maria: welcome back. we want to look at markets here with the economic data on tap for next week. we've got the may cpi out on tuesday as well as the ppi wednesday. big event of course next week with the federal reserve's meeting on interest rates on tuesday and wednesday, and we will learn if the fed actually takes a pause. final comments, jonathan addison >> i'm looking forward to tuesday for another reason, maria, of course. i want to see what plays out with donald trump and this indictment. maria:, it'll be with the grand jury in florida. kevin o'leary final word. >> fed goes another 25 basis points and another 25 after that and the bull rages on believe it or not. maria: no skip for you. gentlemen great to have you thanks so much markets down about 54 on the dow 30 minutes before the opening bell stay with us "varney" & company is up next. david asman in for stu. david: good morning, maria, have a great weekend. good morning, everyone, happy

friday. i'm david asman in for stuary varney. president trump has been indicted by a federal grand jury in the investigation into mishandling of classified documents at mar-a-lago. trump was reportedly charged with seven counts including violations of the espionage act. we won't know for sure until next tuesday when the indictment is revealed but we are talking to trump attorney alena hobba about those charges in moments so is this timing suspicious? the indictment coming just after we're learning that joe biden was allegedly paid $5 million by an executive ukrainian natural gas firm burisma. take a look at futures, and they are kind of a mixed bag today right now. same as yesterday morning, with the futures. the dow is down, the other two indices the s&p and the nasdaq are trading up right now. ken golden is here and guess what? he's brought air jordan sneakers with him, the shoes, that jordan wore, are estimated at $3 million. it is friday, june 9, 2023.

"varney" & company is about to begin. ♪ david: , "here we go again" it is the biggest story of the day. it could be the biggest story of the year. former president donald trump has been indicted over the mishandling of classified documents. good morning, lauren, to you. first time anything like this has happened in u.s. history. take us through the details. lauren: it's the second trump indictment but the first federal indictment for a former president whose also running again for the presidency. this is astonishing. it stems from his handling of government documents that lead to the fbi raid of his mar-a-lago, florida home last year. the unsealed indictment includes seven counts accusing him of a number of crimes including

conspiracy, legal retention of classified material, and in my opinion the big one, obstruction of justice. trump calls all of this election interference. >> it's election interference at the highest level. there's never been anything like what's happened. i'm an innocent man. i'm an innocent person. this is warfare for the law and we can't let it happen. we can't let it happen. our country is going to hell and they come after donald trump weaponizing the justice department. weaponizing the fbi. lauren: yeah, he really did get ahead of this with all those statements. he will be or is expected to be in federal court in miami on tuesday. remember, he's also facing state charges in new york, and he is under investigation in georgia. so, he's going to be running for president based on the court calendar. david: and biden has some charges against him as well. we'll be talking about later lauren thank you very much. this is what the "wall street

journal" had to say about this. the indictment is an extraordinary moment in which a candidate for president trump has been criminally charged under administration lead by his potential 2024 rival , president biden. sean duffy joins me now. sean? it's extraordinary and i think the "wall street journal" had it exactly right. this looks to all the world like election interference. that's what that description of what's going on seems to be saying to the rest of the world. do you think it's election interference? >> absolutely, so we've heard a lot of democrats talk about donald trump and republicans being a threat to democracy. david, this is the end of democracy in america. when you can use police powers, when you can use the law to go after your lead political opponent which is exactly what this is, because if it wasn't, you would have seen hillary clinton with her retention of the 30,000-plus classified e-mails. david: or joe biden himself.

>> or joe biden himself, or mike pence himself. they all would have been charged under this egregious act. it's not like donald trump was selling u.s. secrets to some foreign country. he wasn't giving away the documents. there was a dispute with the archives over these document s, and were they classified, were they not? did donald trump declassify them who do they belong to? trump or the archives? and now, that dispute has come to donald trump being charged with decades in prison. i mean, this is unbelievable, and again, i think the american people to the "wall street journal's" point understand this for what it is. this is not what donald trump committing -- david: some democrats already came out and said we won. this will stop the trump campaign dead in its tracks. it's certainly not going to stop him from campaigning, is it? >> no, well, listen. if donald trump had done something that americans saw truly as unlawful and in legal and anti-american it would stop

him, but they see this for what it is. the american people do, that this is strictly politics, and it makes donald trump supporters even stronger in their support. david, i've talked to people who are like listen. i was on the line about donald trump. i don't like the tweets. i don't like the fights. i don't like what he's been doing in the way he communicates , but i love the policies and the results of those policies. i'm looking for another candidate. what the doj has done here makes those people who are on the fence in the trump camp. they want trump now, because the only way you defeat this kind of rogue behavior from a rogue administration is you defeat them with the top guy, they are going after which is donald trump himself. that's how you fight him. david: well, sean, meanwhile, we have these charges hanging over biden and of course it happened the same day that more members of congress were briefed on those charges. the president, president biden himself, was questioned about the bribery scandal allegations. listen to how he responded.

roll tape. >> bribery allegation, nancy mace says there's evidence and the fbi filed it. do you have a response to congressional republicans? >> where's the money? i'm joking. >> mr. president? >> that's a bunch of malarkey. david: so what did you make of the so-called joke as he described it? >> listen. that is the million dollar question. where is the money, david? and so the question becomes okay , well, why, joe, did you and hunter have, you know, a dozen shell companies? no one has a dozen shell companies, unless you're actually trying to launder money if you're not laundering money what were they for , joe? that's a fair question, but the real question here is listen i was a prosecutor for 10 years. the congress is not made to do these investigations but the fbi is, and they do these investigations all the time. they can do a forensic audit of joe and hunter biden and simply find out kind of where this money went and through what

shell companies and did joe biden get it. easy to do. the question is did the fbi do a forensic audit? david: apparently not. >> i'm going to bet you the answer is no, they did not. they didn't do it and by the way we all saw the video of joe biden actually bragging about how he threatened to withhold u.s. taxpayer money to ukraine unless they fired a prosecutor. david: he bragged about it. >> going after burisma. david: and now we understand a little bit more of why he might have done that. we've got to leave it at that. good to see you my friend. we'll be watching the bottom line with dagen mcdowell, 6:00 p.m. eastern time here on fox business. well, i'm sure the democrats have wasted no time celebrating this indictment. i talked a little bit about that lauren. lauren: so california congressman adam schiff says " tumultuous' apparent indictment on multiple charges a rising from retention of classified materials is an affirmation of a rule of law and new york congressman jamal bowman, it's time we ensure trump is banned from running for any public

office again" so, they admit to using the law to make sure trump can never be president. david: unbelievable. lauren: there you have it. david: let's check the futures and again the dow looks to be down a bit. all the other indices are up. it's exactly what happened yesterday before the market opened. kenny polcari is here for the whole hour. maybe you'll give us some cooking tips as well from that wonderful italian cuisine. let me relate what's happening with trump to the markets. is this going to affect markets or the economy in general? >> for the long term it will not. it will create maybe some angst or some short-term chaos as people decide what does this really mean, what's it mean for trump and the republicans what's it mean for policy, what's it mean for the democrats and so you may get some reaction in the market but that'll be short lived i think. david: but the fed next week meets. the fed hates political in stability, and do anything that might increase any kind of political instability. might there decision be affected >> i think the decision is affected a little bit if they think there's real political in

stability, but we've been dealing with now for a while and the fed is managing to continue to raise rates. i think the fed made it very clear that come next week, they're prepared to skip, which doesn't mean cut, and it doesn't mean stop, it just means skip and then wait for another months worth of data to see whether or not inflation. david: meanwhile the s&p enters a new bull market, and you know, we had all these signs for recession. we have these inverted yields between the long term and the short-term rates. usually that's a signal of recession. we're in an era where those old kind of measures, those old signals don't seem to apply. >> remember the minute they inverted 16 months ago everyone started to scream about the recessions coming typically history, they all pointed to what it means in history. in fact we're now going into the 17th month of inversion yet the recession remains illusive. now, is it possible that the fed navigated a soft landing? i for one be very surprised because i've been saying i don't think you can say soft landing in the same sentence but based on what we're seeing, a strong job market, not really out of

control unemployment, and inflation is starting to tick down so you could say that this time it's going to be different. david: are people getting out of the safety stocks? are you, for example? >> no i'm not getting out out of safety stocks because i think there's turmoil ahead so no safety stocks are still part of the portfolio and they will always be part of the portfolio probably because of where i am in the lifecycle. david: you never lack for things to say. we got you for the whole hour we've got to move on but kenny will be back. coming up the dnc has not scheduled any presidential debates for 2024. of course there's still time, but members of the squad refuse to give their input. shouldn't the oldest president in u.s. history be obligated to face his challengers? and the son of mr. leynaud: george soros boasting about meeting, and the visit drew a lot of criticism on twitter and of course the big story former president trump has been indicted by a federal grand jury over his handling of classified documents. we are live at mar-a-lago with the latest, next.

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♪ ♪ david: it's really no wonder why so many people are moving to florida. zero taxes and weather like this this happens to be in tampa, florida, currently 81 degrees on the west coast of florida. well former president trump has been indicted by a federal grand jury over his handling of classified documents. ashley webster is down in florida at mar-a-lago. ashley set the scene for us down there. ashley: yeah, it's interesting, david. it was nine months ago, actually

10 months ago now that the fbi raided donald trump's resort home here in palm beach of mar-a-lago and since that time, we now have learned, of course he has been indicted. his secretary indictment is many months and the accusation is that he took classified document s to his home here in florida illegally, and that now, he faces seven charges. now, the indictment is still sealed, but reports say that the former president does in fact face seven charges, including and we have the list, willfully retaining national defense documents, conspiring to obstruct justice, withholding documents, and on and on including concealing a document in a federal investigation, scheming to conceal on and on. as for donald trump, well, he called it a dark day for this country and continues to deny he did anything wrong, and he also says he's continuing to be the victim of a political hit. take a listen. >> they go after him on just

like the russia russia russia hoax. i'm an innocent man. i'm an innocent person. ashley: simply put, right? well lawyers say even if donald trump is convicted he can still run for office, but constitutional lawyer expert alan dershowitz says you know what? the feds better have a strong case. take a listen. >> if this indictment is as weak as it appears to be from what has been disclosed so far, it may be the most dangerous indictment in political history. ashley: well, there you have it. now, donald trump is set to appear tuesday afternoon in a federal court house in miami, but it is a federal case so it will be behind closed doors, no cameras like the spectacle we saw during his manhattan appearance. it's unlike lip this case be resolved before this election that manhattan case is still to be decided and if trump does win the election, david, consider

this. the whole thing goes away because he takes back control of the justice department. back to you. david: he can pardon himself, ashley, thank you very much. lina hobba, one of donald trump 's attorneys joins me. thank you for coming. this is all happening by the way the same week we're getting details of the alleged biden bribe. do you think that's just a coincidence? >> i don't think so. i think that they consistently use donald trump as a distraction, so whenever and if you look historically at what has happened with biden's documents and his classified document issue, they hid that he was also under investigation because there was an election, and it wasn't until post hoc that we found out that the biden camp had documents as well, so they did their raid right before the election. it's all coordinated so now again, as you mentioned, there's a bribery scheme that's being revealed that the fbi had been investigating, that thanks to whistleblowers that have the

courage to come out and say this is un-american, we now see that they are distracting once again and putting the trump distraction game in play. david: now you say it's all coordinated. of course, the president and the white house continue to say that they leave justice department alone, it's acting completely by itself. i trust by your saying that you don't buy that at all. >> i don't buy that at all. jack smith used to work -- david: bees he's the special prosecutor. >> exactly. that's the special prosecutor in charge of the january 6 investigation and what we call the boxes hoax investigation was somebody who worked in the obama administration. of course they are hands off and president trump be happeneds off if i as his attorney was special prosecutor for hillary clinton, because he knows that i am right in line with his way of thinking , right? so this is exactly the problem. they don't need to be managing it. they are, but they put the right

people in that are clearly biased, that suffer from severe trump derangement syndrome, and then you get these indictments which try and hurt him in the polls but frankly don't effectively do that. they have made people that were on the fence flip, and be pro- trump. david: we saw that with the new york indictment that a lot of people say was very weak. we haven't seen the indictment yet. we'll get the full story on tuesday, down in florida, but if mishandling the documents is part of it, how could you not at the same time indict president biden who got these classified documents when he was, i mean, some of them go back to when he was a senator. lord knows how he got them but then moved them all around. they were available for anybody to look at including his son hunter when they were in the garage and of course you have the hillary clinton case, having those thousands of e-mails classified. many were classified on her server at home. the unequal justice part of this has got to be part of your

defense, no? >> 100%. i think if you look at it, the president has the ability to declassified documents. the presidential records act applies to the president. biden didn't have that ability. hillary clinton didn't have that ability, so a question of whether he did or didn't declassified a document is very different than a clear-cut case where we know somebody is bleaching their computers of 33,000 e-mails, has tapes in sock drawers that there's bribery schemes currently going on. i think obama's documents are in some parking lot by a mcdonald's you know, the dual system of justice and the injustice that we're seeing here is an incredibly sad thing for this country. david: i have to go but very quickly, in any way will this limit donald trump's ability to campaign? that is of course what a lot of people say is the democrats goal here. >> no. no. this is going to pivot him and he'll just keep thriving.

that's how he operates. david: alina habba, as usual you have your hands full dealing with all of these indictments. you're not dealing with this particular case but thank you so much for being here. appreciate it. >> thank you. thank you for having me. david: try to have a restful weekend. lauren, what are the other gop 2024 candidates saying about the indictment? lauren: past of them are coming to the defense of former president trump. his top competitor ron desantis tweeting the weaponization of federal law enforcement represents a moral threat to a free society. we have for years witnessed an uneven application of the law depending upon poll affiliation. then you have vivek ramaswamy saying it be much easier for me to win this election if trump weren't in the race but i stand for principles over politics. i commit to pardon trump prompt ly on january 20, 2025 and to restore the rule of law in our country, but asa hutchinson has called for trump to end his

campaign, though he did call out a two-tier system of justice and chris cristi, the attack dog, echoing some democrats. as i have said before, no one is above the law no matter how much they wish they were. so, if trump wins the primary, what does this mean for independents? are they motivated to vote for him because they see this two-tiered system of justice or are, you know, they just sick of all of the drama he brings? david: 40% of voters in the united states are independents. that's the block that you have to think about when trying to calculate all of this. thank you, lauren. let's check futures. once again the dow is down a little bit. the s&p is up a little bit, but the nasdaq has a nice gain of about this is pre-market i shouldn't say gain, 56 points to the plus side. we'll see what happens in just a few minutes, when the opening bell comes in. ♪

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david: let's check the futures. you see dow is down a little bit , s&p 500 and the nasdaq are up a bit.

you know, we're going to come into our group here, our company kenny, i look at what's happening with a.i. and you saw the way they popped. i'm thinking in a market that is as questionable as this one is, i understand that we're in an s&p bull market right now, but is it conceivable that if there is a lot of hesitancy about the market going forward, a.i. is going to get hit first? >> i have to look at the whole tech space but yes a.i. and some of the names that way out performed up double and triple digits be the first place an asset manager goes if suddenly they want to raise cash they aren't selling johnson & johnson and they will sell nvidia up 180% or some of the names up big in order to raise cash very quickly, and re deploy it in the big, boring yet beautiful names of consumer staples or healthcare stuff that will weather the storm. david: mark mahaney is with us now. mark, we're half way through the year. are you kind of recalculating your january picks as a result of what's happening in the

economy? >> not so much in terms of what's happening in the economy but when you have stocks that go up a lot you pair back on them a little bit. you absolutely have to do that. so netflix is one of those. its gotten up close to my price target with a phenomenal run and well-deserved but i still like the a.i. theme but i want to find companies that the have not yet traded off and that's why amazon is one of my top picks. i think it's under appreciated as an a.i. winner and this aws, their cloud business, is going to be one of the underpinnings of a.i. all those a.i. workloads aren't all going to microsoft. in fact probably more go to aws, it's a stock i like. david: do you have a target frame it's now about 124. >> [opening bell ringing] >> we can get to 150. david: wow good stuff. mark, thank you so much. sorry to cut it short. we have a lot of breaking news here. let's take a look at the big board as we see the market opening now, as we said it's virtually identical to what happened yesterday. dow is down a little bit, s&p is

up a little bit, nasdaq is up a little, in a little more full some way your red on the screen with the dow now than green, but again, there are some winners in the dow as well. if we can check the s&p which is up nicely right now, it's up about .3%, up 12 points. the s&p the overall s&p component is good and nasdaq is up 75.5 right now. that's more than a half a percentage gain, again, kenny. things look good in tech right now. >> they do. so we'll see what happens. david: let's look at the big tech. we've got two down, microsoft and meta is down we'll be talking more about meta with a lot more to say about amazon by the way. that's coming up, and in fact, tesla has a lot to talk about, because remember the story with ford where they were providing charging stations, even though the government had all these plans for new charges stations? well now, general motors is doing the same thing right lauren? lauren: it is huge for elon musk

so general motors will be using tesla's super-charger their fast charger next year if you have a gm vehicle you get the adapter and the year after that 2025, the gm car will be equipped with the tesla charging port. what does that do? that unofficially makes tesla the standard charging systems in the country. so, wedbush dan ives, friend of the program, raised tesla's price target to 300 from 215, and he added them to the best ideas list. he says tesla owns the charging echosystem and gm and ford need it for the success of their own ev's, tesla stock almost doubled so far this year. david: kenny what i love about this story is the government had all this government planning about how they were going to create all these charging stations. well it's the private sector that came in with the answer or at least it seems to for now. >> and it makes perfect sense they should be one standard. anyone with an electric vehicle should be able to go anywhere. they should pull into any gas

station and fill up with gas. david: it's the private sector not the bureaucrats. >> bravo for elon musk. david: check netflix, a password crackdown plan is helping boost subscribers, lauren, even though a lot of people don't like it, like me. lauren: but is netflix a must- have? i think for a lot of people it is. it was like kind of the first popular streamer so there's a report from an analytics company called antenna that the password sharing crackdown increased subscriptions dramatically, and i'm seeing netflix what was mark mahaney's target on netflix? so 535 here for netflix is the highest i've seen on the street and the stocks going up another 30% coming from brokerage pivotal research. david: kenny i'd be weary because of the fact there are so many alternatives and hbo has a new max feature and amazon prime you don't pay for if you don't mind getting the slimmed down version. >> if you're an amazon prime

member it's good but i will say, the password sharing thing is significant for netflix, because a lot of people did share. i mean, my kids -- lauren: 100 million users. >> now people want that product david: 100 million ain't nothing. let's say on ev makers for the moment nio reporting this morning. how did they do? lauren: oh, okay so their loss was narrower but revenue grew, yet missed expectations if you're playing that game. obviously the street is happy the stock is up about 6% because they delivered more cars than they did from the same time last year. >> i'm not a nio buyer. i'm ford. i like ford, some of the other names in the space. it's just not a name. david: you go for a brand. well this may be a brand, carvana, the used car people. they had a huge gain yesterday. what sparked that surge? lauren: okay they were up 57% yesterday they are up 12% now. it's cost cutting. david: oh, okay.

lauren: paying off. are we about to use the word turnaround for carvana? whatever the path to profitability is it's looking a little bit more promising for them. they also look at something called gross profit per-vehicle. it's expected to go up by 60% to about $6,000 per car. that's pretty good. the street sees something like that you have what? a 70% jump essentially in two days. >> but remember, carvana lost 98% of its value last year traded down to $3.98. david: are they building a brand? >> i think what they are doing is to your point they are cutting expenses and i think there is a big market for the used space because cars are very expensive now. go out and buy a new car, re expensive so people are in fact earning and carvana is now 400% off its 398 to $27. lauren: they are rebuilding a brand. david: well meta is getting more involved the a.i. arms race so what's the latest there, lauren? lauren: i don't think anybody will have an imperfection in a

photo. they are working on an instagram tool using a.i. to text, hey, fix the hair standing up on the left side of my head and remove the wrinkle from the side of my mouth, and then after it perfects via text your picture, it'll automatically share it for you on your story which people like me i know the kids do it and it's easy. i have difficulty sharing stuff on social media so it's crazy. >> right but that whole argument just goes to the fact that everybody wants perfection. they want to look perfect and be perfect as if life is perfect and life is not perfect. david: it's not, but we're on television, ladies and gentlemen, and we get makeup everyday so here it's perfect. lauren: mark zuckerberg also has a message for elon musk. he's reportedly working on a twitter rival that be a little bit more pc, so a meta app that would rival the social square that twitter has taken over. david: docusign reported yesterday afternoon.

did they finally turn a profit? lauren: i think the turnaround is certainly underway here. they are profitable and their revenue increased by 12% and reported that 1.4 million users pay for the e-signatures and the like and their billings rose by 10% too but they had cost cutting. they had two rounds of job cuts in less than six months. >> yeah, i think docusign is a great name. everything is signed, no matter what you're doing it's always a docusign, whether it's financial services, mortgages, whatever, legal stuff. all docusign. david: do you still trust it? i think it's much better to get my own job hancock. >> i hear you but like anything you just got to get used to it. i didn't think about if i trusted it. if it comes from a trusted source like the lawyer or mortgage company, i trust it. lauren: a billion people use it but only 1.5 million pay for it. so if you look at it that way there's room for docusign to run here. >> every time, i'm not, somebody is sending me the document so i'm not the one paying. i'm using it but it's the lawyer paying for it, right?

david: i don't mind lawyers paying the bills. it doesn't happen too often. kenny, lauren, thank you very much. coming up the ceo of openai is firing back at elon musk claiming his company cares about profit-over-safety. we've got the details on that and we told you about the company swimply, where you can rent someone's private pool. well they are now expanding to pickleball. it's all the rage and tennis courts, the ceo is here to tell us all about it and back to our biggest story of the day, trump 's indictment. how does this look on the world stage? i'm going to be asking james car afano, next.

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david: checking the markets it's getting better and better here the dow is up 24 points and look at the nasdaq, close to 100 point gain, 98 and 96 point gain

elon musk and tesla we just told you about the charging stations, we had ford agree to use tesla charging stations now gm is jumping in with a nice boost today up 5.25% right now to almost 250 bucks a share. maybe that'll pay for what else musk wants to buy. all right let's get back to the biggest story of the day former president donald trump has been indicted. james carafano from the heritage foundation joins me now. james, i'm just wondering whether our enemies out there, and there are a lot of them right now, whether they try to take advantage of political in stability in the u.s. for their own purposes and i'm thinking primarily of china and taiwan. what do you think? >> so i think the short answer is no but that doesn't mean this doesn't create problems for the administration. look, i do policy not politics but this does have broader policy implications, and it's this. look, what's generally perceived

in the u.s. , and really with many people globally, is that this is political warfare, that this is not the application of the rule of law where everybody is treated equally, so the problem for the biden administration is if you look at their broad strategy it's about democracy promotion. when you dig into that you find out that the democracy promotion from the biden administration really means well, we like people who have leftist politics like we do and we punish those who don't and we don't really care about the actual democracy. it depends on whether they agree with us or not. that's super undermines the legitimacy of our foreign policy because people get the joke here this is not an administration that really cares about democracy so what this means is this actually helps countries like china and russia and iran and cuba because all of the americans aren't really out for your interest. they are just playing politics with that and so it's actually really undermining the credibility. david: i think particularly when china comes in and tries to

be a peace maker with what's going on with russia and ukraine , or when they try to make special deals, you think if the special deal between saudi arabia and iran and so forth, so we kind of lose our strength as the global deal maker. >> well, look. i'll give you a perfect example which is poland. this administration came in. they don't like the polish government. they are center right and conservative and wanted to throw them under the bus and claim they were back-siding on democracies. the ukraine war broke out and they needed them so they backed off but yet they are actually in there promoting the opposition trying to overthrow the government so we are trying to deal with a war against ukraine and deal with the chinese and one of the critical allies this administrations actually trying to undermining. that does really hurt people's confidence in who we are and key places particularly in latin america and in western europe. in latin america, china is running wild and they are partnering up with these leftist

governments and the same left its governments turnaround to the u.s. and go we're leftist, you're leftist and you like it and they are working against the administration. david: james let's talk about an old time leftist government in latin america and that's cuba and now we have china joining russia and russia is using it as a listening post for what's going on in the u.s. for decades since fed el castro came into power. now china is trying to do the same. how much of a threat is that to the u.s.? >> if it's a real base and it is really a substantial intelligence collection facility it is, it does create a risk. we have a lot of military bases, a lot of shipping channels, a lot of infrastructure in the southwest. now, there's some debate over whether the story is real or not. the chinese have denied it. cubans denied it. the u.s. denied it. david: but when the u.s. says that it's not happening, or at least throws cold water on the story, do you believe them at all or are they just trying to cover up on what they didn't know? >> well see that's a real

problem because they have been consistently down playing china threats because they are trying to engage with china, so they really do lack credibility on this issue but what they are burying the lead because whether it's true or not is not the point. china is running wild in latin america. they are teaming up with governments to work against our vital interest and this administration is either ignore it or downplaying it, and they are trying to engage with china and these leftist governments because they are leftist and we're leftist and we love that. david: they are sympathetic to many of their causes. james we have to leave it at that thank you very much. well now this , a.i. is developing at a rapid pace. some people want to get in regulations in place to stay safe. lauren, are there concerns about over-regulating? lauren: of course, of course because if you clamp down too much china gets the win because that's who we're competing with. i was working on another story and i pulled up this report out of georgetown university from february, and it found between 2015 and 2021, u.s. investors poured $40 billion into over 250

chinese a.i. companies. david: unbelievable. lauren: that's our money going into their a.i. now post-2021 yes more of a hot button issue but are those companies taking their money back? no. david: that's a full one-third of all of that comes from us. all right, lauren, thank you very much. coming up it's not too late to be on the show today. don't forget to send in your friday feedback. you can e-mail your questions, comments, and critiques to varneyviewers@fox.com. well, the 15 fifth running of the belmont stakes is set for tomorrow despite the hazy conditions coming in from canada wildfires. we're live at belmont park with the very latest on this exciting race, right after this. ♪

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david: well, smoke from wildfires in canada blanketed much of the united states, particularly in the northeast. lauren, what does the president say about it? lauren: oh, he's helping out sent more than 600 firefighters and personnel to help put out

the fires up north. the air quality alert remains through today. you can still tell going outside the current number is 427 active fires burning across canada, and so far, they burned around 12.5 million-acres of land. so, it's pretty devastating. david: it's a little better in new york today, by the way. we're both talking about that. so thank god for that. the 15 fifth belmont stakes is set to take place tomorrow. madison alworth is at belmont park. we were worried about smoke canceling oh, nice hat by the way i like that. you've got a good cover, lady. the smoke from the wildfires apparently won't affect the race , is that right? >> it's not going to affect the race, david. we have horses training behind me. the races that are set for today are on. there is blue skies above so yes the 15 fifth running of the belmont stakes in front of nearly 50,000 fans, it is on. when you talk about the smoke, yes. we did see training and races that were scheduled for wednesday and thursday.

those were canceled or pushed. they didn't happen on wednesday and thursday but today, we are back back at it we've been assured by those at belmont park the third leg of the triple crown will go on as planned. the favorite is forte at 5:2 odd s. forte did not participate in the kentucky derby or the preakness due to an injury so it'll be exciting to see that horse here. now this track it's the longest of the three triple crown races. it's a major test. we got to talk to the legendary horseracing announcer tom durkin , who came out of retirement to announce this race , and he explained to us what makes this track so unique. >> it's called the test of the champion. a mile and a half is a classic distance. you can't fake it. you have to have stamina, you have to have good blood lines to do it, and that's really what makes the belmont the belmont.

reporter: all right, and this is the business network so let's talk money. this race means big money for everyone here at the track, and at home. so, gambling in horseracing they go hand in hand and the new york racing association took in nearly $100 million for that gambling handle in 2022 last year. they are expecting big numbers again in 2023 in fact they expect to break their record over 112 million so we'll see if that happens. you can watch it all tomorrow, on fox for the first time ever, coverage starts tomorrow at 4:00 p.m. eastern, but i mean, being here right now, today, it's so exciting. you can tell, because things were slow the last few days, everyone is excited to be here and excited for blue skies and the horses are excited too, david. david: madison you look great, and i'm glad you're going to be there. that's great stuff. appreciate you being here. kenny are you into racing? >> i enjoy watching it but it be very exciting if it were a triple crown like if we were looking at a potential triple crown, then it be much more

exciting, but otherwise no. david: thanks for joining us. quick check of the markets, and we are seeing green on the screen which is good news. all of the indices are up. look at the nasdaq though, almost a full percentage point. nasdaq is up 128 points. still ahead, tammy bruce, tom fitton, sandra smith and ten golden. 10 a.m. hour of "varney" & company is next. doors take us places. [ baby crying ] to new adventures.

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