Varney & Company : FBC : May 29, 2024 9:00am-10:00am EDT : Free Borrow & Streaming : Internet Archive (2024)

maria: just enough time to thank this esteemed panel. thank you so much for being here. great conversation. >> thank you. maria: thank, ladies. and thank you so much for being here. see you again tomorrow, don't miss if brian on "the big money show," 1 p.m. eastern live with brian brenberg and and team. stu, take it away.

stuart: good morning, everyone. the trump trial enters if its final stage. the jury gets the case today. there could be a verdict in hours or days, hopefully not weeks. the trial is and always was political, in my opinion. tuesday the biden campaign sent actor robert deniro to make over the top statements. he said trump was going to destroy new york and destroy america, okay? more on the trial just in a moment. on the markets, interest rates are rising, and investors don't like it. the yield on the 10-year treasury moving well above 4.5%, 4.57 right now. don't expect or mortgage rates to come down anytime soon. the 2-year, well, that yields almost 5%. stock investors don't like that. 4.955 right now. the dow, likely to be down about 250 odd points at the opening bell. s&p down about 40, the nasdaq down about 163. that's a ton of red ink right there. look at oil. it reached $80 a barrel earlier,

that's where it is now. don't expect gas prices the to come down. gas average as $3.57, diesel at $3.if 87, it's up onen cent. >>. bitcoin trading around $67,000 this morning, 67,7 to be precise. all right, politics. president biden and vice president harris campaign in philadelphia today. they will speak to a predominantly black college. everyone's watching to see the enthusiasm level. can the president even come close to the excitement trump generated in new jersey and the bronx? we are told the president will push his electric school bus program. israeli tanks have entered the center of rafah. biden does not appear to be stopping netanyahu from finishing off hamas, and if that pier built by the u.s. military to deliver aid to gaza has been damaged by bad weather. food deliveries temporarily suspended. on the show today, trump hatred seems to be the motivating force for the if biden-harris campaignful it's all they've

got, but it's not working. liberalism in california not working. governor newsom facing a huge deficit had to cut back on liberal frames. he wants to be -- programs. he wants to be the president, but if he's running on his record, he's in trouble. wednesday, may 29th, 20 this. -- 2024. "varney & company" is about to begin. ♪ ♪ i wanna hold your hand. ♪ i wanna hold your hand ♪ stuart: this, by the way, i want a that hold your hand by the beats, the only beatles' song which they sang in a foreign language. they sang this in german many years ago, never sapping anything else -- [laughter] >> you know everything about the beats, huh? stuart: i'm a fanful i'm not the sure of the relevance, but there you go. closing arguments in donald trump's criminal trial with regard up. one with hour from now judge

merchan will instruct the jury, then they begin deliberations. good morning, lauren. lauren: good morning.. stuart: take us through it. lauren: so the judge will give instructions on how the jury should apply the law to this case. that's expect expected to last about an hour. then the 12 will go to the jury room to begin to deliberate the evidence and eventually, look, heavy a got to reach a unanimous decision to convict or acquit. donald trump. if just one juror believes prosecutors have not shown that trump is guilty beyond a reasonable doubt, there could be a hung jury. but what the defense fears is what's called the allen charge. that's when the judge will tell the jury, go back, i try harder, or right? trump faces 34 counts. each one could result in a maximum sentence of up to 4 years behind bars. that's unlikely. he could go to jail or perhaps be placed under house arrest or walk clean. if either way you had a 12- hour day in court yesterday. trump did not speak, but he

issued this one-word summation, boring. [laughter] that was after the 5-hour closing arguments by the prosecution against him. stuart: all right. thank you very much, lauren. the biden campaign tried a new, seemingly desperate tactic. they had actor robert deniro hold a press conference right outside the courthouse. watch this. >> donald trump [bleep] wants to destroy not only wreep, but the country. eventually, he could croix the world. -- destroy the world. this kind of government will perish from the earth under trump. i don't mean to scare you. no, no, wait, maybe i do mean to scare you. if trump returns to the white house, you can can kiss these freedoms good bye. if he gets in, i can tell you right now he will never leave. he will never leave. >> we we need karl rove with or without his white board. thank goodness he's on the right-hand side of the screen.

karl, was this a good idea from the biden campaign, to is send the actor down there? >> look, i'm a big fan of him as an actor, but as a political actor, he's a disaster. this was a big mistake by the biden campaign. the people who will decide this election are going to be unmoved by these kind of charges. it wasn't just that donald trump's policies will hurt america, he wants to destroy america, he wants to destroy new york, he wants to destroy the world. that's what robert deniro said. it's not just, you know, we disagree with what he might, the policies that he might have in his second term, it is that when he goes in there, he's going to end the elections, this will be the last election america has, and he will install himself, he will never leaf office -- leave office until his dead carcass is wheeled out of the oval office. this is so over the top. think about this, what undecided voter is going to be moved by what robert deniro said yesterday? if you believe that kind of

weird shift, you're already in the biden camp. the undecided voters are unmoved by this kind of language, and it was an utter, unmitigated disaster. better to have -- think about this. he's standing behind him were two officers who on january 6th fought to keep the capitol from being overrun. what if he had said these two men behind me fought to keep the capitol from being overrun while donald trump sat for 187 minutes doing nothing, and this is -- americans ought to think about that when they go to vote. in that would have been far more powerful particularly in the minds of the undecided voters who don't like either one of these candidates than what was with offered up yesterday. stuart torte i want you to listen to peter doocy's education change with karine jean-pierre. roll that tape please. >> reporter: are you guys at the white house in full-blown freakout mode in. >> what are you talking about? >> reporter: there's a politico story, it sounds lightening democrats -- like

democrats -- biden's stubbornly poor polling are creating a freakout. >> again, being mindful, i'm not going to comment on 2024 election. ly say this, the president has never forgotten where he come -- where he came from, who he is. he understands what the american people are going through as their sitting around the kitchen table. stuart: all right, karl. are the democrats really freak being out here as politico suggested? >> well, i think they have been behind the scenes deeply concerned about the progress of the biden campaign for months and, yes, they are freaking out because it's not getting better, and the things that the president's campaign are doing like yesterday's stunt are not helping. look, take a look at the polls. in the battle ground states, the six battleground states, biden is behind in all of them. in the sun belt states of nevada, and georgia, trump leads

by outside the margin in the real clear politics average. in michigan, wisconsin and pennsylvania, it's a different story. the great lakes states are razor thin. two of them are less than one point, .5 of a lead, half a percent, in michigan, 2 points in pennsylvania. if biden holds on to those three states and wins everything else that he won last time around, he wins with 272 electoral votes, 2 more than he needs. but it is a tight race, and the democrats are freaking out because they know what they're doing is not working. stuart: they are, indeed, freaking out. karl rove, thanks for being with us. i know we'll see you a lot this year. it's an election year. all right, i want lauren -- i need you on this. robert deniro clashed with trump supports at the press conference. [laughter] what did he call trump supporters? if. lauren: gangsters. how ironic. so deniro is, like, the face

of the biden campaign yesterday, and i don't think he expected the pushback that he got in new york. watch here. [bleep] and [bleep] you. >> you are gangsters. you are gangsters! >> [inaudible] [bleep] [inaudible conversations] >> you're filthy! you're a nobody! you're trash! you're done! you're done after this -- lauren: wow. if he's 80 to, robert denear row -- deniro, and to me, that was very much reaction by if an old man telling donald trump and his supporters to get off my lawn, or right? stuart: a bit like that, yeah. lauren: the new york post coverage today, raging bull, yep. side show bob deniro goes ballistic stumping for biden outside the trump trial. stuart: we'll see. let's get back to the markets, not back to the markets, to the markets. mark tepper is with me for the hour.

why are interest rates up so much today? >> stu, they always have said the bond market is smarter than the stock market, and i think that's exactly what you're seeing happen right now. the stock market continues to believe rate cuts are in the future. the bond market, however, is say, huh-uh, inflation's not under control, there's no rate cuts in the future. this higher for longer thing that the fed has been talking about, that's what's actually going to happen. and that's why you're seeing rates higher. the one problem zone you need to watch out for with the 10-year is as as it approaches 5%, that becomes a big issue for stocks. and we saw that, i think, october and november of last year, we approached 5%, and we had quite a sizable correctioning. is so just kind of keep an eye on that 10-year. stuart: okay. do you think nvidia will overtake apple in market valuesome. >> it could happen today. they're less than 4% apart. i could see apple down 2, nvidia up 2. that could happen very soon. i made this call at the beginning of the year when

nvidia a was $1.3 trillion, apple was $3 trillion, that it could happen by the end of this year. it might happen by the half point of this year. i think it's highly likely that by july 1st nvidia has overtaken apple. i mean, it's really a matter of out with the old, in with the new. lauren: it's not just apple, nvidia with could get microsoft, and it could hit $4 trillion valuation. that's according to dan ayes at wed -- dan ives at wedbush. >> i agree. everyone said it couldn't go up 2000% like last year -- 200%. stuart: thank you, mark. president biden will hold a campaign event in philadelphia today. he's trying to shore up support with black voters. will he get the same reception trump received in the bronx? how about the enthusiasm gap? joe concha addresses that. israeli tanks closing in on rafah. will biden allow net ankara hue to finish off -- netanyahu to

finish off hamas? congressman pat fallon on to that next. ♪ ♪

stuart: 15 minutes to the opening bell, make that 14. dow's down 260, nasdaq's down 175. you know, that tear pier built by the u.s -- temporary pier has a already been damaged by rough seas and bad weather. central command has suspended aid shipments. trey yingst joins us. do we know when it's going to be fixed, treysome. >> reporter: yeah, stiewrkts we don't know exactly. we do know the united states is temporarily suspending aid to gaza by sea after bad weather conditions damaged that floating pier. the $320 million american project is going to take some time to be repaired.

it is expected to be out of commission for at least a week. the incident started over the weekend when the floating portions of that pier were being moved and one piece bloke broke away and -- broke away and floated ashore. it continues when it was damaged by high seas and bad weather conditions. the deputy pentagon press secretary spoke about the situation yesterday. >> if you want to characterize it as a failure, i leave it to you. what i can tell you is that we don't control the weather. there was an unfortunate, unique if pattern of events with high seas and another storm that came in that caused it to become with inoperabling during that time. you better believe that u.s. central command forces are going to do everything in their power to make sure that this is back operational as soon as possible. >> reporter: focus on getting aid into gaza comes as a we are learning more about the incident in rafah if over the weekend that left dozens of palestinian

civilians dead. the israeli military says they used two small bombs to target senior hamas potentials in a precision strike -- officials. an investigation is underway, but the military is determining if rockets or weapons were stored in that area and could have caused a secondary explosion and and subsequent fire. today israel's national security advisor said that the combat operations inside gaza could continue for up to seven months. stuart? stuart: seven months? all right, trey yingst, thanks very much, indeed. congressman pat fallon, republican from texas, joins me now. israeli franks in central rafah -- tanks in central rafah, is bind allowing netanyahu to finish off hamas? >> i think netanyahu's going to finish off hamas regardless of what biden had wanted. we're about 35 times the population of israel, imagine if 40,000 americans were killed by terrorists, an additional 7,000

being held hostage, we would go to war. and that's exactly what what israel's doing. they have a right to exist, they have a right the defend themselves, and i think joe biden's two two-state solution is pennsylvania and michigan, quite frankly. stuart: has a biden lost his party over israel? >> there's definitely a huge divide. you see it in the polling and that the they've about half the democrats support israel and half really want a ceasefire and are sympathetic to be hamas. it's remarkable that we're actually saying that, but clearly the republicans are now the party of, you know, that israel can rely on. stuart: there's no dissent within the republican party about finishing off hamas. no dissent about withdrawing from rafah. you're gung ho to win. is that accurate throughout the party? >> i think so, yeah. any serious member of the republican party. and you know what when in the israelis can discuss a ceasefire when they have their hostages

back. and gaza, this is all -- all of this lays at the feet of hamas because they're the ones that are hiding behind civilians, they're the ones that make sure they have ammo dumps in neighborhoods. they started this war and, unfortunately, in every war there are innocent civilian casualties. normandy's coming up, the 80th anniversary, we killed 19,000 civilians during that campaign. you know what? that was not the united states' fault, that was hitler's fault for starting i in the first place. stuart: well, we just with had a report that a maybe military operations in and around rafah will go on for another seven months. would your support be maintained for seven months? >> as long as it takes for, you know, hamas is an evil terrorist organization bent on the destruction of israel, so they're not a party that the you can seriously negotiate with over the long term. but those seven months, if it does last that long, it's really going to, to i think, harm the campaign -- or the campaign of joe biden because americans think that pretty much by a wide

with margin that a trump would handle that situation far more effectively than joe biden. stuart: got it. congressman pat fallon, republican from the great state of texas, thanks for joining us. see you again soon. >> see you with, stuart. stuart: jerry seinfeld if got emotional when discussing his trip to israel. lauren: he's been loudly pro-israel, and he got choked up in an interview with barry weiss of the free press when they spoke about that trip. >> you were in israel -- >> yes. >> -- since the war started. how was that trip? >> the most powerful experience of my life. >> really? >> sure, yeah. enter why? -- >> why? >> you know, you just -- [no audio] you know. >> yeah.

lauren: he couldn't finish his thoughts. he was obviously affected and and choked up by it and held back tears. look, when he was a teenager, he lived and worked in a kibbutz. he, as a i said earlier, really supports israel. he's been call called a nazi, he's been called a genocide support during his shows. and, remember, he gave this beautiful commencement address at duke university, and some studentses even walked out. andhe says -- he's trying to be realistic. like, i get your rage, but it's so misplaced, you're directing it at young people that are protest at the wrong targets. stuart: well said. check futures, please. we see plenty of red ink. 2700 points down for the -- 2770 points -- 2700 points down -- 270 points down for the dow. the opening intel next. ♪ ♪

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that derail the market going forward? are you worried about this? >> i am a, stuart, but it'd have to go a lot higher, and you know the 10-year being the benchmark, i think, it's going to have to get above 4,.75 for investors to start to get worried. if pit heads two towards 5%, this rally's going to see some kind of a correction. we're not there yet, and we've been here before. i do expect higher for longer, but i don't think this rally is going to be impeded by rates moving up just this little bit. stuart: this is a temporary thing. are we going if to get back on track a little later in the year? >> earnings have been great, stuart. we were in the second leg of the new bull market, and i think we have a lot higher to go. i mean, we're not just driven on the a.i. narrative, we're driven on better earning, on branding out in -- broadening out in termses of the market participation as far as different sectors, industrials, utilities, financials. it's not just a a.i., it's not just big tech anymore, so we're seeing that.

that bodes well for, certainly, the rest of the market catching fire. as far as looking like value stocks, a lot of the stocks that are still somewhat below where they should be, i think, or are going to start to get a good look, and they're going to start and come and participate in the rally too. i think we have higher to go, and the only thing is, again, if interest rates really get up toward that 5% level. then we've got a lot of second thinking to do. stuart: you said this is the new bull market. all right. when did it start? >> it started last july, stuart. you know, we made grounds from there and then, of course, we took off in november. it was like we turned a page and absolutely took off. there's been no looking back. we haven't had a correction of anything if meaningful. we've had maybe 5%, some stocks have dippedded on poor earning, but those have been buying opportunities for the most part. good companies who have gotten surprised to the downside or had some less than exciting forward guidance, no -- those stocks

have recovered since their earnings misses. so the a market seems to me it wants to go higher and right here is a bit of a hiccup, but it's a blip. we've seen 24 new high water markets in the nasdaq, and i think we have a lot more to go. stuart: have you bought nvidia yet, and are you going to? >> yes. i have bought nvidia. very glad i did. it certainly looked expensive all the a way up, but, yes, or we bought nvidia, and i'm very happy with it. again with, i'm looking -- i'm. hoping for dips because there's a lot of stuff i want to buy including more nvidia, but i want to see a little bit of a pullback before i go into some of the names that i think have gotten expensive including nvidia. but we do own it and very happy with it. [laughter] stuart: it takes a strong stomach to buy a stock that's going up $100 a day. you've got to have a strong stomach, let's leave it at that, okay? [laughter] it is now 9:30 eastern time, and i see the market coming further south, or actually.

we've opened up, and the dow is off a, indeed, 300 points as we speak, and the vast majority of the dow 30 are in the red are. i only see 2 in the green. a lot of selling, obviously, right now. the s&p 500 also opening lower. let's have a look at the percentage decline though. three-quarters of 1%, that's slightly less of a drop than the dow but pretty much in line there. the nasdaq composite, there's a big drop, down .78%, 132 points. lots and lots of selling today. beg tech all lore, apple below 1900 -- 190 -- apple just ticked back up again. alpa pa bet, 1755. microsoft, 426. nvidia hits another record yesterday. they're getting closer, lauren -- lauren: yes. stuart stuart you're doing the math, are you? if they're getting close to market's apple cap, aren't they? the. lauren: they sure are. nvidia's worth $2.8 billion, and an apple's worth $2.9 trillion,

trillion with a t, they are so close. you're talking about 5 aor 6% rally -- 5 or 6% rally and nvidia's market cap will be above that a of apple and maybe above microsoft at $3 trillion. stuart: microsoft ea's already above $3 trillion. >> i think it's 3.22? lauren: okay. dan ives says it can hit $4 trillion, and that can happen in 12-18 months. and the reason is nvidia makes a.i. chips, but it wants to be an ecosystem-much the way of amazon. it provides the transportation, the warehouses and similar to ap. and invid what's doing that with the chips and data centers. every company's buying in. stuart: looks like it, doesn't it? how about apple? i know they're expanding their retail stores, i think it's in asia, not having a big impact on the stock. lauren: ma a laze ya, first store there. so that's beyond china to take

on chinese and local competitors also. so apple does not produce the iphone in malaysia, but they do produce some of the mac computers or in ma pa laze ya. stuart: those retail stores are pretty good, i like them. this is a big story, in my opinion. american airlines, now, they slashed their sales outlook. that surprised me. stock's down 1 is 11%. that surprised me. didn't we just hit a record airline passenger travel over memorial day? lauren: 2.9 million traveled on friday? if absolutely, all-time high. american is now saying their revenue will fall by 6% in this current, in the second quarter. that's a bad sign for summer travel, right? prices may be coming down, they're struggling to yet the business travel -- to get the business bookings, is and they announced their chief commercial officer is out. stuart: that didn't help. all the airlines are down because of the news from american airlines. take us through the earnings before the bell, start with dick's sporting goods. lauren: beat and raise. that's good for an 11% pop.

more customers are coming in and spending more each time they shop there. same-store sales up a solid 5%. stuart: abercrombie & fitch. lauren: this is another beat and raise. i remember them in the '90s when i was in school. the cargo pants are back with, the '90s are back. their same-store sales at their namesake brand up 29%. no, they got trendy again. mark will tell you -- >> did you ever have the pants where you could zip them off into shorts? lauren: oh, yeah. those haven't come back -- stuart: did you get into bell bottoms? lauren: well, that was the '70s. stuart: id -- i looked pretty good. advanced auto parts. lauren down just about 10% even though they raised the ceiling of their full-year outlook because their costs are coming down. last year they announced job cuts, less marketing spending, all that helping but maybe not for the best reasons, and that why is the stock is lore. stuart: chewy. pet product if retailer. lauren: they beat in the last

quarter, they announced a stock buyback plan. look at the stock, up 17.5%. their auto ship, that's customers saying we're loyal to you to keep replenishing what we need for fido, those sales increased by 6 president. -- 6. stuart: there's some gainers here. how about robinhood? they've approved a billion dollar buyback? why isn't the stock up? lauren: i know. well, it's happening over 2-3 years. the company's technically 111 years old, but we think of it -- 11 -- but bethink of it as an unprofitable company, but it actually is profitable. they're saying, hey, take us seriously, we're announcing this buyback. stuart: merck, are they going to buy an eye drug company? lauren: they're buying a u.k. company that sells prescriptions for eye treatments. that deal is worth $3 billion, so it's 1.3 billion up front and 1.7 billion. here's the issue with merck,

they have keytruda, a a cancer medication. it is the number one prescribed medicine in the entire world, but it's about to lose their copyright. what do you call it -- >> patent? lauren: thank you. now they're trying to expand, and they're buying this u.k. company in a deal worth $3 billion. stuart: i need somebody to finish off my sentences -- lauren: that's what i usually do. >> i can do the math too. whatever you need, i got you. [laughter] stuart: tepper, you have got some stock picks. over to you with medtronic. >> well, the math here stinks. [laughter] this is really an ozempic casualty. this is a health care company that, where the to ozempic fierce overblown. the stock's been acting like -- fierce overblown. it's been acting like you're going going to need any cardiac care anymore. i think there's going to be tremendous upside in this stock over the course of the next 12 months. again, ozempic fears are totally overblown here. stuart tower interesting.

salesforce you like that. >> this is your mission critical software for businesses, specific create small businesses. and when you look at this, here's a company that has, i think, over 90% of their revenues recurring, they have, like, a 92, 93% retention rate on their customers, high margin business. they're integrating a.i. to help businesses become even more efficient, even more productive. they report after the bell today. i think you're going to see a god quarter. a. stuart: mark, thanks very much, indeed. we have got to check the yield on the 10-year treasury. it's going up. up as we speak p actually. when we started the show a half hour ago, the yield was 4.57, 4-- now you're up 4.59. the market does not like that and continues to head south. the price of gold, here we go, $2,368 per ounce, down a little. bitcoin, last time we checked it was 67, still is, 67,6. oil right around $80 a daryl,

$800.03. -- 80.03. plenty of red ink for stocks. coming up, the roe new york city hotel is just one of the 135 hotels in new york that's housing migrants. a former worker there says staff is charging the city for any little thing they can. he's here to explain how these hotels are making money from migrants. >> charlemagne the god was asked what he sees as the biggest issues this november. roll it. >> there was some backlash earlier this year when i got asked a simple question, do i think the border is going to be an issue in november. i said the reason why i feel like it's going to be an issue, the first time in my life, people i know having conversations with me about the border. stuart: he says the border and crime, the big issues in november. what do you think? jury deliberations begin today in trump's new york criminal trial. has the prosecution proven if their case? i think former acting attorney general matthew whitaker, i think he's skeptical.

he's next. ♪

stuart: interesting.

stuart: 12 minutes into the trading session, the dow's close to 400 points lowering nasdaq's down 135. almost 1% down on the dow. donald trump's criminal trial resumes in about 15 minutes, judge merchan will instruct the jury before they begin deliberations. eric shaun outside the courthouse. eric, are we going to see trump in just a few minutes? >> reporter: hello, stuart. yes, we should. he has left trump tower and is expected to to the arrive here any moment now because the court will kick off at 10 a.m. this morning. you know, in the american judicial system the accused has the right to be judged by a jury

of their peers. for the first time in american history, a 12 ordinary americans will be doing that that to a former united states president. let's take a live look inside the hallway of judge juan merchan's courtroom. in about 15 minutes from now, the session should start with merchan giving the jury instructions to the jury. that will be the reel road map if -- legal road map the jury will use when they start deliberations that are expected to begin about 11:00 this morning or so. the prosecution, donald trump's defense already have weighed in on what merchan will tell them. the judge though in that hearing mostly sided with the district attorney's arguments. he will not include the fact that the nondisclosure agreement, well, that's not against the law are. he will not include the defense request that trump claims he was relying on michael cohen, his lawyer, for advice through all of this. in his closing arguments, the

prosecutor said a, quote, mountain of evidence shows trump 9/11 engage inside what he calls a conspiracy if and cover-up. he said these are the smoking guns: michael cohen's bank statement and the trump memo pad filled with financial calculations that were used to reimburse cohen for paying stormy daniels back all scribbled out for the jury to see. he said cohen's testimony is corroborated by documents, e-mails and testimony telling the jury thissing, quote: the conspiracy to unlawfully influence the 2016 election, you don't need michael cohen to prove that a one bit. but trump defense attorney todd blanche said there's not a shred of evidence that trump was involved, and he savaged cohen's credibility calling him the greatest liar of all time, telling jurors they cannot believe anything that they say. and, stuart, there's a bit of an air of expectation. security's been beefed up, metal barricades doubled up in the street inen front of the

courthouse. the cars that had been parked here removed as the secure is about to get this case roughly are an hour and a half from now. then we all a sit and wait as the clock ticks down to whenever they have a verdict. it could be, who knows? [laughter] just a matter of waiting. it will all be in the jury's hands, stuart. stuart: eric, thank you very much, indeed. what you're looking at now, folks, is the courthouseful we expect donald trump -- i believe he's in the courthouse. we expect him to emerge through those doors any moment now and speak to america. and we will carry that a live. meanwhile, as we wait, i want you to listen to what a leading defense attorney said about the prosecution's handling of the the trump trial. watch this. >> they fell way short because let's start with reasonable doubt. what is reasonable doubt? and it's not simply a doubt based upon will be. it's simply about did the former president know that books, his records, false entry withs for legal fees michael cohen's his

lawyer, did he intend to cover up the election or to protect his family. everywhere. stuart: matthew whitaker joins me now, former acting attorney general. matthew, has the prosecution proven its case, in your opinion? >> well, i think they've fallen way short, stuart, and it's good to be with you today. you know, i think one of the biggest challenges of this case was the legal theory to start with, you know? the indictment was very weak on what the president was to alleged have done. all the a way through the case we heard various witnesses who didn't seem to outline a crime that anybody could put their thumb on, and now in summation, you know, they're laying out this 34 counts of false business records together with this conspiracy to cover that up with, you know, a violation of another law i. and it sounds like, you know, i was there last tuesday for the

jury instruction conference in the afternoon, and i was confused. you know, i'm a former federal product i've tried cases on both sides as a defense lawyer and as a prosecutor, and i was confused as to exactly the second step in the legal theory which ultimately boils down to either a state campaign law violation, a federal campaign law violation which, you know, i'm very concerned about that, state enforcing federal laws, or this tax violation which, again, you know, michael cohen's taxes weren't available, donald trump's taxes weren't available or introduced. so it boils down to this i think that argument showed earlier which is the gross-up for taxes. so it's a very convoluted theory, and i felt like the state was just trying to throw spaghetti on the wall and hope something sticks in hopes they connect with all 12 jurors. stuart: matthew, the secret service reportedly met with local jail officials in new york

to prepare in case trump's actually locked up. matt, i'm sorry,s i just can't see this. i can't see a former president going to prison. can you? >> yeah, i think there's a very low likelihood but, you know, they don't deal in low likelihoods, they deal with any if possibility. so i think they'd rather be prepared. again, this is unprecedented. all a of these acts against president trump by the biden administration, by the fulton county d. a. and by alvin bragg in manhattan are all unprecedented. they're based on novel legal theories, but i think the secret service has to take all of these potential risks seriously, and so that's probably why they did it. stuart: got it. matthew whitaker, thanks for joining us. very important day, obviously. come back soon. >> thank you. stuart: coming up, trump hatred is the great mote if slater, in my opinion, of the biden-harris campaign. it's all they've got. it's not working. in fact, it's having the opposite effect. that is my taker top of the hour. republicans deepening their

investigation into the national i institutes of health. they a want to know more about the origins of covid. that report next. many. ♪ we weren't faking when you -- ♪ing shook me all night long. ♪ yeah, you shook me all night long ♪

stuart: house republicans deepening their investigation into the apparent covid cover-up within the nih. e-mails showed a top adviser to dr. fauci deleted key records. aishah hasnie on capitol hill. what are republicans planning to do next? >> reporter: well, they're planning on deepening their investigation. so chairman wenstrup of this select subcommittee just told fox he now knows the name of, quote, foia lady who apparently was helping the try to get rid of some of these e-mails, at least allegedly k and that a he's going to that try to bring her in for a transcribed

interview. her name is margaret moore, better known as marge. went vup the also just sent the nih director demanding that he -- a letter demanding that he wants a briefing by july 4th, and he is promising serious consequences. >> is there any criminal liability, which i think there should be. what we have asked in this letter right now taking the next accept is that we want a brief at least on the policies at nih on retention of documents, on transparency. >> reporter: so last week dr. fauci's former top adviser, dr. david moreens, offered apologies and excuses after a trove of his e-mails showed him trying to evade those foia requests to hide conversations about covid and ecohealth alliance. and in that one bombshell e-mail you'll remember, stuart, morins wrote: i learned that from our foia lady here, how to make these e-mails disappear after i am foia'd but before the search starts. the committee is flagging more dramatic e-mails to fox, one in

which peter das act calls a group seeking public records out do cause trouble and drum up lab leak controversies. so again, all eyes on this margaret moore and when we might see her here on capitol hill. stuart? stuart: aishah, thank you very much, indeed. we have eyes on the courthouse in new york city. we're waiting for donald trump. he may or may not speak as he appears at the courthouse. the session starts at 10 a.m., so he's got 7 minutes left to appear and talk. we've got eyes on. if he speaks, you'll hear what he's got to say. meanwhile on the markets we've got a selloff. dow industrials down 360 at the moment,9 and the nasdaq way, way down. take a look at apple and nvidia. nvidia's stock needs to rise at least another $50 from where it is now if it wants to cover takp of apple. so nvidia might get there if it goes up about $50. the reason we're not showing

this is not so much is it going to get there or go further, it's how far it's come in such a short period of time. lauren: it's amazing. nvidia very much new tech, and they're a catalyst. sunday the nvidia ceo, jensen wang, will give a keynote address in taiwan. the topic, the new industrial revolution. that's a.i., and he owns it. the cat lit for apple, tim cook, do not rule him out, june 10th the a.i. iphone could be announced. stuart: mark, have you ever seen a stock go up like this, such a huge stock? >> yeah, back when al gore invented the internet -- [laughter] cisco that had a very similar run. but when you think about this, a. i. is obviously the major investment theme right now. and the key with any of these investment themes is you want to be at the party, but you don't want to overstay your welcome. apple, the 2010s were all about a smartphones.

if you still think apple is going to be the behemoth company that it was, you have overstayed your welcome at the party. stuart: yeah. of course if you were to sell now, take your profit, you'd pay a nasty, huge capital gain. >> one heck of a capital gain. stuart: all right, thanks, everybody. thank you, mark, for joining us for the hour. >> thanks for having having me. they're stuart liz meek on the media unable to ignore -- liz peek. kt mcfarland on nikki haley putting her name on israeli bombs? does she want to be vice president? steve hilton on california governor began newsom getting attacked by the teachers union, and kevin o'leary joins me for the 11:00 hour. the the 10:00 hour is next. ♪ hey now, hey, now, done dream it's over ♪

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