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tv   Varney Company  FOX Business  July 6, 2021 9:00am-12:00pm EDT

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>> thanks, great, be back tomorrow. ashley webster is in the first stuart varney. hope you had a great holiday. ashley: i certainly did, good morning. i am ashley webster in for stuart varney. it was a record-setting weekend for fourth of july travel. you have plenty of company other, americans took to the roads and skies as we put the pandemic in the rearview mirror. the company that operates the keystone pipeline is taking
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action trying to sue the biden administration for $15 billion for shutting it down. the question is does that mean taxpayers will have to foot the bill? let's take a look at oil hitting a 6-year high after the opec meeting ends in a standoff, $75 plus 4 a barrel of crude. let's look at the markets taking a pause after last week's record run. the dow and the s&p essentially flat at this hour. the nasdaq up slightly in the premarket. the largest teachers union says critical race theory is, quote, reasonable and appropriate for kids and that is not all. the new york times op-ed goes a step further and says anti-critical race. laws are un-american. on brazen robbery in broad daylight, this is in san francisco and it is getting worse. to fight the crime wave.
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larry kudlow, brian -- allen west and so many more. it is tuesday july 6th. ♪♪ ashley: the late great david bowie tuesday morning, a beautiful morning and a hot one in new york city at the empire state building pointing to the sky. 26 states have ended the extra $300 weekly unemployment benefits.
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we are owed that money and taking legal action. lawsuits have been filed in indiana, texas and maryland over the ending of these benefits and in indiana a judge ruled the state must continue paying them while the lawsuit is being debated and decided. stephen moore joins us now. good morning. good morning to you. i have a feeling we will see more of these lawsuits. >> exactly right. in maryland, in our state there was a judge that made a ruling this week on this the those benefits have to be paid. i don't understand the logic, there is no entitlement on the basis of an individual to get these extra benefits and the argument is being made by governors that we should take money because it is free money from washington as if any washington, any money from
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washington is free, you will see more of these lawsuits, the good news is these benefits are supposed to expire on labor day. that is 2 months away but now believe it or not there's legislation in congress, you're not going to believe this, there's legislation in congress to make those benefits permanent. ashley: that means we will have a permanent situation of businesses trying to find workers because $300 on top of the average state benefit of 330, talking about 630 a week, close to 32,000 a year, nearly double the minimum wage. why would people try to find work? of four, we did a study on a website, you can find if you've got two parents collecting
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unemployment benefits, it is 65,$000 benefit plus food stamps, rental assistance, plus giving people $3,000 per child under the biden plan, you at this up, in many states people can make as much as 100,$000 a year for not working a single hour. that is craziness, it has to stop. it is causing hardship in maryland where i live, the village down the street from me, restaurants are closing early because they can't get kitchen help, this is a big problem throughout the country. ashley: the biden administration spoke with labor secretary walsh who continues to say that there is no correlation about these extended federal benefits that people not working. they say it is people who can't find childcare, people frightened of catching covid if they go back to the workforce.
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how do you respond to that? >> we have ample evidence that directly refutes that. we have for the last month or six weeks states that right now 25 states started cutting off the benefits. what we are finding is the states that have the biggest decline in unemployment over the last few weeks are the states that cut the benefits. funny how that works. objectives matter in economics. a friend in texas across the street from an employment agency was telling me that for four months there has been nobody who has gone into that employment agency. a week ago saturday they cut the benefits and the line is out the door, people going back to work in that state when they cut the benefits. the labor secretary has to get out and see what is happening, talk to people in restaurants and stores and construction, try to find a construction worker.
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manufacturers, 1 million job openings in construction, manufacturing and trucking and no workers anywhere available. ashley: exactly. it isn't a coincidence. we leave it right there. thank you for talking with us this morning. by the way speaking of back to work, how big banks are handling it. so far in the us jpmorgan and goldman sachs are demanding employees returned to the office. bank of america has given their employees until after labor day, and more flexible approach, maybe a combination of both, a hybrid. kenny is here for the hour. which approach is the best, should be go with a hybrid, to get these workers back in the office.
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>> >> that is where the conversation is happening, real integration among employees. i understand what has happened over the last year and what covid caused us to do in terms of his hybrid environment but in the end, it will be a hybrid environment across a range of industries i am a much bigger supporter, that is where business ends up getting done, people next to each other talk to each other and interact with each other, the younger people that are fighting, wanting to go back to the office, are doing themselves a disservice in the long run for their careers. >> they haven't had that experience for any length of time. the ceo of 8vo is concerned about burnout and he wants to hear employees plans for
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vacation, and mckinnon says he has received 1000 notes. let's get to the markets, good futures, pretty flat this morning. the s&p and nasdaq notched new records. is there anything? what is your biggest concern? >> the minutes are going to reveal a split in the conversation, jay powell says none of that is happening we are not talking about it. it was the april meeting,
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tapering, that wasn't really the mindset behind closed doors. you remember what happened to the market. that -- profits are up wednesday, the fomc minutes reveal the same split and if it does then what does that mean. i tend to be bullish on the market but i am concerned that jay powell is playing that part of transitory inflation. that is long in the tooth, and inflation worries are more than what he suggests they are and my fear is we will talk about tapering at the august meeting and then get hit with the mid-2022 potential interest rate increase and that will be a problem for the markets. ashley: we will see what those notes say wednesday. next one, bitcoin has resumed its losing streak after a strong weekend but now starting to pick up a bit nearly going
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up $1,100, 34,445. what is your take on bitcoin? >> bitcoin ever since it broke down, a little bit below, 32, 34,000 range for a couple weeks. i'm of the opinion that it will get weaker and if we crack 30 we will get lower. jpmorgan with a note last week that said preparing for the crypto winter which might be a little bit saturated but my sense is it is having a tough time and path of least resistance is lower which i would welcome because i own bitcoin. i would rather see it back off a little bit and crack to add to the position. ashley: build the foundation as they say. stay right there. one of the largest teachers unions taking on parents who dare to speak out against critical race theory.
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they argue crt is a reasonable and appropriate ideology for kids to learn. not so sure about that. we have more coming up. i also noticing long wait times and higher prices each time you try to take uber or lift? those rideshare apps are so critical for drivers they are offering new -- to lure them back. will it be enough? as we head to the break, futures flat to begin this tuesday session, markets opening in 18 minutes from now. we have more varney right after this. ♪♪ (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility.
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ashley: that is alive picture of vancouver, canada, beautiful city, 62 degrees at 6:16 a.m.. let's look at the futures, pretty muted as we begin a new week, the dow down 28 points, the s&p essentially flat, the nasdaq slightly higher. let's take a look at big tech before we get the day underway in the big markets, all in the green, apple up 0.2%, the biggest gain of half of one%, amazon at 35, 28 per share, 3500. now this. the wall street journal reports weeks before the ride hailing company dd went public, chinese regulators delay the us ipo and conduct the self-examination of its network security.
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could this be a problem for didi? the long technical arm of the chinese government? >> it is a problem for didi, for all obama and any one of these chinese companies that come here because ultimately what this story shows and proves is the chinese government is more concerned about controlling and regulating and the fact that they supposedly ask him to put the ipo on pars and pushed forward without necessarily divulging it is going to be another at least topic of conversation among investors that bought into it ahead of what happened. ashley: thank you. now this. uber and lift are struggling to bring drivers back to work, this has led to longer wait times as you probably know, you tried and the surge in prices, let's bring in business officer
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emile michael. they are trying to straighten job perks to get these drivers back but is it enough to get them back and on the road? >> it may not be fully enough until september when some of the benefits drivers are enough to get categorized for during the pandemic to bring them back. what you might have, the supply shortage that lasts through september, they will start to come back in big numbers. ashley: they've got some extra money if they are lucky enough, are they going to wait and see their wages go up, i read somewhere, the ceo said some drivers were making more than $40 an hour. pretty good. >> that is pretty good. the pricing if you recall, we got a lot of criticism for this back in the day, it is called
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surge pricing meaning not enough drivers, that encourages other drivers that should drive more at that time. the problem is the markets hasn't worked that well because people had other options do not drive. ashley: that is true. as they survive and the economy rebounds if this continues our customers going to start looking for alternatives? could it hurt uber and lift and they could lose some customers? >> if you have a couple of the things happen where people leaving the city's which is one dynamic, the other dynamic his people saying maybe i need my own car and maybe that's a good thing. i gave up my car for uber and lift but maybe i need it again for reliability and i'm living alone now, lots of social changes that will affect the
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price of uber rides and the number of uber drivers and the number of uber riders, it will balance out again and there will be a roaring last half of the year but that's my guess right now. ashley: the biggest question, are these contract workers or employees? it varies from state to state but that is a huge sword of damocles hanging over these companies. >> they definitely need a new regulatory strategy. they lost the contractor fight in the uk, they lost food delivery costs in the us although they won the california ballot initiative. they will be working hard on regulatory matters for the next couple years, they probably need fresh ideas from the regulatory and pr department. what happened is not working well going forward. ashley: exactly. we have to leave it there. thank you so much, talking
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about lift and all those committees, wait time isn't getting better anytime soon i don't think. thank you. kenny is still with us. you have a lot to say about those surging ride share prices, right? >> i do. i'm listening to him tell that story. i was so anxious to jump in and challenge him because i'm not buying there is not enough uber drivers. i was in new york city two weeks ago. there was no yellow captain and plenty of uber drivers. 10:00 at night i was trying to go downtown to midtown, they wanted $65 to go 3.9 miles and four cards ready to pick me up. the argument that there is not enough drivers is baloney. these guys are making money and i get all that as well. it is crazy what uber prices have done even in florida, they've gone crazy. ashley: they could price themselves out of business if they are not careful. we hear it, we hear your pain. let's take the futures.
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we are moment away from "the opening bell". luke lloyd will be with us. he says businesses are booming but inflation is here to stay and he will join me next. ♪♪ ♪♪ come on come on ♪♪ and when it all falls down ♪♪ ♪ ♪ when technology is easier to use... ♪ barriers don't stand a chance. ♪ that's why we'll stop at nothing to deliver our technology as-a-service. ♪ oh, i've traveled all over the country. talking about saving with geico.
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ashley: now this, jeff bezos stepping down as amazon's ceo monday. what does this mean for the company? any change at all? >> know. congratulations to jeff bezos, he's not going anywhere it is the biggest shareholder. not like he is walked out the door it is never coming back. the stock is up in the premarket. investors are not worried about it. everyone has been able to prepare. if you were nervous about jeff bezos walking out the door but so nervous you sold your stock you sold your stock which no, not at all. i view this as the next step in the evolution of amazon. ashley: very good. i agree. let's get back to your money and bring in luke lloyd.
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bars and restaurants were packed, demand is booming, but you say trouble on the horizon. you disagree, you say inflation is here to sit day, not transitory. >> bars and restaurants were the most packed i've seen since the pandemic. consumers don't mind spending the money. this demand is unlike anything we've seen before. eventually it will cool off but at what cost? prices rise all around, $5 draft beer is a $6 draft beer and that holds up when we have a couple of them. inflation is not transitory, but after a couple months for sure. ashley: from a market perspective how does an investor play that? >> a couple ways to play that. one of the big ways is the real estate sector. it will continue to be on fire,
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low rates here to stay, might take them sooner than 2023 but the low rates, the millennials entering the housing market. over the past four months, i love checking zillow. they said my house has risen in value over 10% to 20% which is crazy. that is a 30% annualized return. ashley: what do you avoid in this environment? >> stay away from the classic ways to hedge against inflation, gold tends to selloff because gold is the inflation has but the risk rate goes up and that's not good for gold. you want to stay away from gold. all around stocks are the place to be regarding any inflation hedge. they sell off typically and go up from that but in the
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long-term stocks are the place to be. there is not much in regards to tech. think about software. software is very asset light and the cost that goes into making software, that's the place to be but stay away from traditional assets like gold. ashley: very well put. we covered a lot of ground. thank you, i believe you are bullish is where else will you put your money? it is tuesday july 6th, cheering and waving and fist pumping down on the markets as we get underway. we are off. look at the big board, stocks of the dow, right away half green, half red, somewhere in the middle, american express leading on the upside, the downside is amgen and 3m. in the early going as we get all of these box -- stocks traded, png last to get out of the gate and there you go.
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the dow up 25 points. very muted opening. the s&p all-time high. we have to gain these days, you get another all-time high, only up two points but it is $43.55, another all-time high. i could sit here all day and say that. nasdaq up 31 points close to a quarter of a point. guess what? it is an all-time high on the nasdaq, 14,673. as long as it keeps going up it continues to break records. not going higher big banks all losing ground. bank of america down one% at 4072. goldman, jpmorgan, morgan stanley, citigroup in the red this morning. let's look at big tech if we can. they were up, the state of affairs as the market is underway. amazon up one and one third%, $50 and 3561 for amazon.
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ubs downgrading version collected stock to neutral due to excessive valuation. the stock jumped 175% in the last year, 2% of nearly $46. was your take on richard branson's company. will the space race for pelham higher? >> i think the space race is an amazing conversation between all these billionaires trying to get to space first and who is going to do it and who will survive and have the best story. all very exciting. in the short term it will propel these stocks higher because there's so much chatter and excitement about these guys going up there within -- elon musk -- not elon musk, bezos -- it is only weeks away. ashley: the battle of the egos,
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they are trying to get ahead of each other so they keep announcing the launch date which is earlier than the other one. >> who's got the bigger ego? ashley: i don't know the answer to that one. oil, 6-year high. you say oil has more room to run. how high could this go at $74? >> we all thought a wheel was going to achieve the $65 level and it started to skyrocket because the us economy opened up, demand is strong and production is down. they haven't cut through an agreement over the weekend. we saw the agreement will only cause prices to go higher. our friends have a $100 price tag on oil by the end of the year. i was hesitant on that but obviously they are right because the rate it is going,
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you said it, people are traveling everywhere, the roads were busy, restaurants busy, everyone out and about in the global economy waking up. i expect that we'll will rev up and produces come online and produce oil which i don't think they will do. ashley: that hurts in the pocketbook of the gas pump. look at amc. take a look at amc. the stock rising after the company said it would no longer seek shareholder approval to boost shares. they were split but they are tabling that for now. let's move on, retail investors with a record of $28 million, that is a lot of cash. retail investors changing the market. >> you could.
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i love the fact that we are getting new money into the market, but they are not focusing, they are excitable, they think it is more like a casino rather than the long-term wealth generating market that it should be. over the long term having a new generation of retail investors, understanding what the markets due to them will in fact be healthy for the markets overall. ashley: it is positive. goldman sachs upgrading american express to buy as the economy recovers and consumer spending picks up, goldman sees the stock rising 30%, up one and a third% around $170 a share for american express and
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credit suisse downgrading 3m to neutral on legal issues. shares will likely have a ceiling until the company provides clarity about the impact on the legal and environmental issues on earnings, stock down one%, 197. you say this weekend's breach with this hack continuing to heat up the cybersecurity names. can any of these cybersecurity companies stop these evildoers? >> interesting you say that because what the weekend brings up in the last couple brought up is how good is cybersecurity, one way or the other you have to be in the space, the world is becoming smaller. you can play it if you don't want to make a bet on any one
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of two names. in this way, you have exposure and not making a call. fire i, palo alto networks, if you want to try individual names. i prefer broader exposure and less risk. >> you like ibm. >> i love ibm. ibm is like the old gray lady, a big old big americana stock, making great headway, traded off a little bit based on the news that came out about the change in management but what ibm is doing in terms of quantum computing in artificial intelligence, underappreciated
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and therefore, a great dividend, it is 5 and a half%. going into a nervous environment, ibm is a core foundational hold. ashley: the unloved big blue. thank you very much. bill mcgurn said it is time to defund president biden's irs. he said the extra $80 billion for the agency is not an investment. he will join me next hour to make his case was the keystone pipeline wants $15 billion in damages from the biden administration but guess what, you the taxpayer may have to foot the bill. we will explain and get into that with larry kudlow next.
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ashley: we are 12 minutes into the new session on tuesday, looking at down winners, salesforce, apple, american express, microsoft and visa on the upside. look at the s&p 500 winners, amazon, applied materials, oracle broad, among the leaders of the s&p. nasdaq, amazon up 2%, apple among the nasdaq winners, up more than one% at 144 on apple. the energy company behind the keystone pipeline is wanting $15 billion from the united states after president biden canceled that project on day
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one of his administration. edward lawrence has the story. what is the latest? >> reporter: the latest is it, could cost $15 billion. the company behind the keystone pipeline wanting to receive damages for having the permit revoked, damages up to $50 billion. they say they will file a claim under the enforcement of chapter 11 under the usmc a. the white house pointing out to the state department for any comments related to this, have not heard from the state department as of yet. people supporting the keystone pipeline say the demand for oil will go through the roof and without a pipeline the price of gas would increase as our reliance on opec and bringing oil from outside would increase. opponents a pipeline argue it could damage the environment and there were enough pipelines to handle the demand for oil. the oil industry in canada growing which is more relied has more pockets have been opening up for drilling. according to a study from the
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state department 26,000 26,100 indirect and direct jobs would have come from the keystone pipeline project. that would be in the food industry, hotels and healthcare for workers on the pipeline project. the pipeline that was scheduled to bring 830,000 barrels of oil a day from canada into the united states it was first delayed in 2015 under former president obama then revived under donald trump in 2017, now the project dead again. ashley: it is indeed. thank you for avoiding the sprinklers on the white house lawn. larry kudlow joins us, great to have you early this morning. you never stop working. will taxpayers be forced to foot the bill and is that fair? i would say no. what say you? >> the lawsuit has my
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sympathies because the biden decision to over the state department and all these studies and the trump decision to overrule the keystone pipeline was a terrible decision. undermines our energy independence. i don't think they care about our energy independence just like their decision to overrule drilling in the a region. this is something that helps russia, it helps iran, it helps china and it does not help the united states, not america first, it is america last. this green new deal stuff which is basically unproven is wrong. regarding the lawsuit itself there is two issues here. one comes under nafta/us mca which replaced nafta and the other one comes what is congress's interstate commerce regulatory power? the first issue is to protect
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investors from expropriation. that is what they are saying under us mca the us canadian side of the investor state decision expires in july of 2023. i did some research on this. still two years left so they could have a point there. we still have the deal with mexico. it is called individual investors, investor state dispute settlement. it continues. under us mca it continues with mexico because people were worried about expropriating foreign investments in their oilfield. with respect to canada it has two years to go so it still qualifies and originally the xl pipeline was done during the nafta days. the other side is interesting. the ability of congress to
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regulate interstate commerce. there are 2 dozen state attorneys general who are suing the state department and the us government on the grounds that the president lacks authority to take off the table the xl pipeline. i am sympathetic to what tc energy is doing, the canadian company but the point is why did we do this in the first place? everyone signed off on the xl pipeline just as everybody signed off on and why are. you have these crazy people and forcing something called the green new deal which is not yet passed congress by the way and they are trying to stop all fossil fuels which will wreck the economy. i hate to see the taxpayers pony up but on the other hand somebody has got to stand up to this biden administration, making america last as far as energy is concerned, not america first but america last. ashley: exactly right. one question, you cover all the
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ground so well like the amazing speaker you are. we have to leave it right there but it is so infuriating that under donald trump we became oil dominant and guess what opec was doing, we had the oil and we were pumping it. now we're going back to the old days and it makes me really mad. larry kudlow, thank you for joining us. appreciate it. all in one answer. it is the laptop from hell that just won't go away. we are talking about hunter biden newly leaked emails show hunter complained that half of his salary went to paying his father's bills when he was vice president. miranda devine has the exclusive and joining us to talk about this at the 11:00 hour. you may want to prepare for delays next time you fly. jeff flock is at o'hare international airport to tell us about it, the major shortages airlines are facing. he will join me next to talk
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ashley: flyers might be back in airports but there is a glitch. they are facing massive delays and canceled flights. jeff flock is at o'hare international. what are airlines doing to fix this problem? >> reporter: they did some fixes over the weekend as it was bad over the weekend but not so bad today, not quite as many travelers. i will give you a look at what that looks like. big delays over the weekend, the latest numbers on travel. i've got to put my mask on as we go inside because that is still the rule. look at these numbers just came from the tsa in terms of travelers yesterday, they traveled back to.1 million, a lot more than the year before but not quite the record that was pre-pandemic. we set a record on friday, there were more people for the first time traveling on friday on that date and there were
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pre-pandemic. there were a lot of folks out there and a lot of delays and cancellations. look at these numbers. sunday delays more than 4000. cancellations more than 2000. you have an open tsa line in chicago. delays not so bad. and full of them. to the board, the very latest. the delays are in yellow. can sells are in red. i only see one cancellation on the board. kansas city is delayed. key west got canceled probably for good reason, got a storm down there. things are better, the problem is shortage of pilots, shortage of aircraft, airlines got rid of pilots, got rid of airplanes during the pandemic. maybe they got rid of too many and are trying to react. ashley: jeff flock at o'hare. this is good news that people are wanting to fly but the lack of pilots and planes not so good.
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>> i have my own opinion because i agree with you it is ridiculous. we gave all these airlines billions of dollars to prevent them going out of business, one thing led to another. i was coming home from boston a week ago come booked a flight a month in advance. the flight was on sunday afternoon at 3:00. they said they didn't, they knew the flight was happening. ashley: don't get me started on the airlines. we will save it for another day. it was lovely to have you. thank you for staying with us for the whole hour. we appreciate it very much. brian kilmeade, miranda devine, lieutenant colonel allen west, running to be the next governor of texas. second hour of varney straight ahead. ♪♪ are you using liberty mutual's
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♪. ashley: lovely day in new york city, getting hot today and there is the empire state building standing out amongst it all. good morning, everyone. i'm ashley webster in for stuart varney today. it is 10:00 eastern. let's get straight to your money. the dow is off. we have fresh records for the nasdaq and s&p. look at the 10-year treasury.
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the treasury hitting its lowest since june 21st, down a little over five basis points, 1.386. norm mali that is god for equities looking for yield, but that is not the case. a little cautious as we begin the new trading week. bitcoin had been moving up and it is but off the earlier gains, still up 900 bucks at 34,195 for bitcoin. and, we have the latest read on the services sector. good morning, lauren simonetti, you have the number. lauren: good morning, ashley. we have a slowdown here for june. ism manufacturing number came in at 60.1, a far cry from the manufacturing of 64 in may. i want to give you one point in the report. the supplier delivery part, when you have a very high number
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there, that is great because that means you can't getted goods where you need them. that is a sign of big demand. that fell backs to ail little bit of. a little bit of cooling off in the month of june for the services sector. ashley: okay, very good. lauren, thank you very much. let's check the markets again bring in our good friend jason katz. jason you can remain only what can be called unapologetically, not an easy word to say, unapologetically, make your case this morning, jason. >> this could be the most misunderstood and hated bull market of our time and it is understandable, right? we have seven million fewer workers than pre-covid. s&p is up 90% off the low. there is fear of inflation and higher rates. we have seven days in a row of gains. i'm ream list i -- realistic trs
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don't grow to the sky but plenty ever reasons to remain constructive. we could see five to 6% growth. earnings they are growing into valuations. we could see 40% earnings growth and next year double digits. the stock market follows the economy and earnings follow the economy and stocks in turn following suit. ashley: i love all of that but is there anything that could knock that plan off schedule? what are your concerns? >> there is no shortage of them and i mentioned them before with respect to higher rates and inflation. i often times as an equity investor take my cue from the bond market and the bond market's response, you said it a few short moments ago, is suggesting either peak growth or temporary inflation. last week's employment numbers were the, i hate to use the word goldilocks, let's say porridge not too hot, not too cold.
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it keeps the fed friendly for the foreseeable future. ashley: talk about the s&p. your target is what, it is 4600. by when do you think? >> that is our bull case and i think that could happen anywhere between year enand or 12 months from now. so i'm not wildly optimistic or bullish here but i remain constructive. 4600, my math is right after a holiday weekend is around 6%. which hosts having the move we had this year, subsequent to last year's gains is very respectable. ashley: so you're bullish, inflation, yes, could be a problem but overall, we say this a lot, it is the only game in town i think right now and you would agree, equities? >> i would agree. with rates as low as they are, the fed probably not tapering until at least the beginning of this year, not raising rates for at least a year-and-a-half. i run money every single day.
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there are very few choices where the money can go. the path of least resistance can and will continue to be in equities. ashley: i love it. jason katz as always, thanks very much. >> you bet. thank you. ashley: thank you. now this, more unemployed americans are suing states for ending federal unemployment benefits early. jobless remembers dents in indiana, were the first to take legal action. now residents in texas and maryland are following suit. interesting, isn't it. bring in bill mcgurn "wall street journal" guy. bill, do they have a case? >> the people suing? ashley: yeah. >> yes. yeah i think they have a case in the sense that there are these benefits that they were getting that the federal government extended until september but i think there is another case here. there is two aspects. one is, if you go around the country now and talk to
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employees, their biggest problem is that they can't find the workers that they need, right? that is a big problem, a big constraint on the economy. i think there. are also federal-state issues. i believe it should be up to the states to decide what they want in their states and then, if the people don't like it, vote them out later. you know we're also talking about a, really a two month difference because, even if they win their suit, these benefits are set to expire in early september. so. ashley: true. >> i think what we have is a bet by these governors that they would be better off getting a full recovery, nothing in the way and let their states recover than keeping people out of the job market and collecting unemployment. i think that is a reasonable bet. ashley: all right. next one for you, bill, you just wrote a new op-ed on defunding president biden's irs. i read it. the president wants to boost the
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agency's funding by 80 billion to fight essentially tax evasion from wealthy americans and corporations. and the argument here said that cost will be more than covered by all the extra revenue they will recover, but, why do you think this is a bad move? >> well, i think, for several reasons. one is, as you point out, they claim for just $80 billion, we can make it up by bringing in 700 billion over a couple of years, right? these things never seem to work out the way they want. i don't believe that we can audit our way to prosperity. and there are a lot of costs to compliance. we have a whole industry as you know, probably have a lot of people on the show, people that fill out tax forms, lawyers, accountants, that haggle over these things and i think it will get worse. there are two visions of a tax code.
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one is the joe biden vision where you squeeze every nickel you can for people not paying their fair share and people have a lot of advantages in terms of lawyers and accountants or another system where you tax at a reasonable, clear, low rate. you don't impact the economy. you don't put a big burden on it. you don't make it worth people's while to cheat. these are all pie-in-the-sky. i can understand why the president is for it because he is basically saying all these trillions that i'm spending is not going to come out of your pocket. it is going to come out of the pocket of people who are tax cheats and not paying their fair share. that i think is a real daydream. ashley: i also think of lois lerner and conservative groups being targeted. that is also out there. >> right. it is a big, that is a big part of it because as you know the irs is one of the most powerful agencies in washington, in terms of its control over americans.
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most of us don't have to worry too much about the department of energy or the state department but the irs can ruin us. and you can see what happened. ashley: yes. >> when a few people out of political motivations weaponize these vast powers people have. why you would be giving 80 billion more to an organization that never really, never really answered to that question. also look just now they leaked all these confidential tax returns. someone leaked them. ashley: exactly. >> that is their most important job is to keep information confidential. do we think a bigger irs is going to be better than -- ashley: no. >> they keep talking about, ash, they keep talking about it as an investment, as though you were investing in the s&p or something. it's not. it is government spending. ashley: bottom line. >> we should think of it that way. ashley: all right. i couldn't agree with you more.
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>> people think the irs is bad. ashley: that famous line we'll need a bigger boat and bigger irs. bill, thank you so much. appreciate it. >> thank you, ash. ashley: bring in lauren if we can. thank you, bill. we have movers. what is going on with american express? lauren: goldman likes it upgrading it to a i buy. they think there is a big rebound in consumer spending. giving them a 233 price target which is 30% than the close on friday. stock hit a high moments ago. health officials in israel found the vaccine only 64% effective against the delta variant. so the stock is down 1.3%. big story today. china drag cracking down on big tech companies that recently if ipo'd in the u.s. waibo, the
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stock was up on the report from reuters in the pry market. now it is up only 9%, because the chairman of weibo has denied the report. there you have it. ashley: nothing to be seen here he says. look at bitcoin. it dipped below 34,000. now it is just governor 34,000. what is going on here. lauren: let's see if it tests support of 35,000 instead of the other way of 30,000. if it goes down to 30, that could spell trouble. there were two negative catalysts, they are similar to catalysts we always see whether regulation or crackdown. the first is a "wall street journal" report that the sec chair gary gensler told house lawmakers that investors protection rules should also apply to the crypto exchanges. that is one headline moving cryptocurrencies. the people's bank of china ordering a software in the country to suspend operations because they were suspected of being involved in trading with cryptos. like i said, you have the
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regulatory headwinds. you have the crackdown story, moving the crypto market today. we'll see if we can find support for bitcoin at 35 instead of 30. ashley: exactly. we'll find out. good stuff. also show me didi. that is the chinese ride-hailing service, tanking this morning, down 22%. is this fallout from china's crackdown? lauren: absolutely. so they ordered that didi's app be removed from the app stores. what did the underwriters -- this is a company that just ipo'd two weeks ago, ashley, what did they know about this at the time, the crackdown in china? the journal is reporting that the chinese regulates suggested didi delay the ipo. regulators are not just looking at didi. they announced a review of full truck alliance and camsun. which is online recruiter. if you're doing business here in the u.s. do you have to abide by
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security laws? yes you do around you can share sensitive information. ashley: interesting, all getting hit very hard. jd down 4%. alibaba down 2 and a third. all right, lauren, interesting stuff, thank you very much. democratic congresswoman cori bush blasting 4th of july is celebrations saying black people still aren't free. we'll get into that coming up. one of the hawaiian airlines is cutting back of flying in tourists. they say they can't keep up in a boom in overture rich. we have that story. first the justice department is suing georgia over their new voting law. georgia secretary of state brad after fence burger says there is no merit in the lawsuit. he is here next. ♪
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off your kohler walk-in bath. and take advantage of our special offer of no payments for eighteen months. ashley: now this, the justice department is suing georgia over its new voting restrictions a good time to bring in georgia secretary of state brad raffensperger. secretary, good morning to you. you are defending your voting laws. make your case. >> well, number one, i'm the first secretary of state to ever introduce photo i.d. for absentee ballots. that is what they're currently using in minnesota. so why is it okay for democrats to do it in minnesota but not republicans in georgia? we'll win on that. we'll win on every single point. i'm looking forward to meeting them, beating them in a court of law. "wall street journal" editorial this morning said doj should
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drop the suit. i would like to meet them in a court of law so we settle these issues in a court of law. ashley: i was interrupting you to mention "the wall street journal"'s op-ed which is very interesting. it said not only should the suit be dropped, but it was filed for pure political theater that they knew the writing was on the wall. they go on to say that georgia's rules are generally lenient and don't especially burden the ability of minorities to vote. that is correct, right? >> that is absolutely true. we have registrations, record turn out of all demographic groups. if you look at, we have people, voters in georgia three options, no excuse absentee voting. 17 days of early voting mandatory for all 159 counties. any county that wants to can have two days of sunday voting, election day voting. lots of options to choose. ashley: where does it stand now? it has been filed. how long will it take to get this thing resolved?
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will it drag on? >> our group of attorneys were in conference last week and we'll be get being back to the judge with our initial filings. we look forward to it. we have a very strong case. ashley: well, and i guess the case being, what you just laid out to me in those no uncertain terms. there is no unnecessary burden. it doesn't target one particular sector of the community and if anything, it insures that those who are allowed to vote are indeed proving that they are allowed to vote. that is the crux, right? >> exactly. then if you look at the supreme court ruling that was just handed down on the arizona case, arizona's outlawed ballot harvesting. same prohibitions here in georgia. we'll prevail on that. out of precinct voting was upheld in florida. our law is similar to florida's. we have no out of precinct voting up to 5:00 p.m. it is very generous. if you show up at five to 7:00 you can vote out of
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precinct. but that makes sure that your vote counts for all the races, not just the statewide races. ashley: it is interesting, to kind of take a step back from all of this, this could play into hands of republicans in the midterms, who knows, through to 2024. this is issue been raised. the supreme court knocked it down. i think it is a winner for republicans. what say you? >> well i hope so because we've been fighting this since the day i took office. we had at one point over 15 lawsuits from the liberal activist groups. right now we have eight lawsuits with sb 202. i was first secretary of state to outlaw ballot harvesting in 2019. we have new machines with verifiable recounts to varify who you voted for. voter i.d. we stood up during the pandemic. this is going to be upheld. ashley: very good. we'll leave it right there. secretary, thank you very much. taking time out this morn
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nothing chat with us. we do appreciate it. >> thank you. ashley: thank you. by the way the justice department is closely eyeing other states with similar voting laws to georgia. david spunt is at the agency. david, what other states could be taken to court? reporter: ashley, that is the million dollar question but we know this justice department has a top priority, and that priority is to make sure that voters are not disenfranchised. we heard that directly from the attorney general merrick garland. we know that the top justice department officials are potentially eyeing some other states with these restriction laws. ashley, about a week 1/2 attorney general garland announced that lawsuit against georgia. you heard from secretary raffensperger right there. republican brian kemp signed it into law. he claims it protects voters. democrats claim it is difficult for minorities. georgia is not alone. you mentioned other states. texas, florida, arizona, also on that list, same with utah,
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idaho, wyoming and montana. all of those states have caught the eye of the justice department. i'm told it is possible that some of these may see similar action. it may not be easy for doj to do so. not even a week after the ag garland and his team filed suit the u.s. supreme court last week ruled that arizona's voting law is constitutional and may continue to operate in that state. the democratic party of arizona sued but the justices 6-3 rule to leave the law alone. here is arizona attorney general mark brnovich on "sunday morning futures." >> an independent judiciary is the bulwark of liberty in our country. it represents the rule of law. every time the democrats don't like a case, what they try to do is essentially change the rules in the middle of the game. reporter: essentially the supreme court ruled that arizona is justified, it is righteous in that law. what does it mean for other states? will the justice department push forward? i spoke to an official said it is important to make sure that
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doj sees that voters are not being disenfranchised. right now no pending litigation. that could always change. ashley: indeed it could. david, thank you very much. appreciate that. now this, house majority whip jim clyburn is changing his tune on voter i.d. laws. let's bring in lauren simonetti. what is he saying. >> we have the sound to prove it that he could absolutely support a voter i.d. requirement proposed by senator manchin. listen here on cnn. >> what i first registered to vote as a 41-year-old back then, 18-year-olds could not vote, i got a voter registration card and i always possessed that voter registration card when i go to vote. and that is voter i.d. we are always for voter i.d. we're never for disproportionate voter i.d. lauren: 180 from this tweet last october. ashley, long voting lines,
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closed polling locations, voter i.d. laws, they're all voter suppression. so why the about face you ask? well maybe because manchin's compromise gets dems more of what they want. for instance, states would be able to accept documents like utility bill as a form of i.d. rather than a photo i.d. that is the best answer i have for you. but that was an about-face in less than a greer. ashley: we'll take it. ashley: lauren, interesting stuff. thank you. now take a look at this. this video, it is a neiman marcus in san francisco. that is not a layaway plan. that is a runaway plan. a group of shoplifters seen running out with expensive merchandise and a district attorney official there says any fears of a crime surge there are linked to racism. you just can't make this stuff up. we'll have the details. some students at georgetown university argue they are not proud to be an american. roll tape. >> are you proud to be an american? >> no. i feel embarrassed to be an
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american every day. >> not really in this climate. ashley: wow, we have that full report coming up next. ♪
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♪. ashley: talking about freedom. paul mccartney, as we look at a beautiful shot of sunny philadelphia this morning, the city of brotherly love. it will be a high of 94 degrees there today. a hot day in philly. now i want to bring in if we can campus reform reporter ophelia jacobsen. good morning to you. we just finished a long holiday weekend celebrating america. you interviewed a bunch of college students and found out many are not proud to be an american. what the heck is going on? >> that is exactly right. ahead of the fourth of july weekend i went to georgetown in washington, d.c., and i asked students a very simple question, are you proud to be an american.
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answers were concerning. students told me that they were ashamed and embarrassed to be an american every single day. they even told me they hate this country so much that they are willing to give up their u.s. citizenship and even move out of the country just because of how much they dislike this nation. but unfortunately you know, these are answers we're not shocking. at the leadership institute campus reform we've done multiple videos showing anti-american sentiment on college campuses. over memorial day we did a video with satirical petition to cancel memorial day. we got 50 signatures. i asked students what the american flag means to them. students told me it was a symbol of oppression. this anti-american sentiment we're seeing on campuses is nothing new. it should absolutely concern every single american. ashley: it certainly should. i want to see that, if we can, the roll the tape, on not being proud to be an american. roll that tape. >> are you proud to be an
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american? >> no. i feel embarrassed to be an american every day. >> i'm not really in this climate. >> not most of the time. >> i think sometimes it is just a little embarrassing. >> what is there to be proud about if you're black being you know -- >> most of the time no, over the past four years. >> half on that. i would honestly bother, kind of live somewhere else. ashley: yeah, how about go to cuba? how about go to beijing and express your opinion and see how much you like the freedom in those countries. they're pretty clueless. that is shocking to me, ophelia. i want to bring on another subject if we can, bard college in new york offering a full class, abolishing prisons and police. the course will design to produce a multimedia campaign to
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make prisons abolishment go viral. what the heck? >> it is raising the next generation of social justice warriors. i would like to pound out last week democrats were trying to blame republicans for the defund the police movement. i argue you know, if anyone is to take the blame for fueling this defund the police and defund and abolish prisons in this country, it is our higher education institutions who are spewing this anti-police rhetoric in the classroom. it is no surprise when college students graduate, they take a diploma in one hand and decide police and prison systems are bad and unnecessary in the other. this is shame what is being taught at our higher education institutions in this country. ashley: it goes a step further. from bard to yale university. offering a course that compares american prisons to nazi germany. is that right? >> yale university will be offering this course in the fall that compares u.s. incarceration system not only to nazi germany, but communist china and
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soviet union. these systems could not be more different. historians estimate 1.2, to 1.7 million people died under the gulags in the soviet union. almost a million jews died in auschwitz alone. china to this day still uses forced sterilization and rape. meanwhile in the united states of america, prisoners are given leisure time. they're given time to exercise. to call their friend and families. they're provided with three meal as day. shows our professors are expressing their viewpoints in teaching feelings rather than facts. our higher education institutions especially one of the most prestigious ones, yale university should hold these professors accountable. they should absolutely not offer this course in the fall. ashley: absolutely. you know, words fail me. that is all i can say. ophelia, thank you very much for bringing these issues to our attention. it is indeed scary. thank you very much. we appreciate it. let's take a look at the markets now if we can. a muted beginning to this
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tuesday session. the dow now off 308 points. starting to gain downward momentum, down almost 1%. the nasdaq slightly down a 10th. s&p down half a percent. the dow, i should say the nasdaq and s&p hit all time intraday highs earlier today. the price of oil coming down, down to 74 bucks. those oil prices by the way did reach a six-year high earlier as opec could not get its act together to come up with a deal. members can't get a date to have a new meeting. airline travel bouncing back. holiday weekend, many people flying faced cancellations and delays. nothing more frustrating sitting at an airport. come in lauren, what is going on? lauren: with a mask on. we're traveling the way we did back in 2019.
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2.2 million people fly somewhere on friday and again on monday. look at this. this is hard for airlines to meet demand. weather doesn't help. 139 cancellations into or out of the u.s. today. we saw 220 yesterday. look, elsa, barreling in, that could affect these cancellation numbers for tonight and tomorrow as well. ashley: the numbers are back. so are the problems unfortunately with the airlines. but, lauren, not everyone is pleased with the uptick in travel. the mayor of maui of all places asking airlines to stop bringing tourists. what the heck is that all about? lauren: we can't handle the crowds. roads are congested. so are the beaches. restaurants still follow social distancing. they're only operating at half capacity. they just can't handle the crowds. hawaii the only state not fully reopened. the vaccination rate is 58%. i think the mayor has to understand his request to the airlines which don't have to listen to him by the way is a double-edged sword.
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you don't want to bite the hand that feeds you. tourism is the number one economic driver. you don't want to say airlines, don't fly tourists here so we can make money. ashley: yeah. i don't think that is such a very wise thing to do as you say. biting the hand that feeds you. all right, lauren, thank you very much. we should move our bureau to maui. lauren: i'm there. love the surf. ashley: we're there. we're on. lauren, thank you. retired colonel allen west announced he will be running for the next governor of texas as a republican. so what is so bad about current republican governor greg abbott? i will ask him about that. he is coming up on the show. we'll get into that. plus, with food prices on the rise some restaurants are looking into the agriculture alternative, indoor farming. we've got a live report why the industry is set to boom next. ♪.
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♪. ashley: all right. you're looking at tampa, florida. 79 degrees. a little hazy this morning, watching for tropical storm elsa that will come into that region later tonight and tomorrow, bringing strong winds and heavy rain. it is the calm before the storm. now this, restaurants and food vendors are turning to indoor farming as inflation and historic droughts are driving up the price of food. lydia hu is at bowery farming in new jersey and lydia, my question to you is, what exactly makes it cheaper to farm indoors? reporter: yeah, hi, ashley, it might not be cheaper just yet but indoor farmers say it's a more stable and secure food supply chain.
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which is really important to understanding how this works. it is called vertical farming. you see trays of plants stacked on top much of each other under the sun. they can control the conditions. a typical farm only gets about two. they're growing a variety of different types of plant you can see from lettuces, a arugala an. this is hydroponic. this arugula has a spice into it. they get the spice by what they say stressing the plant out. here is explanation what the process looks out. >> what stresses the plant out is exposing it to more intensity and longer duration of right. we're able again to optimize that recipe because we control every aspect or input into the plant's growing. we're able to hit the exact
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flavor profile we want. reporter: now controlling the environment means that bowery farming can produce more food two times faster, ashley. in one square foot of land they say they can grow 100 times more lettuce when you compare that to a traditional farm. we're talking about higher quantities of food. right now we're in new jersey, like you said. so all of the food here is supplying the tri-state region. projecting into the future they see indoor farming coming to all major cities, supplying, fortifying local food supply chains there. ashley, back to you. ashley: very interesting. yeah, makes sense. it is very productive. lydia, thank you very much. now switching gears as crime grips the nation retailers in california are seeing an uptick in shoplifting like that. you just grab and run. lauren, which stores are being targeted? lauren: that is a neiman marcus in san francisco. the masked robbers smashed display cases inside and ran out
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with handbags piling into getaway cars. organized crime like that, there is a plan, getaway car. becoming rampant in san francisco, los angeles. target are closing some much their stores four hours early at 6:00 p.m. walgreens they have closed entirely 17 stores in san francisco over the past couple of years. so, yeah, there are security guards at these stores, told, look it is not worth it. don't go after the shoplifters. those shoplifters get away with not even a slap on the wrist, ashley. ashley: complete anarchy, what it is called. lauren, a senior official in the san francisco district attorney's office is linking this recent surge in crime to racism. what did she say. lauren: her name is kate sheffield. she works in the san francisco da's office. she was responding to a tweet about residents and families worried about these crime levels. let me show you her response.
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husbands an wives, husbands are scared for their wives. i apologize. your reminder the crime surge crowd shares the same ideology as the birth of a nation. that is the highly controversial film from the 1900's that glorifies the ku klux klan as heroic men protecting american values and husbands protecting wives. chatfield is sending the message, if you're worried about robberies and shootings where you live, you got to be a racist. she since took her twitter account private because i'm sure the critics were out there, ashley. ashley: i'm sure they were. rightly so. lauren, thank you very much. now this, dr. fauci, changing his tune again. he says vaccinated people should still wear masks in parts of the u.s. roll the tape. >> i might want to go the extra mile to be cautious enough to make sure that i get the extra added level of protection. ashley: dr. marc siegel here to
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take that on. those opinions change all the time, do they not? members of the u.s. woman's soccer team turning away from the flag during the national anthem? what is the story here? they will tell us. brian kilned will be here next. ♪
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ashley: let's have a quick look at the market on this tuesday morning. the nasdaq essentially flat to slightly higher. both the dow, you can see down 314 points or 319 points. the s&p also down half a percent. it is now 10:51 on the east coast. that means it is time for brian kilmeade. good morning, brian. yes, stu is on vacation. i want to talk about some of the players we can on the u.s. women's soccer team. it looked like they were turning away from the flag during the national anthem before the game against mexico. it wasn't shown on tv. why do you think they didn't show it? what was going on? >> not really sure. but they did not run for the fact that meghan rapinoe and others were kneeling. did not run from the fact whole team kneeled except for a couple
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players, controversy there. u.s. soccer seems to be a very woke organization of late. here they are vigorously denying they turned their back. this is disciplined team went out and crushed mexico. before the in the world. favorite to get a gold medal. discipline from the time you walk out to the house you stand for the national anthem on down. i watched the video again. i'm going to go with them on their word. because, there really is no downside for them doing this. you saga when berry is more famous. i'm sure she will get a nike deal soon. women's team is not sanctioned for doing this. i will go with their denial. carley lloyd who i respect more than any athlete in the planet, 40-year-olds old, now the captain, said we will will i will go. ashley: some were acknowledging flag at one end of the stadium. another members of the team acknowledging a man playing the
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national anthem on a harmonica. what they were looking at. move on. brian, a favorite, squad member cori bush slamming 4th of july celebrations. she said, here is the tweet, black people still are not free. though say that the 4th of july is about american freedom but not for black people. just white people. texas senator ted cruz blasting the congresswoman in a tweet saying, look, the left hates america, believe them when they tell you this. what is your reaction? how can someone tweet something like that on the 4th of july? she truly briefs it. >> she is success story. she should be talking about this is how i made it in america in certain sections there are people out there might have a harder time than others and this is how i made it through. marks even waters said something just as derogatory about this country. this is a woman living in a mansion while representing a run-down south-central los angeles. been in congress since the '80s. how bad is america for you? and how could you change it?
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there are people in america, we have equal opportunities, if it is unequal, make it better. if your schools are bad, make them better. you don't vilify people. we're in the marketplace of vilification. it is somebody else's my fault i haven't reached my goals. i have economic duress. i'm sick of it. unfortunately we're doing two things, bringing up kids through school one way and pressing down with lawmakers the other way. there are very few lieutenant colonel allen wests out there or not enough pushing back. ashley: right. do they truly think this is what america wants to hear? they don't care, i assume, it is certainly not a winning strategy for political party. i mean i just don't understand it. >> it might be in their minds because they looked at the money that poured into black lives matter. they look at the feeling of horror as we watched george floyd breathe his last breath and they say, this is endemic
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what happens in america to to african-americans, caribbean americans, wherever they're from. they thought that is the best way to maybe get political capital. i think people are sobers up cops are not the problem, law enforcement is not the issue, we're not perfect but pretty great. my hope there will be enough pushback people learn history instead of indoctrinating hating this country. i go back to what other people say. i think it totally work f you have a better country in mind please go because i have not seen another one on the planet. go ahead and tell me this perfect country. you want our great country to be better, i'm all in. you hate this country. i'm not keeping you here. ashley: yeah. go and live in cuba. go live in beijing and start talking badly about the government. see what happens to you. you will never be seen again. >> go to the uk. go to france. go to sweden. go ahead. ashley: yes, yes. socialist countries. by the way, spain, italy, very
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quickly, euros, i pick italy. play england in the final. should be interesting outcome. >> i like italy because of tradition. i'm half italian. they surprised everyone throughout the tournament. i think the biggest surprise is england. don't you believe? ashley: i do. we are traditional runners-up, brian. bring it home is the song. brian kilmeade. great stuff as always. thank you so much. still ahead, rob smith, miranda devine, allen west, dr. marc siegel. plus the largest teachers union in the country approved a plan to promote critical race theory in all 50 states. they stay it is reasonable and appropriate for kids. tell you all about it. after this. ♪. jason, did you know geico could save you hundreds on car insurance and a whole lot more? cool. so what are you waiting for? mckayla maroney to get your frisbee off the roof?
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consumers will see it in their pocket after a few months. >> everyone signed off on the xl pipeline just as everyone signed off on andwar. >> the biden administration is making america last. ♪♪ ashley: that is a beautiful shot, helicopters flying by on a hot hazy morning in new york harbor. 11:00 am on the east coast on tuesday july 6th. let's get right to those markets and check them, lots of red on the screen, the dow off nearly 400 points, down one%, the s&p, the nasdaq down a tenth, earlier in the session early on the s&p and nasdaq
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reached new record highs inter-day but interesting story on the 10 year treasury. it is down below one.4%, well below for the first time since june 21st, yielding one.35%, we haven't seen it that low for quite some time, interesting the yield down, and he is the markets guy. banned it from their apps stores. should they be concerned about putting their money in chinese companies, hard to do your due diligence and figure out what the chinese government is going to do. >> investors need to be careful about new issues on ipos coming
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into the market. there is another level of due diligence because in china the accounting regulations are not the same as in the us. ali baba was a massive winner but a large chinese company was going to go public and there was a lot of government intervention with that as well. for a us investor when i look at didi i see this selloff based on what the chinese government did. it creates an opportunity here. a huge company in china, this selloff, the government will step away and i think for the very aggressive viewers looking for a trade i think didi is a good entry point. stuart: do you have exposure to chinese companies in particular? >> i don't. for the reasons that i said i
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will be looking at didi more in trade but long-term there are more opportunities in the united states, private and public markets. there are great companies in china as well but i know the us better. i understand us regulations better. until i conquer the us and get the great private companies that are going public here, until i reach that point i will stay away from china specific, i would say all economies where you don't really understand the government or what the government may do. ashley: i want to mention the 10 year treasury yield, haven't seen it done one.35% in some time which normally means we see many come out of that because the yield is going down and goes into the equity markets but we are not seeing that, dow off 400 points. how do you explain the market moves today? >> i wish i had a quick explanation. what i think it is, to sell
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bonds this year, and yields breaking above, into the bond market to chase that yield. you still have an accommodative state, rates that are down here and the concern as an investor if the fed were going to overreact. they spook the markets. rates will come back higher, and and impact the bottom line. corporate earnings continuing to grow.
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they are measured against a low number for last year. the backdrop for the us market, selloff from the dow today, backdrop is higher earnings and higher stock. ashley: all very optimistic. mike murphy, great stuff. thank you very much. thank you for joining us on this tuesday. america's largest teachers union approved a plan to promote critical race theory and 14,000 school districts across the united states. they claim crt is, quote, reasonable and appropriate for kids. let's bring in rob smith to talk about it. let's start there. what do you make of that statement? >> the statement is very interesting. what it does is undermines a left-wing talking point as to what critical race theory is. the left-wing will say this is not being taught in schools but
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one of the largest teachers unions backing this, says this will be taught in school. let's be clear about what critical race. is, this is legal exploration and the bottom line is every structure in america is fundamentally racist from america is racist in general from the education system to the legal system to everything else. this is not what the left says, teaching african-american history, there's a difference between teaching about the achievements and accomplishments of african-americans in this country as well as our history then critical race. that is the different thing. critical race theory is teaching kids that -- teaching black kid they are victims and white kid they are oppressors and this is going to backfire on the union because you are seeing viral videos pretty much every single day of parents and school boards of all colors all across the country pretty much
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standing up against this and saying we want you to teach our children history, reading, writing, math, things that are important, not this divisive stores of victimhood rarity. ashley: could not have said it better. i want to switch gears if we can. amazing number, 250 people shot and killed over the fourth of july weekend. clearly there is a surge in crime in america. you can't deny it but what will it take for the democrats to acknowledge it? right now they are not and if they do they say it was republicans who wanted to defund the police. >> the only thing it takes for democrats to acknowledge the crime wave we are seeing across the country is basically the numbers in the polling. these are the people that push the defund the police rhetoric everywhere basically last year when we saw all these protests. when they find out this defund the police rhetoric was polling
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bad they flipped and now they are trying to say it is republicans that want to defund the police. of course this is absolutely ridiculous. anybody that has been paying attention knows that this is false. democrats are paying attention to this but they are between a rock and a hard place because their base wants the police defund it, their base does not care about anti-police rhetoric and their base really doesn't care about the violent crime that is killing real people across the country because they don't look at it in terms of lies lost but in terms of statistics. i want you to look at the young let kids being shot and killed in chicago and tell me this crime wave is about statistics. it is not. democrats need to get it together. in new york city they have an opportunity to elect the mayor while a democrat is tough on crime and they are trying to stifle the election from him at this moment. democrats are in trouble. i believe they will lose the house if they continue on this path.
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nobody is believing their spin that republicans want to defund the police. anyone paying attention knows it is ridiculous and a lie. ashley: it is ridiculous and a lie. i was out at a restaurant this past weekend and someone stuck by and that is what they were talking about, can you believe the democrats are blaming republicans for defunding the police? no one is buying it. they are laughing. thank you for joining us today, appreciate your time. thank you. let's take a look at the markets, a blast after the new trading week. what is moving? >> they had a 12% stake in didi, we are down a bit. amazon shares hit a new high of
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the first record close, the mastermind of the cloud unit succeeds. jeff bezos, they also like to work from home stocks. so the question is why. as we look at the dow selling off today, the best of the economic recovery, work from home the new normal. >> the oil, prices are dipping off 2%. what is going on. >> they are pulling back from the 6-year hybrid took brent $80 a barrel. they are reacting to the deadlock by opec member nations.
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the longer they can't agree the greater chance they go rogue and pump as they wish. you put more supply on the market, prices go down. that could be one of the reasons. look at that. in the gulf of mexico near one of the oil platforms, the eye of a fire on social media. the company that owns the rig said it was caused by a gas leak from an underwater pipeline. nothing has built into the water as far as we know but imagine looking that. the eye of the fire. it is scary. ashley: how can you have a fire in the middle of the ocean? thank you very much. here we go again. doctor fauci wants vaccinated people to put their masks back on. we will tell you where he says where you should go the extra mile plus the texas gop chair wants to unseat governor greg abbott. i will ask the former lieutenant colonel allen west
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why he thinks he is the right guy for the job but first this just won't oa, hunter biden claimed he had to spend half of his dowry playing his -- paying his father's bills. miranda devine joins us next. ♪♪ i want something else ♪♪ i am not listening when you say ♪♪ like our lunch. (laughs) amazing! see it. want it. ten-x it. (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured
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stuart: ashley: you are looking at capitol hill, 87 degrees and sunny. you know it is muggy in the nation's capital. one of those july days.
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let's look at this op-ed from the new york post, the headline reads hunter biden engaged in daddy day care. i love the play on words. miranda devine joins me now. miranda, good morning. hunter biden complained about paying his father's bills. what was he paying 4. >> we know hunter biden complained to his daughter he was having to pay half of his income to his father and we had a look on the laptop and we found a couple of instances where hunter biden is expected to pay certain bills for his father. what is a monthly at&t bill and $190 a month. there was a series of
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maintenance, very as contractors of the wilmington area for the lavish house on the lake that included things like repairing stonewalls and painting, and $1,000 for each one, the replacement the property the president biden aptly mother lived in, and $2,000 per month, president biden was meeting with various clients or business associates of hunter biden's were paying quite extraordinary amounts of money. ashley: president biden use his influence to find hunter
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high-paying jobs. to generate cash for the family, pretty cynical isn't it? >> when you see a hunter was cynically being used to. in his own words this is how he felt on numerous occasions he was quite resentful about the fact that he was expected to pay for the tuition of siblings as well as his own tuition, at considerable cost to him, giving his income to family members. there is a lot of evidence of money transferring significant amounts of money transferring to president biden's younger brother. hunter biden wanted to be a painter, an artist, he was very
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keen on creative pursuits but it was expected within the family, president biden expected him to go to law school and come out and make a lot of money on behalf of the family, to be the family breadwinner while the president and his other son bo went into politics and had a life of service which precluded lots of incoming cash but it didn't stop president biden from having luxurious tastes. he lives in magnificent mansions and dresses impeccably and loves nice cars, he has champagne taste on a beer budget. ashley: he wouldn't be the first and won't be the last but fascinating stuff. we can spend a lot longer talking about it. thank you for joining us this morning, to give us the highlights of what was on this laptop.
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now this was the people behind the biggest ran somewhere attack on record are apparently demanding $70 million in ransom. edward lawrence at the white house. what does the biden administration say about this if anything? >> reporter: they directed all the related cyber agencies to investigate what happened. in a statement over the weekend the white house did not target the russians. they did not have targeted language toward the russian link to gang that says on the dark web they are involved in this in creating this ran somewhere attack. what the white house statement did say was this. we extend thanks to our cybersecurity professionals for working around the clock to respond to this incident. president biden did quickly address this incident while getting ice cream in michigan. >> i directed the full
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resources of the government to assist in a response with the knowledge of and or consequence of russia -- i told people we will respond. >> the ran somewhere group that linked to that great evil for russian banked gangs, the universal decryption key to equipped all of the machines around the globe. manages remotely it for 1500 companies around the globe. if you're company is affected by this shutdown your servers and call the fbi. >> seems like every other day we are talking about this type of story. we have to move on. look at the markets.
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the dow is off 400 points, the nasdaq essentially flat. the s&p down 0.6% at 4323. show me if you can home depot and lowe's down today, home depot down one.5%, they are putting a bigger focus on professional customers instead of those customers working on dy i project that were popular during the pandemic shutdown, hiring contractors to do their work inside their homes. another sign of things getting back to normal. another sign of that recovery costco dropping its covid senior hours at the end of this month. the extra store hours allow members age 60 and over to shop with small crowds but that trend coming to a end. costco down one third of one%. organizers for the 2020 tokyo olympics considering limiting how many people can watch the games. could it be that?
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>> it is fluid. overseas spectators are bound, domestic spectators 10,000 that certain venues but the japanese media reporting 5000 if not fewer than that for those competitions after 9:00 pm. they don't want anybody there. these are fluid and the olympic officials will meet thursday to decide. what is the backdrop of this? the vaccination rate in japan is 13% and they have a lot of restrictions that are still there. essecotvnty ent.evebecobe as ey: hl%.hl k anu ry m m m n thi t 4 m t 4 wo dr peop theof t work heheeight he t pand paic pa somowcoome anome ane an figh ngo t t t t t t bm rickriri
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♪♪ the stars at night are big and bright ♪♪ deep in the heart of texas ♪♪ ashley: deep in the heart of texas. what a classic. you are looking at the texas state capital, that incidentally brings me to my next guest, lieutenant colonel allen west. you are appearing on this network for the first time since announcing your run for the governor of texas and i want to begin here with why do you think you can do a better job than the state's current governor greg abbott? >> good to be with you. one thing i tell people is i'm not running against governor
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abbott, i am running for texas. after announcing this to rio grande valley, in that sector on the rio grande river. i watched 80 people come across the rio grande river in the state of texas they were marched up and jumped on the bus, where they go from here. we have a porous border. i understand president biden wants an open borders policy, we need leadership in the state of texas that protects texas, we have safe and secure neighborhoods, texas is the number one state in the united states of america for sex trafficking. that's one of the reasons i feel it is important to have principal leadership at the head of the state of texas. ashley: next for you, on the screen we put a tweet from congresswoman maxine waters on the fourth of july.
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it says in part the declaration of independence says all men are created equal, equal to what? what men? only white men? what do you think about that from maxine waters? >> this is just another instance of the delusion from the progressive socialist left, representative corey bush, understands this, in 1961 i was born in a black hospital. here you have someone that just happens to be black. ashley: oh dear, just keep going. can we get him back or not? it is frozen. such is the world we live in today. allen west, thank you so much for joining us. at least we got a question in. you were talking about border security and we were moving on.
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hopefully we will get lieutenant colonel allen west back to talk about his efforts to become the next governor of texas. in the meantime we move on. let's look at the markets. we were down 400. we are down 345 on the dow, the nasdaq essentially flat this hour, the s&p down half of one%. the nasdaq and s&p hit intraday highs early on in the session but moved south. now this. more than 4 million women dropped out of the workforce at the height of the pandemic. that is a huge number. tell me, what are companies doing to try to get women back into the workforce? >> not enough. amazon is hiring 1000 women the left the workforce during the pandemic and that, how do we get moms back to work? she can multitask. she would probably appreciate the work outside the home. another perk is back up childcare. bank of america reimbursed
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parents $100, partnering with great horizons to help but the issue is many of those perks are just temporary and the problem remains. companies ready to reopen faster than workers want to come back. the conference board did a survey on this and found 43% of workers in general feel the need to go back at all and that number is higher for women 50%. women are also more likely to experience stress and burnout and it makes sense, if you are at home being a mom and also working of course. what are companies doing in 2021? ashley: something you know all about. i want to talk about -- you should. let's talk about elon musk, one of the richest people in the world. how much does his house cost? >> 50,$000 and very easy to clean. he rented this house from space
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x on its launch site in texas. it is rumored to be a boxable home, a modular home you can ship anywhere because you can fold it up. it is 375 square feet, hence easy to clean. this makes sense. he started unloading his huge real estate portfolio last year to divest physical assets and focus on his mission to mars. he will be in space and what did pete hegseth say? we are all in studio. differing of the minds. he is there, we are here. ashley: maybe he will take his foldable home to mars. speaking of elon musk, his space x dragon's return has hit a delay. does this have to do with tropical storm elsa? >> absolutely. elsa is expected to near hurricane strength before making landfall in florida tomorrow at that throws a
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wrench into space x's dragon cargo spacecraft undocking from the international space station where it has been docked for months delivering supplies. they can't land a spacecraft with the high winds and heavy rain. it is not safe. they have to delay. ashley: money can buy a lot of things that can't by health or anything with mother nature and there is proof. thank you very much. a few moments talking of that tropical storm elsa, live report from key west, florida, getting hit right now, which is just in the path of the storm as a heads towards up the east coast. there are new concerns that a covert variant might be resistant to vaccines. doctor mark siegel on the case coming up. more than 2.1 million people pass through tsa checkpoints monday. travel is rebounding fast but
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don't take dovato if you're allergic to its ingredients or if you take dofetilide. taking dovato with dofetilide can cause serious or life-threatening side effects. hepatitis b can become harder to treat while on dovato. don't stop dovato without talking to your doctor, as your hepatitis b may worsen or become life-threatening. serious or life-threatening side effects can occur, including allergic reactions, lactic acid buildup, and liver problems. if you have a rash and other symptoms of an allergic reaction, stop dovato and get medical help right away. tell your doctor if you have kidney or liver problems, or if you are, may be, or plan to be pregnant. dovato may harm your unborn baby. use effective birth control while on dovato. do not breastfeed while taking dovato. most common side effects are headache, nausea, diarrhea, trouble sleeping, tiredness, and anxiety. so much goes into who i am. hiv medicine is one part of it. ask your doctor about dovato-i did. ♪♪
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ashley: fly like an eagle, you are taking a look at lax in los angeles where it is hazy, cloudy, 65 degrees. talking of airports, travel is rebounding across the country. that's good news but it comes with bad news. jeff flock is at o'hare national airport in chicago. we are hearing about cancellations and delays. is it weather-related or
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shortage of workers? >> it is a be a full day in chicago. you see the tsa line since we last talked to you kind of busy year. chicago right now is the epicenter of delays and cancellations. latest numbers from flight aware, 31 delays, 7 cancellations. doesn't sound a lot and it is not. today is a better day over the weekend much worse. look at the tsa numbers from yesterday. as you report that is the good news, we are over 2 million folks traveling again, that is wonderful news but the airlines laid off a lot of pilots, mothballed a lot of aircraft. responding to that spike in demand is tough. not as bad as it, but it can sell way - and, whether harrisburg is delayed,
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asheville is delayed, going very good today but the fear is the summer goes on, travel continues to spike, are airlines ready to deal with it, that is something they might not correct. it modified its schedule. that is the scene at the airport. ashley: if you don't have pilots or planes not much you can do. we talked about weather-related issues, tropical storm elsa causing or travel problems in florida, matt flynn is in key west, they are ready feeling the effects of elsa. what is the latest. >> hours of strong tropical storm force windss, the water
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line crashing up over that wall. the hurricane downgraded to a tropical storm, and this looks pretty bad, the majority of people we talked to, most people said they would hunker down, we see people in the streets coming out to check with the elements would be like, people all over the country visiting from the holiday weeks, from new york, iowa, pennsylvania, washington, here's what some of them had to tell us. >> it figures. i figured any time there would be a tropical storm or hurricane because of our luck. locals say you find a bar and stay there. >> we probably would just for a couple days and come back. >> we have family in orlando. if we need to if they see as we are on our way.
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>> reporter: wins this storm is done at key west, it will make landfall near the tampa area perhaps as a category one hurricane, the governor has issued an emergency on the western side of the state of florida. some guides behind us, the storm, we've seen a couple people daring to venture outside and we will keep you updated from key west. ashley: just stay safe, matt finn in key west getting pounded right now. look at the dow 30 before we head to the break. it has been an off morning for sure. we are down close to 400 but now we are down 300. the only stocks in the positive, apple, salesforce.com, american express and walgreens, it is a down morning for the dow.
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more than 58% of the country fully vaccinated but doctor fauci says even those people need to mask up in certain places. we will explain next. ♪♪ i'm not crazy ♪♪ i'm just a little unwell ♪♪ you can't tell ♪♪ but you will seeing ♪♪ the side of me ♪♪ i'm not crazy you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum!
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all-new 3-row jeep grand cherokee l. ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪
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>> if you put yourself in an environment in which you have a high level of dynamics and low level of vaccine you might go the extra step and say when i'm in that area where there is a considerable degree of viral circulation i might want to go the extra mile to because is enough to make sure that i get the extra added level of protection even though the vaccines themselves are highly effective. ashley: even though they are highly effective. that with doctor fauci telling vaccinated people they should still wear masks in areas with low vaccination rates. doctor mark siegel joined me now. good morning. what is your take on this? >> reversal of a few days ago. the centers for disease control is saying if you are vaccinated you don't need to wear a mask period and i agree with that.
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states that have relatively low vaccine compliance, one shot about 40%, duchamp 30% to give you an example. we are talking very low spread. wyoming had 80 cases, noticing these states. i want more vaccine compliance but sending a message to donna mask if you are vaccinated means vaccine didn't do what it said it would do, that's not going to lead to more vaccines. ashley: i want to ask about the lambda covert variant spring in south america. scientists in chile warned it may be resistant to vaccines. what can you tell us about it? >> started this morning thinking that was right, 90% spread in peru, going all around south america, spreading
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to the uk, becoming a big straining uk, we are seeing 10% of cases but then i saw a study out of nyu, my own institution studied this and found the regeneron antibody cocktail works quite well against this variant and the m rna vaccines, pfizer and moderna work less effectively, and this is very good news. ashley: that is good news. the pfizer vaccine, 64% effective against the delta covert variant. that is the second most dominant strain in new york city. how big a threat is delta right now? >> both the delta and the lambda are spreading a lot, very contagious. that worries me. what doesn't worry me, over the course of a pandemic usually strains become more contagious but less deadly.
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you said 66% but that is against getting it at all. we are seeing mild cases with the delta very is, upper respiratory, we are not seeing hospitalizations and deaths so i am concerned about it, i am watching it but the overall impact especially if you are vaccinated is extremely mild. ashley: when you see the number of people who traveled over the fourth of july weekend and the number of businesses and how crowded the restaurant are i feel we have turned the corner. could anything upset the apple cart so to speak, i feel like we are on the other side. >> i think we are on the other side too. i think the vaccines cover a lot of the surface of that spike protein on the virus and getting vaccinated or getting over covid and having natural immunity you are seeing the numbers drop. the numbers i pay most attention to, hospitalizations and deaths come our way, way down, less then 1800 hospitalizations run the
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country. we seem to be on the downside of this because of the public health compliance with vaccines and because a lot of the country has already been infected. i think it is time to reopen and save our economy before it is too late. ashley: i think you are right and people are going ahead and getting out there and living life. great stuff as always, thanks for joining us this tuesday morning. >> thanks for having me. ashley: not just kate middleton is self isolating after being exposed to covid but she also is vaccinated so i guess you could ask what message does that send? >> and overly cautious one. not only is she vaccinated but she is tested two times a week because she is a royal. uk guidelines savior in close contact with someone infected, isolate for 10 days. she was recently at wimbledon,
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euro 2020 she might be concerned. what are the optics of me being out and about the critics are saying what of the optics of you being vaccinated staying home? england is set to lift all covid restrictions july 19th and prime minister boris johnson says we just have to live with the virus instead of shutting down our lives because of it. i'm not sure what i would do if i were kate middleton for more reasons than one but i guess she wants to abide by the rules. people are saying enough is enough. you are vaccinated. ashley: probably doesn't have a choice. july 19th is called freedom day in the uk. let's hope that is the case. appreciate it. time for tuesday's trivia question. about how many tastebuds does a person's tongue have on average. potential answers, we having when we come back.
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call now so you can... retire better ashley: all right. so we asked you before the break about how many taste buds does a person's tongue have on average? the answer is, 10,000. they regenerate about every two weeks apparently. they can taste five flavors, sweet, sour, bitter, assault ticks savory unless -- you're a brit you have three. if you had english food you would understand. before we hand it off to
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neil cavuto, it started off good went down hill quickly. the dow still up 337 points. down 1%. nasdaq hit all time intraday high. also headed south. down 26 points. nasdaq is sound .6 of a percent. at 4325. that will do it for me. neil cavuto, take it away. neil: as you point out, ashley, oil at a six-year high. it is up 4 1/2% or so on the last week or so that is definitely a factor. opec can't get its act together. in the sort of vacuum they can't do that the better part of valor is to step out of the way to see how this handles things. they're off highs, six year highs, still up there. it is prty

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