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that ago, europeans, all they seem to want to do is regulate american countries with which they cannot compete. then find them for supposed action to take our money. european union is find a record $1.3 billion and all the it to stop sending music data to america by october. stock is not a buck and a half but how is facebook supposed to do business if it can't take user data out of europe? good question, looking for an answer. there's some green on the war board this morning, the gossip about 18 points. one of s&p, fastback slightly lower. investors getting some encouragement today between president biden and speaker mccarthy. they'll talk about the debt ceiling. interest rates gradually rising, to your yielding one a quarter%, 432, that tenure 432.

i'm sorry, now look at the tenure. in getting it wrong. the ten here is 3.70%, that's the guilt and six-month i'm looking at 5.36%. politics, republican senator tim scott on as his run for the presidency today. he says voters have a hunger for positive conservative message. naacp going after another republican candidate ron desantis and issued travel advisory suggesting black people consider any plan to travel to florida. they say the sunshine state is openly hostile to people of color. desantis spokesperson says it is just a stunt. brooks one another major golf tournament, he plays in the competitor to the pga. the start of the day michael block, but a regular tour player, he's a professional of the california golf club and scored a hole in one and you can

see it pop in. he couldn't believe it at first, he couldn't see it, didn't know it but it was there all in one. monday may 22, 2023, varney & co. is about to begin. ♪ ♪ stuart: is running down the drain? >> running. [laughter] stuart: looks like tom petty, one of my favorites. monday and midterm, look at that. a huge beer truck stuck and no traffic. 2024 presidential race is heating up. a shakeup coming this week. lawrence -- lawrence is back. >> tenant tim scott will officially launch his bid for the white house today in his

hometown in north charleston, south carolina and then will huddle with his donors, he wants more money, he heads to iowa and new hampshire. he has the endorsement of south dakota, senate minority, number two for the gop and senate, john thune as well as senator microns, both endorsing tim scott. ron desantis is expected to officially enter this week, considered the leading contender to donald trump. how does donald trump continue to attack ron desantis? how does he start to attack tim scott? trump positioning himself as the only candidate who can prevent world war iii. he posted -- he responds to everything because he was posting on president biden agreed to help train ukrainians on the f-16 fighter jet, that's what he was responding to. we wouldn't have these if you are so president stuart bill cassidy had this to say about

drums 2024 run. >> out think trunk and would. the candidates for senate trump endorsed all walls. if you taken the vote that when two other republicans and put them together, those republicans would have one so i think the presidents high-profile endorsement of those candidates hurt those candidates. president trump will have a hard time in the swing states which means he cannot win general election. stuart: i will call him republican water, david is with us now. cassidy is far from alone in his thinking. his trump the best candidate to be biden? >> trump can win. think about it, 2016 part of trump's went was because americans couldn't conceptualize having hillary clinton in the white house. in 2024 voters have had so much

of president biden, about the fact that two thirds of americans disapprove from how he's handling the economy. some people say they've had enough and whoever the republican nominee is as we get into the battle, whoever it is, has a chance and senator cassidy reference it, who does well in the keep battlegrounds of michigan, pennsylvania and wisconsin, they become the battleground states lecture. stuart: but the debate start in august did you are about three months away. what trump strategy? same as 2016, just knock out your opponents one by one by going after them? >> he will have to have a message that will bullet. americans are not ones for looking back. we are always a forward-looking country and he's going to have to talk about what america will look like for years after his

next administration if he were chosen to be the nominee and become president. it's often not talked about but in mind his part called the nomination because he talked about things republicans care about, i'm a business guy who can create jobs, i'll make sure we know who's coming across the border and we will have a tough forward policy and that's what rallied ultimately republicans in 2016. stuart: the biden campaign thinks desantis' florida blueprint, his performance in florida. the biden campaign thinks that will help the democrats, help biden reelected. relaxing. why? >> you may remember ron desantis one the largest margin by any governor in 40 years. he what but almost 20 points. in a state where democrats still out register, more democrats than republicans on the voter rolls yet desantis brought in

more democrats and independents into his when. he's made a very impressive record for himself attracting others to the republican party and as we talked about, wisconsin in pennsylvania and michigan where the fight will be, he will be competitive, no question about that and if joe biden and democrats want to spend money in florida which they've not been competitive and quite some time, i'm all for it. [laughter] stuart: by the way, florida bronson 37.9 million tours between january and march of this year got to go but thanks for being with us this monday morning. debt ceiling negotiations will resume today. the president raised eyebrows with comments over the weekend. >> it's not my fault we are in this situation. peter doocy asked him, who would

take the blame if the nation defaults on our that? watch his answer. >> on the debt limit you said already, i've done my part. to think if there is a breach nobody will blame you? >> on the barrett based on what i offered i'd be blameless. on the politics of it no one will be blameless and that's one of the things some are contemplating. >> he went on to say maga republicans want the nation to default so biden loses in 2024. it really is a game of political chicken. bulk goalpost keep moving. i laughed when i heard this, he's asking kevin mccarthy to bend his redline of no tax increases. >> only going to agree more tax increases? they are still up our on spending levels and the clock is ticking, we are within ten days and it takes about that, a time to get the deal on paper. stuart: every year is the same. he says this, he says that.

>> we have two more days of it. stuart: i got to move on. a little bit of cream for the dow and s&p, read for the nasdaq. jeff is with us, i want to talk about big tech and its fascination with ai. you know i read your stuff, i know what you're thinking. why do you think ai will not end well? >> since you started this segment quoting or misquoting song lyrics, i'm going to quote prince, party like it's 1999. that's what i'm seeing in big tech and ai, parting like it's 1999. look at the s&p 500, take ten stocks, all that have in a iceland, they account for 80% of the gains in the s&p 500. take seven stocks ai focus, big

tech, they are up 30%. markets up 43 so stripped out ai focus and you will get negative returns so what i'm saying, nobody knows the direction it's going to go. i think there's good capabilities and ai, i think it will enhance our daily life, medical, there's some very negative things as musk has talked about but it is a tossup and it could end badly. stuart: google and microsoft, i'm pretty safe with those two, aren't i? >> yeah and big tech and even apple, we were on this show in august of 2018 and we were talking about apple reaching 1 trillion market cap, it's now near 3 trillion.

big tech stocks are going to benefit from ai and in a lot of ways they deserve performance that had but we are sitting on the edge of a bubble because is probably going to come down to a handful of companies that will make it and everybody else will be obliterated and if you're not in the right ones, i happen to think you are in the right ones, i want to be in the show -- [laughter] you are in the right one. stuart: i'm safe of companies of that size, they are gigantic. thanks very much for being with us on a monday morning, thanks. new york city's mayor eric adams say migrants should be sent to every city in america, they are arriving in new york city. listen to the mayor. >> we have 108,000 cities, villages, towns, if everyone takes a small portion, it's not

a burden on one city. stuart: but new york is center city. the other 108,000 are not. we invited them to new york. remember that. naacp warning people of color traveling to florida. they say the state is open, hostile to black people. more on that after this. ♪

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switch to xfinity mobile and get the best price for 2 lines of unlimited. just $30 a line per month. i should get paid more for this. you get paid when you win. from xfinity. home of the 10g network. futures is monday morning pointing toward virtually no stock price movement at all. the of three, s&p of one.

nasdaq of four. monday morning. now look at this, big deal, naacp issued a travel advisory to florida, the group says florida is openly hostile toward african americans, people of color and lgbtq plus individuals. before traveling to florida, understand the state of florida the values and commercialized the contributions of and challenges faced by african-americans and other communities of color. jimmy petronas' chief financial officer for the state of florida and joins me now. how do you respond to the travel advisory? >> only goodness. look, 400,000, over 400,000 new floridians made their home in florida. you will tell me all 400,000 moved are all wrong? nicholas, silly. the state the group supports, they are defendant the police, hurting their own folks, hurting

businesses so it's ridiculous, another way to prop up biden to try to tear. stuart: there's an element of politics because the naacp resume of the facts biden and you have a republican governor running for presidency, i guess it's about presidential politics basically. he said that? >> one 100%, all about presidential politics. what else can we do to bracket, what can we do to clap the narrative of governor desantis narrative? stuart: i just saw this between january and march of this year, florida received an astonishing 37.9 million tourist bidders first, his record? >> the state of florida, without a governor who is a lightning in

a bottle and a lot of things coming, the new york's, the new jersey's, illinois, these states are sending folks down in droves, we pick up over $30 billion in new recurring income just this last year alone so as they come here, they realize they like florida and tell their friends their coming to visit to enjoy with your family. stuart: the season is over, snowbirds are supposed to be going back, are they going back? >> north florida season is the several times in the schools in the south florida season is what you said, and with the week after easter so we are open for business year-round and we love them. they spend money here, they are

good for our taxes. [laughter] stuart: the cfo of florida, thank you for joining us, appreciate it. republican mega donor ditching trump for ron desantis. who is it and why? >> lambert, of texas and ironically his firm had the maga etf for a trump but now he's on team desantis and here's why. trump will make 2024 all about relitigating monday 20, all about the past and not on president biden's bad policy. the second., the border. trump campaigned on a border wall and we have of chaotic border situation and thinks ron desantis is handling it well with his bills and border. stuart: he has a lot of money and taking from trump, got it.

but when a big part of his campaign. why is he doing that? >> he wants campaign donations and doesn't care having him, but client is a okay with him and as part of his philosophy treat crypto as a security, loosen restrictions and tax on the mining of it and to quote what he said over the weekend, the thriving client should better empower me to do what i want as the president which is stabilize the u.s. dollar as unit of measurement and put the fed back in its place with its single mandate meaning dropped the other part of the mix mandate which is full unemployment, focus on dollar stabilization. stuart: the guy is making a lot of waves and he's thoroughly and i won't. he's raising the age from 18 to 25 and now is going after -- he wants to embrace for quite and bring it in.

>> he has a thoughtful response on almost every issue and can articulate most americans can't at all. he understands how the fed wo works. stuart: he's only 37. all right, thanks. check futures. you want to know where the money is going? .com verify this morning. dow down four, nasdaq don five, s&p dead that. opening bell is next. ♪

stuart: you rarely see little price movement, opening the market and three draft minutes and virtually no movement. keith is with us. it always occurs to me worried about what things happen if things go wrong. what happens if things go right? >> that is the question i think investors should be asking, everybody is letting things will fall off the edge of the cliff.

what happens if a company like apple takes off for the debt ceiling is fixed? the market will take off like a rocket and they will visit. stuart: there will be a review face-off rally if things go right, big tech, a i and the rest of it, that's a distinct possibility in your mind? >> there's no question in my mind that's going to happen. there will be stops and starts because of got to get the debt ceiling out of the waynd then the fed but those two things are close to the end of the scenario, not the beginning of a new crisis. stuart: i want to know your ai plan. everybody knows mind, microsoft and google, that's where i'm putting my ai money. >> out of trifecta, i got apple, tesla and palantir because i want to cover all spectrum of usability, chimps, intelligence and data processing. stuart: with other big new

things, you get this rush, people rush into all kinds of stocks and then flattening out as people realize they're not all going to be with us, a washout in ai but am i safe with microsoft and google? >> safe is a relative term. i personally pick microsoft, i don't google, you and i have a difference of opinion on that. i think it's a great company doing a lot of things right. stuart: i don't know enough about it. that's my problem. if i can say this company will use ai and it will be positive, they will make a lot of money, i put my money in but i don't know enough so i go with the big guys to be safe. other than microsoft and google? >> is the engine, a lot of people are playing back stock and have not gotten it but the company continues to put great numbers, is the engine that processes data. people can't use ai without

companies, picking winners will be tough. stuart: i can't read this on the screen but it was around -- where was it? eleven dollars a share, where is it going? >> i've thought for a long time 50 but it will take time because wall street get up so i'm thinking 25, probably the first step along the way, 12 to 36 months from now. >> not bad. we might take that. thank you for joining us, we will see you again monday morning. i do hope things go right. fifteen seconds to go. we open this market, you can see them clapping and cheering. in a moment, somebody will press that button. a lady or gentleman will step forward and pressed the button and we will start trading this monday morning. we're down fraction in the early going. i went to call it get thought but you can see the dell 30

pretty much even split winners and losers, not much action. s&p 500, i say the same thing, virtually dead flat, one of 4100 index. that's dead flat. nasdaq composite up again, a function eight points higher at 1266. big tech, we do this everyday when the market opens, but, medic, apple down 80 cents. a closer look at meta, as reported this morning, $1.3 billion fine, the european union. >> look at the stock. stuart: now it's up. just to say about the european, they don't innovate, only do is regulate particular money and i don't like it. >> i think that's why the stock is reacting. what they are arguing in this ruling european user data can be spied on kept in the u.s.

can you believe that? accusing meta of sending user data to be stored in service which they say can be accessed by u.s. spy agencies so meta is appealing this ruling and the u.s. government and the reason the stock is up is the u.s. government is working out a deal with -- it would allow tech parties to continue sending data back to u.s. servers and new rules could be implemented in the next six months or so, so it's like a nothing burger. meta however, the part that is still liable is $1.3 billion fine according to the ruling because it's a fine for past behavior before this deal was signed. meta joins amazon which was ordered by another european court paid 800 million and accused amazon for scripting user data illegally to advantage their own advertising, both are appealing but at the end of the day if it's just money for big

tech giants which they have a lot of, it's not nothing, of the it's a big deal. stuart: it was done this mor morning. >> was down about one and a half%. knee-jerk reaction. stuart: apple has a downgrade. what? >> it's worth 180 in their view and the iphone maker in their view will fall short in its next quarterly sales guidance based on their own research. remember apple surprised a few weeks ago to start the night, they saw iphone growth thanks to record demand and markets like indonesia, brazil. apple friday 52 week high, back up to almost 175 levels. stock is up 35% this year. i was a little shocked when i saw this company which is the most influential in america, 7%

of the s&p 500 near the highest influence in 40 plus years when it goes up 35%, you can imagine it take the markets with the. stuart: i saw this morning china is putting a ban on chips from micron. that's not to upset the chip industry. >> it's also surprising given politics. micron fails a network security review and poses as a national security risk so they order state owned chinese companies like telecom to stop buying micron memory chips. it's interesting china is banning us-made chips after the department ordered nvidia and amd to stop selling high-end ai chips to china and ordered south korean chipmakers not to fill the gaps so china needs advanced chips, a supply of it and micron is caught up in the politics because they signed $3 billion investment deal to make ships in japan to fill the void so all of

a sudden ai chips and advanced are cut up in this political drama in the u.s. china tensions. their best performer so far in this ai boom. stuart: today as i understand is delivering board plus day. this is about electrics? >> lithium, the new gold rush in the ev battery cells that power electric cars, ford announced a new series of deals to secure a supply of lithium for suppliers in us-made canada so cars qualify for the $7500 tax rebate. automaker says it plans to produce ev's at a rate of 2 million a year by 2026, it's a big number. tesla this year saying that will produce 1.8 million cars so if

you can get to 2 million by 2026, not bad. for tesla, i still think tesla is a runaway, back up to 182 and up about 45% this year, electric car company. stuart: i hope we have time for spacex, i think we got video. >> innovative isn't it? stuart: it is. what's this about the market? what did it carry? >> saudi arabia's first astronauts decades pocketed to the iss and its charter multimillion dollar flight on sunday and is x launched to get holding crew by a retired nasa astronaut, also they arranged a trip for businessman who owns a sports car racing team so a for-profit venture is what i'm trying to say. $100 billion plus ownership by you unmask, raising $100 billion in some so it at to elon musk

influence and wealth obviously but spacex is the rocket launch which we love to show which is so wonderful and advanced by the sterling, internet satellite companies like to be worth 60 billion of the 100 billion dollars evaluation. stuart: is helping ukrainians. >> he's donating that. stuart: what are cut what a guy. they seem to be recovering a little bit. >> the fact that pac west, they saw deposits increased to billion dollars, pac west looked at people willing to buy them, $2.6 million in construction loans by holdings and jp morgan investor day today, you should hear jamie diamond talk about the purchase of first republic adding to the bottom line in their business. stuart: got a book saying the market closes higher.

>> looking at the banks across the board right now. [laughter] stuart: a vote of confidence. coming up, warning about artificial intelligence but can it be a positive? can help? will have john, the bar rescue guy coming on the show, he's using ai in his restaurants. university of minnesota paid interim internship program only open to nonwhite students. stephen moore and stephen forbes want wall street to keep politics out of our retirement savings. stephen moore is next and he will explain it. ♪

, marcus this morning after 12 business we are starting to see

price movement to the upside. dow is up 60, pastor of 60 points as well. look at this, microsoft just hit 16 month high, 320 sports fans. let's get serious, that ceiling negotiations resumed today, grady trumbull on capitol hill. do voters support in these ongoing arguments? >> not president biden, at least on two key issues according to a pair of recent polls. let's look at the numbers as that ceiling talks continue today, 58% of democrats want to reduce the budget as part of a deal, according to an ap survey taken earlier this month and will get one specific place, work requirements. nearly two thirds of those surveyed in axios pole support work requirements for medicaid and snap benefits including

almost half of democrats, still the president insists speaker mccarthy is being unreasonable. >> it's time for the other side move from their positions because much of what they have proposed is simply unacceptable. >> for his part, speaker mccarthy says the president is caving to the brother left faction of the democratic party. >> but the president has shifted right after the progressive socialist wing of the party, stood up and says he wants to spend more money. he's bringing something to the table everyone said was off the table. it seems he wants default more than a deal, that's not where i'm at. >> at least the way to readers are speaking publicly, you can see a golf between them, we will see if they close the divide

when they meet later today. stuart: later today. thanks very much. european union does find meta- $1.3 billion. why? meta- transferred user information from europe to the united states. the horror. stephen moore joins me. i got to express my opinion on the europeans are becoming regulators of american big tech and all they want is our money. i'm not happy. how about you? >> couldn't put it better than that and they're coming after american tech companies whether through antitrust, allegations or in this case, alleged privacy concerns. this is simple, the united states for the last 30 years has totally dominated high-tech sectors when you've got great companies like google and apple and amazon that have exploded in terms of wealth and europe is nowhere. name high class technology firm we started in europe so they are doing is trying to plunder our

companies for money as a way of putting money in and incidentally, i'd like to see regulators in washington stopped taking the side of europeans. she runs the federal trade commission, she's cheering on europeans to do american companies. stuart: the wrong thing to do. i got to change the subject in the interest of time, you have a new op-ed you've written with steve forbes and it reads, wall street, stop putting politics over my retirement savings. in what way does politics affect my 4o1k? >> we've just released a study a few days ago that looks at 40 largest investment firms. your viewers will be interested in this, we looked at j.p. morgan and fidelity and the

biggest money management which you know trillions of dollars under management and we look at how they are voting on proxy votes where they are voting shares of the clients and as you know, the new fad at these shareholder meetings as for hostile resolutions by left-wing activists, esg. radical climate change ideas, you have to have quotas, divesting plastic companies, oil and gas, these are hostile amendments that have nothing to do with rates and returns and what we found is a lot of these big money management firms are voting for esg and putting their political preferences ahead of the rates of return getting for their clients which i would argue is a violation of their fiduciary duty and i will name the companies that have been a pretty good job and then i'll name the ones that have done a

lousy job. fidelity has been good, dimensional fund advisors is excellent, they don't do esg and vanguard is pretty good. running for the bad guys? stuart: tell me. >> state street, ubs, bmp, these companies are basically putting their political preferences over your retirement returns and you reported on this, esg reduces the value of your returns. i don't know about you, when -- i want to save the world, i just want to get a good return on my money. stuart: exactly. i want to save my retirement. please leave me alone. like you very much, that was good. see you again soon. now this one, a dad in massachusetts is out tens of thousands of dollars after buying taylor swift concert tickets.

as i understand it, he spent a lot of money, $20000 helping his children, he did a good deed. >> not for his wallet but his daughters. absolutely and their friends. going to the concert at gillette stadium in massachusetts and in november, about it was a great deal. he got four tickets, $1800 read the tickets never showed up. the day of the concert, what you do? stubhub doesn't have any more tickets to give so he went on another site and but for tickets for $21800 and his girls were zero so happy. they had a great time, a good dad but. stuart: one of the people saying who can't afford $21000 for four tickets? >> they cry if they didn't get them in time but more for 1800

is a lot if you go back to the initial purchase. stuart: if you've got it, should you do it? >> i think it depends on your children, if they are grateful, you should. if you have and you can, why not? stuart: the state department as a diplomat shortly. >> you already did. stuart: know i didn't. >> you didn't purchase taylor swift tickets for anybody? stuart: i could not. >> that's not true. [laughter] stuart: leave me alone. it's monday morning. jason chaffetz says americans have lost their trust in government and it could mean standard for trump in 2024. jason is going to be here. stop laughing at me. try appeasing the lgbtq plus community and the dylan mulvaney partnership. now that community is distancing itself. lauren will have that story after this. ♪

bridgett is here. she has no clue that i'm here. she has no clue who's in the helmet. are you ready? -i'm ready! alright. xfinity rewards creates experiences big and small, and once-in-a-lifetime. psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to.

tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist waking up to a message i will bring to everybody, i did not pay for my grandchildren tickets to the taylor swift concert, i asked their mother, she said you

bought the tickets, you did not buy any taylor swift tickets, there is a mixup on the credit card so i'm here, i did not pay for the tickets. >> feel better? stuart: i feel better. >> i remember that morning with the resale, the tickets. stuart: bud light facing backlash from the lgbtq plus community. wait a minute. i thought the lgbtq community supported dylan mulvaney but now they're walking away from bud light. >> this group called human rights campaign is mad at bud light owner because they are not standing up vocally for the lgbtq plus mentoring so they gave the company an ultimatum, set the record straight right now, 90 days, tell us where you stand as a company on a and transgender rights or lose your

perfect score and placement on our list of best places to work. we have no official response yet but i'd say there are hints of a change in corporate and marketing strategy ahead of the beer drinking season which is summer. reportedly they offered wholesalers and will buyback unsold cases of the beer, number one and producing special cans for veteran nonprofits and even harley-davidson's one 20th anniversary special cans. you would call a smokescreen or what you want, this is them trying to get back to traditional drinker who might feel offended right now. sales say look at the damage, six straight weeks of double digit sales, another 25% the week ending may 13 and as it up, 110 million lost on bud light this year alone. it's not just bud though. think about identity politics,

infiltrating every company and we are seeing backlash by consumers. others like, adidas, nike, target. stuart: i'm glad we straightens this up. more varney after this. 2.5 ...

♪ let me just come and get it ♪ stuart: it's the lady with the voice, adele, i love that voic