they will think there's a problem with the tv but i love it. >> strike a pose. >> i think it's a perfect metaphor, biden foreign policy, obama foreign policy, with come full circle, strike a pose and do nothing as watch as the world watches. well done for the folks there on that flight. >> what a sad situation these last two years have been tough on the american people. it's amazing how far joe biden has been able to take this economy in this country down. we will keep a spotlight on it. it's been great talking with you guys this morning. thank you so much. with got market that's lessening, while off the highs and not surprise given hotter than expected adp number. stay with us friday for the jobs number. dow industrial up. write to varney and company we go. stuart: good morning. who would have thought vice president harris will bring

together the ceos of for leading a i companies? they meet at the white house tomorrow. ai is the big new thing and the government want a handle on it. regulation will pause and development, don't know. interesting harris is given the job right before title to -- 42 is lifted. the ai meeting conveniently distracts from harris is role as border czar. in about five hours look at the federal reserve interest rate decision, rates go up a quarter-point but listen to jay powell after he's made the announcement. one unexpected word is enough to make the whole market. talks are in agreement, the dow down a couple points, nasdaq down about 12, dow is up one. not much movement, got it. this could be the stock of the day, i hope so. you likely showing positive results for stage iii alzheimer's study.

after treatment, 47% of participants show no further cognitive decline. in one of the stocks on strata, 4%. interest rates, where are we? ten year treasury yield well below three and a half%. down to 339. the ten year treasury -- two year treasury well below 4%, back to 395. oil, the decline continues. 5% drop yesterday. today we've dropped below $70 a barrel, 6928 to be precise. gas down 1 cent overnight but that will change. expect gas prices to decline sharply starting again this weekend. on the show today, the president said several times he never discussed business with his son will hunter. new e-mails show white house business meetings for his

business partners. the hunter story made up become an issue for 2024. the administration since 1500 active-duty troops to the southern border but they will not keeping migrants out, they will be processing them more efficiently into the country. when title 42 ends, 10000 migrants a day are expected. we will take you to one of the most expensive homes in the country. real estate eye candy for you from palm beach florida, if you have to ask the price, you can't afford it. >> but i can dream. stuart: same. wednesday may 3, 2023. wasn't expecting that but varney & co. is about to begin. ♪ ♪ stuart: not of the music but six

avenue in new york city, it's quite busy. wednesday, middle of the week, occasionally people come in. we've got to get right to this because it's a big deal. the ceo, for big tech companies will be of the white house tomorrow and they were invited to talk on official intelligence. i know this is a big deal, it's all about ai but why is vice president harris chairing the meeting? >> to prop her up a little bit, part of the makeover so she has an elevated stature in the administration, maybe to deflect about what's going on at the border which she's also in charge of so she will meet with heads of microsoft, google, ai and in topic, that's tomorrow. all of those companies have a chat box and they will discuss ways to develop them respo responsibly. this is not a galatian or at least it doesn't seem to be. the government is talking to

private companies about ethical innovation and safety before public deployment. technology that scares many americans. the meaning is a good deal, significant the kamala is in charge of. stuart: all right, thanks. check the futures, a little bit of green but not that much. everybody is waiting for the fed decisions. eddie is back. you're getting some drama this morning because you expect a huge drop in the next few weeks. you seem to think we are on the edge. why now? >> our number one job is to protect client capital at all costs and we've been consistent with the direction of this market and economy with clients for 17 months the data doesn't lie in right now let's look at the data points who shared with crimes, gdp came in at 1.1% last week, supposed to be to from consensus after they reduced it and we still didn't come close so is no doubt rate of change in the economy is going down faster

than with the market price that. the credit market, we talked about this endlessly, fault swaps on u.s. treasurers are now above levels of 2011 when we had our debt downgraded, that should be a major red flag and not ignored. next are bank failures, we had another major bank fail and it seems to be brushed under the rug as if there's not a risk to other things happening in the economy. i think with rates as high as they are, they're not going down, you have to expect more banks in the same situation to fail and that is going to cause liquidity to dry up even more. stuart: you made your case that are unclear about the size of the drop. you've often said if we are going to get back to our know the lows, the s&p 500 done to the 3000 level, 4100 no. you're expecting 1100 drop in the s&p by what, july or august? a rolling crash.

>> that is in our base case is for new lows between that time you shared. in 2011 when we had debt ceiling issue, the s&p dropped by 17% in two weeks, i'm not saying that will happen again but we have a tighter window in the debt ceiling and what we even anticipated. because of tax revenues being low, they are saying june 1 they need an agreement. they're not meeting until may 9 so between the ninth and 26th range, they have to come up with an agreement, both sides have to agree. what's the probability does not cause fear within the market? under the hood there's a lot of things going wrong and i think air on the side of caution and into the second quarter with all these problems is prudent. stuart: you said it before and you said it again, big drop coming from acute made your case. you will be back soon to back it up again. see you later, thank you very

much indeed. let's get to politics. president biden repeatedly denied knowing about hunter's business dealings but new e-mails suggest otherwise. what do the e-mails raise real? >> then vice president joe biden's deputy chief of staff appears to have met with three of hunter's business associates at the white house in 2011, at least one was a foreign national so intercourse in talks with evan archer, cofounder of rosemont partners to strike up a potential lucrative business opportunity with sean conlon. an e-mail to hunter revealing comment was trying to get joe biden to attend the meeting, too. hunter initially said no, the meeting was not possible we saw the visitor fox and they revealed three associates did meet at the white house even though now president joe biden swore he never knew about his sons as his feelings. >> i've never discussed with my son or brother or anyone else

dealing with their businesses. >> how many times have you spoken to your son about overseas business dealings? >> i've never spoken to my son about overseas business. >> to stand by the fact that you didn't discuss with your son? >> yes. >> the visitor logs appear to contradict those claims. the white house and hunter's lawyer did not respond to requests by oxford commons. stuart: will cain is with us, he's at the pancake house in texas. he's been talking to the minors all morning. do you think maybe voters have hunter fatigue or is it top of mind for those diners? >> not yet. i'm not suggesting diners find that unimportant. i think that story still has to be laid out and here's why. there is a concerted effort to hide that story from the

american people. from denying the existence of the laptop to suggesting it russian disinformation which is all of these revelations regarding hunter biden's business relations but if we are doing our best, you and me and a few other institutions to make this clear, this is where there's smoke, there's fire story. there's claims, there's no, we know it's not right. investigations have shown the relations between hunter and corrupt relations and ultimately where the investigation has to lead us his questions about the connections to then president joe biden. no more important story if the voters are made to understand the reality it's been denied, lied to them. the true act of disinformation over the last three years. stuart: now you're in texas,

1500 troops are going to the border, is that an issue in your diner? >> that is. i had a conversation a moment ago and i've had a couple of things, there's so much focus on gender politics and sports in one of the diners in particular said you've got to focus on the border, these are real issues that cause direct problems for our country to our lives international security so yes. you talk about big numbers, combined that with the anecdote, not an anecdote, horrible tragedy of the guy who killed five people in one 9-year-old outside of houston, texas who's been deported five times, deported and reentered five times so yes, the story is important on multiple levels here in texas and across the entire nation. i know everybody watching, they are watching in pennsylvania, minnesota, california. it's important everywhere. stuart: thanks for great report from the data. hope you finish that gigantic

breakfast to order. >> i've had several. [laughter] stuart: the white house refuses to answer questions about president biden's seventh grandchild. roll that tape. >> i wanted to ask about the child support of the president and if they are monitoring that and how can they haven't acknowledged the seventh grandchild? >> i'm not going to speak to that. stuart: will that hurt the president in his 2024 race? the administration sending 1500 active-duty troops to the border. i've got a few questions, are they keeping people out or are they processing people coming in? texts congressman chip roy joins me next. ♪

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as we reported, the white house and 1800 active-duty troops to the southern border, this is just ahead of the expiration of title 42. griff jenkins in brownsville, texas. the troops are not going to detain anybody, are they? >> they are not in its welcome news. you can see a group of seven migrants over my shoulder, they laughed and talked to us, they been traveling month and if we can go to the drone, you can see how much that arrived behind me, brownsville is ground zero for this migrant search and to seek border patrol and officials here that streamlined the encountering processing and ultimately transforming out of these migrants and it's frustrating local residents, they say this administration has turned border officials into a

walkman committee discussed locals here quite upset but you can see you've got it under control because we know one week from tomorrow when title 42 lives, these groups will going to be increasingly much larger and that's why it's such a strain on resources here and why active-duty troops are only doing admin part of transporting and won't do anything to deter migrants from coming, they are coming regardless. there was some reaction to the troops locally, they are welcoming every hand, they are glad to have it but at the same time texas congressman tony gonzales says this is admission by the white house, they've got a crisis on their hands. >> the positive highlights the biden administration waiting the flag and they are agreeing to border is no longer safe and humane and orderly processed, there calling in the troops.

>> texas governor greg abbott responded yesterday on twitter to the 1500 troops, let me show you that. he says biden says he will deploy 1500 troops to the border primarily to do paperwork and only 90 days, this does nothing to stop illegal immigration, deployed up to 10000 texas national guard to the border to fill the gaps created by biden's reckless open border policies and if we can come back here for a moment, i can take you back to the drone, it's important to note governor abbott started operation loan start march 2021 to deal with these numbers but one thing is for sure as we continue to seek these troops grow, all of the border officials down here for their entire professional careers have ever seen the likes of which we are starting to seek now and likely to see thursday next w week. stuart: thanks very much, with. the white house depending its decision to send active-duty troops to the border.

>> if the border is secure as the administration said, why do we need to send 1500 active-duty troops on the? >> we need more work, more work these to be done. we put forth a comprehensive immigration legislation and congress and republicans can refuse to act so the president used the tools he has in front of him to prepare ahead of title 42 lifting. stuart: chip roy, republican joins me now. this is a truly open border, isn't it with u.s. military facilitating the open border, that's what we've got. >> thanks for having me on, there's no question that's the case, the white house is lying again saying they are using all the tools at their disposal. they have the tools to do what they need to actually stop the flow. they refuse to work and enforce

current laws leasing people in the united states causing the very attraction that's causing 15000 haitians across the border right now in brownsville as we speak that's caused el paso to declare state of emergency because what they are dealing with, tent cities across the river. border patrol is not the problem, border patrol is the solution. we saw last night border patrol stopped and found shooter just outside cleveland. we got majority hispanic serving border patrol, this administration doesn't want to actually allow to do their jobs and secure the border but let's be clear, the administration is not waving a white flag, the administration is doubling down, continuing to do what they always which is allowed the border to be overrun, endanger americans and ranchers get

overrun and migrants confused and children put into trafficking trade and the republican response typically is, thank you may i have another? that's what they are good at. stuart: i don't want to digress but i do want to show you what then senator harris said about sending troops to the border, roll it. >> i believe it is inappropriate to require limited resources of the united states military to be used in such a way because it needed to be some demonstration for tv cameras based on our political agenda. stuart: okay, failed border czar and now she's in charge of ai. what you think about that? >> that's ridiculous, absurd. we are seeing what she's capable of at the border but what she said back then a glimpse how

they view this, they view this through photo ops and what they will do in the media. the fact is there sending 1500 troops down there because it's a band-aid on a gunshot wound that will do nothing, pushing paper. the fact is for publicans have to decide if they will say thank you, which is what they are, whether we was the administration to act, the judiciary committee pass legislation two weeks ago, i was part of drafting power to force their hand, require them not to release people into the united states, requires the asylum definitions so we can make clear only people critical fear can claim asylum stop the flow. if we passed that, we need to secure the border. republicans need to use every tool at our disposal to force the administration and that would be passing the bill on the judiciary committee. stuart: thanks for joining us, appreciate it. check futures, i see some green

walking up to the right decision from the fed opening spell is next. ♪

let's bring in our market water of this morning, a little bit of green on the left-hand side walking up to the fed rate decision from going to ask the same question as i've asked all our guests. if it is it one rate hike and done, does that mean the market allie? >> no it doesn't mean the market rallies. i think it is going to be one and done, if there's any discussion whether an statement or q&a or a pause or the language referring to leg is there and they might hang onto something like that and think that means the next move is likely a cut maybe in the second half, that's the reason so far. i know that the fed has any need to raise any further than the 25

basis points at the meeting so will the market allie on that? is not enough, earnings have been okay, better than consensus down for this, they will be negative. it will be problematic in its increasingly front page news, they are worried about that. >> your bring up a lot of negatives. what about the man brought every tip on the planet? got a lot of negatives, what happens if apple delivers a negative if the earnings disappoint tomorrow afternoon? >> that's the question right there, you hit it on the head. apple is going to be the most important this week as far as the earnings go if they be stronger, the market can continue to rally, investors will find solace. if they fail, if they disappoint, if it's negative, if they are cautious, i think the

rally they have seen his last days. a lot is on the shoulders of the big tech stocks that have elevated benchmarks and apple is about seven and a half% of the s&p 500 if they report negative earnings, if the market does like with a here, apple stock could go down in the market could go down with it. stuart: i know you're not one 100% out of stocks, what's your balance? are you 40% talks 60% cash, what's your balance? >> right now i am 85% cash. i'm doing a lot of trading but not committing to long term position so at any given moment i might have a lot more in the market but they are all trades, no long-term committed positions in my portfolio other than microsoft and big names, they are still there. stuart: i'm glad you got back times change. what a time when you are all in

all the time on the stock ma market. we will see you next week. the market has opened we do have a little bit of green on the screen. the right hand corner, 60 points for the doubt and if you look at the big screen it looks like close to three quarters of the dow 30, they are going up. s&p 500 going higher, not huge by any means. a huge run up with the fed rate decision. just to be our son. s&p is.12%. the nasdaq composite, it's up .16%. 12,000 and 99. big tech, no real trend except would you have also but on the downside but apple, amazon, microsoft in the alphabet on the upside. apple going up to the earnings above 14, .68% in advance of their owners. i want to talk about what i think is the stock of the day from my view. eventually, great news on their alzheimer's drug. >> is close cognitive decline by

35% in late stage study, 47% showed no cognitive decline. this is called by scientists the strongest phase three trial for any alzheimer's treatment to date so 6 million plus americans live with the disease and this is a game changer for them and their families. eli lilly plans to file for approval by end of june. stuart: when you get into your 70s you start to worry about being forgetful and then you come up with a drug like this, you want to know more. that's the stock of the day. let's get back to the regional banks, i want to know what they are doing. >> there still down, pack west down 20% yesterday. some strength in the other regionals so we are seeing this ahead of the fed decision at 2:00 p.m. and the two of us are connected. first, out of beverly hills, western phoenix, what i say this? they have tech startups as clients, that group of

specifically little more sensitive to interest rates and they are described as, i'm quoting the general, tightknit group proving flighty during a rough patch. i think that's why they got hit the hardest and down again by 2% today but what exactly is going on? do regional banks have problems we didn't know about last week? i thought jamie diamond and j.p. morgan stepped in and rescued first republic and there's no more panic out there. we were wrong so now that the fed uses making the decision this afternoon, their data dependent is what's happening in the banks, their data. stuart: we won't know. i think reported yesterday, i'm interested in the eb sales. >> overall, profit but the business lost $722 million and they are on track to lose $3 billion this year. board used ev's like a start up,

they will lose money and then build scale and everything will be great. i also want to tell you they cut again the price by as much as 8%. stuart: a big drop, for a chip maker, down 6%, that's a big drop. >> they are vulnerable completely and things don't seem to be getting better. the forecast was pretty lackluster, investors are not convinced. they say amd is startling, will continue to struggle and no longer gaining market share for the rival intel. stuart: starbucks, a good re report. >> down 6%. starbucks is moving ahead with caution despite positive signs. they got trendy drinks, plant -based whatever, more digital ordering, china so strong as they reopened but when you don't say we think we can do better in the immediate future, investors say all right, what's the next

catalyst? stuart: a lot of the calls for suggesting a recession, minor recession, that's what the calls are so often about. >> no doubt. stuart: tell me about cvs, 4%? >> but outlook, they cut because of the cost associated with two oppositions in healthcare provider, they also but oak street health and operate clinics. stuart: what have you got on craft times? >> good news and stock is up 3%. good news and bad news. craft heintz said revenue was better, it went up about 7% but volume fell because we cannot raise prices anymore, this is it, customers are pushing back. no more price hikes because anytime anybody goes to the grocery store, it's a sticker shock. they know that and they are saying is another piece of good news right now commodity costs are coming down faster and that

came from the call. stuart: yum brands are down a bit, what's their story? >> value meals another story, $2 talk about leaders, same sales and all of their brands and kfc, $5 mac & cheese will, pizza hut in total, 8% yet the stock is down today. stuart: debbie debbie e. >> they say it's a delay in key international event will if you know what it is, let me know. good numbers% down present mania and they are in the process of the owner of ufc. stuart: maybe it's the saudi arabia, we don't know so i won't comment on that. check the big board and what are you looking at? the big board is down 20 points, that's it, not that much. look at the dow, the list on the big screen, there is.

intel -- look at that, back on the big performance list. it's been trashed a long time. apple up 170. going up, honeywell and walmart all up. s&p 500, we've got jen rack, the generator people. must be bad weather somewhere because they are the generator people. the nasdaq composite, big tech names on the most active list, no but intel is on the list. >> intel's losses are there games i guess. stuart: marriott, good report with bookings and they are up $4 a share. coming up, even the left is concerned about the president as an president biden's age. roll it. >> we know biden's real opponent is ravages of time. [laughter] if he wins a second term, he will be 86 years old when he leaves office in that way to -- old.

[laughter] stuart: surprised to hear that things something like that. maybe biden is losing the late-night guys. we will see. public to paper calling for medical students to be taught in racially segregated groups. we are going backwards? doctor ben carson takes out on. look at this, this prairie chicken is biden's latest weapon in his work on fossil fuel. the fed may make the chicken a protected disease. attorney general doesn't like it, he doesn't approve. attorney general is next. ♪

the markets this morning, early going, not much moving. staff down to come up nasdaq of 32. the great decision comes a

little later. lawmakers pushing back on the president green energy mandate, grady trumbull capitol hill. what are republicans doing? >> when biden administration officials are here for hearings, republican lawmakers are challenging the administration's policies on climate and energy. listen. >> do you agree with that, we should trade off energy security for this country in favor of climate change agenda? >> we are in the midst of terrible climate crisis and it's our job to balance those things, create a balance on our public land because public land belongs to every single american. >> that was in response to a question about why leasing for fossil fuel drilling is taking so long. it's not just republicans asking biden administration officials that question. in the same hearing democratic senator joe manchin pointed out the previous administration issued leases in a much more

timely manner. meantime the supreme court is taking up a case that could take away the executive branches ability to issue sweeping rules. the specific case before scotus has to do with of fishing program in new england but depending on the outcome, it could clawback regulatory power from federal agencies potentially one of those agencies, the epa, head of that agency will be here today most likely answering questions about the new electric vehicle role so we will hear for the hearing as well. stuart: thank you very much indeed. lauren is back with us this morning, she's been here all day. what's the latest on energy from joe manchin? >> he's introduced a bill to speed up permitting of energy projects so two year limit on environmental review and one year if it's a small product why? is up for reelection in west virginia and he signed on to the inflation reduction act that

goose green energy with the iou he got from chuck schumer that his west virginia mountain valley natural gas pipeline would be approved and that never happened with this bill. it could happen and save his reputation. this is the message to democrats if they are hearing it, you need to pass this because we need to speed up development of the green power centers as well and he says it benefits everybody. stuart: i think he's right. i want to get back to this news from eliza really on osiris. it got a successful phase three trials, a successful trial. >> for the families that have to take care of an elder person who suffers from dementia or alzheimer's, it affects 6 million americans and right now there's no treatment for it. stuart: but i've got here is 47% of participants on this drug showed no cognitive decline so

it arrested the progress of alzheimer's. second, participants had 40% less decline in ability to perform active, activities of daily living at 18 months so it's a success. >> the stocks at record high today. stuart: got to pronounce this, my generation is terrified of this. >> i'm terrified and i'm not in your generation because i see what it does to people. stuart: when you get into your 70s, occupied you can't remember and you can't fill out words you want to use to get worried you got cognitive decline. >> i think we all have a bit of cognitive decline. he don't have any, do the crossword puzzle and playing cards is always good, don't retire, you'll be just fine. stuart: thank you very much for that support. still the stock of the day and i love it, nearly 4%. coming up, look at this patriotic scene from telephone your restaurant. you're going to love it, rotate. ♪

stuart: the display horrified regressive tik tok user. one caption said by far the most dangerous situation the user has been in. you have to shake your head at this end of thing. california. why is vice president harris chairing the ai meeting at the white house tomorrow? is a convenient distraction from failure border czar. that will be my take at the top of the hour. ♪

's were on fossil fuel. the attorney general of the second and that's what he wrote. as her attorney general, what does that mean for your state if this is designated a threatened species? >> what it will mean is all new oil drilling will cease or he will have to get a permit which is impossible to get. it also means this time they are

going after the prairie chicken, they tried about ten years ago and attend they will stop ranchers from raising cattle as they please, operators will have to get special permission and create a grazing management plan from which they cannot deviate from the federal government designated agency -- they are really going after oil, ranching is an addict target. stuart: you are the attorney general, are you going after the fed on this? are you fighting a lawsuit? >> yes, we in kansas along with texas and oklahoma have filed a lawsuit in federal district court. the listing doesn't even make sense, it doesn't meet the requirements of the statute. they haven't shown that there are other things the state can do to help the habitat and more importantly, the prairie chicken numbers not affect that much i human structure, they are affected by rainfall and we are in the middle of a drought

disliked ten years ago as soon as the rain comes back, it will double like they always do. stuart: what you're going after is the administrative state with bureaucrats on our lives rather than our lives lived according to the law. there's a difference, is that? >> absolutely and authority in the biden administration, authority granted to them by congress in going after species on serious grounds with the true cause of declining numbers and not human activity and then worse than that, it's washington bureaucrats who probably have never seen the prairie chicken were trying to make these decisions and trying to supplant the state wildlife officials doing a great job of keeping the population intact so nonsense on multiple levels. stuart: thank you very much for being with us, a scramble but it's great. thank you, sir. appreciate it.

look at this, just coming in, new york past first in the nation, banning fossil fuel and gas stoves. this law will go into effect in 2026, buildings under seven stories, buildings taller goes into 2029. go to electric if you got new building after 2026. >> this is new york state, in the nation, we see other cities trying to do this like berkeley and remember the restaurants there, they took it to the courts and an appellate court in san francisco blocked it, they said federal law preempts berkeley plot because of that suit so i wonder what happens in the state of new york because it's not just gas stoves but furnaces, propane heating, as cost to the builders of new buildings. stuart: and you got to go electric, electric heating system we haven't got a clue to the price of electricity will be

three years from now or five years from now but you got to do that. >> i'm very curious -- i know. a lot of voters are in houses not impacted by this just yet but if you start here eventually you will be impacted and it starts in your kitchen and eventually goes to your better where someone is taking over and telling you what you have to do. stuart: i don't like it. >> you don't live in new york -- no? stuart: i work in new york. got a house -- i'm subject to their rules. >> don't go to a new apartment. stuart: i won't. where are we now? we are walking up rate, probable rate increase from the federal reserve. we got a pretty healthy game, nasdaq of 67 and the dow is up 38. for the ten year treasury, that was the yield down earlier and downtown, below should 340,

that's a big deal. below reported. old above $2000, now at 2024. but going not much change, still looking at $28000 a coin. oil, that's a big story all the way down to $68. in other words, watch out, a pungent gas price in the near future. not much change, 215 enterprise. the average price. gallon of regular is now 358. down 1 cent overnight but i think it's going to lose a lot more ground after the weekend. in california, 485, you lucky people for regular. still ahead, why is the president still dodging his seventh grandchild? list peak on that. research paper says medical students should be separated by race. doctor ben carson takes it on. more afraid of american social media companies the tik tok.

jason chaffetz saying biden is too old to our is next. ♪

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