time for the big buzz of the morning, bright stars, while a hub finding virginia takes number one spot for patriotism across all 50 states. the highest number of civic and military engagement amongst u.s. veterans. >> totally makes sense. got quantico, basis at virginia beach, here and around d.c. to make sense, believe in the country you're serving for. >> virginia it is not friends of mine moved to kansas from new york city and the comet was how do you like it? he says is so nice to real estate they are proud to be american. >> texas. we represent. that's it. thank you so much varney & co., ashley webster. >> good morning, everybody.

i'm ashley webster and for stuart varney. trouble.of federal judge blocking the biden administration contacting social media sites the judge ruled the white house likely violated the first amendment during the pandemic. facebook's parent company meta planning to release microblogging app called threads tomorrow so watch out, elon musk. threads could be a tough competitor sure twitter. transportation secretary pete buttigieg crimes flights are back to normal as the faa expects 50000 flights to be flown today there have been a slew of cancellations and to make things worse, a power outage in buffalo causing major flight delays. is the american dream out of reach? a large number of people believe they are on the way an increasing number of people dipping on the first full trading day july.

the dow off 196, down to only is the beat and 500 in sending back for the fed minutes from the june many, jay powell says to more rate hikes in a row are not off the table. let's look at the ten year treasury yield up one basis points, 3.87. the two-year still inverted but coming down, the yield on the two-year 4.9%. let's look at going. down 448, just over 30,000 dollars a bit coin. a big show ahead, liz feick, shannon bream, douglas murray and leo turow to maine just a few. wednesday july 5, varney & co. about to begin. ♪

♪ i love this era of music, midtown manhattan look north of sixth avenue this wednesday morning. a lot of people out for the holiday week. it's pretty light coming in. the federal judge issued a motion to temporarily block the biden administration from contacting social media companies. the judge rules the administration likely violated the first amendment was is about the pandemic? >> and the hunter biden laptop and other instances of the biden administration flagging urging social media companies to scrub disfavored views. a federal judge issuing injunction to prevent the department of health and human

services, fbi d.o.j., cdc press secretary surgeon general among others from policing and influencing social media companies. the judge describe the action a silencing opposition, it was a scaling injunction and he wrote during the covid-19 pandemic, a. perhaps best categorized a widespread doubt and uncertainty, united states government seems just assumed a role similar to a ministry of truth if the allegations made by plaintiffs are true, the present case involves the most massive attack against the speech in united states history. the government considering options likely to appeal. ashley: tough words from the judge. thank you. let's head to virginia, griff jenkins is at the diner, it sounds wonderful. even talking to people, what did they say is the biggest issue for them in 2024?

>> good morning. the biggest issue is the 1966 shelby cobra taking up and i want to get that down but the diners we talk to, inflation to the border to law enforcement lack of respect. i've been following him, he was on fox and friends, the newly retired border patrol chief, i'm interrupting your breakfast talking to the folks at fb and, as you hear the folks talk about the top issue border security, is there more work to be done? >> definitely. tremendous gaps in border security we need to continue to focus on and in other threats, the fentanyl threat plaguing america and we've got to make sure we do all we can to stop the cartel and take the fight so there's plenty of work to do.

>> i will keep working the chiefs table, what your name? jones, you hear me talk in these diners, what you see as the top issue for you as a voter? >> inflation. if the economy is doing well, everybody is doing well in a lot of eggs in the owner here says this year he saw the highest it's ever paid for eggs, $125 a case, it's coming out a little bit recent months but orange juice also skyrocketing. i won't bother you because you have a mouthful of food but i'm going to talk to your sister here, how old are you? >> thirteen. >> you hear parents talking about prices cost too much or security issues. as a young person, are there any issues that concern you? >> it's just that sometimes

you're not able to go to a lot of places because of gas costing a lot and also in general costs a lot. >> a lot of costs, that's for sure. what is your top issue going into the election? >> we have very high cost of living so it's getting harder and harder to make it with the family. >> california has served, i went to visit you. obviously will got more than 47080 days but folks right now, telling us what they think is report live a day after fourth of july. ashley: thank you very much, now sit down and enjoy some eggs. ashley: secret service -- interesting story. cocaine inside the white house.

where did they find it? >> a comet area in the west w wing. i'm assuming it's a work space or tourist can go through. this was sunday night, the president was not there, the white house was evacuated, hazmat unit came in, tested powder and it was positive for cocaine and sent out for further testing. now the secret service is figuring out how it got there because everybody who goes in the white house, doesn't your bag go through a sensor? ashley: absolutely. the plot thickens. maybe we will find out, maybe we won't. let's look at the future as we said at the top of the show pointing to a lower open only get going for real at the bottom of the hour but the dow 186 points. s&p down half a% and same for the nasdaq. eddie, reaches you this morning. your dipping your toes back into the markets after being out for a while so the inevitable question is, what stops you bullish on this environment?

>> right now we are bullish on healthcare. tremendous amount of pent-up demand in healthcare and although we are not bullish on the economy in the u.s. over the next six to 12 months, this is what we think in drive and has earnings power in the back half of the year so we bought last tuesday and will continue to buy this space and then as the u.s. specifically the. india tremendous upside is tensions in china continue to get worse, we will see more tech companies like apple and amazon start investing more in india so you're looking at potential multiyear gains and acceleration economically or we are decelerating here's a looking outside the u.s. as well as focusing on healthcare and aerospace and defense is a space we are bullish on as well that we are looking to buy on tips for summer. ashley: i want to get back to india.

it is a huge market for sure but plagued with infrastructure problems, power that goes out, unreliable and because of that, it's potential has not been fully realized. do you really think it's now ready to have the infrastructure in place to provide good investment opportunity? >> i think the risk reward is strong. you're looking at risks but what you will see because of the problem in china, you will see investing tremendous amounts of money to get the infrastructure in place something is the early innings of nice upside and india could be the new china because china is having major issues economically in the geopolitical tensions as well as problems, tech companies going in with manufacturing learned the hard way. it all points to india being a winner source of great place for diversification. ashley: we hear from animals all

the time either we will have a pullback august, september whatever and that would be normal but the key is to find the weakness. do you agree? >> yes. you can't fight the tape and at best level we are going to buy every second we will think benefit will be a recession and that's off the table. you to be liquid and nibble an act of. we're just not going to buy up and then by don't. there is opportunity to pick your spots this summer. ashley: we talked a lot about potential recession, some say we are already in it but could we avoid a recession altogether based on the data we are getting? >> we could but i don't think the probability is high and the reason is i think the fed double down on 2% inflation number.

there's no way to get inflation down to 2% without them causing a recession. if a pivot and changed to 3% then we will but right now it showing deceleration of economic growth in and i think seeing unemployment take up in the back half of this year so how do you get 2% without causing major demand from inflationary perspective? ashley: without question the economy. thank you for joining us this morning. great to see you. enter president biden children test scores have fallen to the lowest in decades but jill biden has a positive spin on it. >> always be the education president. ashley: scores don't go with that. leo turow fired up about that. more people believe the american dream simply out of dream br

breach. the land of opportunity, the sentiment is higher among one specific generation. we'll be right back. ♪

take a look at the future, 14 minutes from the market opening, down across the board health%. investors waiting to see what is revealed later on. now this, a new poll reveals how confident people are that they can achieve the american dream

so are we optimistic? >> i'm going to be positive and will start with the good news, absolutely. three quarters of a say yes, the american dream can be achieved and i want it where i have it. bad news, a quarter of us say it is completely out of reach, that's a six points in a years time. young americans and those not as highly educated are more likely to say they don't see america as a land of opportunity. the question is, why? might feel jobs are replaced by artificial intelligence and can't get ahead. you go to the store and he can't import anything so there's a bunch of reasons. 24% don't think we can get th there. ashley: that's not great. 75% but everyone should have the american dream, believe. >> that's why they are crossing the border to come here. a good person to talk to, john joins me now, more americans think as we are the american dream out of reach.

that said so what does it say about where we are as a nation? >> it tells us inflation is running too hot in addition, home prices are too high along with mortgage rates. a difficult situation for those trying to find the income ladder from the bottom right now. it also tells us perhaps the current administration is making a huge mistake emphasizing income redistribution instead of focusing on realizing faster rate of economic growth. it's through growth those of lower to middle income are able to rise. ashley: going to move on, take a look at this op-ed from the new york times. it says can biden change the economic narrative? in biden isn't the credit he deserves in, his handling of the

economy. what do you say to that? >> we have to go back to inflation again. sure, inflation slowed from the high of 9% in the middle of 2 2022. recently it's all the way down to 4% but that still implies the past two years, inflation has risen by 13%. prices today are 13% higher than they were in the middle of 2021. the average american because wage growth failed to keep pace with price inflation. an employment rate remains low, 3.7% but in order to have this dynamic, this sense of things getting better, you have to have declining unemployment rate. it's difficult to do when it's so low already.

i think it's impossible for biden because he has to go toward stronger growth message and you can't do that when your hands are tied on regulatory efforts and plausibility of higher taxes in. ashley: in 1998 the internet wasn't going anywhere in the same impact of a fax machine and predicted global economy would take after donald trump became president. he was very wrong on those two issues so i don't pay too much attention to what he says let's move onto this, secretary yellen heading to china tomorrow trying to ease tensions and discuss trade. is this going to help solve any of our issues with china or do we need to take a continued strong approach to china pushing back? >> you have to take a stronger approach. yellen is pushed by multinational corporations to try to normalize relations with

china. after all, a lot of us-based companies depend upon china for manufacturing base. they also believe the growth of middle-class at some time in the future but as it stands right now, there are tens relations between china and the united states. for reasons other than econ economics, those reasons are geopolitical. could it block janet yellen and u.s. corporations thinking on growth via china? best wishes. think again. ashley: we have to leave it there. great to see you, thank you very much. now this, remote work became the norm during the pandemic. we know that but are more people back at work now? >> yes, not five days a week but remote work is proving to be sticky and ensnaring more jobs,

jobs once deemed in person only. americans worked five hours and 25 minutes a day from home last year, that's down 12 from the prior year so working from home less but it's up to hours from before the pandemic and if you look at the data, 11% of service workers said they work from home so does that mean you just check e-mail from home? you can do a massage from home for the computer. ashley: we are going into difficult territory there. [laughter] it's never going to get back to where it was. >> five days a week in the office we will never see again. three, perhaps. ashley: you are pitching there. i know you are. >> i'll take for. ashley: look at the futures again. all down across the board, half a% on the dow, s&p and nasdaq.

stick around, opening bill coming up next. ♪ in

should

about three minutes now we from the opening bell. the futures down across the board have a%. let's bring in shar. good morning to you, show. you say and you are the king of buying on the, is that what you are doing, you expect a whole back? >> back to buying of the dips. about three weeks ago on ghanaian company, the second hated in history, the great from 2020. if you didn't buy, you lost out. the bull market, doesn't mean we won't see pullbacks but pull box now will be a buying opportunity. we will probably have this for several years to come. ashley: talking about should talk about, we talked about

recessions until we are blue in the face but we haven't seen one, will we be able to have it? >> i don't know that we can avoid one but if we do see a recession, it will be a buying opportunity. investors who miss this rally, all investors but kept going up and up, that led the bull market, we have another situation with these companies dealing with the real deal feature for the most part a i now with infinitely addressable market, their products of the bus and will continue to power through in terms of earnings, profitability, cash flow and etc. in. ashley: so many analysts saying that needs to be more broad-based, you can have mechanism it seven leading to awake the entire time especially if interest rates go up again. are there any other areas that you like?

>> i like the beating up areas. i think lower to go increase the price haven't been effective but we are buying oil on dips here and certainly i think it looks good, i like buying the miners because eventually will get back to growth and some of these stocks that pay high dividends will look attractive if you buy them now. ashley: thank you so much, we have to leave it there. continue to enjoy, lucky guy. twenty seconds out, lots of shouting and clapping as we get the first four trading days. the three major industries finished higher ever so sli slightly. here we go. three, two, one, we are up and running this wednesday. here we go.

things looking down half a% across the board, let's look at the big board, the dow 30 in the dow off 149 points on the outside. chevron and home depot on the downside. a mixed bag but a whole lot more in the red. let's look at the s&p 500, down 18 points, down a 34%, take a look at the tech heavy nasdaq exchange. that, to down 34%. as we like to talk about magnificent tech companies, let's see how they are doing. a mixed bag. data and amazon moving higher but for but, microsoft and google count as well. apple found a third of our present. let's get into some of these sectors and look at the air airlines. they struggled, we know with troubles a little long holiday weekend but is not reflected?

>> it wasn't a now -- yesterday, the holiday, 2 million people went through 2 million checkpoints, that was down from the prior year in 2022 and we keep saying the numbers go up and up. 30,000 flights were delayed or canceled. the past ten days leading up to the holiday, very strong with a number of people going to tsa despite turbulence in the skies and cancellations. friday the final day of june, all-time record 2.88 million people so demand is there, airlines are not doing a good job keeping up but prices haven't been effective, up 40 +% on the year, today giving just a little bit back. ashley: interesting phenomena. streaming netflix, bullish. >> goldman. shares neutral and they raise

prices to 400 although netflix is at 448 now. really optimistic about earnings which come july 19. you think they will be more subscribers because of the password sharing crackdown? netflix executed that very well and it will benefit them when they report earnings later. ashley: review and reporting on their deliveries the last quarter, nice this morning of five and a half% she would assume they did well. >> second quarter, 12,000 640 deliveries of 59% from the first quarter so basically on track about 26000 more vehicles to meet their goal of 50000 deliveries this year. that's a huge deal if you mentioned the supply chain issues. first deliveries to europe, 300 commercial to germany so all that is equal. ashley: really sharp looking.

>> r1 s and the two commercial fans. ashley: unlike very nice. >> i didn't get to drive it. ashley: let's move on, we will pick up that story later negotiations with the teamsters breaking down. >> both sides are blaming the other for walking away from the table. ups waned their offer, the union said it wasn't good enough. unions are flexing their muscles trying to capitalize on the labor shortage. if there is a strike next month, is the first one for ups 1997. that one lasted 15 days and cost them $800 million and people went to fedex their arrival. will happen again? ashley: unions feel they have the leverage for the first time in a long time with the worker shortage.

coin base, who doesn't like corn -based? >> cut them to neutral and say they will leave 25% on regulatory. they say earnings of the lowest trading value and lowest number of active users in two years. ashley: let's look at hers, jeffrey's coverage on the company, do they like it? >> stocks up 1%. they say it can go up 30% because of stronger markets and upside from their fleet of electric vehicles which will essentially be autonomous vehicles soaking into the future, they like the ties with tesla and etc. and i believe they have the largest ev fleets in the world. ashley: impressive. stock up this check out transocean, offshore drilling company. >> you have%.

they say stop and store 35% citing transitions favorable geographically and in terms of the number of rigs they act activate. ashley: up 3%, not bad. look at the big board as we are literally five minutes into the session and pretty much what we saw in the free market, the dow up 332 points. down about four tenths of percent. look at the dow, walmart, mcdonald's, verizon, home depot, johnson & johnson, very well-known names. when jenna, netflix. all moving higher and let's look at the nasdaq. when jenna again, astrazeneca, netflix and costco. let's look at the ten year yield which is interesting, just up ever so slightly. 0.8 basis points, the yield at 3.8%. let's look at gold.

it's moving higher end up look out whatever%, $5. call that $1934. bit coin moving lower, down $55. let's look at oil, oil $2, 7168. saudi arabia maintain production as russia, not a huge impact on the price of oil. natural gas 3% as well. let's talk about gas at the p pump, the average nationally for a gallon of regular, $3.52 but we like to have a little bit of california. everyone tries in california and it's up $4.84. it's all about taxes, folks. coming up, a new travel, passport wait times increased 13 weeks. all you need to know before you

book that trip abroad. get your application in early. then in jerry's decided to use the fourth of july call on americans to return stolen indigenous lands. we will have that story. meta, a new app called friends tomorrow. ray calling it a threat to twitter and ray is here to talk about it next. ♪

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the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ ashley: look at the markets, great first half of the year. second half a little more cautiously but dow off 124 points. as to be nasdaq down quarter% or less meta unveiling direct

competitor to twitter. they call it reds. what do we know? >> i'm not sure about the name, i can't quite get what it means. tomorrow's the big day. a standalone wrapped intertwined with instagram, login and use the same username and thread what you want to say. bring your existing into your account and post 100 words. seems easy, seems monetize a book. instagram is 2 billion. ashley: have to have instagram? >> yes. basically twitter, suffering the most at support. now you can switch to twitter to its version, see, i did it. ashley: not great news for twitter, let's bring in ray.

how big a threat is this to twitter? >> a tremendous threat. twitter only has 300 million active users and facebook live went to 50 million in 24 hours so you can only imagine at 3 billion facebook users and 2 billion instagram users, how quickly they could get to 300 million, it could take literally less than 30 days to hit that number so that means direct competition which is also getting really crowded a lot of competitors. ashley: it comes at a time when elon musk is doing everything he can to monetized twitter. at the same time getting pushback for follow in the has been positive. how dangerous could to speak to twitter? is a something that could be i want to say a killer but certainly could hurt even more. >> it's going to hurt short-term, a lot of work. people are moving to blue sky

but they are critical mask you have on facebook meta side, those guys have 3 billion users that could easily move over and advertisers are watching clo closely. ashley: users of instagram more likely to use service like twitter because i feel it's a young ruling. at the into that? >> they are going for the younger audience intentionally. they got the pictures and fashion and entertainment and that makes it a good ad base and that's something elon is trying to fix and linda, giving the app base back and that's important for them because that's where they been hurting the most but limits and not being able to access public information, locking sites down, requiring logins, that's all twitter at the moment hurting. >> as we look at what developing, has elon musk done everything he possibly could or has made missteps? >> i think our missteps but

there's a little more to it, he's worried twitter is the only publicly available model where they can scrape the information for ai. he has to lock it down long run but not the way it is right now and if you want a super app, you need scale and a lot more than 300 million users. ashley: anybody else you think could come into the space? any sense we could have more competition for twitter? >> definitely. i think dan has played a role on the business side. i think you see it with the chinese social apps going on around the world. you've got other companies trying to build that community sense to have billions of users ready to jump in so if you take any one of the social media sites today, google could try to go after this again if they wanted to. apple has it with imessage, people connecting to each other so there are different ways to build the community.

ashley: you are westminster live, the ninth floor, that's my old office by the way. did you get tickets to wimbledon? >> i wish i had tickets to wimbledon but it's always beautiful, i'm here for an ev event. they hit a billion dollars storm here for that. ashley: it's not raining but just wait. [laughter] great for joining us, great to see you. twitter received negative press points plan to limit the number of weeks users could do so by trying to walk cap that policy? >> it seems like that. musk said twitter had to limit post because he because companies were trying to scrape twitter's data to train their artificial intelligence systems. that's what i said. okay. this is the official statement. we limited usage so we could detect and illuminate boss and

other bad actors harming the platform. any advance notice on the actions would have allowed bad actors to alter behavior to evade detection. i find it odd. you're trying to substantiate why twitter would limit post telling advertisers, don't bother spending a lot of money because fewer people will see. ashley: issues like hoops, people are unhappy, i got to explain it away, thoughts. >> it's almost like elon musk tries to say it as interestingly as possible, maybe that is the users coming. ashley: that could be. we going to put more restrictions on sending semiconductor chips to china? another question for you. >> the "wall street journal" reporting yes, the united states will require amazon aws and microsoft to get federal permission before providing china access to their cloud services that use ai chips.

this is a way to safeguard most advanced technology because currently there are loopholes you can get around these restrictions via cloud so they are trying to close the loophole reportedly congress will announce new measures in the coming weeks. this is tit-for-tat china and the u.s. as treasury secretary yellen and soaked we watch what we say, keep talking and keep the diplomatic channels? ashley: no matter what, china will steal it. >> exports as well for materials used. ashley: how about this, the associated press kicked after july 4 celebrations with an article explaining the word patriot is less about love for the country and more about hatred for certain minority groups. okay, douglas murray will deal with that. people returning from fourth of july trips today and hundreds of flights have already been

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against are not suppressed anymore, airlines struggling to keep up travelers of the long holiday weekend. mass at newark international airport. our people worried we will have more of the same was a busy summer travel season? >> people are absolutely worried because they are already experiencing. we spoke to a traveler trying to get home since yesterday. he says he's hoping for the best today but he's made his decision, this will be his last time flying with united. >> i went to customer service and it was about two hours to speak to someone. they say they are experiencing a lot of cancellation today. the best i can do for you after some time was get you to your

destination which will be tomorrow but i have to fly to chicago now to get the so another four days. >> even though there's so much destruction, not stopping people from traveling at all. on average july 4 weekend we saw 2.7 million people screened by tsa each day. on friday we broke the screening record 2.88 million people, the most ever in a single day. flight delays, cancellations going to break records. many are still struggling to get home. monday to tuesday, 10000 flights were delayed. this after a weekend of travel for tens of thousands of flights were delayed and canceled. united airlines just would 30,000 frequent flyer miles to tyler's hit by delays, the

travelers had to sleep on the floor at the nation's airports as they feared this holiday travel meltdown would continue but pete buttigieg says travel is back to normal even with the weather down causing a lot of the problems last week, one problem is still here, the staffing shortage. the transportation department forms problems could persist for years because of the government caused shortage of the shortage. traffic controllers this year, another 1800 next year but in the meantime it's felt across the industry matter what airline you choose. new york city things are smooth but not the case all over the northeast taking a look at buffalo dealing with power shortage, power outage. lines for security art out the doors. people are crossing their fingers and hoping for the best. ashley: that's all you can do. my stress level goes up just looking at the video.

a tough deal these days. still ahead, list peak, shannon bream, douglas and leo tara. 10:00 a.m. hour of varney & co. is next. ♪ .. recommending things that i know work.

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