stuart: i hope he is talking about the stock market. maybe he is because if you look

at the market as of right now it is indeed going higher. surprising because yesterday the federal reserve took a hawkish stance and suggested more rate hikes, some board members down the road. the nasdaq is up 19, s&p up 17. if you look at the bottom right-hand corner of the screen the vast majority of dow 30 stocks are in the green. they are up. the tenure treasury yield is down 3.73%. that will help the nasdaq. the price of oil below $70 a barrel. it is at $69.28. pay careful attention to bitcoin today. the word sinking is not quite right. it did touch $24,000 a coin. in other words we've got this long, slow drift down in the price of bitcoin. that is the market. now this.

i should tell you moments ago, disgraced crypto founder sam bankman-fried arrived in a courtroom for hearing that is due to take place at 10:30 this morning, there are six charges bankman-fried's lawyers wanted past our tried separately because they were added after his extra diction from the bahamas. quite a lot of growing here in the crypto industry, sam bankman-fried in court and now this. here's a frightening vision. tax hikes and rate hikes, that would not be good if we got them both. the federal reserve, half the board nevers went interest rates to start going up again. the white house, the president wants higher taxes on businesses and wealthy people. that's tax hikes, tax hikes, rate hikes.

i don't know that we get either but it is worth looking at how we got here. a story of past mistakes that are taking a bite out of us now. jay powell turned on the money spigot and kept it flowing too long. he was trying to get the economy going after the pandemic so he printed trillions of dollars and president biden wanted him to do that because it gave us a sugar high but now he has to tamp down on the inflation he helped create. the threat of higher rates is still in the air because of inflation. as for tax hikes, that the result of president biden taking a hard left turn when his presidency began. he went green with alexandria ocasio cortez and went socialist with senator sanders who is the socialist chair of the senate budget committee. tax the rich, tax the wicked capitalist corporations. i don't know whether we will get rate and tax hikes but if we did, you will be hearing the

word recession bandied about, maybe even stagflation. that is higher prices with a slowing economy. that would hurt us all but it would surely hurt jay powell's reputation. look what you did to us and it would hurt president biden too. he doesn't want to go into an election with a recession to add to his other problems which i hope the chickens do not come home to roost because i want to live in a prosperous america. rate hikes and tax hikes are not going to do it. the second hour of varney is just getting started. ♪ stuart: perfect timing, what happens to the markets if we get tax hikes and rate hikes? gary kaltbaum? >> i'm not worried about rate hikes because the real market, the 10 year yield is down 3.

7%. that is where mortgages live so i'm not worried but tax hikes are different story. the dirty little secret, i don't think it is secret anymore, the growth of government since the year before covid up over 50% on government spending. the amount of money they've taken out of the economy is utterly amazing. the reason i'm not worried about powell. he was important when he was printing $9 trillion, he's much less important right now. people forget there's one hundred 65 million of us but wake up every day, work our tails off to do better for ourselves and our families, we are the economy, not jay powell. i think he's off the playing field right now. stuart: looking on the left-hand side of the screen, i see the dow up 200, nasdaq is up, s&p is up. i see a lot of green on the left-hand side of the screen. is this the start of a new leg

up? >> june 2nd i came out with a note that a broad market that was comatose doing nothing woke up so the rest of a market is now kicking in gear. we had no early highs in the market until the last week, now 500 of them. i do believe we are in the midst, i think we are going higher, the only thing negative i can say is in this technology field where i live a lot of stocks have gone up in the trees. i'm talking redwoods pretty much vertical. i expect some sort of pullbacks, some sort of stalling but i think we are in the midst of something here. everything has changed a. the. we were in a bear market and we are out of it. where it stops i don't know. surprisingly today we are up pretty decently. when i thought we would pullback a little more from yesterday. stuart: yes indeed. you own nvidia.

don't know if you sold it but you bought it. what's your other, do you have any other? >> the strongest ones which i can't purchase right now because they are too high in the trees, adobe is way up and there are few others. as far as nvidia, companies the blow away wall street earnings and have great reactions to the number usually lead for the next few quarters and that number was gargantuan above the norm, guarantees major acceleration and earnings and sales and that is not and mary and uncle bob buying stocks, these are the big institutions, the big funds, they are jumping on top of each other not with pullbacks, there's a ways to go on it. stuart: i presume you are not selling your nvidia as of this point, thanks for being here. ashley webster is back with us

looking at the movers starting with domino's which is up 6%. ashley: a little bit of pizza to start the day. domino's opened up after an upgrade to purchase from staple. they predict it will normalize soon while carry out sales will grow over the next year. the stock up 6%. amex, american express, down, slowed down, warning the travel and entertainment are trading down more sharply than other categories, the stock down 2%. warner bros. discovery down this morning on reports it would be closing its danish television production unit enough to bring it down 3.5%. the reason, they cite sector challenges as the reason for the closure. stuart: next one, music companies suing twitter. what's that about?

ashley: the suit comes from the national music publishers association. the lawsuit asking for more than $250 million in damages for hundreds of thousands of alleged infringements the organization has identified spanning some 1700 songs. google's youtube meta platforms, facebook and instagram, snap, tiktok all among the platforms that pay artists when users post videos that include their songs, the music partners are twitter standalone and refusing to license millions of songs on its platform. the artist represented by this suit, among the biggest names in music including the rolling stones, lady gaga, maranda lambert and rihanna, they want their money. ashley: stuart: thank you very much. take a look at this. an op-ed, reparations for

slavery? california's bad idea catches on. jason riley wrote that. he joins me now. it looks like in new york is taking california's lead and forming a slave reparations commit he. you say this is a nutty idea. why? >> first of all, california was never a slave state. new york banned slavery in 1827 before the civil war. just on the face of it. it is on the two states that were never part of the confederacy are leading the charge on this but the other problem is the logistical one which is all the slaveowners and all the slaves are long gone. if they are reparations to be paid between those two parties, they are not here to do that. the idea that generations later we are going to rectify this past is just nonsensical.

most white americans whenever slaveowners to begin with even in the south, even in the confederacy most white people did not own slaves and most white people today are descendents of people who came here after the civil war. so these states are suggesting or considering or studying the idea of people who are not even descendents of slaveowners paying reparations to black americans and i don't think that's going to fly with the american public in 2023. we when it seems like the democrats have accepted the principle that reparations should be paid and the discussion has moved on to a question of how much. we are not discussing the principle of whether they should be paid, it is just how much do you want? >> i find that also absurd. i don't think you can put a price on the suffering that took place under slavery let alone give the money to people

who were never slaves but the principle behind this, the idea behind this is the outcomes we see today among black americans, but due to slavery, all of the lags that we see on blacks in terms of education and income, homeownership and so forth is due to slavery and i think they are leapfrogging over another big event which is the great society that took place in the 1960s which i see today's outcomes as being a legacy of welfare state expansions that interfered with positive trends happening between slavery and the 1960s, we saw incomes rising among blacks, strong intact black families, crime rates falling, things were moving in the right direction and well-intentioned great society efforts interrupted these positive trends and we went to look for an event that has resulted in

the outcomes we see today we don't need to look at 1860s, we should be looking at the 1960s. stuart: thanks for joining us. see us again soon. a new government report confirmed taxpayer money went towards coronavirus research in wuhan china. we have details on that. treasury secretary yellen said would be disastrous for the us to fully decouple from china. this as china rolls out the red carpet for american business leaders like that your lawn must and bill gates. lydia has the full story. antony blinken reportedly told by china's foreign minister to show respect ahead of his trip to china. looks like beijing is feeling very emboldened. gordon chang next. ♪ ♪

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ashley: check those markets. i see a lot of green, down the austral's up 200 points. nasdaq gaining 39 points. can we show you big tech? there's one particular stock that's moving there, that would be microsoft. microsoft is trading around $3.43, the all-time highest 34374. where are we? the all-time highs 343.74, you are very close to a new high for microsoft. changing the subject. calls are growing for the us to decouple from china. joint secretary yellen said that's not a good idea. what's she saying?

>> reporter: she appeared before the house financial services committee and said decoupling would be disastrous. >> i think we gain and china gain from trade and investment that is as open as possible. it would be disastrous for us to attempt to decouple from china. d risk, yes, decouple absolutely not. >> reporter: she said the treasury department is considering possible restrictions on american investment in some chinese business for example restrictions on firms with connections to the military. the tensions have been escalating. we heard calls from some house republicans to decouple the us and chinese economies. others are open to de-risking. we heard from representative john james who said we need to

fortify our manufacturing here at home. meanwhile it is questionable from business leaders whether or not they are open to decoupling or d risking, you can add bill gates to the list of business titans who are visiting china. he will meet with chinese president xi xinping this week according to reuters, this follows the likes of elon musk who said he oppose decoupling during his recent visit according to china's officials. apple's tim cook met with china's commerce minister and jpmorgan ceo jamie diamond pledged it to remain in china for good times and bad, the pressure on business leaders, americans see cheap product and that's how they get them. stuart: they have a big stake, thanks very much. secretary of state antony blinken is to china next week. he just held a phone call with china's foreign minister, this is ahead of history. on that call he was told to show respect to china.

gordon chang it is our china expert. china feels they can shove us around. >> they did that from the beginning of the biden administration with infamous meeting in anchorage in march 2021. xi xinping when he was in moscow saying to vladimir putin change is occurring that hasn't happened in 100 years and we are driving this change which is xi jinping saying i'm boss of the world and the us is no longer a factor and by the way, antony blinken is out of diplomat, chin ganga. although his foreign minister, is not china's top diplomat, that would be wong yee. for blinken to meet with him is a humiliation for the united states. blinken going to beijing is seen by the chinese as submission by the united states to the grantor china. this trip is a bad idea. stuart: if there's a diplomatic fight going on here or military or economic fight they are

winning. we one >> we are not defending ourselves, the biden administration has a misguided view of china that is founded in the 1990s doesn't recognize the reality of today. of course they are beating us up because were not defending ourselves. if we had a president who thought he was president of the united states we would be doing okay because we are a stronger country. we one what do you make of the bill gates visit? >> he will meet xi xinping. what you have right now is whether blinken will meet xi xinping. i think a certain sort of humiliation move. the other thing is china desperately needs foreign business and that means they need to see bill gates and elon musk and jamie diamond and dollar rest of them because the chinese economy is showing signs of real distress. stuart: we have leverage on the economic side, on the business side. >> absolute. you have a chinese economy that's not going to grow like

they say they are. they said 4. 5% in the first quarter this year, it was more like 0 because the economy contracted in january and february and imports which is the best indicator of domestic demand were down for 8 straight months but xi xinping is still very much in power. is not going anywhere and is not going to change. >> he will become much more arrogant. we see this in any number of different ways so he thinks he can do whatever you wants and this gets dangerous because he wants to absorb his neighbors. it's not just taiwan. it is also japan, the philippines, india and they want to take overall of it which means they are impinging on freedom of navigation. stuart: this question may be off-the-wall but if it became president harris, what xi xinping invade taiwan? >> i don't think it would be immediately invading taiwan but

they see the united states right now is not -- the administration is in disarray over issues like taiwan. they don't think much of our leaders. this is not president reagan in charge where they, soviet union respected us. this is a different situation. blue when it is not donald trump either. >> it is not donald trump who was unpredictable and scared the be jesus out of vladimir putin and xi xinping. we one never knew what he was going to do. good stuff, thank you very much. a related subject, a new report shows our taxes funded chinese entities that conducted covid research before the pandemic. does that include the lab in wuhan? ashley: it certainly does. the report says us taxpayer money went to chinese entities known for conducting coronavirus research and yes, including the wuhan institute of virology and an arm of the

people's liberation army all before the covid 19 pandemic. the report by the government can't ability office comes after republicans on the house intelligence committee demanded a comprehensive accounting of all public funds that were dispersed to chinese entities from january 2014 through december 2021. the report states the chinese entities in question received $2 million combined from the us government. meantime republican senators josh hawley of missouri and mike braun of indiana demanding president biden comply with the covert origins bill he signed into law earlier this year that requires the declassification of all information pertaining to the links between the chinese lab and the origin of covid 19. the senators say the administration needs to provide as much transparency as possible on the origins of the fiery. the question is will we get it? stuart: a very good question. i can't answer it.

thanks very much. marine veteran daniel penny indicted on a charge in connection to jordan neely's death on a new york city subway. leo terrell say prosecutors are playing the race card. burglars break into an ice cream shop twice in one morning. the owner joins me next. ♪ ♪

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gold is an investment that delivers returns and protects wealth. with millions of ounces discovered and growing, your investment possibilities with nighthawk are endless. think beyond. stuart: one hour in, to start out like this. we opened the market 9:30 this morning, there was a sea of green. a sea of red, now it is a sea of green. ashley webster is laughing at me because i'm tongue-tied this morning. ashley: you just tell me about microsoft. there is why you are smiling and tongue-tied, microsoft on track for a record close. if it finishes above 34311, which it is well above now, it

will be the first record close since november 19, 2024. the analysts raising protect giant's price target to 360. microsoft up 2% this morning. kroger falling on a miss on quarterly sales predictions. the company did report a proper for the quarter and approved its digital sales but not enough for analysts or investors. ali baba president j michael evans says the company will attempt to expand its business ventures in europe. he calls on the top priority for the e-commerce giant ali baba. stuart: another one for you, i'm seeing another business shutting down in downtown san francisco. which one is it now? ashley: not only major retailers, cinemark closing its theater announcing it is decided not to renew its lease. the theater located in

westfield san francisco center whose owner, westfield says he will have the property back to the bank due to the, quote, challenging operational conditions in downtown san francisco. it comes as we talked about a lot, growing exodus of retailers that have left downtown san francisco for a variety of reasons as the city struggles with retail theft and a raging drug crisis. john dennis blamed progressive policies for making san francisco, quote, the worst managed city in america. ashley: got that right in my opinion. my next guest is the owner of what's the scoop. and ice cream store in san francisco. anthony, i would like you to tell me about the morning when you were robbed twice. take me through it, what happened? >> i got a call from one of my

employees, they were checking in for the shift, the the cash register was gone, someone ran through the ice cream, looks like there was a break in, the door was wide open. talked to the police immediately. stuart: i have set on this show that san francisco, this is my opinion, is on the verge of a cultural and economic collapse. what do you say to that? >> i believe that we've had some struggles but i do believe also that there's going to be progress. stuart: where is the progress going to come from? >> comes from us business owners, people like me, to see the actual change in the city. the progress -- stuart: what kind of change? what kind of change would turn

things around? >> it is more so starting from the younger generation to see change that we don't want to be leaving our city, we want to help the best we can. providing jobs in our cities and changing the minds of people in our neighborhood. stuart: what about the proposal in california that if you own a retail store you are not allowed to oppose shoplifters, can't confront them, can't do anything about it. what do you say to that? >> i've been working with the police directly and the close neighborhood police, the chief of police, who work here on different solutions, see that it is a big problem.

i think it is just business owners have to go after these people and can't just brush it off. we are going to protect our stores. stuart: okay. we wish you the best of luck in san francisco, see you later. if you want to see lionel messi's debut in miami it will cost a lot of money. we will tell you how much it will cost you and how much you've got to shell out to catch the soccer star's first performance. back to the trump indictment. is a dangerous precedent to go after your political rival during a presidential election. bret baer will take that on next. ♪ ♪

and i remember kind of thinking like, "oh my gosh, i think we could be sisters." because i think we looked... yes. right. yeah. and i don't think at that time- i think you're the one to tell me that we had the same birthday. yes. it's really unbelievable when you think about it, because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now fran is in her third year of college and you're her banker. it's so unbelievable because i'm just 20 years old. [laughing]

ashley: stuart: house republicans whose districts voted for biden are avoiding express your opinion on the trump indictment. are they afraid of losing their seats? ashley: they are because they don't know what to say. most of the house republicans who represent districts that voted for president biden are walking a tight rope essentially as they seek reelection the for the primaries, they need the backing of loyal gop voters who are solidly in trump's corner but they risk losing in the general election if they turn off independents and swing voters were skeptical of donald trump. there's the tight rope. analysts say that is why these republicans are forced to dance around the issue making it hard for them politically to navigate. as trump surrendered to federal authorities on tuesday, just one of the 18 gop lawmakers in

biden won district criticized trump. carson don bacon said there's no way to defend trump's actions. other republicans simply ignored the indictment, others said trump was being politically targeted but it was a tight rope to walk. stuart: you could slip and fall easily. nancy mase sounding the alarm on the trump indictment. or twee, you're watching a sitting president uses doj to put his top political rival in jail. both sides of the aisle should be able to set aside their emotions and see how dangerous a precedent this sets. bret baer with me now. you've been covering this. in your opinion is this a dangerous precedent? >> good morning. there's a lot of people weighing in on that, mark levin, legal experts up and down saying yes, it is, and it is a high bar to get over to go

forward with these charges but on the flipside you talk to people who look at the inside of this indictment and say there are troubling facts in here if they are as presented to. we happened heard the trump defense on why he had those documents, why he didn't turn them over, we heard broadly about the president a records act. we have a lot more to learn how they are going to defend against this but for a lot of republicans it feels like a two tiered system of justice. stuart: is it a democrat strategy to keep trump in court on various charges from now to the next election? >> it -- possibly but they are just going forward with what they feel is breaking the law. it's just a high bar when dealing with a political opponent that happens to be leading in the gop nomination was i will say it also raises the bar for the special counsel

investigating president biden on document charges. there's got to be more pressure to come forward with something or to come forward with something against the current president. stuart: why am i not seeing any media coverage of the bribery allegations against president biden and hunter biden? i don't see that in the media? i see it all about trump and the indictment. >> that's why there's fox news channel and fox business. they don't cover this stuff. you look around and you say this is truly amazing. stuart: you and i have had this conversation so many times in recent years and it never changes. the bribery suggestion not covered. the other side of the coin not covered. i don't know how to explain it. let's get out of this. i want to talk golf, i know you do too. the u.s. open underway, the big news in

golf is the live pga merger, saudi arabia, this is my opinion, i think they bought golf. how do you feel about that? >> in the big picture it's going to be great for the game of golf to come back together but money talks. for all the talk in the pga and the commission said at the beginning and all the moral high ground they were trying to take in keeping players on board seemed to go out the window and they are trying to move forward. we don't know the details how it will work out. this week is about majors. for the last two majors they've done pretty well. phil mickelson coming in second at the masters. la country club will be fun to watch. stuart: i don't think the media has given enough attention to what the tallys -- that saudis are doing, they bought golf, bidding golf oil money is bidding on manchester united. they already own not just a

city. this is an extraordinary thing, very recent development. i don't think it's getting enough coverage. >> i agree with you. saudi is doing a lot of things. renaldo playing on the football team, they are putting in a ton of money and sport, changing the dynamic. stuart: why are they doing that? changing the image of saudi arabia? >> it's multi-front. they are also bringing a lot of sport to saudi arabia trying to open up the big picture. the live pga thing is shocking and shocking people in golf. overall in the long run depending how it works out. stuart: i was on the beach in cape cod when the news came for you, nearly fell out of my deck chair. it was a huge story. we will watch you tonight out

6:00. >> i have a big interview monday with the former president. stuart: now he tells us. you are supposed to put that right up front, not at the bottom. >> monday. we want got it. we will be watching. you are all right. see you soon. let's get back to soccer. lionel messi is heading to miami later this summer. coming, ashley. tickets for his debut performance, i know they are a hot commodity. give me a number. ashley: how about $20,000, 800, 220,000, they are continuing to skyrocket. the cheapest resale price for the match against them on july 21st which is expected to be lionel messi's first match has soared by 1000%. into miami it will add 3,000 seats to its stadium by august to try to cope with the demand

to see messi in action and that increases the capacity to 22,000 so it is a small stadium but the ticket scramble not just for home games. the average list of research ticket prices, for the away games surged one hundred%. charlotte f seats sold 10,000 tickets for it home game against miami, no more than three hours after it was revealed that lionel messi was going to move to the us. 's arrival has not been confirmed by miami, technically he's under contract with psu but the move is expected to be complete in the next few weeks and people will pay a lot of money to see them play. stuart: you are almost a professional. tell me, you've got 30 seconds. is he the greatest of all time? ashley: i think he is. you can make an argument for

renaldo and others in the past but he has such a low center of gravity, very hard to get off the ball, what he has got in the game and his abilities are second to none. he is without doubt the greatest. stuart: you have to see him and shell out some money in miami. we will see you later. change the subject. with mortgage rates above 6% and house prices still high, can you make money flipping houses these days? the star of flipping 101 is going to tell us the answer in the next hour. house judiciary chair jim jordan going after woke companies. you wants all documents related to companies in the sg gold that could violate antitrust laws. madison alworth with that story next. ♪

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committee looking to cut government spending on woke policies. how much do they want to cut out of the budget? ashley: absolutely trillions. largest conservative caucus in the house putting heavy focus on opposing woke policies and their annual model federal budget but at the same time proposing 16. $3 trillion to be exact in spending cuts over a decade. this includes policies that oppose gender affirming healthcare for transgender youth. also boost protections for religious institutions and takes aim at critical race theory. the caucus says the spending plan would balance the federal budget in 7 years, cut taxes by $5 trillion over a decade, the budget is an idealized proposal to doesn't necessarily reflect the house gop caucus as a whole but the message is clear. cut spending and taxes.

stuart: good luck with that. more companies abandoning their esg and dti efforts as republicans accuse these woke companies of prioritizing social agendas over customers financial return. madison alworth with me with the latest. >> reporter: we are seeing investors pull back support for environmental and social shareholder proposals. they hit their lowest level in six years. the backing for resolutions focus on things like climate change, workers rights, diversity and corporate governance, that declined to 22% annual shareholder meetings. the peak was 33% approval in 2021. this comes after a full-scale campaign by republican lawmakers who put forth 70 anti-esg bills the last two years. on the state level looking at dc, they restricted use of the hg factors when it comes to state funds. west virginia was the first

state to move in this direction and the state treasurer tells us the state has not suffered after pulling funds from esg focused investing firms including blackrock. >> in terms of what we've done with the treasury we've not taken any losses whatsoever. the beauty of the free market, there's a lot of options out there and i'm not here to regulate the market. i'm a market participant and all we are doing is stating preferences in the marketplace. >> on capitol hill, house judiciary chairman jim jordan has subpoenaed seriously ill men deliver claiming the organization appears to, quote, facilitate collusion through a company called climate action one hundred. jordan has compared the organization to a cartel that pressures businesses to take action on climate change. lawmakers previously sent letters demanding the organization handover documents which when they didn't meet the deadline jordan issued the subpoena yesterday. >> this is part of this broader

investigation into how agencies are being used to go against the american people, in this case american companies. >> interesting to see the legal moves on capitol hill and the state level making its way to the courtroom. stuart: still ahead, how the la mansion tax is hitting the luxury home market. caitlin jenner talking about trying to ban transgender student athletes from competing in girl and women's sports, the chair of the ways and means committee, jason smith on biden's proposed global tax. george soros's money buying elections across the country and the results are disastrous, that's my opinion. is "my take" and it is next. ♪

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