. >> bill: here is dagen, see you later. >> dagen: fox news alert. two hours and 17 minutes that president biden and china's president xi jinping spent talking by phone yesterday. president xi with very strong words. critics say president biden's words not nearly strong enough. house speaker's nancy pelosi visit to taiwan adding tension between the u.s. and china. this is "the faulkner focus" and i'm dagen mcdowell in for harris. xi warning biden not to play with fire when it comes to taiwan. speaker pelosi's possible stop there. the speaker is set to leave for asia today and expect to hear from her later this hour. general jack keane criticizing america's passive approach to an aggressive china. >> the old paradigm we've used for years, which is self-censorship and self-deterring in our relationship with china all because we don't want to spook them. we don't want to aggravate them. that paradigm has failed massively. >> dagen: jacqui heinrich live at the white house. >> good to see you. president biden and president xi had a long conversation today

dagen: good morning i'm dagen mcdowell in for maria bartiromo. friday july 1st, top stories at 6:00 a.m. eastern. stocks coming off their worst start to the year since 1970. one closely watched reading on the state of the economy indicating that we are already in a recession. we will be on the story all morning long. looking to markets all three major market gages down to start the second half of the year after rotten first half and also starting the third quarter after the s&p 500, broad market indicator bar gages stocks posted worst first half of the year in 50 years, more than 50 years, half a century and 3 major market gages closest down, biggest loser nasdaq down 1%. taking a look at treasury yield, coming off recent highs but it's below 3% this morning, oil prices up on producers warning on supply concerns, gas prices easing off recent all-time highs. a gallon of regular unloaded, nationwide average falling to 4.80 a gallon. cost of diesel at 5.76 a gallon, a tiny bit of relief in the markets. gains across the board, all the markets up half

dagen: dr.nd to claims that the virus leaked from a lab in wuhan china. fauci has long dismissed the theory, once calling it a, quote, shiny object that will go away in an e-mail thread with other top scientists. than circumstance your reaction to this. from -- nancy, your reaction to this. from the beginning, there was an effort by tony fauci to suppress any discussion about this, because it might jeopardize funding that the scientists get because those very scientists had funneled money to the wuhan lab. >> yeah. the hubris and the consistent descension -- condescension from these people in washington. he basically said to bret baier, you can read the e-mails but you don't understand what was going on behind the e-mails. i think the average individual understands the gain of function that was sponsored by dr. fauci -- and remember, this is the man who also paid for lab testing that killed little beagle puppies, that's unforgiveable, in my view. this is the same guy who continues to say because

, dagen.ot like that's going out to a couple people. that's going out to the populations of most major countries. and i have always wanted to play chess with you, just so i can say chuck mate. [laughter] >> when i finally corner that phrase. wouldn't that be great? bottom line is that twitter does now have to disclose if they actually bring this to court what kind of amount of bots they have on their, spam bots and twitter keeps saying they represent less than 5% of the user base. if that's the case, they should make that public and musk isn't buying it and by the way, twitter's stock is at something like 37 this morning and when musk actually put forth his bid, it was significantly higher so we're talking about billions upon billions of dollars in difference between what he bid and where the companies is priced now so this could, again, be a negotiation sort of tack, dagen-tactic, dagen. dagen: we can take a look at how the stock is behaving in premarket trading. i said on friday the stock ne

dagen: right.asury securiti. why did they keep -- >> big mistake. dagen: why did they keep expanding the balance sheet for over a year for, like 16 months after the vaccine was available. >> we will look back. you hit the nail on the head. we will look back on 2021 and i believe the biggest mistake that this fed make was the purchasing of these more of gang backed securities. we've got 2.7 trillion on the balance sheet right now and most of it is under water. so -- and if you look at where the inflation is coming from now, aside from food and energy, a lot of it is coming in the housing market. dagen: greg, thank you. greg, michael lee, katherine, terrific, terrific insight all three of you. thank you so much. much more ahead this morning, president biden returning to the united states without securing any major oil deals abroad. more on his flailing commitments. plus trouble on the tracks, nationwide rail strike looming as a dispute between freight carriers an the unions drags on. fox business' je

dagen, what do you think?won't stop the epa, number one, it has been written in "the wall street journal" where the epa is going after the shale oil production in the crimean basin, saying these areas -- 43% of production, this area, in texas and new mexico, nonattainment with the ozone standards, so that is not going to stop. but i think the hair pulling and pearl clutching and the shrieking and the vapors from the left is just a sign, you know, the world is coming to an end. it is the same thing we saw during the covid craziness, the pandemic panic and scare tactics. fear equals control, and control equals power, and they are purely concerned about getting out the vote for the midterms because they see an unmitigated disaster. this is only about their party, the retention of power. it is never about country. it is always about them. >> joey: in that highlight reel of progressive agreements, senator schumer statement i want to read because i think it is fantastic. he says this mega supreme rest supreme court

>> dagen: get it, get it, get it.about the lack of civility and had this been a republican who flew the bird to the democrats dugout, it would be the not see far right ultra maga and i guarantee the republican would get cold in front of the committee for flying the bird. where is liz cheney on this? where is liz cheney and adam kissinger now? >> katie: lighten up, it is a game for charity. a long-standing tradition in d.c. and one time people come together and have fun. >> joey: that is the point we take from this, all those opportunities are gone for people to get along. d.c. is failing us in our pocketbooks and filling us with their sports, i guess, too. and i can say the nationals are certainly. maybe they are just made form losing, moving on, stay right here. there is lottery fever and it has struck millions of americans trying to win back the billion. that is up next. ♪ ♪ i typed in grandma's name and birth year... and there she was, working at the five and dime. my dad's been wondering about his childhood addres

. >> dagen: all of that.ywhere else i was trying to walk my dog 3:00 in the morning. and it always smells like this. it is like hot -- like living in a dumpster behind a long john silvers in july. >> harris: that is what new york is like. >> lara: my pastry chef little known fact. what i can tell you from my expertise, and you smell something delicious on the up and come everything is amplified when you heat it up. so whatever you've got -- [laughter] gets amplified in the summer. >> jimmy: and dagen has a right to say this new york city is the only place to bring in the stink. what is bad. >> lara: san francisco. >> jimmy: that was i think about the covid warnings, if you have covid in your sense of smell, bring it on my whole life, covid map. >> harris: summer in new york city, don't you love it. all right, last one you need a good laugh, you have to go sit next to jimmy longer than an hour. he is hilarious. the stress factory tomorrow night and runs with new jersey performing two show 7:00 p.m. and 9:00 p.

here is dagen.bout how strapped the consumer has become, already was even at the beginning of this year, so what are you thickening about what federal reserve does here? to fight inflation, to avoid it, avoid it becoming you know an extended decade long period of virulent inflation like 70s that governor said yesterday that once the fed lifts, 2 1/2% expected this month that would be close to neutral niether stimulates demand i thought for sure given backup the sell-off in stocks that we've seen that they would have backed off, already. you know, my sense was that powell didn't have stones as it was to continue to ford despite destruction of financial assets appears they are going to continue to move ahead, and allow the deflation of asset bubble it concerns me because, i vie it as asset bubble clearly fed doesn't think it is that extended and risks that are big, so, you know, i keep this could they are going to pause, but so far, powell has proven me wrong. we will see. maria: all right. we will le

dagen: reserves 1.ugh morning for the banks so far, as you can see, and a dow. maria: dagen, your thoughts, on this reporting cheryl's reporting 11.3%, ppi. dagen: 11% wholesale nation goes to cheryl watching jobless claims as well hit those, but michael kantrowitz just laid it out, we will be suffering from a recession into 2024. if you go back, through history, over 100 years, every cyclical the siek housing weekend pmi weaken profits weaken just beginning to see profit weakness then the employment claims, going up, unemployment starts becoming a problem, that is when the recession really sets in. we are seeing according to to mike kantrowitz seeing the reverse image of what caused the major rally in stocks, and the recovery. liquidity is now instead of blowing up, is going away. and earnings are coming down. we are in for a long slog i don't understand for the life of me why more people could not see this coming when you have unprecedented i have said on this program over and over, when you have unpr

dagen, your reaction?ty from day one, now when you stand up to defend yourself you're treated like the criminal which is exactly what alvin bragg has done, sending jose alba to rikers island and charging him with second degree murder when, again, he was just trying to protect himself. he was not the aggressor. he was the victim. and this is the upside down world in which live here in new york city and which other people in major blue cities have to endure and deal with, where they're soft on criminals but tough on victims and the fact that people -- you can punch somebody in the face, they're right back out on the street. you can push somebody on a subway track, they're right back out on the street. you can rob and steal over and over and over again and they're right back out on the street. even if you get caught with an illegal gun, this da'ses office has treated those people as if, oh, woe is them. no, woe is all of us. what jose alba did was simply he protect himself. there's an article in the new york

>> dagen: it is.ng else that probably won't happen. but again, i am an expert on devcon, that is my temper. i am more concerned about the guy who i encountered probably like ten days ago walking the dog at 3:00 in the morning. the dude seems to be out for a reasonable 3:00 a.m. jog, short-list, track pants, and he had a bucket hat on and jeans running. my dog started barking at them. little dale. and he pulled it out and started trying to on the dog to shut the dog out. and everybody asked, did you call the police? no, they don't come for that anymore. it's just urine. >> jessica: all part of the new york charm. we will be back. ♪ ♪ i brought in ensure max protein with 30 grams of protein. those who tried me felt more energy in just two weeks. (sighs) here, i'll take that. ensure max protein with 30 grams of protein, one gram of sugar. enter powered by protein challenge for a chance to win big. ♪♪ to win big. i d d so my y quesonons eouout hicacase.y y son, ♪♪ cacalledhehe bars s fi to win big. i d d

. ♪ dagen: good morning, i'm dagen mcdowell, in for maria bartiromo. it's monday, july 25th.our top stories, you 6:00 a.m. eastern. the threat of recession in focus as we look ahead to the biggest week of economic data and earnings this month. tomorrow day one of the federal reserve's two day meeting where we're expecting at a minimum a 75 basis point interest rate hike. thursday we're getting the first read on second quarter gdp where another quarter of contraction would officially put the u.s. in recession. but the white house still in

dagen: of course not.ed states illegally, as you've been reporting it's about 900,000 got-aways in the last couple of years and we're not even at the end of the current fiscal year. these mayors could hand over these illegal immigrants to immigrations and customs enforcement and have them he deported. right? that would be an option. and these illegal immigrants are not winding up in these cities just because of a republican governor. they're being flown in the middle of the night by the biden administration to -- and we wouldn't even know this without the new york post -- to places in westchester county and other airports really throughout the country in the middle of the night. they say they're unaccompanied children, minors, young people. no, they're working age young men. that's who they are and they're here illegally. maria: yes, that's right. dagen: when you elect a liberal, you are -- liberals win, criminals win, illegal immigrants win. that's -- there was a shooting in front of my -- there was a sho

>> dagen, they are trying to get at a genuine problem.upply chains and china's threat to supply chains. i didn't think this bill approached it in the right way or provided guardrails to keep these companies from doing business with china. putting aside the merits of the bill, the condition of this bill according to its sponsors was the fact the democrats wouldn't pass another tax and spend bill. that has changed in the last 24 hours. i would invite the bill's sponsors to urge every house republican to oppose the bill today. we shouldn't do it this week or another $500 billion of democratic spending next week. >> only two republicans are up for reelection. what will the other 15 do, the republicans who are running in november? i digress. i want to ask you about the democrats who appear to be turning up the pressure on attorney general merrick garland to bring charges against former president trump over the january 6 riots at the capitol. op-ed in the "new york post" by andy mccarthy a fox news contributor argues garland is in a tough spot.

dagen, adam, lee, stay right there.begins right now. ♪ maria: good wednesday morning, everybody. thanks very much for joining us this morning. i'm maria bartiromo. it is wednesday, july 27. your top stories, 7:00 a.m. on the east coast. today higher interest rates and slower growth, stocks are higher ahead of news from the federal reserve after the two day meeting, the dow industrials were up 131, the takes dabbing up 17 -- nasdaq up 176. we're expecting the federal reserve to hike interest rates by 75 basis points with the 10 and two year treasury yield curve the most inverted in 22 years, an indicator that we are in recession. jay powell is going to be speaking at 2:30 p.m. eastern as second quarter earnings reflect a slowdown. google parent alphabet reporting the slowest sales growth in two years, microsoft reporting the slowest earnings growth since the pandemic began but still both stocks are higher this morning, microsoft higher an a strong sales forecast, expecting 2023 full year revenue to grows in the double di

dagen!truction worker. >> tucker: that would be my guess with the naughty little mustache. was justin trudeau dressed as a construction worker? roll tape, please. >> this is a big deal! >> way, i have something to say. i think the big reveal is that tucker thinks construction workers have a naughty little mustache is. >> tucker: no, i don't! i said the justin trudeau version of a construction worker has a naughty little mustache. give me just one, the village people question. >> this is my mama, i'm going to sing "one moment in time" by whitney houston. your prize is a commemorative mug, moment of silence, who remains in prison today and is not watching but will be out at some point in the next 30 years. to dagen, jimmy, congratulations. we knew this streak could last forever appear to speak of the lia thomas of trivia, i finally made the podium! >> tucker: final exam. we'll be right back. ♪ ♪ i'm steve. i lost 138 pounds in 9 months on golo and taking release. golo saved my life. i was way

dagen good morning to you. source is saying what he is trying to negotiate a new leader will be set in place by the party conference in october. perhaps he announces his resignation today but stays on for a few more months. what is your take on the story. >> boris johnson has been an utter disaster ended embarrassment to the conservative party and anybody who believes in conservatism quite frankly. this spotlights the recent scandal this is a deputy whip that boris johnson appointed in february that turns out recent groping allegations and last week or so but there was a complaint going back this is sexual misconduct with other men that went back to 2019. boris johnson did know about and still appointed this man to deputy whip number one and then the ongoing scandal of the covid doctrine parties which boris johnson had to apologize for over and over again. it is complete dishonesty and a lack of integrity and confidence on the boris johnson. 40 ministers and aides left the government as of this morning forcing

dagen: can i add one thing? maria: of course.k city, why doesn't he ring a ding ding pawn president biden and the people in the white house who are members of their own party who are putting these young men on planes and flying them to your state in the middle of the night and putting them on busses. where are they? maria: it's so glaring. here he is, trying to attack greg abbott. i mean, hello, yeah, we know what's going on. we've been talking about it for the last year and-a-half. we'll have more on that coming up. stay with us. we'll be right back. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq dad, when is the future? um, oh wow. um, the future is, uh, what's ahead of us. i don't get it. yeah. maybe this will help. so now we're in the present. and now... we're in the future. the all-ele

. >> [laughter] >> dagen, it's terrible news for the president and he's actually in the worst condition in the part of the poll that's most important for midterm elections and for the reelect, he's at 68% disapproval. i didn't know you could get that high disapproval rating on the

great conversation, dagen, nick, kenneth, kevin, we appreciate it.take it away. stuart: good morning, everyone. you can call it what you like, recession or or slowdown. i'll just give you the straight numbers. in the first three months of the year, the economy contracted at an annual rate of 1.6 percent. in the second quarter, april through june, at an annual rate of .9%. so in the first half of the year, the economy did shrink. i'm going to call it a biden recession. also in the

kill your uranquinty ♪ ♪ >> dagen: time now for one more thing happy birthday daddy.father mcdowel is 86. look at that good looking dude. here is him with my momma. that 19-inch race. daddy has a big head, thank you for passing on that gigantic noggin to me. he is an animal person. here is some advice from my father never trust anybody that can't last at themselves or who is fly is always down. is he cooking soft shell crabs for his friends on his own birthday and he is an amazing man. i love you, daddy. joey? >> joey: that one was fantastic. listen, last week i had the opportunity to come on here and talk about something really important to me called the you matter campaign through boot campaign.org. i bought everybody on "the five" today a t-shirt. we have our t-shirts that say you matter. they come in red. i bought a blue one last week. i want to give you a report. this is for the fox viewers out there. because of you, after that, we had 98% of these people were brand new. we had thousands of new hits on the site. we sold almost 1,000 t-shirts, we raised over $40,0

she went from the square dance to the finance, business anchor dagen mcdowell! like a band-aid, she's pale, sticky, often found in shower drains, fox news contributor kat timpf! jim, i'm happy to have you here and welcome to the show. i loved your specials and it's great, you're the only good physical comedian left. i watch and i get exhausted. >> i was exhausted, too, i'm glad you liked it. >> greg: if macy didn't apologize, what would have happened? >> most likely, nothing. first of all, her intention came from a good place. if any human is watching that going i can't -- off with her head! make sure the contents are destroyed! i don't get it, she wasn't mean, she's just as is. the thing's -- >> greg: the thing is, the intentions don't matter. if you apologize, you just make them hungrier. speaking of hungry, rob, how are you doing? >> i'm doing all right. >> greg: that was the worst transition ever appeared >> not the worst when you've ever done >> greg: we are in the weird world where the implications, if you don't think a woman can have external, then you're

dagen. if. >> yeah. we need more actors in politics. why don't you butt out, leo, and stick to your knitting. i'll just end with that. [laughter] maria: and that's the bottom line, mark. [laughter] >> yeah. but you know what in i'll give credit where credit's due, pete buttigieg probably needed speech coaching the least of all. maria: dagen and mark, great to be with you. dow industrials down 490, right to "varney & company" we go. stuart: i do hate it when dagen holds back like that. [laughter] good morning, maria, and good morning, everyone. there is no doubt, folks, inflation is surging, and you are getting crushed. your standard of living is falling. it's called the producer price index, and it measures the higher prices businesses have to pay. in the last year, that index has gone up a shocking # 1.3% -- 11.3, and the pace of price increases is not slowing down at all. the month over month gain, 1.1%. what do we have in 9 percent inflation at the consumer level, 11% inflation at the producer level. investors are not happy. the thin

dagen: thank you, maria, always. >> thank you. dagen: hope you have a great weekend. maria: have a great weekend, everybody. we end the show on a big rally up 312 points, citigroup better-than-expected earnings, pushing markets higher this morning, right from here we go to "varney" & company stu take it away. ashley webster in for stuart. ashley? ashley: thank you, maria. when i wake up ♪ but my all-time favorite song and clearly i don't know the lyrics but thank you very much, maria great stuff and good morning, everybody, indeed i'm ashley webster the one who can't sing in for stuary varney today. senator joe manchin dealing a big blow to the democrats. he says he won't support climate spending or tax hikes for the wealthy in the economic package, so get ready for democrats to unleash their fury on mr. manchin. president biden lands in saudi arabia next hour. he's going to be asking the saudis for help with our energy crisis and while biden is overseas, california's governor newsom is spotted looking pretty cozy at the white house. is he setting up a run in 2024? we

. ♪♪ ♪♪ shout out to dagen mcdowell for protecting that tonight.ow our biggest strategic rival. military is powerful, economy is strong, influence growing. what we do about it? according to former secretary henry kinzinger, we should avoid degradation. i tend to agree with that, i'd like to avoid confrontation but here's the problem. it is a very questionable secretary of state and horrible track record when it comes to avoiding war, asked be average be enemies or cambodian farmer. should henry kinzinger hang up his cleats? joining me now to discuss former cia officer portman square group chairman and ceo, he got both because he's that good, mike baker is back. >> thank you very much. i do know we could request songs, i do know she was able to. maybe next time i will send you a note. kennedy: for sure. consider it done. >> cool. kennedy: he talks about nixonian flexibility in terms of where china was an opening the door to diplomacy but we are at a vastly different place now in terms of where we are, they are, the economy is an shenanigans they are

that were presented during woodrow wilson's time in office culminating in a case called ham murphy dagen heart that dealt with a a specific type of child labor when fdr came along they stayed pretty close to that precedent. and they pushed back up. they invalidated a lot of fdr's legislative agenda. this happened in slow motion over the course of about four years. he got tired of losing and by the time he won re-election of the fall of 1936. he said that's it. i'm i'm going to show them who's boss now. so that's when he started. he had for some time been trying to demonize and delegitimize the court denigrating individual justices who were opposed to him. most notably the the combination of four justices whom he deemed the four horsemen the four horsemen of the apocalypse is what he called and and the one i regard as the intellectual leader among them was got him george sutherland the only supreme court justice ever to come from utah himself a byu graduate and the appeals. yeah. yeah, very handsome man. that could lead to a question from the audience by the way miles it could it could ok

stuart: good morning, dagen and good morning, everyone. oh, its been a very tough weekend for the administration. embarrassment at the border over those innocent border guards who are still punished just as biden demanded. another word salad from vice president harris on abortion. biden scrambles to explain his begging for oil from the saudis and today, maybe the worst news of all. the new york times has a new poll showing his approval rating dropping to just 33% and only 13 % think the country is on the right track. all right, that's the political headlines. on the markets, almost everything is down. stocks opening the new week lower across-the-board but it's not a huge sell-off by any means dow is off 170, nasdaq down about 85. bitcoin is down, priced now just above the $20,000 level. gaming stocks, man, are they down. wynn, sands, mgm china, the chinese authorities have shutdown alma could you's casino s for one week following a covid outbreak, twitter is down, musk wants out of the deal. the board will sue to force him to go through wi

. >> bill: here is dagen, see you later. >> dagen: fox news alert.inping spent talking by phone yesterday. president xi with very strong

. >> dagen: i love y'all. have a great weekend. "special report" starts now. >> bret: good evening, welcome to washington, i'm bret baier, washington, d.c.'s mayor wants federal help to deal with bus loads of migrants being shipped from the southern border, the suspect list is narrowed in the investigation of the leaked supreme court decision on abortion. we will bring you an update and the republicans ask why are democrats pushing a massive spending bill during a recession? >> bret: but, first, breaking tonight, president biden facing pushback from his own party about re-election, americans over the economy and the chinese over taiwan. commentator with the state affiliated media outlet is suggesting beijing should shoot down the plane carrying house speaker nancy pelosi if she does, indeed intend to go to taiwan. meanwhile, a democratic congressman openly saying most of his colleagues believe the president should not run for re-election in 2024. and the biden administration is trying to explain why democrats want a new massive spe

i got fell, dagen mcdowell, jesse watters, and martha maccallum, this is "the five." ♪ ♪ speak of theomists including me believe it will be transitory. >> greg: so much for

i am judge jeanine pirro along with jessica tarlov, joey jones, dagen mcdowell, and greg gutfeld. joe biden's america this fourth of july, and it is really no wonder with an out of touch white house telling americans suffering to just suck it up. according to a new

here with dagen mcdowell, lara trump, dr.mmy failla. >> jimmy: hey, hey, hey. >> harris: the luckiest man in america hanging with -- i mean, you got to freddie hang with us. >> jimmy: it is great to be here. this is a really bi

. ♪ ♪ >> hi, everybody dagen mcdowell, joe jones, katie pavlik and tyrus.t a tiny taste of biden's border crisis and a busload of migrants arriving in washington, d.c., from texas early this morning and the mayor

great conversation, dagen, nick, kenneth, kevin, we appreciate it. market down 35 on the dow industrials, "varney & company" begins right now. stu, take it away. stuart: good morning, everyone. you can call it what you like, recession or or slowdown. i'll just give you the straight numbers. in the first three months of the year, the economy contracted at an annual rate of 1.6 percent. in the second quarter, april through june, at an annual rate of .9%. so in the first half of the year, the economy did shrink. i'm going to call it a biden recession. also in the gdp report, 8.7% or inflation. so, yeah, we're in a are recession. we have inflation, and i'm going to call that stagflation. bide within's stagflation. biden's stagflation. that's where we are. this is other big news. senator joe manchin has caved. he's done a 180. for months he said no spending, no big tax hikes. now he says, oh, it's okay to spend $370 billion on climate and green energy, and it's o.k. to take a half trillion tax hike and stick the it on big business. strangely, this new pla

dagen mcdowell, adam johnson, lee carter, thank you for being here we will see you tomorrow. "varney & company" begins now. still take it away. stuart: good morning, everyone this is exciting when getting profit reports from the world's most largest cavities. in interest rates from the most important central banks. politics the dump biden movement is gaining ground. i'm going to stop at microsoft and google. they missed analyst expectation. the computers read the word mist and a predictable selloff that is completely turned around premarket this morning i stopped at the pelvis, 3.5%, google is up $4 and that is nearly 4%. later this week on the big tech companies report and google microsoft gains and producing modest gains this morning. amazon, meta, apple all on the upside on the back of microsoft google, overall stocks are gaining ground again all. watch out the fed finds interest-rate policy this afternoon a hike of 75 basis points is expected and some have a baked in already. the dow is good be up 160 and look at the nasdaq powered by microsoft and google up 184 points or

thank you dagen. good evening, everyone, i'm bill hemmer in tonight for bret baier. we are live tonight world headquarters in new york. breaking tonight as president biden arrives in israel. the economy is taking a beating back here at home. the june inflation report even worse than expected. consumer prices soaring 9.1% to another new 40 year high. president biden called the report unacceptably high but argues the data does not reflect a recent decrease in gasoline. prices for regular unleaded had fallen about 40% -- 40 cents rather over the past 30 days or so but still remain about a buck 50 higher than this time last year. our coverage begins tonight at the federal reserve where rich edson tells us what to expect next. big question there, rich. good evening. >> good evening, bill, officials here at the federal reserve are trying to bring these price increases under control despite that inflation is on that toward praise throughout the economy. latest report shows that americans are now paying substantially more than they were last summer for the same goods and ser

dagen: you look great with short hair. i did for all the '90s, but my head's the size of a tractor tire, so it looks awful. what was i thinking? [laughter] [inaudible conversations] >> maria, i say go with the short hair. i think it would look great. maria: thank you, leo. thank you. all right. >> i'm going back to dark hair, how's that? if. maria: i like it. right to "varney & company," stu, that was really important stuff. i'm sorry to come to you late. stuart: there will be no discussion of or hair on this program for the next three hours, okay? maria: okay. stuart: good morning, everybody. tax and spend is back. a $280 billion so-called chips bill is on the president's desk. he may sign it today. and and an $850 billion spending bill will be debated next week. what happened? 17 republicans couldn't resist chip money for their home states, and senators schumer and manchin tricked the republicans with their secret negotiations. if i guess the democrats are just good at politics, but heavy run the country into a recession

ashley: thank you, good morning, dagen. i'm loading up the minivan and heading to virginia right after the show. good morning, everyone. dagen: you should. ashley: i'm ashley webster in of course today for stuary varney. we are entering the 4th of july holiday weekend and the airline chaos unfortunately has no end in sight. already 2,400 trips disrupted thursday and already 226 cancellations today. wh exw, but if you're driving, the national average for a gallon of regular is $4.84. not great. diesel, in fact it's awful, diesel at $5.76. very expensive. now, to the markets. futures, well slipping after the s&p sees its worst first half since the 1970s and more red as we begin the second half of the year. bitcoin has had its worse month in more than a year. this morning let's take a look. it's still below the 20,000 mark , it's up 500 bucks, but still at 19, 265. the 10 year treasury yield let's have a look at that. hovering just under 3% this morning, so more money going into the yield, the treasury that means prices go up,

. >> dagen: give me liberty or give me death was patrick henry's flame is rallying cry to revolutioncan spend the fourth of july at patrick henry's last own burial place in my hometown in virginia. festivities including a huge fireworks display and it's $10 a car. it's fantastic. redhill.org. please visit my hometown. >> jesse: every player on the stanley cup winning team gets to have the cup for a day. it went to his neighbor. walked outside and said is that the stanley cup. didn't get to take a p p p p p p

dagen: no, i can't let it go, nancy. nancy tengler, brandon arnold, thank you so much for spending your morning with us, both, as we dig into a lot going on this week and i'm sure "varney" & company will be all over it. stuart? take it away, sir. stuart: okay, good morning, dagen and good morning, everyone have we got a show for you. we have the love life of elon musk. now, whether that's an attention grabber, or a turn-off we are going to cover it later. this is actually the most important week of the year for your money. all the big tech names in technology will tell us how they're doing and where they're going. we've got a modest monday morning rally to start things off very modest i'd say dow is up about 120, nasdaq up about 25 in advance of the actual numbers , we have the big tech stocks doing very little so far this morning. most of them are up maybe just a few censor a couple dollars. meta though is down again. that's in advance of the official numbers that come out later this week. as for bitcoin, priced around

dagen and liz, great to see you. "varney & company" beebe get hunter begins right now. good morning, everyone we are getting the latest reports are the biggest and most successful companies in the world i'm going to start with three of the big names there will be more to follow. let's have a look at 3m plus coca-cola and mcdonald's. all of them i douse stocks on your screen they all reported first thing this morning they are doing well. now look at walmart a huge selloff this is important because walmarts results reflect consumer activity as the economy slows and inflation bites, walmart said people are shying away from clothing and electronics so they could spend their money on more expensive food the stock is down, up eight half% that is taken 80 points of the dow industrials and reducing walmart value $20 billion, as we said walmarts results taken 80 points off the dow which will open up a loss of 120-point that is not so bad when you consider walmart in it. the s&p 500 on 17 nasdaq down 73, a little red ink on the left-hand side. look at interest-rate all the way do

dagen, mark, it's been great to be with you this morning. see you again here tomorrow. we have a birthday this morning. stuart varney, happy birthday -- [laughter] sending you best wishes. "varney & company" begins right now, birthday boy stu. stuart: i like that, actually, i really do. maria, thank you very much, indeed. good morning to you and good morning, everyone. here's the story the, boris johnson is out. he lied to parliament. you can't do that and stay prime minister. it is an astonishing fall. everything was fine until he was caught drinking during the lockdown when all the pubs were closed for everyone else. he lied about it. he appointed a fan accused of sexual misconduct and excessive drinking to a senior position. he said he didn't know anything about that, but he lied about that too. that was the straw that broke the camel's back. now, in america power is slipping away from president biden. moderate democrats are walking away from him. look at in this. tim ryan, running for an open senate seat in ohio, nan whaley, another moderate democrat running for gov

thank you so much, dagen mcdowell, alex sÁnchez, steve moore, cheryl casone, have a great day, everybody varney & company begins right now, stu, take it away. stuart: i don't know whether you can pack any more people on the screen, maria, but you're doing a good job of it. maria: we try. stuart: good morning, everyone. serious stuff. japan is in a state of shock this morning. former prime minister shinzo abe shot and killed earlier today. he was giving a campaign speech for the upcoming elections when a man walked up behind him and shot him with a homemade gun. this is most unusual in japan and the country is stunned. former president trump says abe was a good friend to america. more on this later. here is on economic indicator, the economic indicator of the day actually, it's the job's report, new jobs looking strong. 372,000 and the unemployment at 3.6%. first off the stock market, prices down because maybe a stronger economy suggest it is fed will have to keep uptightening and the dow looking for loss of 50 points but the big drop is in the nasdaq, down over 100 points. bitcoin not mu