Transcripts For FBC Varney Company 20240713

Gain i think im looking at the right place, nasdaq composite, up 1. 5 . We are doing well this morning. Now look at this. Novavax started phase one trials of a vaccine with human participants. Results expected in july. Big stock gain. By the way, the ceo will be on the show today in our 10 00 hour. Merck are working with an austrian vaccine maker and they have established partnerships with others in the field. Merck is a dow stock and it, too, is on the upside. 3. 7 higher. Heres the bottom line. There are hopes that a vaccine may be developed more rapidly than thought possible. All right. Im going to show you some of the scenes from around the country this memorial day weekend. Its the official unofficial start of summer. We took every opportunity to get out and have a good time. That suggests the recovery is picking up steam. We will show you more about this in just a moment. Joe biden, he broke out of his basement for the First Time Since march 15th. He was wearing a mask. He and his wife jill laid a wreath for memorial day. Now, hes trying to recover from his youre not black statement. That may affect his choice of Vice President. For those who love freedom, terrible developments in hong kong. Beijing will enforce its control. Big trouble brewing. About 18 hours from now, the Legislative Council will consider draconian security measures. A big demonstration is planned, a showdown is coming. What will our president do about that . Yes, weve got a big show just ahead, including larry kudlow. Hes at about 11 30 this morning. Varney company is about to begin. Together, we will vanquish the virus and america will rise from this crisis to new and even greater heights. As our brave warriors have shown us from the nations earliest days, in america we are the captains of our own fate. No obstacle, no challenge and no threat is a match for the sheer determination of the American People. Stuart yeah. Id call that a positive message from the president. We are coming out of the threeday weekend with a reopening rally. Check the market again. Now we are going to be up over 600 points for the dow industrials. We are going to make it back above, well above 25,000. Got to take a look at big tech. Looks like they are the clear winner today. They have been throughout this lockdown. Just look at apple, 324. Microsoft, 185. Et cetera, et cetera, et cetera. Mike murphy is back with us this morning. All right, mike, obvious question. You see new highs coming for the dow, thinking above 27,000 soon. What do you see . Yeah, stuart, as we start, you hit it at the top of the show, as the economy starts to reopen, you have a lot of pentup demand and you see money wants to come into the market. This 500 point pop we are getting this morning, we are now only about 12 off alltime highs and we are going to get there. We are going to get there quickly because you have, a, the pentup demand and b, the stimulus on the other side of this. So we will see new highs and we will see them very soon. Stuart quick opinion of mine. Even if there is a second wave, i dont think theres any going back to a lockdown. What do you say . I couldnt agree more. I cant believe that we actually went through this lockdown as it went as we did but i think the president has already said that hes not going to do a lockdown. We have the top scientists in the country on top of this. I dont believe you will ever see the United States economy locked down again. Stuart stay there, mike. More for you in just a second. I want to talk about the positive news on vaccine. First of all, novavax moving to the testing phase with their vaccine. Lauren, tell me more. Lauren they already started phase one testing in humans in australia. Results coming in july. At that point they will do phase two in other countries, including the u. S. This is likely a twodose vaccine. However, novavax is using established technology which means they can scale it. They plan to have 100 million doses by the end of the year. Also got a 388 million round of funding from a bill gatesbacked group. The ceo will be on this program to talk about their hopes for a vaccine at 10 30, as you know. Stuart we have all the Big Drug Companies involved in vaccine making or vaccine try. Merck. Tell me what theyre doing. Lauren theres at least ten that are in human trials. Merck was late to the stage here but they are working on two different vaccines i want to talk you through. Both of them are significant because they would be oneshot vaccines instead of two doses. They have acquired an Austrian Company and will work on a vaccine with them. They also partnered with a nonprofit, the iavi, and will work on another vaccine with them. And one more thing. They are working on an oral treatment, an antiviral. They are partnering with a Company Called Ridgeback Biotherapeutics to do that. Merck is a dow component. Up 3. 6 because they have all of this going on to get us a vaccine as soon as possible. Stuart you know, this is all positive news for the market and so is this. A lot of people getting outside this weekend. Look at this, for example. Im going to go through this. Look at the beaches, restaurants, bars, parks, all round the country, where they were open, where you were allowed to go, they did good business. Ive got some numbers for you on the reopening. First of all from the tsa. The number of people passing through security, up big since last month. What you are seeing on your screens is, okay, there is actually a spike at the very end there from march until now, a lot more people are traveling. People are starting to get out and eat out, according to open table. They say restaurant reservations online, look at that, theres a distinct trend to the upside right there. Mike murphy, come back in again. I say this is a very big and active reopening. I think we are beginning to see the other side of this thing. I couldnt agree more, stuart. I will tell you on the eastern end of long island, there were restaurants literally open for business this weekend. You could go in and sit down and have a meal served to you in certain restaurants. Thats just thats in new york. The rest of the country is way ahead of us. So people want to get out, people are sick of being tied up in their homes and youre seeing it already. This is where the recovery happens. Before new york state opens, people have already opened the state. People are already going out and living their lives. Thats what i like to see. Stuart i want an update on the states that are easing lockdown restrictions as of today. Ashley, what do you have . Ashley lets look at florida. Good morning to you. Broward county today, beaches and gyms can reopen. By the way, on the beaches, i was just looking up some of the local rules which is kind of weird to me. They are opening the beaches at sunrise this morning so they are already open but no sunbathing and no lounging. So i guess you go down there, you dash into the ocean, have a quick swim, then dash off again. Not quite sure about that. No groups of people of ten or more, also not allowed. But the gyms can reopen with capacity restrictions. Michigan moving on, their Retail Businesses and auto deal ership are open by appointment. You want to buy a car, make an appointment to go see someone. West virginia, state parks, cabins and lodges are reopening. Indoor and outdoor bars, at 50 capacity. Once you have done all that, you can go to a museum and check out the stuff inside the museum. Just every day, bit by bit, week by week, we start to see the country reopening. Its encouraging. Stuart i like that bit about no lounging. Not sure whether thats an american word or not, lounging around doing nothing. No lounging on the beaches down in florida. Ashley no lounging. Stuart thanks, ash. Mike murphy still with us. Hes got two stocks that he likes as the country reopens. Fed ex and uber. Make your case, mike. I think you still see fed ex trading down from where it was in the mid 200 a share. Its come all the way down to where it is this morning. Its going to open around 120. I think they are delivering so many packages, they went through a real rough spot when amazon came after their business but now amazon has stepped out of that business. I think as people have been quarantined they have realized they can shop more online for more things, so i just think fed ex is completely undervalued here at these levels and its going back north of 200 a share. We own it and would buy more here. Stuart you own uber as well, i think, right . Yeah. Uber is one we have discussed at length. When you look at uber, uber is a company that i see as the next big tech company, the next 500 billion plus technology business. They are doing so many things, they have over 100 million users every month on their platform. The ceo, dara, is doing a great job with the business. Whether its uber eats or people getting back out into ubers again, theres a lot of upside in uber even from these levels. Stuart mike, glad youre with us this Tuesday Morning. Its going to be quite a day on that market. Thanks, mike murphy. All right. I want the latest on hong kong. This is dreadful news, actually. More protests over the weekend. Xi jinping went for the nuclear option, the new security bill, which will firmly put beijing in control of hong kong. Susan li is with us. First, lets deal with what the white house is saying here. Susan the white house is saying they are looking at all options. Dont forget that near the end of last year we had the hong kong democracy and freedom act being signed into law by President Trump, passed by both houses of congress, and this requires beijing to prove that hong kong is being left independent or they can reevaluate the extension of some of these favorable trade policies that they right now extend to hong kong. However, some say eventually that hurts the people of hong kong. As for protests, we are looking at more being called, a wednesday rally being called, possibly one of the biggest so far we have seen. This is going to take place near central hong kong, near the legislative building. So far we have the trade union saying we are going to participate in this, also hundreds of High School Student groups and people are very upset and also shocked by the introduction of this National Security law because this comes at a time when china, by the way, is still trying to recover from a devastating pandemic. Stuart you know, its a new cold war. The center of gravity appears to be hong kong. A terrible thing. We will get more on this later. Thanks very much indeed. Check futures again, please. We are still way up there, up 600 points for the dow, up about 150, 160 for the nasdaq composite. Big show still to come. White house chief economic adviser larry kudlow is here. The country is reopening fast. He will deal with that. Personal finance guy dave ramsey joins me thursday for our virtual town hall. Hes on the show this morning as well. A promising sign of the reopening, back to that. Tsa screenings are up this weekend. Signs of life and travel all across the country. Did you see this headline from the wall street journal . Its called the blue state lockdown blues. The slow reopening in liberal states will hurt the National Recovery. We will dive into that for you and thats next. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Stuart heres an interesting headline from todays wall street journal. The blue state lockdown blues. The slow reopening in liberal states will hurt the National Recovery. It goes on, democrats think they can make businesses go dark for months on end and then use a dimmer to turn them back on. Its more complicated. Businesses need suppliers and paying customers. This is why the economic recovery will be especially painful in democrat states that stay locked down longer and where businesses were struggling before the pandemic because of high rents, taxes, government labor mandates, okay. Thats a long quote but we went through it. Andy puzder is with us, author of getting america back to work. Andy, you tell me. Why are the democratrun states dragging their heels on reopening . I dont think its any mystery. I think they think they get a political advantage if the economy recovers slowly, particularly if it doesnt recover fully before november. So with new york, new jersey, illinois, california, you know, thats about a third of our economy. So they really can have an impact on National Recovery by going as slow as they possibly can. Stuart it is unconscionable for the leaders of these states to force companies into bankruptcy and thats exactly what theyre doing. If they are forcing companies into bankruptcy they are forcing working class families to stay home, not to work. Can you imagine being a 25yearold with a wife and child and youve got a job, you are making ends meet, maybe going to school. All of a sudden you are staying home for two months, maybe three months, because of this shutdown, wondering if you will be able to pay the rent, if you will be able to feed your family. A government check is nice but its not going to replace a job or paycheck or the opportunity to succeed. But thats where these democratic governors are willing to put people at risk and businesses at risk purely for political power. Its about power, its a power grab. They are trying to change the way we vote, the way we do business. This is a very very reprehensible situation. Stuart the president wants to rebuild the economy, having created a terrific economy earlier. He now wants to rebuild it. But i dont think he can rebuild it unless he wins the election in november. Are you with me on this . I dont see how he can do it. Nope. He has to win it and if he wins the election next year is going to be a spectacular year for the United States economy and for American Workers. We need to stop doing the things that discourage people from working and discourage businesses from growing and start encouraging them again. You listen to the democrats policy, they are all about discouraging people from working, keeping businesses shut down. Thats absolutely the wrong way to go. We need President Trump back in charge come this november and we will have a very good year next year. Stuart andy, we look forward to it. Thanks very much, andy puzder. Now, more promising signs of the reopening. I will repeat the stuff we got from the tsa, the security people. How many people passed through security over the Holiday Weekend. This is important stuff. Ash, give me the numbers. Ashley yeah. Its interesting, stu. It does show that more people are traveling. Lets look at these numbers. Friday, saturday, sunday, we just got in yesterdays numbers, but friday, heading into the long weekend, 348,673 people, individuals, screened at security checkpoints. That sounds encouraging. Last year on exact same day was 2. 7 million. So that gives you an idea of how far we have to go to get back to anywhere near normal. Saturday, 253,000. Last year on the same day, 2. 1 million. On sunday, 267,000 people or thereabouts traveled. The year before on that day was right about 2 million. We just got in yesterdays numbers, 340,000 people went through tsa checkpoints yesterday. But you know what, the same day last year, 2,512,237. We are showing signs of growth. Thats good. But just keep perspective here, we have a long way to go. Stuart fair enough. But wait a minute, wait a minute. Wait a minute. The low for tsa screenings was down to around 85,000. That was just a few weeks ago. I would call that a rebound. I agree, we have a long way to go, but we are reopening fast. Ashley encouraging, no doubt. Stuart thats my opinion at least. All right. A symbolic reopening this morning for the first time in 11 weeks. Some floor traders will be back at the New York Stock Exchange. Jackie deangelis is there, but jackie, i dont think you are allowed in . Jackie good morning, stuart. No, im not allowed in. A lot of the folks that work here arent allowed in. As a matter of fact, only a quarter of the folks that go into this building on a regular basis will be in there today. The rules are going to be dramatically different. First off, temperature checks, social distancing lines, as you are walking in. You have to wear a mask. Plexiglass dividers and, get this, a liability waiver so that if you get covid19 or take it home to your family, the nyse is saying they dont want to be responsible for that. A lot less folks here at the moment but we are expecting Governor Cuomo to ring the opening bell at 9 30. Stuart will you be able to get in to see that . Jackie we will not be able to get in to see that. Actually, they are not telling media and everybody else that works in the building when this will happen. It seems like they are taking it day by day to see how these stages progress and how everything goes. Stuart okay. We got an opening partially at least. Jackie, thanks very much indeed. Check the futures again, please. Its a Tuesday Morning rally bigtime. We will be up, what, 600 points plus for the dow, 160 plus for the nasdaq. All right. Well be back after this. I was born in 37. It was a very struggling period of time. Up and down. Depression to exuberance. And you could name many, many cycles like that over the years. My generation, having come through so many wars and so many things. Persistence. Its the heartbeat of this country. Stick with it. Stuart ive got to say it straight. This is a bona fide rally. We are up nearly 600 for the dow. Lauren, tell me about oil. Its up, i think. Its an economic indicator, isnt it . Lauren oil certainly is. It was up about 12 , 13 last week. Its up again this morning 3 , 34. Theres a couple things going on. Quickly, the energy watchdog, the International Energy agency, says we will go back to where demand was before, so they said and beyond. So they said consumption is making its way back. Then the head said i know were working from home, were not getting out as much anymore but when we do, we are going to be driving, not using Public Transportation so all of that is actually good for the price of oil. Cyclical as well and we are seeing a rotation back into those type of sectors, energy, banks, industrials. Stuart i had to line up to get gas this weekend. Theres a signal. Lauren you did . Stuart yeah, i did. Yeah. Lauren what did you pay . Stuart 1. 84. I waited around for that. Follow me next time. All right. Ash, youve got a positive headline from an obama adviser . Whats that . Ashley yeah. This is interesting. Jason furman, he used to head up the council of economic advisers under president obama and that administration. He gave a speech recently and basically echoed exactly what larry kudlow has been saying about the economic rebound. He said its going to be the greatest Economic Data in the history of this country. He is really going out on a limb and saying we are going to bounce back in the Third Quarter and beyond like nothing this country has ever seen before. That is a former economic adviser under president obama. So you know, thats a very interesting endorsement of what the white house has been saying all along. Stuart interesting. Its wildly surprising but there you go. All right. What have you got for us, susan, on this rally . Susan im watching 3,000 for the s p 500. Thats been a resistance level for a lot of this rebound from the depths of march. We only crossed 3,000 in july of last year and since then, we bounced below that with the selloff we saw last month. A lot of traders aretechnicals, there are more gains to come. The Dow Jones Industrials turns 124 this week. 124 years old. Some say it might be a little bit of grandfather index because it doesnt really reflect a lot of the Big Technology players which have gotten most of the investor dollars in this return rally, right . Stuart i want to get to that in a moment. You are absolutely right. The dow does not really reflect the strength of these Big Tech Companies which really have been making the running for the past couple years. Its true that a couple of Big Tech Companies are part of the dow 30, but the dow 30 is a broader based indicator and doesnt quite get to grips with susan and share price weighted as well. If you are trading at 2500 for amazon, close to 2,000 for alphabet, you cannot get on this exchange with that type of big number, fourfigure sums. Stuart yeah. Yeah. We are showing you pictures right now of Governor Cuomo, governor of new york. He will ring the opening bell at the New York Stock Exchange which the floor partially reopened today. Hes got his mask on. Hes going to ring the opening bell. It is traditional that you clap and stamp your feet and cheer and you ring the bell. Ten seconds to go, big cheers right there. The New York Stock Exchange, the floor thereof, is back in business. Actually, he did. Yes, he started the bell a little early there. He jumped the gun. There you go, governor. All right. It is now 9 30 eastern time. It is Tuesday Morning. Threeday Holiday Weekend and we have gone straight up. From the start we are up 2. 5 , over 600 points. Have we got the dow 30 . Not quite working just right yet. Okay. They are all up, by the way. Its a sea of green. All of them up. Look at the s p, that is up 2. 21 . There you go. Theres the dow 30. Every single one of them in the green. This is a very solid rally. We showed you the dow, the s p. Now the nasdaq, lagging a little. Its only up 1. 84 . But we will take it. Lets have a look at the big tech names. Why not. I think they are all higher. Im starting with amazon. That is up 18 bucks, 2455 is the price. Move on to facebook. Facebook i think is an alltime high. Got to be. 239, up four bucks. 1. 8 . Apple, not quite at alltime highs but awfully close, i think. Up another 4. 80 at 323. Netflix, that i believe is down this morning. Yes, it is. Its retreating from its alltime high which was reached last week, about 459. They are in retreat because the lockdown ends, maybe we wont watch so much netflix when we are locked up at home. Boeing, i think their high yes, they are 7 higher, a 5 gain. Disney are back above 120. They are at 121. Stock of the day, novavax. They are working on a vaccine. Theyve got some very good news there. Up 15 . Look at merck, that is a dow stock. They are up on news they will be working to develop a virus vaccine as well. So good news on the virus, vaccine, that is, and we are reopening quite rapidly. Up we go. Big banks, lets have a look at them. I think they are all rallying. Yes, they are. Lauren, why are the big banks doing so well . Lauren yeah. They are up today and they were up more than 4 last week as well. I know you think of banks, you think of their large exposure to the coronavirus and the industries, affected by it. They are in a solid position and we started seeing this broadening last week. Lot of cyclical stocks, economically sensitive stocks, energy, industrials, financials, coming back in a big way as investors pour money back into those sectors and the banks are a clear beneficiary. Stuart okay. Lets bring in susan li. Susan, you are not a market forecaster, but you do know more about the market than i do. As we look at the big tech stocks, lefthand side of the screen, they are all up. Do you think it could just keep on going the way they have for several weeks . Susan first of all, it takes a secure man to admit that. I appreciated it, stu. But you know, we were just talking about the dow turning 124 this week and theres a huge gap right now between the dow performance versus the techheavy nasdaq because of all that rotation going into the big five, those five Big Technology names. Right now theres a gap of 20 and the nasdaq has actually overperformed, outperformed the dow by 1 , over 17 days so far in this year. Thats probably the most since going back to 2009. Its pretty evident that a lot of this money is going to Big Technology names, facebook, amazon, apple, microsoft and the like, and they are all cashed up. Some say they will come out of this head and shoulders above the rest, still making a lot of money. In fact, they spent 29 billion in research and development in the first three months of this year. That was up 17 from the same time last year and its more than the entire budget of nasa and thats how much money they have on the balance sheets, which means strength. So we have apple at 200 billion, facebook has 50 billion, microsoft and google have 100 billion each and they have the money to weather through this. Stuart just doing the math, thats a half trillion dollars in cash by four Big Tech Companies. That is real strength. No question about it. Susan, thank you very much. Look at the dow. We are up 550 points. Okay. Make that 560. Thats just over 2. 25 . Its a rally this Tuesday Morning. The tenyear treasury yield is 0. 69 . Not much change from what it was last week. Price of gold, stocks way up, gold down seven bucks. 1746. Oil as we told you previously is 34 a barrel. Lets get back to boeing. They are up, what, about seven bucks. Yes, 7. 60. 145 on boeing. What do you have on boeing . Why is it up . Ashley you can see at the bottom of the screen, boeing cutting 400 jobs, 25 of its work force at a facility in winnipeg, canada. In fact, its one of the biggest of its kind in canada, that aerospace facility. It makes composite parts for commercial airliners so 25 of those workers at that particular facility are being laid off. Boeing, by the way, did not receive a single order in the month of april. It made this statement just a week ago saying we will adjust the size of our company to reflect new market realities. Well, thats a market reality right there that they are having to reduce their work force and this is just the beginning, i have a feeling, of more to come. But cutting 25 of its work force at this facility in canada. So tough times ahead for boeing, no doubt. Stuart yep. The stock rallying this morning. By the way, the dow is above 25,000. We have not seen the dow above 25,000 in my record show march 10th, that was the last time the dow hit 25k and its there right now. Disney, now, they are up at 120. Whos got the story on disney . Whos got that one . Lauren i do. Lauren has it. Okay. So the nba is confirming that they are in talks with Walt Disney World to start the season at the end of july in orlando at the espn wide world of Sports Complex there. Of course, fanless games but it would be a start. Sports will be played and what a boon for disney. Isnt that just an endorsement that its doing things safely and if you are on the fence about maybe going to the theme park when they do reopen, if you see the nba is playing there, you see they are doing things the right way, thats an endorsement from a marketing point of view, if you ask me. Stock up 2. 5 . Stuart its working, because as i i recall, three, four weeks ago, disney was down to about 90 a share. You have seen a gain of 30 in a few weeks. Spectacular performance. I will move to starbucks. Pretty sure they are a winner again. Yes, they are. 78 bucks a share. Whats the story, susan . Susan well, they have asked landlords across the country for some sort of relief, maybe, for the ex next 12 months or so. They are looking to reopen 9 of their Stores Across the u. S. By early june. Thats early next month. A lot of landlords are fighting back saying you are a 90 billion company, you have 2. 5 billion on the balance sheet, you should be going through with your contracts and obligations and we will enforce the terms of those contracts. Now, starbucks says we need this money in order to preserve jobs, we dont lay people off, and they say they are looking for maybe to pay out 1. 25 billion in rent over the next 12 months. If they can save some of that, they can save some of the jobs but they are also accelerating a lot of their business through drivethrough pickup and mobile ordering. A lot of people see this pandemic as accelerating a lot of trends forward by two to three years, really. Stuart interesting. Good stuff. Thank you very much indeed. One more check of the dow. If you are just joining us, this, ladies and gentlemen, is a rally. We are above 25,000 on the dow industrials. President trump, hes threatening to find a new location for the Republican Convention if North Carolinas governor roy cooper wont allow full attendance. The democrat governor says they are relying on data and science. We are on the story. Joe biden doing damage control after his some would say disastrous you aint black blunder. If you were watching the Mainstream Media, they had a different explanation. Watch this. The apology from former Vice President joe biden. The former Vice President was quick to apologize. Apology. Apologizing. He apologized. Stuart an apology . Isnt this just another example of the media treating biden very differently from President Trump . I think it is. Next, personal finance guy dave ramsay joins the show ahead of our virtual town hall this thursday. A preview of that after this break. Hey, can i. Safe drivers save 40 guys guys safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him safe drivers do save 40 . Click or call for a quote today. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. Choose new poligrip cushion and comfort. Did you know that americans that bought gold in 2005 quadrupled their money by 2012 . And even now many experts predict the next gold rush is just beginning. So dont wait another day physical coins are easy to buy and sell and one of the best ways to protect your life savings from the next financial meltdown. [announcer] today u. S. Money reserve announces the Immediate Release of Us Government issued 1 10 ounce Gold American eagle coins for the incredible price shown on your screen. These Gold American eagles are minted at the United States mint, and right now they are being sold at cost for the price shown on your screen. Pick up the phone and call americas gold authority u. S. Money reserve. With nearly two decades in business, over a billion dollars in transactions and more than a half a million clients worldwide, u. S. Money reserve is one of the most dependable gold distributors in america. [announcer] today u. S. Money reserve is releasing official Gold American eagle coins at cost. For the incredible price shown on your screen. These governmentissued gold coins are official us legal tender made from solid gold mined right here in america and fully backed by the United States government for their gold weight purity and content. Do not delay, call now to purchase your Gold American eagles for the amazing price shown on your screen. Gold is now on sale at prices unseen in years and this year could be one of the greatest gold buying opportunities of all time. Call now while vault inventory remains. As one of the largest us gold coin distributors in the country. Us money reserve has proudly served hundreds of thousands of clients worldwide. Dont wait another minute, call now to purchase 1 10 ounce Gold American eagles for the amazing price shown on your screen. Stuart Tuesday Morning and a rally. We are up 590 now on the dow, 58 for the s p, 156 for the nasdaq. Netflix, i think on the down side still, but theyve got competition. Who is it, hbo max or something tomorrow, is it . Lauren yep. Launching tomorrow. This is how you get friends and south park plus new content. Its very expensive. Its the most expensive of the streaming bunch, 15 a month. But more than 30 million subscribers get it automatically because they already subscribe to hbo. Nonetheless, as states reopen, as the weather gets warmer, this is a negative for hbo max but also for netflix, because people are going to watch tv less. They have already watched so much tv. One quick note about netflix. It certainly has been a stayathome winner. On friday, the 15th of may, it closed at an alltime high and youre looking at it on your screen, from the 16th of march until that record close on may 15th its up 42 . Stuart thats a huge lauren right . Stuart huge rally. Im a netflix user. I didnt see that coming. All right, thanks very much indeed. 41 . Look who is here now. Dave ramsey, host of the dave ramsey radio show. Dave, welcome to the show. Long time since we saw you. Glad to have you on today. Thank you. Thanks for having me back. Stuart i think of you as a guy who you want people to save money. Not spend it, dont go into debt, just save money. I put it to you this a lot of people during this lockdown saved a lot of money. Some people, because they couldnt spend it anywhere, and a lot of people, some people, made more money staying at home than they would if they had gone to work. What do you think they should do with their savings . Well, i think its a good lesson that we have learned. We have been teaching this idea of having an Emergency Fund and saving money for over 30 years. It turns out saving money is a choice, when people are at home of course they chose to spend less on gasoline, eating out, vacations, clothing. I mean, anything except amazon, they quit spending, right . So now we dont want everybody to quit spending for the rest of their lives and have no life. But they proved to themselves that behavior change causes savings. We have had the highest savings rate to date this year since the Reagan Administration was in office. Its pretty incredible. I think its a wonderful lesson, its a horrible way to learn it but a wonderful lesson. Stuart yes, it is, but there is another side to the coin. The virus will push some people, a good chunk of the population, into debt. I think thats accurate. Is it . Well, theres definitely an increase in debt. The weird thing was there was a decrease in Credit Card Debt initially, in the first parts of the lockdown. Then after the lockdown has started to subside we have seen an increase in it. Partially thats probably tied to unemployment figures. We lost about 25 jobs in the u. S. Per case of coronavirus. So the impact of 40 Million People being out of work is starting to be felt. Now, some people rationalize a little bit. Its not unusual for me to take a call, someone tells me hey, i was out of work for three months back in the fall, and i ran up 30,000 in Credit Card Debt. What . You had a 10,000 a month job . I doubt it. You dig into it and find out they were just kind of panicking and doing things with their credit card they shouldnt have been doing. We will see some of that here which is really sad but we will help them with it. Stuart you are joining the show at our 11 00 hour on thursday, the virtual town hall. I just want to take a moment to say we want our viewers to send video questions to us. Send the questions to investedinyou foxbusiness. Com. Dave, i think we are going to get a lot of questions from people who say i want to get back to work, i want to reopen my business, how do i do it. What would you say to them now . Yeah. Well, obviously its a state by state thing and we are going to see the economy recover fastest in the states that go back to work. Well, no duh. Of course. In tennessee we are wide open now. This was the last week of anything and so its very very quote unquote, normal in tennessee right now, plus or minus some masks and a few, you know, a few constraints. Other states are still completely in lockdown. So we will see a correlation between that and where the economy recovers and where individuals recover. Stuart investedinyou foxbusiness. Com. Send your video questions for dave ramsay, the man on the screen. It was a real pleasure. See you again soon. Got it. Thanks, my friend. Stuart sure thing. Sports fans, i get you could say they reunited. It was nearly six Million People tuned into this weeks champions for charity golf match. Roll that tape, please. Great job, man. Good job. Tiger woods, Peyton Manning, the winners. Stuart big numbers, we all wanted to see real live sports. I think that reflects the mood of the country, a more positive mood. Thats my take on it. More on that in our next hour. The average price for gas, 1. 95. However, listen to this. Im surprised. Demand for gasoline, down over the Holiday Weekend compared to the previous weekend. Whats up with that . Thats a real surprise. Gas buddy joins us next. Staying connected your way is easier than ever. Youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Stuart tweet coming in from the president. Stock market up big, dow crosses 25,000, s p 500 over 3,000, states should open up asap. The transition to greatness has started ahead of schedule. There will be ups and downs but next year will be one of the best ever. Thats from the president. Now look at this. The average price for gasoline around the country, the average nationwide, 1. 95. Heres what i find surprising. Demand for gasoline over the long Holiday Weekend was actually down compared to the previous weekend. I find that really surprising. Whats with that . Patrick duhaan with gas buddy joins me now. Why did demand go down over the Holiday Weekend . To highlight that, sunday was down close to 8 from the week ago. What we are finding is thursday through yesterday, monday, the whole period was down 1. 4 . Its clear that americans are not hitting the road in the numbers that perhaps was anticipated. I mean, not even a week ago numbers are we seeing on the road for the Holiday Weekend. Certainly a surprise. Stuart a real surprise to me. I was driving around in new jersey and a little bit in upstate new york. Lot of traffic on the roads and i actually had to line up for gas in new jersey. Any other expectation any other explanation for this . Well, you know, it really defies logic. You could have americans that are staying closer to home, fearful or knowing that rest rabbi restaurants, if they did hit the road, theres a higher burden to research are there things to do where they are driving to and i think thats something the american motoring public is not used to having to figure out. That may have kept some people closer to home. In fact, off the roads. Stuart we have seen the National Average for gas go from 1. 75 roughly four or five weeks ago, its now 1. 95. What do you think its going to hit by july 4th . Stuart, i think we could probably be 15 to 25, maybe 30 cents a gallon higher, somewhere in the ballpark of the low 2 a gallon average by july 4. Keep in mind, if demand numbers like this weekends continue, if we continue to see demand that isnt picking up pace, we may not get to that level by july 4. Stuart we are still going to be about a buck a gallon less than it was say a year ago . Is that accurate . Within the ballpark. We are still quite a bit lower, about 85 cents a gallon today lower than last year. We may close the gap by july 4 at about 65 cents lower than last year. Stuart i will at a time. Patrick dehaan, thank you for joining us. See you soon. News from the meat industry. Beef prices are going up. The government is going to take a look at it. What have we got on this . Ashley yeah. This is the issue where consumers are paying more for beef than they have in decades. At the same time, Meat Processing companies are paying staggeringly low prices to cattle ranchers so why the disconnect . Thats what the government wants to know and prosecutors, they are saying are these prices being manipulated by the big processing companies. In fact, they are looking into the four biggest, tyson foods, jbs, National Beef and cargill. These four companies essentially account for 85 of the packaging of beef in this country. They want to know why the prices are so high if the costs for the cattle is so low. The processers have said because they have fewer workers in their plants and cant get as much beef as they would like to the supermarkets but the investigation has begun. Stuart got it. Thanks, ash. Still to come on this program today, white house chief economic adviser larry kudlow, hes on the show. Does he want the blue states to reopen faster . They should, because if they did, we would get the economy moving faster. We will certainly ask him about that. The media just cant help but trash President Trump. Heres a headline for you. Washington post. Trumps poor handling of the crisis may lose him the gops most reliable voters. Thats just one example. Ive got a lot more on my take, next. announcer in this world where people are staying at home, many of lifes moments are being put on hold. At carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. Stuart this is a rally folks. Were half hour into the trading session. It is a big rally at that optimism on the state of the recovery. Optimism on the vaccine front is all helping. Now Consumer Confidence numbers, maybe looking to the future here. Important stuff. Ashley . Ashley yeah looking into the future with apparently not a great amount of confidence, stu. Coming in 86. 6. The hopes were for 88. Bear in mind in february this index came in at 132. Certainly Consumer Confidence not that surprising has been a little bit beaten up but just a little short what we were hoping for for the month of may. Hopefully this will start to tick up as we see the economy reopen. Stuart yep. Thanks, ashley. By the way the s p ticked up above the 3,000 mark and that is an important indicator as well. Dow is at 25,000. Susan, new home sales. Just got numbers. Susan good news here, 623,000 annualized rate sold in the month of april. That is better than what economists forecast. This is the really surprising part. Economists forecasting a decline of 21 in sales. Instead it went up. 6 . That is a beat. That is coming in much better than anticipated. Home prices what i see closing in above 300,000. Which is down 8 from last year. These are much better numbers than a lot of people had forecast given conditions that were in. Stuart seems like maybe real estate recovery on hand here. Maybe. Susan green shoots. Stuart good word, green shoots. Well take green shoots. Scott shellady joins us. Scott, this is a big rally. I think it is about vaccines and reopening the economy. Am i missing something . Maybe the weather, right . Boy this was the first weekend a lot of america felt almost normal again. There is lot of criticism for that but at the same time that will give people the buoyant feeling again with the vaccines like you mentioned and reopening. Why i think we have the market where were at. I think interesting question for the rest of the day, stuart, were at 25,000, what do we hit first . Do we hit 20,000 or 30,000. That will be an interesting point to ask people. We still have negative things out there. Jobless claims coming up. Well probably have around 40 million. Well still get a drip, drip of negative news. I say this dont get too far out over your skis. I love to see what the market is doing but there are still things we have to get through. Stuart so why dont you answer the question that you posed . What will we see first, 20,000 or 30,000. Just give me a straightforward answer, shellady. I think well see 20,000 before 30,000. It will happen faster than people think, it will make it okay. We cant go there Consumer Needs to come back. We saw the consumer numbers. Theyre 70 of the economy. We have almost 40 Million People filing jobless claims. Well have bad numbers next week with the unemployment numbers. It will take time, thats all. Stuart youre on videotape saying that. Well check up on you later on. Thank you, scott, appreciate it. Good stuff. All righty. Stuart i want to get to the reopening of the economy and reopening of the states. Ash, take us through it. New developments today. Ashley indeed. We continue to do this. As you can see, freestanding bars reopen in arkansas, how about that . Thats good news. Gyms, fitness centers, or noncontact or limited contact in ohio. Bureau of Motor Vehicles is open in ohio. If youve been isolation, stand in line at the dmv, because that sounds like fun. West virginia, state parks, cabins, lodges, we talked about that before. Broward county you cant sunbathe but can look at the ocean. Gyms can reopen with independent limited capacity. Michigan, Retail Businesses, auto dealers are now open by appointment. So easing continues, stu. Stuart that is not much easing though, is it. If you have to get an appointment to go see a car, come on, really . Not easing up at all. Ash, thank you very much indeed. The lounging comment as well. I like that one. Here is an example of a democrat governor not opening fast enough. North carolina, North Carolina that is. President trump threatening to find another site for the Republican National convention. What do we know about this one, lauren . Susan this was heated over the weekend n a series of tweets the president says this, i love the great state of North Carolina so much so i insisted having the rnc in charlotte at the end of the august. Unfortunately democratic governor roy cooper is still in shutdown mood and unable to guarranty we will be allowed full attendance. The president goes on. He wants to pack the arena which can fit 20,000 people. He wants them cheering, holding signs. Here is the rub, the state of North Carolina just entered phase two on friday which means no mass gatherings, more than 25 people outside, phase two lasts until the end of june. There is very small window governor roy cooper can feel comfortable well allow to you have full attendance. This is what Governor Cooper says. State Health Officials are working with the rnc. We will review its plans as they make decisions about how to hold the convention. Inn the meantime Vice President pence is saying states ive been to with republican governors, texas, florida, georgia, might be better. They can start planning now for a big convention. By the way, someone who has been very critical of Governor Cooper, lt. Governor dan forest. He will be on your show in the next hour, stuart. Stuart yes he will. He will indeed. Got it. Dan forest, Lieutenant Governor of North Carolina at 11 00. Got it. Thanks, lauren. Check the market. Were Still Holding on to a very solid rally. The best part up 2 1 2 for the dow industrials. Above 25,000. The s p above 3,000. The New York Stock Exchange Trading Floor partially reopened today. A quarter of traders allowed own the floor. They have to wear masks. They have to avoid taking Public Transportation. They have to follow social distancing. They have to sign a liability waiver. Thats important. Check the big techs, thats where the action is again. We have them all on the upside. Alphabet, thats google. Facebooks up, apples up. 321 on apple. All the way down the line big tech is up today. Were using oil as an economic indicator. The price is up to 34 a barrel. That implies plenty of demand for oil. That implies a growing economy. All right . 34 bucks a barrel. And now this. Weve been saying it for years and well say it again now, the Mainstream Media is a disgrace. They cant get over their hatred of President Trump. It colors every broads cast, every front page, whatever the president does, its wrong. I never seen a profession lose its collective mind quite like americas elite media in the last five years. Im not alone in this. There are some oldtimers who remember better days. Van gordon, he was president of cbs news, the president of cbs news in the 1980s and he writes this, the liberalleaning media has passed its Tipping Point and concludes, america wont reunite until americans can look at a news story and believe it. Strong stuff. This is the top story in this more thanking as new york times. As meat plants reopen Companies Wont say how many workers are sick. Okay that is important story. I got it. It sure is but this is the day after 10 of millions broke out of the house and started to reopen the economy. They go with a meat story at the front . In the Washington Post there was this. An indelible image of this pandemic, trump without a mask, on a golf course. The writer, european robinson always, always looks for finds what he thinks is the negative. Same thing with post column it Karen Tumulty trumpss handling of crisis may lose his most reliable supporters or so she hopes. The times is their bible. Read it in the morning. Put it on tv at night. The result is a never ending stream of antitrump bias, it is always, always negative. Wheres the coverage of the mood shift this weekend . Wheres the coverage of rising tide of lockdown protests . Just like russia, russia, and impeachment and now the virus, dont expect objective reporting from much of the media. How about the spectacular trump economy t was only three months ago. Nah. Thats obamas economy. Tax cutsproduce growth. No. Giveaway to the rich. Income inequality. It is endless list of negative spin, a deliberate undermining of a president , the elites just cant stand. Back to van sauter, former cbs news president. Quote, news organizations that claim to be neutral have long been creeping left ward and their loathing of mr. Trump has accelerated the pace. Back to my first line, the Mainstream Media is a disgrace. Joe concha is with us, media guy from the hill. Joe, im using strong language. Im saying the media is a disgrace. Have i gone too far . Stuart, you got to work on your confidence. Youre shy, youre holding back. What are you you really trying to say here. Yeah, look, that is a scathing assessment, and im glad that gordon von sauter is weighing in. Wall street journal opinion piece gone viral. Many, many people talking about this, this is no longer conservatives are complaining about Mainstream Media bias. This is as you said the former cbs news president. He was cbs news president twice. Also president of cbs sports. President of fox news at one point way back when in the early 90s this is somebody widely respected, giving this opinion, including this, by the way, stuart. Two of the three leading cable news sources are unrelentingly liberal in their fear and loathing of President Trump. He appears to be obviously referring to msnbc and cnn. And he goes on, look you talked about better days in your monologue, and there were better days t wasnt always like this believe it or not. Backs in 1976, this is postwatergate, 72 of the American People trusted the media. That is astounding number. Three in four. That number is down at least among conservatives and republicans into the low teens, even Single Digits depending what surveys you look at. Those in the right, perhaps what is called fly over country they see a media in new york and washington isnt paying attention to what they deem is important therefore they are the forgot own ones. Just like in 2016 when everybody was so shocked President Trump won wisconsin, michigan, pennsylvania. How did that happen . No one went out there to talk to people to get real feeling on the ground. Stuart it is a personal thing. The elite media literally hates of this president. They are contemptuous up and down the line. It is subjective, personal response to this president. It is never going to change, never. It didnt from the outset, right . In 2016, 2017, when the president took office there is suppose towed be a honeymoon period for every president. Even george w. Bush who won seen as contested election got that honeymoon period. Harvard does a study president s first 100 days, President Trump, 93 negative coverage from major media outlets. From the getgo, this has been the atmosphere. You have to follow the money as well. There is a Business Model here that is attached where, you know, if it bleeds it reads, negative you go, more hysterical you go, more inject opinion into reporting more sexy it becomes for lack of a better term. More news outlets are seeing that happen. If President Trump looses in november, then youre going to see Something Like the 2008 recession, Great Recession for the news mead yow . Without donald trump like taking j. R. Ewing out of dallas, 2 doesnt fly to well. If he wins what card do they play in the second term . We heard all this hysterical reporting over the last four years. It is a very interesting dynamic here, no question about it. Here is bottom line, stuart. Leave you with this. In 2016 the hill 57 endorsements for Hillary Clinton, two on donald trump. Back on Hillary Clinton the concession speech f youre supporter of the president , so overwhelmingly negative, how will he survive it . He will survive it in 2016 and he will survive it now, no one trusts the messenger, stuart. Stuart youre absolutely right. Joe concha, thanks for coming on so fast to respond to the wall street journal piece. Thank you, stuart. Stuart white house chief Economic Advisor larry kudlow is with us in the next hour. I want to know what he thinks about the blue states which are not opening very quickly. 11 30 eastern, larry kudlow. Promising Human Vaccine starting Clinical Trials today. I will ask the ceo of novavax. It is his company. Joe biden facing backlash over the comments about africanamerican voters . Will this affect his choice for Vice President . I will ask Pastor Darrell Scott. Hour two of varney and company just getting started. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. You got more questions. You got more questions. I tell you if you have a problem figuring out whether youre for me or for trump you aint black. That is the most arrogant, condescending comment ive heard in a very long time and thats something. 1. 3 million africanamericans voted for trump. He is saying 1. 3 million africanamericans youre not black . Who in the heck does he think he is. Stuart senator tim scott on this Program Friday following controversial comment you aint black. Look who is with us now . Pastor darrell scott, old friend of the program. Very good to have you with us again, sir. Seems to me joe biden has painted himself into a corner now. Doesnt he almost have to pick a black woman as his vicepresident ial candidate . Im not sure you can hear me or not, pastor . Can you hear me . I dont think so. Can you hear me . I think you can hear me now can you hear me . Have we got a connection, Pastor Darrell Scott . Well try to work that one out. Well try to work that one out. Let me take to you the market. If youre just joining us, the news of this moment is, this is a very solid stock market rally. Youre up, what is next do you say, tell me again . What is . Okay. The dow is up 587 points. That is 2. 3 . Were above 25,000. Who is . Edward lawrence. Thank you. Im jugs trying to work out whats next here. Amazon is accused not paying its taxes. Joe biden said, youre not paying your taxes. I believe edward lawrence, amazon is firing back. What are you saying. Reporter they are. Very public firing back here. Joe biden, former Vice President , came out on twitter saying basically amazon should not pay less in income tax or corporate taxes than firefighters or teachers. Amazon fires back, reply toth tweet saying this, quote, we pay every cent owed. You spent three decades in the senate. Know that congress wrote these tax laws to encourage companies to invest in the economy. We have 500,000 jobs, with minimum wage of 15 an hour. Assume your complaint is with the tax code, not amazon. Bidens plan would raise the corporate rate to 28 . Would have minimum rate of companies that take in revenue for 100 million. Biden was in the senate 36 years, Vice President under the president obama where some of the tax codes written and changed related to the corporations. So the amazon twitter account getting as aggressive pushing back like the state of new jersey account does, push them, they will push back. Biden getting that criticism now. Stuart excellent. We got you. Thank you very much indeed, edward lawrence. Now i do believe Pastor Darrell Scott can hear me . Yes. Stuart you can hear me, my brother. Thank you very much. We went through what joe biden said, you aint black. Right. Stuart we got response of tim scott, the senator. Look, pastor, sounds to me like joe biden painted himself into a corner. He almost has to pick a black woman vicepresident ial candidate, you think . I think, you know the black democrats are trying to use bidens blunder to pressure him into choosing a black candidate. He is already narrowed his choice down to a woman. Now you have biden having to pick a black woman which i dont think he necessarily wants to do because in the list of those that they released that he vetted none of them were black women. He painted himself into a corner. I have a candidate for him. I dont know if in the election, rachel dole lesar would be, wait a minute. She april plaque. Sorry to throw her under the bus. My bad. Stuart that is terrible. He is painting himself into a corner like he said. Theyre trying to use this, black democrats are endeavoring to use this to their advantage pressuring to him, if he caves to the pressure shows what type of pressure. He cant cave to the pressure. He is kind of stuck between a rock and a hard place. Stuart talk to me real fast about california. Governor newsom is allowing churches to open with just 25 capacity. Question one, does a governor have the authority to say how many people youre allowed in church, and number two, what about the cathedral in california that holds 3,000 people and can only have 100 in it . What is with this . Yeah. I have friends in california that havent, very large churches, numbering, 10, 15, 20,000. They have very large sanctuaries. Here is governor limiting at of people coming in, even if they practice responsible social distancing he is trying to keep a number at maximum 100. What i find amazing . The black church overwhelmingly votes democrat. It is democrat leadership in these states that are restricting their church services. So i mean they pick their poison. Now they have to drink it. Its sad but it is reality. When you go to states red states, such as ohio where im at, our governor has not been oppressive or restrictive to churches at all. He requests that we practice responsible social distancing. He recommends guidelines for to us put in place but he does not enforce them at all. When i see the blue states, placing like chicago, she doesnt want them to have church for another year. California with newsom, limiting their ability to have church, this is the Democratic Party and the lack of respect that the Democratic Party has for christianity anyway. Stuart real fast, pastor, in november of this year, do you think that President Trump could get say, 15 of the black vote . I think he can get even more. President trump has a track record to run on now. In 2016 when the president said, what do you have to lose, what he was saying is, give me a chance watch with happens. You know whats funny, stuart, i debated with a guy the other day, he was still trying to take offense to the president s statement when he said, what do you have to lose. I responded here it is almost four years later what did you lose . That is end ever the argument because the black community didnt lose anything but the black community gained a lot from President Trumps victory in 2016. So as a result we have a strack record, we have things to point back to. In 2016 we were saying, we were trying to point to the future, this is what he will do. Now in 2020 we can point to the past, this is what he has done and his record in the last four years is undeniable. He had so many positives, proactive measures to the black community, funding of hbcus, opportunity zones, criminal justice reform, prison reform, urban revitalization. So many things he has done. There are things he is working on that he hasnt released yet. Stuart Pastor Darrell Scott, i come to a hard break so i have got to leave you. Dont be a stranger. We cant bro hug, social scansing. Now we have to do the bro elbow. Stuart darrell, good stuff. Thank you. Stuart optimism over the recovery boosting the markets. Do we need a vaccine to keep this rally going . That is a good question. Well try to answer it. New hope on the vaccine front by the way. Novavax beginning human trials today. The ceo joins us next. music meet jim. For jim, comfort is king. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. Choose new poligrip cushion and comfort. And let me tell you something, rodeo. I wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. Call now and get your free info kit. Other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. Discover the option thats best for you. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. Stuart the rally holds. Exactly one hour into the trading session. We are up better part of 2 1 2 . Big gains across the board. The markets that is the markets, ed yardeni is with us. Ed, you said well hit new highs but i believe youre also saying we dont hit new highs unless we have got a vaccine for this virus, is that accurate, is that what youre saying . I think so. I think clearly the market has shown us in a few days over the past couple weeks that anytime that there is potential for a vaccine, that the market goes up rather dramatically. Certainly the liquidity that has been provided by the fed has been absolutely awesome. Now if the market anticipates that well get a vaccine, then i think we will make new highs sometime next year but, it is important that we do get the vaccine because certainly could be second waves if were a little bit too lax as we eliminate the restrictions on the stuart let me press forward with this. You say you wont hit new highs until next year, even if we get a vaccine later this year . No highs not until next year, that is a long way away. Well, it is and it isnt. After the bear market we had at the start of the year getting to new highs next year would be fine. Look, things have been working out ahead of schedule in all sorts of ways in terms of my thinking on the economy. I thought that we would get to 2900 by end of this year on s p 500. Here we are at 3,000. So things happen sooner, that would be fine with me. Stuart ed, im going to cut it short. Joined by ceo of novavax which has a promising vaccine and promises are being able to deliver i believe 100 million doses of the vaccine, i think by either late this year or early next year. Gregory glen is the ceo of novavax and he joins us now. Gregory, first after you will, thank you very much for coming on the show today. Tell us why this vaccine that you are working on is so promising . Thank you for having me on. By the way im head of research and development. Im an md im pediatrician by training. I listened to your conversation earlier, vaccines are really miracles. They change lives. They have had a big imprint on history. So obviously here a vaccine would really be helpful. People could walk out the door knowing theyre protected that would be a complete change in the environment were in. Im optimistic that can be done. So our vaccine just entered Clinical Trials today. We spent some time. We actually evaluated 30 different ideas. This is a complex problem. What a vaccine will do here, so the virus infects by binding to the surface of a cell with the spike pretty teen. Why it is called the coronavirus, it has these spikes. They dock like a space station on to human cell. They inject their own genetic material into the cell and your human cell becomes a virus fact at this which makes you very quick. We can block that we know we can make antibodies that can block that. We know now in early stages. So im very optimistic with our data that we can come out with a vaccine thats deployable, could work. We think we make 100 million doses by end of the year for use. Stuart going to interrupt for a second. Youre in Clinical Trials today. You will get the results of the Clinical Trials, what, in july . July. Stuart july. If it is success if you recall, you can then ramp up to 100 million doses . Is there something specific to this vaccine you can ramp up easily . Yes. That is a good question. The vaccine is so potent, we can use a very small amount. In fact if you take the droplet in your syringe, dry it on surface of a table, you couldnt see it. It is micrograms. That allows you if you make vaccine, with 4,000liter vat, that allows to you make many, many, millions of doses. We normally wait. We want to see clinical, in normal Vaccine Development train you wait for senior clinical data, confirm its a working, then you scale it up. Were not waiting. Weve begun to scale up to make vaccine that can be deployed. We just a couple weeks ago got 400 milliondollar gantz from sepi to do exactly that thing. Were fanning out across the world. Were scaling up. Were confident by end of the year we could deliver 100 million doses, in the coming year after 1. 5 billion doses at least. That has to do with the fact that the that is dose bearing, smaller amounts needed and our system is robust making a lot of product. Stuart so im sure i know exactly what im talking about here, because im completely out of your league in terms of medicine what have you, but look, if you are successful, you have got this vaccine, if i were to take the vaccine, is it delivered by injection or a pill . Yes by injection. Stuart i get the injection, then im okay, they were i cant get the virus, im clean from there on out . Thats the goal. So most vaccines, the main goal is to keep you out of the hospital or out of the e. R. That is a very realistic goal. You dont care if you have a upper respiratory infection, i mean you do care but what is really so bad here people are very ill. You hear about deaths, but i can tell you that the people that are hospitalized suffer enormously. For a long time. It takes forever to recover. We want to stop at least, stop those things. I think there is some prospect our vaccine looks so good now, that it may actually block infection by youre talking about. That would be an added plus. It can interrupt transmission. Stuart it sure would. But you know, keeping, if you knew, if you walked out the door, said i know im not going to end up in the hospital e. R. Because i got the vaccine, that would change everything. Stuart sure would. All the things that could change where we know that stuart doctor gregory glenn, chief of research at novavax. If you accept the battlefield promotion, do it, made you ceo. Great news. Thanks very much for joining us. We appreciate it. Good talking. Stuart yes, sir. Yeah the countrys reopening. Tens of millions out and about over the long weekend n our next hour i will Ask White House chief Economic Advisor larry kudlow if he is speeding up the recovery timetable. Okay. Nearly six Million Viewers desperate for live sports tuned into the champions for charity golf match over the weekend. What this says about the mood of the country we will discuss. A connecticut barbershop owner defying the governors orders to stay closed. She says she has no choice. Her story next. Stuart as we check the markets the rally holds. I will tell you this about the reopening in new jersey. Governor murphy has now said that sports teams can return to training now. Remember, please, the nfls jets and giants both train in new jersey. Governor murphy also says outdoor graduation ceremonies can be held starting july the 6th but with social distancing. Got it. A lot of people flocked to the bars in the ozarks despite social distancing guidelines. Susan, tell me more about this. This was quite a scene. Susan it was quite a scene. Looking at video of zero ducks pool party. Shows there is very little social distancing taking place. In back a throwback to the march days when you have spring break. A lot of officials, including Public Health of missouri telling these individuals, those that attended a lot of these parties to selfquarantine for 14 days until you can provide a test that says you are negative for covid19. They called these large parties reckless. The attendance being reckless as well. Dont forget we have a missouri hairdresser that may have supposed 150 of their customers to covid19. Missouri has a bad headlines trying to contain and quarantine individuals. Stuart you got that right. So does connecticut, by the way, susan. Our next guest defied the connecticut governors orders for salons to remain closed until june 1st. The she is the owner of modern barber and shave and joins us now. Kat, you opened up, despite, in defiance of the law. What happened . Hi. Yeah. That day the Health Department came in and they inspected me to see if i had followed all the covid guidelines governor lamont came out. I was given a clean bill of health. I worked all day long without interruption. Stuart so you stayed open. Are you still open now and has the state done anything about it . Yes. So the 21st, the next day, i was served a cease and desist and was told to close my business right away. And i got with my lawyers and we filed an emergency injunction and because of the long weekend, im still waiting to see if i have a court date. And if i can reopen. Stuart now, if you did not reopen, i mean if you stayed closed, what happens to you . Honestly, stu, i will go bankrupt. I will lose my business. So it is dire for me. I have to be open. Stuart you dont get any help from the government, because of the situation . No. The, they havent given me much at all, definitely not enough to keep the lights on in here. Stuart when you were open how many people showed up as customers . So every day since the 20th, ive had 15 appointments scheduled. Im booking out until june 10th as of right now. Stuart is that about the level of business that you would be doing if it not for the virus at all . No. Not at all. We were doing 80 to 100 customers a day. I had five chairs going in here at once. Stuart with 15 customers a day, can you survive . Yeah. I can scrape by on that. Stuart are you open right now . What is it, 10 45 on a Tuesday Morning, are you open right now . I have appointments scheduled for this afternoon but, again im still waiting to see if they will hear my case. Im not sure why they dont want to hear it. And if i can get into court and get the injunction passed i will be open. Stuart well, look, cat, very wish you best of luck. Thank you very much for being with us on the show. Well keep in touch. I want to know how things go for you. Well see you very soon. Thank you very much. Thank you so much. Stuart all right. Attention sports fans there may finally be a deal in the works to get the Baseball Players back on the field. Well have details for you. Big ratings for this weekends champions of golf charity tournament. Does this give us a feeling for the mood of america right now with six Million People tuned in, had a pretty good time for four hours . Were hon it. Well deal with it next. And it appears youre quite the investor. I like to trade. Well, Td Ameritrade has pros ready if you need help, say talking through a new strategy. Just in case things, you know, get a little rocky . Im sorry on the upside i think thats waterproof. Maybe not. Staying connected your way youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Great job, man. Good job. Good match. Tiger woods, Peyton Manning, winners of the capital one the match. Stuart nfl stars playing a sport with a little less contact this weekend, all for a good cause. Ashley, come on in, tell me about the number of viewers and the amount of money. Ashley good number of viewers. Six, whatever it was, 7. 2 million. But what was even better was the amount of money they were able to raise through online donations and side bets by the way. You asked tiger woods agent about that, plenty of side bets. Tiger woods, Peyton Manning team, beating Phil Mickelson and tom brady. Brady had the shot of the day, holing out on number 7, went to pick the ball out of the cup, boom, splits his pants right in the front of camera. That is wardrobe malfunction. That is story of the day. Stuart i suspect he knew it was deliberate. Knew where the camera was. That is just me. Interpretation there. It is 10 51. You know what that means . We have mr. Kilmeade with us i do declare, youre on my show right now. Pay attention, son. I get the impression the mood of the country really shifted over this weekend. There is a desire to get out and about, go back to work, get this economy going again, mood shift. Did you see it . I saw it in my anecdotal poll because these are people i had a chance to talk to i havent seen it for a while. There were gettogethers. We were allowed to have 10 or more get togethers in new york because Governor Cuomo knows best as you know. People hanging around, ones most worried seemed to be flatout over it. Heres the deal. We see the stats. If you get this virus, there is a 99. 7 chance you will survive it. Stuart yes. Everybody watching right now knows if theyre in the demographic or have underlying conditions that theyre vulnerable and they are more responsible for their own welfare to this point, even the governor, the governor, they might know their own Health Better than the governor, can you imagine that . People are saying, what are you doing . Stuart brian, that is very important, what youre talking about is very important. We havent reported it yet this morning but we should. The cdc says the fatality rate of covid19 is 0. 3 . Thats extraordinarily low. It es is not what weve been told about previously. That means the risk of getting this virus, the risk of really suffering and dying from this virus is very, very low. I think that is going to make a difference for the way we get out and about in the future . Stuart, even if it doesnt affect you directly, there is a lot of people watching us right now that are sports parents or have kids, that have missed their entire season of school and about to miss their entire season of club, in baseball, football, not football, lacrosse, soccer, track, theyre all gone. Now you want to get it started again. At 3 of the entire nation, 3 are between 6 and 16, right . , zero and 16, excuse me. We shut down all schools and these kids, there is only 3 chance they will get it, let alone die from it. It will be extremely rare, sadly, any one dies too many. Every single day we hear about tragedies of kids on bikes or people in cars waiting at lights. It is all tragic but we know in life there is somewhat of risk. If you told me my kid will not go to school for two years and secondgrader has to sit on computer try to learn to spell and do math or, have a chance to go to school, im putting them in school. If my teachers are vulnerable they know it. Pay them. Take care of them. Let them stay home and then you figure out do the thing we get the vaccine or teachers feel safe. We bring them back. Stuart why is it that it is blue state governors, democrat governors who are dragging their feet on getting us back outdoors, back to work, and out of the house . Why them . Theyre also doing the biggest scare tactics. So what theyre doing is, the reason why i think the numbers are so high, they think more people are wary of going too fast than too slow because of the nonstop carry stories that come out. 100,000 dead is real and we should examine it, and should analyze it, but we should look at the people most vulnerable and who is not. This is milestone we never want to pass. But i dont think quarantining entire country, a healthy country, first time in history, the whole worlds done it, not just us. We, nations have quarantined themselves healthy for the first time in history. So i just think its time to say americans, now we told but the disease, the best we know. Now you make your own choices. I dont think it is a coincidence that blue states, President Biden, i wonder how much quicker, i ask you rhetorically, answer at home to your television, we can hear you, massachusetts, if it is President Biden how much quicker, knew work york, new jersey, illinois, and michigan opening up, what do you think . I think a lot quicker. Stuart i absolutely agree with you, this weekend the logjam opened up, the floodgates opened up this weekend a lot more to come. Im out of time, brian. That was good. Thanks as always for joining us. That was good stuff. Look at the market, were up nicely, 640 points. I believe that is the high of the day. We had the novavax top researcher on the show, very promising vaccine. When he was speaking the market started to move up a bit. Were up 644 points as we speak. Still to come another big hour for you. White house chief Economic Advisor larry kudlow is coming on board. The country is reopening fast. Will the blue states stall this recovery . Im going to ask him. I say there is a mood change as you just heard, a mood change from lockdown to breakout. It wont be long before the great reopening hits a Even Stronger pace. Thats my opinion and you will hear more of it in my take which is coming up next. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Unlike ordinary wmemory supplementsr . Neuriva has clinically proven ingredients that fuel 5 indicators of brain performance. Memory, focus, accuracy, learning, and concentration. Try neuriva for 30 days and see the difference. Stuart 11 00 and this is the high of the day. Were up 646 points. That is session highs. This is clearly a rally that weve got on our hands. We had word on Consumer Confidence rising ever so slightly, not a bad sign, 86. 6 is the number. Not a great number, but a slight improvement. Today, by the way, five more states are easing restrictions. Im going to pick out michigan to start with. Retail businesses and Car Dealerships can open by appointment only. Big deal. In west virginia, this is a big deal, bars can open at 50 capacity. Museums and zoos also opening their doors. The dow now at new high, 659 points to the upside. Now this. Yes indeed, it is a very positive Tuesday Morning. Look no further than the market which is definitely in rally mode again. First off, i noticed a mood change from lockdown to breakout. Reports came in from different parts of the country, plenty of people getting out and about, spending money where they were allowed to do so. The pressure is now clearly on those blue states which remain largely locked down. Defiance is in the air. I dont think its going to be long before the great reopening hits an Even Stronger pace. Then theres the news on vaccines. Astrazenecas trials look promising. Today its novavax and merck making strides as well. This is the fastest development of vaccines in history and shows what is possible when the trump team calls for warp speed action from the worlds biggest pharma companies. Hard to be objective about this, but it seems to me that fear of the virus is beginning to recede. Were not dealing with the bubonic plague, you know. The cdc now says quote, its best estimate is that covid19 has a fatality rate of. 3 . That is way down from previous projections and implies the virus is nowhere near as threatening as we thought. That makes a difference to our willingness to get back to work, get out of the house, and try to get back to something more like normal summer activity. All this is why the market is rallying. Investors always look to the future. We are traveling more, spending more, eating out again. Perhaps joe bidens troubles have helped Investor Sentiment as well. The last thing the economy needs is a tax hike and green new deal. The mood, again, in my opinion, has shifted. In a few moments, larry kudlow will join us. Lets see if hes speeding up the recovery timetable. Thats one of the questions i will ask him. First, though, that new piece, in the wall street journal, its from the editorial board, its an editorial piece, blue states are severely lagging behind red states in opening up the economy. Construction jobs, for example, only 4 have been lost in florida. 41 lost in new york. There is a huge difference. Steve cortez is back with us, America First spokesperson. Steve, the blue states clearly dragging their feet. I think they are dragging on the economic recovery. But you tell me, why do you think blue state governors are doing this . Right. Well, they certainly are a drag right now, unfortunately, stuart. Yesterday, i returned from holiday in georgia with my family back home here to chicago and i have to tell you that that contrast really reminds me of a book that i had to read as a schoolboy, a tale of two cities. It was the best of times, it was the worst of times. Because in states like georgia, and other likeminded liberty states, i have to tell you the economy is flourishing and by the way, they are also flourishing on the medical metrics as well. Conversely, in places here places like illinois, unfortunately, we see the pessimism pervades, shops are boarded up, the parks are padlocked and to answer your question why are these democratic governors like pri pritzker doing it, they are just enamored with this dictatorial power to act like petty tyrants. I hate to be cynical but i think its the reality, they would like to punish the American Economy because they believe wrongly that its somehow going to lead to President Trump losing come november. Stuart bottom line is surely that the economy really cant open up rapidly, you cant have a rapid economic expansion unless youve got the big population states on board. That would be new york, new jersey, california, illinois. They really are dragging the pace of the recovery down. You make an excellent point. We cannot rely on these liberty loving red states to carry the burden themselves. We need all of america to pitch in economically. Look, when it comes to the national scene, we have an entrepreneur in chief president , donald trump, who knows how to build who knows how to create the conditions for success in our country, for entrepreneurial success, for Small Business success and for job creation. He can usher in the trump boom 2. 0 but youre right, stuart, he does need the participation of the blue state governors. Its really up to them. They have to make a decision. Do they hate donald trump, do they detest him more than they actually care about the wellbeing and prosperity of their citizens. Because thats really the fundamental question here. Stuart what they say is we are keeping you safe. You saw what the cdc said today. The fatality rate from covid19 is. 3 . Dare i say thats not that different from the flu. Stuart, if we look at the metrics in the states that are open, i mentioned georgia which was the most ambitious state, the first to open in this country, we see in the month of may, deaths from covid are down 38 . Other states are being aggressive as well, look at texas, Governor Abbott tweeted this out yesterday. In texas, we have the lowest rate of hospitalization in six weeks, the lowest death rate from covid since march. So again, these states arent just flourishing economically but also medically. This is not a binary choice where we have to either choose to be a successful and open society or protect health. No, these red states are showing us that its both. Stuart steve cortez, good stuff. Thanks for joining us. We will see you again real soon. Promise. Okay. Want to get back to novavax. The stock of the day, i call it the company of the day, really, is helping to drive this rally. They are on to testing their vaccine on humans. Lauren, you heard the interview with our guest. When are we going to see the results . Repeat it, please. Lauren in july. So the head of research and development at novavax told you just moments ago, stuart, that they are scaling up a vaccine that they call a game changer. Listen. People can walk out the door knowing theyre protected, that would be a complete change in the environment were in. So im very optimistic with our data that we can come out with a vaccine thats deployable, that could work, and we think we can make 100 million doses by the end of the year for use. Lauren he also said they got 400 million from a bill gatesfunded foundation so they can scale that to not only 100 million doses by the end of this year, but he said 1. 5 billion next year. Stuart thats a big deal. I think that may have helped the market, because when that gentleman, when he came out with that, it pumped the market up 40, 50, 60 points on the dow. Look at it now. Youre up 679 points for the dow industrials. I think he made a difference there. Novavax certainly did. All right. Lauren, thank you. Next one, yes, its a president ial election coming. Its only about five months away. Theres a contest about whos spending how much money on the campaigns. Ash, i think President Trumps outspending joe biden, i think. Ashley yes, you are absolutely right, by a considerable margin, basically almost a three to one margin, in the sixweek period from early april, six weeks from that point. You can look at these numbers. 21 million spent by the Trump Campaign. Joe biden, 8 million. By the way, that 8 million was all spent solely on digital, none on broadcast or cable tv, spent since midmarch for joe biden or early april, i should say. Those ads have all been of the same nature, basically blasting President Trump for his handling of the coronavirus, calling him unprepared, indecisive, like a deer in the headlights. Meantime, the Trump Campaign has spent 10 million just in the past couple of weeks on tv commercials saying exactly opposite, saying, touting essentially how the president has indeed combatted the virus. By the way, overall, spending, Campaign Spending on ads is expected to hit 2. 2 billion. Thats a lot of money between now and november. Thats according to advertising analytics. Stuart 2. 2 billion. Here it comes. All right. I want to update everybody on the hong kong situation. There were heated protests over the weekend. They gained a lot of steam. This is because of chinas National Security bill, which i believe is going to be presented to the Hong Kong Legislature tomorrow. Susan, that is a big deal, isnt it . They are gearing up for more big protests. Susan thats right. We are expecting at least tens of thousands again near the government buildings downtown to protest this highly controversial National Security law which will enable beijing to write laws for hong kong without any of hong kongs input. Also, you will see Chinese Military personnel installed on the streets to enforce it and we spoke to one of those outspoken supporters of the proDemocracy Movement in hong kong, the media tycoon jimmy lai. Heres what he had to say this morning on fox business. People like us who are dissidents who fight for freedom will never rest, and maybe sent to china for trial, but the whole pace with hong kong will not be the same as it was before. Maria are you expecting to get arrested . Yes. The hong kong people cannot be frightened. We have to go on to demonstrate and protest. Susan jimmy lai was already arrested earlier this year for his support of last years protests. Jimmy lai, the owner of the apple daily, one of the prodemocracy newspapers in hong kong, had a huge front page plastering that says its all up to President Trump and the white house to help hong kong. There are a few options on the table for the white house. They can invoke the hong kong democracy and freedom act which would require beijing to prove that hong kong is being left independent or the white house can actually revoke some of the favorable trade policies that currently extend to hong kong but in the end, that kind of hurts hong kong, doesnt it, stu . In many ways, people see this as a huge infringement of the 1997 handback of hong kong back to china but what can the u. S. Do about this . Stuart yeah, good question. What can the u. S. Do in terms of retaliation. I do want to make the point that jimmy lai, im sure you will agree with this, is a very brave man, isnt he. Susan he is a very brave man. But i would argue that those young individuals that are braving the streets and taking the hits and physical brutality of this Democracy Movement are the brave souls. Stuart yeah. Im with you on both counts. Susan, thank you very much indeed. Quick check of one particular stock. Hewlettpackard. A bit of good news for them. Jpmorgan upgraded the stock to neutral from sell. Remember, the virus dealt a massive hit to them this past quarter. They have laid out, what, a billion dollar costcutting plan to combat it. Its up 40 cents. Got that. Netflix, another down day. States are reopening, people are getting out of the house. Thats not great news for the netflixes of this world. Stock is heading towards its longest losing streak in ten months. Its down ten bucks as of right now. Lets get a check of boeing. And airbus. Ash, whats the news on both of them . Ashley well, they are kind of teaming up, stu. They are going to try and find out, at least do more research into how the coronavirus behaves inside the cabin of a jetliner. Its interesting because boeing is looking at ultraviolet light as a potential real winner here. They are trying to figure out what kind of dosage is needed to cleanse or clean or disinfect an airplane between flights. Theres a university in colorado thats working on that right now. Meanwhile, you have airbus looking at selfcleaning materials, also a disinfectant that could last up to five days. And touchless devices in the bathrooms which always sounds like a good idea regardless. But they are looking to use they are bringing in engineers, bringing in academics, bringing in medical experts, they are going all out basically to find the best way to maintain that cleanliness inside a jet plane but more importantly, to make you and me and everyone else who may travel in a plane feel like we are being properly protected. Thats the bottom line here. Stuart look at the airline stocks, way up in percentage terms. Lufthansa got 9. 8 billion from the German Government which is taking a 20 stake. I think thats helping united, american and jetblue. One more thing. Tsa just released the latest numbers on the number of people traveling. What have you got . Ashley yeah. After hitting an alltime low like march 22nd, nice may rebound. We look at some of the numbers, last friday heading into the long weekend, we had 348,000 people that were screened at the tsa checkpoints. A year ago on that day it was 2. 7 million so yes, we have a long way to go but this is a nice rebound, as you pointed out before. We were at 80,000 at one point. Now we are up to 348,000. Yesterday, 340,000 people actually got on a plane. So we are headed in the right direction. Stuart you got that right. Thank you very much. Big hour for just ahead. White house chief economic adviser larry kudlow will be with us very shortly. We will ask him about the pace of the recovery. The blue states lagging everybody else. And what a vaccine could mean for the economic rebound. Larry kudlow coming up. New home sales rising unexpectedly in april despite the lockdown. Whats behind that surge . We are on it. First, protesters in North Carolina demanding the state reopen and soon. The governor says hes taking a scientific approach. The president says thats just politics. He may move the Republican Convention out of that state. We will deal with that next. Meet jim. For jim, comfort is king. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. Choose new poligrip cushion and comfort. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. We all want to be in charlotte. We love North Carolina. But having a sense now is absolutely essential because of the immense preparations that are involved, and we look forward to working with Governor Cooper, getting a Swift Response and if need be, moving the National Convention to a state that is farther along on reopening and can say with confidence that we can gather there. Stuart there you have it. The Vice President on the status of the National Convention, the republicans in North Carolina. We should say that President Trump, he threatened to find another site if North Carolina wouldnt allow quote, full attendance. Look whos with us now. Lieutenant governor of North Carolina, dan forrest. Sir, you are a republican. The governor is a democrat. What can you do about this . Well, i tell everybody, elections have consequences and we have an election in november where im running against the governor so the best thing we can do is win in november. Stuart we have seen a lot of protesters in the state, raleigh, there were protests in four other cities as well. Theres clearly a push to reopen. Why is the governor resisting that . Not exactly sure, stuart. I think the challenge in North Carolina is the inconsistency in decisions. Currently we started to open up restaurants again in North Carolina but bars are still closed down and gyms are still closed down, and at the same time, you can have wineries and breweries open but bars cant be open. At the same time gyms are closed down, College Athletes and professional athletes can go to their gyms and work out. I think what youre seeing from the average business folks out there is that politicians end up making these random selections of decisions that really impact their business and they dont understand why. Its not based obviously on science and data. Stuart as you heard from Vice President pence, they need an answer from North Carolina quickly because youve got to move heaven and earth to move a Convention Like that. Do you think the governor, Governor Cooper, democrat, will move quickly . I dont know. He hasnt moved quickly on anything so far. Obviously all the states around us in the southeast have opened up, they have seen their case numbers drop as they opened up and they have seen things im why proving. North carolina, we never had a curve problem here. Our curve has always been flat in our state. So dont exactly know what the end line is here for the governor. Sometimes it seems like he wants to completely do away with the virus before we open things back up. Thats obviously not realistic, stuart. So theres a lot of businesses out there that are still struggling and dont understand when it comes to the convention right now, you are talking about 160 million of revenue poured into the state and that has a massive impact. You are talking about literally billions of dollars being poured into the state at a time that its needed most, especially for restaurants and hotels and people like that who have been struggling the most. Stuart can you explain it . Why is it that democrat governors more often than not impose these lockdowns and keep with the lockdowns for much longer than red state republican states . Can you explain why this is . Apparently they dont trust the people. They trust themselves and their own experts but they are obviously not trusting the people. Again, these inconsistencies that we have seen from the beginning where big box retailer can open up and have thousands of people in their store but a mom and pop store on main street cant be trusted to have one or two in their store at the same time. I think its the same mentality as stuart can i just heres what a lot of people are saying. Not necessarily me, but a lot of people are saying this. The democrats dont want to speed up the economic recovery, they want to slow the economy so that the president looks bad come november. Do you put any truth in that whatsoever . Well, you know, when people talk about science and data and science and data, it seems to be that the democrat states talk about Political Science more than medical science so yeah, i think theres absolutely some truth to that. I dont think it harms them one bit personally but it certainly could harm the president and certainly it could, you know, harm the states. Its unfortunate. I have been out there and about firsthand witnessing these Business Owners who have been shut down and lost their livelihoods and lost their entire fortunes but have also had to furlough employees and lay them off and its devastating out there. Stuart, as i have said from the beginning, this is the United States of america. We can do two things at once. We can protect the most vulnerable and we can protect peoples livelihoods. We should get it going again. Stuart dan forrest, republican Lieutenant Governor of North Carolina, thank you for joining us. We appreciate it. Thank you, stuart. Stuart sure thing. Going to show you the major cruise lines. All of them are nicely higher. Look at that. 12 , 14 , 12 up. They have been beaten down recently. They are sure enjoying a nice bounce today. Of course, the overall market is up. Maybe they are being helped by the overall market. Now look at macys. I think weve got a big percentage gain there. Yeah, up 12 . Lauren, why . Lauren well, the news on macys is that they needed cash to get through the coronavirus so they withdrew on a Credit Facility in march of 1. 5 billion. Now they are looking to repay most of that and they are doing so with a debt offering. The notes will be due in 2025. Macys is up 12 today. Nordstrom, kohls, gap, many of the stores really hit before the coronavirus, then exacerbated when the pandemic hit, they are all up double digits today. Cruise lines are up, airlines are up. Thats the trend as the economy reopens, the struggling sectors are bouncing back. Stuart its the reopening phase. Lauren, thank you. Bankruptcy news. Hertz, the latest Major Company to file for bankruptcy, following in the footsteps of more than a dozen other big businesses. Bad news all round unless, unless you are in the market for a new car. We will explain that to you. White house chief economic adviser larry kudlow will join us shortly. I want to know will the government start pressuring states to reopen more quickly . I will ask that question next. Where will you go first . Will it be familiar streets . Or perhaps unknown roads . Wherever you may go, lexus will welcome you back with exceptional offers. Find a lexus for every road at lexus. Com. No payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. Stuart as we check the markets for you because with the the markets have been open for exactly two hours. This is a very solid rally, folks. You are up over 600 for the dow, up over 80 for the nasdaq. Its a solid rally all around. I believe we now have larry kudlow with us, direct from the white house, chief economic adviser to the president. Mr. Kudlow, larry, welcome to the program. Good to see you again, sir. Thanks, stu. Appreciate it. Stuart the blue states are lagging in getting behind this economic recovery. I mean, they are just lagging. They are holding us all back. Will the president , will you, will the administration put any pressure on them to say hey, come on, open up faster . Well, the president has certainly noted it and he wants to see the economy reopen as rapidly as possible. But its got to be done in a safe way, so its hard for me to make a judgment. You know, we have been working with a lot of these governors, phil murphy in new jersey, for example, andrew cuomo, gavin newsom. The level of cooperation between the president and Vice President and the task force and these governors, the level of cooperation has been good, and thats very positive, and they have acknowledged that, they are from the other party but so what. So yeah, i would like to see them open up as fast as possible. But its got to be done safely. You cant ignore, you know, you got to social distance, stuart. You got to have the tests done, you got to have the hospitalizations stuart we got these numbers, we got these figures today from the cdc. The fatality rate for covid is 0. 3 . Thats a very very low fatality rate. In other words, the risk of going getting out of the house, going back to work is much lower than we thought previously. Cant pouyou pound the table on that with these blue states . I will pound this podium. I dont want to break it. Stuart you know what i mean. In all honesty, those are wonderful numbers, youre right. The curves are flattening. And they are adjusting downwards. To some extent, going back to the original guidance we issued, if you have downward adjustment during a 14day period, that gives you a go ahead for phase one on into phase two. The case rate is the same way. Its flattening out. Look, i want to see the economy open as fast as possible. Weve got a whole bunch of green shoots that are developing glimmers of growth, mustard seeds, whatever you want to call them, whatever i called them down through the years. This is great news. Its driving the stock market up. You know, todays Consumer Confidence, stuart, the six month ahead measure for jobs in the economy is really bullish. Really really bullish. So people know, i think, that we are in transition and we are pivoting now towards reopening. People will return to work, and fourth quarter. Stuart are you speeding up your timetable of recovery . Last time you were with us, you were a little hesitant about how strong this economy would be in the Third Quarter. Now you are sort of saying well, maybe we are speeding up a bit more, more optimistic outlook for the pace of recovery. Well, the facts are moving in my direction on that. But last time we talked, i talked about the Congressional Budget Office numbers and they are showing a 20 plus Third Quarter. Thats been their view and i have repeated that view because i happen to think its the right course. My colleague Kevin Hassett likewise, we think thats exactly the right course. So i dont know, you know, some days i have less ka fecaffeine, days i have more caffeine, it all depends. On the other hand, i like what i see, i like the stock market action, i like the Consumer Confidence numbers. Look, youve had housing demand, its been pointed out, Mortgage Applications and so forth are actually higher than they were prepandemic. Theres better auto sales, more driving, more gasoline, oil prices are up, businesses are now reopening, but business applications, new business applications, are very strong. So these are good signs. Lets hope and pray that it continues. Stuart could the fly in the ointment here be hong kong and china . We have been reporting all morning theres a huge demonstration coming tomorrow in hong kong against the new security laws. President trump has suggested that he would push back on china if they do something. That could upset the apple cart, couldnt it . Well, it might, in the short run. I think chinas making a big mistashmi mista mistake, frankly. I think taking over hong kongs National Security parameters and judgments was a mistake. We are supposed to have one country and two systems, now we are seeing an attempt i think to have one country and only one system. That takes away a lot of freedom in hong kong. That will have a very bad financial effect on hong kong, i might add and incidentally, we welcome any American Companies in hong kong or china mainland, we will do what we can for expensing and pay the costs of moving if they return their supply chains and production to the United States. Thats one of our key issues. China is making a big mistake. I dont want to speculate because in meetings recently, ambassador lighthizer, secretary mnuchin, vice premier liu he had a constructive meeting about the trade deal. The trade deal is on for now. We will see if the chinese implement that deal. That includes intellectual property and the forced transfer of technology as well as commodity purchase so well see. I dont want to speculate. Im just saying chinas made a big mistake on this National Security question. China made an enormous, costly mistake regarding their concealment and lack of transparency and information on the origins of the coronavirus. Huge mistake. And it spread worldwide. The costs are enormous. They have also made big mistakes in the financial area, stuart. As you know, we were forced to stop the thrift savings plan, the federal thrift savings plan from investing in Chinese Companies because they lack transparency and they dont meet our auditing standards. In fact, they dont let us audit. The Public Accounting board and s. E. C. Have commented on this and there will be more of that. China must comply with the United States standards if they want to raise money here in the United States. So thats another area of issue and discussion and frankly, i think chinas going the wrong way. Maybe they will get smart and move in a better direction but right now, theres been a lot of miscues from china. Stuart 30 seconds. Thats all ive got left. Can you tell me this. Is a vaccine, a proven effective vaccine, is that the big key to getting our economy back where it was two months ago . Well, its one of the big keys. And its moving very fast, really warp speed. By the way, a lot of deregulation going on and we have always cooperated with the private sector so i think that would be a huge plus. I also think, stuart, the Biotech Companies and pharmas are looking at therapies, medicines, to deal with the virus right now. So the vaccine is a longer term but the potential therapies that might come out this summer may be very reassuring to americans, American Work force, americas businesses, ranchers, cattlemen, middle income people, blue collar boom that i talked about months ago, very reassuring to have therapies and then yes, the vaccine is proceeding at a rapid pace. This is all to the good. Let us pray it continues in this direction. Stuart indeed. Larry kudlow, always a pleasure. Thank you again for being with us today. Thanks, larry. Thank you. Totally different subject. Joe biden. Launching an Apology Campaign after saying this on radio. Watch this. You got more questions you got more questions but if you have a problem figuring out whether youre for me or trump, then you aint black. Stuart all right. How that comment could shape his short list for a Vice President ial pick. Weve got that story coming up. And the virus is convincing some americans to move out of big cities. Once the virus is under control, will they come back or stay in the suburbs . Or out in the country . We will deal with it next. Usaa was made for right now. And right now, is a time for action. So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together, so many times before. Discover all the ways were helping members at usaa. Com coronavirus discover all the ways were helping members why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief and let me tell you something, rodeo. I wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. Call now and get your free info kit. Other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. Discover the option thats best for you. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. Stuart all right. The market rally holds. Were up nearly 600 points for the dow industrials. Im going to say this as a blanket statement. Big cities are in trouble. For all kinds of reasons. Some people are leaving their apartments because they cant make the rent. Maybe San Franciscos a special case, 17 of landlords have tenants leaving apartments early but again, that could be San Francisco a special case. Lets bring in dotty herman, Douglas Elliman ceo. Welcome back to the show. I say cities have a real problem. People are going to move out and not in. Where am i going wrong . Well, i think, you know, actually 70 of the leases are renewals in new york city, okay. Theres not a lot of new people moving into new york city but 70 of the leases are renewals. You are getting families and millenials and people that have young kids, you are seeing some of them move out to the suburbs, whether its long island, the hamptons, but i guess they have been cooped up in small apartments and they are a little nervous. We had this on 9 11. They are buying in the suburbs where they have grass and a yard and their kids can play. So you are seeing that. Thats, you know, what we have seen before. I dont think its the end of new york city, though. I know for myself and all the people that i know that live in the city, we still want to be there. I just think its a little bumpy. It will be a time of up and down, up and down. It will take a little bit of time. Hopefully as long as we get something to end this virus or at least control it, i think it wi will do. New york city always comes back. Stuart forgive me, we have to leave it there. Theres a problem with the sound quality. Sounds like youre in a cave there. Thank you for joining us even though it was so short. Got that. Still holding on to a nice rally. 570 points for the dow industrials. Ive got a string of bankruptcies that have been reported. The latest was hertz. They are the latest filing for bankruptcy. Lauren, this came out over the weekend. What else you got . Lauren and the first big travel company to file for bankruptcy during the pandemic. Look, the problems for hertz existed before coronavirus but the virus was the icing on the cake after a series of missteps, right. You know they invested in sedans when people wanted to rent suvs and along came uber and lyft but take a look here. These are 16 companies that have recently filed chapter 11 bankruptcy. Jc penney, golds, this list is getting bigger and bigger. You know, this is im a little nervous to see how big this list gets. Stuart yeah, really. Lauren i am. You know . Because we had a problem before, we have a big problem now. Stuart you really do. Its a shocking list. One thing i want to talk about is rental Car Companies. Are they selling their cars . Hertz is bankrupt. What are they doing . Are they selling their cars . Are bargains available . Lauren yes. So Car Companies have always sold a portion of their fleet but now the experts are saying they are selling more cars at deeper discounts because they need the cash. So if you are in the market for a used car, you can go well, to several places, but if you go right on the car companys website, you can test drive sometimes for many days, decide then if you want to buy a used car from one of these rental service companies. You can get a nice discount. Stuart it makes sense, does it not. Thanks, lauren. Lets get to politics. We havent done much politics on the show today. I miss it. Joe bidens list of Vice President ial picks is dwindling. Ashley, do you have a list . Ashley well, i have a list, our good friend liz peek kind of picked up on this in an article for foxnews. Com. Its really interesting. Theres a theme here, if we can bring up the list. On that list, senator kamala harris, former Georgia State rep stacy adams and the representative from florida, val demings, former Orlando Police chief. What is the well, obviously you have to be an africanamerican female, apparently, to be on joe bidens short list. Liz peek wrote an interesting article saying whatever happened to Amy Klobuchar, whatever happened to liz warren. She says these picks, these three picks, shes narrowed it down to, certainly have an appeal but may not appeal to progressives and some moderates within the party. Not like liz warren, who appeals to a wider group. She says Amy Klobuchar actually fits better with joe biden than any of them combined. She said bottom line is that joe biden has boxed himself in and there was an oped written by seven black female activists in the Washington Post who said look, mr. Biden, they made this point, we resurrected joe bidens campaign and we are here to collect. You must select an africanamerican female Vice President candidate. Thats where hes at at this point. Stuart well, after what he said to the gentleman on the radio, you aint black, i mean, youve got to right yourself with the Africanamerican Community because if you dont get at least 80 of their vote, you aint going to be the president of the United States. You got to right it somehow, i guess. Thanks, ash. What a story. What a year, 2020. What a year. Unbelievable. All right. All right. Kids cooped up at home. The countrys largest indoor Adventure Park will start reopening its doors today. What is the sanitization plan . Theres a good question. We will certainly find out after this. vo our communities need help like never before and wells fargo employees are assisting millions of customers across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage Payment Relief efforts and donating 175 Million Dollars to help hundreds of local organizations provide food and other critical needs. When you need us, wells fargo is here to help. Stuart urban air, ever heard of them . They are the largest indoor Adventure Park operators. Youve got the trampolines, the gokarts, skydiving, climbing walls, all the rest of it, they plan to reopen this week. Michael browning is urban airs ceo and he joins us now. Michael, welcome to the show. Good to have you with us. Thanks for having me. Stuart ive got to put it to you, this isnt a great time to be reopening. Summer unofficially has just begun. Why would i want to confine my kids indoors like this . I completely understand. The urban air consumer has kept their kids safe, has kept their kids healthy and learning inside their homes and we think theres a ton of pentup demand for the urban air consumer to get out, Start Building relationships again and being active. Stuart what about sanitization . What are you doing about that . Well, we are following all of the cdc guidelines, state and local guidelines but most importantly, we reached out to the urban air guests, millions and millions of guests told us what they would like to see outside of what the cdc is saying. We increased our sanitation, our staff is going to be wearing ppe, we will be cleaning each and every hour the attractions and we will have touchless interactions for the purchasing of tickets, food, beverage, merchandise and we will also be taking the temperature of our guests and the staff as they come in. Stuart if you dont bring in a lot of business, are you in danger of going under financially . Well, i think no business has enough liquidity to last forever. I will say that urban air is in a very strong cash position, has great liquidity. We have an amazing franchisees who have been in this business a long time so we have gotten ourselves through this storm and now we are ready to open back up and climb the next mountain. We are really optimistic about the future. Stuart look, we will cheer you on if you want to reopen and get back to work and get this economy going again, im all in favor of it. How about liability . Youve got to have some coverage for that. Yeah, absolutely. I think that were hoping that some things can be done in congress around liability. Its something that every busy think is worried about with the Contact Tracing and we need something to happen. But we have waiver liabilities that our guests sign and this has been something thats been in place for the last ten years. We are going to do everything we can to keep them safe and we will put our head on the pillow at night and know we did everything we could. We will try to make a go of it starting this week. Stuart will the kids have to wear masks . Its going to be optional unless the state or local governments mandate that. We are telling our guests we want you to wear what makes you feel comfortable, what makes you feel safe. Because we are going to provide them with the same urban air experience they have come to learn to love. Stuart the ceo of urban air, michael browning, the gentleman on the righthand side of the screen, we wish you the best of luck, because we all want to open up and get the kids doing something. Thank you, michael. Appreciate it. Take care. Stuart more varney after this. announcer reliability is everything. So, if your networks down, youre down. Verizon knows your customers need to reach you seamlessly. Your team needs to work from different places across many devices. Plus, you want the security trusted by some of the Largest Companies in the world. Were going to see the economy recover, fastest in the state has go back to work. Well, no duh, of course. Well see a correlation between that and where the economy recovers and where individuals recover. Stuart that is dave ram my. He will be on with me on thursday in the 11 00 hour for a virtual townhall. What i want for you to send your questions to us, please. Keep them 20 seconds or less, pithy, straight to the point. Just send them to us at invested in you at fox business. Com. Markets at a nice rally. Larry kudlow says china making a big mistake with hong kong. News there. My time is up, neil, it yours. Neil dave ramsey is a lot like you, stuart. Pays cash for everything. He is tight with a buck and become a multimillionaire doing it. Like your american double. Stuart i believe it is your show right now, neil . Neil coy talk to you for hours. Thank you very much, stuart. Look forward to the special. We have a lot coming up here on that. The whole dave ramsey phenomenon notwithstanding. This issue how much people are willing to spend, all kidding aside that will be a big theme Going Forward here. Apparently there is a lot of pentup demand on part of folks like