does that mean in terms of the taiwanese question? what about militarization of the will islands in south china sea 50% world shipping goes through, what about this huge military expansion? you know. what are different conversations going to have that promote national security, in context of an economy, you know they want to compete at every level how does that conversation work out? >>. cheryl: we've been told repeatedly not meeting he with xi jinping, antony blinken did last minute a little bit of a bad look to be frank was two and a half weeks ago secretary of state didn't get anything done frances newton stacy thank you, michael i appreciate your time, let everybody know jobs' report out tomorrow, that is, of course, the june jobs' report i've got tyler goodspeed steve moore john lonski covering it for you here, "varney & co."

ashley: president biden and members of his administration heading out across the country for the success of the president's economic policies but going to be a tough sale according to the latest fox pool, 16% of voters disapprove of biden's handling of the economy. on the other side of the aisle, former president donald trump raking in record amounts of fundraising cash despite the indictments, despite investigations. we'll talk about that. janet yellen touchdown in beijing on a trip to china, the administration claims this trip will ease tensions between the countries. we'll follow her around the morning. the fed releasing policy meeting yesterday afternoon signaling or rate hike said at least one, maybe more. futures living broadly, the dow off to 59, s&p and nasdaq down have to 1%. the ten year yield, earlier on

through 4% range in the house, 9.9 basis points that some 4. 4.03%. bad news for the tech stocks, and thus look at the two-year. we are inverted on the two-year healed, 5.06%, up more than 11 basis points of the two-year in tenure, it screams recession. we've been saying that for a year now. drifting lower pate up slightly, $82 32581 a bit coin. mark zuckerberg's rival twitter app called threads now officially online. the ceo says the platform is already receiving millions of sign-ups. also on the show, christian martin, brian kilmeade, doctor morning for gary. thursday, july 6 and varney & co. about to begin. ♪

ashley: sorry, i wouldn't have got that but i do love the song. >> i was going to say the same thing let's get right to the story. the white house challenging a federal judge's decision to limit the administration's contact with social media sites. the question is what happens now? >> biden administration filed notice of appeal, appeals for the fifth circuit in new orleans to review federal judge, injunction, the judge accused the white house of using covid as an excuse to police views they disagreed with and restricted contact between the administration and big tech companies to the white house is expected to ask for a stay on

the injunction meaning it would not going to affect while the appeal is heard so this might ultimately end up at the supreme court, just one more thing to tell you, jeff landry, louisiana attorney general who spearheaded this case be on the show just a bit. ashley: not want to this hot topic, cocaine gate, has the biden administration provided clarity? >> they say the secret service is investigating and that's about it. how did the cocaine make its way into a phone kobe in the west wing lobby? is the press secretary. >> where this was discovered is heavily traveled area where white house west wing should be in for more specific, west wing visitors come to this particular area, i just don't have anything more to ship. >> officials admit they don't

know how long the investigation is going to take. they are using dna testing to get answers. there's intrigue about the matter. reporters shouted questions for a full minute to president joe biden yesterday during his time with the prime minister in. >> 's face is all. he didn't engage in the white house is refusing to say if staffers will be drug tested going forward or if the person eventually found will be prosecuted. do you remember 30 years ago when senator biden was calling for automatic jail time for anyone in possession of cocaine? >> you have a piece of crack cocaine no bigger than this quarter that i'm holding in my hand. if you're caught with that, you go to jail five years.

>> fortunately cocaine found was smaller than that. dime size and the dime is smaller than a quarter. ashley: all right. asking about the cocaine. meantime, biden nomex tour continues, president and members of the administration heading out across the country to cap the success of the president's policies but as we said at the top, it will be a tough sale according to the latest fox poll, 60% of voters disapprove of biden's handling of the economy a little better than 68% but still a disconnect between the white house and americans. jason chaffetz, author of the puppeteers joins me know. we know joe biden is a tax and spend president so how's he going to sell for economic vision to voters? >> i don't think he will.

there's a reason president biden has the lowest poll numbers than jimmy carter and more joe biden generally doesn't move the meter, he's not a good communicator, usually filled with gas and i find it interesting when you dive down and look at how he fans out and get the administration offi officials, they are going to primarily democratic states, new york, california, washington state, pete buttigieg is. they are already going to be on the democratic side of the equation so i think they are saying to the base, we need to convince the base that we are doing the right things but they're not going to move the meter because they are not going to move to drive down the cost of energy.

if you don't move the price of energy down, you're not going to solve is inflation problem. ashley: very true. president biden could lose the first primary for 2024 because he will be on the ballot. the dnc is trying to shake of putting soft a lot of firsts which he did well in the first time around but they are not playing ball. it could be embarrassing for biden but i guess the bigger question, could he really affect the 2024 race? >> i do. i happen to be the one who believes joe biden will not be on the ballot by the end of this calendar year, that's my clinical prediction. i think they offended the people of america by abandoning iowa and that will pay the price in a state of pivotal in the electoral count. joe biden not on the ballot in new hampshire, how is it a sitting president isn't on the ballot? you putting the marbles into south carolina relying on congressman clyburn to carry the water there but it's a risky move. ashley: i think they are shooting themselves in the foot but we are out of time. take you for joining us this morning.

meta officially unveiled its competitor. how did the lunch go? >> in the first seven hours, 10 million sign-ups. jennifer lopez, other celebrities, threading. instead of tweeting, it's threading. easy addition for instagram's 2 billion users they can like, comment, repose, 500 characters and post a video that's five minutes long. you cannot direct message, a friendly online community, watch your. >> the reaction is really great, looking forward to the fun journey ahead to turn this into the big and friendly community i think we all want to see in the world. >> ambitious. users are not being showed advertisements, at least not yet. other social media companies troubles going to be metas

treasure? ashley: maybe. thus the big question. a great person to talk about this while we check the futures, adam johnson is here. he's here from uptown, a little hot and bothered cooling off. it's monday. >> i don't wear a blazer, just a t-shirt and pray. ashley: let's talk about meta and threats, zuckerberg there emphasizing the from the community as opposed to divisive angry twitter. his twitter obviously going to all sorts of things with a shakeup with elon musk, is this a real threat to twitter? >> absolutely it is. anytime there's one player and another player comes along, absolutely it's a threat. the question i have and will speaking as someone who owns meta, i bought it at 150, 80, added more and back up to 300, quite a ride.

ashley: well done. >> my one concern is whether they try to over monetize it. that's the whole focus, try to make money and if they put too many ads into the reds, feed and try to sell me stuff, i don't, that was the beauty of twitter and the problem with twitter but at least it was pure they've got their work cut out for them. ashley: kim kardashian springs a gazillion -- let's move on though. a great first half of the year. we are now starting the second half, july is a pretty good month historically for the months but where do we go from here? >> i think we go higher and i'll tell you why. i recognize the nasdaq is up 33% year to date, is it going to go up another 33? probably not but the dow is only up 3%. s&p of 15, small caps up about

four grade i think was going to happen is rally is going to broaden out and all the money sitting in cash -- >> cash levels near record highs, almost as 2008. people were scared and hike cash. the train has left the station, i need to get back in the ma market, i want to chase the nasdaq because it's a but i'll doubt the dow and that's what we will see, a broadening out of the rally. ashley: i'm being told to move on but you see another recession coming? >> no recession. gdp was 2% last week, next week dpi rising only 3%. inflation was now three. no recession. ashley: i feel so much better treasury secretary janet yellen has arrived in beijing and she's there to improve u.s. china relations but she's not expected to meet with president xi

jinping but edward lawrence is there and we will join him shortly about janet yellen. the white house continues to shut down any questions about joe biden's unacknowledged granddaughter. >> a story about hunter biden's daughter in arkansas, just he acknowledged her as his granddaughter? >> i don't have anything to share. ashley: at what time does this hurt biden's family image? brian kilmeade we'll talk about that later on in former president donald trump leading in the pole and leading in fundraising and looks like terms legal troubles are helping for the hurting 2024 campaign. those numbers next. ♪

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treasury secretary yellen has arrived in beijing to meet with chinese officials and open lines of communication between the two countries, at least that is out. edward lawrence is there and joins us by phone. what are we expecting if anything to come out of these talks? >> or talks. that's what they are trying to do. i was on the plane, flew with the treasury secretary. she's preparing for a whirlwind of meetings, an official tells me she plans to meet with the new vice premier halt of thing and climate investors in china as well as american business

investors tomorrow. finally she's expected to talk with limit economists of china about the profession the trip comes as tension rises with the chinese upset about tariffs we have a place in certain goods, the chinese want the most advanced semiconductors and technologies from the u.s., something the biden administration has banned. >> used to be number one in the world, research and development. that's what we were known for. now we ranked number nine in the world. china decades ago was number eight in the world, now it's number two in the world and other nations are closing in fast. >> so because of those actions three days ago, china announced it would block exports of two critical rare earth minerals in the united states, gallium and germanium. both used by u.s. companies for advanced technology. 50% of those rare earth used in the u.s. come from china so those specific to, russ voss says high level trips like this

with the goal of just making more talk makes the u.s. look week. >> are we coming at this was a position of strength? >> no and anytime you do negotiations for the purpose of negotiations so you feel the need to go make a speech is against your interest saying decoupling is on american interest, you are approaching from weakness. >> the senior administration official tells me they should not expect major breakthroughs on this trip. ashley: edward lawrence beijing traveling with the treasury secretary, thank you. gordon chang joins us to talk about this. they can talk and talk and talk, does the u.s. look week and they say we're not interested in decoupling from china? >> certainly and they are engaging in dangerous belligerent behavior. if anyone tries to amend, it's a chinese but it's us. what we are trying to do as

referred, establish lines of communication. we think we are responsible for the chinese see this as another vessel coming to the grand court to acknowledge subordination to the chinese. things have gotten worse. secretary of state was there two and half weeks ago trying to do the same things, things get worse so i don't see things getting better from our perspective. >> those who say you can't decouple, the two entangled and -- on the same angle you could say china needs us more than we need them, correct? >> certainly, they said 4.5% but probably one or two and it's gotten worse since then and xi jinping policies because he's state time that it economies in society, just driving things worse which is the reason we have these chinese migrants surging across our southern border which by the way, those

are not poor people, wealthy enough to afford $35000 ahead to pay for the cartels to smuggle them into the u.s. ashley: remarkable. we are getting tit-for-tat, we have tariffs in place, not going to export rare earth materials for important semiconductor manufacturing. as i continue, this is because normal? >> it is tit-for-tat but the chinese tried this in 2010 with the japanese putting on export bans on rare earths and by the way, the chinese effort collapsed. chinese state enterprise served and sold rare earths to the japanese if the japanese couldn't buy them directly from china, they got them from other parties. we can do the same thing. ashley: you mentioned the state department issued a travel warning going to china because being detained for basically no reason at all yet here we are, janet yellen in beijing smiling and shaking hands. >> it's ironic, the travel advisor, chinese taking hostages

and she goes there. this is really bad policy on our part we think we are being responsible, henry kinzinger says we are going to war with china, it's probable unless something changes and the biden administration is not changing the policies. ashley: we have to leave it there. thank you very much. let's turn to another interesting area, war in ukr ukraine. we have an update on the location of the leader, yevgeny prigozhin where is he? >> st. petersburg according to the president of belarus who said he's absolutely free, that's a quote and putin will not wipe them out. that's another quote. if yevgeny prigozhin is in russia, what happens to him? he's free just like that? what about other dissenters? it doesn't seem that easy after that failed coup attempt.

ashley: thank you very much. let's take a quick look at the futures, very strong private sector job report, up by half a million jobs. the markets turned negative, down to 65, s&p 1%. nasdaq the treasury about 4% also down 1%. the opening bell, stick around because it's coming up next. ♪

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pointing to lower opening just under three minutes, let's ring in dr martin to talk about it. i read your notes religiously and some are generally not that strong the season but july could be the exception. >> we have that saying sell in may and go away and it's pretty statistically accurate. may is a horrible month, june is a horrible month august and september, all horrible month but july is the exception.

one of the last potential eyes have been up in the s&p, ten out of ten in the nasdaq and we've been up 3%, 3.3% on the s&p the last ten years so it's the get ready for the summer good month. ashley: where you putting your money? do you still like big tech? >> big tech i think you have to have exposure. if you believe we are going to have continued strength into the year but i like playing catch-up with a lot of quality companies and sectors that haven't done as well in the first half of the year so looking at consumer staples, industrials, heal healthcare, a lot of lagging sectors i think will pick up at the end of the year. >> at cu like pepsico, why? >> they had such blowout numbers

earlier in the year, first quarter, april and may they announced really big numbers. of 14% organic growth, not anything they acquired so they are doing really well that they are up, the stock hasn't moved that much, 2.75%. you wait for it to play catch up. consumer staples will be a good place at the end of the year. ashley: we will have to leave it right there. thank you very much. getting ready to open thursday session. we did get private payroll numbers earlier today and showed almost half a million jobs were created in the private sector. leisure and hospitality particularly strong but remarkable numbers in anyway, let's see what happens, we are up and running. opening bell has run and a quick

look at the big board and dow 30 expecting a lot more red than green and i don't see any green. do you? intel, apple, you can tell all 30 stocks in the red right out of the gate. s&p 500, the dow up 178 points. s&p down almost 1%, 4410 on the s&p. let's look at the nasdaq also down about 1%. done 132 points, we saw earlier ten year treasury yield up about 4%, not good for high-growth companies. big tech managing to ease out with its new dried up, that's moving. apple, alphabet, amazon all moving lower. mark walked into the green th there. let's get back to meda. we've been talking about

threats, it's officially out and we heard a potential twitter killer yesterday so right out of the gate, okay. >> we have the numbers for the first seven hours of their global launch, over 100 countries and over 10 million users so that's good. before we celebrate, investors clearly are. this is a warning from wells fargo, limited revenue opportunity versus potential for more privacy scrutiny, really going into social media and letting people basically say what they want in this social square, it comes with risk. i wanted to show you this, mark zuckerberg tweeted for the first time in 11 years, is just that, a spider-man meme. ashley: waited 11 years for that? >> i'm trying to do it better so that's what that's about. ashley: these billionaires poking at each other. you never know.

>> characteristic for mark zuckerberg, very characteristic for elon musk. ashley: morgan stanley boosting the price target, it goes back to the ai race. >> 335 to $415 price target 22% increase in shares all because artificial intelligence and morgan stanley say it could bring a valuation of microsoft to $3 trillion, not far away no. two and a half trillion. ashley: somewhere stuart varney is smiling. talk about the airlines, jetblue scrapping plans for his partnership with american airlines so what goes on now? >> sacrifice one to save the other so jetblue is ending the north -based alliance with american air meaning it's not going to appeal the court ruling that ordered that partnership and aesop the summer. it was to save $3.8 billion

acquisition of spirit airlines instead. jetblue says we are open to working with the department of justice, and concerns let us know, they want us to go through. department of justice sued in march to block this. i want to say this, qatar airways, record revenue for $21 billion. they were the official airline of the world cup in one of the half-million people to watch the tournament. ashley: that will help. i pray first class is absolute luxury. i would never have known. >> i've never flown first class. i've done business. ashley: i haven't either. anyway, general motors released their second quarter sales numbers. >> why is the stock down? 692 thousand new vehicles sold in the quarter of almost 19% from the prior three months. this might be the issue, their

numbers 15,061,502 vehicles sold, less than 3% of the sales so not growing fast enough. the diesel report card, kelly blue book upping the forecast for all car sales by 1 million to 15 million vehicles sold but if you look at the average pr price, $46000 and if you look at the lots, they are pretty full. does it stay or we keep the car we have an they've got to sell inventory? one of my cars is from 2004 and is fine but do we keep the cars we have? ashley: was the average -- 650? is high. sweet green getting upgraded, how does this solid chain

benefit from ai? >> automation, it helps control labor costs. sweet potato topping, fyi. they have a loyalty pass consumers like so bank of america gives them a straight price target of 17. it was at nine and now they went to 17. ashley: the dow did 300. one stock is up 11%, not bad. let's move on to the banks, is bank of america boosting? >> yes by 224 cents but i'm surprised they didn't tell us friday. they are talking with regulators to figure out details to prove going forward. ashley: all right. stock price down to one and a third period let's look at the big board, very much a cell

session right now out of the gate. the dow 307 points as you can see. look at the winners, only going, going up 0.5%. just turned negative so hard to find any winners. coca-cola and microsoft, look at the s&p 500. broader index and we did find some green on there. dr pepper, tech is on there, tech stock is moving higher. the nasdaq again, meda because it's threads -- >> an upgrade, morgan stanley. ashley: is second of morning. part of the problem is the ten year yield. the treasury of 8.7 breezes points. 4.02% so that has an impact on big tech stocks. goal done marginally, $8, let's look at bitcoin if we can.

bit coin of $47. take a look at oil, saudis and russia continue to talk about production cuts, doesn't do anything to the price of crude though. down around $71 a barrel. natural gas one set. $2.67 and then let's look at these, the largest teachers union recommended teachers include in their summer reading list for students. some of the titles. the bite administration going to appeal on social media, the white house says it will continue to promote responsible actions by social media platforms despite restrictions issued by a judge. watch this. >> we are going to continue to promote responsible actions in public health safety and security when confronted by challenges like a dozen pandemic and attacks on the election we

continue to do that. ashley: coming up, we are going to talk to louisiana attorney jeff landry and he's coming up next. be right back. ♪

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oh, and happy birthday... or retirement... in advance. despite the band from federal judge, the white house says is going to continue to urge social media sites to promote responsible actions. >> we are going to continue responsible actions to protect public health, safety and security when confronted by challenges like the pandemic and attacks on our elections will continue to do that, grow in a

responsible way. social media platforms have critical responsibly to take action or to take account of the effects of their platforms. ashley: or you could say we want them to say what we want them to say jeff landry, louisiana attorney general, great to see you. you spearheaded this man. now the d.o.j. has already appealed and asked but the court order on hold. does this case make it to the u.s. supreme court? >> i think it does. i've been saying since last year this is acutely one of the most important first amendment cases certainly and modern history. we see a transition from the real and physical public square to virtual public square and the first amendment should be transposed one to the other. you don't get an exception to

the first amendment because we have a pandemic. you don't get an exception to the first amendment if we are at war. for all of our history, the government has been able to maneuver around but, suppressing the rights of the citizenry. under this court case, this judge does an unbelievable job, 154 pages of laying out how the government is trying to muzzle its citizens. ashley: the kind of hide behind the covid issue, they use that clearly to curb any views of which they disagreed with and that shook up the social media companies, we've got the administration on our backs so they caved to the end of the dangers thing. >> that's correct. it's a violation of the first amendment. if the government creates an agency, if they coerce some private actor to engage in

conduct that otherwise would be prohibited from one of the constitution then that's a violation. we've got plenty of fourth and fifth amendment cases the supreme court handed out and that's what the judge filed. ashley: let me ask you about this, president obama's attorney general eric holder is weighing in, he calls the decision from the court stupid and potentially dangerous. i don't understand that, how do you respond? >> that's what they like to confuse us, nothing prevents the government from giving out and putting out information and citizenry. no one is trying to his house the government, just trying to keep the government from silencing the distance. ashley: very good points, it's not dangerous at all. >> is not dangerous, the government is free -- the problem is america's have lost

more and more credibility with the government, they just don't believe the government anymore because the government does things and then they do another, say one thing and turns out not to be true so that is what creates disinformation, misinformation, governments credibility is the problem, the first amendment, not the constitution, it's the biden administration's hypocrisy. ashley: i'm interested, how did you end up spearheading this? something that's important to you but how did you end up taking the lead? >> back then, u.s. senator eric schmidt in missouri, him and i and staff worked on this and we used case law from fourth and fifth amendment cases. wait a minute, if the government creates an actor, going to a private citizen and ask them to go into your home and search for something they believe some criminal activity, they believe

you're engaged in an that's a fifth and fourth amendment violation however, is the same when the government creates a private actor to infringe upon your first amendment, at which they couldn't do on their own, that is again violation of first amendment, the legal theory this case was based around. when we filed it, they said they would run us out of court and then the judge granted this week deposed that right before thanksgiving and look at all the things we found. ashley: yes indeed. we have to leave it there but we are going to follow this clo closely. thank you for joining us this morning. >> thank you. ashley: interesting stuff. let's look at this week from the new york times that read breaking news, a judge limited by the administration officials contacting social media sites, a ruling that could curtail to

fight disinformation. >> this is big media, new york times advocating for government censorship. i read that as a times depending on the government and wanting the government to tell it what to say. totally surreal. new york times is depicting anti- censorship ruling is dangerous for disinformation. ashley: they like it in every aspect of their lives. i'm for complete opposite but you know, that's the way it g goes. >> following the rules, over trusting and giving up your personal -- for some people, giving up personal freedoms at the same time. ashley: the dow off 346-point, good for 1% drop. s&p down 1%, same story for the nasdaq. next case, tomorrow is friday. you know what that means, don't

forget to send in friday feedback, e-mail questions, comments, critiques, varney viewers at fox.com. rise in crime and high taxes prompting more people to pack up and leave. coming up, we will go to philadelphia where jeff is talking to a business owner so fed up he's moving to florida like so many others. we will have that story next. ♪

ibly5 businesses fleeing philadelphia as taxes and crime rates are on the rise. jeff flock joins us from an art gallery in philly. is that gathering moving its business to a new state? is that the story? kaimac going south. it's a little sad to see too much of this. the company specializing in moving businesses and folks from philadelphia and new york to places like florida and georgia. they had to hire this

gentleman, army combat veteran to watch over things because of crime on the streets. over the side, as we watch them pack up this art gallery. tough to see. this is a gallery that has its roots in 1910 in philadelphia first established the day the david gallery, the man who owns the gallery says with crime, taxes, all the rest he has no choice. here's what he told us. >> the political climate is changed everywhere. tax structures, more enticing and other factors, why people are migrating down here. kaimac as you watch people here, this is what it looks like when you are moving an art gallery, businesses move in, people moving, culture also moves, look at the population numbers.

we've seen some of these but the big winners in texas, florida, north carolina, georgia, the losers, new york, california, along and pennsylvania. it is sad to see but you will have new art to view. ibly5 i will open them with open arms. it's a sad statement. if not careful they will pack you up as well. thank you so much, appreciate it. quick check of the markets. look at the markets, the dow off 358 points, the s&p down more than one%, the nasdaq with a 10 year yield about 4%, down close to one. 5%. still had, christian whiten will be here, brian kilmeade, mike huckabee and doctor marty abca2.

the 10:00 am hour of abca3 is next. the 10:00 hour of "varney and company" is next.

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