tv Varney Company FOX Business April 15, 2021 9:00am-12:00pm EDT
mcdowell and mark tapper. great show ischemic ratio. maria: retail sales number really strong and that has markets up. have a wonderful day. we will see you tomorrow. "varney & co." begins right now. take it away, stu. stuart: maria, you are right. this will be one very big day. good morning. there is a wall of money washing through the economy and it's lifting all boats. your money no matter where it is his doing it well this morning. coinbase going up against-- again at least in premarket. plenty of volatility, the price is now 349, which values coinbase at around $92 million. as for bitcoin, holding well above 60000, $63100 per coin, that's your quote as of now. all this money sloshing
through the economy with corporations reporting very, very strong profits. bank of america, and etsy among them. more on that later, but earnings are strong and that's helping the 401k's. we also have strong economic news today, retail sales blowout numbers, up 9%. that's extraordinary. the dow jones will be up 160, smp 24 or 25, huge gain for the nasdaq, a better than 1%. look at this, even though you have very strong economic numbers, the yield on the 10 year treasury just hit below 1.6%. that's wonderful news for big tech stocks, 1509 on the 10 year. three cheers for walmart as her chief executive doug mcmillan says quote we are not in the business of partisan politics.
wouldn't it be nice if more ceos stopped taking political sides? dozens have the caved to the woke generation and also this , this is utterly wrong, the chair of the house judiciary committee jerrold nadler proposing legislation to expand the supreme court from nine to 13 members. that is not court reform, that's a takeover for political purposes of the supreme court for her we will talk to senator ted cruz a few minutes from now. the great senator from texas on this show about court packing, but there is more. eli manning will join us bringing with him his own and ft. we do politics, we do money and it's a big day for both, thursday, april 15, "varney & co." is about to begin. ♪♪
♪♪ [laughter] stuart: i could use a rally. a minister with coinbase. it made its highly anticipated debut on the nasdaq closing at 328 and is currently 348, that's a run up again. what you think? susan: that 420 peak we saw during the day one debut and remember it opened at 381, so a bit of catch-up needed, but there still a balance after cathie wood guru of the moment loading up on coinbase shares. she bought a quarter billion dollars worth to include in three of her etf's, including flagship fund. she still has other positions we will talk about later when the market opens, but coinbase rated test for the
appetite and broader interest in bitcoin and crypto currency. analysts already bullish. calling it a $600 stock, coinbase peered. 600-dollar cause on coinbase with more growth to come in their view. ceo founder brian armstrong celebrating the watershed moment with a long thoughtful tweet a thread saying it's hard to overstate how bad of an idea everyone thought coinbase was at the time . i went to show you the tweet. look, he's made a lot of money and a lot for the nonbelievers yesterday, so 20% stake is worth over $17 million, not bad for a guy that started the company in a small cramped san francisco apartment nine years ago in 2012. stuart: it good for you, armstrong. susan: how great. stuart: i digress. it's a whole new world, ain't
it? susan: yeah. stuart: david brenberg does not like this whole new world. you don't like coinbase to you, exchange, not bitcoin, why not? >> it's not that i don't like it. i don't care. i'm not going to buy it for my clients because we have to manage risk and reward trade-offs, so it's 4:30 p.m. yesterday, it's down 28% a couple hours from a high. now it's going to go up this morning, up 20, down 40, up 100 and this is what? the thing to bring a stability in markets, this new revolution of a stable alternative currency i don't even know what i'm watching and by the way, stuart, as susan pointed out as for my friend cathie wood buy into a new $50 of it, so let's take out them buying and seeing what happens p or the reality this thing is-- this thing
can go way higher or way lower and these analysts putting a price target on it are making it up out of thin air and they know it because there are two variables that no one knows, where bitcoin goes and where trading costs go, there's no competition yet. competition is coming and trading cost going to zero. we will see how that revenue model holds up. stuart: real fast, david, the crypto's are a whole new investment world, like it or not they are, but do you want any part of that whole new world that all? >> no, i don't. that's not to say other people can speculate, i just want people to understand the difference between an speculation and investment. we prize investments off of cash flows they generate peer 500 year-old lessons don't go away and the new did last time we said that was called.com. and it blew up. in this case i have no idea where crypto goes, i just
know those investing are speculating and there is a lot of risk in that. we have to be different in the way we manage money for our clients. stuart: yes, you do, david, thank you for joining us. the other big economic news of the day is this, retail sales in march up 9.8% compared to february, that's an enormous jump. let's bring in professor david brenberg, professor of economics right here in new york city. look, first about we have a riproaring economy on our hands, retail sales with a new low for employment claims. do we need all these trillions in extra spending? >> no, stuart, we don't need all the extra trillions in spending. we need government to get out of the way. i love to see the retail sales number up in the initial jobless claims down. i love the job gains we saw
last month. i love this momentum, it's great for america. don't mess it up, d.c. peer don't get in the way with higher taxes and higher regulation. don't get in the way with spending that can fuel inflation. when you have a good thing going, let it happen. that's the lesson d.c. simply can't hear, it appears, and the one lesson they need to get right. i went to see this go in the best way is for d.c. to stop us. stuart: i'm with you all the way, brian. i hope you are with the ceo of walmart, i'm sure you saw this. doug mcmillan is commenting on george's new voting laws in the position taken by corporations appeared he says we, walmart, we are not in the business of partisan politics. don't you wish more ceos were saying the same thing? >> yeah, i wish for the sake of their customers, for the sake of their employees, for the sake of the people they are supposed to serve, i wish
they would focus on what they know, which is their business appear they are not political experts and they have no right to get into these conversations on behalf of their company, i mean, these are voter issues, not corporate issues, so yes, i wish they would stop doing what they have been doing. by the way, do you remember when democrats used to decry corporations getting an evolving call-- politics ? now they demand corporations that dominate politics. no, let's go back to the old model where corporations focus on what they can do best and get out of the way of voters who should decide these issues. stuart: you are so absolutely right, brandenburg. come back more often, will you please. [laughter] have a great day because it's going to be a great day on the markets by the looks of it. more big banks release their earnings today and by the looks of the chart on the left-hand side, they did really well; right susan?
susan: especially the ones that reported this morning, "fantastic four" earnings, bank of america-- these numbers were leaked early somehow, but we saw better sales and profit doa and they are buying back $25 billion worth of their shares so many reduce supplies prices go up in city-- ce group first report under jane fraser, profit sales exceeding and they are retrenching and shutting down retail banking across asia and europe. blackrock, you love the story. the largest money manager in the world and managing over $9 trillion for the first time, that's a lot of money and is also to the and a half trillion dollars more than they did a year ago, so they made more money, more sales in the first three months of the year, but it shows $9 trillion to manage that's how much money there is in the global system with people saving money during covid and all the government money printing taking place.
stuart: we used it to talk about hundreds of billions and it was my goodness we are paid printing a trillion and now it's trillions plural work we could be heading towards $10 trillion of stimulus. susan: feels like an austin powers moment. stuart: just can't wrap your arms around it. susan, back to you in a moment. futures show a nice game all across the board this thursday morning. i keep getting the dates wrong. up 150 on the dow jones, 130 on the nasdaq and up about 22 on smp, that's a rally. look at this op-ed, it cost to defund the police and was written by president biden's very own d.o.j. kristin park. this did not sit well with senator ted cruz. watch this. >> so you believe you were wrong last year when you called for defining the police and investing less in the police? >> it's a poor title chosen--
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>> are you open to expanding the court? >> i'm open to considering what happens from that point on. stuart: the election is over and we know now where the president's stance. today democrats will unveil legislation to expand the supreme court from nine to 13 justices . they want to pack it. texas senator ted cruz joins us now. may i say, i never thought i would see the day when the chair of the house judiciary mini jared nadler actually proposes to pack the supreme court for political reasons appeared as my 2 cents. have about it, please? >> you are exactly right in today's democratic party's more radical than it's ever been. they have made a political decision to hand control over to the extreme left, the radical left and so on the supreme court their objective is to put for left-wing radicals on the supreme court to destroy the checks and balances to destroy the
independence of the judiciary. fdr tried to do this in the 1930s and his own party, the democratic party said no that would be terrible for the rule of law and that would undermine the rights of americans that have protected the constitution. today's democratic party doesn't care about that at all. as you know my latest book is entitled "one vote away how a single supreme court seat can change history" and in every chapter the book it talks about different constitutional rights. there's a chapter on free speech, a chapter on religious liberty, the second amendment in the book tells war stories from litigating some of the biggest landmark cases before the supreme court and it brings you inside unless you understand what's happening at the core, how they reach their decisions and what is so powerful in the book is that it makes clear that in case after case after case are fundamental liberties were decided by cases that were five-four. we are one vote away from losing our liberties and the
objectives of the democrat if they put four new radical leftists on the court our free speech rights goes out the window, the second amendment is effectively repealed from the bill of rights and none of those are hyperbole, that is in fact the agenda when it comes to today's democrats. stuart: yes, sir. moving on major league baseball moved the all-star game out of georgia because of george's of voting laws and now you and senator holly ensley want to strip the league of its antitrust immunity. senator, what would that do? >> what it would mean as major league baseball would play at the same rules everyone else does your there's a special exemption for major league baseball that no other sports league enjoys, it's 99 years old and the supreme court invented it ought of nowhere and so what we introduced his legislation to repeal the special exemption and say major league baseball should follow the same antitrust rules that
the nfl has to follow, nba has to follow and the reason we did this is because of major league baseball's actions in atlanta we are seeing and in the past couple weeks and acceleration of this, we are seeing big corporations becoming the woke enforcers of the democratic party. we are seeing multiple ceos making the decision to waiting on political matters and to use their corporate power to punish anyone who doesn't agree with the democrats radical plan to transform the country . in this case weighing in in favor of radical proposals by the democrats to take over elections and change the rules so that democrats can never lose again. that's the objective of the chuck schumer and nancy pelosi. when major league baseball yanked the all-star game out of atlanta on its face it doesn't make any sense, atlanta is 51% african-american. they moved the game to denver, which is 9% african-american pure
explained to me how remotely you are a racial social justice warrior by taking jobs in $100 million from thousands of african-american owned small businesses in atlanta, from thousands of african-american workers in atlanta? this has nothing to do with substance or racial politics and everything to do with corporations enlisting in the democrat vision to transform america. stuart: i have to leave time for this, yesterday you grilled president biden's justice department pick, kristin clark, over her past op-ed calling to defund the police appeared i have time to roll the exchange pure roll the tape, please. >> do you still believe in is a good idea to defund the police? >> thank you, senator, for that question pure i do not support us defending the police. >> do you believe you were wrong last year when you called for defunding the police and investing less in the police?
>> it was a poor title chosen by the editor. >> into that space-- this is a quote-- into that space has served a unifying fall from the black lives matter you movement. do you really believe defund the police as a unifying call to i don't support defund the police. stuart: mr. senator, will she be confirmed? >> if the democrats take with her she will and this is an example of joe biden keeps nominating radicals. .op-ed was not something she wrote 10 years ago, that was last year where she was advocating throughout the entire op-ed, not just the title and i spent the west of that question walking her through what she argued for which was taking money away, defunding the police and this particular nominee, ms. clark, when she was in law school she organized a rally at an event celebrating convicted cop killers, where they celebrated one cop killer who murdered a pennsylvania police officer,
another cop killer who murdered a new jersey state trooper and they celebrated those cop killers as political prisoners and heroes. this is radical. it's extreme and right now every democrat in the senate is willing to rubberstamp joe biden's willingness to give into the radical left that wants to abolish the police and they want to put her in one of the top positions in the u.s. department of justice. stuart: elections have consequences, but we never thought they would be this. mr. senator, thank you very much for being on the show this morning. commencing as soon. >> look forward to it. stuart: i went to show you the markets and how they are likely to open because that is a rally. futures show a big game for the dow jones, really strong game for the nasdaq. we'll be back to cover it for you. ♪♪ ♪♪
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is when does the meltdown come? >> first off, i'm still in bowl mode. i would not be surprised if we saw 40000 dow jones and economic numbers using now is what we thought would get things going in the market. the market forecasted that the numbers you see today. about problem is and you know every fiber in my being says all the characteristics of late stage bull market have been occurring for the last two or three months and that's a massive froth and speculation, valuation you know in the trees spac, ipos, this coinbase move, the gamestop, hedge fund blowing up so i think there is more to go, but i think probably later this year we will get a doozy. let me be clear, we are overdue. i know we had a crash last year but that was because of the virus it was really not what i would call a normal bear market, so i'm expecting one later this year.
i will probably be a good 25, 30% if not more. stuart: in the meantime, this wall of money is creating this melt up and that's not over. did you say 40000 on the dow industrials? >> we have been saying 35 and i think there's a chance that 40, greed tends to feed on itself and i see a lot of dow jones stocks in the dow breaking out and even like a dog like ibm yearly high so i think there's a shock to that, but i also think i really like the commodities right here. copper looks like it will start to break out. start looking-- anything you holding your hand and it falls on your foot it hurts so i think commodities look good and again you are seeing the outcome of what we thought the virus dropping, the vaccine accelerating and the continued massive monthly printing by the fed and looks like they have no interest in stopping. that's a heck of a
combination to keep markets going up. stuart: i have been doing this a long time and i never thought i would see the day when anyone called ibm stock a dog, but you just did. gary we'll be back with us soon. the opening bell is ringing on what should be a very big day. we are often running. 9:30 a.m. eastern time, thursday morning, april 15. that used to be taxed day. we are straight up from the opening bell. up 160 points as we speak with about two thirds to three quarters of the dow jones 30 in the green. it's a rally. that's up a half percent of the dow jones. s&p 500 plenty of green, better than a half percentage point rally, 4149 is the level. the nasdaq composite up .90% pure i will tell you why the nasdaq is doing well, it's because the yield on a 10 year treasury came in this morning at 1.59%.
that is the nasdaq. this is coinbase, of 342. susan, your favorite investor kathy wood loaded up on it. susan: not just mine, she's the guru of the moment and a lot of people pay attention to what she's done because she's returned one 100% over the past year on a lot of her etf's so that is a success that people pay attention to. she bought $250 million worth in coinbase shares , but she like others in order to raise that cash they had to sell out of other stocks and that's the market effect she has so she sold almost $40 million worth of tesla and also the intercontinental exchange which operates. that's significant because kathy wood made her name on test lead the first to call it a dollars stock, so when she sells out that makes you perk up and listen and also part of that we are trading activity we saw yesterday in coinbase debut, a lot of the crypto names down
dramatically, you saw the selloff in tesla's, square, micro strategy on paypal because the thinking was you have to raise cash somewhere to buy coinbase, so why not sell out of these older crypto names to buy into the new one. they are all back up again. palantir was significant because it had one of the highest volume days ever and i think it's because of the rotation from growth to other growth. stuart: that's palantir. this morning-- that's not much of a bounce back. i'm looking at dell and i see a very nice game for that stock. what are they doing? susan: finally putting out vmware which works like amazon web services, software that helps you use your own settings on a different network and they will have over 80% of the company and the spin out means more cash is freed up to spend on other things. intel's new ceo was the ceo of that where before
switching jobs so it's a win-win for dell. stuart: can we please see virgin galactic, the founder sir richard branson sold $150 million worth of that stock over the last three days. during the pandemic he sold $500 million worth a spokesman says he needs the money to support his global travel and leisure businesses which were hit hard in the pandemic . bottom line, branson needs the cash appear how about delta airlines, they were hit hard by the pandemic. how did they do in reporting? susan: still losing money, they lost over a billion dollars in the first three months of the year end delta says the leisure bookings have recovered. we are sitting at 85% of 2019 levels and the airline expects to breakeven in a june, but they still expect to lose over one and a half billion dollars in the springtime. that's important for an airline meaning they are actually making around $4 million a day now starting in march.
stuart: if you are just joining us, we are three minutes into what looks like a very strong rally almost entirely across-the-board peer i'm just digressing because this is a rally and have. close to 34000 on the dow-- the dow jones peer show me american airlines interesting stuff here as more people are getting the shot in the company is taking advantage of it adding 150 new summer routes and they expect to over 90% of their pre-pandemic seating capacity this summer. rite aid reported a loss of $18 million in the fourth quarter appear they say it was because of a soft cold and flu season during the pandemic, down 4%. pepsi was a pandemic winner with lots of us stuck at home. we went out for snacks and soda. susan: use stay home to eat the snacks and soda.
stuart: exactly. susan: they say this trend of stay-at-home and eating chips and frito-lay products and drinking the cola will stay and that's why they have reiterated 2021 forecast which i think is bullish. to get back to the broader market, i think it's very significant that we had the 10 year treasury yield below 1.6%, that's a technical level because once you go below that that's when technicals and computer algorithms kick in and you can expect more weakness in the 10 year yield which is good for technology stocks. stuart: absolutely. looking at all the big tech as most are up nicely and they are up because the yield on the 10 year treasury is down below 100-- 1.60. tell me about nvidia, $600 a share. susan: big thumbs up today from raymond james calling it a strong by, outperforming a sales say it's worth $79 so you can get more upside there. intel downgraded to sell and the reason is that they see
nvidia as winning this generations chip battle introducing the new server chip which goes head to head with intel and their legacy business i want to show you amazon because the headline is important to know so we have jeff bezos in his annual letter and also noting amazon just crossed 200 million prime members, that's $100 of what we call revenue, recurring revenue from individuals , 200 million paying $100 each year that's a big deal for amazon and their bottom line. stuart: is fantastic, 200 million-- that's incredible peer i would urge all of our viewers, if you know how to do it, go online and check your 4o1k because you will have a big smile on your face today. this ladies and gentlemen, is a rally and a half and don't you love it hold on, costco, i was in the store the other day-- susan: i heard. stuart: by the way, the meal they offer is a foot long hot dog for a dollar 50-- $1.50
with a drink. they advertise, but you are not allowed to eat as you walk around the store. why are they up? susan: they are giving back to shareholders or dividends going about 12%, 79 cents a share that you want, but remember costco did so well during covid in the lockdown and the bulk buying and discount that they gave $10 a share in the fall so this goes to show that if you are the right type of retailer and costco is-- you know because that's where you go to greet your fans-- you do really well in this environment and we saw the retail sales and the reason why that ten-year ghosts of someone 60 is because retail sales are blow out this morning of 9%, jobless claims came in below 600,000 and that's why we are flying because the economy is recovering. stuart: even so, with a strong economy on the left-hand side of your screen you still ahead the 10 year treasury yield down 1.59%
pure this is extraordinary peer what a day it is. thank you. talk to you in a second. heartbreaking a video showing yet another migrant child dropped over the border. this is a 2-year old. this video was treated by the border patrol peer fox has not independently verified its authenticity, but i have to say this crisis at the border is not slowing down. why is vice president harris going to guatemala soon, but not to the border cracks i will as national border patrol council president brandon judd turkeys on the show. get this, republicans taking a dig and vice president harris for being mia on the border. milk carton, mia. you know peyton and eli manning are superstars in the nfl and now this they are getting into the nft business. eli manning is here. he's going to bring his own
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nfl quarterback-- peyton and eli manning have nft's for auction, those would be non-fungible token. eli manning is with us right now. eli, welcome to the show, great to have you with us. >> thank you for having me. stuart: what are these nft's? if i buy one can i put them on the law, can you get one and put it on your trophy wall? what are they? >> know, they are just tokens that show ownership of a digital-- in this case piece of artwork that we have had several artists go out and
make and so it's something you can buy, you own it and however you want to use it is up to you. you can keep it for a long time. you can easily traded to other people, so it's something you own any of the rights. i associated like a playing card or some sort if you were growing up and he ran to playing cards and baseball cards you have it, but now it's easier to show other people that you have it and easier if you want to trade with other people. you can do it simpler. stuart: i don't mean to be real thick, but i probably am , can i just-- what do i do, how do i show people? if i buy one what i do, put it on my computer screen and say i own that thing? >> pretty much, i mean, it's easier to show people, i think, through the digital world and all the social networks than a piece of art that you have on your wall. obviously, i have some behind
me because of this new world of zoom and at home interviews, but i think now in a world of technology it's easier to show people things that you own and really you look at it as an alternative asset, so a way to invest in alternatives and this is kind of a new format that. stuart: i got to get into this brave new world. what about the price? i know it goes to charity and that's a wonderful thing. i'm not being skeptical, i just want to know what kind of price you expect for these eight nft's. >> i really don't know that expectation right now. this is new for me also, i mean, this whole nft world is not something that's been around too long. it's been around for a few years, but i feel like in the last six months or so it's really taken off and it's been a learning experience for me as well and peyton and
i talked several months about this and heard about it and he kind of challenged me too look into it a bit more and talk to some people to figure out if it's something we can look into and i think it worked out kind of for us as we were both especially for me as i just ended my career, just a way to reflect on our career and kind of takes several special moments in our world of football and our careers in football because to have someone draw, it will be some of us individually, some of peyton and i together and some of us with our charitable work we have done and something that people can collect and really tell our story of our football careers through our heart-- through art and some of the animated nft's. stuart: real fast, and in the unlikely event i would like to bid on one of your nft's, just suppose i did, how do i get into the auction? >> just go to makers place.
they are the premier nft marketplace for artists, so makers place and they would go tomorrow at 3:00 p.m. is when all of them will be revealed. stuart: got it. eli manning, you are a good man. i don't care what they say, i think you are a great guy. [laughter] stuart: getting into nft's just priceless especially for someone at my age. thank you for joining us and we wish you the best with this auction 3:00 p.m. tomorrow am a nft from the mannings. still on a somewhat related note here, the ultimate fighting championship, ufc have announced a five between colin mcgregor and dustin. it is set for july. someone is laughing. i can hear it. stuart: july 10, how many
fans will they have? susan: 20000 fans, full capacity for the fights. he says so happy to finally be able to say vegas is back. in the summer las vegas is open for business and tickets are on sale. this fight will be about some bad beef over charity donations. no mcgregor is a showman in one of the biggest names in the sports arena and his opponent stiffed him on a donation to the charity after their fight in january so july is the third bout between the two dustin actually knocked out mcgregor in the last fight and i'm not sure you are a mma fan but i have to say numbers are growing and also vegas is coming back faster according to some analysts, so it's all part of the preopening positivity. stuart: you really just pass yourself off as a big time ufc fan right there. susan: i am. stuart: very knowledgeable, i
must say. i have to get this in real fast and the yield on the 10 year treasury dropped to 1.58% and i can see big tech absolutely taking off this morning. we will get to that in a second, but don't be fooled, democrats are not trying to reform the supreme court, no, they want to pack it with justices who hold only their views listen to ohio congressman jim jordan make the point. role it. >> the left controls the -- now because they don't have control of the supreme court they will add four people to the court. they control everything. this is a radical takeover of our country and we better stop it. stuart: that will be the subject of "my take" which is coming up for you in the next hour. ♪♪ ♪♪
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month, all the stimulus checks going out. lydia who joint-- lydia hu joins us. we know people shopped online during the pandemic. are they lining up today at the bricks and mortar mall? four we are at willowbrook mall and no one is lining up yet because the mall doesn't open until 11:00 a.m., but the employees are working hard to get ready for customers to come in because that's happening more and more often. research according to his and research shows in new jersey where we are, traffic to brick-and-mortar stores, malls, restaurants by 35% since the start of the year end across the country about 47%. we are getting more insight from those retail sales data, brand-new this morning and our understanding is growth from last month beat expectations wildly, 9.8% growth in retail sales with
expectation 5.9%. all signs of a strong recovery driven by the vaccines, lifting of restrictions and of course the stimulus checks, $1400 per person with a family of four receiving around $5600. we know from a survey that about 13% of people who got a stimulus check plan to spend it on a discretionary fund, may be to the mall and shop or go out to eat and other folks at willowbrook hope they will come here, but it's part of the reopening with a return to brick-and-mortar just like the small. stuart: lydia, are there any capacity restraints or limitations at the mall? four great question. there are capacity restrictions in place. we have a lot of places slowly rolling back on those, some places depending on where you are could be 50% or higher. right now it's not open so we can be inside but there's a requirement you have to wear a mask as long as you are in
here we also see plenty of hand sanitizer stations to keep up with good hygiene. stuart: very different from malls in florida, for example. thank you for joining us. just ahead on this program, brandon judd border patrol guy, retiring texas congressman kevin brady, ricky grenell, lara trump, what a lineup. democrats not going to wait on the presidents commission to to study the supreme court. they want to change the court now. that's the subject of "my take" which is coming at you next. ♪♪ ♪♪ when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. . .
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♪. ♪ taking care of business, every way ♪ stuart: taking care of business, all right. maybe cloudy on wall street. that is new york city that you're looking at. but my goodness, me, taking care of business. we got a rally 1/2 across the board. the dow industrials are up 237 points. you're at 33968. look at that nasdaq, bottom left-hand side of your screen, up nearly one pull percentage point, an enormous gain. why? well look at this, the yield on the 10-year treasury has gone
down to 1.59%. with that yield goes down big tech and technology companies tend to go up. look at big tech now. apple up 1.8%. they're a percentage gainers all across the board. microsoft up three bucks at 258. they're going to be some all-time highs for big tech today. you better show me coinbase. up again after their debut on the nasdaq yesterday. up just 3% this morning, at 337. at that level they're worth a little bit less than $90 billion. here we go, breaking news, breaking data. let's start with homebuilder sentiment. what do you have, susan. susan: rose by one point. looking at 83 in april. citing strong buyer demand building up builder confidence in the month. builders are grappling with higher lumber prices and supply chain issues.
consumers deal with the fact there is very little supply out there. stuart: as for mortgage rates, do you have the latest there? susan: we are down, down 10 basis points week over week. that is significant. that is in line about what we've seen at the 10-year treasury yield. mortgage rates go in line with what the yield does. we're at 3.04%. some of the color commentary from freddie mac. rates took a dip. improvement in the economy on the demand side. but on the supply side low materials. stuart: who would have thoughts the interest rates go down when the economy looks amazing. look who is here, jerry howard, the national association of homebuilders. he should have a huge cheshire cat grin on his face because he
probably never seen a situation where homebuilders are looking so good. am i right. there is the grin. >> thank you, stuart. so good to be back. our members are seeing traffic at still outstanding levels. like your previous story about retail, the american public is out there wanting to buy. homes are no different than anything else. the traffic is there but as you guys noted earlier, the real issue is supply. i think that if we want to sustain this and keep this going for the long term, we have to build more houses. we've got to be able to count on the availability and reasonable price of building materials. stuart: i want to look at the situation right now. i got these numbers from redfin, the real estate people. it shows that 59% of homes that went on the market were under contract, in other words, sold, basically within two weeks. is that what you are seeing with new homes as well? >> well, we're seeing them come
in to start to negotiate the contract. we have to put escalator clauses and all kinds of codicils to the contract to make sure we cover the problems with the supply chain but the short answer is yes. stuart: 42%, redfin's numbers again, 42% of homes went on the market actually sold above their asking price. i guess that is what you're seeing with new homes as well, if you're redefining the codicils about prices down the road, right? >> if you have to put in escalator clauses for lumber availability and other prices it ends up more than you're asking for. what is shows lack of supply, people coming in, there are actual bidding wars on existing housing. stuart: yeah, 353,000 bucks. that is the average, that is the median asking price. huge increase from last year.
surely that kind of a price increase cannot continue, jerry? >> it can't and it shouldn't. we're looking at a housing affordability crisis in this country, although things are going great right now it, will catch up to us if we don't do, make certain policy moves that make housing affordable. stuart: jerry, you had your moment. you gave us the big nice grin as you should. thanks for joining us. see you later. it is a big rally on wall street. now, ladies and gentlemen, this. i never thought i would see the day when the chair of the house judiciary committee calls for the political takeover of the supreme court. that is exactly what we're seeing right now. gerald nadler is introducing legislation which would expand the supreme court from nine to 13 members. that is not court reform.
that is court packing for entirely political purposes. the democrats are in a hurry. they know they have got just 20 months until the next election when they could lose the house and or the senate. so throw every progressive idea out there to see what they can ram through. the green new deal? that was just disguised as a infrastructure package. redistribute the wealth with massive taxes and gigantic unsustainable spending? that is on the table already. pack the supreme court, open the borders and you may not have seen this one, but the house has started the process of paying reparations for slavery. this is what happens when anti-trump emotion takes over a presidential election. joe biden won in large part because a lot of people just did not like president trump but they certainly didn't vote for this smorgasbord of socialist legislation. that is what we got. my question is this, which democrats are brave enough to
stand up to say no to packing the court, no to open borders, no to reparations, no to the green new deal, no to socialism? haven't seen anyone yet. bernie and aoc still run this party. the second hour of "varney & company" is about to begin. no it is not. it is beginning already, that there is stephen moore. okay, i was going to roll the animation. we didn't quite get around to it. stephen moore is with us right now. biden is going far left. i'm sure you are not surprised? >> i'm a little surprised that it is happening at such a lightning quick pace. by the way i agree with everything you just said. think about this, you know it is the changing of the rules of the way our government works. first they changed the voting rules last year. now they want to get rid of voter i.d. they want to get rid of the filibuster in the senate which is so important to protecting the rights of the minority party, whether it is republicans
or democrats. they want to had d.c. as the 51st state, so to get two more democratic senators. one of the most outrageous schemes what you mentioned is packing the court. as a history lesson you should know, stuart, that fdr tried this in the 1930s. he was an extremely popular president at that time, extremely popular. the american people totally rejected it, totally rejected it. it was called the stitch in time saves nine. american people even though they supported roosevelt they didn't want these sacred institutions of american democracy and representative government being tinkered with. that is exactly what is happening here. i think the democrats have gone too far. i think there will be a real revolt not just among republicans or moderate democrats say this is not the way our system should work. we have checks and balances, stuart. you don't go speeding past those
speed bumps. stuart: you coined the expression the rocket ship economy. i think that was you, steve mean. >> i said it on this show! stuart: yes you did. this morning you saw it, a 9.8% jump in retail sales. that is a rocket ship economy. my question is, i know how you will answer it, do we need to push out all the trillions of dollars in government spending and fed printing? we don't need that, do we? >> we didn't need the 2 trillion-dollars spending bill we passed a few weeks ago. i think your friends on wall street, stuart, seem to be drunk on this debt spending and -- stuart: they're not friends, stephen. they're not friends of mine. they detest me, many of them. >> this statistic came out this morning is really important about the fact that the 10-year treasury interest rate is falling a bit. that is telling us, stuart, that at least for now, at least for now, there is not those inflationary impulses that you
would expect. and we're all kind of scratching our head wondering why that is, given that we're seeing a massive amount of spending by the federal government and debt. and my, the answer to that is, when you get a booming economy, stuart, you see the keynesians have it mixed up. when the economy is producing more goods and services as it is starting to do as we free up the economy, that produces more goods and services and stuart, here is my economic question for the day, when you get a increase in the supply of something what happens to its price? it goes down. and so we're seeing an economy exploded with growth and with productivity and production and that is lowering prices. now i do not think this is sustainable though, stuart. i don't think we can continue, if you add another two trillion, another two trillion of spending on top of that i do start thinking, do have inflationary i impulses, but right now,
somebody show me where we are? it is not evident in the tip spread. it is not evidence evident in the 10-year treasury this is a great economy. i will say one more time, thank you donald j. trump for "operation warp speed" which made all the difference. stuart: you got it. got to go. stephen moore, thanks for being with us this morning. >> thank you. stuart: let me turn back to the markets. i got a monitor here, the yield on the 10-year treasury is dropping to 1.57%. that is a huge rally for stocks. bond prices going up, yields down. susan, i will bet big tech is doing well. susan: that's right. big tech flying today, megacap there because 10-year yields coming down as i mentioned to you. 1.6% is a significant level. it is technical. once you go below 1.6 computers and algorithms are kicking in and we're sliding even further and faster. when you have a decline, a drop in the 10-year treasury yields,
that makes big tech look less risky, less expensive, you're not guaranteed more money on a 10-year treasury note. apple leading the way up. they announced a 200 million-dollar climate change fund. the first of its kind for them. amazon is up and up. jeff bezos in his annual letter had 200 million prime members around the world. that is up 50 million from january last year. that is a big deal with 112-dollar recurring revenue that you're paying each and every year for that membership. also let's check in on the second largest e-commerce player shopify. it is up despite the fact you had three top c-suite executives stepping down. let's check in on the big bank earnings. they really tell us that the economy continues to improve as they do well. they make more money which bank of america and city group did in the first three months of this year. that means the economy is also recovering, doing better. they're called proxies. bank of america buying back $25 billion, but they're down
today, because of the yields. also they just announced expenses will be going up for bank of america in the second quarter. stuart: yeah, got 1.57 on the 10-year just moments ago. susan: yep. stuart: ain't that something. thank you, susan. good stuff. she hasn't been to the border yet as vice president but kamala harris says she knows what's driving the crisis. roll that tape. >> golden triangle countries, a large part of their economic base was agriculture, with the severe climate experiences have done in dampening and really harming their ability to have that. stuart: i'm sorry, i couldn't understand quite what she was saying there with a mask on. i tell you this, she is blaming climate as the reason behind the crisis at the border. we're going to have more on that, i promise you. texas congressman kevin brady says he will not run for re-election. what does that mean for the
trump tax cuts that he helped pass? he is on the show. a border patrol agent posted this video. a smuggler drops a 2-year-old infant, 18 feet over the border wall. extraordinary. fox still is working to confirm that video. we're going to talk to border patrol council president brandon judd about it. he is on the show after this.
oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. stuart: it's a rally, sports fans. the dow is up 220. the nasdaq is up 130. plenty of green this thursday morning. how about walmart?
they are investing in general motors self-driving car company. it is called cruise. this is part of a $2.75 billion funding round. the big story on walmart is, their chief executive doug macmillan we cannot be in the business of partisan politics, stepping away from the crowd. good stuff, walmart. the stock is up. look at this, i will draw a comparison here. left-hand side of the screen the migrant facility in donna, texas. that was in early march. right-hand side of the screen, the same facility, nearly triple the size by late march. now that is a building program, isn't it? rich edson is there. rich, is that where most of the kids are being sent? reporter: good afternoon, stuart. yes, this is the place where unaccompanied minors, those who are traveling to the united states alone, don't have their parents with them, l largely in the rio grande valley coming into the facility behind us.
it is expanding facility. march 23rd, that was the footprint on all of this. what happens the buses come. border patrol apprehends these children. largely taken here. they're processed. federal government works to transfer them to a longer term shelter a temporary shelter, or to try the priority to get them with family members. what is looks like now a few weeks later, a major expansion. plenty of construction work here. much of that is an additional hhs facility here, potential of up to 1500 additional beds. the latest statistics in this area, the federal government says 500 unaccompanied children were apprehended yesterday. nearly 3,000 are in customs and border protection custody. overall 19,000 have been transferred to hhs care. officials say the situation down here is likely getting worse. >> march, april, may, june, that
may and june are the peak months and so if those flow of people are not cut off before they come to the u.s. border, it will be a very hot summer. reporter: as these apprehensions remain high, that creates a bottleneck in the system with the government trying to place these kids but it is not quite possible to do so incredibly efficiently, especially when you have more and more people coming. in an attempt to try to get these folks and these kids with as many families as possible. stuart, back to you. stuart: rich edson on the border. thank you, rich. vice president harris says the reason for this surge at the border is, climate change. let's bring in brandon judd, president of the national border patrol council. i will read you exact quote. we quite hire what she said in the mask on. we're looking for need of resilience in the face of extreme climate. we're looking the northern
triangle countries and what the severe climate experience has done to them. what is your response to that? >> that statement is laughable. thank goodness there are people like you willing to fact check what she says. the fact remains that climate has not changed in the northern triangle countries for the exact several years t was exact same as it was under the trump administration yet we hit 45-year lows in illegal immigration under donald trump. what they're doing looking for excuses to blame for their inept policies that are allowing these, the surge to take place right now. climate is going to be an excuse for everything. when you don't have answers for the problems that you created. stuart: it is an excuse. it is a diversion. that is just my opinion, brandon. that is where i stand. vice president is going to guatemala, quote, soon. she doesn't have a any plans to go to the border.
brandon, let's be honest she doesn't want want to be seen ate border with children being dropped over the fence. with the children in crowded facilities. she doesn't want to be seen there, right? >> she can't be seen to the border if she comes to the border, it is expected she will come up with solutions to the problem. by staying away from the border she can continue to make excuses like climate. she can continue to say that there is other factors that are driving the surge in illegal immigration. the fact remains that when you blame it on something like climate, you are giving license to organized crime to generate billions of dollars of profit in human misery when they drop children over the fences from heights of 14 feet, that could be extremely dangerous. this is driven by policy. the democrats say they care about people. yet they don't enact policy that is going to actually put the rule of law first that stops
this surge. we've got to go back, we have to look at what has worked in the past, continue on with that and build upon that, not tear it down. stuart: yeah. i just want to get your opinion, your view on this dreadful video which we have been showing. it shows a smuggler dropping that two-year-old infant, 18 feet over the border wall. this was tweeted by a border patrol agent. we've not independently verified its authenticity. but this is appalling. dropping a 2-year-old, from west africa of all places. is this more common than we think brandon? >> this is what we're seeing right now in large part because smugglers are generating these huge profits. they, again they don't care about life. all they care about is the bottom line. they're a business. it is analyst it business. they don't care about life.
they don't care if people get hurt. they don't care if people even die. you don't see this administration taking steps to stop this. we continue to expect to see children dropped over the wall so that cartels can make profits. children are being put in danger, in harm's way and it is the administration's fault. stuart: it is climate change made the folks come from west africa to drop their two-year-old over the border wall, extraordinary stuff. brandon, thanks for being with us. thanks for the job you're doing too. >> thank you. stuart: woke culture comes to tv. one disney executive says, oh, they passed on some great scripts because they're not inclusive enough. we got details for you. texas congressman kevin brady, the architect of the trump tax cuts. they're about to be undone by the biden administration. what does kevin brady think about that? he is on the show and i will ask
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announcement he will not seek re-election in 2022. aforementioned congressman, joins us now. sir, you were the tax guy. you were the guy who gave us the trump tax cut program. it was very successful and now it is going to be undone. what do you think about that? >> yeah, so, stuart, thank for having me. you were just so grateful, or i'm so grateful throughout all this tax reform and what we were trying to do you were willing to hear our case and i think, you know the, frankly our tax reform worked spectacularly for families, for lifting millions out of poverty. for bringing jobs back overseas. this is the biggest economic blunder in our lifetime, to raise these taxes on our job creators, especially now. and at the end of the day, one, i think you will see another wave of u.s. companies moving operations, headquarters, research overseas, but also you're going to see slower hiring. i think lower paychecks or
stagnant paychecks because of it. stuart: i got to talk to you about salt, state and local taxes. congressman, you know exactly where i'm coming from here. trump's tax reform, killed, really hurt a lot of investors and a lot of people in high-taxed states. well the democrats want to repeal that measure. they want to make state and local taxes deductible again. what do you think of that? i want that because i live in a high-taxed state. i want the repeal of s.a.l.t. you know i want that, and a lot of other people really want it. do you think it is going to happen? >> i don't believe so. i think democrats are tone deaf. as we are struggling to get out of this economic crisis millions of people unemployed, others just can't find or, aren't being reconnected to work, they're insisting on a huge tax windfall to mainly millionaire households
in just a few states. look it, will also give a green light to your governors and your mayors to raise your taxes even more. again these are great states but they brutally tax families and businesses and the truth is, the 10,000-dollar limit is twice the national average s.a.l.t. deductions. it works for middle-class families. it may not work for the wealthy. stuart: okay. bottom line, do you think s.a.l.t. is going to be repealed? do you? >> i don't believe so and i will tell you, while i am retiring this, is my last term, i'm putting my heart and soul into stopping these devastating tax increases and especially in s.a.l.t., you know, providing again a tax windfall for the wealthy in just a few states. stuart: may i ask why you're not running again? do you want to leave congress and make some money perhaps? >> well, i will say no.
i will say i love my job. i've been blessed to lead. i got a chance to do some big things for the country. it doesn't get better than that. 25 years of public service is a lot of years. kat and i decided the time is right, right now. i think the good news for everyone, on a committee like mine, ways and means committee, it is just super talented. i'm really pleased with the leadership we have and i think this committee is going to continue to hit on all cylinders. stuart: sir, we have had a great run. you've been on this program for 10 years, as i recall. >> yes, sir. stuart: during the trump administration were absolutely spectacular. we thank thank you very much fot you've done for us and what you will do if the future. thank you, congressman kevin brady. >> stuart, thanks. take care. stuart: sure thing. now this, an official from
disney, reveals, abc, that disney division is passing on quote, incredibly well-written scripts for one reason. come on in, ashley. good morning to you. what is that reason? why are they passing? ashley: good morning, stu, they simply do not meet diversity standards. abc owned by disney operates under guidelines, call for 50% or more of regular and recurring characters to come from an underrepresented group and the same percentage for the actors who play those parts. dana walton, disney tv chairman of entertainment gave an example of receiving a script centered on a white family with the assumption that the diversity would come from the neighbors. she said scripts like that, no matter how well-written they are just won't get on the air because that is not what the audience wants, she says. adding it is not a reflection of the audience. by the way, amazon studios also expected to soon announce a new
inclusion policy when it considers future projects. stu? stuart: i've got another one for you, ash, before we get to it, bottom right-hand corner of your screen the dow just crossed 34,000. that's a rally sports fans, a big one. 34,013 to be precise. >> >> let's get to this one. a new reality tv show, send ordinary people, you and i ashley, into pace. what is that all about? >> i would pay good money to see you do this. the show is called, "space hero." nasa signed an agreement to send the winner up to the international space station for 10 days as the first prize. number of contestants, and even a start date yet to be revealed. those up for the challenge we're told will undergo rigorous training and grueling tests that push them mentally, physically,
emotionally. the competition is open to anyone fluent in english over the age of 18. able to go into space by 2023. it will be shown around the world. it will allow viewers to vote for the favorite contestant to send into orbit. axiom who has a private agreement with nasa will provide the 55 million-dollar trip and provide the launch provider. that could be kind of cool. stuart: we're both fluent in english, ashley. we got that going for us. >> sort of. i would hope so. stuart: back to the markets, we have to cover that rally. this is what you get when you're chucking trillions of dollars at the economy and interest rates actually go down. that is what you're seeing right now. a whopping great big rally, the dow just hit 34,000. the nasdaq is up well more than 1%. by the way, the yield on the 10-year treasury, i saw it drop
to 1.57%. sounds technical you about that shows you, we don't have much inflation at the moment. want to show you specifically of microsoft. yes, i do own a thin sliver. hit another all-time record high. closing in very close to $260 per share. got that. is president trump building a shadow republican party? what is his role in the party? cnn says he is building a shadow party. i will ask his daughter-in-law, lara trump, she is back, on the show coming up later. a ketchup shortage, not here. we'll tell you about the made in america company keeping the ketchup flowing, doing it for a good cause too. red gold ketchup after this. ♪.
♪. stuart: that is the intrepid. the one moored in the heart pour in new york city. it is a cold, rainy day here in new york. that is the way it is. we have a rally on wall street. i want to bring you ketchup, red gold, 100% made in america this company red gold, they started out serving american heroes fighting in world war ii. that is how they got their start. they are still helping veterans today. look who is here, tim engle, the senior vice president at red gold. tim, if i buy some of your ketchup, i'm quite willing to do it, will some of the money donated to folds of honor? >> yes it is, stuart. talk about a rally on wall street, we have a rally with 1500 american workers here
in the midwest, being able to work hard, through this pandemic, being able to give back to folds of honor. and for our military heroes out there that you know, a mom, or a son or a daughter lost one of their parents in duty, you know, we just love this cause, folds of honor. we learned of it through country music star john rich, at made in america show in indianapolis back in october of 19. our employees, just fallen in love with this cause. it really goes back to our roots in 1942. absolutely giving back to our communities, all across america and just seeing you know, red gold ketchup can be found in every major retail store. just doing great through this pandemic. stuart: i should be a buyer. hold on, i shall be a buyer. but i, and, we fully support
you, 100% made in america. one last quick question, can you explain what a ketchup cup is? i understand helping with the shortage of those little packs in fast-food joints. can you explain? >> schools across america, colleges, universities, go to the local restaurant, are those red gold folds of honor dump cups. it is three packages in one. it is a lot more convenient. it's a lot of fun. like bubba gump, if there is package, container, red gold made here in america, 100% blow molding the bottleses, the ketchup, everything we do is right here. we take the extra pride and attention. if it costs more we'll definitely make sure this is made in america. stuart: i'm buying, tim engle, red gold senior vice president.
thanks for joining us. best of luck. >> thank you, stuart. stuart: sure thing. we told you about the surge in home buying. well that is boosting demand for furniture, wouldn't you know. grady trimble is at a manufacturing facility in the north carolina. grady, i thought there was delay in furniture delivery, isn't there? reporter: big time, stu. weeks or months depending what piece you're looking for. we're at hickory chair furniture company where they hand make everything. the cost of the wood they purchased has gone up. the cost of the metal they purchased has gone up. one big thing they're dealing with right now, the foam shortage. you might remember winter storms last february. that cut down the supply chain for foam like this and like this, that you see in furniture. and because of that, they're way behind. and they loss also don't have enough people to make the furniture. all that is compounding. the ceo tells me it causes quite
a bit of challenge for them. >> it is unique experience to have the level of demand not to keep up with it. unique things are happening particularly with the upholstery products. foam we use in cushion and very short supply, due to issues down in the gulf with the petroleum suppliers. reporter: it is in short supply for the high quality makers like hickory chair but also smaller and lower end furniture makers all across the board. everyone is affected by this you might see the price of your furniture go up because of it. stuart: i'm still waiting for some deliveries, and that's a fact. grady trimble thank you very much indeed. i will go back to the market. we have a full-blown rally on our hands. give me the latest on coinbase. it is 334, susan. susan: 334. we're still below the 429 peak. remember it opened at 381. a bit of a bounce although that
is disappearing quite quickly. cathie wood, ark investment loading up on coinbase shares. bought quarter of a billion dollars to include in her etf, ark investment fund but selling out of other positions as well. coinbase is a great test for the appetite and broader interest when it comes to bitcoin and crypto. analyst this is morning already getting bullish. moffitt calling it a 600-dollar stock. davidson, btig, slapping 650, 500-dollar calls in the stock. a lot more calls to come in their view. ceo founder brian armstrong celebrating the watershed moment, a long thoughtful tweet thread saying how bad an idea everybody thought coinbase was. his friend in tech didn't get it. thought it was a scam. i had a lot of self-doubt personally. thought maybe i was crazy being so interested in it. after day one, one of the richest people in the planet.
worth over $17 billion. not bad for a man that had to fight the naysayers. stuart: good luck to the guy. he did this. he has run that company. did a great job, 17 billion. susan: nine years. stuart: last hour. let's see what bernie sanders has to say about that. i don't think he would approve but there you go. susan, thanks very much indeed. here you go, three cheers for walmart. the ceo says they will not be in the business of partisan politics. dan heninger righting about that in the "wall street journal" today. he will join us shortly. secretary of state blinken making a surprise trip to afghanistan selling president biden's troop withdrawal. is now the time to withdraw? ric grenell used to run intelligence. he has the answer to the question. it might surprise you. with us in a moment. ♪.
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stuart: the u.s. taking action against russia, placing new sanctions on the country, expelling diplomats this is about alleged election interference. this is not all. president biden signing an executive order declaring the russian threat, quote a national emergency. come in former acting intelligence, national intelligence director ric grenell. what will these sanctions
actually do, ric? >> look this, is a political circus right now when it comes to trying to pretend like there is a crisis with russia. russia is a problem, there is no question about it, but it is the beijing line. that is exactly what the chinese want us to do to pretend to look over there, pretend like the crisis is with russia. let me be very clear, stuart, if we really thought that russia was a crisis, why wouldn't we be telling germany to stop the nord stream 2 pipeline and sanctioning every part of it, being perfectly clear about shutting it down? we're not. we're actually rewarding germany. we just decided to stop pulling the troops, 10,000 troops out of germany. we're increasing the troops by 500. let's also be very clear, there are 50,000 u.s. troops in germany. now there is going to be 50,500,
when you count the rotational troops. we're rewarding the germans for buying russian gas as explosive level, paying russia, while not paying their nato obligations, yet we're supposed to believe because joe biden issued an executive order that russia is the crisis? if russia is the crisis, do something about the germans who are funding the crisis. stuart: we had the video of secretary of state blinken. he made a surprise visit to afghanistan, no doubt selling president biden's plan to withdraw troops from that country by september 11th. do you think troops should be completely withdrawn by that date certain, ric? >> i do. and let me start and finish by also saying that this is the right decision for the biden administration to make. also we have a whole bunch of
questions to ask because the bankrupt corporate media in washington d.c., is unwilling to ask the tough questions. let's be clear president trump tried to do this and the military advisors and intelligence advisors said absolutely not. the media jumped on board and said, absolutely not. now what we see is joe biden making this decision and there is a crowd of applause from the corporate media. there is not the same questions which were put to president trump. this is the problem that most people have with washington, they just completely flip-flop on their morals depending who is in the white house and they're not helping the debate. if we can have an honest debate about pulling troops from afghanistan, you woe see democrats split, republicans split. this is not a partisan issue but the media pretend like it is. they celebrate the joe biden decision. this is not good for us.
and everybody outside of washington sees this game that they play. stuart: same old, same old, same old story. you see things which a lot of people don't and you see it clearly. we love that, ric. thanks for joining us. come again soon. ric grenell everyone. good man. coming up a big hour for you. we have lara trump, steve hilton, dan heninger. plus why are so many migrants from central america coming to our southern border? vice president harris thinks climate is to blame. i will deal with that in "my take" which is next. ♪.
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and we are one vote away from losing our liberties, the objectives of the democrats if they put four new radical leftists on the court our free speech rights are out the window. >> we need the government to get out of the way. >> thank you donald trump, for operation warp speed. >> this is new for me also. to tell our stories of our football careers, who are very animated.
the yields, that is why the nasdaq is better than one%. it is a rally and now this. why are so many people from central america making the long march north to the united states? vice president harris thinks climate is to blame. announcing her migration initiative she said, quote, we are looking at issues that relate to the need for economic development, a need for resilience around extreme climate, looking at the northern triangle countries and what the severe climate experience has done to them. the vice president believes it is all about climate, wrecked central america economies. that is the argument of last resort. when you want to hide the truth, drone on, the weather did it, no it didn't. a bad hurricane may have heard these countries but as the wall street journal says it is
crime, insecure property rights and corruption that is doing the damage and issued by the democrats bringing all those migrants to the southern border. there is more. we are creating incentives for them to come. in new york, connecticut, oregon, washington, they plan to give millions of dollars to illegals, new jersey is thinking about $40 million worth of checks to illegals. the vice president in announcing her migrant initiative failed to mention the horrors of human trafficking or children abandoned in the desert by that young 9-year-old boy, abandoned in the desert, the vice president plans to visit central america soon. will she lecture them on crime, property rights and corruption? probably not. she will offer climate as an excuse for their mill is -- misery, and bribe them to stop the flood.
she and her fellow democrats created. and the third hour of varney and company about to begin. stuart: well, well, well. lera trump is back on the right-hand side of the screen. i say this for the benefit of our viewers and radio listeners, lara trump is back. i hope you heard what i just had to say, vice president harris blames the border crisis on climate change. would you like to respond? >> it is great to be with you. hello to the radio listeners as well. that is one of the most ludicrous and ridiculous statements i think anyone has ever heard or tried to claim about the problem and the crisis on the southern border. it is very clear under the leadership of donald trump we
finally started to see real change happening at the southern border, border crossings falling to very low numbers, we know the border patrol agents felt they had an ally in donald trump and then what happened? you saw through the entire campaign every democrat on stage raise their hand saying we want to give free healthcare to illegal immigrants, joe biden and kamala harris talking about how they wanted an open border, southern part of the united states of america. we know they created this crisis. the incentivized people to take this incredible he dangerous journey. it is awful. to your point you are talking about these young kids, to see the videos and the photos of these young children being trafficked in by coyotes, dropped down 20 foot walls and left alone in a desert. we know at least a quarter of the women who make the trek north to the southern border
are sexually assaulted in some variety. it is for thick to see what is happening and there are two people to blame, joe biden and kamala harris for their policies. stuart: glad you are back, spell it out. i'm going to show you a cnn headline, claims your father in law is building a, quote, shadow republican party. not sure what that means. why don't you respond to it? >> it is cnn so i'm sure they have an interesting take on a lot of things. donald trump is the republican party. and has been for 6 years. and is continuing to be the head of this party. what he's doing is very smart, come 2022-2024, we have incredible candidates to run for congressional and senate seats because we do not ever want to give the democrats an opportunity like what they had in 2020. we never want to see another
situation like this where they have such control because now we see what they are doing. every single day like trying to ruin our country, trying to trample all over the constitution of the united states and we can't allow that, we need to have good strong republicans, it is donald trump, to play that role for a long time. 's stuart: it is a split republican party. it is not exactly unified. i want to ask about north carolina. gop polling firm shows you odds front runner on the north carolina senate race. looking for a smile.
>> north carolina is my home state. i've not announced whether i would officially get into that senate race but i can tell you having been a part of everything over the past 5 and a half years, very clear what makes a good senator and what makes a bad senator. i would love to represent the people of my home state if something i decide to do, no announcement to make on "varney and company" today but perhaps i will come back someday soon and let you know if the decision has been made. stuart: tomorrow would be good. thank you very much, don't be a stranger, see you again soon. i will wait. talk about the housing market. april home builder sentiment went up a little to a very high level. i want to bring in heather who normally talks about strictly the stock market but today i talk housing, i understand you personally were priced out of a home.
>> i am renting now, maybe americans are facing the same situation where if you're moving south to texas where i am now either you can afford it or if you can, i don't know if it is worth $1 million for a 12,000 square foot check that needs to be updated. i mean for me -- stuart: no such thing as a 12,000 square foot check. let me be clear about that. >> there might be 12,000 square foot checks as well down here so good point. 1200 square foot checks smaller than a studio, and you are thinking i will pay $1 million for that even if i can afford it and you have to upgrade it. can't imagine how much 12,000 square foot check would cost to upgrade.
it is out of control, fueling bidding wars all over the country. stuart: tell me about coin, not bitcoin bitcoin base, the exchange. >> important, it is an apps like robin hood where you buy and sell stocks you can compare to that but you are buying and selling crypto currencies like bitcoin, if you don't want exposure to bitcoin, this has, according to bank of america they did a survey, investing 70% of them think bitcoin is overvalued my thinking it has no intrinsic value. what am i paying for and why. printing so much money, $30 trillion in debt almost.
i get those alternatives like digital currency. but maybe i am old school. i stick with gold. at least you can wear jewelry if nothing else. i wish i owned it. 64,$000 on bitcoin. doing pretty well in their debut. stuart: you are not too old for it. i am, you are not. thanks for joining us, appreciate you being here. got to get back to the markets. you see what is going on, so much green on the screen. look at the nasdaq, 169 points, the dow above 34,000. susan, come on in please. extraordinary rally. >> leading the tech parade, being called a strong buyout
performed by raymond james and it is worth $750 and they can make another $120 per share because they will win the generation's chip more, it is a counter trade to sell. bill gates invested an interesting story being shorted by scorpion capital, that was announced this morning and how often have we heard about these? scorpion capital says it is a fraud, they are misleading investors with their data and the secretive company has boasted their solid-state batteries can charge in 15 minutes 85% capacity compared to the apps that at least for the tesla and other battery electric car batteries out there. it is interesting to mention because we don't hear about these positions that often especially in these up markets. stuart: are we still saying the rally in big tech is in part or largely the result of the
decline on the yielding the 10 year treasury? we checked a moment ago and it was at 156 a moment ago. is that the reason? >> it cascades once you get the technical levels of 160 and that is what you are seeing, that was very important and continues to go down and that makes big tech stocks look less expensive, less risky, 155. stuart: 155 when you have extremely strong economic news. i am looking at it and it had an effect on the market. thanks very much, great analysis. we are step closer to sending tourists into space. we will show you the extraordinary launch and landing of the blue origin rocket. 100 ceos hold a zoom meeting to
speak out against voting laws in georgia. wall street journal guy dan heninger shows that the zoom version of davos. he's on the show. steve hilton says it is time to push back against censorship after a video on covid was removed from youtube and fired up about kids and screen time. don't go anywhere. a lot of time left on this show and we will be back. ♪♪ (vo) ideas exist inside you, electrify you. they grow from our imagination, but they can't be held back. they want to be set free. to make the world more responsible, and even more incredible. ideas start the future, just like that.
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test launch of jeff bezos's. origin rocket. that was an astronaut rehearsal. when do they want real people into space? >> blue origin says that will take place sometime this year. a successful test launch in texas on wednesday, is on board for the flight. real astronauts to the pre-state -- flight and post flight rehearsals and like space x. origin is these reusable rockets meaning they come back down to earth after the launch, blue origin still behind space x who sent humans into space to the international space station, and the world's richest person jeff bezos has deep pockets to fund it, $1 billion in stock to pay for it. the blue origin testing, this will be an exciting rivalry between the two in the future. stuart: that kind of competition creates real
progress, some wonderful things. we are staying on the space subject. we have a former space x executive, encouraging the henry ford of space. >> saving a bunch of multi-numplaps into space. his name is jim cantrell and i'm not serious about the model t, the former space x executive, ceo and cofounder of phantom space, startup tech company that hopes to launch its rockets into space, hundreds of times a year. in early 2023, cantrell sees the space economy is similar to the new world economy in the 1500s. the goal bring the cost point down to the average person can afford a ticket. his company will buy components, not make them themselves to mass-produce its
rockets saving money and time but the biggest hurdle would be the ambitious launch schedule, one solution by the company is looking into would be horizontal launch facilities where vehicles take off more like an airplane than a traditional rocket. fascinating stuff. stuart: it is coming. thanks, ash. serious subject now, youtube is censoring scientific debates on covid and a lot more. steve hilton is back. i know you are saying we have to push back on the censorship but don't know how to do that. how do you push back? >> the answer is competition. we will get to that in a second. look at what they are doing now. they are censoring a discussion, how they respond to it.
the elected governor of one of our largest and most significant states, ron desantis hosted a roundtable with professors of epidemiology experts in this and other diseases who were discussing whether masks are effective in young children whether the cost of putting masks on young children is higher than the benefits, hosted by the governor of the state, youtube took it down, the consensus around the virus. it is completely antithetical to the notion of science where you put forward evidence based on the latest information you gathered and challenge it. let how the consensus has changed over the course of the pandemic right at the beginning. that is why we have the 6 foot
social distancing, the distance turned out to be complete rubbish. nothing to do with droplets. it is a resolves the go in the air spreading 30 feet. they told us we have to clean surfaces because of the droplets. that turned out to become the rubbish. doctor fauci told us not to wear masks then told us to wear masks, you can criticize scientists for changing their opinions when the evidence changes, youtube decides whatever the latest thing is the experts say is the thing they have to impose. it is info fascism. youtube, susan, the ceo, is pushing lies and misinformation under the guise of this policy. it is completely outrageous. your question what we do about it, they have the right to do what they want to do in terms of censoring the platform. we have to break them up, look at the media. you can go and watch another one. the media is a competitive industry, social media is not. we need to break up youtube into as many pieces as we see
the different options for people in traditional media. at least three youtubes, things twitter, same with facebook, you can't have information monopolies to impose a particular worldview. stuart: i am with you. censorship today is outrageous, we are being shoehorned into a common view of everything. i don't share it and don't like the imposition on free speech. just have time to come to the subject of banning smart phones. and telling me in the first 5 years of life that is how children's brains develop and they develop differently if they are looking at a screen. how can you ban smart phones,
and hands if you don't let them get the smart phone they cannot be part of the model. >> the opposite of the truth. it actually harms their brain developments established by experts in communication and brain development and one specific reason why, the way screens operate is to use bright colors, noises, sound, very different than words on a page. that is not what our brain, through millennia, are designed to absorb. you rewire children's brain to make them demand the instant gratification and hiring puts for color and noise and all those things and that is why it is so dangerous and need to
help parents to impose what they want to not have screens so dominant in children's lives. stuart: i wish we had more time, it is an extraordinary subjective. thanks very much, we will be watching sunday night. if you have a dog chances are it is unemployed. if i told you we could be earning 20,$000 a year you might perk up your interest. we will tell you how you can do that. walmart's chief commenting on georgia's voting losses, quote, we will not be in the business of partisan politics. good man. dan heninger just wrote about this in the wall street journal. he will join us in one minute. ♪♪
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republicans are expected to make a $650 billion counteroffer to the president's $2 trillion infrastructure plan. blake berman is here with a breakdown of the republican proposal. go at it. >> the top line number, roughly $650 billion that republicans are expected to make. a counteroffer at some point next month to democrats. we also know it making broadband accessible across the country is part of the $650 billion so where do things stand? republicans said they are willing to work with democrats on infrastructure so long as it is infrastructure democrats say we can't just think about infrastructure in the traditional sense. it is still evolving good. a couple ways to look at this, $2.5 trillion plan from the white house, $650 billion from the hill republicans were expecting.
republican say 30% of what democrats want or democrats want 3.5 times what republicans are willing to put forth. either way there are a lot of 0s in between $650 billion. stuart: a lot of horse trading on the way. politicians with tens, hundreds of billions of dollars to spend. i want to show you a headline from the wall street journal. when ceos zoom for democrats, last weekend 100 corporation leaders did davos buy laptop to vilify republicans and validate their status. dan heninger wrote that piece and joins us now. quick question. do you think the ceos are being bullied by their own woke employees are they true
believers in leftist causes? >> it is much more the former, that is the reality across america in institutions whether it is a corporation or cultural institution, you have woke employees who go public, black channel, social media, and it is well-organized so some organizers a tracking 100 ceos which i liken to going to davos to address the world's problems and they put out this statement. it is difficult in retrospect to wonder what they thought they were doing. the statement and commitments have them aligning themselves with a democratic bill in congress, hr one, to
nationalize federal election law and take states out of it. that is hardly i think the position most ceos want to be is bolting themselves to progressives in the democratic party. stuart: i want to give three cheers for walmart's chief executive, he says we are not in the business of partisan politics. wouldn't it be nice if more ceos developed a backbone that stopped caving to the woke generation? >> it would be and it is important some of them start doing that mainly because the ceos are -- spokesman for their company, and the people who work for them. millions of americans work for these corporations. they are not all woke 25-year-olds. many are middle-class people
raising families who have positions left of center or center-right and in that respect the ceo does not speak for them and when walmart says something like that it more reflects and evenhandedness that represents where most corporate employees stand, they are not that far over on the left. stuart: we still for pressure from shareholders, now they look for pressure from the wokeys. thank you for joining us. back to the markets, look at the green, the dow is up 257. a few moments ago it was 14,000. the nasdaq is up 134 points. it was above 14,000 moments ago. take a look at netflix. off of the prompter here, netflix has a new series about how to fall asleep. i don't need any help.
tell me about that. ashley: we can all use more sleep and ironically it is netflix, the company that allows us to endlessly binge watch our favorite shows late into the night that is giving tips on how to get decent shot i. netflix is unveiling a dock you series with a popular meditation head head space for subtitle head space guide to sleep, the animated series has 7, 15 minute episodes revealing the science behind holy night's leap and provides tips on how, part of the trailer. take a listen. >> mindfulness and meditation. you can take on tomorrow healthier and more rested. whatever mind you have, put it to bed. ashley: put it to bed. sleep problems have reportedly
increased during the pandemic. i shouldn't sarcastically make fun of an english accent. one poll suggests 37% increase in insomnia, one of the biggest conference, too much screen time, netflix recommending making less of itself. that is the message. stuart: did they have to use a british accent? did they have to do it? let's hope it doesn't send people to sleep. you and i have british accents, heaven for bid we turn the audience off. i'm going to change the subject. one company that is assembled an army of robots, who do they work for? what are they going to do? we have answers on the program. the pandemic causing major delays in furniture production.
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stuart: a little crowley in the windy city. you are looking at sears tower. i think it is still called the sears tower. in chicago, next case show me on either bush, they are the beer guys, an official taste tester for their nonalcoholic dog group, this is not beer for you and i but beer for dogs in the pooch the gets the deal gets 20,$000 a year. have you sign your dogs up yet?
>> gracie and baxter on the left, many a time i told those two it is about time they are in their keep because let me tell you when i come back in another life i want to be one of these two guys. they eat, the sleep, go out on walks, hang out on the beach and have a great life. i'm not sure they would be excited by nonalcoholic beer but 10,000 for each if they each get the job. stuart: i have something serious for you. kroger has a new tour which they say will compete with amazon and walmart. >> they are building an army of robots like something straight out of a sci-fi movie. look at these things, kroger has a 375,000 square-foot facility in ohio.
that is where robots the size of dishwashers to retrieve soda, cereal, 28,000 other items from 21 levels of stacked crates sent to humans who sought and delivered them to homes. it is remarkable. the fulfillment facility can pick a 50 item order in 5 minutes. much faster than a human would. even the best worker. kroger doubling down on these warehouses the cost $50 million, planning to double the company's $10 billion, $10 billion in digital sales by 2023. we talked about this a lot, the online battle, the digital battle between the major grocery chains is revving up, to see the technology being used. stuart: those robots absolutely remarkable. that is what is happening. now this, people are waiting weeks and in some cases months
furniture deliveries, grady trimble at the hickory chair furniture company manufacturing facility in north carolina. what is the hold up? >> they don't have the supplies they need, not nearly enough of them. this is the furniture capital of the world, the supplies come from all over the country and all over the world and don't have enough of them. the cost of wood has gone up, the cost of metal has gone up in the biggest shortage they are dealing with is a foam shortage, this film comes from texas, they had to shutdown a couple months ago because of those winter storms. there is a backlog from that and they are trying to catch up. i talked to the ceo of a company that says they are seeing surge in demand and not enough workers either. >> the available pool of skilled labor, part of and that
finishes work, there's not a factory in this county and there are dozens and dozens, and higher hundred. >> pretty impressive to see what they are doing. the fact these guys have somehow figured out a way to wear a mask without the glasses fogging up, something i have not mastered. stuart: thanks very much. i've got to tell you the rally continues on wall street, a great deal of green out there this morning, a full-blown rally of stocks. i am going to switch gears for a second. the riots in minnesota a fourth night of violence was a report from minnesota and heather mcdonald is with us as well. we will be back. seeing blood when you brush or floss can be a sign of early gum damage. new parodontax active gum repair
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shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now. stuart: kimberly potter is faking -- facing a second degree manslaughter charge in the shooting death of don say right. the city saw fourth consecutive night of riots. steve harrington is there. how bad did it get last night? >> reporter: 500 people last night during the worst of it throwing bottles and bricks,
they just put up another row of concrete barriers to push that perimeter out further from the police station, 2 dozen people arrested overnight no fires or looting. the mayor is blaming outsiders for much of the violence. the police officer involved in the shooting, kim potter, charged with second-degree manslaughter, she could face up to 10 years in jail. we expect to see her in court later today. there is a wide range of opinion here on who is to blame for this tragedy. on the one hand the family and their lawyer, ben crump, saying this was no accident, they blame police, this was no accident, this was an intentional, deliberate and unlawful use of force. on the other extreme there is the police union head who places the game on the 20-year-old who shot and killed daunte wright saying if he had just complied, was told he was under arrest, they were arresting a money warrant for
weapons, set off a chain of eventss that led to his death. a wide gap between those two views who is responsible for this death and a 26-year-old veteran of the force in jail and likely in court later today. there was an open warrant on right for attempted robbery at the time of the shooting. back to you. stuart: steve harrigan in the middle of it. come on in heather mcdonald. she has written on the urban unrest that has rocked this country. i just heard the lawyer involved in this case said the shooting was intentional. it has come to this? you could accuse a police officer who accidentally drew a gun rather than a taser and now they are accused of intentionally killing someone, it has come to this, that is shocking to me.
>> benjamin crump is utterly irresponsible. he has a financial stake in keeping sentience -- tensions high and according to d legitimate that everybody does resist arrest which is the biggest predictor of getting shot by the police. this was a horrible shooting. it is stomach churning that this man is dead for resisting arrest, the officer could not handle stress appropriately but clearly this was a mistake and crump is leading this country into a situation where it will burn to the ground if we don't dialback on anti-cop rhetoric. what needs to happen, this officer needed more training but it is the key that people need to comply with officers lawful commands, lawful traffic stop. when wright jumped into the car, an outstanding warrant for a gun, tried to rob a woman,
choked her, put the gun at her head. didn't hand over $900, jumping back into the car, and two officers were critically shot, one in illinois, one in texas during car stops, the car stop is the most dangerous thing officer does, comply with the officer's lawful commands. stuart: one quick question, the rioters demand that we ignore lower-level crime. what do you say to that? >> anarchy. if we start not enforcing public order laws and we shouldn't enforce shoplifting, shouldn't enforce that you will see chaos spread in this country. the laws are not the problem. disobedience to the law is the problem.
low-level laws are there because they protect people and guess who wants them and forced? thousands of law abiding residents of high crime minority communities who want public order but when the cops listen to their heartfelt pleas for public order people like benjamin crump or the biden administration or the aclu claim the police are racist for enforcing low-level law enforcement, broken windows laws in minority communities, they are responding to the community. stuart: i wish we had more time, you are forceful speaker on that, thank you. good stuff. time now for the thursday trivia question. here it is. what is the most counterfeited bill in the us? i am not sure but we will have the answer for you when we come back.
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♪. stuart: what is the most counterfeited bill in the united states? well on that list it is obvious, isn't it. yes it is, the 20-dollar bill. we should have have put up 10, 20, 50 or 100. who will counterfeit a one dollar bill. that's it. $20 is the most counterfeited. they're counting me out. check the market. that is a rally sports fans. the dow is back above 34,000.
don't forget send in the "friday feedback." email us at email@example.com. tomorrow is friday. at the end of the show we'll go through your questions, your messages to us. if there is any hate we'll weed it out. if there is any love we'll put it out there. my time is up, neil, it's yours. neil: at least you get the love. thank you very much, stuart varney. i really live for your mail days. all right, did they mean that for me? but i guess not. we're following a couple of developments right now at the corner of wall and broad. a lot of economic news. we're focusing on everything else that could rattle russia's economy and markets. the administration cracking down on a variety of sanctions, some which we've never seen before, including a number of financial measures that will make it difficult, if not next to impossible for u.s. firms and their customers, i.e., you,