until those english took control in 1664. don't forget to sending your friday feedback, e-mail us your questions, comments and concerns, varneyfewer'sfox.com. the rally holds, dow industrials are 250, nasdaq up 113. arm holdings, not over for trading just yet, indicated prices been moving around. it was 58. now it is 56. let's see what happens when we take it to the market. time is up for me, but as i usually say, coast to coast starts now. neil: comparing first-rate, the president trying to get ahead of the fallout. we get to where folks stand, united auto workers union and the big three automakers, time is wasting.

these guys have 12 hours to get something, anything done. pressure pressure pressure. i am neil cavuto. we are focused on the uaw, the first auto strike in the better part of a decade. we go to detroit on where things stand with grady trimble. >> reporter: the strike at one of the detroit three automakers looks not definite but almost inevitable. the uaw says it plans to strike by midnight. it will make this decision, at not all the factories but specific targeted locations which it could scale up or pulled back depending on how negotiations are going. unless there is a major breakthrough today the uaw will announce which plants workers

will walk out of, ford, general motors, jeep and chrysler's parent company have been negotiating in good faith. some of them say of the uaw is ghosting them by not making counteroffers. ford ceo jim farley said when he went to the bargaining table, sean fain didn't show up. farley went on to say if there is a strike it's not because ford didn't make a great offer. we should be working creatively to solve hard problems rather than planning strikes and pr events. the uaw says offers from automakers so far are completely unacceptable. >> the big three cannot afford to give us our fair share. if they choose not to, they are choosing to strike themselves. we are not afraid to take action. >> reporter: the automakers in

anticipation of a possible strike have been spending weeks, maybe months building up inventory of new cars. if a strike does happen it could cost the economy billions of dollars. we will find out if it does by midnight tonight. neil: grady in detroit on that. the good read at the markets, economic impact if it comes to a strike, what do you think? >> if it comes to a strike, the impact it could have would be devastating. i am in the camp that i think they will push this like they do with the budget in dc until the eleventh hour and then come to agreement. maybe i'm being optimistic. sean payne has been hard and fast to say 11:59 and if there is no deal we are out but i'm optimistic. between now and then they will come close to a deal that will

allow him to take a breath and say we made significant progress, let's not screw it up. neil: he is the head of the uaw and did extract concessions. we will see what he gets now. a lot of people say concessions are in the eye of the beholder. he talked down his wage demands to something like increases in the 30% range. i don't know if that's a big concession but these pay deals are getting to be generous if you throw in america offered its pilots, 40% wage increases, good for them. nothing away from them. that is inflationary. someone pays for that. what is the fallout? >> you and i will pay for that. neil: i don't want to. >> you can trace it back, when

mary bauer announced earnings, she was gushing over the amount of money they made. that day i said we will find out come september when they sit down to negotiate. automakers have done a good job. time to stand up and pay the piper the same way ups had to do the same thing. these workers should make more money, don't know what the contract looks like but they are asking, wages keep up with inflation so it is passed to you and me because it will cause the price of cars to cost more and the automakers will not squeeze their margins but push it on you and me. neil: i was talking to a friend who's in the market for a vehicle, not a superfast $100,000 humvee but wondered as

if i would know is this a time to purchase a car if these guys go on strike. once they return, passing along the benefits of the strike, meant those vehicles would be more expensive. i wonder how it flips with the automakers, whether it's russia buyers now or later. how is that? >> with auto rates, unless you are paying cash for your car, auto rates are closer to 9% at if your credit is 740 you are paying 10% so the price of a car whether you finance or lease it has gone up significantly. there's a pool back where people reconsider, do i need a new car every 3 years, should i keep my current car for 5 or 7 years, if i keep it in good shape. it is going to be a real

question what happens with people wanting to purchase cars but what happens post the contract negotiations if automakers had to give in and get significant 36 price wage increases the way he wants and all the other benefits, they want to work 32 hours, get paid as if they are working for 40. that's just higher costs passed on to you and me. neil: why do we have so much today? >> i want to scratch my head. between yesterday's cpi and the ppi the market is convinced the fed the says we are not doing anything and there is ppi move that is transitory. it will go away and we have it under control and we are not raising rates in september and we will look at november, no guarantee. i think it is -- they. to regret this if they don't raise rates next week. inflation will run out of control.

neil: that is interesting. >> then maybe, 6% terminal rate is where they want to be. neil: thank you, good talking to you. the range of 5.5%, i heard benny other for smart folks say that eventually that is where we will be. the lending rate, little more than a year ago was 0. 's congressman scott perry joined us from pennsylvania. the oversight accountability committee, house freedom caucus, good to have you here. let me ask you, i know you are not on market guy. what do you make of a market that seems to be saying inflation is a stubborn problem. we are okay with that, this is

not your balla work, but what do you think of that? are markets chasing a dream? how do you see that? >> from the folks i talked to every day, contractors, every body looking for what they think is coming, don't know when or how bad or what it looks like but they are taking advantage of what they think are good times under those circumstances. i think it is pollyanna but i also would say a lot of folks say the sky is going to fall for a long time but we are poised to spend more money in washington dc and throw more fuel on the fire which will force the fed to increase interest rates to control the fire. a lot of people are doing well under the circumstances even though a lot of people are not.

neil: you are going to steal my job away from the. the push on the part of kevin mccarthy and your colleagues, don't know where you stand on this, to pursue and impeachment inquiry against the president. i'm not taking sides on this but you just mentioned a number of economic issues like stubborn inflation where the markets are getting ahead of themselves. you could make an argument that the impeachment thing divides the focus when republicans have a strong issue, the inflation. what do you think of that? >> most people can do two things at once just as you can. neil: not the history of congress. that is what the concern would be. some of your colleagues because of that didn't want to mess

with this impeachment thing, what do you say to that? >> we are bound to, the evidence has taken us to the place we are and we won't get much focus, to clear the president or continue on the current track which is to add to this mountain of evidence that seems to show corruption, potentially bribery or extortion or influence peddling. we will not be able to do those unless we get the information that had been held from us and the only way to get that is through this impeachment inquiry. maybe there is some reluctance to do it but we are duty-bound, the american people need to know and the evidence keeps mounting up, whether it is fbi whistleblowers, specifics activity reports, more information from e-mail exchange between the president and his son under false names, that just keeps adding up and

so we know we have the fiscal situation to deal with. at the same time we have a duty to keep on this track of accountability. i think we can do and will do it. neil: a couple of your colleagues, not very keen on kevin mccarthy and the way he handled this and the way he negotiated, pursue this impeachment inquiry to keep together on the spending get thing about pusher government shutdown, don't know how much of that was true but the shutdown. >> i hope not. we are not shooting for that. we would like to see the appropriations bills are passed but we need to recognize, your lesson went talked about it, these inflationary pressures make it difficult for my constituents to for groceries, gasoline, electricity bills. heaven forbid you have to buy a new car now especially after the strike when the price goes up, that much more and this is part and parcel to washington

dc spending addiction and we simply have to find a reconciliation here where we start driving the spending curve down. my colleagues on the other side of the building in the senate are interested in spending more. they don't want to abide by the deal they agreed to on memorial day. that is the problem we have. we have to roll up our sleeves and get to it and set a product that is respectable for the american people who are suffering. neil: great chatting with you, scott perry. as congress was wrapping up, holdings down, stock up 10% from its offer of $51 a share the value the entire company close to $60 billion, as the british chip designer arm holdings coming out of the gate, fight strongly here, this

could be the biggest initial public offering of the year. that has almost become a desert. a lot of companies plan announcements, still have a number of hours to go in the trading day, off to a strong start, it is north of the consensus people thought it was, a little too pushy going with one hundred 50 one that is working for the time being here. on a fully diluted basis we are looking at a company, roughly worth on paper in the stock market, stock market value close to $60 billion.

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and creepy ads that follow youa from google and other companie. and there's no catch, it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. neil: the biggest ipo of the year is off to the races, climbing $8 a share. that works out to a 15% run-up. $51 a share is getting there so far, does not appear to be the case. it designs chips and a lot of smart phones like the apple smart phone. this has been a payback to apple markets, the idea maybe there's an appetite for what is

out there and that adds some speed to the buying of the dow and the nasdaq, something that have been from this, equal to 90% of this company. in 2016 for $37 billion tried to sell it to nvidia. they were asking about $30 in cash, opposition, long story short, it comes back to make a hard deal where it is doing pretty well so to think of something they bought, $36 billion that now, if i do the math backwards, closer to 65 million, essentially unchanged it. keeping an eye on that and also a big development in sin city where we are seeing a 2-pronged signer attack.

kelly o'grady has more on that and others. what is the latest? >> reporter: caesar is confirming they experienced a hack in recent weeks, paying tens of millions to the perpetrator. that's not back to normal, digital room a keys are not working, restaurant reservations, atms experiencing issues which is problematic because guests are used -- forced use cash of the property, the website is down, i went there before i hopped on with you and you get this message. that means the booking system is down, staff is inundated with phone calls. it doesn't just impact the mgm report -- resort specifically, the cosmopolitan in vegas and a number in atlantic city, the fbi investigation is ongoing but because mgm incurs

significant revenue loss they admitted this could have an impact on the business, they are assessing this as negative negative, the cybersecurity incident highlights key risks related to heavy reliance on technology and operational disruption that need to go off-line. cyber attacks are becoming more sophisticated and deep bill levitating. we spoke to an expert who said there are more attacks occurring than you know. >> what makes them a good target is the value of the experience. there is a long-term effect on reputation. the impact is significant and would then be a classic target for ransom where as a result of them having to pay for the ransom where. >> reporter: mgm has cancellations that are impacted but can't have any fun, doesn't

sound like much. neil: is on that. thank you very much. we are looking at holdings doing quite well with a 13% run-up, nothing like a 40% run-up, remember the day that chesler debuted on 2010 walter isaacson rates. the latest work for elon musk but that was a telltale day, not only the day the world's richest man became richer still but how much he focuses on the market. we focus on that after this. ♪ the manager. and the snack dad. all using chase to keep up with their finances. the coach helps save goals here, because she saved for soccer camp there.

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neil: not really holding back,

stock of 20% out the gate, lifting all other stocks, better-than-expected reception of the british chip designer, watching this one closely as luke lloyd investment strategist, what do you think? >> i'm interested in the company but not this ipo for at least a couple months. it is a real company selling and licensing technology products to the biggest companies in the world like nvidia, apple and google but the arm ipo is very timely specifically for soft bank, ai and anything surrounding ai is like a new drug investors can't get enough of. arm was a public company until 2016 and you saw around $30 billion, another $60 billion valuation, not a bad investment.

the problem lies in that stock has 99% market share so you can't go higher than 99% and when you trade an evaluation at premium paired to competitors it is going to be hard to hold this valuation. neil: lists all technology stocks, apple has not been benefiting since its announcement but i wonder what you make of technology that this was supposed to be the saving grace. what do you think? >> a saving grace for the whole ipo market. it is telling of the ipo and ipo market in 24. after 500 basis points of rate hikes and out lending market, many companies don't know if they will be okay for the foreseeable future. companies are planning to get back this growth motor hunkered

down into survival mode. those who want to be in growth mode want to go into survival mode. that's why 24 could be hotter and mandate a market, and 23 which is stagnant and boring, the majority of rate hikes, the same state of the consumer, the rich got bigger and richer and the poor and small got poor and smaller. the capital markets become stronger, there is a way for investors to profit off of this, 6% dividend, they have got a new ceo for double revenue by 2030, they help the ipo market. that's where you play this. neil: we might be seeing the first signs of that. we are looking at a new offering today of about 20%. there are some offerings that were decidedly better than that.

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but some chance. neil: elon musk front and center at the big ai hearing, talking about ai and the destruction of mankind. that might jar you but the better part of two years, all over the world, to produce a remarkable a of the world's richest man. walter isaacson's elon musk is the book, good to see you. >> great to be with you. thanks for having me. neil: i love reading your books and i have read them. i get most of my books on this, i download and only tell you that because i had know how many pages this was but i take nothing against that. there's a pattern to your work, you write epics and there are a lot of pages.

this is close to 680 pages but 95 chapters in the book and books on steve jobs, that was 42 chapters, 420 pages. albert einstein, 43 chapters, 469 page. leonardo da vinci, 469 pages, better than 34 chapters. i wonder why you do it like that. >> hope you don't make it sound like too bigger -- neil: save a lot of exercise just putting them on a device. it is an interesting way. your attention to detail. >> i like to make it a fast telling story, i don't want to pontificate and tell you what you got to think. i'm by the side and tell you the story. if you're interested in

chesler, there he is doing it. if you are interested in his girlfriends and all the kids he had, there is something on that. we move on to space x. he has so many things going on including ai. i want this to be a fast-paced tale about a complicated but unbelievably interesting guy. neil: he seems naughty. to take nothing away from that. most incredible entrepreneurs, not exactly emotional but he seems particularly strange. >> he really has all these personalities and at times he is totally crazy. he will admit it. almost cackled about his craziness. that he might go into a dark mood. you see the picture on the he takes risks even at his birthday party, gets a blindfold and knife thrower.

or sumo wrestler. we used to be a notion of risktakers. we used to, where it came from, on the mayflower or you cross the rio grande, people would take risks. now we have become a nation of referees more than risktakers, more people saying you can't do it, it's not safe, regulators, than people willing to innovate. i think that crazed, risk-taking gene, page after page of my book helps explain why he is getting rockets into orbit and getting us into the electric vehicle age. of the 20 you right as shakespeare writes, the best are malted. he has a lot of fault. to what extent does that mold him but those faults seem to go back to a rocky relationship with his dad. his father seems like a real as so be, but i am wondering why

does he react the way he does? >> he would turn dark whenever we talked about it, a sad look on his face. he was beaten up as a scrawny kid. not many social places. the scars were worse but came from his father. he had to stand in front of his father after a really bad being beaten up on the playground, his father berated him for an hour and 1/2 and said you are stupid, you're at fault, took the side of people who beat him up. that produced a lot of demons in his head. all successful, i think, have some demons. the question is which demons do you channel into drives? neil: his father seems like one of the original conspiracy theorists, you talked about covid being a liar, trump was duly elected, not getting into

politics but his son seemed to take on a lot of the qualities. am i missing something? >> absolutely right. his mother said to me at the beginning, the danger for elon is he becomes his father. this is a theme we have seen, luke's guy walker, epic hero fighting the dark side of the force, darth vader, musk has been able to fend that off but there is that dark mode, sometimes late at night, musk will be there and put out tweets, say things that have that sort of fringe quality but at other times like yesterday, meeting with chuck schumer, senators, he's got different personalities which is why it's a roller coaster of a read. diane: doubt he is a genius, say what you will of him, the

fact is whether you are woke or not, more voices are being heard on twitter but it is how he gets there and the way he treats workers, staff members and family members, he can be pretty abusive, you wrote that he lacks the empathy gene, and in the two years, tracing and following and seeing this play out. whether you saw enough, this is not a nice guy. >> definitely. and and when his mission driven, dozens of anecdotes, where he's walking at the basin in south texas. he will get angry and order

upper surge, and reaming people out. there are times he is funny and times he's really caring. he does say in the book he lacks what we would call empathy. if you care too much about pleasing everybody around you, you will never fulfill your mission, i don't think that's a great way to be. i think you should always try to be nice but i wrote a story about someone who has bright strands and dark strands, what causes this to happen? neil: steve jobs was known as an s ob, very careful in agreeing to talk to you and weed out what he wanted to get at. very different personality here. not that any of this in the scheme of things to your point

should matter. how do you distinguish them? >> you see a lot of people from jeff basals to bill gates to steve jobs and elon musk, can be really rough on the people around him. i've written about other people like the tools for gene editing, a very nurturing person in her labs. as for steve jobs, he had a very spiritual side. he understood human emotions which is why the iphone is so beautiful. it seems to rise and musk has a lot of strength including understanding manufacturing, physics, engineering. he doesn't have a feel for human emotions. that is why buying twitter hasn't been a pretty sight at all times. neil: the case of twitter he

would be to work out, it is his views back and forth that show how he conflict almost at a time, a big fan of donald trump, president biden's only meetings with him, he found it donald, not exactly exciting. did he ever reveal to you someone he really liked, desantis but i am not sure about that. >> spent a lot of time making political pronouncements. there are times in the middle of the day he's in a good mood and tells me we need to have a

center in this nation. moderates the people, republic and on the democratic side need to come together. he will talk about the need for bringing the center to gather. particularly angry at somebody for dissing him, maybe a democratic politician, maybe whatever, gets darker. i don't think his politics are easy to pigeonhole especially when it came to twitter when he wanted to open up the field for more speech but has to make sure it is not so toxic that advertisers fully. neil: some of these tweets are infamous. something i wanted to explore with you is what sets him off

if a politician challenges him. he was a rock star for a lot of people on the left with his energy efficient and environmentally safe cars and then he started espousing some of these political views and the same people who said great things about him turned on. how do you feel about that? >> when he was at a wilderness camp as a little kitty used to get beaten up, they took all his food. that time he went he was a little bigger and so i just learned to punch people in the nose as hard as i can and even though they beat me up they were bright punched them in the nose. is pugnacious, so much so that it can be a bit shocking. he has done that especially when elizabeth warren says you are dodging taxes that he ends up not only punching back but ends up exercise adoptions and paying more taxes than any human has paid to any government in history.

that gets him all set up and riled up so he will get pugnacious politically but i am sure he will do it to people on the right as well as the left. neil: he seems to embrace doing that stuff to get in the public space where is what you have written about steve jobs in the past, albert einstein, they would have their run ins in behaviors within a small group but worldwide, there's the rockefeller motive, but he's different from that. is that just who he is? >> as a young kid he used to sit in the corner of the bookstore and read the comics, the superhero comics. they were trying to save the world wearing underpants on the outside so they looked ridiculous. but at least they were trying to save the world.

he's got an epic sense of mission. just this week, ukraine, taiwan, china, artificial intelligence, going to meet with chuck schumer and chris coons and others who he really respected and said nice things about. he can be all over the map and i don't think he minds, playing epic on the world stage. neil: you mentioned he doesn't forget some slides, with bill gates dating back to the time for former microsoft founder was shorting stockett because laddie was apoplectic about it. don't know if he buried the hatchet but what is the reaction to revelations in your book from him. i know he wanted to write and clarify what you said about starlike and working with ukraine, that bothered him, he wanted to clarify that, you

clarified that. anything else in the book that he said come on, you're killing me? >> no. he was very good. he said i will be totally transparent, more transparent than anybody has ever been with a writer or biographer. no control over the book. i'm not even going to send it to you to read it first. neil: you never send him anything? >> i thought it was important and he thought it was important that this be as open as possible but also an independent book where he's a tough character. if he tried to control the book, it would not be great for me or for him and he got that. adam: other stuff that is come out, all this personal scuffed, the daemon mode and all this and lack the empathy gene and rocky relationship with his

father and the fights back and forth dollars baggage, he didn't get back to you and say this isn't what i thought? >> no. we talked about all of these things. he is not very happy talking about his childhood, makes him choke up but we talked about all these things in the book and he wanted something that was almost brutally honest. i've seen the things he is done in the past week and he will comment on things but he is, knock on wood, not decided to go ballistic on anything. neil: he is okay with you revealing the world's richest man is his old man. >> you look at him sometimes, looks like it is cut by a korean bomber was about to be executed.

he opened up like he had another child by the artist known as grimes and took pictures. i would like you to be in context exposed this way. neil: about mark zuckerberg and that relationship, the best i can tell on capitol hill, was that all just like that? >> yes, yes. i kept telling people this is a drama magnet. he loves stuff like that. he is not going to lift the coliseum in rome, put a cage in it and going with mark zuckerberg. his sense of humor may be different from yours or mine but it has that sort of monty python mixed with soft college dorm room and that was a

role-playing, don't purchase your tickets. neil: in all seriousness, he is concerned about the human species. a lot of people have not heard him enough on this. you pointed out eloquently we are doomed as a species, he wants to get us into space and mars and all that stuff. is he really concerned in mind has a shelf life on it? >> yes. when you ask is he empathetic, does he care about people around him, he's more empathetic to humanity, if you know what i mean, than the 5 or 6 people who might be in front of him on a factory floor and he has three great missions he has had since he was in college, one is to get us into an era of sustainable energy including electric vehicles, the other is something could happen to this planet, to our

civilization, the only consciousness we know of in the universe, we've got to become a space faring civilization. that the adventuresome part of us and thirdly, he read isaac asimov, he worries about artificial intelligence and robots being dangerous. i use to think some of those were kind of the pep talks you give your team or pontificating you do on podcasts, but over and over i heard him talk about his that i really think that this is part of his deep motivation of a man child who thinks of himself on the stage. neil: is an excellent book, very good seeing you. we are talking about putting someone on mars. a lot of people have volunteered. charlie gasparino is next.

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neil: i think walter isaacson, only a little younger, charlie brady is our guy, our market guy all over what is going on here, the dow 347 points. another guy is charlie gasparino. he knows these tech type very well and can speak to material things people love to pounce on when to #when it comes to elon

musk but they forget he has done pretty well. what do you think? >> i am inclined to love this book because i got to know walter isaacson during his journey. i bought the store he was thinking about writing it and he was very upfront, gave me the story. i have a source that was a wall street source, negotiating with musk on terms and conditions and two weeks later the story that he got the deal and he was ready and everyone said there is no terms or conditions. he doesn't get to read the book before it gets published. it is not an authorized biography, and he said he would open up. that's what is great about elon musk you forgive him for his business mishaps with twitter which paid $44 billion, because

in many ways he is an open book and he didn't throw walter out of any meetings. neil: he can get prickly, but i don't want to blow smoke about you but you talked to some titans in the banking industry and investment meltdowns and all that. they talk to you because you take it all in and share that story. a lot of authors, a lot of journalists in particular don't do that and i am a big fan of his books. he just lays it all out. a lot of people criticize him, why don't you play armchair psychiatrist can clarify these things? that is not his role. charles: every author does some of that, not just taking down notes and regurgitating on a page. we pay people like walter isaacson and someone like me,

we give you the reporting. what i love about walter and speaks, he reports, didn't just, he wasn't just musk's stenographer. he talked to other people, his father, this person, it is a journalistic book. he had jobs, one of the best business books i have ever read and that is why he gets, why this is worth reading. neil: sorry for the truncated time. in the meantime, the market looks pretty strong, 340 points. arm holding is not holding the market back. jackie deangelis on that and more. jackie: great interview with walter isaacson. brian: welcome to "the big money show".