Nasdaq, back up there another 11point gain. Now, Interest Rates, that was the trigger this week. The market is predicting three rate cuts this year. Up goes the market. Picture this. Speaker pelosi addresses a closed door meeting of House Democrats. She comes down hard on the young radicals. You got a problem, bring it to me, she says. That did not go down well. Aoc fired back. The speaker is quote, outright disrespectful to singling out women of color. Its a fight with race and gender thrown into the democrat divide. Action in the gulf. Iranian gun boats try to take over a British Oil Tanker. A British Navy Ship stopped it. The price of oil, i believe right now its back at, yes it is, 60 a barrel, 60. 59 per barrel. Lots of factors pushing oil up today. Records on wall street and an intruder at Buckingham Palace . You get it all on Varney Company which is about to begin. Stuart watch out in new orleans. Heavy rain, flash flood, emergency in new orleans. There might be a hurricane on the way as well. Lauren simonetti . Lauren look at those pictures. We are watching what could develop into a tropical storm, which could develop into a hurricane category 1 hurricane saturday morning. Let me give you the good news. The models are indecisive. It could still move. Heres the bad news. 14 years since Hurricane Katrina you have a lot of water heading to this region. The Mississippi River is already crested. The levees in new orleans can only handle 20 feet, up to 20 feet, and we could exceed that tomorrow night. So the water is certainly a problem. The gulf of mexico, the oil, you just gave, 60 and change a barrel, that is a sevenweek high. You have 30 of oil shut down now in the gulf of mexico because they have evacuated the platforms because of this storm, potential hurricane. So late season flooding coupled with an early season hurricane, this could be a disaster for this region. Stuart we dont want to hear it but we are going to report it. Thank you very much indeed. Lets get to your money. Looking good, ive got to say. As of the futures market right now, we are going to be up again at the opening bell, 90 points up for the dow, 13 for the nasdaq. Gary kaltbaum, come in, please. Dare i call this a goldilocks market . Because thats what im calling it. What do you say . Oh, dont ever use the word goldilocks with stock market, stuart. Thats when the market comes back to bite. Be careful. But let me say this. Lower Interest Rates have been doing the job. Back in january on the first powell pivot, the market bottomed, then he just did it again a few weeks ago at the lows after a 7 to 10 drop in the market. I think we go higher but it is very narrow. I can tell you the small and midcaps are not participating. The transports and financials are not. But whatevers workings working very well and i think we take advantage of it. I see higher prices ahead. Stuart you would not be afraid to advise our viewers if they got some little money on the side, you would not be afraid to tell them to put it in the market now . Two weeks ago on this show i told you i thought we would break out to the highs on the large cap indices. I think theres more to go. But keep in mind, earnings in droves start next week. There will be some changes. There will be some greatlooking stocks gapping down on numbers and there will be some stocks not doing well that gap up. Just keep that in mind and dont jump the gun, if you see something reporting in three days, you dont want to buy it just yet. Again, overall i think were in decent shape and the fed will cut rates at the end of july. I expect at least one more this year. Stuart i dont care what you say, gary, im calling it a goldilocks market. Go right ahead. Stuart stay there. Ive got more for you in just a second. The wall street journal is reporting that amazon is going to retrain onethird of its u. S. Work force. Technologys changing the nature of work and i believe amazons going to spend 700 million on this retraining effort. Look at delta. Better profits there. They do not have any 737 max jets in their fleet. The stock is up a buck this morning at 60. Not such a rosy forecast from bed, bath beyond. Thats a troubled retailer. They are down 5 this morning, right there at 10 per share. Speaker pelosi reportedly, well, she did, she scolded the far left members of her party in a closed door meeting yesterday. Heres what she said. Quote, so again, you got a complaint, you come and talk to me about it but do not tweet about our members and expect us to think that thats just okay. She said that, aoc responded with this. When these comments first started, i kind of thought that she was keeping the progressive flank at more of an arms distance in order to protect more moderate members, which i understood. But the persistent singling out, it got to the point where it was just outright disrespectful. The explicit singling out of newly elected women of color. Marc lotter is with us, Strategic Communications director for trump 2020. Now, republicans can sit back with glee and look at this divide. I got that. But you know, this divide in the house could really upset the legislative agenda and stop some very important stuff from going through. Its not all good news, is it . Theres not much going through right now anyway when you look at the inaction of this democrat congress. But their infighting is definitely having a toll not only on congress but also on their political candidates for president. Its clear that aoc is the intellectual, you know, mastermind behind the Democrat Party right now. You see the democrat candidates for president endorsing many of the things that she supports. So this is a push and pull between two factions. It will be interesting to see how they work this one out. Stuart interesting . Come on, you love it. Let me move on, shall i. Labor secretary Alexander Acosta defending his handling of the sex crimes case against Jeffrey Epstein more than a decade ago. How did this become trumps fault . Everything in the minds of many in the Mainstream Media is trumps fault. I see more discussion on cable news about the president than i do about bill clinton, who actually rode on epsteins plane reportedly 20 some times, visited, he actually got caught lying in terms of when he actually had his relationship begin with him, but they would rather talk about the president rather than bill clinton, where this scandal is clearly more closely connected. Stuart so lets leave it at that, shall we. Just bear in mind there is an enormous divide among democrats in the house and you, sir, are loving every minute of it. I know that. Come on back any time you like. Marc lotter, thank you, sir. Now, Elizabeth Warren reintroduces legislation that would require corporations to disclose climate risk exposure. Back to gary kaltbaum. Lf all right, im reading between the lines and this seems to open the door to climate litigation, a lawsuit avalanche if this passes. What do you say . Oh, and taxes and more taxes and more taxes. I keep hearing from Elizabeth Warren that shes a capitalist, then she keeps telling us what shes going to do to this company, that company, this industry and that industry and it all comes down to more rules, more regulations, more fees, fines, mandates and taxes. There is nothing in capitalism thats defined by what she says and does. Stuart i doubt that this reintroduction of this legislation is going to actually pass, and i doubt that Elizabeth Warren is going to be the nominee for the democrats in the president ial election. I dont know that, but im speculating here. So is there really anything to worry about here . I dont think so. I also think a lot of this talk in the primaries from the democrats on Climate Change is for the base. I think they know better that once you get to the general, you better Start Talking to the independents or you have no chance of beating donald trump. So thats my hope because i think this Climate Change, i think the Climate Changes all the time. I think the hoax is all these people telling us we got to pay for all of it and we can stop hurricanes and tornadoes from happening. Stuart gary kaltbaum, thanks for joining us. See you again real soon. You better take a look at futures again, please. You are going to like it. This is thursday morning. New highs across the board yesterday. We are going up again this morning. The dow could be up about 100 points right from the getgo. Look at at t. Its going to become i think it is becoming the first major Wireless Company to block those annoying spam calls. Good story. I love it. Were on it. The french giving final approval to a new digital tax. It takes aim at our American Technology companies. However, our governments going to investigate this to see if it discriminates against our companies. Here we go. Immigration raids targeting thousands of illegals in cities will begin this weekend. That story is next. Play it cool and escape heartburn fast with new tums chewy bites cooling sensation. Tum tum tum tums with new tums chewy bites cooling sensation. But i can tell you Liberty Mutual customized my Car Insurance so i only pay for what i need. Oh no, no, no, no, no, no, no. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart the royal navy, that would be the british navy, stops iranian gun boats from taking over British Oil Tanker. Happened in the gulf . Susan the straits of hormuz, where a third of the worlds oil passes through. The ship was carrying oil for bp oil, being escorted through the straits by the hms montrose. Upon seeing some iranian vessels, some of them getting hostile, three of them, the warship trained their guns on these vessels. We have a uk defense minister saying theres evidence it is the revolutionary guard in iran and they are pretty fast, they have speed boats but go through the straits of hormuz, basically these are boats armed with torpedos, short range missiles, also small patrol aircraft as well, craft that have machine guns and rocket launchers on board. But the straits of hormuz as we know, this was a u. S. Drone shot down recently. Given that we have crippling iran sanctions in place, they are saying this kind of hostile act might be increasing in the future. Stuart they are prodding us. Susan its also the uk. Dont forget, the uk, germany and france are part of the 2015 Nuclear Agreement and they stood by iran despite the fact the u. S. Pulled out. Can you imagine how they feel . Stuart cheated, i would say. All right, thank you. Heavy rains, flash flooding in new orleans and now a really bad storm may be headed for louisiana. Joining us is senator john kennedy, republican from the state of louisiana. Mr. Senator, we have some video of pretty bad flooding in new orleans already. How bad is the situation developing in your state . Well, it doesnt look good, stuart. Im headed home as soon as we take our last vote today in the senate. We dont know yet, look, the people of louisiana are tough. Theyre tough as a pine knot. And we have been through this. But if you get 20 inches of rain and heavy winds over a twoday period, youre going to flood. I dont care if you are living on pikes peak. Im worried but i think were as ready as we can be. Stuart as you know, mr. Senator, i. C. E. Raids, immigration deportation raids, begin sunday. How do you feel about that . I support the effort. In america, we have rights. Thats the good thing. We cherish those rights. Whens the last time you heard of anybody trying to sneak into china . People want to come here and im flattered by that, but we also have responsibilities, and one of those responsibilities is to obey the law. Now, we have a federal law is not a la carte menu. You cant just pick the ones you want to follow. Illegal immigration is illegal. All President Trump is doing is enforcing the law. By the way, so did president obama. He deported about four million people. So did george bush. He deported about ten million people. So did bill clinton. He deported about 12 million people. And all the president is doing is enforcing the law and i support him unconditionally. Now, it ought to be done appropriately, it ought to be done respectfully. But if youre in our country illegally, youre breaking the law. Youre a criminal. Stuart where do you think the country stands on this . Because many democrat candidates are standing up and saying there should be no control at the border whatsoever. I mean, genuine open borders. How does the country feel about that . I think most fairminded americans support the president on this. Now, many of my democratic colleagues, not all of them, currently believe that illegal immigration is a moral good. They believe in open borders and their position seems to be that if you have border laws, youre a racist. I dont think it makes you a racist. I think it makes you prudent, because if nothing else, public safety. Not everybody who comes into your country is a nice person and thats why they should be properly vetted. We properly vet and admit a million of our worlds neighbors a year, more than any other country. Stuart im one of them. Were glad to have you, stuart. Stuart thank you very much indeed. We wish you well on your trip back to louisiana today. Tough situation. Thank you, sir. Check futures again. Now we are going to be up 100 points for the dow industrials. We have been climbing most of the morning, up about 18 on the nasdaq. Another rally coming in about 11 minutes. Joe biden, he made nearly 16 million since he left the white house. He and his wife jill. A new report shows he used a tax loophole that President Trump sorry, president obama tried to stop. How about that. Good story. Were on it. Cant see what it is yet. Re . What is that . Thats a blazer . Thats a chevy blazer . Aww, this is dope. This thing is beautiful. I love the lights. Oh man, its got a mean face on it. It looks like a piece of candy. Look at the interior. This is nice. This is my sexy mom car. I would feel like a cool dad. Its just really chic. I love this thing. Its gorgeous. I would pull up in this in a heartbeat. I want one of these. That is sharp. The allnew chevy blazer. Speaks for itself. I dont know who they got to design this but give them a cookie and a star. I kept putting it off. T get what was i thinking . Ago. Ok, mr. Jones. Were all done. I told you it was easy. 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But dad, youve got allstate. With accident forgiveness they guarantee your rates wont go up just because of an accident. Smart kid. Indeed. Are you in good hands . Wanna take your xfi now you can with xfi advantage. Giving you enhanced performance and protection. When devices are connected to your homes wifi, theyre protected. Helping keep outsiders from getting inside. And if someone tries, well let you know. So you can stream, surf and game all you want, with confidence you can get coverage where you need it most. Thats xfi advantage. Make your xfi even better. Upgrade today. Call, click or visit a store. Stuart joe biden reportedly used a tax loophole that president obama tried to stop. Okay. So tell me whats going on. Susan its called the scorp. Let me put on my accountant hat for you. Basically the bidens arrive at their book and speech income through an scorp bypass. They roughly saved over half a Million Dollars by doing that since they reported profits of 13. 6 million in 2017, 2018 through book sales and speeches. Now, the 3. 8 self employment tax usually is for individuals that make over 200,000 a year, thats taken off your wages automatically, or for a couple that makes 250,000 a year. People with profits, you can declare that as neither income or Investment Income and you save that 3. 8 . Thats essentially what the bidens did. Its interesting that this loophole for individuals was to be closed during the last year of the obama administration, at least the administration pitched to do that and that would have saved close to around 270 million from 2017 to 2026. Stuart thats the whole country. Susan thats right. Its interesting to note that the clintons, obama, warren, sanders, they all paid selfemployment taxes. Not the bidens. Stuart joe biden did not. Okay. Interesting. All right. Next case. The wall street journal says treasury secretary mnuchin is telling u. S. Companies which supply huawei just go ahead and apply for an exemption. You know, it seems to me that huawei is just a negotiating chip chucked into the china trade talks. Susan looks that way, doesnt it . Especially being on the blacklist, maybe not so much, because even wilbur ross, commerce secretary yesterday basically says we are giving out licenses for those that sell and supply to huawei. So this could have been a negotiating chip in those conversations between trump and xi jinping at the g20 in osaka, japan and now we have steve mnuchin, treasury secretary, not exactly under his purview, by the way, but he says those companies that work with huawei, you should apply for those licenses beca