter. but you can invest in them. at t. rowe price we believe your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price, invest with confidence. sfx: [alarm] every day you get to choose. do i want more? can i grow stronger? can i get better? bodyarmor lyte. more than a sports drink.

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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. cheryl: well, the $52 billion chips act is supposed to revitalize the tech sector, but is red tape and bureaucracy stopping more companies from getting the funding they need? in late february the biden administration added new stipulations for businesses seeking aid. this includes insuring affordable childcare for workers, limiting stock buybacks and sharing a portion of excess if profits with the government. rich edson's in washington, d.c. with the latest on why some businesses would rather not keel with the hassle. rich -- deal with the hassle. >> reporter: good afternoon, cheryl. congress passed the chips act

citing national defense to insure computer chips to power technology from phones to fighter jets are made in the united states. some industry sources tell us there's too much bureaucracy in applying for that money, that construction permits get bogged down in the endless reviews and delays. the co-ceo of south korean chip maker sk hineics says his company isn't certain if it'll apply for funding because executives there found the process too demanding. critics say the u.s. needs to cut the red ape. tape. >> stable and clear regulatory environment so that these things can actually be built and operated with some semblance of productivity. semiconductors are maybe the toughest example, but we can't even build easier infrastructure in the united states. >> reporter: companies receiving chips act money need to offer childcare for workers from rebrain from stock buybacks. -- refrain from stock buybacks insuring private businesses are spending taxpayer dollars response by and meeting

environmental standards. gina ray mondeaux told "the wall street journal" that manufacturers need to overcome labor shortages, and she wants companies to show how they'll attract workers: she maintains, quote, there is zero social policy that we're trying to achieve here. of we have no desire to put requirements on companies that are bad for the companies. the industry says the u.s. has about 12% of global semiconductor manufacturing, much of it is in taiwan with china trying to dramatically increase its capacity. cheryl, back to you. cheryl: all right. rich edson live from washington, thank you very much. well, while the semiconductor industry is getting a boost thanks to president biden's chips act, the u.s. steel industry is being undercut by a surge of imports. if countries like mexico are sending steel products into the u.s. market at well above the agreed maximum levels. as a result of the changing trade landscape, steel industry stalwart subbingman industries has seen an impact and recently

had to kiss continue its tariff bonuses to the its workers. the chairman and ceo joins me now. barry, thanks for being here. >> oh, thanks, cheryl. thanks for having me. cheryl: so this letter that you sent out march 30th, 2023, i'm assuming to say to your workers that you couldn't give them these $1,000 bonuses, but you write specifically on steel continued wit, the mexican producers -- conduit, the mexican producers have misclassified their products to avoid detection. explain what's going on a here. >> well, when president trump installed 232 tariffs, he did so in the hopes of i renegotiating trade agreements ask using that as a tool. he did that. he renegotiated the usmca, and is we were very satisfied with the agreement he negotiated. but in part of that the agreement, part of it was to, you know, keep imports at historical levels, not to surge. we've seen that surge to the point where mexican imports of conduit have grown fivefold, going from 2 to the 3% market

share to 17% market share. there's a mechanism call the surge protection mechanism where we can trigger that ask we can revisit with mexico and talk to them about bringing those imports down or reimposing the couth so that they don't -- the duty so that they don't take the up that market share and take high paying american jobs. we've complained about that further for the past 18 months, and the current administration has really done nothing, mostly lip service. there's been some talk but nothing of teeth has happened. so we continue to lose market share to the mexican imports that are misclassified. cheryl: describe to me the quality of the steel. is it a weaker quality product that's coming in to the united states? because i would think that would be, at the end of of the day, a safety issue. >>ed the, but -- the product is adequate. it meets the standards. what they've done is when i say they've clad classifieded, they bring it in under another tariff code so it doesn't look like

it's surged. we've since now won a lawsuit and got them to reclassify that and classify it back to its original category, and you can clearly see the surge. so, you know, they're, you know, extremely competitive. they're dumping the product into the country at far below the domestic pricing, and they're hurting american workers and american producers. cheryl: we're showing our viewers on the screen right now video of z modular, and that is another project you've undertaken within zekelman industries. this is a housing story, but it's basically a way to automate the housing, the construction business in general using steel products for the home or the mull i family unit, if you will. talktous about z modular and how it's changing housing. >> yeah. first off, it was born out of trying to get more steeling into low to mid-rise construction. and we developed a product that

was unique and really enables us to create high density construction with extreme accuracy to extremely high levels of completion. so we use steel structure which is renewable, right, and recyclable instead of wood. it's much more robust, much more accurate, and the quality of the product is really second to none. so we've taken that ask we automate it. we assemble the chassis with welding robots, we use machines to basically print the wall panels and slide them in, you know, fully assembled. we use cnc cutting machines to cut the floors, cut the drywall and fit it like a puzzle. so everything goes together with way, way, i way less labor and a much higher degree of act accuracy and a much higher degree of quality. so it essentially rolls down the factory floor and comes out the other end with appliances

installed, the floor there, the shower, the tiles, the lighting fixtures, the air-conditioning units, and we ship it to site and erect it, and erect it fast. i mean, a 42 or a 60-unit three-story walk-up building can be stacked in 7-10 days, and then we complete the outfitting and the jointery of all the electrical and plumbing. cheryl: i think this is so interesting. not only are you automating the process, but you're also making the process much, mush quicker because, obviously, the problem right now for residential construction or even for hotels, if you will, is the time frame, the supply chain, the labor issues. but by doing the automation, that actually makes the construction quicker. and then there's also another side of this because it's standardized,st it's able to get approval by i want to say state code, state regulators as well? am i describing that correctly? >> well, what we've done is we've taken a little bit more unique approach to modular construction.

every building now is not a snowflake, so you're not starting from scratch and redesigning every building and building it modularly. we developed two product lines, and those product lines are a three-story and a five-story. one's a bit mid range, and the other's a bit higher range. and we wash, rinse, repeat. so we're building the same building all the time. we can skin it differently and make it look a bit different, but essentially the communities we're building it in become used to it. they know the product they're getting, it's inspected in the factually, and we can -- factory, and we can start to speed up the process. building a module is one part of the process that certainly can shorten the build time and cut it many half, but we can chop even more time off if the municipalities and the states started to streamline the process itself. i mean, it takes two to tango, so to speak -- cheryl: sure, it certainly does. >> and we need to do that with the appropriations side of it. we can get housing up in 12 months rather than 36 and maybe even shorter and do it at far

cheaper of a cost than is out there today and provide the needs -- cheryl: right. welsh barry, definitely keep us posted. we've got to get to some break news. president trump has just arrived here in new york. thank you very much. want to bring you this breaking news showing you live pictures. we are showing you new york air space. former president donald trump's plane is flying right now over new york city. that aircraft is preparing to land. at laguardia airport. then the former president's going on the heading over to trump tower. he is going to spend the night here in new york city ahead of his arraignment tomorrow in manhattan criminal court. the former president will surrender to manhattan d.a. alvin bragg on charges related to a 2016 hush money payment to porn star stormy daniels. the former president has said he plans to head straight back to mar-a-lago in florida to give public remarkings. but anyway, wanted to show you those the live pictures we are awaiting trump force one, as he

calls it, to land at new york's laguardia airport. and then former president trump will be making his way into manhattan to fifth avenue, to his residence there. he will spend the night and then, of course, new york city on high alert from a security perspective because of the, because of all the events surrounding the former president's arrival and, of course, this criminal indictment which we do not have unsealed yet. we will know tomorrow afternoon the specific charges against former president donald trump. all right, well, before we go to break, we were talking to barry zekelman about housing. well, you know what? there is no place like home sweet home, and right here on fox business we are helping home buyers find their american dream home. join me in wednesday night for our beach life series. we're going to venture from the outer banks to the florida keys in search of the perfect shoreside home. and coming up it's merger monday. the market-moving deals hitting the tape today.

that is coming up in pop stocks. and as for your markets right now, well, not a bad day to kick off the first trading day of the month and the quarter. cow up 323. dow up 323. the nasdaq is lore i by 60 -- lower by 60, nasdaq is up 11. we'llobe right back. ♪ ♪ i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com.

cheryl: once again we are following the breaking news here in new york. you are looking at live pictures

of former donald trump's plane that has just landed at a laguardia airport. then he is going to head over to trump tower on fifth avenue. he is going to spend the night ahead of his arraignment tomorrow in manhattan criminal court. again, former president donald trump has just landed at laguardia airport. the secret service vehicleses, the suvs are all on standby at the airport. we saw that in a different shot a few moments ago, and they will be transporting him to manhattan and, of course, all of this is ahead of tomorrow when president trump will be headed downtown for a 2:15 p.m. eastern time arraignment with judge juan marshawn. the courthouse, we should say, because of the high security alerts here in new york city radioright now, the courthouse is going to be the cleared tomorrow when the former president does head down the town to the 15th floor for that arraignment. the former president expected to plead not guilty. he is being indicted by manhattan d.a. alvin bragg. that indictment is not available

to any of us, it has not been unsealed. we will get the specifics tomorrow but, again, wanted to show you these live pictures. former president trump just landing here in new york. all right, a fox business alert for you right now taking a look at your markets. the dow is soaring, up 338, s&p is up 13. nasdaq is in the red but, remember, the nasdaq has actually been perform anything a solid way for the first quarter in particular. of 2023. is so not a lot to worry about as you see a little pressure on technology stocks odd. a few things we're watching, wwe and ucp if parent if company endeavor announcing this morning before the market opened that the two sports entertainment giants are going to merge. deal will value the new company at more than $21 billion. endeavor ceo ari emmanuel will remain ceo. wwe's vince mcmahon is going to be the executive chairman. he came out of retirement, if you recall, the kind of usher the sale of wwe.

now, this combined company's going to trade under a new ticker symbol, t tko, it's going to trade on the new york stock exchange. both stock it is under pressure today on news of this this merger. in other merger monday news, extra space storage sayings it's going to acquire life storage, a $12.7 billion all-stock deal. last month they turned down a takeover bid. the company's going to become a largest self-storage company, 3500 locations, 2 the million customers. big space. lsi is up 3.25%, extra space storage is lower by more than 5.5%. let's look at macy's right now, stock's on the rise after jpmorgan upgraded the company from if neutral to overweight, and they raised the quites target on the retailer. firm says it has confidence in this macy's 2023 plan which includes expanding its off-mall

stores and digital marketplace, and also the company recently announcing some management changes. those are going to take effect next year. jeff gannett's going to be leaving the company. macy's is up about 7%. now investors are hitting the brakes today on tesla as worries over profit margins overshadow record deliveries. the ev maker reporting more than 4 20,000 first quarter deliveries following a series of price cuts. analysts concerned that that these price cuts are going to drag down profit margins. in other tesla news, ceo with elon musk tweeted that he walked the cyber truck production line in texas for hours. that between, by the way, was in the middle of the night. because i wake up in the middle of the night, and i read it. anyway, this is his way of saying there's an actual assembly line in place for the all-electric the pickup truck, and he alsod, quote, it's gonna be awesome. quote, feels like the future. he didn't give any other details, but if you follow elon musk on twitter, that's kind of what you get. all right, moving on.

the the breaking news we've been following right now, president biden is at the cummins power generation facility many in fridayly, or minnesota. he's going to be the delivering remarks on his economic agenda including creating stronger supply chains and a clean energy boom. now, these remarks come as opec+ did that surprise announcement overnight, they're cutting production, and that puts further pressure on the administration's efforts to cut down on inflation. edward lawrence joins us now from the white house and, edward, that is kind of the interesting story here. as president biden's making this trip today which was planned and he's pushing his new agenda for climate controls, that opec+ cuts production, of course. >> reporter: right. you know, he's pushing clean energy, as we know here from the white house, yet we still are reliant on those fossil fuels, and event of that again today. the president's going to speak at any minute talking about how his plans will invest in america. he's already signed into law about $5.8 trillion in spending.

he's flying around the country now announcing plans for that money through various projects. is so today the president talking about clean energy. specifically, president biden visiting a large manufacturing company, cummins, announcing -- that announced $1 billion in investments to expand engine manufacturing in north carolina and new york. now, the plant the president's visiting in minneapolis -- or in minnesota, i should say, creates electrizers, a large input for clean energy production. the focus for this president has been 100% on anything related to clean energy, heavily relying on spending coming from the inflation reduction act. senator joe manchin in an op-ed said the president is determined to subvert the intent of that bill and pursue a partisan agenda, ignoring fiscal and energy security. listen to him here. >> when they want to blow the cap off of it, i'm going to fight and fight back hard. and i would hope that my democrat and republican people,

friends and in the legislature especially, would feel the same way and work with us to hold the administration's feet to the fire. >> reporter: senator manchin believes the administration manager ignored the support for fossil fuels in that bill and claims that the bill moves forward with just what he wanted to on deficit-breaking levels of spending on a clean energy agenda, and that's from senator joe manchin. opec, as you mentioned, has announced it will cut production by 1.1 million barrels a bay -- a day, big oil also making investments as the president coming up to the podium to talk about his clean energy process here. you know, big oil not making the investments they need to make right now because they're looking out and seeing the u.s. biden administration putting policies in place that discourage that energy investment. so, again, this is the president here talking about clean energy, and when you talk about oil and investment in fossil fuels, it's just not happening like it needs

to according to the american petroleum institute. back to you. cheryl: yeah, yeah. edward lawrence, we're going to, of course, monitor those live remarks from president biden and, of course, bring any news to our viewers as it merits. edward lawrence, thank you so much for that report. well, as the biden administration works to build stronger supply chains here in the united states, a new start-up is working around the globe to revolutionize the delivery industry. zipline, you think it's what you cofor fun in costa rica. no this is a company that deploys awe autonomous flying drones to make deliveries faster. they make them cleaner and more convenient, but can they get across the finish line in the u.s. market? well, the ceo's going to join me next. taking a look at the dow, we're up 341. we're having a good day at the office. this is the way we kick off q2. we'll be right back. ♪ ♪ known for lessons that matter. known for lessons that matter. known for being a free spirit.

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cheryl: well, a a start-up is disrupting the delivery space with autonomous drones. zipline is replacing delivery guy with krones that hover at 300 feet and rappel a croid to drop off the package at its destination. the autonomous krone fleet have flown 40 million miles and completed more than 550,000 commercial deliveries in 6 countries and 3 u.s. states. zipline has just introduced a new aircraft to its lineup, it's called the p2 zip, and it can carry up to 8 pounds of cargo within a so-mile raid radius -- 10-mile radius. joining me now is the ceo, keller clifton the. keller, it's great of to have you here. >> thanks so much for having me. cheryl: let's talk about the expansion into the united states because initially what you were doing was over in i rwanda delivering medications and supplies and things like that, you know, to some very hard-hit areas of rwanda. now what can you do in the medical space here in the united

states? is it delivering prescriptions? is it working with hospitals, doctors' offices? what is the true plan here? >> yeah. i mean, it was interesting, you know, we originally launched in 2016, and for the first four or five years we operated across a number of different countries in africa during the pandemic a lot of big health systems in the u.s. started to see that kind of automated logistics network that is ten times as fast, half the cost and fullly zero emission and said, hey, you know, as a result of the pandemic, traditional logistics is not working for us, let's leapfrog to the new way of doing things. today zipline has partnerships with some of the leading health care networks in the u.s. like multicare, intermountain the health care, we'll announce many more over the coming months. and for so many of those partners, we're just delivering directly to homes. we think of what we coas teleportation. you ought to be able to talk to a doctor, have a prescription written and delivered to your

door a few minutes later. cheryl: which would be great for people that are older, obviously. and on the other side, what about diagnosis? say that someone gets a blood sample drawn at the office, it's immediately by drone within moments sent to the a lab? is that manager that's happening now or that will happen? >> yeah, that's a really good question, actually, because our partnership with multicare, so multicare has about 15 hospitals and about 40 primary care facilities all in the pacific northwest, and we're working with them to actually do reverse logistics for sample transport instantaneously which means as a patient, you can meet with your doctor, and you might be able to get the diagnosis right then and there while you're in the doctor's office rather than a few days later. cheryl: that's very, very interesting, especially if somebody's very sick and concerned about a life-threatening matter, that could maybe save a life. you're looking at food as well and other types of delivery. i mean, is the plan to

eventually compete with, like, a grubhub, uber eats or even an amazon? or is this just a piece of the business for you right now? >> well, i mean, you know, zipline started and focused really for the first five years just on health care. health care's still about 75% of our total global clirly, but taking, you know, even just a customer like the government of rwanda which was our first customer ever, as we expanded, we were serving every primary care facility and hospital in the country, then we started hearing, well well, what about agricultural productivity? what about e-commerce? all these other national priorities shifting logistics to zero emission. so we just rapidly -- the business has rapidly expanded to a number of use cases that a maybe we never anticipated, but ultimately we think somebody's going to build an automated logistics system for earth, and the reason it's so important is it's going to be the first that is zero emission and serves all people equally. cheryl: can you serve urban areas, new york city, chicago?

>> it's funny that you mentioned those examples, we joke that most cities in the u.s. don't look like manhattan or chicago, most look like where i group, phoenix, arizona. so the next generation product is designed so we can serve 99% of homes in places like phoenix, streeting, dallas, houston, fort lauder kale. huge skyscrapers are not the one place -- it's the one place where instant logistics actually works really well using cars and humans. cheryl: or in manhattanst a bike. really quick, cool factor here, bono is on your board. [laughter] that's bragging rights. >> that's true. [laughter] zipline actually has a lot of cool stuff to brag about, but we are, you know, bono has obviously been a leader for a decade in the fight for universe universal access to health care, and that's a huge part of our mission so hugely honored to work with hymn on that. cheryl: for somebody like bono to give you his time and to be a board member is pretty impressive, i've got to say.

thank you very much for joining us, appreciate it. >> thank you so much. cheryl: all right. well, we have been following the breaking news during this hour. former president trump has just landed here in new york city a few momentses ago ahead of tomorrow the's scheduled arraignment. -- tomorrow's scheduled arraignment. coming up next, charlie gas brie know on what all of this means for florida ron desantis' potential presidential run. take a look at the dow, we are up by 331 # points. we were up 358, we'll see if we can clock that in before the end of trading. we'll be right back. ♪ ♪

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with no line activation fees or term contracts... saving you up to 75% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities™. ♪. cheryl: former president trump just landing here in new york ahead of his arraignment tomorrow at a manhattan courthouse. gop donors believe the indictment against the former president will actually galvanize his campaign. here with more on this is charlie gasparino. i think after the announcement last week i think he raised a few million, didn't he, charlie? >> right. we should point out donors i'm speaking to are probably different than the donors gave him a few million. those are small donations, base voters, very, very energized over the donald trump candidacy, particularly after his indictment by the manhattan d.a.

alvin bragg. i was speaking to the bundlers, wall street guys, people in corporate america who give a lot of money to campaigns. that is the establishment more or less. first off, they're like ripping mad because they believe that this was a political calculation on behalf of biden, president biden and alvin alvin bragg essentially to make trump the dom knee. one thing galvanize the base vote for him, someone as tarnished of a prosecutor as alvin bragg, remember this guy lets people out of jail for all sorts of felonies. he is a left-winger supported by soros. him going after trump is a boost to his campaign, particularly with republican voters and for the nominee. so that is kind of where we are with the establishment donors. they think this is a huge setup. now the question is what does it mean for any of his potential opponents, will they go through with it?

i've been asking about ron desantis, who obviously is the florida governor and i guess his primary challenger right now although hasn't announced yet. here is what they tell me. go back to his powwow back in late february a source of mine was at this, at the four seasons in palm beach where he spoke with, i would say several dozen people that could be donors, may be donors. they're clearly supporters and, what he said is two things that stood out at least according to my source who attended. number one he thinks the field will clear. like the other potential candidates, nikki haleys, mike pompeo, at some point if they see ron desantis getting in, ron desantis believes they won't bet in. they will allow it to be a one-on-one campaign between he and trump. that is what he said at this meeting. he said that there has been back channel communications. the second thing he said at this

meeting he is convinced again, this was in february, that if he goes one-on-one with trump he will win. he was very confident on that. now you, he might be talking his book. he might not be looking at the polls. he might not care about the polls. he feels if he can go one-on-one with him, he thinks that is very real possibility, given back channel communications, he think he is going to win. again that was in february. we're in april right now. you know a lot has changed since then, including this indictment, tomorrow is going to be one spectacle in new york city. i think i will avoid midtown manhattan all together. cheryl: i would second that. and i will be doing the same. since we're on ron desantis, i want to ask you about this governor of florida, a big story broke this afternoon, governor desantis he wants an investigation what happened with reedy creek. obviously this is the disney

story, the bob iger story. we have bob iger now, ceo after the whole reedy creek debacle was handled with disney. what is so interesting kind of this back-room deal was cut which undercut ron desantis. this investigation he seems, he seems angry. i think he has a right to be, charlie. >> let's explain what reedy creek is. this is the special taxing district that disney itself gets, owns and controls or used to own and control until ron desantis and the florida legislature tried to take it away from them. they did that after the political spat over the sex education law that disney publicly opposed and ron desantis said, okay, you will oppose that, get involved in politics, we'll get rid of your special tax status. it was easier said than done from day one. i think i reported probably on your show, listen the state will appoint board members from what i understand, right? everything else is hard to sort

of unravel because we're talking about laws that are attached to bond deals, indentures you just can't wipe away with by fiat, okay? so reedy creek, sort of, because they have issued so many bonds in the past, this is the way it was described to me, those bonds were legally issued. there are indentures in those bond unless you really, unless you pass a law that sort of nullifies that debt, it is hard to sort of, it is hard to essentially implode the power that reedy creek has. now we do know that state officials will be on the board now, not the disney appointees. between that, and special tax breaks and everything else disney gets, there is a lot more work to be done. cheryl: i know we got to run. i say disney's ceo, bob iger, calls florida's action against disney, anti-business. stan by to stand by, this will

get very interesting, charlie gasparino. i may not see you personally because you will avoid manhattan. you can come on in. it will be safe. >> you will protect me. cheryl: you got it. the dow is surging, on pace to finish at its highest mark since mid-february. we have a mixed batch with s&p and nasdaq. nasdaq is down 26 points. a nice little comeback for the nasdaq. dow up 32. s&p is up by 16 and change. earnings season, we are two weeks away. analysts are predicting that s&p 500 earnings per share are going to decline 4.6% in the first quarter of 23 compared to 22. how will this affect the markets? let's ask touchstone assets curt thomas. assets under management, $23.1 billion. let's talk about this, here we go two weeks with the banks, your expectations?

>> thank you and i'm glad to be here, liz. so in terms of banks, i think it is going to be the guidance that we're going to be watching and just in terms of what they say in terms of any sort of further commitments to losses as well as just in terms of profitability and what's happening with deposits. might be too soon to read too much into it. definitely we'll get a read on what we're seeing. always great to hear from jamie dimon because he calls it pretty much as he sees it and gives pretty good guidance. cheryl: let me ask you about oil. we're almost to the bells. oil really jumped today, 8% jump before the market got underway. there is worries about inflation and oil going into the summer driving season. how concerned are you about that? >> well it is a concern just from the consumer wallet

standpoint. you know, opec certainly making a stance or saudi arabia, that they want to keep prices higher. that is, it's mixed bag for us here in the united states because we are a big producer now. now that offsets some of the drop we get in terms of the, pocketbook hit, that you know from a economic standpoint. it gets offset bit profits that are drillers -- cheryl: that is a group to watch. crit, thank you very much for the commentary. [closing bell rings] big tech growth stocks, dow, s&p, highest since february. nasdaq slipping from the high since september. that is it for me. "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so, let me start with this, if donald trump were president today, i don't i this the saudis and opec