you're watching right now. so take comfort in the knowledge that tomorrow, they'll be right back at it. chainsaws in hand, heavy machines at the ready with equal measures of both blood and sweat. essential ingredients to how america works. dagen: good morning, i'm dagen mcdowell, maria bartiromo will be joining you shortly. it's tuesday, november 30th. your top stories at 6:00 a.m. eastern. the omicron variant stoking fear once again on wall street as the ceo of vaccine making moderna says existing vaccines will struggle against this new variant. the comments rattling markets, futures down sharply this morning. take a look, 413 point loss on the dow futures at the moment, red across the board. the s&p 500 futures also down

about 1%. investors heading for safety with bonds rallying, money pouring into treasuries. the yield on the 10 year now hovering near three-week lows ahead of today's testimony by federal reserve chief jay powell and treasury secretary janet yellen, all that on capitol hill this morning with comments expected on the various impacts to the economy and of course inflation. it's been a roller coaster for the market since on of chron variant was reported. gauges bouncing back yesterday after friday's big-time selloff. european markets this tuesday in the red, losses in england, france and germany, north of 1%, in asia overnight markets mostly lower as well. south korea the worst performer, the kospi down nearly 2 and-a-half percent. "mornings with maria" is live right now. ♪ i'll never let you go.

♪ i'll never let you go. ♪ maria: good morning, everyone. we have fresh new uncertainty and concern this morning on wall street over the new covid strain. it is sparking a selloff in stocks and yields are rocking higher. take a look. dow industrials right now down 433 points, the s&p 500 down 46 and the nasdaq is down 77. this after the ceo of moderna saying in an interview that he expects the current vac seens to be less effective against the omicron variant and it could take months to develop and ship a new vaccine. this follows federal reserve chairman jay powell's warning that the new variant poses a risk to the economy and would impact inflation, the supply chain and employment. we will hear from the fed chief and the treasury secretary this morning as they testify on capitol hill. those comments were embargoed and released ahead of that

testimony. joining me right now is senior strategist, wolfgang coaster. joining the conversation all a morning long this morning is fox business' dagen mcdowell and payne capital management president, ryan payne. great to see everybody. thank you so much for being here. wolfgang, good to have you join this conversation this morning. give us your assessment of the impact of the variant on stocks and allocating capital today. >> this is unfortunately what we continue to expect. you have some quiet period and then you have volatility and the whole market has to continue to be prepared for the surprises and for volatility and that is what the finance chiefs of most corporations are really worried about and what they're thinking about all the time. as we talk about cfos and the investor part, they're looking at how do i actually keep volatility that comes from the economy out of impacting the bottom line of our corporation and our results the best. maria: yeah, i mean, i'm wondering if this was part of

the conversation yesterday that president biden had with those ceos at the white house which caused him to cancel his prepared remarks. he was supposed to get in front of the podium, talk about impact of this variant and then canceled it a few minutes before he was supposed to come out and talk about it and now we see this massive selloff. what do you want to do if you're invested in this market this morning with everything selling off once again. oil prices selling off once again, another 3% today over these concerns over the new variant, wolfgang. we've seen so much volatility in the oil market just in the last few days and clearly this upset is hitting lots of liquid markets. stocks and oil, as well as the bond market this morning. >> yes, so i think there's two areas you want to look at with an overall look at how well are companies prepared from a digital point of view to actually manage through these continuous volatilities.

one, you have to look at supply chain financing, how they actually finance their supply chains. two, you've got to look at are they prepared and by the way that's an interesting process to follow up on is what fed chair powell is going to continue to talk about and you're going to keep hearing interesting topics, the central bank digital currencies, those fall under digitization of finance, you want to have corporations that are able to actually very swiftly be able to manage their supply chain via money, especially the ones who have it or the ones who need to borrow it from the banks. on the central banks digital currencies, jerome powell as well as secretary yellen, they're going to talk about that central bank digital currencies is a way to address economy and the multiplier effect and therefore making -- increasing production on the economy. central bank digital currencies is a big topic as you know.

90% of gdp countries today are looking at how to implement the central bank digital currencies. you'll hear more and more about it. this is one of the reasons you saw jerome powell get reappointed. maria: i mean, the embargoed comments from powell seem to be among the issues unnerving markets this morning because fed chief powell is going to say that this omicron variant poses downside risk. so here we are with a macro story that has already plummeted from the highs of the expectations in the third quarter. now we're talking about potential downside risk according to the chairman of the federal reserve who will say that this morning in his testimony. how much weaker can things get? >> [laughter] that's the million dollar question. i think it will stabilize. they have the tools to stabilize this. inflation is an issue.

now this is going could come up as an issue. at the tend of the day they're not just going to look at fed powell saying listen, these are my problems. had they want solutions too. will he be hawkish? what do we need to do to continue to manage the money supply and the economy? maria: yeah. let me just say that anything with any liquidity is going down. cryptocurrency is also slideing with the broader market this morning. you've got bitcoin and the others also down. ryan payne, jump in here, because when you see a situation where there is fear, you sell what you can sell. and that's why maybe you're seeing some overreaction in some of these markets but you're going to sell where you've got liquidity. ryan: it looks like there's a lot of leverage in the nature get right now, wolfgang. we had a big selloff on friday. what i find interesting is, if you look at margin right now as a percentage of whatever positions are outstanding,

margin is like very, very high levels right here so i'm wondering a lot of the selloff you're seeing right now, is that just retail investors that have just been leveraged, trying to cover their positions, to maria's point, with liquid atity people are selling their position as they go down so quickly. >> i think that could be. i think that's certainly always one as you see this continuous acceleration and increase in the values of a lot of different assets you're going to take some stock and actually see these things come back. i think as investors you're going to look at okay, what do i look at, what are the value shares i look at and again i'm going to look at companies that really know how to manage through these and have historically been able to manage through this thing. i think bitcoin coming off is also expectation of fed powell talking about how the united states is going to he create their own electronic currency as other countries have. i think you're going to see, yes, margins will absolutely do as you're talking about. time to pick, look at where the values are, what companies are

doing well, how are they managing through this area and then pick them. maria: so wolfgang, real quick before you go, with the market down 500 points on the dow jones industrial average a, do you want to get out of the way here, sell stock into this or do you want to find opportunities and buy into this weakness? >> i think you find opportunities. you look at these companies that have continued to do well. i think tech sector remains an interesting one. you see these companies who have done extremely well over the last 18, 24 months with subscription revenues being a very good predicter and getting valuations accordingly so i think the tech market remains very strong here. they can manage companies as you can see with everybody, even if it would, which i don't believe it will, go back to complete lockdown, i think you're going to still see companies really well. maria: all right. we will leave it there. good to see you this morning. thanks very much. as we navigate a wild morning this morning. now some of the top stories we're watching this morning.

federal reserve chairman jay powell and treasury secretary p janet yellen will be on capitol hill today, their embargoed remarks were released about the omicron variant's impact on the economy and inflation, powell said there is downside risk and that is among the issues for this market this morning. this after president biden addressed the variant yesterday. yesterday he said that he would unveil his plan to tackle this on thursday. promising that one tactic will not be used, at least for now. watch. >> is it off the table? >> yes. >> why is that? >> because we're able if people are vaccinated and wear their mask there's no need for a lockdown. maria: biden also pushed masks and vaccine boosters, saying there's no excuse for eligible americans not to get one. meanwhile, the cdc is strengthening guidelines urging everybody 18 and older to get the extra shot to combat the new vair yantd. the ceo of he re-- region son

saying the antibody cocktail is less effective. jack dorsey announced he is stepping down from his role as ceo, he said it's time to move on from the company he founded in 2006. he will remain a member of the board until his term expires at the 2022 stockholders' meeting. the stock was up at least 10% after the announcement, many speculating he'll put more focus on the crypto market. the chief technology officer will take over as ceo of twitter. we are just getting started this morning. we have a lot coming up. joining us to counter the china threat, general jack keane is here with more on the u.s.'s plans to boost airfields in the chinese region. and then chris cuomo using his position to help his brother, what new records show about the cnn anchor's involvement throughout the former governor's scandals. we'll get into it. plus a sharp decline on wall street this morning, futures are plunging, dow industrials down

almost 500 points, we are following the latest moves all morning this morning and we will bring you more of jay powell's embargoed comments that were released ahead of his testimony this morning. you're watching "mornings with maria" live on fox business. growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. ♪ ♪ ♪ ♪ ♪ ♪

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maria: welcome back. cnn anchor chris cuomo under fire this morning after newly released records show that he coached his brother, former new york governor an drew cuomo on possible response toss the allegations of sexual harassment. this report from new york attorney general latisha james shows chris cuomo reaching out to sources to find out what reporting was being done on the governor's accusers. in this text exchange chris says

if ronan farrow has nothing more than accuser lindsey boilan then that's a great sign. here's what he said. >> i'm not an advisor, i'm a brother. i wasn't in control of anything. i was there to listen and offer my take and my advice to my brother was simple and consistent. own what you did. maria: chris did not address the new report on his show last night. in a statement, cnn says it will be having conversations and seeking additional clarity about the report as it relates to the network over the next several days. dagen mcdowell, your reaction to all of this? dagen: clarity and conversations, what garbage talk from cnn. the fact that he's still on the air, that he was on the air last night, i would suspect that other cnn employees, particularly the women who work there, are outraged by this very special treatment that chris

cuomo has gotten from his employers. what he said, all he did was listen and offer his take. well, that's a lie. and we know it now, based on these tish james documents. i'll read from quickly, from the sticks it's a publication. while the younger cuomo testified under oath that he did not reach out to sources to get information about the complainants or the women or do opposition research on them, text messages, documents and other testimony gathered by investigators show the contrary. the cnn host told investigators that he would reach sources other journalists to see if they had heard of anybody who was planning on accusing the governor. on march 4th he told melissa derosa to tell her he had a lead on the wedding girl. the apparent reference to anna rouch who accused the governor

of grabbing her face and make her feel uncomfortable at a wedding. he was actively trying to dig up information on potential accusers. why is he on the air? i guess cnn hired jeffrey tubin back. maria: i guess so. ryan? ryan: dagen said it all. i'm not sure i can add much here. i think i'm tired of the cuomos in general, i think at this point we're just -- new yorkers, we like to see less cuomo is my personal feelings about that as a new yorker. maria: well, we are looking at a serious selloff this morning on this -- these new remarks about the impact of this variant. we're going to take a short break and come back and talk about the impact here where the dow industrials are down almost 500. then the clock is ticking for congress, democrats scrambling as several deadlines approach. we will get into the legislative agenda for year-end. what can get done?

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maria: welcome back. well, it is going to be a sprint to the finish line for congress as lawmakers scramble to meet several deadlines by the year-end. some of the top items, government funding expires at midnight on friday this week. treasury secretary janet yellen's deadline to raise the dent ceiling is december 15th. congress will need to tackle the national defense authorization act while democrats want to push through their massive social spending bill. senator joe manchin says he will not commit to moving the bill this year. joining me right now is tom be bevin. thank you for being here. as we navigate a selloff on wall street with these new comments from the vaccine makers and the regeneron ceo as well as jay powell on the hill today, your

thoughts on what could get done legislatively speaking of. we're talking about 15 legislative days left for the year. >> not a lot of time. as you mentioned, you went through the list, a lot to get done for congress. in particular, congress is going to do what they normally do which is kick the can down the road just a little bit, just far enough so that they can get through -- everyone can get home for christmas break and this can get pushed into next year. they'll do probably a continuing resolution on the budget which is what they've done before. they will probably do as you mentioned a short-term fix for the debt ceiling which expires december 15th. and joe manchin expressed yesterday that there was perhaps some sort of deal that that will get done via reconciliation so it won't be subject to the 60 vote filibuster in the senate. and whether democrats do that with their own votes or whether some republicans join in remains to be seen. but as to the build back better agenda, it's unclear what that's going to look like.

it doesn't look like they'll get anywhere near getting that done before the end of the year. maria: it's not just joe manchin and kyrsten sinema. you have other democrats that are pushing back on this build back better plan. let's say it dies in the senate. they'll change it around, take things out, send it back to the house but manchin yesterday said he is not committed to getting anything done this year. so what do you think the odds are that nothing gets done on that score? >> i think it's very high. he's the guy. he and sinema are really the two that are going to shape this bill the way that they want it. there are certain provisions that were in the house bill that came to the senate that he is not comfortable with. kyrsten sinema has her own objections. and as you mentioned, what will happen is maybe the senate gets something done. it probably won't get done this year. they'll produce a bill. it will be different from the house bill and so the house at that point is going to be faced with two options. one is pass the senate bill as it's written and send it to the president. or they will have to go into a conference and hammer out the

details and come up with a compromise between what the house passed and the senate passed. it doesn't look like, when you look at where the progressives are, where the moderates are in the house and senate, it doesn't look like either one of those things is very possible at this moment and so for that reason i don't think anything is going to get done certainly by the end of the year and maybe well into next year. maria: so let's -- you're talking well into next year. tom, then you're talking march because nothing happens in january. i mean, in terms of when they get back and start legislation again. you're talking march then at least, right? >> yeah, probably february, march. maria: in an election year. >> correct. maria: in an election year. >> midterm year. once we get into the spring, i mean, everything is going to stop. there isn't going to be anything really that gets done in congress. so -- maria: yeah, exact. >> i even if they push it into next year, the window is going to be very tight.

maria: let's get back to the white house. did you find it odd yesterday that president biden comes out and says oh, there's all this worry about the omicron variant, i'll have a plan for you out on thursday. then you've got vice president kamala harris and transportation secretary pete buttigieg head to north carolina this week to promote the infrastructure package. so they're on the road. the trip for the two political rivals comes amid speculation of a rift between harris and the administration where you've got democrats pushing pete buttigieg forward for 2024 and saying they're not sure about kamala harris. your thoughts? >> well, this certainly looks like a scene that's made for televisioning right? we did have all these reports coming out about the rivalry between the two, about the jockeying and positioning for 2024. biden announced he's going to run in 2024, that's his intention is what the white house is saying, to try to tamp down some of this stuff.

look, kamala harris has gotten -- through the short straw in terms of jobs when biden assigned her the border and voting rights. meanwhile, pete buttigieg has this windfall of cash. he's running around the country, meeting with mayors and everybody wants to talk to pete buttigieg because his department is distributing the funds. kamala harris is getting in on this part of the game which is obviously helpful for her image because she's had much, much tougher jobs in other parts of the administration. i think this is all sort of the white house and folks trying to tell them, look, you've got to play nice, at least for the time being. maria: yeah. it looks like it's a manufactured, quote, unquote friendship that they're traveling together on infrastructure. she was given the most important job, secure our borders, but she didn't do anything with it. tom, it's gutted to see you this morning. thanks -- it's good to see you this morning. thanks very much. we'll take a break. we are following the market selloff this morning, renewed covid fears rattling markets, we break down the key issues weighing on investors with the

dow industrials down 400 points right now. we look at countering china, general jack keane is here with a look at what the the us is planning now to push back on chinas' authoritarianism. we'll be right back.

maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo many. it is tuesday, november 30th. a look at markets this half hour where he are seeing a selloff underway this morning. take a look. worrisome remarks this morning on the impact of the omicron variant. the dow industrials down 400 points, s&p 500 down 42 and nasdaq down about 80. first this morning, federal reserve chairman and a treasury secretary janet yellen will testify on capitol hill this morning. ahead of the testimony, powell released his opening statement where he said the new variant could weaken the economy and stoke inflation. now yellen did not issue any warning in her statement. she said she is confident that the recovery remains strong. markets are reacting to the

powell comments, this after two major vaccine and covid medicine makers, moderna and regeneron, both expressed concern that their current medicines on the market will not be effective against this omicron variant. regeneron's antibody innews infn has been the most successful treatment for covid and moderna has a 90 plus percent efficacy against covid-19. the ceo saying existing vaccines will struggle against the new strain. bond prices are rallying and treasury yields are near three week lows ahead of the testimony of jay powell and secretary yellen on capitol hill. the yield on the 10 year down 6 and a quarter basis points at 1.48%, the comments are expected on the variant's impact to the economy this morning. so they could have even further impact later. meanwhile, the suspect in the waukesha christmas parade tragedy facing new charges this morning. cheryl casone with the details now. cheryl: that is right. good morning.

darryl brooks has been charged with a sixth couldn't of first degree intentional homicide, this comes after a sixth victory, 8-year-old jackson sparks, died from injuries. the t white house saying president biden still has no plans to visit the victims and their families in waukesha. >> any president going to visit a community requires a lot of assets, requires taking their resources. it's not something that i have a trip previewed at this point in time. cheryl: brooks is accused of crashing his car into this christmas parade last week, it injured more than 60 people. among those, eight children are still hospitalized. well, elizabeth holmes delivering emotional testimony on monday. she said she was raped in college and was subjected to an anabusive relationship with her former partner at a they're no,.

holmes faces 11 counts of fraud and conspiracy to commit fraud over her actions at theronos. federal work who failed to-dark federal workers who failed to meet the deadline to get vaccinated against the crus will not lose their jobs for now. they can delay firing of those employees until after the holidays, saying an education and counseling period for noncompliant workers will continue through the end of the month. the administration says 92% of federal workers received at least one dose of the vaccine by the deadline. finally this. tiger woods admitting he can no longer golf professionally full-time. the admission coming from woods in an interview leading up to his first scheduled public appearance since the horrific accident that left woods severely injured last february. that happened in southern california. woods said he is not ready to retire just yet, he said it's realistic it's a possibility he may be able to play on the tour occasionally one day in the

future, maria. remember, his entire leg was pretty much shattered in that accident. those are some of your headlines from here. maria: all right, cheryl, thanks very much. meanwhile, the pentagon is planning on beefing up two air bases to confront china. the wall street journal is reporting that the pentagon is planning to make improvements to airfields in guam and in australia. the move comes as china has become more aggressive recently, stepping up its intimidation of taiwan and of testing hyper sonic missiles among other tactics. retired general jack keane is a fox news strategic analyst. he joins me right now. it's good to see you. thanks very much for being here. i guess this is a response also to the fact we gave up the bag bagram air base in afghanistan. >> i'm surprised by the report. most of it is classified. it was a major shift in our global force structure. it would be revealed here. and certainly improving a couple airfields i'm assuming that

needs to be done, we're putting more ammunition and lodge is ticks there. but we're -- logistics there. but we're not coming to grips in my judgment what the real issue is. china clearly outguns us and outmans us. they have more ships, airplanes and missiles in the region than we do. common sense tells you if we want to deter them from a conflict in the region, then we have to have forces in the region. we're an ocean away, two weeks from the west coast of the united states. a lot of our bombers are in the united states. they're not in the region. we should be forward deploying submarines, more missiles and more of our bomber intuse the region to -- into the region to deter war. we have to make tad justment after the 9/11 wars to the reality of what we're facing. we have three major threats, one is china, the second is russia and the third is iran. and that gives us in my judgment reason to readjust our force posture and recognize that we

have to deter all three of those threats and that means it's more money we have to take forces out of the united states where most of our forces are and forward deploy them and recognize what this threat really is. and i don't think this is happening. i'm surprised by it, to be frank about it. maria: well, you're right. it's not happening, general. i mean, look at the budget for defense. it is not increasing at all. we're actually, when you compare it to inflation, seeing a decline in the defense budget in the overall bernie sanders budget. so why isn't the administration recognizing these threats are rising and we need to strengthen. i mean, you yourself have been saying that china outguns us, particularly related to the navy. you've been saying this for over a year. >> no doubt about it. i mean, the budget i think is a factor, maria. i'm glad you brought it up.

certainly that's never going to be stated in the report. but the fiscal constraints on the defense department are serious. think about the spending bills that you've been discussing for weeks and months, trillions of dollars being spent on he domestic programs. there's two departments in the federal government that are not getting the plus-up. one is the defense department. it's actually a reduction because it's not accounting for inflation and the other is the department of homeland security. who is responsible for our domestic security. so there's -- this is a serious issue and i hope it gets a lot of public exposure here as we're heading towards an eventual improvement of the defense budget which should be coming in the next number of several weeks, for sure. and it is inadequate. maria: that's exactly right. yeah. well, it's inadequate and it has been inadequate for some time. let's talk about the other threats because our audience i think understands where we are

on china and understands that we are tiptoeing around the communist party. iran is another issue you mentioned and russia. let's talk iran for a moment, making many demands as it resumes nuclear talks with the u.s., as israel is warning ran is preparing to enrich weapons grade uranium, general. your reaction to these negotiations. iran wants to wipe israel off the map and we're still negotiating with them to get back into an iran nuclear deal. >> we are playing such a weak hand going into these negotiations. i mean, just think about it. when we changed administrations, we had iran on their heels. we had devastating maximum pressure sanctions on them. their economy was clearly in a tank. we had just killed qassem soleimani who was an iconic leader in iran and second only

to the supreme leader in terms of his power and his impact on the country. iran knew full well if they started to get out of the box during the trump presidency, president trump was going to push back on them. here comes the biden presidency. as opposed to building on that strength and using the abraham accords also as part of the foundation and the sanctions and the pushback on qassem soleimani's death, what do they do? they walked away from all of that. they're not doing anything to enhance the abraham accords and our audience probably doesn't know this but they eased up on the sanctions that president trump had imposed and as a result of it, the iranian economy, maria, while it's still in the tank, it is recovering slowly which conditions them to be tough going into these negotiations. and it's really sad. i mean, what we're talking about now is the restriction in the

nuclear deal on enriched uranium was 3.6%, they're at 60% right now, weapons grade is 90. from there, it would take them x number of months to actually put together a nuclear weapon. so they're using that threat of going to weapons grade as leverage. they want the removal of all of the sanctions and i believe this administration will largely do that, if not give them complete relief immediately, they'll give them most of it relieved immediately with the promise there's more to come and that is just an awful strategy. that's putting iran on the path to a nuclear weapon. maria: you make such an important point, general, because the u.s. treasury has expanded the syria nongovernmental organization's general license. in other words, the day before thanksgiving this administration eased sanctions on assad, on syria. that went really largely unnoticed but they lifted sanctions on assad, the night

before thanksgiving. i mean, look, our adversaries are looking at this administration, they're seeing weakness. why wouldn't russia invade ukraine right now? why wouldn't china go try to take taiwan? are you expecting russia to act and do something in ukraine sooner rather than later? >> well, certainly putin with 100,000 troops there clearly has options. i think it's likely he may put some troops into belarus. whether he puts troops in the eastern ukraine where he already has troops remains to be seen. i think it's very possible. i think it's unlikely he'll try to take control of ukraine by attacking the capital or going into so-called unoccupied ukraine care tri where there are no -- territory where there are no russian troops. what is this about? he's testing u.s. resolve and that of our europeans. he does not want dwrien be a

part of may -- want dwrien be uo be a part of nato, he doesn't want dwrien move closer to the european union. that's why he went into georgia in 2008 because we were inviting georgia into nato. he put troops there and stopped it cold. that is what is happening there. he's still trying to undermine nato and he's really testing, i think, the resolve of this administration. which he's probably has a pretty good feel for, to be quite frank about it. as he had in previous administrations. he's a master at it. maria: so does xi jinping frankly in my view, has a picture of this administration and will do whatever it wants to take advantage of weakness. general, we're going to keep watching all of this. thanks for the comments on the budget. this is so important as this congress has only a few days legislative left this year. we'll see if they can make changes to that budget with regard to defense. general jack keane, we'll talk soon. thank you sir. we will take a break.

when we come back, there is a selloff underway on wall street this morning, futures indicating a 400 point decline on the start of trading on renewed uncertainties and worries over covid, from the risks of the economy and whether the vaccines and treatments on the market can actually treat the omicron variant. we're on it all morning long. then, what jack dorsey's depar departure from twitter to mean to cryptocurrency. tune in tonight to fox business crime, american dream home begins at 8:00 p.m. eastern, followed by mansion global with casey mcdonald at 9:00. you're watching "mornings with maria" live on fox business. ♪ ♪ ♪ ♪ ♪ ♪

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>> so that was big news. it was interesting but not entirely unexpected. you know, dorsey's been a huge driving force behind bitcoin development within square for years. they were one of the first companies to put bitcoin in their balance sheets, so dorsey leaving twitter to commit to the long-term vision of bitcoin is ultimately very bullish in the long term. it doesn't mean that the volatility is going away. i can tell you in our conversations with our investors that are coming into this asset class for the first time, whether it's individuals, institutions, whoever it may be, the downside risk is top of mind for them. maria: yeah. i think you're right. i want to get your take, though, on how regulations in the crypto world will change. u.s. banking regulators announced last week that they will be unveiling a road map next year. i've got a cowen report in my hands here. he says they think -- he thinks the washington establishment is laying out its vision for crypto regulation with the president's working group report.

they think that they're going to issue an executive order on crypto regulations and that the underlying principle is that crypto will be regulated similar to the non-crypto product that it is trying to replace. what do you think the regulatory framework looks like for crypto in the future? >> so that's the big open question. we actually just launched a risk managed bitcoin mutual fund last week. we've been in regular communication with the regulationers. -- regulators. i think they recognize the importance of balancing the need for consumer protections with the need to allow innovation in the space especially after seeing what china did to effectively wipe out crypto innovation in their country. the regulators in the u.s. recognize that represented a long-term blunder. any time there's regulatory clarity in the form of a road map that's good for investors, good for the long-term adoption

of digital assets, i think focusing on stable coins, the focus on regulators makes a lot of sense. that's good for the continuing mainstream of bitcoin. as one investor told he me, the regs lay -- regulator's job is to minimize the fraud risk. increased regulatory scrutiny isn't a bad thing. it doesn't mean the volatility is going anywhere any time soon. maria: yeah, but i want to know what it looks like because the cowen analyst says that crypto companies are going to be better off in the long run until the government accepts crypto for taxes. crypto must get converted back to dollars and it is that conversion that gives the government power. he's also talking about this growing concern about the collapse of a widely used stable coin and he says that could trigger a systemic crisis. what will the regulation look like then in your view? what are the important points of

this regulation that we need to understand? >> well, i think that's why they're focused on the stable coins because that is where main street interacts with the crypto universe is through stable coins, it's really transferring from fiat to crypto, the point where the regulators have the most power. that's why we're seeing this kind of he global rush for central bank digital currencies. that was why china banned bitcoin in the first place was so they could launch their own. that's where the regulatory focus is going to be in the us which is why we're seeing the fdic step in not just the sec and finra. maria: i know crypto trading platforms will have to register with the s.e.c. ben, thank you. ben mcmillan. we'll be right back.

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maria: welcome back. time for the hot topic buzz. it is beginning to look a lot like christmas at the white house. this year's theme is gifts from the heart. but not everybody feels the warmth. social media writing off first lady jill biden's he design as tacky, calling the entrance to the east wing commercial ugly or something you would see at a target store. ouch. dagen, what do you think? dagen: well, i remember the left having a complete and utter emotional breakdown on social media when melania trump got landscape architects to redo the rose garden. i think you can have an opinion about christmas decorations but christmas is christmas. i don't care if it looks like a target store because a target store looks a heck of a lot better than some of the houses i've been in, so some of the issues -- maria: it looks a little like a

target store. dagen: one of the trees is mono chromatic. it's all decorated in the same color. but that's a thing. there's the kind of all white tree. i think peace, love and happiness this time of year because i've got bigger things to worry about than, well, christmas decorations. maria: oh, yeah. you mean like a 400 point selloff on the dow industrials? the market is selling off on new worries over covid. we are going to tell you about it in the word on wall street on the other side of this break. it all starts next hour, right here. "mornings with maria" is live on fox business.

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maria: welcome back. i'm maria bartiromo, it is tuesday november 30th, top stories right now 7:00 a.m. on the button on the east coast. markets are selling off on worrisome remarks on the impact of the omicron variant.

jay powell and janet yellen will testify on capitol hill this morning powell released opening statement already and in it he says the new variant can weaken the economy and stoke inflation. in her statement yellen says she's confident the economy remains strong. medicines on the market would not be effective against the omicron variant. regeneron has been most successful treatments out there for covid and moderna vaccine has had 90 plus percent efficacy, modern assays overnight that existing vaccines will struggle against the new strain. dow industrials lower. vaccine companies are down sharply, regeneron down two and a third percent. investors are heading for safety with bond prices rallying and treasury yields dropping,

hovering 3-week low ahead of powell and yellen testimony and will discuss the state of the economy right now and 1.48%. mornings with maria live right now. joining me right now payne capital management ryan payne, tgm institute james and university endowment chairman denise garthman. gentlemen, thank you very much for being here on a busy morning. james, kicking things off with you comments from ceo of moderna and regeneron worrying the markets saying the current vaccines and treatments will not be as effective on the new variant plus federal reserve jay powell that the new variant poses risk to the economy and this is why we see a 400-point selloff on the dow industrials. your thoughts on where we are today. >> a couple of things that look interesting to me. if you look at the trade-off on

monday before the news broke and we finished lower, junk bonds sold off at the time too. the market was looking for an excuse for corrective way and i'm not in medicine at all. we were told that we would live with variants when they come up. this is one of them. i've heard no doctors say that it's particularly more virilant than other strains. the nasdaq is holding pretty good compared to other index. the government is worried about rates going back lower and the government doing something stupid as far as economic disaster like they've done in the past. to me this is all -- it's a normal corrective pace. we are using omicron as excuse than catalyst. i don't think it's an enormous market deal.

maria: yeah, well, at the same time we are in this vacuum of information, right, because president biden comes out and says, look, we are likely not going to see lockdowns but i will have a plan on thursday. so we are now waiting until thursday to see what he has to say about this omicron. go ahead, james. >> the plan is what we are going to worry about more than the virus itself and i'm not trying to downplay anything. i'm scared of the virus too but the plan is what worries me. maria: yes, understand. we don't have the plan. he's telling me we are going to have it on thursday. that opens up this vacuum to speculate and sell, that's what you're going to do. you're going to sell and think about it later. look at what's going on in the treasury market denise. yields falling this morning amid the growing concerns over this variant. the yield on the ten-year right now down sharply, the yield is

down. it's been dropping all morning, it's down 5 and a quarter basis points right now below 1 and a half percent at 1.48% on the ten-year and you look at the 30-year, down 6 points this morning ahead of this testimony from jay powell and janet yellen, your thoughts. >> well, first of all, let's understand that these are extraordinarily low levels of interest rates. we shouldn't be surprised. the markets are looking for the pin and they got pin in omicron change in the -- the virus, that's not to be -- we shouldn't be surprised by what is happening. i think over the course of the next two years, 3 years or 4 years we will see the ten-year back to 4 to 5%. that's only a matter of time. nobody should be surprised by this. it's a normal circumstance. my good friend jim was right, market was showing signs of --

the stock market was showing sign of disrespectful, what was happening a week ago. we had an outside reversal day on the stock market. new high, lower close on the day, we had a weekly reversal. we shouldn't be surprised by the fact that stocks are under pressure and we shouldn't be surprised that the yields are under pressure but a year, two years, 3 years, 4 years from now we will see yields much higher than that. little panic in the market, it was a bubble looking for a pin, they got a pin. look at the panic in the oil markets. oil prices taking another hit this morning after a 11% selloff on friday. recovery yesterday partial, you've got now down two and a half percent on crude amid this growing concerns over the new omicron variant. your thoughts on what this is telling us. is this indicating a macro story weakening or indicating that oil

prices were too high? >> well, first, with oil, if you look at a chart, it looks like great adventure, most volatile asset classes period, this is the second time we see oil trade down below 70 in the last couple of months. what you have to look at here is the bigger picture. oil demand next year will be higher than it was pre-pandemic and if you look at producers, they are not putting as much money in production anymore, investment is going down. demand will outstrip supply and opec will meet and talk about my guest curving any more production to keep prices higher. russia likes prices higher and i do think it is short-term to see the selloff and i think it's a buying opportunity. like denise just said, inflation just all of a sudden the conversation has gone away with

the dip on friday. >> yes. >> i don't think that's the case. there's jitters in the market but nothing has really changed. the world has been washing money, people have money to spend and furthermore if you look at the delta variant over the summer time, companies did a magnificent job really navigating through that. earnings were up 40% last quarter. so i think you will see more of the same here. this is a dip to buy and by the end of the year you will see -- i've been very bullish. , if i'm right, eggnog on me, denise i like the hana i like t- maria: supply chain crisis and economy that's expected to slow down much more than anybody expected much more in the year. >> after the rise that we had and the strength that we've had over the past year and a half or so, to see slowdown in the economy, to see slowing of

consumer and spending, it shouldn't be a surprise to anybody. i think the only surprise was the fact that mr. powells with adamant overnight in his comments that will be released later this morning before the senate indicating that he's concerned about the omicron virus variant much more than i thought he would suggest. that's the reason for this morning's selloff but is this the start of a bear market, i have my doubts. >> yeah. i agree with you, denise, i don't think so. maria: all right, that's what makes a market. you'll be buying the dip, down 365 of the dow. worst off of the lows of the morning. great to see you, ryan payne you're sticking with us all morning long. we are happy about that. gentlemen, thank you so much, we will talk soon. much more ahead this morning. smash and grab robberies surging across the country. we are watching these coordinated efforts and what retailers are doing to protect themselves. then no new lockdowns yet. ohio congressman reacts to urn

certainties surrounding the omicron variant as president biden pushes spend agenda and jay powell says new variant poses downside risk to the economy, you're watching mornings with maria live on fox business. ♪ ♪ ♪

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pushing retailers to add additional security ahead of the busy holiday season. madison alworth live at the givenchy store which was hit by looters a few weeks ago with what shoppers can expect, good morning to you, madison. reporter: good morning, maria. we are seeing the smash and grab robberies on the rise on the rise. givenchy store hit recently, over $80,000 were stolen when 10 to 15 people broke in to this location. like i mentioned it's not just here. we are really seeing the rise and increase across the u.s. just this weekend we saw hundreds of thousands of dollars stolen from the roam depo that you see there all the way to canada goose. retailers are rethinking their security and how they want to handle their store fronts, some are hiring additional security

forces. i'm here with security nypd former detective, what are you seeing from retailers when it comes to security because of the smash and grabs. >> good morning, madison. there's a big increase. we are hearing people needing more security but the key to the security is putting effective plan together. >> effective plan, this all cost money, why are you seeing the investment now because of what's going on? >> well, this is certainly not the opportunity crimes we have seen in shoplifting. this is certainly more planned, thought of, premeditated kinds of crimes. there might be some opportunity but group of thugs going around planning to do this. the home depot hit where they took tools of the trade, hammers and cutters. reporter: that's such a difference with crime compared to shoplifting.

important thing to know that mike was telling me, if you see one of the instances happening, do not intervene, try to observe your surroundings but it's just not worth it as an individual to try to step in. maria. maria: well, i mean, that's right. you don't want to step in but what do you do if you're standing there shopping in a store and you've got 20 looters coming in all dressed in black stealing everything. madison, concerning days and we appreciate your reports, thanks very much, madison alworth this morning on this retail beat. dagen mcdowell, of course, don't get involved if you see this. unfortunately we are seeing this increasingly across the country. dagen: right and in new york city you essentially are not allow today defend yourself. the second amendment does not exist here. there's no way to fight off an aggressor. if you are individually attacked these are luxury stores. what really hurts hard-working men and women across the country

is when the say drugstores, pharmacies are continually robbed, walgreens has shut down over a dozen stores in san francisco alone. this creates retail waste lands and even a job waste land in lower income neighborhoods. number 1, number 2, why aren't the feds doing anything about this? why isn't joe biden's justice department involved in cracking down on these gangs if it's organized crime that would fall under the rico laws but instead merrick garland seems more concerned going after parents as domestic terrorists than they are the actual thieves that are disrupting commerce in this country. maria: yeah, it's true. ryan, if you do get arrested for theft, you're out back on the streets within hours because there's no cash bail and there's no bail. ryan: yeah, it's crazy. it was between the robbers and dagen, i put any money on dagen

any day of the week, i think that she would scare any robber, i think she has the force to do. i digress. big phenomena in new york, i saw with h&m returning a shirt and i wanted to get a color, well, it probably got stolen last night so they are used to every week having the random robberies around the retail sector and it's also inflationary, right. if there's more stuff getting stonen that means that retailers have to raise their price to give more. it's like a hidden tax on all of us. maria: yeah, it is. we will take a short break, when we come back, dow industrials down 350 points. president biden says don't panic about the omicron variant but markets and some public officials certainly are doing just that. congressman brad ask here to weigh in on the potential for lockdowns and mandates to continue and then what hypocrisy? press secretary jen psaki running cover from her boss over travel ban. the hot topic buzz of the

morning and it's next.

>> my team at the white house will provide me with daily update this is week and thursday i'll be putting forward a detail strategy outlining how we are going to fight covid this winter. not with shutdowns or lockdowns but with more widespread vaccinations, boosters, testing and more. maria: that was president biden yesterday addressing the covid-19 omicron variant and pushing masks and vaccine boosters. he's saying that there's no excuse for eligible americans not to get an extra shot and promising to avoid shutdowns for now. joining me right now is ohio congressman brad, member of the intelligence and house ways and means committee, congressman, a pleasure to see you, thank you very much for being here this morning. assess the state of affairs for us, congressman. congressman: what's interesting, look, we know from the trial that is people that are

vaccinated still get covid. it's a smaller percentage, fewer people get sick, it's had a lot of very positive effects and no doubt saved lives but, you know, basically americans don't do well with do this because i told you so. they want to be educated on what's best for them and they need to talk to their doctor, not hear from president biden on this but talk to your doctor about what's best for you. we also know that viruses produce variants. the omicron virus -- variant is not news. we have always known this about viruses. so considering that the vaccine does help, talk to your doctor about it but considering that covid is not going away. this is how we are going to make america healthy and total hypocrisy of what he's doing with the travel ban, boy, he sure had names for president

trump when he wanted to ban travel from china where the virus actually came from and now he's banning african nations when even fauci said that the pcr test will detect the omicron virus and why not do testing and why are not looking at natural immunity? if we want to understand the science that's taking place and how americans are protected or not, we should be looking at natural immunity and to do mandates on businesses is so damaging to us as a country, to our healthcare workers. we are going to lose and all these people across the board that are no longer going to have their job because of this mandate and it's the wrong direction to go in. he wants to -- seems like he wants to put fear rather than hope. maria: well, look, i'm glad that you mentioned natural immunity because the other daytony fauci said that he is science, he is

science and the science is that what we see from natural immunity is very positive in terms of the infection. you know, when you have the infection you get antibodies and gives you immunity, arguably more immunity from the vaccine and blowing off that science even though he says he is science. the president yesterday is talking about, you know, a plan that he's going to come out with on thursday. i mean, it's tuesday. so we are in this vacuum of information. we don't know where president biden is going in terms of what he's going to do but was know he's going to minnesota to promote the infrastructure package. he's still pushing through this aggressive agenda. democrats are scrambling to meet all of these deadlines. how many legislative days do you guys have left for the rest of the year and what do you have to do? the debt limit, you have the defense, you've got, you know, this build-back better plan that they have to get through, what will happen by year end?

>> well, just going back for a minute and let's take dr. fauci, for example, dr. fauci is not out there treating covid patients and that's who america needs to hear from. they need to understand who is well and who is not and the best healthcare choice and people should go to their doctor, not necessarily to facebook or president biden but now that you mentioned all the other things that are on our plate. legislative days we found this realm of nancy pelosi really doesn't matter because she keeps adding days, keeps changing when we are going to vote on things and keeps pushing things back, so as far as i'm concerned we may have a legislative day from now until the end of the year but the build back plan, it's mostly pain and no gain. increase inflation even more and more tax on everybody and more irs audits than ever before. it's made in america tax exactly the opposite of what we need because it hurts workers, it

hurts manufacturers, it's killing our supply chain which by the way is dependent on china and when you're doing things, subsidies for electric vehicles and electric bikes that only helps the rich by the way. they are helping china because they have the raw materials needed for the devices, you know, you have a reversal of the salt tax. it's going to help the wealthy there. it's going to increase our debt and then we get drug pricing, drug pricing is going to be one more chance to decrease the number of treatments that we have more people and decrease innovation and it limits better health for america. it's like everything you could think you could do wrong is in this bill. maria: yeah, congressman, it's pretty extraordinary to me that they are still pushing this agenda even as the world worries about this new variant. they want to get that green new

deal through, hook or crook. real quick on defense spending, congressman, we had a long conversation with general jack keane which reiterates over and over that we are outgunned when it comes to china. they have a larger navy than we do. why is it that we are not seeing any more money go into defense? you're on the intelligence committee. you've seen the raw intelligence in terms of what china is trying to do. has this administration seen it? >> well, that's a good question because have they seen it or just not care, they seem to want to aid and abet china every chance they can. look at the policies they are pushing, they help china. jack keane is right. we are being outmanned, they are aggressive and they are moving to every part of the world that they possibly can and when they go some place they don't go to help the nation, they go to help themselves and we are seeing them do what they do

successfully and unfortunately the way that we conduct business with china, we are only helping them do it. jack keane is right and we understand it, i don't know that this administration seems to understand it or if they do, they just don't seem to care. maria: yeah. a lot of fires to put out by year end and into 2022, how much more damage can we endure, congressman, good to see you, thank you so much, sir. congressman brad. we will be following all of that, stay with us.

maria: welcome back, good tuesday morning, everybody. thank you so much for joining us. i'm maria bartiromo and it is tuesday november 30th, a look at market this is half an hour and we are off of the lows of the morning. dow strays down 320 points right now. the s&p 500 lower by 35 and the nasdaq down 66. markets are selling off on worrisome remarks this morning on the impact of the omicron variant. first this morning federal reserve chairman jay powell and secretary janet yellen will testify on capitol hill this

morning. ahead of the testimony in transport of the banking committee, powell has released opening statement where he says the new variant could weaken the economy and stoke inflation further. yellen did not issue any warnings in her statement but she says she's confident that the recovery remains strong. i think that release of her comments sent markets off of the lows. this after two major vaccine and covid medicine makers moderna and reregeneron both expressed concerns that the current medicines on the market will not be effective against the omicron variant. regeneron's antibody infusion has been the most successful treatments for covid and, of course, the moderna vaccine has had a 90 plus percent efficacy. moderna ceo now says existing vaccines will struggle against this new strain. that is what is behind this market selloff this morning. meanwhile oakland's police department increasing police presence as it struggles to contain a crime surge. cheryl casone with the details there and, cheryl, it is happening across the country.

cheryl: well, when you defund the police, this is what you get. tactical teams are going to assist patrol officers in responding to violent crimes. this is as the city's liberal labor makers would cut funding to the department. >> the interruption in our hiring processes and the higher rates are things that we have to plan for now. we can't keep our head in the sand. cheryl: this comes just days after retired police officer kevin was fatally shot while working security for a local television news crew who was covering the armed robbery. well, the first day of the jussie smollett trial with the jury hearing opening statements, faces six counts of disorderly conduct for allegedly filing false police reports claiming he was victim of hate crime. smollett said men assaulted him and the men say smollett hired

them. faces up to 3 years in prison and has pleaded not guilty. finally this, golfer lee elder who made his history by being the first black player to compete in the masters tournament has died. fourth-time pga winner. this past april elder was honored at a ceremony before the 2021 masters appearing with fellow golf legends jack nicklaus and gary to kick off the tournament. lee elder was 87, maria. those are your headlines. maria: all right, cheryl. thank you so much. we are taking a look at omicron variant this morning. new vaccine may be needed to attack this new variant. regeneron also said this morning

that antibody treatment could have reduced efficacy against the variant. joining us pediatric infectious disease expert and head of the precision vaccine program at boston children's hospital, dr. levy, dr. levy good to see you. your thoughts on the omicron variant? doctor: we don't know everything that we want know but what we know is concerning. new coronavirus variant that has emerged and highly mutated particularly in the spike protein and as the viewers know it's target of therapeutics, antibodies and our vaccines and so it stands to reason that the interventions may be less effective against this variant, again, there's more to be learned but there's a high level of concern about this right now. maria: so what should people

understand in terms of how they can protect themselves? >> well, it's going to involve following public health guidance, local public health guidance. that's going to include when appropriate social distancing, indoor masking and communities where there's a rising infection rate. it's going to involve encouraging people who are eligible to get vaccinated because we believe the vaccines will still have some effectness and how much we are going to find out and it may also involve development of new vaccines and, of course, we are also waiting to hear on some of the new antiviral pills that are being developed by companies such as merck and pfizer and i believe merck antiviral pill will be under consideration very soon by fda. maria: is there any reason to believe that we could be in a situation of lockdowns once again, dr. levy? doctor: i certainly hope not.

they come to negative consequences to our economy, to our psychology and to our culture and practice of our religion to so many things that are fundamental to this country, so i certainly hope not and i'm encouraged by the president's words about this where i believe he stated that they're not looking at instituting lockdowns which is encouraging. but i do think that, you know, as we enter the winter months which are always worst months for viral infection, we may be looking at more and more masking indoors and maintaining social distancing, handwashing, encouraging people to get vaccinated those who haven't get vaccinate today get vaccinated and those who have been vaccinate today see if they qualify for booster doses because higher antibody levels may help protect against omicron, again, there's still a lot that we need to learn. maria: is there anything different about this variant side effects or the -- the impact of this variant in terms

of the impact on our bodies? what can you tell us that's different about omicron versus other variants? doctor: right, that's a critical question, maria. it's under intense scrutiny right now. we know that the variant emerged in south africa. we know that it spread to multiple continents and let's be clear, as i'm looking at the maps, i mean, there are cases in europe and cases in israel and canada. i believe sadly it's only a matter of time before the first case is declared in trust. the viruses don't respect national borders, they just spread. i think we have emerging evidence that this variant spreads rather easily. whether the disease it causes is any more severe than delta, i think that's under intense scrutiny right now. i don't think that we have enough data but i think in the weeks ahead we will know more. maria: and why is it that the regeneron antibodies treatment is not that as effective. we heard from the ceo of

regeneron who said it may not be as effective as it was initially on the covid-19 and the same was heard from the ceo of moderna. >> exactly. maria: current medicines on the market may not be effective enough. doctor: exactly. they are immune interventions. regeneron, infuse that in people's blood stream and theabout body will meet and block the virus but the antibody is directed against the spike protein and if omicron spike is very, very different from the other variants we have seen, it stands to reason that certain antibodies that were protective against the prior variants are less protective against variant whose spike protein is very different. maria: wow, all right. dr. levy, good to see you. i feel like we need to be talking to you much more often. the country is searching for

some -- some promise here and hope, thanks very much, we appreciate your time this morning. we will see you soon. coming up tackling inflation. the other issue the white house is focused on. powell and yellen head to the hill today. we will take a look at how much of a risk it will be and then don't forget to tune to fox business prime, cheryl casone, 8:00 p.m. eastern tonight followed by manchin global followed by casey mcdonald, mornings with maria live on fox business. ♪ ♪ ♪

maria: welcome back. federal reserve chairman jay powell and treasury secretary janet yellen on capitol hill this morning. they are set to testify in front of the senate banking committee on the state of the economy especially now with uncertainty over the omicron variant. in powell's ree paired remarks he said recent rise in covid cases and emergence of the variant poses downside risk to employment and uncertainty for inflation says chairman of the fed. yellen took optimistic approach in her opening remark she will say she's confident that our recovery will remain strong. gerard cassidy and gerard, great to see you this morning. thank you very much for being here. i want to talk about the banks and the impacts on the economy

slowing down with you as well as all of the changes that we've been seeing at the fed. but first, let's talk about their senate testimony this morning. what are you expecting from powell and how do you assess the selloff that we are seeing this? >> thank you for having me on the show, maria. i would say that the testimony that we should see today from the opening remarks that you just read. powell will be very cautious, he's obviously concerned about a potential slowdown. if you remember at the beginning of this year, the expectation was that we were going to see 6 to 7% gdp growth and then when the delta variant hit over the summer in the third quarter, real gdp growth slowed down to about 2%. so this new variant comes in and as powerful as the delta variant, you could see the economic activity remain very slow relative to what earlier expectations were. so i think he's going to be very cautious and concerned about what could happen if the variant

is as widespread as the delta variant was over the summer. maria: yeah, i'm glad that you mentioned that because we were talking about 6 or 7% growth for so long in the third quarter and, no, no, we are looking for 2% growth all because of the variant. so we will see what he says. they'll be speaking this morning but we've already got new changes, the president nominating, re-nominating jay powell for the fed and putting relief out there because people were worried that it would be lyle brainard but she was nominated to be the vice chairman of the federal reserve. chair brown wants to expedite hearings, early as next month to confirm these two. what are your thoughts on the picks and the confirmation process for both jay powell and lyle brainard for the vice chairman of the fed? >> i think what you are going to see, maria, the new mexico nations will sail right through

the senate. they'll be approved. obviously they are known quantities but quite often the fed chairmans are renominated and this is no real surprise. it's a relief as you point out because everybody knows the direction powell has led the fed. with brainard as vice chair, she may be in a stronger position than she was before being on the board but it's also a possibility for the next opportunity to become nominated for chairman when powell retires or when his term expires in the future. but the real interesting part will be, you know, brainard has been a non-supporter of big bank mergers, key corp, not that they're ready to do deals any time soon but she wants to put out framework for bigger deals which is kind of surprising considering we already have a framework that was built out of the dodd-frank legislation. so you really wonder why she wants to put out a new framework

which will delay, i think, some of the bigger mergers but smaller mergers amongst smaller banks like providence financial services in new jersey, they can still do deals because they are under 20 billion in assets but regional banks, i think her new position may slow down merger activity amongst the bigger banks as they put out this new framework, but overall, i think the picks are in line with with expectations, the market took it in stride which is a good sign. maria: yeah, but you are mentioning some really important points here in terms of what these positions will mean. lyle brainard was the progressive pick, that's why people had a sigh of relief knowing that she wasn't going to be the chairman. she was elizabeth warren's pick. elizabeth warren wants to break up the banks. you've got president biden's pick to head the office of comptroller of currency facing a rough road but you have to question why he would even put this woman forward given the fact that she said she wants oil

and coal companies to go bankrupt and she wants to nationalize our banking accounts, so what about that role and what about the role within the federal reserve of overseeing the banks which is one of the more important positions. give us your-- your sense that omarosa wanted, would that become more hawkish? >> comptroller selection and we are starting to hear some of the smoke signals from washington that democrats on the banking committee are not supportive of her being nominated to the comptroller of the currency position because of what you just outlined, some of her beliefs which goes entirely against the banking system the way we know it so we would be very surprised if she's appoint ahead of the comptroller of the currency and not surprise if they withdraw the nomination. the vice chair of safety and

soundness which is the federal reserve position that regulates the american banks and that was filled by a gentleman named randy and that term expired in october and that has not been filled yet and that's one that we have to watch carefully because that's influential position on regulating the banks. we thought brainard take the position but she's going to the vice chair. that's one we are watching. but the control of the currency pick, we would be surprised if that makes it through. we wouldn't be surprised if they withdraw the nomination. maria: okay. real quick, gerard, your reaction to what we are seeing in the bond market this morning? yields are now below 1 and a half percent on the ten-year. >> lower yields obviously are, you know, a sign, people are concerned with the new variant and until we get better clarity on that, you can see that the yields will maybe come down a little further as people run to the safety of the u.s. bond

market. maria: yeah, with market that's down 400 points, that's what you're seeing in terms of quality safety this morning. gerard, great to catch up. always a pleasure. thanks so much for being here this morning. gerard cassidy from rbc capital markets. we will be right back. ♪ ♪ ♪

>> he said that covid travel restrictions on foreign countries were hysterical xenophobia, what changed. >> the president put out a tweet in what he called the coronavirus and who he directed at. the president has not been critical of travel restrictions. maria: no, he hasn't been

critical of china either. it's time for the hot topic buzz. white house press secretary jen psaki defending president biden's travel ban hypocrisy. biden accusations of xenophobia against president trump began moments after his ban in 2020. trump's tweet quoting the chinese virus was in march of 2020 and dagen, why can't we call it the chinese virus, we know it came from china? dagen: not according to joe biden that doesn't have the guts to push xi jinping on the covid origins. the lying spin makes me dizzy. if the president had done his job from the beginning all of those people would still be alive. more people have died this year than last year from covid. maria: that's right. they have. ryan. >> why not just make it -- why make it political at all. situations change. we have different information now so i have a different

thought about travel. why bring it back to something political like china. it's just like, you know, let's get -- let's not get people apart here, let's do something he's not at political but politicians can't handle himself. maria: it was political when he called him a xenophobe. that was the political story. president trump bans travel from china and president biden calls him xenophobe. jack dorsey will be leaving ceo on twitter to head for greener pasters. mornings with maria live on fox business. ♪ ♪ ♪

. maria: welcome back. goodtize morning, everyone thanks so much for joining us i am maria bartiromo tuesday, november 0 top stories right now 8:00 a.m. on the button on the east coast, markets are selling off this morning, worrisome remarks this morning on impact of the omicron

variant first federal reserve chairmen jay powell and treasury secretary janet yellen will testify on capitol hill this morning powell already released opening statement where he says this new variant could weaken the economy and stoke inflation will cloud the economic outlook he says. in her statement, janet yellen says she is confident the recovery remains strong this after two major vaccine covid medical makers moderna and regeneron expressed concern current medicines on the market will not be ineffective against omicron variant regeneron infusion among most successful for covid moderna vaccine a 90 plus percent efficacy rate ceo saying existing vaccines will struggle against this new strain. investors are headed for safety this morning, with dow industrials down 373 points, bond prices are rallying sending treasury yields near 3 week lowe's ahead of powell and alien testimony this morning, they will discuss,

the state of the economy 10-year yield 1.442% down almost 6 basis points right now. "mornings with maria" is live right now. maria: morning movers are stay-at-home stocks climbing in face of this sell-off, zoom telecom netflix roku up after moderna ceo said current vaccines could struggling to fight omicron variant sharing choppy since last week rising during friday's sell-off following yesterday agency markets bound back take a look at stay-at-home this morning best, as you can see, zoom almost 2% airline stocks the other way renewed covid faerdz uncertainty on future of traveler are american airlines alaska delta southwest united down 1 if 2 1/2% premarket others feeling effects hotels online booking companies down airlines plunged between 3 and

9% friday omicron variant was first reported. dow futures tumbling down 360 points off worst legals of the morning investors are assessing the riv of covid-19 omicron variant moderna regeneron warning treatments won't be as effective waiting or federal reserve chair jay powell speaking to congress warning the new variant poses a downside risk to the economy, as he prepares to testify before senate and house tomorrow with treasury secretary janet yellen. janet yellen took a more optimistic approach, in her opening statement, she said she is confident our recovery remains strong joining me right now. >> brian thanks so much for joining the conversation your reaction to sell-off in stocks this morning. >> good morning.

thanks so much for having us we never liked when people lose money, and -- we are losing money today, also, what we heard last night i think still only two days into quote in quote dealing with this new variant. and whether or not it is a rush to judgment the market seems to want to be on a -- open/close seeks or lacks i'm sorry direction with respect to profits discipline, and i think overall really speaks to why investors need to kind of tilt toward quality maria not just in growth or value we have to be in both areas continue to believe u.s. stocks in particular look with parts of canada of most stable asset in the world in terms of equities kind of see how this unwientdz the end of november last day of november into december. we think could be very good

once calm prevailed. >> we've got comments from ceos regeneron moderna we will have have more data within next men and women-in terms of the efficacy current drugs on market to treat omicron variant, but we are in this vacuum of information right? because president biden yesterday said he guysing to come out you the with a plan on thursday, it is tuesday. so, investors selling now waiting for plan on thursday. maybe that is one reason that markets are so weak but looking at sell-off to find opportunities or do you want to get out of the way to see -- perhaps, see a bigger -- sell-off? >> well a great question, and we never try to time the market i think a lot of chicken little strategies trying to call for correction patting themselves on the back we don't operate like that we operate in he longer term

holding periods analysis that own stocks, active to being picker you see opportunities look at netflix or delta or marriott. especially considering, that we're not going to be closed forever market remains excessively reactive from a health care perspective the health care stocks we think still very promising but you want to go with big branded names that the large balance sheets that have research and development that are going to find out find a cure, or how to treat this variant so i think way too early to say we are going to close down again being a like going to only buy zoom stock only roku stock. maria: the only drugmaker trade up is pfizer, by the way, up 1 and a third% others down about % i am with brian payne go ahead he had. >> hey brian, good point this

stage of the game virus learned to live with it you fundamentals haven't changed tons of cash people have money to spend ceos if only job navigating supply chain, two, 3% like nothing, has been bought how is this different i talk about this on podcast, in the country like you got to buy dip can't sit on cash a full game a lot of people on wall street rarely said get out of the market so many times this year. >> positive you remember, as you know, the majority of strategists patterned to hedge funds majority come in i am calling it what it is going to be negative underperforming on, on the boot to talking book we rather talk book in

terms of longer term investing, quite frankly, if you think comments from drugmakers from pfizer much more calm, they had much leadership in their comments versus what we saw from moderna and gentlemen ren ron i think why pfizer doing as well as it is efficacy 90% are prosperity darn good if you look at overall back up of stocks double-digit earnings, valuations going down inflation receding interest rates not going up as fast as everybody thinks that is a really goods atmosphere for stocks we think the u.s. is going to continue to lead. maria: quick before you go brian what do you make of move in oil 13% sell-off friday, reef rally yesterday back down this morning. >> i don't think enough people are talking about this maria in terms of effect on consumer we talk how higher prices are going to hurt consumer across the board where had the inflation the lower oil prices are going to be good for

consumer, we really did a couple things one spending money this december going to be a great holiday season in terms of that but oil prices difficulty for consumer in 2022. >> i can understand that good to see you thanks so much. >> thanks so much for having u.s.. >> joining us this morning top stories we are watching this morning, president biden addressing the variant yesterday said he will unveil his plan to tackle this new variant on thursday, he promised one tactic will not be used at least for now watch. >> -- off the table -- >> because we were in people vaccinated, wearing masks there is no need to -- >> biden pushing masks vaccine boosters saying no excuse for eligible americans not to get one right now the, the cdc strengthening guidelines urging everyone 18 and over to

get extra shot to combat this variant. the omicron variant prompting new york city officials to make moves reviving everyone wear masks indoors in public places regardless of vaccination status saying only a matter of days before omicron is defected hunch you'll declared a state of emergency, means being elective surgery will stop for now cnn anchor christopher cuomo under interview records show he coached this is brother former new york governor to respond toll allegations of sexual harassment in an exchange between top aide derosa said if he has nothing better are to do than accuse boylan that is great sign before cuomo

faced criminal charges in august chris cuomo addressed accusations tying him to brother's scandal here is what he said back then. >> i am not an adviser i am a brother i wasn't in control of anything i was there to listen you of our intick advice to my brother simple consistent own what you did. maria: chris did not address the new report on his program last night, but cnn released a statement saying it will be having conversations seeking additions clarity about report as relates to the network over the next several days. . >> much more ahead right here this morning, coming up we are looking at market, coming down almost 400 points then further of twitter founder ceo dorsey says ready to move on from the social media company he founded, nearly two decades later. then answering for inflation tennessee senator hagerty will preview the banking committee grilling of jay powell and janet yellen this morning as jay powell says variant poses a downside risk to the

economy. all that coming up, plus newborns find you funny earlier than you think big buzz of the morning you don't want to miss it. you are watching "mornings with maria" live on fox business. . it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care. i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions.

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. maria: welcome back. a change top of twitter jack dorsey stepping down he will be replaced by company chief technology officer, susan lee with details what this means for social media the platform, susan good morning to you. >> good morning maria that is right jack dorsey stepping down after 16 years at twitter remember brought back, in 2015 after being kicked out 2008 so currently steve jobs redemption story look at resignation memo interesting points dorsey making it clear i have the was his choice, and he was not being pushed out, right, i want you all to

mother this was my decision, i own it, there aren't many founders accuse company over their own ego, effective immediately new ceo, at company now over 10 years, not most obviously, choice but ceo raising concerns especially amongst conservative users franchisee on platform for tweet 10 years ago circulating almost immediately, after he took over from dorsey, writing if they are going to not going to make a distinction between muslims extremists why should i distinguish between white people and racists to be fair directly quoting a segment from daley show in interview last year saying twitter should focus -- listen free speech most people can speak, our role is particularly emphasized who he can be heard

last line to remind people in most you influential twitter users mr. trump kicked off platform after january 6 tome say mr. trump kept it relevant through the entire administration gop kois as i can imagine sounding alarm including senator ron johnson tweeting there is a reason freedom of speech is contained in first amendment let me quickly finish this liberty, ceo concerning censorship should concern every american. >> important points that you make thank you, we are watching the performance this morning twitter along with the rest of the market under pressure susan li thank you quick break then trial of the century, he opening statements for the ghislaine maxwell trial confcting portraits of the accused madam what you need to know coming up disney and simpsons cave to china, over a joke made nearly two

decades ago we get into it with "the wall street journal" bill mcgurn. wait till you hear this one. stay with us. .

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. maria: welcome back making it official boston celtics star u.s. citizen changing his name to ennis kanter freedom all yesterday calling out nba fellow players over silence on china human rights abuses with real moral courage, disney under fire episode of the similar sonz mocked chinese censorship appears removed from hong kong version of disney plis app they visit tiananmen square a sign saying this on site 1989 notion happened joining me bill mcgurn thanks very much for being here, looking anything in the simpsons, ran the way

under rupert murdoch and fox sold business to disney now censoring about tiananmen. >> er. >> the price of doing business in china. everyone known that especially under xi jinping. there is the risk of occasional humaniliation when you do something run afoul of chinese political correctness they punish you so there's two questions one is what does that do for business in china? but the other what does it do for your brand name a, you know in other parts of the world. so, i think we are going to see more of this, because china is becoming increasingly insistent you are seeing rares leadership roll over this president yet to raise origins of covid-19 with xi jinping

why got there are we tip-toeing around china jamie diamond given honeypot makes comment he believes jpmorgan will outlast communist party turning 100 years and he has to walk it back your reaction. >> right, this is the reality of more than china now not only a richer country but growing economically, politically, also exercising muscle overseas one disturbing thing about china one thing to impose through ideology at home. on people. but a lot of the o censorship what they are going to include in film in holiday is going overseas marriott had to apologize for hotel in prague i believe turned away a uighur conference this isn't china people feel need to sell censure i think businesses

have to ask this question joe biden's problem says he doesn't want to get the in a war with china right china threatening taiwan, doing all sorts of things in south china sea with southeast air base building up militarily all these things, joe biden sees the last thing he wants is a conflict he wants china agreement on climate issues, because they don't mean anything without china's agreement. so i think he has taken round inclusion he kind of froze it doesn't want to confront china i think just confirms, beijing's perpetration we have a very weak president in office that had been xi jinping can more or less do what he wants. >> yeah, that is exactly what he is doing, and by the way, does anybody really believe that china is going to stick to any promises it makes? regarding climate? he seaters broken promise

after promise why the biggest polluter in the world all conflicts of interest biden, whole biden family has with china all miranda devine's book that is the reason he tiptoes around xi jinping because he is afraid what they have on him? >> i think why afraid doesn't want to -- coax into action i think he is not prepared look the biggest concern i have is chinese military, growing in capacity what we need from washington, is a firm and steady pushback sometimes they say the right words but they don't they don't -- you know have right action. look if you were you in beijing, you member of communist party watched how jeb handled afghanistan would you conclude united states is something to take was seriously that this administration is going to check your moves? i don't think so. maria: yeah, you are right.

but bill even there biden fail look at defense budget, we see adversaries rising not just china, iran, russia, and we don't have an increase in the defense budget heard from jack keane said china is out gunning us the navy is bigger than our navy, yet look at bernie sanders's budget that is joe biden's budget, when you look at inflation actually deadlined, in defense spending even there, he fails i want to get on subject with you so happy you are here dagen mcdowell. dagen: bill i just think that if you -- we have three more years of this with joe biden, how much more how -- how much more dangerous could this man put this nation in? it is coming off covid, as maria pointed out not willing to stand up to xi jinping, and communist party, that is very origins of that disease how

many more damage could biden do? in three years' time? >> i think he could do immense damage again china right now in this growth spurt, manies testing us so many ways testing us on covid, it is testing like the nba what their willing to say testing on companies that are doing business there. it is testing taiwan airspace. it is testing philippine claims to sovereignty in the south china sea every time a test it seems to get a weak signal back you know right now i think just posing reminding us they are there sooner rather than later that weakness pro vokes a strong response a worry next year. >> what else are they to think when when ccp was able to a march into hong kong and start laying their laws down, and

throwall freedom fighters in jail like your friend and ours jimmy lai sits in a jail cell what else -- there was no response whatsoever from rest of the world. whales are they supposed to think other than okay. we will do what we want to do. >> right, even moral support would be nice to even postpone said nothing, about lai. >> right now a lot of conflicting areas fronts china is preserving free society of taiwan freest chinese society in the world should be priority we need to make sure they defend themselves, and not just for taiwan's sake but for the whole region stability of the region, china thinking very -- >> see if a priority to joe biden does not appear to be, bill we will keep talking with you, we so appreciate your

time this morning, bill mcgurn thank you so much for the "the wall street journal". >> thanks so much maria. >> thank you bill, all right. we will see you soon bill coming up quick break futures pointing to sell-off opening of trading over renewed covid uncertainty the issue front and center of senate banking hearing this morning senate reserve chairman jay powell and treasury secretary janet yellen will testify. senator bill hagerty will give us a preview next. . ♪ ♪ ♪ ♪

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good tuesday morning thank you so muching for thank you so much tuesday, november 30 markets ahead of the bell we are looking at a sell-off underway, right near the lows of the morning once again, worrysome remarks on impact of the omicron variant first this morning federal reserve chairman jay powell and treasury secretary janet yellen will telephone it feel on cap pill powell says this

new variant could weaken the economy and stoke inflation further yellen did not issue warnings in her statement saying she is confident the recovery remains strong, but this comes after two major vaccine covid medicine makers moderna and regeneron both expressed concern the current medicines on the market will not be effective against this omicron variant regeneron antibody influencings has been among most successful for covid moderna vaccine had 90 plus percent efficacy moderna ceo saying existing vaccines will struggle begins a this new strain caused a sell-off dow industrials down 414 points nasdaq down, 92. it is the second day of the ghislaine maxwell trial underway later today cheryl casone with that story cheryl: good morning, everyone. trial of maxwell began yesterday with opening statements, prosecutors accuse her of helping to cruelty and abuse young teenagers for

jeffrey epstein the defense challenging accusations calling maxwell a scapegoat a convenient stand in for prosecutors after epstein's jail cell suicide faces enticing a minor to travel to engage in illegal sex acts transport requesting intent to gaming in criminal sexual activity she pleaded not guilty, prosecutors petitioning u.s. supreme court to review a lower court riling that threw out the conviction for sexual assault released from prison in june serving two years of a 10-year sentence his conviction thrown out because of o closed-door agreement with former prosecutor approachabilitied him from being caused pent gorn planning beefing up two air bases to krobt china the pentagon planning to improvements to airfields in guam and australia china has

become more aggressive stepping up indigenous of taiwan testing of hypersonic missile among other tactics, uconn bass bet call star first climbing athlete to sign with the company allows student athletes to earn money on endorsements, on a sophomore with huskies considered one of the best college basketball players in this country some headlines. dagen: wow, awesome that is great. thank you so much, in less than two hours, federal reserve chairman jay powell and treasury secretary janet yellen will appear before the senate banking committee both give perspective on how inside omicron variant will impact economic recovery powell released his opening statement he said and will say the rise in covid cases he emergence

poses down relied risk economic economist increasing uncertainty for inflation janet yellen will tell lawmakers she is confident our recovery remains strong from opening statements, joining me right now tennessee senator senate banking committee member bill hagerty great to see you. thanks so much for being here great to be with you hope you had a great thanksgiving. >> to you happy thanksgiving, aseas what you are expecting to get out of this testimony jay powell heightened concern about variant oem variant out of africa we have seen this administration shut down traffic from africa companies like japan shut down ail foreign travel we need to take a look science takes hold 10 days to get arms around this i hope what we hear not only at the effectiveness of the vaccines but also the implications for those that

already have natural immunity stfg community remains silent about that natural community a factor we have to take into account i have seen downdraft in market i think maybe a little bit premature i don't understand why will not acknowledge natural immunity i think you history such an important point i have read studies from israel show us that if you actually had covid if you had the infection, you have better antibody immunity than getting the vaccine. but, they don't acknowledge the natural immunity at all. even fauci saying he is science opinion. >> well it is -- it is very difficult to put faith in anything that fauci says at this point. given the way he discredits himself i think the disinformation costing administration the public confidence in what we hear regarding science does not go

well for people going to vaccinated i agree with you we need to look at all science including natural immunity to get to bottom of this. maria: let's talk your agenda congress agenda jam-packed december i know colleagues on the left democrats scrambling to avert a government shutdown address debt ceiling, pass defense authorization act as well as biden build back better act schumer hopes to get through chairperson by christmas manchin would not commit to that deadline how many legislative days do you have left at this point. >> legislative malpractice watching before our eyes the fact leader schumer would let everything stack up into december only half a dodz more legislative days on calendar i am sure will get extended we have limited amount of time to make sure that we keep government open and running. to deal with debt ceiling a

democrats had tools to detail with this don't need republicans to do it certainly not having difficulty, spending -- should be able to deal with debt ceiling not the courage to do that they have got to get national defense authorization, genetic kicked down the road, put through most massive transformation of economy in history i don't think american public is ready for this joe manchin, echoing sentiments can you imagine a inflation beyond anything we've seen in policies that twa all gives more power to putin to iran, look at you afghanistan the american public does not the confidence to transform our economy particularly bernie sanders' blueprint very difficult for them to get through. maria: everybody knows that inflation is too many dollars chasing too few goods we already have 50% spike in

price of gasoline year over year we've got double-digit clefz in all food items that we all buy, milk and eggs yet pushing through more spending how did we get here senator? what about your colleagues the republicans who voted yes for infrastructure plan. >> seems only people joe biden can beat are the republicans. >> well i think respectives are going to stand strong at this point. the environment changed significantly since virginia elections, when elected the american public had opportunity to digest policies that biden administration put forth i think environment has become much more difficult and i think lpz heard heard loud and clear i can tell you when i was home thanksgiving people in tennessee heard it feel nation everything, turkeys over 20% higher as you mentioned gas at pump nofrmsly more expensive, goods to about

tremendously we've got to step upturn course last thing we can do is put more trust in this administration, particularly how then handled -- jo what should be think about joe biden's judgment to push force for office comptroller of currency saule omarova a woman said she wants coal oil companies bankrupt a woman said she wants our bank accounts nationalized we shouldn't have private accounts should have federal reserve issue account five senators said poses the choice no support from republicans is it assumed she is not getting the through the process senator i know you questioned her before, when she testified in front of your committee. >> you know maria when i questioned her i couldn't even get her to acknowledge high gas prices are bad for america, i think in her world, high gas prices means easier

to justify new alternative energy sources want to destroy the fossil fuel industry using banking what is next want to abuse fm institution the regulatory bodies that oversee them, the bank industry find out -- right now claimant who knows what is next i cannot imagine she gets confirmation. >> senator let me ask you before you go in terms of timing, let's say, we do not see any vote on the "build back better" reconciliation bill this year, when do you all get back at it? february, march? i mean, let's not forget that also, an election year with midterms in november next year. >> you are hitting very important point, it is going to be probably january the way schedule is shaking out right now we've got, to continuing resolution to weep government open in december authorization bill has to be done democrats need to figure out how to

manage debt ceiling i think we start in january i hope not dealing with defense authorization bill at that point a huge embarrassment if we are a terrible message to amlize would start then we are closer to election year actual voters going to hold democrats accountable, for this quote transformation help accountable for xhern cities afghanistan destroying energy policy closer to election day november 2022 heardr harder to vote on massive transformation of the economy. >> you are doing a great job we appreciate your time this morning. thank you so much, sir senator bill hagerty joining us in d.c. we will see you soon thank you quick break a not so stellar cyber-monday talking why sales fell flat this year "mornings with maria" live on fox business. stay with us. .

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omicron. maria: cyber-monday came and went fell short are smaller discounts less incentive to spend adobe announcing shoppers spent 10.7 billion dollars yesterday a decline 1.4% from year earlier joining me oppenheimer managing director brian great to have you thanks very much for being here u.s. online spending down from november 25 to 29 down 1.4% to 33.9 billion, what

happened to this year's cyber-monday? >> good morning i think what we've been telling clients, on a extraordinarily fluid environment so there is a number of factors in play here one i think probably the most important, is that given these threats of supply chain disruptions a lot of consumers shopped early made holiday purchases earlier november potential all the way back in october so that impacted to a certain extent sales through traditional black friday weekend i think another piece too maria i think you kind of hit on this far you fewer promotions black friday i spent time in a mall long island -- less incentive to shop that same dynamic was happening online so there is traditional black friday weekend shoppers shop instores or only did not find deals normally in not as much

incentive to spend. maria: there is also fear about looting stores shoppers on edge more smash-and-grab tactics break out across the country is this crime wave also putting pressure on shoppers to stay home? >> well, look, an interesting question. i know one company i cover closely covid for years best buy a great detail respect for mentioned this in issues stores. they thankfully right now can tell issues largely isolated there is impact, of shoppers potentially. we really i have not seen that in data i think something we need keep an eye on, but if that were the case, consumers were leary to go to stores you would think would be a bigger benefit in online when we did not i think for right now, again, very fluid right now this is not -- this is -- as

you call really not impacting consumer spending. >> okay but there is, of course, covid. i want to bring ryan payne in university of oxford he evaluating the omicron strain appearance on vaccine immunity say despite appearance of inside variants continuing to provide high levels of protection against disease no evidence omicron is different i want to throw that out you've got a lot of concern this morning that the vaccines are are not going toity effective in face of new variant. adjourn in here. >> again i think comes down to getting very good, virus here -- brian thing i look at consumers have 2.3 trillion dollars more today than before the coronavirus even happened. just seemed to me retail

numbers also in october probably off in november in part hard to think anything can stop consumer, during holiday season. . >> well, fluid, as of right now as of this moment, data i watch my team i watch closely we are not seeing evidence that this latest news to say on covid-19 crisis is impacting spending, it was very difficult to say how this takes shape over the balance of the holidays the holiday season another factor i bring into play worth mentioning i have been talking to clients about a lot as covid crisis has started to abate, i think what we're seeing normalization in spending. you know we're spending shifts away from goods more towards experience. maria: okay. that is a great point brian thanks very much great to see you this morning brian this

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maria: coming up tomorrow right here on "mornings with maria" uncertainty over new omicron variant former director cdc dr. richard bessler here weighing in on warnings from drugmakers on efficacy of treatment vaccines on the market today, plus reaction to the federal reserve chairman jay powell treasury secretary janet yellen testimony on capitol hill they testify for day two we will preview that north dakota senator north dakota banking member kevin cramer will join us miranda devine on her new book "laptop from hell" exposing hunter biden ties to officials across the

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maria: time for the big buzz of the morning. you might think you're funny. a new study shows babies develop a sense of humor at just one month old. by 11 months babies can start making jokes of their own. when did you first start cracking jokes? dagen: i hated this hat. how badass is my granddad's country squire station wagon? the seats in the back. i had a great laugh because my father taught me if you can't laugh at other people yourself

something is wrong with you. maria: good advice. >> my new nephew two months old, liam laughed at all my jokes. i am just that funny. maria: an audience of one. it has been great being with you. "varney and company" begins right now. >> i'm lauren simonetti, stuart will be back tomorrow. it looks like another rough day. futures sharply, the current vaccines are likely to struggle against the homework on very ands. it is down 260. the nasdaq is down 36.