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tv   Varney Company  FOX Business  March 26, 2024 9:00am-10:00am EDT

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maryland's chesapeake bay. they say it's 50 feet deep. final thoughts, leo. >> yeah. you mentioned earlier, maria with, the possibility of inflation. the economic impact. and more importantly, martial security. i'm looking -- national security. i'm hooking forward to what's going to happen regarding the investigation. maria: yeah. the white house said that there was no indication of foul play, but we certainly want to hear from the fbi who's also a investigating this how did did this happen. we'll have more on the implications tomorrow. i want to thank you, kaylee mcghee white and leo terrell, for joining us in this power hour. markets are off the highs of the morning but, nonetheless, gains across the board. thanks so much for joining us in this morning. tu, take it away. stuart: good morning, everyone. this program is all about money and politics, but today we start with the bridge collapse in baltimore that has serious consequences for travel on the eastern seaboard and trade through the port of baltimore.
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early this morning a container ship struck the francis scott key bridge, within secondses large sections collapsed. the port of baltimore has been closed, travel between new york and washington, d.c. has been disrupted ared. rescue workers are searching for people said to have been thrown in the bridge. we'll have eyes on the bridge moments from now. we're going to see green on the screen at least the at the opening bell. dow up about 45, nasdaq up about 55 points. watch for the ticker symbol djt as in donald j. trump. that's his truth social company that goes public today. if it's listed on the nasdaq -- it's listed on the nasdaq. trump won't have the new york stock exchange after his treatment by new york's authorities. bitcoin, it's back to $71,000, just across that park right now, 71,065. interest rates, the 10-year right now is at 4.a 25, just above. -- 4.25%. the 2-year still well above 4.5
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president. as for oil, it continues its gradual rise, $82 a barrel this morning. no change for gas, $3.53. diesel up one with cent at $4.05. all right, politics, trumping wins a lower bond and more time to pay in his new york fraud case. he quickly hammered biden for his lawfare failure and drew attention to his age claiming biden doesn't know what he's ooh doing. on the show today, revolt at a nbc. one after another the network's senior journalists lined up to denounce the hiring of former rnc chair ron that mcif daniel. the stars at nbc can't handle any association with a republican linked to donald trump. if you don't hate trump, you can't work over there. there's talk that mcdaniel will soon be let go. trump hatred runs deep in the in media. march -- tuesday,ing march26, 2024. "varney & company" about to begin. ♪
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♪ stuart: all right, that breaking news out of wallet more, the francis -- baltimore, the frank sis scott is key bridge has collapsed. lauren: a massive cargo shipp slammed into a support column around a 1:30 this morning. it fell. a rescue operation still underway, but it's cold and this all started in the dark. responders believe there could be seven people in the water, the francis is scott key bridge was built in the '70s, us -- it carries more than if 11 million vehicles per day and spans the entrance to the baltimore harbor. what we know now, no indications of nefarious activity, but how did a ship of that size hit the bridge? two people have been pulled out of the water, one is okay, the other in serious condition. stuart: huge disruption to trade and travel in that entire area. big deal. all right. thank, lauren. lauren: stuart: donald trump says his
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upcoming hush money trial could make him more popular. roll tape. >> well, it could also make me more popular, because the people know it's a scam. it's a biden trial. this is a biden -- there is no trial, there's a biden trial. this is all a done by the democrat party, and it's all done by biden and his group. i don't know if it's biden because oregon if biden is even sharp enough. oregon that that biden knows what's happening, if you wan to know the truth. he probably does. but this is all done by biden and the thugs that work for biden, and it's a very bad thing, it's a very dangerous thin for our country. stuart: charlie hurt with me this morning. outside the courtroom monday, trump seized on biden's lawfare failure. is he winning politically, charlie? >> oh, i think we, you know, as we've seen over the past year which really actually started almost a year exactly today when alvin bragg first filed some of these charges against him, every single one of these the arrows they manage to stick into donald trump helps him politically. ask and i didn't, you know, it
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was kind of hard -- you know, i'm not a lawyer. i had the decency not to go to law school, so a lot of this stuff sort of confused me. but when you watch at a every turn, it really does look like donald trump is kind of running the tables on all of these cases. and then if you step back and kind of look at the cumulative effect it's all of the soap opera drama going on down in fulton county or the ridiculous trial that went on in new york accusing him of overstating the value of his property in order to get loans and all the banks that he did business with came back and wanted to do more business with him, you know, the cumulative effect of that is that it makes all, you know, even if there was a solid case in here, it still looks ridiculous. but whatever it looks like, it looks like all these democrat elected prosecutors are clearly going after him trying to destroy hair the biggest political -- their biggest political enemy, if and it's not
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working. stuart: doesn't appear to be working, that's for sure. nbc in meltdown mode. charlie, you've got to watch this. roll tape. >> she is now a paid contributor by nbc news. i have no idea whether any answer she e gave to you was because she wanted to mess up the contract. >> we weren't asked our opinion, but we would have strongly on thed to it. >> we hope nbc will reconsider its decision. it goes without saying that she will not be a guest on morning joe. >> you wouldn't with hire a made man like a mobster to work in a d.a.'s office. i find the decision to put her on the payroll inexplicabling. and i hope they will reverse their decision. stuart: so there. charlie -- [laughter] that's an immotion, isn't it? if i'm rather e enjoying it. >> it is truly extraordinary. i can't even -- i must if say i've billion been enjoying it --
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i've been enjoying it immensely are. the we've always know that nbc and msnbc are arms of the democrat party, and this is perfectly clear now. they don't make any apology about that. but the idea here that somebody is associated with the republican nominee, one of the people running in the presidential election kind of makes you wonder why anybody would looked at them for anything other than straight up propaganda from the other side. the other thing that just blows my mind is that they're attacking her for being a liar. they employed john brennan who is, former ci ark director who -- cia director who has lied, tensively to people. not only that, john brennan got caught spying on united states senators on the senate intelligence committee. he got caught doing thatment he had to admit that he was -- and he lied about it. he was lying to them and spying on them. and so the idea that they have
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no problem with a former cea director who -- cia director who lies constantly on air airwaves, but ronna mcdaniel is the, that's where they draw the line? it's -- these people are ridiculous, and it's very hard to take them seriously. stuart: trump hatred runs deep in the american media,, and that's a fact. >> that's right. stuart: charlie hurt, see you again soon. i want to get back to the bridge collapse in the baltimore area. grady trimble is there. grady, the latest, please. >> reporter: stu, an active search and rescue operation underway. we know that there are crews in the water on boats searching for people as well as a helicopter above the river searching for anyone who might have gone in when the bridge collapsed. i want to step out of the way so we can with push into the shot and show you what we're seeing on the ground here about 1,000 the yards from the bridge. you can see what's left of this mile-and-a-half if long key bridge which goes over the
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patapsco river here in baltimore. we know that crews are looking for up to seven people who may have gone into the water when that vessel struck i one of the support beams on the bridge and the rest of it just crumbled right in. we also know that they believe there were at least seven cars on the bridge at the the time. there may have been construction crews working on some i routine cover night tear pairs at the time -- repairs at the the time. we've learned the cargo ship is operated by maressing, the vessel's called the dolly. amazingly, two people were pulled from the water. this was from the latest update we got a couple of of hours ago. one of them was not hurt at all, another was seriously hurt and taken to the hospital. and as crews are working to find as many people as a this can right now, listen to what the mayor of baltimore says are the next steps. >> in other words, you think that you would see, physically see the key bridge tumble down
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like that. it looked like something out of an action movie. and you just think about most importantly are, which is what we all should be thinking about right now, nothing but those families and and people that are ill packed and those people -- impacted and those people who are risking their lives right now from not just baltimore city and county, but all over this state to try to save lives. that should be our focus, the preservation of life. >> reporter: yeah. so search and rescue is the primary focus right now. we're expecting to hear from maryland governor wes moore in just a few minutes, stu, but also are remember that this river leads into the port of baltimore which is a huge port that handles autos, vehicles that come into this area as well as heavy machinely for farms and other construction equipment. as far as we understand, stu, that is at a stand still right now because of the bridge blocking the wartway and ships trying -- waterway and ships trying to go in and out of this port.
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stu? stuart: disaster. grady trimble, thank you very much, indeed. it's tuesday morning, i see some green. not that much. dow up 30, nasdaq up 50. david nicholas with me this morning. david, truth social starts trading on the nasdaq today. will people buy the stock because they want to support trump, or is it because it's a good investment? which is it? >> you know, that's an interesting distinction, stuart. i think the runup to the election is going to provide a lot of hype for truth social. but what i think you said is key because what you have really is i think we could see profitability for truth social if donald trump wins the election. but if you remember the whole meme frenzy, what you had -- and this is very similar -- was individuals and shareholders were buying these stocks not because they wanted to make a profit, but because they wanted to send a message. so i think in the short term you'll see people buying truth social or djt because they want to send a message to washington that they support president trump x they want to send a message that they're sick and tired of what some of these big tech companies are doing to
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silence conservatives and people of faith. so i think it's going to be an interesting sock to watch in the short term -- stock to watch. stuart: it's going to be a roller coaster ride. thank you very much, david, i'm sorry it's so short. david nicholas, everyone. >> thanks, stu. stuart: now we have this, the latest case shiller report on home prices. remember, please, these numbers from january. they're two months old. what do we have? lauren: we're in the spring season. in january prices rose 6.6% from the prior january, the largest increase since november of 2022. so prices are still high. the problem is there's not a lot of inventory, and rates are near 7%. stuart: two months ago prices were rising. got it. thanks very much, lauren. coming up, trump says he will pay the $175 million bond in his civil fraud case. his heel team keeps pushing ahead with their appeal if -- legal teem team. the latest on that next. ♪
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and an increased risk of infections, some fatal, have occurred. tell your doctor if you have an infection or symptoms, had a vaccine or plan to or if ibd symptoms develop or worsen. i move so much better because of cosentyx. ask your rheumatologist about cosentyx. stuart: donald trump says, yes, he will pay the $175 million bond in his civil fraud case. lydia hu is with me. trump's legal team still appealing the case. how long's that going to take? >> reporter: many months and especially before we actually get a decision in that case. yesterday's order directed that the trump legal are team prepare this case for oral arguments essentially for is september, and that means oral argument as would be with held that month,s or and then we'd expect a decision maybe weeks or months after that. whether we get a decision by the november election are, we just don't know at this point, but certainly a lot of anticipation around that time. now that this bond requirement has been reduced to $175 million, stuart, as you noted,
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trump says he will obtain that bond with cash. he said that yesterday. listen here. >> well, as they say is, i have a lot of cash. you know i do because you're looking at my statements. you've been examining my statements for a long time, and i have much more than that in cash. with but i would also like to be able to use some of my cash to get elected. they don't want me to use my cash to get elected. >> reporter: while this decision from a five-judge panel means trump only needs to pay a fraction of the judgment to protect his assets while he appeals, trump could still be on the hook for the full near half billion dollars if he loses the appeal. a spokesperson for the attorney general's office said in a saint, yesterday, quote, donald trump is still facing accountability for his staggering fraud. the court has already found that e engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family and his organization. the $454 million judgment plus interest against donald trump
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and the other defendants still stands. but, stuart, some legalling experts believe this reduction in the bond amount could foreshadow a decision from the appeals court on the merit, could this mean that appellate are judges would find that judge edge ron's a order that trump pay nearly half a billion dollars is just simply too high? but yesterday's victim in the civil case, or ago although it was crucial, but also accompanied by a setback in the manhattan criminal case. the judge rejected trump's lawyerses' request to dray that the trial, so they set a date for jury selection april 15th. if that a sticks, it appears that the alvin bragg's hush money case will be the first criminal matter involving donald trump to reach trial. stuart? stuart: thank you very much, indeed. former manhattan district attorney elliott fee big joins me now. is anything going to happen to the judge or attorney general letitia james? could they be censured in any way? >> i think it's premature to infer that this is going to be
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reversed. i think we can infer that there's some skepticism anytime you see an appellate court pump the brakes. they also stayed the limitation on trump running a business and his sons running a business in new york. so would i infer some skepticism from that? absolutely. would i assume that they're going to reverse it? no. i can give you a few reasons. number one, they could havewayed the bond entirely, instead they reduced it by 70%. they didn't waive it entirely, or number within: number two, there are 20 the judges who sit in this courthouse. 19 of them are democratic appointees. so it's sort of a hostile room on top of that. and also they sit in panels of five, so the five judges who ultimately hear the appeal may be different from the five judges who reduced the bond yesterday. stuart: you do believe it's a political prosecution. >> well, look, letitia james, the one persistent and, in my view, fair if criticism of her even from some people who are very critical of donald trump is that she behaves more like a
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politician than a traditional prosecutor. prosecutors are not supposed to run for office saying they're going to target a person. they're not supposed to be on social media spiking the football the way she has. and we know she wants to be governor. she spent several months in 2022 running e for governor. the prosecutor who trained me, i can tell you he would have considered all of this very, very unseemly. stuart: there's no sanction on someone who runs a political prosecution of a major politician. >> well, the judge, he is -- judges get reveried all the time. generally it's just embarrassing, but judge engeron if is turning 755 this year, the hand -- 75 this year, the mandatory retirement age is 76, so he's off the bench. my guess is he will hit mandatory retirement by the time this appeal is decided. stuart: in the mush -- hush money case, does trump have to be in court throughout the trial. >> right. he has to be there for every
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moment of it. the judge will give him parker warning beforehand and say if you absent yourself, the case will go forward, and and your attorneys won't be able to have your input. and i think trump was not well served in the civil case when he storm thed off the courtroom with the jury there. i think that a didn't help him. he has to stay there anyway -- stuart: my point is if he's got to be in court the whole time for the trial, he condition campaign. he's off the campaign trail. >> right. stuart: that's biden victory because you kept your opponent if off the election. -- cam campaign. >> yeah, and and're a -- we're looking at a six week minimum. jury selection's going to be up unusually complicated because you're going to want to ferret out people with bias. stuart: did they manipulate this into a criminal case ifsome. >> the one question no one has been able to satisfactorily answer for me is if this case has merit, why didn't the feds go after it? because the feds had all these facts since 2018. the biden justice department had
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all these facts since 2021 when they took office x this is about a federal election. so the natural, logical jurisdiction is federal court. the feds had these facts, they passed on it. andno one's ever said to me this is high the case has merit, notwithstanding that her if you can e garland passed it up. stuart: the hush money case, that is political persecution? in your opinion? >> i am not ware of any comparable fact pattern in state court, so the only inference to me is that it's political. stuart: fascinating stuff, and i'm glad you explained it so well. elliott, thank you for joining us. >> thank you. stuart: trump is looking at a big payday from the if truth social merger what's his net worth now? lauren: $6.5 billion, according to bloom bloomberg, making him one of the 500 richest people on the planet. after three years of trying, this merger finally went through. it nets trump almost $4 billion. you're looking at the premarket shares, today will trade djt on the nasdaq.
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up 28ing %. stuart: fascinating, isn't it. what an election, what a market. lauren, thank you. check futures, please. the opening bell coming up shortly. frankal gains. dow up 8, s&p up 7, nasdaq up 432 the points. of we'll be -- 4 32 points. -- 42 points. we'll be back. ♪ ♪ (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better
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stuart: markets, three minutes before the opening bell, a little bit of green for the dow, s&p and nasdaq. mike lee's with us this morning. trump's truth social opens on the nasdaq in a couple of minutes. is support for trump going to drive the stock? >> yeah, i think so. i think that's what you're seeing right now. this market cap valuation relative to the financials is pretty far far out of whack. but, look, this is your first social media platform that's not basically quasi-government controlled that's a public company. so, you know, facebook, you know, facebook obviously with
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what's going on at the supreme court, you can see the government's intimately involved in their operations. twitter, they're attacking elon musk from every single direction if he doesn't comply with what they say. so there is a lot of potential here, and the stock the i'd say the valuation is based on that potential, not based on what they're earning. stuart: it's based on the potential value of the company if trump wins. that's why it's a bet on trump winning. that -- can you interpret it hike that? -- like that? >> you can, but also this is now few truly a free speech platform. stuart: o.k. >> that is not controlled or or going to be pressured the same way other social media platforms are which, to me, leads me to believe that a lot of the hype around a it does warrant some value is. stuart: you say, you're saying that bitcoin is going to $200,000 a coin in a couple of years. that's about as bullish as i've seen anybody on wall street. make your case. >> with yeah.
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so typically with bitcoin you get a triple of the previous cycle high as long as the prior cycle, the highs of the prior cycle, so 17, 18,000, held in the pullback. and that's typically how it works. so we went from $5,000 to 6,000 roughly in 2017, and then in 2021 we went up to, you know, $67, 68,000. back down to around that $17-18,000 the prior cycle high, just the ftx, just the ftx scandal saw the price fall below it. it quickly recovered. so this cycle would put us at a triple, if those coincide with what is called the halving event with bitcoin miners. the rewards are cut in half. that in addition to a trillion dollars of new debt every hundred days created by the government. stuart: we shall see. thank, mike. the market is open. fox corporation rang the bell on
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the nasdaq. we've opened with more than half of the dow stocks, the dow 30, on the upside, and the dow itself is up about 50 points. move on to the s&p 500, also slightly higher, up about a quarter percent, 5230, is the level. and the nasdaq composite also opening higher this morning, a gain of almost .4%, 16,448. better have a look at big peck tech. where are they -- big tech. meta, microsoft, alphabet, amazon on the up upside, but apple is down. just holding on to the 170 level at this moment. truth social has official hi started trading -- officially started trading. i'm looking at a gain of 57%. tell me more, please, lauren are. lauren: i mean, this is pretty extraordinary the considering trump owns 60% of the company. the question we've been asking, is it hype? part of it. i mean, it's estimated to have 5 million subscribers, that's it. you've got 2 billion at tiktok, you've got, and or twitter, more than that, 3 billion at a
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facebook. but it is very buzz is city, because trump running for president, and the merger and this subsequent stock gain could help hem a pay his -- him pay his legal bills, and a lot of people want to see him win. this is the platform that donald trump launched back in 2022 when he was banned from the oh social media -- other social media sites. st taken him all this time to make this splashy debut, and here you have it, a gain of 47% and a valuation of $6 billion. stuart: but as a mike lee points out, it's the only true free speech company because it's a privately-owned company, publicly-traded company unlike the rest are of them which have subject to some type of government control. lauren: first nine months of last year, loss of $49 million. stuart: i'll take that. not sure. somebody's got to be billionish on microsoft. who's it? lauren: oh, dan ives of web bush. he foes to 500 with his price target -- goes to. he says the a.i. bets for microsoft are an iphone moment
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for this company. he calls the recent a.i. customer checks that they've been doing, you know, poft if has co-pilot that they're selling, they're bullish and, quote, transformative. up half a percent. stuart: almost 425, close to an all-time high. tesla, i know they're giving customers a month's free trial for this driver as zest technology. how much does it cost if you like it and want it perm feintly? lauren: $12,000 a day. you get this free 30 days, but then elon musk e-mailed staff and said, look, every single car you sell with it,ing you must if get in the car and and you must drive with that buyer and sew them how it operates, how it works. so you ride together and you get this, you get to see all the features. that's something i wouldn't be able to do by myself. therefore, you can unlock its value, maybe more people will buy it. if you look at how many people are oping for the driver assist technology -- opting, 14%. it use to be when it was buzzy e
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and new back in 2019, 53%. so elon musk is looking for profits. he needs to sell more of these features. so, you know -- stuart: and everybody's not to have a driver's learning experience to avoid liability. that's what it is. lauren: but i think you really need one. i didn't even to know how to open the door when i rented it. he looked at me like it was i was nuts because this was in san francisco. i was, like, really, i need to know everything. stuart: here's a story i love. mcdonald's and krispy kreme getting together so i can get one of the doughnut at some point in the future? lauren: stock is up 20% they will provide three kinds of hair doughnuts each day -- their dough doughnuts at mcdonald's across the country. it starts in the second half of this year. this is a new opportunity in breakfast and throughout the day for both with --out stuart they must have a huge production if opportunity here.
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i mean, to supply those doughnuts to every mcdonald's around the country -- lauren: by 2026. stuart: gear up. how's reddit been doing? they ipo field last -- lauren: yesterday they gained 30%. two days, 37% gain. options were launched yesterday, not to get too wonk key, but the most actively traded were the april call options. that's the right to buy in the future at a set price x that price was $50-755. you also have a lacklusterrish po market, right? so this is an opportunity for some people to get in. you do have three ipos going out this week, you haven't heard of any of them. but it has been a pretty dull market, is so this is giving something for supervisioners to get enenthuse newsed about. stuart: if you really want to see a free speech platform, get on reddit because they don't hold back with their opinions. lauren: oh, no. wall street street bents gooses a lot of stocks including
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gamestop -- stuart: which is going to report after the bell today. lauren: retail enthusiasm is back because of reddit and wall street with bets. they're saying, once again, squeeze the big guy, the institutional trader who is shorting the stock. so, okay, game's at 15. that's a -- gamestop's at 15. remember the $86 record high back in scan of 2021? okay. so i don't think it matters what gamestop the says after the bell in their report card, it's being talked up by the retail crowd. it's being talked up on social media. this was the original meme if stock. if you are keeping track, they are expected to say that revenue fell about a 8% year-over-year in the last quarter. stuart: we've been in business now for almost six months. let's -- six minutes. the dow industrials up just 14 points. the dow winners, please, give me that that list. amgen, caterpillar, intel. sales salesforce. microsoft's on the list at 424. s&p 500 winners, seagate,
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mccormack, supermicro, tesla, western digital. and the nasdaq winner,s, tesla, marvell technology, constellation energy, micro tech and tradedesk. the 10-year treasury yield is up to 4.26%. the price of gold up to $2,210 an ounce. it's cracked above $2200 an ounce. bitcoin, $70,364, that's the level this. oil, $82 -- nah, $81.92 on oil. and nat gas still below $2. a the average price for a gallon of regular, $3.53. diesel went up one cent to $4.05. coming up, the media had a, whoa, meltdown over the incredible win for trump. watch this. >> this is so infuriating, i don't even know what to do. now he's getting his own private system of justice. this is an absolute travesty. >> certainly, this is one heck of a break for yet again teflon don. >> the playbook is different
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from president trump. >> he's pretty much gotten everything he's wanted. stuart: i can only imagine what jimmy failla's going to say about that. after kate middletop's cancer announcement, prince harry and meghan markle offered their services to king charles. are they trying to get back in with the royals? royal correspondent neil neil sean gets into it. realtors' rules have changed dramatically, so what can buyers and sellers expect and will it hurt first-time home buyers? real estate guy membership roh shell takes it next -- mitch roschelle takes it on next. ♪ i'm the one you can't live without. ♪ do what what you love but call it work -- ♪ and throw a little money in the plate at church ♪
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stuart: on the markets this morning, a little bit of green. if you look at truth social, djt, donald j. trump, it's over $40 a share as of right now.
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new home sales took an unexpected hit haas month. high prices, high interest rates keeping some hopeful home buyers on the sidelines. kelly saberi joins us. kelly, what are builders doing to get the market back on track? >> reporter: stuart, since shrinkflation is hitting the housing market,ing builders are building smaller but taller. so in a sense, you are still getting some of that size, but maybe with a little bit less of the amenities of that garage space. you know what? at the end of 2023, about 20% of all new homes were townhouses. we're going to talk a little bit about, you know, homes like the ones that we're in. jeff, what makes these so desirable? >> well, obviously, heir new, and new product, new homes have become more desirable over the last few years. what's made town oklahomas more e de-- town homes over the last few years really started with covid, a little bit before.
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as covid was sending buyers out of the city and started that whole work from home thing, that's still going on, but that's changeed and and people are trying to come back closer to the city now. with new homes, especially close to the city, becoming more expensive buy buyers when want new product are gravitating to town homes, and we're seeing more of a single family buyer type meaning maybe a couple in their 40s or 50s with school-aged kids. now we're seeing all those buyer types, plus municipalities have been better about allowing more higher density zoning and multifamily zoning whereas before they would have only allowed single family. so those two things have plaid into it. >> reporter: do you see this trend sticking? >> they all ebb back and forth, and there was a time about ten years ago suddenty the -- suddennenly the town home became the it product, it sort of got pushed to the side, and now it's shifting back. more i think because of pricing and location. >> reporter: well, stuart, you
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heard it from jeff, we're going to have to see how this trend place out. you know americans, they definitely want that white picket fence, but at this point it's all many of these consumers and home buyers can afford. of i'll send it back to you. stuart: kelly, thanks very much, indeed. a recent court decision struck down the permission structure of the realty business so there's no longer set commissions on sales. mitch roh are shell, real estate guy, join ises me now -- mitch roschelle. if i'm buying a house now, i negotiate with the realtor to see how much he or she is going to get paid? >> basically, stuart, what's happened is we've bifurcated the relationship a buyer will have a broker with a negotiated fee, expect semier will have a broker with a -- seller will have a broker with a negotiated fee. it's probable there'll be a 3% fee on both sides,but the reality is the old model of the seller paying the entire commission has sort of been thrown out the window, and this
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locked-in 6% commission or for more expensive homes the 5% commission, that too the has been sort of thrown out with this case. having said that, there's going to be a ton of lawsuits flying around out there, so i don't think that this issue is completely settled. sue stuart now, "the new york times" says this change in what the realtor is getting paid could hurt first-time home buyers. how's that true? >> well, their thesis is that we're now adding, let's say, 3% to the amount of money that the buyer has to pay which mean they have to come out of pocket with more money in their down payment or their goes -- deposit money may already be stretched thin so they're tacking on 3% on top of that. what you would argue though is if the seller doesn't have to pay a full 6% commission, it's possible that the price of the home is going to be a little bit less for that buyer. i think this is just with
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opening up the door for a new kind of negotiation when you sit down and you sort of work out the last dollars between the seller and the buyer in terms of who's a paying commission. i'll say one thing that's very important, commissions have always been negotiable. i've never bought a home in my life or an informs ifment property where -- investment property where i didn't negotiate with the broker or about their commission. i just think the average buyer is unaware of that. stuart: you mentioned this earlier, but the broke with range firm compass, they've agreed to pay $57 million to settle claims they overcharged home sellers and, i guess, home sellers by billions of dollars. are we going to see an avalanche of lawsuits? >> i think we're to going to see an avalanche of lawsuits, and it's the possible as some of these get add a jude candidated at the state level -- adjudicated law may be created by the courts that that change the rules in that particular state. i'll give you an example of that. in some states the way it works
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for brokers or is the broker works for the seller, full stop. that's the way the law is in that state. in other states the sell iser or has -- i mean, the broker has a responsibility to both the buyer and the seller. so there's already differences state by state with local boards of realtors and courts. so i have a feeling that it's going to be, you know, 50 statements, 50 different sets of rules. stuart: i've got got a feeling that at the end of the day when i buy or sell a home, the same amount of money going to come out of the price as it always has. [laughter] i mean, we're not going to get any breaks here, are we? >> no, we're not. and i'll say one thing from personal experience, i without a home -- i bought a home in new york back in 2001, ended up suing the broker because the broker who we were working with made a big mistake that that impacted the amount of property taxes that we are levied on the house, and it was a significant difference. i sued and in court in westchester county,
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unfortunately, judge jeanine wasn't on the bench. [laughter] but in court the judge said, no, the -- they work for the seller, hay don't work for you, opinion if they have no duty of or -- and they have no duty of care to you. so there are all these nuances about who the broker really works for that i think are going to be really, a bright light's going to be shined on that right now. stuart: we shall see. mitch, thanks for joining us. see you soon. >> you bet, stuart. stuart: coming up, i have worked in american tv news for 50 years. i've never seen anything hike this. a meltdown of tv talent -- [laughter] there's a misgnomer -- at nbc news. they couldn't handle the hiring of ronna mcdaniel of. the slightest associate with donald trump for these journalists is just too much. that's my taking top of the hour. president biden, vice president harris to make a rare joint visit to north carolina today. they hope to flip that battleground state. trump won it in 2016 and 2020. a report on that next. ♪
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♪ measure. ♪ stuart: president biden and vice president harris hit the tarheel state today. it's a joint visit to raleigh, north carolina, where they're set to deliver remarks on the economy. mark meredith's live at the white house. mark, bind lost north carolina in 2020. what are they going to do differently this time around? if. >> reporter: stu, good morning. you're right, north carolina remains a toss-up state. former president trump won it both in 2016 and 2020, but perhaps with the visit today we are seeing the biden campaign spend more time, money, resources into the state trying to copy some some of that success they've had in georgia in the tarheel state. after today's sit to north carolina, the president will have wrapped up stops in all of the battleground states since the state of the union address. and that's notable because, of course, the biden campaign is trying the sell its message on the road. but whether or not it's resonating, the polls show not quite. ing a majority poll taken this month -- maris poll shows former president trump leading biden in north carolina but within the
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margin of error. democratic senator tim kaine who represents neighboring virginia insists he believes midterm voters or voters on the sidelines will see a stark difference in the candidates by election day. >> i believe the american voters will embrace pro-democracy rather than pro-authoritarian. and that's the stark difference between joe biden and donald trump. i'm confident in the american electorate. i think we're going to get it right in november. >> reporter: trump was in north carolina himself ahead of the state's primary which he dominated in. trump is also probably going to be heading back to the state fairly often because he's backing the lieu ten governor, mark robinson, in this closely-watched gubernatorial race. the vice president will also be making the trip down to raleigh. there's an event focused on health caring democrats trying to make that a key issue. there's a campaign fund raising event, so the idea is to also a raise some money while they're down in north carolina. stu. stuart: mark, thank you very much. let's have a look at djp, the
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trump social media, it's up 44% at $72 a shower. still ahead,ing deroy murdock react to the nbc rebellion over hiring former rnc chair ronna mcdaniel. shohei ohtani says he never bet on baseball. kill immediate interprets that -- kilmeade intercepts that the remark. new york congresswoman claudia tenny, and is anybody going to sanction the judge and attorney general in trump's new york case? if i'll ask former acting attorney general matthew whitaker. the 10:00 hour is next. ♪ don't you worry about a thing ♪
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