security footage captures a moment two coyotes attacked a small bargain is california backyard. the 11-year-old multis stepped into action saving his little brother harley chasing intruders away. yes, multis can be a great watchdog. >> i hope dusty is watching right now, she needs to be on her game, protect mom. >> model would just be like what's happening? back to my napping. [laughter] >> we never know what we are called upon to do but look at this, we should take heart even if you feel the little guy you often have the power to take on the big fight. >> harley appreciate his "big brother" something else like this. that was amazing. these are tiny dogs. >> he was bitten but we are told he's going to be okay.

great to have you this morning, great to see you all. have a great day. varney & co. starts right now, actually, webster is in for stewart. >> don't mess with vinny. good morning. i'm ashley webster in for stuart varney today. finally it passed the house, debt ceiling built in the hands of the senate before our government is expected to run out of money. the clock is ticking as they say. market not reacting to news of the vote being passed in the house as you can see have the opening bell, all moving ever so slightly lower on this first day of june. a fox survey reveals 90% of voters are extremely concerned about inflation. 88% are worried about the future of the country. white house press secretary karine jean-pierre struggling to answer a question on exactly what the president's top priority is. we're going to talk to lawrence jones about that, the gop field

for 2024 is about to get more crowded, president biden caps off a question on why he hasn't taken to the campaign trail yet. of course we have in elon musk headline, he's reclaimed his position as the world's wealthiest person now worth a measly $192 billion, that's a lot of money. thursday, the first day of june, 2023, varney & co. about to begin. ♪ ♪ >> a nice looked on sixth avenue, midtown manhattan as we listen to the great tops this thursday, the first day of june.

let's begin with this, ceo of nvidia will head to china. what does he plan for his trip? >> i think they give you this song, is he was man enough? as a warm welcome. [laughter] the ceo reportedly will be meeting with the tik tok owner and we auto, the ai chips but i can't by the most advanced one because of the white house and sanctions on certain semiconductors sold to china. nvidia does a good deal of business with beijing, a fit of its revenue from china and you can see 64% but nvidia, the powerful ai chips right now demand, 21% exposure to china. >> thank you very much. let's look at the futures as we said a few minutes ago. look at the premarket before the

trading session, don a third on the dow essentially flat on the s&p and nasdaq, let's bring in adam johnson. let me ask you, if you want to get in on the ai craze as we talk about it everyday now, what stocks should investors look at? >> talking about nvidia, that's i think the best way to play it. this is a company that focuses on making semiconductor and the fastest ones in the world. 30 trillion calculations a second. it's like a million millions, 30 times and that's the computing power you need for artificial intelligence and the real take away for investors is everything if i pull out my iphone in my pocket, it's too slow. laptops are too slow. we are going to need more computing power, a tenure super cycle but only just beginning and nvidia is the best way to

participate. the reason is up is because they guide the the very few companies on artificial intelligence, i mentioned nvidia because i own it and it's the best, there's ticker ai which is c3.ai and palantir, those are the only other two that appear place so it's not easy to play artificial intelligence. >> are you sticking with your 600 price target on nvidia? 2025? it's already 382. >> i'll tell you why, but that, i wrote it up for subscribers when it was 170 in 2022 and my base case was a target of 475, we are about 400 right now. the way i get to 600, now it's easier to get there because they got it up. simply, we will do seven, possibly eight dollars in earnings this year, seven or $8

this year. i think by 2025, go to 15, they will double the next two years. you put 40 pe multiple on 15 dollars of earnings and you get to $600 and i know people say 40 times earnings for pe? market trade is half that but the market trade is a fraction of the girls, you pay a lot but get growth you can't get anywhere else and artificial intelligence. >> that company sitting in the seat right now with ai. the debt deal clearing, a hurdle in the house is not done yet but if it does get signed, does it set up a market rally or not? >> part of the rally we seen a couple of weeks is the anticipation we get a deal so you may have's office today just because traders, the knee-jerk reaction is to sell the news but i think it sets us up, i think we are in the clear. all the negatives have one by one then overcome. you think about it, inflation coming down.

we, as expected so one by one we are moving through all that and it sets us up for continuation. >> i like the optimism as always. thank you very much, appreciate your time. peter doocy asked president biden why he hasn't the campaign trail for 2020 forget. here's how the president responded. >> how is the reelection campaign going? we haven't seen you on the campaign trail yet. >> you haven't x? >> you haven't? well, no, we haven't. thank you for charging over from the fox news said. again, biden is appearing to

embrace the basement strategy and it worked in 2020. is it best to keep them out of the way? could work again? >> if it's not broke, don't try to fix it. [laughter] i think he was able because he had an economy that was good for average americans, 50% for better on the terms economic climate but that's not the same anymore, you got a border out of control, inflation out of control and you will have to have a president or candidate willing to go connect with american people. i also think back then the press kind of let it go, there's a lot of folks even if they don't like donald trump or people in public and field are annoyed by the commander-in-chief not wanting to interviews or talk with the american public so i don't think he will have an easy go around especially a challenge in the

primary for him and he's refusing to do a debate so the people want to hear from the commander-in-chief and they want to hear from the person that's going to give four more years or in the white house. >> exactly. karine jean-pierre struggling to answer basic question of what is the president top priority? watch this. >> talking about climate, there's a lot of action with china and you mentioned high prices so what is the top priority? >> the president of united states, there are multiple issues, multiple topics the president has to deal with. that's the job of the president. >> that's a great not answer. what you make of it? >> terrible. if you're going to be a spin machine, at least be great at it. peter doocy is so brilliant in his questioning because it boxes the white house and. first they have to acknowledge was going wrong and then they

have to address why they are not doing anything to fix it there would have been the fault so of course they couldn't say the border, couldn't say inflation because they are responsible for that as well and they couldn't take crime because they haven't done anything to address that. no matter what she answered in that moment, she wouldn't have had a great response and what the white house is doing to improve that issue so again, a great question by peter doocy and since the white house and staff run in the white house right now, they provide the notes and everything, they should have had some type of answer for that question. >> such a basic question. are they more focused on attacking republicans and promoting their own agenda? is that the strategy? >> is not just republicans, it's what they've tested, maga republicans which is essentially

the base of the republican party that they have this disdain for. at least the president pretended in 2016 to and said he would bring the country together. said you don't need to do that anymore. you can separate americans. i think this is why 75% of americans believe we are going down the wrong direction because the one thing he was supposed to do -- the economy and all that was broken, people were getting more businesses, they want to him to unite the country and be normal and he's not. >> not at all. we'll have to but leave it there, thank you dashing over to the farney studio. thank you. the gop field about to become more crowded, mike pence will get into the race.

lauren, do we know when he's going to launch the campaign? >> wednesday june 7 in iowa and that's where he's been laying groundwork. if you look at the gop republican field, it's swelled to eight, ten if we include pence and chris christie and i have a feeling it's going to grow some more with the governor and etc. mike pence, obviously former vice president, six term congressman, one from indiana governor and famously he split from trump for refusing to overturn the 2020 election results so he will need now to appeal to the trump loyalists but also evangelicals and christians with his socially conservative principles. >> going to be fascinating as always. we look at the futures as we head to the first break pointing slightly lower. we turned around a little bit, the dow off but the s&p and nasdaq flat to slightly higher. coming up, x fbi director, james

comey trashing theories the feds are out to get republicans. rotate. >> donald trump and those around him have seen the fbi as a threat so they taken a blowtorch to try and tear down that threat. it's unfortunate the notion the fbi is a leftist kabul out to get republicans. it's crazy and shows you how crazy our times are. >> seems like former president trump was to blame. florida rick scott raising the debt limit, he says it doesn't address inflation. the senator will be here next. ♪

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let's look at the futures ahead of the opening, the dow off quarter for present but the s&p and nasdaq essentially flat to slightly higher. check out salesforce, this stock tumbling premarket, down 7% on disappointing revenue growth, sales stock on track to save about 110 points off the dow at the open. in other words, a drag. a new foxhole shows the top concerns for americans. what are we worried most about? >> this is frustrating and depressing. 90% say inflation is our top concerns. it peaked at 92% in july of 2022 so and basically a year the number is still nine and ten of

us of the same time 88% worry about the future of the country and i think it speaks to this anxiety we have the bipartisan anxiety that something is not right and something is not changing fast enough to make life more comfortable but also cheaper. you still go to the grocery store not to sound like a broken record, you're still amazed prices keep going up. >> i hear it from everybody everyday still. thank you. let's get to the debt ceiling agreement, it was approved in the house with a final vote of 3142117. now the bill heads to the senate will it will face significant composition. let's bring and senator rick scott, the republican from florida, great to see you. you say you are opposing the bill, what is your concerns? >> exactly what you put up on the screen, inflation. as i travel, what people tell me every day is they are worried

about inflation, the value of the retirement benefits so if that's the problem, let's address that problem. this bill doesn't address anything, it doesn't interest inflation, it increases the chance of inflation by running up more and more and more debt, there's nothing in the bill that leads us to a balanced budget. the only way we get inflation under control is to do what i did in florida, balance the budget. you do it, they say this is the reference, i will not spend more than this so we've got to stop and say with got to get our fiscal house in order to take care of the american public and want inflation to come down. >> i will move on to another subject. in florida's lee county, the fort myers area, police say fentanyl related drug bust have spiked two 100% from the same. last year. police believe they think it's a fraction of the drug supply. my question is, what is being

done to address this issue? >> i wish the sheriff, he told me the same thing, double the size to get the principal off the street. his coming across our southern border, i don't understand. the biden administration decided to open our border and we ha have -- last year, 70000. 70000 american citizens died and joe biden says he doesn't care. he's doing nothing to eliminate drugs coming across the border, their coming across the southern border, he's made the decision so as happening across our country, we've got functional deaths and probably almost every county my state so it devastating families and the biden administration doesn't care about it. >> i got to get thoughts, pressing the white house on why -- listen to this, i'll get your

comment. >> i do know there is review, i'll leave it there. it's being reviewed by committee so the president thinks is an important issue to deal with but i don't have anything else to add beyond the. >> a lot of talk, tik tok accused of sharing private information including social security numbers with other companies in china, why hasn't there been a fan? >> everything about china joe biden passes. he's soft on china, i don't know if it's because his family has relationship in china but there's nothing he's doing hard on china. everything is soft on china, china wants to demolish our way of life, is nothing good about the government of china right now and joe biden everything about china appeases him so is he going to do anything on tik tok? i can't imagine. you pass it on the somebody didn't do their job but joe biden will do nothing on tik t

tok. >> it's interesting because business leaders, elon musk, jamie diamond and talk china talking to chinese authorities although you could argue they are in a difficult position, china is a huge it but there's no doubt they are our biggest foe. >> we cannot be dependent on china for anything, we can't be dependent on them for drugs, semiconductors. american citizen, any american citizen or company do any business in china. would you do business with somebody who wants to demolish a way of life you? i try to do everything, i tried to never buy anything from china and i would help every american citizen would do the same thing. >> will have to leave it there. senator rick scott, republican from florida, thank you so much as always. >> a great day, bye-bye. >> you too. let's look at the futures, slightly higher on the s&p and

nasdaq, down on the dow. the going to do it for real, opening fell coming up next. ♪

less than three minutes from the opening bell, futures new to the dow, s&p and nasdaq but. i want to mention back in february said you liked nvidia, it was trading then at $208 and now it's in the high 300, up 90% since then. you still like it? >> i like nvidia for the long-term and that was after 20% pullback in february when nobody wanted to touch nvidia at all. the chip world was very much overblown, oversupplied and when we got a good pop on nvidia, i think it would be wise if somebody need cash you could

take some off. i like it, i think we're going to get market turbulence between now and the end of the year just normal volatility. i think we can add to this stock over time. it's a great play in the ai space. >> fantastic. you like consumers, proctor and gamble in particular, why? >> i think we have a similar issue with procter & gamble, that we have with the rest of the market. nvidia pop, i believe we going to get a bit of a pullback, maybe sell the news after get the deal done on the debt ceiling. i think it might be okay after double digit gains in the market to have defensive player with dividend in the can going into the second half of the year. >> you said there are some things that are concerning you

and one was u.s. bank deposits have tanked. you think that continues? >> i believe it will until tanks pay interest rates that are reasonable. you can go out all kinds of places, 5% or more on one or three month, why would you take extra nothing to keep it in the bank? i think people are savvy. >> they are. quickly, with the latest job openings, does the fed maybe be forced another rate hike? >> i believe the fed but i don't think we are going to get it. >> very good. always great. you covered a lot of ground. appreciated as we head to the opening bell, three, two, one. there you go. everyone is happy pushing the buttons. we are off and running.

okay, right out of the gate, the dow up as you can see, 64 po points. rick dow 30 stocks. sales forces talked about, revenue going on, that's down out of the gate. overall, just down 71 points. list look at the s&p quickly. barely one tenth of a present, 4183, that really is an inflection. can we break through it? that is the question. essentially flat, slightly higher at 12,000 945 and the nasdaq, let's look at the big tech names to give a sense where they are. generally the upside, microsoft down nearly 1% but apple is up, off but expense, medic, best performer of over 1%. we did have retailers reported

before the bell. let's begin with dollar general, down 11%. >> alert income top by high prices and at the dollar store so dollar general cut for your earnings to be down 8%, they earlier predicted four to 6% growth, so definitely a haircut there. look at cornell, obligate prepared me, they maintained the forecast, i guess enough to appease investors, stock up by .3%. there are some negatives, turkey sales were down on the bird, china's reopening has been sluggish and here in the u.s. customers are shying away from higher priced meat and ready-to-eat meals because they are typically more expensive. macy's. half of macy's customer base excess and 75000 a year. this is our and consumer,

middle-class lower and cutting back discretionary spending. macy stock on five and a quarter rick the ceo said we still demand increase with warmer weather starting in april but where did that happen? at the scale stores. that's the consumer right now, lower and struggling, higher and still okay. >> that says it all. let's get to >> 22% $2 billion and now they are heading north to canada and that could be 15 billion in annual sales. >> up 24%. let's look at sales.

they have a good report and lifted guidance but now down nearly 7%. >> the rapid growth they did see was the slowest in 13 years so that's why stock is down. they still grew sales by 11%, eight and a quarter billion dollars but they are saying companies are dialing back how much they spend on cloud -based software that sells them so overall i would say most analysts are bullish that salesforce is fine, they can develop and monetize ai, artificial intelligence, insert offerings but the stock is down 6% and probably taking about 110 points off the dow jones industrial right now. >> a real drag as they say. take a look at the three ai, i think that's done within 22%. what's happening? >> can we call it an ai timeout? is up to 90% this year.

really? much of it came just last month and make so they gave their full year outlook, slightly above expectations because investors are questioning the speed of growth and the three ai is trying to diversify who they so software to so we always talk about chat dbt, who were popular. three ai designed their version of chat dbt for the enterprise setting so an example would be a user can access all of corporate data with speech, natural language so not necessarily have been something in, it's speech and signed for businesses. >> for those of us who can't type, it's always very positive. let's look at ev maker lucid trying to raise money, how is that working out? >> twelve and opposite to the

downside, trying to raise $3 billion in two ways and a public offering of talk and private placement with their majority shareholder out of saudi arabia, 60% ownership. lucid is luxury ev, they start at $87000. they just trimmed production forecast so the news is not good and everyone competes with tesla but tesla is competing on price and lucid is not doesn't look like customers or investors are buying it right now. >> very competitive and expensive for the consumer. let's talk airlines. american airlines still finding to have a partnership with jetblue. >> the northeast alliance in case you're flying new york to boston, they share the slots for different airports so the judge came in and said this is bad for competition, you need to unwind it and do so in 30 days.

the timing couldn't be worse, think of all the people flying the summer so american is saying they will appeal that. american right now is down a quarter of 1%, no big deal. >> no big whoop as they say. let's take a look at the big board if we can, we know the dow is -- there you go, picking up a little steam, 156 points. down about half a% but where are some of the winners? lisa, j.p. morgan chase mentioned earlier caterpillar up three quarters of a%. coca-cola of eight tenths. s&p 500, cornell food we talked about them, biogen, constellation energy up to, nearly 3%. let's look at the nasdaq winners, up 4%, j.d..com. match group 3% and constellation of 3%. that's the market in the early going coming up, the 2024 race

eating up. the pregame is over for trump versus desantis. interesting. he's going to tell us what that means. reportedly going to stop writing books and filling documentaries, i guess they have nothing left to say. thank goodness for that. still dealing with skyhigh inflation, a year after president biden says president biden top priority. an action on the inflation and what's ahead for the economy right after this. ♪

we have a mixed picture in the early going of trading.

you can see even though the house passed the debt ceiling bill, what have you done for me lately? the nasdaq up slightly in the rest slightly lower. more than a year since president biden named inflation his top priority. edward lawrence of the white house this morning, are voters still concerned about rising prices? >> very has dominated the concerns of voters and the latest polling shows 90% of people are concerned about inflation. the white house press secretary could not name insulation yesterday as a top priority anymore. >> there are multiple issues, multiple topics the president has to deal with, that's the job of the president and he talked about climate not just about climate, it was how we foresee the season coming up with hurricanes, fires we've seen across the country, how we are dealing with that in this

country. >> the feeling inside the white house is inflation will just eventually come back down but this was their response to me in may of 2022. >> the president said inflation, or that replace climate change than as a top priority? >> first inflation and rise in cost for people across the country has long been the top issue in every poll we seen and certainly the number one issue for the president for some time. >> the white house left fighting inflation to the federal reserve, ten consecutive rate hikes even if there is a pause announced june 14, the jefferson yesterday saying the fed might not be done raising, they will see the effect of rate hike there. >> great stuff, thank you very much.

let's bring in steve more now. favorite economist joins us, is biden doing enough to bring down inflation? that's the basic question and why should he be doing? >> great to be with you. people should remember the reason we saw inflation go 1.5% when trump left office to 9.1% about this time last year was the massive $6 trillion spending spree and of course all of that was borrowed and forced as you said, ten rate increases by the fed. it does appear as i looked at the indicators on inflation that it is coming down, now about 5%. i expect that will continue to fall but the bigger problem right now is the impact of those ten rate hikes, the housing market, housing market has come to a standstill because mortgage rates increased but i thought it was fascinating you played that

clip from the white house press secretary, we've got so many problems, the debt, the border, inflation and she says she's talking about climate change and it's a big problem for the administration, they are not dealing with the core issues the american people care about. >> exactly. i'm glad you mentioned that because you put a new op-ed out, the less climate change indoctrination scaring our kids to death. literally. our kids literally being scared to death by climate change indoctrination? >> they are. a new poll found anywhere between the third and a half of kids in the united states today and other countries believe the world is coming to an end and it may and during their lifetime so you've seen it's kind of a psychosis we are teaching our kids. this led to all sorts of others,

you seen an increase in depression and suicide rates. one of the big concerns i have as an economist's birthrates in the united states are down a l lot. here's the thing, if you thought the world would come to an end in 50 years and you want children, if you thought the world was going to be uninhabitable, we are teaching these kids this nightmare scenario and meanwhile, we've got real present problems that are being dealt with and for those kids out there who think it's a terrible thing to be alive, come on, would you rather live during the bubonic plague mahood people have to work 60 or 70 hours a week? this is the most pampered generation ever and they are scared to death. >> steve more, thank you so much

for being with us today. workers quitting their jobs and record numbers during the pandemic. it was called the break great resignation but is that coming to an end now? >> i say back to reality or greek covid levels so we have to report this week and if you look at the rate, how many workers voluntarily quit their jobs because presumably they were confident they could get a new job, that fell to 2.4% in april. last april it was that 3%. we still have 50 plus million americans quit their jobs last year, that's a record so now 2.4% your back to the 2019 average so i'd say yes, the great resignation is over. i don't say that confidently but i think it's somewhat over. >> don't storm out the door.

also, some of the biggest cities are beginning to drive again but not just near office buildings. >> i'm surrounded by the midtown office buildings but the people are living downtown and in brooklyn, same thing and los angeles, there's demand for an area like highland park so people are still in the cities, just more residential parts. >> i get it. thank you. coming up, stupid question but should we give people a pass for murder? lawmakers moving toward the controversial clean slate bill, it will seal records for crimes, both misdemeanors and felonies. we got the details. 2024 hochul speaking china a campaign issue. only a third proof of biden's handling of china so what would republican candidates do differently with china?

lauren has that report next. ♪

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

china is becoming a major campaign issue among the 2024 presidential candidates. break it down for us, how are they planning to crack down on china? >> when trump was president everyone said his policies were dangerous as he fought against china with tariffs and other threats and now the question is, how who can out talk who? this is pulling the storm% disapprove about president biden handling china and now his political potential opponents are telling voters, we can do it better so donald trump made relies on china one of his main presidential platforms, he

stopped tariffs on imports and now candidate trump says he will revoke china's most favored trade status and about a four year plan to phase out all chinese imports of essential goods by pharmaceuticals and electronics. wrong to santos recently brought the trip to asia, he's posted about how florida cracks down on the chinese communist party limiting land purchases by chinese nationals and chinese apps like tik tok the former un ambassador nikki haley caused china the strongest and most disciplined enemy slamming president biden were failing to hold china accountable from issues like covid to espionage. former vice president mike pence said to launch his campaign next week, he's has biden created a vacuum of leadership and china is trying to fill that. he wants a federal ban on tik tok, tim scott from a different approach here. he says let's focus on cutting

off functional from china, it goes through mexico, that's how he wants to attack them. he wants complete decoupling. he put out a video and says am sick of iconic american companies intentionally kowtowing to china for favorable treatment to get there quick to criticize our country and they don't say anything about what goes on in china so basically every republican candidate has a china policy. >> and i understand. great stuff, thank you for the period still ahead on varney & co. as we look at the market down now, the dow 200 points, all of this by the fact past the debt ceiling now goes to the senate but the markets let's wait and see. still ahead, mike welch, brian kilmeade, jason chaffetz and texas congressman pat, the 10:00

a.m. hour of varney & co. is next. ♪ .. i'm okay.

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