tv Varney Company FOX Business July 18, 2022 9:00am-12:00pm EDT
started to change because he didn't have to show any emotion and is good at not showing emotion and not acting. her career is down in his career is up i think that's a factor to. >> pearl harbor they did not show smoking and it which i never understood. congratulations to the new couple as if they care what we think. mitch, christian, thank you so much. ashley webster taken away. >> let's hope they don't make another movie. thank you very much. good morning, everybody of course i am ashley webster in for stuart varney. president biden back from his trip from saudi arabia. i don't know if he came back empty-handed he came back to more just bow pulling numbers pretty according to the latest fox poll biden has a 59% disapproval rating and that's not all treat 84% of voters say
the economy is only fair or poor were getting thicker all of those numbers. senator bernie sanders angry, he's always angry, he's angry at his colleague senator joe manchin he claims he is intentionally sabotaging the president's agenda. the mayor of d.c. marielle bowser is not happy the homeless shelters in her city are filling up with migrants she claims illegal migrants are getting tricked to getting on buses. i thought all the cities had open arms for migrants. apparently not. the markets are looking to extend friday's rally is 650-point gain on friday. the board is up again on this monday morning the dow shot with little open higher 277 points. meanwhile bitcoin also getting some momentum while about 20000 now at 22300 but not the $1100. will keep a check on that. a big show ahead, matt slapped,
pete hegseth charles hurt and larry elder. just to name a few, 20 monday july 18, 2022. "varney & company" about to begin. ♪. ashley: why not a bit of taylor swift. it's monday morning but we are here we are live, let's get right to your money as i mentioned at the top of the show features looking to extend friday's rally, look who's here for the entire hour, were very lucky keith fitz-gerald. good morning to you happy monday. i guess my first question he picked up nice momentum friday and looks like we will continue on monday morning, what are you seeing and what are you saying. >> there is enough energy that
believe it or not this could stick maybe even through the summer, there are big wrinkles that i'm in a go with green because i like it and it's monday morning and i am in the studio. >> you feeling good so many headwinds i could give you a list of ten but having said all of that if i have money to invest what you telling me. >> you can't be a hero so don't go for the stocks to go to make you a hero go for the stocks it'll be there five years that's what you want to think about there still real serious risk, president biden's policy number one, the fed number two, earning a volatile season there's going to be volatility but the way around that is to go with the companies that you know are going to be there, you've got to stick with the basics and the big names top of the class. >> the big question is always will talk about this for some time but the fed could they bring out the big guns in the sledgehammer and do too much
damage to the economy perhaps a 1% hike at the end of the month i think the fed is cost three crisis and doesn't matter what hammer. >> the fact of the matter is the transitory calls were the worst in history and anybody remotely looks anything for correction now is preposterous i say get them out of the way and focus on the headlines and what you know to be true. >> to be think inflation has peaked and what does the data tell you. >> the data is suggesting that it does no way a snowball chance and you know what that is peaked supply chain problems are here and corporations are lollygagging and people bellyaching and people are feeling in the wallet and for so that's there for a while. >> will have to leave it there but guess what the whole hour.
president biden lashing out he does that a lot he's lashing out at the reported who questioned his meeting with the saudi crown prince. watch this. >> what you talk about something that matters. >> how can you be sure that another incident another murder like jamal khashoggi won't happen again. >> how can i possibly be sure of any of that. i made it clear if anything like that at hers we get that response much more. >> what a silly question, it wasn't but match lap joints me now. we know he can be pretty grumpy let's put it that way. what is your response to the president brushing aside the legitimate questions questions are difficult that's what he doesn't like him. >> a real hit-and-run, were having seen packing israel
behind me as old city of jerusalem. when i talked to the people on the streets here there like what's going on with joe biden he didn't even spend enough time on the ground to get to talk to the people making oppression saudi arabia wanted no photo between the crown prince in joe biden. they wanted it to be where the press enter press could get it. they map the photo and joe biden being hypocritical telling the world that he thinks saudi arabia is responsible for the death but the photo shows it is begging the conference to give us fossil fuels that we have at her own country that he won't allow us to drill for. >> how was his visit received in israel, he does not project a strong steady leader, let's be honest. >> i think the problem here in israel it was an afterthought he had to go to saudi arabia to beg for oil because he turned off
her own spigots, you cannot come to this part of the globe without going to israel. they feel like it was a disrespectful visit. when donald trump went to saudi arabia they had an elaborate sword dance and respect for the united states when donald trump came to israel he went to the most important sightsee went to the western wall, the church, joe biden came to israel and did not even go to the western wall the most holy place for the jewish people, he skipped it and this photo shows you that his staff did not do him well the president has a diplomacy that is off the track. >> it really is as far saudi arabia, they have been quite chatty with the chinese and the russians and the crown prince quite frankly would put in these days what did he accomplish did he come back empty-handed? >> that what he accomplished he told the whole world that america is on the decline in
that we are weak and we can't take care of ourselves. he had literally beg for oil and i think that is a terrible vision and example to get the vladimir putin no wonder he's on the rise to give to china no wonder they feel emboldened i want an american president comes to the middle east that does when donald trump does your about to run your countries but there certain expectations that america has certain expectations but don't think of america as a victim because we are net exporter of fossil fuels and burgundy standard democracy like israel they had a "pitch perfect". the biter demonstration is literally turn the clock back to this policy of weakness, decline and of not being able to choose true allies in the region. >> will have to leave it on that happy note. thank you so much and enjoy your time on israel.
we appreciate your time. >> even senator bernie sanders believe it or not criticize the president's trip to saudi arabia. listen to this. >> we have a leader of the country who was involved in the murder of a washington post journalist i don't think that type of government should be rewarded with a visit by the president of the united states. you have a family that is worth $100 billion which questions democracy and i just don't believe that we should be maintaining a warm relationship with the dictatorship like that. ashley: the senator went on to say the biden should've spent time at home cracking down on oil companies for high fuel prices. the white house meantime says president biden strip resulted in a deal for saudi arabia to increase its oil production levels by 60% to stabilize markets. the saudi's pushing back saying
we are going to act on market conditions. there are two different stories instead of going to saudi arabia to beg for more oil he could've picked up the phone and called texas and said drill baby drill. >> the stroke of a pen undo everything he's already done the notion that we could go to saudi arabia and other parts of the world that we've got here that hundreds of millions of americans need in tens of millions are prepared to go to work for tomorrow and to produce is simply ludicrous. >> we are seeing prices come down we are seated come down below the $5 average pre-what do you expect going forward. >> it's a tough one to call those many crosscurrents out on the west coast were still over $6 a gallon i was in shock as i came from the airport to see under five in some places. that does not compute. that's the state of our country we have dramatic pockets and the
overall needle is it going to be about the deal with the saudi's i don't think it's a deal they know exactly what they're doing and they played the president like a 2-dollar federal. >> very quickly they continue to blame the price gouging greedy oil companies, are they missing the market. >> they're not even on the right piece of paper the data is very clear that americans are not stupid if you look at the historical pricing of oil and any other commodities those things increase long before mr. putin went across the border. ashley: very true, thank you, stay there take a look at the features as we head towards our first break the opening bell in just under 20 minutes we look like we can have another positive start picking up from the momentum from friday. the dow up to 65 in the free market. the first lady jill biden is
voicing frustration over the president's progress were tell you where she's pointing the blame. senator bernie sanders also calling outside of the joe manchin, roll the tape. >> i made it clear that people like manchin sinema who are intentionally sabotaging the president's agenda. ashley: is not really the case, we are going to ask charles hurt later in the show. ♪ only pay for what you need. woah! look out! [sfx: submarine rising out of water ] [ sfx: minion spits bobber ] minions are bitin' today. [ sfx: submarine hatch closes, submarine dives ] ♪ liberty. liberty. liberty. liberty. ♪
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ashley: there you go dark clouds were kicking off with a shot of surfside beach in south carolina with the beach boys it is currently 85 degrees. let's take a look at the futures we are about 14 minutes away from the opening bell and all looking very positive, the dow up and percent, s&p up three quarters of 8% and the nasdaq up close to 1%, let's see if we can hold it. a new fox poll shows 84% of people believe the economy is in fair or poor shape that is at 40% when the president took office in january of 2020 read by the way 52% of voters say they see the economy getting worse within the next year. a lot of doom and gloom. keith fitz-gerald why do you think the economy -- where will we be in one year i know that's an impossible question but how do you see this playing out. >> if you are like i am an
optimist and believe in the human spirit that i'm getting take the other side of the coin i think we are going to be in better shape that a lot of people expect i think we could be on the road to recovery and more importantly the innovation and the necessity of investment we are seeing begins to build to a golden age of investment through the elections of the next term to whatever comes out is next. ashley: i already feel better thank you very much for that keith fitz-gerald. we are on the same page. a new report reveals 62% abiding officials who work directly with businesses with virtually no private sector experience. among those with experience the average time in the field 2.4 years. not a lot of business savvy in the white house. stephen moore conducted the research for that report and he joins me now.
stephen were you surprised with how little business experience this administration has? >> i was surprised i do there was it as much business experience as a trump administration and by the way it starts at the top where donald trump had 40 years of business experience in joe biden has never worked for a business. i was surprised i knew there would be a reduction but the fact that the majority of people in key positions by the way, i'm talking about people in the cabinet i'm talking about people in the major regulatory agencies, people at the white house who had influence over economic policy the majority of them have never worked at a lemonade stand. i'm not satan never brought a business but they've never worked for a business. they've never worked on the private sector. most of them are academic or community organizers or career government people and someone. it's interesting the study came a couple of days ago and i looked this week a lot of the
features were like this explains everything this explains why we've had lousy policy and why has funded so much, that is the bottom line on this and if i were to recommend joe biden how to turn things around i hope he's right but i'm very worried. he better get somebody there in the white house like robert rubin under clinton who knew something about business. right now there is virtually no one. >> that says it all quickly president biden's economic advisor was asked about the potential of a recession and he could not give an answer. listen to this. >> it is very hard to conclude that we are in a recession when you look at the payroll on the job gains that we see. it's tricky to look around the corner and i'm not quite to predict quarters down the road. ashley: it is his job, what did you make about his response about 30 seconds left.
>> by the way there's a good example joe bernstein chief economic advisor he's not an economist is a sociologist maybe that explains a little bit the economy was negative the first two quarters and in fact they just revised the first-quarter number down to a negative 2%, this is an economy that is in a soft recession let's pray we don't have a crash landing. the good news is thank god for joe manchin i don't care what bernie sanders says, he is a hero for saving our economy. ashley: we will leave it on that notes. stephen moore, great stuff. thank you very much. bring back keith fitz-gerald even the key advisor economic advisor cannot answer recession fears, that is a concern, don't you think. >> this is not only a concern this is preposterous as not like that's his job or anything. if any of us in small business
were real business world had that reaction we would be fired in a nanosecond. he's gotta get promoted to get in charge of traditional policies. they haven't even ran a lemonade stand i don't even know if they could do that. ashley: is a big thing in washington. the next thing small business owners have a pessimistic view of the economy. 73% say it's fair or poor 46% of owners say the biggest concern is inflation. to to me it feels like a slowdown that the economy is coming at least from a small business point of view. >> small business is interesting i think those numbers are conservative, the right to be concerned are already in a recession the notion that the academics can agree that is here and real. we are there. here's the other thing about small businesses, they are also uniquely optimistic because they have to grow their business and put food on the table and they have to motivate people. that's how you run a small business. to me i be getting to see the
curb the resilient and finding a way around this and i kind of like that. ashley: i do too. great stuff. thank you very much. a quick check of the future before we head to the break we are looking very positive this monday morning the dow up 273. the opening bell is next ♪ ♪ riders! let your queries be known. yeah, hi. instead of letting passengers wrap their arms around us, could we put little handles on our jackets? -denied. -can you imagine? i want a new nickname. can you guys start calling me snake? no, bryan. -denied. -how about we all get quotes to see if we can save with america's number one motorcycle insurer?
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>> we are moments away from the opening bell on this monday morning let's begin keith fitz-gerald read you have some pics for us, familiar names, intel, nvidia and tesla. >> critical to amicus recovery we have to have chips made here, they are the companies to do it because i have the manufacturing solid in the finance. nvidia is the same story. data centers not going away we are going to need more, price have been been to smithereens i like that. tesla is all about something that is impossible, people think it's impossible it's not just
cars were taken of tesla as a car company you've already gone off the map. tesla is more than that, controversy exit very appealing to me. ashley: it is interesting that the growth stocks, big tech have been the market leaders for so many years but where is the leadership going to come from now in this environment? >> right now it's going to come from the survivors this is a structural shift in our economy the rules of money have changed this is a pivotal point in history right now that the way in which we calculate value and separate price has changed, it's no longer about finding the hotspots is about finding the companies that are going to be with us and they're going to encompass that are well beyond simply a tech company and automotive company. companies that transcend the boundaries which is why wall street and somebody individuals. so many individual investors are having trouble picking the copies they want to go with today all. ashley: when you have to bring the back. >> i don't know i need more
coffee. really in all seriousness this is a pivotal moment in history because controversy creates chaos which creates controversy it's time to grab it. >> we are consumer driven economy for a large part, we have high inflation, raising interest rates. what is the psyche of the consumer right now. >> the psyche of the consumer is one of fear and caution if you look through history we've seen this before and doesn't matter 1871, 1903, 1929, the global financial crisis in 2008 the abject bearishness is a very bullish indicator the only question now how long and when is awkward to play out the time to position for that is right now and these are companies that i can do it. netflix earnings. ashley: go ahead i think you were going to bring up netflix we have that coming and that's about get a windchill, one trick
pony that deals with microsoft in an attempt and i think they want microsoft to buy them. >> that's an interesting point, they're expected to lose 2 million subscribers we talk about a new platform, the partnership with microsoft so many things, stay there were getting ready to officially open the shoot for monday morning as you can see people clapping and happy and here we go can we continue the momentum that we saw on friday the dow up 600 more points on friday and we are up and running in the dow up another 276 points or there about, we look at the 30 stocks of the dow 30 goldman sachs, boeing, chevron right out of the chute moving higher, looks like a strong open on this monday morning, looking if we can keep going the s&p up three quarters of 8% 3891.
up 28.3 look at the nasdaq up 100 points, close to 1% gain in the nasdaq at 11556, big tech all in the green release the big names apple, amazon, meta, alphabet, microsoft all up the winner amazon up 1.5%. more bank earnings rolling in today. good morning susan li let's talk about it let's begin with goldman sachs. >> there is higher profit, higher sales and profits were almost done 50% from a year ago but we all expected this we needed the covid boom that is ended. goldman reported stronger business than anticipated when it comes to bond trade sales coming in a billion dollars higher in wall street estimates that is significantly higher because of training activity with interest rates in commodities and currencies, the
decline that we are seeing in the banking division has pretty much anticipated i would assure you bank of america's made higher sales and interest-rate and when you're in a higher rate environment it helps the base that means they make more on billing out their lungs especially with the consumer baking business like bank of america also higher and be away said that they will and they do not have that big of an impact on the bottom line in a $400 million hit from the regulatory matters and for schwab which is a retail hit the trading platform record profit in the second quarter and get to use a swab, our own very own steve varney retail trader. >> he's always got a finger in every pie. also alphabet/google's first day of trading after the big stock
split. >> $112 stock instead of $2000 stock this is the biggest we've seen for google alphabet shares at least 2005 at the end of close on friday, and now by the way reported results on tuesday next week which should give us an indication outlook on the state of advertising. have you checked in on apple which is set to report results as well next week finally back up to 151 levels. we've come up from the 20% bear market that we have seen. some are saying that these companies, the tech stocks obviously bellwethers in the earnings season which still should see earnings go up by 5% the how they do is how well the global economy is performing. ashley: very good i wanted talk about the chipmakers up this morning is this because of new potential subsidies from the government. >> 52 begin dollars a huge number when it comes to subsidies tax credits of course
that is to get more u.s. media fracturing of these chips stateside but the bill seems to have bipartisan support that we do warn that this has been voted, republicans may vote to get the chipmakers and let the democrats give up plans to push through unrelated spending bills but there could be winners and losers and a lot of people say the chip could favor the life of intel texas instruments micron because they design and manufacture their own chips in their own factories or and they might not get as much when it comes to the subsidies or help in nvidia the amd's involved, because they design their own ship and then they cast partners outside and outsource the manufacturing of those wafers in those chips in those environments $52 billion all money would solve both.
ashley: very good let's turn to the airlines take a look at delta they just put it in order for boeing 37 max jets. >> is impressive the deal is 173 max's deliveries are slated to begin in 2025 and deltas first fresh order for new boeing plans and more than a decade. looking for more fuel efficiency in the max planes will replace older delta narrowbody jets. you heard delta and are talking about elevated costs for the rest of the sharon 70% of their cost goes to jet fuel so you can get more fuel-efficient planes to supplement and bring down some of those cost that has to do with your bottom line. ashley: a nice boost for boeing let's take a look at tesla their bitcoin holdings might come back to bite them. >> berkley is saying that test about what it have billion dollars last year bitcoin they could see an impact of
$460 million running down on the bitcoin holdings we do have tesla reporting results on this wednesday we know the two-year run of record deliveries has ended but we'll see whether or not they will break down bitcoin holding because i believe eddie impacted 5% of the bottom line they need to announce that. i think it'll be about profit and we extend that profit streak for the last 24 months and counting especially with the fact that we see in the record deliveries come down when shanghai closures. ashley: we see the crypto's rallying a little bit anything in particular. >> may be tesla could get a bit if you could see bitcoin continuing this run up back to 22000 levels at the highest we've seen and more than a month. if you gauge some of the sentiments of the cooker currency market a lot of people are saying maybe it is done the shakeout and the vacancies especially from three arrows the crypto hedge fund apple web
celsius and wager and it was along with it. in the correlation by the way between bitcoin prices and the nasdaq have from last year that means bitcoin should be treated and they should react to uncertainty away from government policy and of course inflation. >> or information as always, thank you so much. coming up next the governor of california gavin newsom can't make a clear decision on whether the district attorney of l.a. george gascon is doing a good job saying i don't know enough about the job he is done i am deeply concerned about the criticism. maybe gavin newsom needs to spend less time at the white house. former california gubernatorial larry elder will take that on. president biden stepped in to a nationwide real strike is only a
short-term fix, what happens next. jeff flock will have the report right after this. ♪ i'm mark and i live in vero beach, florida. my wife and i have three children. ruthann and i like to hike. we eat healthy. we exercise. i noticed i wasn't as sharp as i used to be. my wife introduced me to prevagen and so i said "yeah, i'll try it out." i noticed that i felt sharper, i felt like i was able to respond to things quicker. and i thought, yeah, it works for me. prevagen. healthier brain. better life.
ashley: it is a short fix jeff flock is with us with the story and we are not out of the woods yet why is this only a short-term solution? >> he bought 60 days the president did by invoking a presidential emergency panel the folks that work at this terminal in philadelphia and on the real line they cannot just go on strike when they want to thereafter follow terms of the
labor act imperium 30 days for the panel to make recommendations on how to solve the labor dispute they don't agree they get another 30 days to try to work it out amongst themselves then and only then can they go on strike or the companies lock them out. after that who knows congress by the railway could step in and imposing settlement. 12 unions 115,000 workers, 40% of the nation's rail traffic would be shut down in a strike what would it cost last time in the '90s it was a billion dollars a day, do the math on the inflation the real unions don't sound like they're stepping back 99% said they're willing to strike the brotherhood of locomotive engineers and train them consumed by local greed they don't want to share their record
profits with their employees out of the real companies. if you look q1 and last year both, csx profits up 21%, union pacific up 70% if you look at the nsf last year $23 billion in revenue with all the chipping that's going on 6 billion with a b and profit and as we come back alive i leave you with a shout of the locomotives this is where they get the freight on the rails you happy today there's not a strike but out of the woods is not where we are. >> 60 days to figure it out. jeff flock in philadelphia let's bring in jeff hauptman to talk about the summer travel season we're at the peak let's begin
with airlines and airports in the nightmare that it is is anything any better for travelers. >> it is not getting better for leisure travelers the staffing issues cannot be fixed before the summer and things are getting worse i did research yesterday and lost luggage was up 135% because of the loss of staffing. it takes 18 weeks to get a passport because of the loss of staffing. the headwinds against travel being a good experience are not improving 100,000 flights canceled in the u.s. in this calendar year alone it is not better yet. >> are weakening any breaks on airfares? >> it's tied to whether the biggest expenses which is fuel
prices i will say airfares are up 32% over last year that's how high they are hotels or a 42% in june there was a little dip percent or percent and a half it could be based on fuel prices and if they stay high airfares will stay high unfortunately. >> is a demand to travel, get the heck out somewhere that still stronger than people looking all this video and all the stories of nightmares and airports and staying close to the home like a stay-at-home vacation. i got the best of the tears by not traveling i'm going to live it up that is still there but obama people are saying maybe we'll drive and go somewhere close or maybe we'll have a
glorious vacation because the overall cost inflation is hurting revenge travel with the good idea and concept the little topper when you pullout your wallet. >> very quickly if you dare to go to an airport and take a fight somewhere. >> i have and i probably had every other flight not as many cancellations the unbelievable amount of delays. right now what people have to get used to is mentally ask yourself what if my flight is delayed what if my flight is canceled what are my backup plans there is so much angst in the airports because people are not prepared for all these delays. it doesn't make any more fun but at least ahead of plan b. >> you have to be patient and that's not one of my strong suits. thank you so much. we appreciate it come back and keith fitz-gerald do think travel demand is slowing because
all of these issues. >> i think jeff is on to the idea of revenge travel is very real we saw people getting out because they could i think the reality is beginning to set in because of the price of rental cars and hotels and food when you're on the ground a cost for an average family is 30 or 40 or 50% higher than it was i do believe it's going to slow back down business travel is not could be back. >> the next one the price of a gallon of regular, probably higher where you live i white house economic advisor gerald bernstein says prices are going to drop throughout the rest of the month. listen to this. >> what i can say i think is likely gas prices continue to track down for the rest of this month and i say that because is not just the oil prices down 20% the wholesale prices are down as well and they track each other. nobody could see reliably around the corner when it comes to those prices talking a couple of
quarters away i would say really don't pay a lot of attention to the forecast because the sewage volatility. ashley: i've got 30 seconds, do you think is right. >> is in firm command of the obvious prices are coming down because prices are in a recession not because your brilliant insight. that's what future contracts do you can look a couple of months and advance, that's what traders do. >> thank you captain obvious, good stuff let's move on to be bernie sanders, aoc, pete buttigieg or president biden in 2024 what a prospect, were getting react to the media's picks for the top 2024 democratic contenders. house speaker nancy pelosi's husband just made a big investment in computer check internship stocks just as congress is set to vote on a bill that would deliver billions to boost the industry. hillary vaughn has more on that next.
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52 billion in subsidies and tax credits to the chip industry hillary vaughn has the story and how much did nancy pelosi invest. >> over a million dollars with the stock purchase by speaker pelosi's husband paul is stacking questions about conflict of interest and whether or not lawmakers and their spouses should be able to trade stocks while holding office. mr. mr. policy disclosed the million-dollar of a major chip major nvidia makes chip systems for cars, robots and other technologies that is relevant because chuck schumer is trying to get the chips across the finish line and the next week or so the bill would give $52 billion in aid to the semi conductor chip industry something that nvidia can take advantage of he reached out to speaker pelosi's office for, and her spokesperson tells me this
in a statement the speaker does not own any stocks as you can see from the required disclosures with which the speaker fully cooperates these transactions are marked st for sale. this because no prior knowledge or subsequent involvement in any transaction but there are three different bills in the house that would make this activity illegal that would prevent even spouses of lawmakers from trading stock because the question is whether or not the lawmakers themselves have prior knowledge of this or trading these stocks themselves there still ultimately benefiting from a very well timed stock purchase. >> certainly the optics are not good, thank you very much with that part of the story, let's check the markets we've been up and running 25 minutes all very positive the dow up 255. the s&p up 1% and the nasdaq up 1.5%. as we end the hour i would give a big thank you to keith
fitz-gerald for being here for the entire hour we really enjoyed it. thank you for joining us. also still ahead our pleasure. still ahead pete hegseth, roger williams, steve forbes and larry elder for the 10:00 a.m. hour of "varney & company" is next. ♪ -you got it. and thanks to voya, i'm confident about my future. -oh dad, the twins are now... -vegan. i know. i got 'em some of those plant burgers. -nice. -yeah. voya provides guidance for the right investments, and helps me be prepared for unexpected events. they make me feel like i've got it all under control.
♪. ashley: absolutely love that song. who can't get on the dance floor to that one? wild cherry. you're looking at a cloudy empire state building a muggy, cloudy, rainy day in new york. good morning, it is 10:00 eastern. i'm ashley webster in today for stuart varney. let's get to your money. markets are strong, perhaps bank earnings, fading fears of a 1% hike by the fed maybe. bullish sentiment, dow, s&p, nasdaq doing well this morning up.
10-year treasury yield up six basis point just under 3%, 2.97. let's look at the price of oil, that too has been on the rise, up $4.52, back above 100, 102 bucks a barrel for crude. bitcoin moving higher. coming back a bit. still up 1000 bucks, 22,145 by the way for bitcoin. we got the latest read own homebuilder sentiment. susan li, the number. >> pretty low one, 55. higher rates, has stalled the housing market. 7th straight monthly decline. lowest rate of 2020. the height of covid. the second largest monthly drop on history, in history on the homebuilder survey, second only to april 2020. things are going in the wrong direction. ashley: yes, they are. susan, thank you very much. now this, senator bernie sanders blasting president biden after
his trip to saudi arabia. listen to this. >> you have the, a leader of of that country involved in the murder of a "washington post" journalist. i don't think that type of government should be rewarded with a visit by the president of the united states. you got a family that is worth $100 billion that crushes democracy. i don't believe we should be maintaining warm relationship with the dictatorship like that. ashley: all right. that's bernie sanders thoughts. pete hegseth joins me now. good morning to you, pete. should the president have gone to saudi arabia? >> if you're going to saudi arabia go from a position of strength knowing precisely what your strategic aims are. that is what donald trump made it his first foreign visit. he knew we would increase domestic production of energy. that he could use the saudis
both as bulwark against iran and its nuclear ambitions, toward a unique pathway with peace in the middle east. we saw it with strengthening with israel and the "abraham accords." so bernie sanders wants neither. he wants both not to increase domestic oil production and not meet with autocrats. we put ourselves in a position where joe biden has to beg for oil because he shut down his own energy industry. he made up a fake covid protocol so he could fist bump the saudi prince. looked like they were closer than a rebuke. the whole thing was adrift strategically. we looked adrift we were begging. if we follow bernie sanders's foreign policy we would grovel to dictators like hugo chavez that is the type of relationship he would like to have. ashley: very good. next one for you, pete, first lady joe biden commenting on the president's lack of progress, quote, he just had some things
thrown his way. who would have ever thought about what happened? the supreme court overturning roe v. wade. maybe we saw it coming but still we didn't believe it. the gun violence in this country is absolutely appalling. we didn't see the war in ukraine coming. he had so many hopes and plans of things he wanted to do every time he turned around he had to address the problems of the moment. what tells me, pete, easy to be a leader to do great things when everything is going your way but a true leader shines when things don't go your way. you're knocked off course a little bit. this is a blame game for a lack of progress. it tells me joe biden isn't a leader? >> he's not. it's pathetic that the first lady is going out making excuses. you're the president of the united states. you will have contingencies thrown at you for every moment. leadership requires clarity of your priorities. we saw inflation coming. we saw the ukraine war coming.
they said their goal was to prevent it. we were energy independent. we had a secure border. those are things they don't even care about, they're not even interested in. gun violence wasn't just a thing of today. it is policies democrats pursued in inner cities that let criminals run rampant. in is a blame game just like you saw with the putin price hike. it leaves the rest of us demoralized. with he know they're idealogically dedicated to left. you throw incompetence on top of it it is demoralizing. you want america to succeed, be strong, everyone is to have opportunity. instead joe biden pathetically blames everyone else, it is very indicative. ashley: it certainly is, we'll have to leave it there, pete. as always terrific stuff. thanks for joining us. >> thank you, ash. ashley: thank you. "the washington post" listed the top den democrat candidates for president in 2024. okay, susan, let's go through the list. >> you would think there is only
one, there is a list of 10, despite the fact that president biden says he is running for a second term. you have some of the largest newspapers in america now betting on possibly others running for that nomination. biden still number one. what was really surprising that transportation secretary pete buttigieg now polling ahead of vice president kamala harris. california governor gavin newsom rising two spots here after those ads placed in florida, up to number 7. bernie sanders number six, still. debut of michigan governor gretchen whitmer. aoc was in the top 10, still you would think she would move up in the raves. still very familiar face you would think. ashley: not much of a bench. new signs, perhaps, that governor of south dakota kristi noem may be considering a 2024 presidential run herself, right. >> there are hints of that.
she is running digital ads in iowa, new hampshire, and south carolina. also northeast press trip that has been planned as well. the south dakota republican is campaigning she says for her own second term but if you look at the ad spending so far, noem according to facebook is the ninth biggest spender on ads july 5th through 11th period in south carolina. 10th biggest in iowa. iowa is the catching attention because that is the first stop on any primary campaign. ashley: certainly is. interesting. susan, thank you very much. let's get back to the markets, bring in your good friend jeff sica. jeff, good morning to you. second-quarter earnings season ramping up this week. what is in store? the banks have been generally okay, right? >> yeah, the banks have been okay, but ashley, we're about to be catapulted into reality because what's happened so far with the markets we've been
messer mizeed by the linguistic stylings of the fed. we're hanging on to our seat to see what the fed will do with interest rates, inflation. essentially we have gotten a dazed and confused message from the fed. now we'll get companies to come out to tell us what they think of the future that's the most important thing. ashley, i believe whole-heartedly that a lot of these companies are going to meet or exceed earnings. we have 72 reporting this week but i think what we need to look at, when, to decide whether this market is going to move up or down is we need to look at things like free cashflow, profit margins, especially to see how these companies are handling inflation and what that translates into profit margins but also to look at the transparency of the ceos and
cfos that are going to paint a picture of what they think the future is going to be like. so i think we have a lot of analysis to do, not just looking at the number but looking at what's behind the number to decide where this market goes from here. ashley: talking of numbers netflix reports tomorrow, potentially losing 2 million subscribers this is a company that seems to be trying to reinvent itself, maybe sell itself. what do you think? >> well i think talking about netflix on the varney show since 2014. vast majority of that time i've liked it. i thought early on that apple should have bought them back in 2014 when they had their problems back then. i, what i see is, yeah, they're going to lose two million subscribers. they are hemorrhaging subscribers. now on a good note for netflix,
they still have eight of the 10 top shows but, but it is going to be really determined on subscribers. now they just signed an advertising tier with microsoft. sew what that means is netflix will be offering the service with advertising for less or no cost. less of a cost or no cost. now microsoft is very good at that, at digital advertising. that might cushion the fall but i think, you know, you have to look at streamers. ashley: right. >> this has been, what i would refer to mutually assured destruction. they're all spending $150 billion combined to develop content and there is so much competition and now they're going to ads because people can't afford their streaming bills. ashley: right. >> so it will be interesting. i will be looking at that report closely. ashley: right. i know you will. have to leave it there, jeff
zika, thank you so much, jeff. fascinating stuff as always. >> thank you. ashley: susan, looking at some movers this morning. let's begin with paramount global. >> you were talking about streamers with jeff sica, because we got a full downgrade today from morgan stanley on paramount global and they're calling a streaming recession. that means more churn, less advertising spending. paramount has too much exposure in their view to linear television. it is only worth $22. despite the fact "top gun" ii has been a billion dollar success. netflix results after results on tuesday, netflix guiding two million subs to be lost but is it enough for "stranger things" to stem the losses. stock market says if you get above $200, there might be a positive surprise and less churn from netflix subs. also disney getting a big boost today, we're looking for that
disney plus many, that streamer, 260 million subscribers by 2024. the report card, they will take some hints what netflix puts in after the bell on tuesday. also you have wall disney, disney being backstopped by reopening of those parks namely shining high disney which was closed for covid closures start of this year. ashley: susan, thank you very much, thank you. president biden's economic advisor says it is hard to say if the u.s. is in a recession. roll tape. >> it is very hard to conclude we're in a recession when you look at payroll and job gains we've seen. now it is tricky to look around the corner here and i'm not going to predict quarters down the road. ashley: in other words, i don't have a clue. steve forbes will deal with that next hour. maybe that was a little harsh. if you recently bought a new car key safety features economiesing. hmmm, we'll explain that.
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construction going on right over here at the white house but he is trying to wait out inflation. the president as you said arrived back here at the white house. no public events on his calendar today. so we cannot ask him about this but what he seemed, the president did not get any assurances there would be more oil pumped overseas. what he did get like a new friend in mohammed bin salman that is the man intelligence agencies say ordered the murder of "the washington post" journalist. two fist bumped and walked into a meeting together and chatted. reporter: fist bump, mr. president? president biden: why don't you guys talk about the asking a question that matters. president biden: will inflation go down from here? >> [inaudible] reporter: i hope he knows in the next few weeks. overall cpi inflation at 9.1% year-over-year. tied with the united kingdom more than any other member of g7
"fox news" polling show 25% of voters approve of president's performance on inflation. nearly 3/4 disapprove. only 38% of voters approve of the president's energy policy. when you look how people see the economy 84% say it is poor or only fair. >> let's talk about the energy producing states right here in our country. that should be the american president's priority is to be energy independent. it is a national security issue and also a economic issue, but also providing jobs, making sure we're energy efficient here in our own country. reporter: again we cannot ask the president about this. he will have no public events today but we will ask white house press secretary how she will get inflation down, how the administration will deal with gas prices. back to you. ashley: edward, thank you very much. meantime texas oil producers are urging the president to use american energy, what a concept,
rather than beg the saudis for more oil. congressman roger becomeses from texas joins us this morning. congressman, what do oil producers from your state knead right now to increase production. >> they need support. they don't need somebody attacking them, burden them with regulations and taxes. he could have gone toe midland, texas or west texas, to ask the energy producers to begin to c these are the greatest business people there are. they take risks. they give service. we got it right here in texas alone across this country. so all they want is a fair shake. they want less burdensome regulations. quit talking about tax increases. let them make some money, give service, frankly make us independent again. ashley: you know, congressman, transportation secretary pete buttigieg says he has a solution for high gas prices. just switch to an electric car.
listen to this i will get your comments. >> we're for cutting the cost of electric vehicles because when you have an electric vehicle then you will also be able to save on gas but you you have to afford it in the first place. >> right. >> we're starting to see on some models costs come to where even if your car payment is little higher, your gas payment will be a little low you will come out ahead. the prices need to come down for most americans to get an ev. ashley: congressman, gas prices are high. average price of an electric car is more more than $56,000. can americans afford that right now? >> of course not. it is not a market. i'm in the car business, own car dealerships in texas this is not a market. sold barack obama to the auto manufacturers, less than 1% of the market. people don't come in wanting this. if you lived in texas, you wanted to take a boat or horse trailer or jet-ski say from weatherford, texas, to midland,
texas, are how are you going to go do it? there is no charging stations there is nothing. the president wants to build charging stations. that is not the job of the taxpayers, that is the job of the manufacturers and private sector. they no clue. if they had more charging stations likely wouldn't work. it is not a market. it needs to compete, the electrical market needs to compete with everything else. dealers like myself and manufacturers make what the consumer wants, let the consumer buy what they want. ashley: how is your business now as a car dealer, congressman? the big issue is getting enough vehicle toes sell? >> well you can't. supply chain turned our industry upside down. we used to carry hundreds of vehicles. now we might have 25 on the ground. so it made us have to order vehicles for people rather than buy off the lot. the supply chain is broken. we can't get certain colored paint. we can't get parts. rent cars are shortage. we're making it work. if the government would stay out of our life we'll fix it and
adjust accordingly. ashley: yes, that is the key, is it not? congressman roger williams of texas, thank you so much for joining us this morning. really appreciate it. >> thank you, ashley. ashley: thank you. all right, now some car safety features may be missing in new models. does this have to do with the chip shortage? susan: absolutely. car dealers are deleting options, safety features like blind spot finders, and driver assist. luxury add-ons are being nixed. no more heated seats in car models. five savings shutdowns, touch-screen displays. mary barra, said they have 5,000 cars that were made without the right parts in the first quarter of this year, second quarter of this year, in springtime. other carmakers like volkswagen, cadillac, other brands, they had to get rid of some of those extra, some extra safety features because they couldn't get access to the right chips and right parts.
ashley: all about the chips in cars these days. susan, thank you very much. gas prices have come down a little but the national average for a gallon of regular, still more than $4.50. 4.52. karen kerrigan is president of the small business, entrepreneurship coins skill. she says there are five things the president could do right now to bring down prices. she is her too tell us next. cities were once a beacon for office real estate. now they're struggling to get workers back, leaving many offices say can't. dan springer on the report of why many workers refuse to return to their desks. ♪
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"the wall street journal." so you can imagine in this higher rate environment that banks do well. goldman sachs today blowing away wall street estimates. higher profit, higher sales. so profits were down almost 50% from a year ago but they did say they saw stronger business when it comes to interest rates, commodities, and currency trading and sales came in a billion dollars higher than wall street forecast. that is what i call blowing away. the stock is getting rewarded by 4%. bank of america made higher sales and profit thanks to higher interest rates as we talked about. fixed income trading also on the rise. boa said they had to take a 400 million-dollar hit from regulatory matters. there wasn't any specific details what that actually meant. we saw schwab where our retail trader stuart varney trades. profit in the second quarter, thanks to more trading activity. that is what happens when there
is volatility when they try to make trades in their portfolio including stu. i check on tesla. i think it is the report card this week. you have to remember tesla bought 1 1/2 billion dollars in bitcoin last year. barclays says that is 460 million-dollar write-down on holdings. any impact to the bottom line they have to report. two year run of record deliveries is over because of the shanghai shutdowns. it will be interesting. i'm curious to see if the twitter hangover lingers over the stock with musk killing the deal now. ashley: yeah. yes, we'll see the next chapter in that story. susan, thank you very much. now i want to take a look at this headline, quote, five ways biden and his team can bring down energy prices and help struggling americans. karen kerrigan wrote that and she joins me now. great to have you this morning, karen. okay what are the five ways that they can bring down energy
prices? >> well, we need to encourage production and development here at home and, the first way that we could do that is president biden can you know, encourage leasing and, on federal lands and offshore. so the policy signal from washington and policy is basically are discouraging production on federal lands. federal government owns 644 million-acres of land right now and basically, they're cutting off, you know, access to those lands. so we count on 24% of our oil production, 11% of our natural gas production from this land and basically the administration has to do a total 180 and allow for access to those lands.
ashley: wow. i'm not holding my breath but you know regulation, taxes, all of these hurdles do absolutely nothing. how galling is it we go to saudi arabia to ask them to pump more oil? >> well it is pretty galling and i agree with congressman rogers in terms of his suggestion that the president do voice wit energy producers here at home pause this is a sector that is dominated by small to mid-size businesses, the ones that i represent. in fact 95.6% of the businesses of employer firms in the oil and, and natural gas, traction business have fewer than 100 employees. right on the range of other things that needs to happen. ashley: yeah. >> they can't be targeting this sector with tax increase. if you're taxing more you will
get less of it. ashley: right. >> needs to be total streamlining of the approval and review process for pipelines and other types of projects that are in the pipeline right now for approval. so, in essence, you know, ashley, we need to be doing a total 180 on everything. ashley: yeah. totally agree. >> than what he is doing right now. ashley: yes. karen, thank you very much. let's only hope that they're listening in washington, d.c., but i wouldn't hold my breath. thank you anyway, thank you karen can kerrigan joining us this morning. many cities are struggling to get workers back in the office. los angeles, portland, seattle, among the hardest hit cities with office vacancies. dan springer is in seattle. dan, you're talking to business owners. are they sayeg people are not coming back?
reporter: ash, worker safety, not necessarily safety from covid. vacancies are up in office buildings many places across the country but consistently bad along west coast cities with high-skilled tech workers. no worse than the city of portland. 12 downtown offers buildings are currently up for sale. a number never seen before. the vacancy rate is 25%. as bad as that sounds doesn't reflect all the space currently rented but not occupied. the owner of the mason building will sell it for a multimillion-dollar loss, because get this, sitting 95% empty. the biggest client left at a cost of $4 million of the company. employees no longer felt safe going to the old town area. there are drug deals and homeless all around the building. while we were there we saw a rare drug bust go down across the street. two people were arrested for selling crack cocaine and fentanyl. the owner of the building told us all of their employees had
their cars broken into. the security guard has been assaulted seven times this year. >> the city shut down from covid. they also elected not to enforce a lot of the laws that were, that were in place. reporter: portland still has social unrest leading to widespread property damage. this was a mini riot on july 4th in protest after police shooting in ohio. a car window broken, many businesses got spray-painted or had their windows smashed. san francisco, seattle, los angeles, have large homeless populations downtown which is suppressing tourism, conventions, keeping workers at their homes. >> they can work effectively from home. they would prefer to work effectively from home, given the way the cities are being run, given the just the host of urban problems that these cities now face. reporter: on the bright side there, is a bright side, the
high rents out here along the west coasts in big cities for years are coming down as these vacancies pile up. the problem workers have to want to go back to the offices to fill them back up. ashley? ashley: deal with, deal with all the homeless people and the crime. dan springer, thank you very much. great report. meanwhile the mayor of new york city, eric adams is vowing to get crime under control in the city. he says, quote we'll turn this crime thing around. when we do so people will really see the progress we made in other parts of the city. public safety and justice are prerequisites for prosperity. if you're not safe you really can't thrive. public safety is crucial. crime has really taken all of the oxygen out of the room. adams said shootings are down 24.2%, homicides are down almost 32% but adds crimes like robberies, burglaries, still need to be addressed.
all right, coming up, new signs that those long wait times are at restaurants are not going away anytime soon. meantime, retailers are nabbing up all the empty storefronts in new york city. does this mean the big apple is back? madison alworth has more on new york's retail rebound right after this. ♪
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homebuilders confidence slowed for the 7th straight month, falling quite dramatically to 55 in july. jerry howard is with us as he often does to talk about the latest numbers. he is the ceo ever the national association of homebuilders. jerry, good morning. is this a clear sign of a he slowing housing market? >> i don't think there is any doubt about that, ashley. i think all the times that you and i have talked about this, stuart and i talked about it for the last seven straight months it has been going down and this is a huge drop and i think all it says is somebody do something or we're going to go into a recession. ashley: and what would that be? because we know the fed is raising rates to combat inflation. that means mortgages are getting a whole lot more expensive? >> only way to bring down housing costs is to bring down the cost of building materials, fix the supply chain, negotiate a lumber deal with canada,
deregulate some of the regulations that are unnecessary. there is any number of ways to approach it from the other end of the spectrum and we hope that policymakers will take this as, sort of a last cry for help. ashley: we know the sentiment is low, jerry, but what about the demand? >> well, we're starting to see slowdowns all across the country. builders are telling me now that traffic is slows down. they're telling me that they're having people talk about canceling existing contracts. it is a, it is a pretty grim outlook right now from where i sit. ashley: yeah. that is not good at all. for homebuilders, do they spilled on speck a lot. until recent times there was a lack of housing but pushing housing prices higher but the whole thing has done a 180? >> there is still a serious lack
of housing. we're about a million housing units short to keep our markets at equalibrium. certainly we're not going goingo anything to help correct that problem now. builders are he slowing down. they're not going to build if they see continuous signs of impending recession and i think that is something that only policymakers can address. ashley: this could go on sometime. i know you're saying they have to address certainly the cost of the building supplies but i don't see mortgage rates coming down anytime soon. so this is a tough time for the industry. >> it looks like we're entering a tough time, yes, sir. ashley: all right. on that happy note, jerry, we'll have to leave it right there but as always thanks for joining us today. >> good to see you again. ashley: retailers meanwhile, good to see you, jerry, too. new york city retailers signed 67 new leases during the second quarter. that is almost a 38% increase
from last year. retailers are jumping at the chance to pay less for more space. that kind of makes sense. madison alworth is in new york city. what retailers are jumping at this opportunity? >> ashley, the building behind me, is saworski bought this one. used to be a gap. they will have it by the holidays next year. they had food prints in the city before. we have seen companies never before had leases in new york get the deals. garage clothing, a canadian brand and bagu, companies signing leases for the first time in new york city. part of what you said, we're seeing this movement, companies are getting a real bargain on these leases. on average retail come meshal lease is down 3.5% in cost compared to last year. we're talking about pricing levels we haven't seen since 2011. in certain areas like downtown it dropped even moore than that
downtown broadway rents are down nearly 13% year-over-year. it is not just happening here. other big cities seeing it as well. according to a report from chicago based stone real estate the vacancy rate near the north side dropped 3% over the course of the year to 19.3% vacancy. of course that rate is still high. but the movement could signal a stabilization. the businesses doing the best north, restaurants and bars. that is something we're seeing nationally. we saw consumers increase their spending at restaurants and bars by 1% from month to month. furniture home stores saw increase of 1.4%. even though apparel dropped by .4% month to month, those players are still making moves in the city because the hope is that consumer spending stays strong or at least where it is and at this point looking at rates that are comparable to 2011, you haven't seen deals like this in over 10 years. that is why people are making that bet on new york city at a time when you know, they can
afford to because of the price. ashley? ashley: yeah. more encouraging news i call that. madison alworth, thank you so much, madison. appreciate it. good stuff. by the way restaurants are also still dealing with staffing issues. come in susan. what's the latest on that? susan: at the diner last week, right, when you were there visiting, the latest jobs report shows that restaurants are still down. they're still down 750,000 jobs from those pre-pandemic levels. so that is over 6% less than what they had before covid that means that they're is still room to hire. you hear with poor service, restaurants complaining of the shortage in staff. wages are up 5% in that last jobs report but inflation is running at over 9%. so that means companies, businesses, restaurants, are being forced to pay more to get workers in. but the food is still as good right, even though they lack the workers from what you
experience? ashley: yes. takes little longer to get to you because they don't have the people to bring it. susan, thank you. listen to what washington, d.c.'s mayor muriel bows hears to say about illegal migrants overflowing the city's homeless shelters. listen. >> i fear they're being tricked into nationwide bus trips when their final destinations are places all over the united states of america. ashley: guess what? d.c. is just getting an example of what border towns are dealing with every day. we'll take that on in the next hour. also, take a look at this op-ed, young voters flee biden but who is the alternative? well joe concha wrote that. he says our society is being governed by people who are too old. get of my lawn. he joins me next. ♪.
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and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. hi, my name's steve. i lost 138 pounds on golo and i kept it off. so with other diets, you just feel like you're muscling your way through it. the reason why i like golo is plain and simple, it was easy. i didn't have to grit my teeth and do a diet. golo's a lifestyle change and you make the change and it stays off. golo's changed my life in so many ways. i sleep better, i eat better. took my shirt off for the first time in 25 years. it's golo. it's all golo. it's smarter, it's better, it will change your life forever. ashley: all right. take a look at this headline, quote, young voters flee biden but who is the alternative? good question. joe concha wrote that. he joins me now. all right, joe, who is the
alternative to biden, let's start there? >> wow, well that is where things get a little bit dicey ashley, right? you look at the leaders overall, nancy pelosi is 83. so she is out. house majority leader steny hoyer is 83 so he is out. mitch mcconnell is in his 80s. hillary, she is in her 70s, had health issues in the 70s in the past. gavin newsom see the bumper sticker, that would say i will do to america what i did to california. that would be a tough thing to run on. andrew cuomo is unavailable for comment. you have to go back to the 2020 candidates who joe biden beat quite easily, pete buttigieg, elizabeth warren, bernie sanders, cory booker, beto o'rourke. there is a thin bench out there, no doesn't about it, ashley. ashley: i think thin is being kind. next one for you, joe, vice president kamala harris losing another two more top
aides, more departures from her office t comes after a series of word salad statements from the vp. listen to this. >> yeah. >> you need to get to go and need to be able to get where you need to go to do the work and get home. when we talk about the children of the community they are the children of the community. as we continue to work, work together on. there is grit significance to the passage of time there is such great significance to the passage of time when they think about a day in the life of our children. ashley: uh-huh. have no idea what she just said. latest poll just 39% of voters approve of the vice president's job performance. i'm surprised its that high. it doesn't look good for the vp, does it, joe? >> ashley i would love to meet those 39% who approve of the job kamala harris is doing as vice president. you know the old bill parcels saying, great super bowl coach took the giants to two super
bowls. took the jets to one, jets, ashley. he used to say you are what your record says you are. strip away all the noise. how is kamala harris's record? how is she responding on number one responsibility of fixing the u.s. border, getting to the root causes, on any abject measure she is a abject failure. fentanyl killing young americans in record numbers. how about voting rights, put in charge of so-called voting rights. federal government attempt to federalize voting laws to take it away from the states that failed in the senate. we could go on. we have finite time. final scoreboard for team kamala, in job she was given. in terms of oratory she might be the worse not just vice presidential history but political history. doesn't instill confidence with her thousand dollar word salads that seem to happen more and more. she didn't do preparation for limited interviews that she does
or give as speech. like she is making it up on the fly, ashley. ashley: that is the biggest complaint of her staff, they do all the research, they give it to her. she refuses to read it and learn it. and then goes out and makes an idiot out of herself. and she laughs strangely at the same time. joe, we're out of time. >> cackle. ashley: terrific stuff as always. cackle, yes. all right, still ahead, former nevada senator dean heller, steve forbes, charlie hurt, larry elder. what a great line-up. the 11:00 a.m. hour of "varney & company" is next. ♪ ...
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to meet or exceed earnings. >> we saw inflation coming. we saw the ukraine war coming. this is a blame game just like you saw with the putin price hike. ♪ ashley: lady liberty as we listen to the clash, lady liberty in new york harbor ton a misty, rainy kind of day. it's warm but it's wet as well. good morning, everybody, it is 11:00 now on the east coast on this monday, july 18. i'm ashley webster in for stuary varney. as we take a look at the markets we're hanging in there pretty much as we've been all morning since the markets opened about an hour and a half ago. the dow, s&p, and nasal in the positive. some decent bank earnings today, goldman sachs blowing it out and that helps sentiment of course. taking a look at the price of oil up four bucks, $101 a barrel for crude. let's take a look at the 10 year
treasury if we can. that too was moving up, and there it is, up 7.7 basis points just a tick under 3% on the 10 year treasury yield. good time to bring in our market expert jason katz. jason, good morning to you. is the economy, this is my question to you. is the economy more resilient than we thought? >> well, not only is the economy more resilient. the market is more resilient. the price action last week and this morning is pretty telling. i'm not suggesting we're out of the woods with respect to volatility. it really has been a year where you feel like you're driving downhill with no brakes and yet, you look at what's happened recently. inflations coming off the boil. wheat, corn, oil, all that prices that we haven't seen, in fact, they're lower, they're lower than the pre-invasion, and then you have the consumer that's saying one thing and yet, doing another.
the consumer sentiment numbers are improving albeit slightly and inflation breakeven rates have come down. in fact they've come down from roughly 3% to 2.3% and then lastly, this mornings bank earnings are pretty telling as far as the consumer as well, so i'm not trying to be polyanis h with respect to my views but i do think people have been mirrored in this negativity and the economy earnings are proving more resilient. ashley: good. i'm starting to feel better already, jason. i looked at your notes. you say get long energy. you like the energy stocks here. why? >> i mean, it was a very crowded trade and yet, we've seen a meaningful sell-off. the xle, the energy index for the eft is down north of 20 %. the exploration and production e tf is down north of 30% and it's just such a grossly underinvested and under supplied industry for reasons we're all too familiar with and if the
recession that comes to pass isn't nearly as bad as people feared, then i think you could see oil catch your bid so yes i think you can get long energy but remember, ash it's a two decision investment. you have to know when to buy but definitely don't need to know when to sell. ashley: no they call the oil traders, e-trading widow maker or something like that. very quickly, jason, on the fed. 75 basis points, is that reasonable, is that what's factored into the markets? >> 75 is a lot. everyone had a lot of hand ring ing up until the friday retail sales numbers, and now, i think 100 basis points is off the table, 75 is definitely in the cards but look to sustain a real, enduring rally here, we have to see the fed take their foot off the gas and there isn't enough evidence for that quite yet, but i do think the fed could take a breath here and i think ease off 100 basis points next meeting.
ashley: very good. jason, we'll leave it there. signs of optimism, a little light at the end of the tunnel i think is what we're getting from you very good stuff, jason, thank you very much. >> you bet. ashley: let's turn to politics. we were waiting for bernie sanders to take aim at this colleague, joe manchin, after manchin said he wouldn't support more spending and as predicted, bernie, not happy, take a listen. >> people like manchin and sinema to a lesser degree who are intentionally sabotaging the president's agenda, what the american people want, what a majority of us and the democratic caucus want. nothing new about this , so when manchin sabotages climate change , this is for future generations. this is an existential threat to humanity. ashley: [laughter] that's pretty desperate stuff. charlie hurt joins us now. charlie? is joe manchin sabotaging the president's agenda? >> well he may be sabotaging
the president's agenda but i think he's probably saving the democratic party by doing so bernie sanders makes a forceful argument there for the green new deal but and we know independent voters and most voters across the partisan aisle, they're not buying a green new deal but i would argue that even among regular democrat voters, they don't want the green new deal either, and so joe manchin and kyrsten sinema are the only people standing up for it, standing up against it and you've got, you know, obviously, bernie sanders who doesn't really care what i think the rank-and-file of his party wants and certainly doesn't care about what the regular voter out there wants. ashley: yeah, and joe manchin doing what his constituents want they elected him, he goes to washington, he defends their concerns, and, you know, bernie sanders like how dare you listen to your constituents. anyway, another one for you, charlie. listen to the mayor of d.c. muri
el bowser's explanation of why illegal migrants are ending up in her city. >> this is a very significant issue. we have for sure called on the federal government to work across state lines to prevent people from really being tricked into getting on buses, but i fear that they're being tricked into nationwide bus trips when their final destinations are places all over the united states of america. ashley: being tricked? they shouldn't be here in the first place. they came in indiana illegally. but are they being tricked? >> precisely they are being tricked but not into bus rides. they are being tricked into coming into this country illegally in the first place to point out and to hear her say that is absolutely astonishing and also an admission she doesn't want these migrants in her city, which ought to tell her something as well, but it's not because this entire thing it's a partisan political issue for her and for a lot of
democrats. they don't care about these people, and the human crisis that we have at the border today is entirely because of democrat policies, and it's really appalling and it's quite frankly heartbreaking. ashley: it is heartbreaking, but it's also an important point that these people, the residents in arizona and southern texas, have been dealing with this everyday, and i think part of the point was, well, okay, see how you like it. i mean, and she took the bait and it's so hypocritical. >> it really is, and obviously, and going back to the last thing we were talking about, about in terms of regular normal independent voters, they want the border secured, but what president biden and democrats in congress are ignoring is that even their own voters, even democrat voters want the border secured for all sorts of reasons for economic reasons, for
humanitarian reasons, and the party is completely ignoring their voters and that's why we're seeing this seismic shift in the voting, in democratic voting base with so many of these voters fleeing the democratic party, and joining the republican party, probably on this issue. obviously the economy is the biggest issue there is always, but probably the number two issue is this issue of the open border, and at least the second-biggest reason why so many democrat voters are fleeing the democratic party today. ashley: they are. you're absolutely right. charlie hurt, thank you so much as always for joining us today. great to see you. let's get back to the markets if we can. susan? you've got movers. let's begin with airbnb. >> yeah, travel is just on fire this morning so airbnb is rally ing along with the rest of the broader travel sector with interest rates set to go up only
75 basis points next week and that's instead of some thought one full percentage point and you also have resilience of the traveler which has been on display this summer, so you have airbnb getting a lift from the travel but also a boost from the remote work trends and that long term rentals are booming and it's good for their bottom line. cruise lines also outperforming today business going so well that royal caribbean is now paying up a quarter billion dollars for another expensive cruise ship and that's going to come into service as early as this year, in fact cruise lines are some of the biggest leaders on the s&p 500 today. airlines are also on the up and up. delta announcing its first big boeing order in a decade, ordering 100 of the 737 maxes and option for another 30 and they're looking to cut their field costs which delta said wobble evita cocoed for sometime we know that jet fuel accounts for 70% of airline costs and it's not just delta. boeing is get a lift from luftha nsa, a bigger man airline buying 10 large boeing
freighters and by the way you had boeing cutting their 20 year industry-wide outlook but if they get these type of orders once again you wonder if it's really a big of a slowdown that they're seeing. ashley: that's very true. susan, thank you very much. let's take a look at the big board quickly here. as we say the dow is up 142. we're up 300 points earlier, so maybe a little loss of momentum but still up half a percent as you can see on the dow. let's take a look at some of the dow winners. goldman having a great earnings report up nearly 3%, dow, boeing getting all sorts of plane order s up 2%, salesforce.com also up 2% and then the energy sector, chevron also moving higher as oil moves higher. s&p 500 winners, carnival, the cruise line up 8%, royal caribbean, norwegian, travel stocks doing well, all up 8%. gap up 8%, freeport mcmoran
energy playing and nvidia moving higher, 4% and netflix reports earnings tomorrow up 4% and also tesla and ross stores moving higher by a lot more than 3%. all right, now this. the search is on for jewel thie ves in california. the fbi says they stole millions of dollars worth of jewelry and gems from an armored truck. meanwhile a former nascar driver killed in a stabbing attack in california, the suspect was an parole forearmed robbery. we'll have the very latest developments on that story and a new poll shows trump and desantis would both beat president biden if they went head-to-head in nevada. biden won that state in 2020 and apparently the tide is turning. former nevada senator dean helle r will take that on, next. the heat is on, the heat is on ♪
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♪ ashley: well, we're playing that music, because jennifer lopez just tied the knot, she married actor ben affleck at the little white chapel in las vegas right there. the wedding comes 18 years after the couple called off their first engagement. this is her fourth marriage and affleck's second. we knew you'd want that news. all right let's move on, shall we? let's move on up to the poll and a new poll shows both former president trump and governor of florida ron desantis would actually beat president biden
among the voters if they ran in 2024. interesting, right? dean he'ller former senator of nevada joins us now. good morning to you, dean, do you think it's time for a change >> first of all, ashley, hello, and good to be on your show, great to spend a few minutes with you. frankly, that polling and survey data doesn't surprise me. they've been running the biden camp has been running ads in nevada since the first of the year, pro-biden ads. they are well-aware of how precarious their position is right now here in nevada. ashley: it's interesting, isn't it? because well, you know, biden took nevada in 2020 but his presidency has been shakey at- best and we're seeing a lot more people, you know, not only among democrats certainly those who are not progressive, are still kind of looking at the republican party now, because of the weakness of this administration, especially those close to the mexican border. >> yeah, without a doubt, and
we're affected, obviously, by all the decisions that you're talking about, but frankly, i think the biggest issue right now is that whether you're a republican, democrat or an independent, knows that they are getting a new tax increase every single day and that's called inflation. our food pantries in nevada have doubled, they have doubled since last year, and people are walking to the food pantry because they can't afford the gas. if this continues, i think these numbers that you're seeing in these surveys are going to get worse and worse for the biden camp and they are trying to prop up their senate candidate here in nevada by running these pro-biden ads, and at the end of the day, it'll be telling to see if they work or not. ashley: you know, democrats in nevada fighting to change the primary schedule. i thought this was interesting they want nevada to hold the first presidential primary in the 2024 election cycle. they argue that nevada is a lot more diverse than iowa or new hampshire which traditionally
hold the first primaries. would you be in favor of that? >> yeah, yeah, i think there's some credence to that particular argument. we've been considered a purple state. i think we're trending more blue these days than we have in the last couple of decades, but sure, i think there's far more diversity in the state of nevada than you would see in some of those midwestern states. ashley: so is the biggest issue the economy? i know you mentioned inflation but is that the one that everyone's talking about? >> everyday. ashley, everyday, that is what they're talking about is the price of fuel, price of food iansshingshggshgshng up, esht nnd that't' yeoueineeineeee d d d t d t d t po d thashaha e t and hnd much m you m isisis gisoi tng beng bng b b bb ected itend the mid momee november? >> the one upside i think the left has is that is they are going to have more money in the senate race, the governor's
race and all these other races i believe they outspend the republican candidate 2-1. that will be their saving grace if anything is. otherwise, immigration, crime, inflation, all of these issues are all trending to republicans right now, and the democrats believe that if they can out spend their opponent 2-1 they have a chance here in the state of nevada and i believe that that's going to be the battle. ashley: yeah, it's going to be very interesting. dean heller, great to talk to you, great to see you thanks for joining us. >> ashley great to see you too, thank you. ashley: thank you. all right take care. well let's check the markets for you we've been on the upside as you can see the dow up 136, perhaps losing a bit of steam, the nasdaq up 1%, the s&p also up just a little more than half a percent. now, on to mcdonald's. franchisees say they're not very happy with the company's ceo. 87% of respondents support a
vote of no confidence on the ceo and the company's u.s. president joe erlinger. that's not good news for mcdonald's. not a lot of confidence from the franchisees. now, this. shanghai will hold mass covid testing exercises this week. they are going to require residents to undergo testing over a three-day period, as a way to curb the spread. china reported an average of 390 daily infections last week. that's up from about 340 the week earlier. all right, now this. tesla's chinese battery maker company is scoping out new sites for a possible factory. come back in susan li. where are they looking? reporter: talking about mexico so the largest electric car batterymaker in the world is a company that not a whole lot of people have heard of called " cattle" which is contemporary and this is a really large company and they're looking to spend a few billion dollars and looking at a few sites right now near the texas border, but on
the other side of mexico, and that's because they like the cheaper labor, also close proximity to customers like tesla, for instance. the company also looking to invest as much as $5 billion to buildup this project according to people familiar and cattle, as i mentioned to you, is a huge company with 30% market share when it comes to electric car batteries but look their moves to get closer to the u.s. but on the other side may not be politically preferred. you've heard from the white house and president biden. he wants to allocate billions to try to build-out the u.s. battery supply chain and wean the auto industry off its reliance from outside battery makers and parts makers like in china. ashley: right. i read this next headline and thought i misread it but apparently, not. it says that elon musk says we could see steam running teslas. how is that going to work? >> video games so we're not going back in time to the turn of the century, the same engine
back in the 1900s a lot of people read that headline. ashley: back in the days of stu. reporter: [laughter] we're sticking with electric car batteries not horse and buggy. yes, but look, what they are trying to do is build-out that tesla arcade in-car. that means adding this new game. this digital storefront from ad steam which is the name of the very popular video game and it gives users access to a lot more, so musk tweeting, we're making progress, with steam integration, and a demo probably next month. now, here's what i thought because steam is a very popular video game, but tesla's only offering the games where the car is in parked mode. they aren't allowing drivers to play games in-motion. they used to allow that because they allowed the drivers to bypass the safety confirmation, however, nitsa is investigating more than a few dozen crashes with tesla and autopilot so they are listening to nitsa, and tesla says it can only play video games when it's parked. ashley: fair enough. i wonder if stu's first car was
a steam engine. i'm sorry, i can't help the fact he's not here. horse and buggy that's what it is. all right thank you, susan. starting today, the university of california irvine will require students and staff to wear masks indoors. here we go again. it comes as los angeles considers a citywide mask mandate. california guy larry elder will have a lot to say about that. also, one of president biden's economic advisors says it's very hard to determine if we're in a recession. really? steve forbes will take that on, next. ♪ nobody can drag me down ♪ about two years ago i realized that jade was overweight.
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looks like great weather the big game will be held in los angeles tomorrow night, los angeles but today is the home run derby, some of baseball's biggest hitters will be showing off their skills at 8:00 p.m. eastern and by the way, mets star peter lonzo won the last two derbies and he could become first to win three in a row. the mlb after star game kicks off tomorrow night at 7:30 eastern time only on fox. should be good. all right let's take the markets , looking positive all morning the dow at one point was up up 300 points still up 140, nasdaq and s&p also up nicely nasdaq up more than 1% let's bring susan back in looking at some movers starting with coinbase. >> yeah, so it's being lifted by the stabilization that we saw in bitcoin prices. coinbase also granted approval from italian regulators to offer crypto trading services there, and coinbase pro as they shutdown here stateside, but coinbase pro will be rolled into the regular coinbase platform
and that's taking place sometime later on this year. i want to show you brick-and-mortar because who says that they are dead? ross stores opening 29 new stores in june and july, and they were adding 100 locations more this year, and that's despite, by the way, this rally we're seeing and this buy-in into the u.s. consumer. that's the worst quarter we've seen for kohl's and target since 1987 so it really depends on the retailer and kohl's and ross are outperforming obviously and then i want to show you snapchat and subscribers get access first and snap is trying to bring in the subscription model, charging a monthly fee and that's because we're seeing decline right now, slowdown in advertising revenue to makeup for it somehow. ashley: i love ross stores. it's like a treasure hunt you can find a great, great item for a great price. anyway -- >> i've never been in one. ashley: you've never been in one oh, my goodness well you have to , when you get a chance.
show me bitcoin. i go way lower, i guess, than susan li. show me bitcoin rallying to a one-month high. things turning around what's the latest? >> i have to get out of the city. so we're looking at one-month highs for bitcoin now, 22000, which to some means some reprieve. ether is backup to $1,300 levels up 47% from lows just a few weeks ago so that's encouraging so there's optimism now amongst the crypto community that maybe the contagion from the collapse of crypto hedge fund three arrow s that started with that $40 billion stablecoin collapse in luna, that might be done all that selling that panic selling in the rush for the exits might be over for now at least in the short-term. also looking at the correlation between bitcoin, with the nasdaq 100, that's been cut in half the past two months. that means it's only a 50% so you have to remember that bitcoin is supposed to be digital goals a hedge against inflation, high inflation and
bad government policy; however, this year, with more institutional owners like hedge funds and pension funds, that means bitcoin has been going up when the nasdaq has gone up in the same way it falls but now that correlation is only at half which by the way, if you listen to the crypto community, that's positive for crypto pricing. meaning that now it tracks its own path away from the broader stock markets. ashley: hmmm, very interesting. all right, susan, thank you very much. meantime, president biden's economic advisor, jara bernstein had this to say about a possible recession. take a listen. >> it is very hard to conclude that we are in a recession when you look at the payroll and the job gains that we've seen. now, it is tricky to look around a corner here and i'm not going to predict quarters down the road. ashley: a-ha. well if he doesn't though, who does, well i'll tell you who might no and he joins us now and it's steve forbes. steve, do you think we're in a recession? >> i think tens of millions of americans feel we're in a
recession right now when prices are still rising faster than incomes. so whatever name economists want to give to it, people are feeling a lot of hurt. they don't see much faith in the future. they see mortgage rates going up even though they come off some, there's still about twice what they were a year ago which means those adjustable mortgages hit households too. that's hurting future housing sales as well, so they can spin it anyway they want. the economy is not going the way it should, and the american people know it. ashley: what kind of damage could the fed do? we know they're way behind the curve. they are playing catchup. what are your thoughts on that? >> oh, the federal reserve is guilty of economic malpractice. they are raising interest rates artificially now, they feel the way you fight inflation is by depressing the economy, and then state it that way but they want to crush demand and of course that will bring prices down. if you reduce the number of buyers, reduce people's incomes, throw them out of work, you have going out of business sales that
leads to lower prices, but it's not the way you create a healthy economy. you create a healthy economy by increasing production, not by decreasing it, but the fed hasn't learned that lesson but have you to give them a little slack. they have only been around about 110 years. >> [laughter] ashley: i knew that was coming, next one, steve. a former advisor to president obama says the democrats are doomed by inflation. jason furman telling the new york times, "my guess is that the negative views about inflation are so deeply baked in that nothing can change in the next few months to change them." um, looking a little further out, steve, perhaps november, what's your prediction? >> well, inflation makes it sound like people are kind of crazy thinking inflation is embedded in when even if gas prices come down you're still paying 80% more than you did a year ago. oh, those poor people, but the fact of the matter is, people can see reality very clearly. they know this administration
hasn't a clue. they want higher taxes, they still want to wage war war against oil & gas, even though natural gas has now been declared by the europeans who are very clean as a clean fuel. hello, white house, get up-to-date, but so yes. inflation is going to be around us for a while both the monetary kind and non-monetary kind. ashley: very quickly, steve. the president comes back from his mid-east trip basically with absolutely nothing very strange kind of visit with saudi arabia and conflicting reports of what was said and what was not said, but i think it really shows a lack of leadership from this administration. what say you? >> well, the fact that he felt he had to go over there couldn't even shake the prince's hand, how to do the knuckle thing, shows what i think a knuckle headed policy they've had towards the middle east. ashley: [laughter] >> trump put in very good policies including the abraham accord which is why ultimately i think you're going to see relations former relations between saudi arabia and israel.
they realize the real threat is coming from iran. they are going to realize they have to do something about it, so biden comes home and maybe instead of begging the saudis for oil, how about going to north dakota, texas, and louisiana and begging for oil production there. he'd get a good response. ashley: steve forbes on fire this monday. steve, terrific stuff, thank you so much for joining us today. we really do appreciate it. no, thank you. we move on now this. a warning before you rip open a pack of skittles, a new lawsuit claims they are unfit for human consumption. we're going to tell you why. crime is spiraling out of control in los angeles, but the governor there says well he can't comment on the district attorney's job performance, roll tape. >> but is he doing a good job? >> i don't know enough about the job he's done. ashley: well, dodging that issue
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so you can - retire better. ashley: the fbi is investigating after millions of dollars worth of jewelry and gems are stolen from an armored vehicle. the brinks truck was robbed as it was traveling from san francisco to southern california by the way the value of the stolen jewelry is somewhere between 10 and $100 million. that's a big range, but nevertheless, a lot of money. all right, now, this. listen to what governor of california gavin newsom had to say when he was asked about los angeles district attorney george gascon's job performance. watch this. >> but is he doing a good job?
>> i don't know enough about the job he's done. i'm deeply concerned about the criticism and the more objective analysis of his job, i'll leave, to locals that will have the opportunity to make that determination. ashley: so no, i'm not going to touch it with a 10-foot pole. come in larry elder. >> [laughter] ashley: great to see you this morning. i mean, come on he knows the criticism and the problem that he's not brave enough to jump into the discussion. >> ashley, what is he going to say? this is the man who gave george gascon his job in san francisco as the san francisco county d. a ., and gascon is the guy that wrote proposition 47 that allows you to steal up to 950 bucks, not a day but per store, after store, after store, until and unless you get caught. gavin newsom is the guy that released 8,000 prisoners because of covid. he supports all the soft on crime stuff.
he signed a bill restricting sentencing enhancement for certain crimes including gang members because after all, many gang members are black and brown and that would therefore be racist to prosecute them to the fullest extent of the law so what's he going to say? [laughter] ashley: yeah, exactly but do you think we saw him at the white house measuring up the curtains the other day. is he looking at 2024 so take what he's done to california to the rest of the country? >> well, he wants to be president, whether 2024 or 202t gets me, ash, is that nobody is asking what would he have done differently than what joe biden has done that's caused us to have these skyrocketing gas prices and inflation? gavin newsom is hostile to the oil & gas industry, that joe biden is, wants to restrict all gasoline-powered cars in california by 2035. he hates, hates, hates drilling, passed a bill to ban fracking. what's he going to do? he's paying people not to work on top of the biden paying people not to work so about one- third of all restaurants
here in california now gone forever. what would gavin newsom have done differently than joe biden did in terms of the economy and in terms of gasoline? nothing but dare i say pour more gasoline on it so he's too left on abortion, up to and including the third trimester. he's so woke, he's passed a bill that setup a task force for rep per asians in california. he's way too left for the country, and the reason biden got in, is because they proceed biden to be a centrist which of course he turned out not to be so gavin newsom has no shot, maybe he'll get the nomination but he can't win. ashley: no, well you know what i want to get back to this crime issue. the lapd issuing a safety alert as crime and robberies are skyrocketing in the city and following that deadly stabbing of the nascar drivers bobby, east, we're sharing in this community alert to increase the awareness of the a series of robberies occur occurring in the
city of los angeles. when is enough going to be enough? that's a good question. the lapd basically throwing up its hands to say we don't have enough manpower, staff, rehave recruit issues, response time issues and people are committing crime who shouldn't be on the streets. the man that killed the race car driver, career criminal. he was out on parole. there was an arrest warrant for him. he shouldn't have been out on the street and that's what's going on in california. a bunch of the people on the streets because of these soft on crime policies, cashless bail, on and on and on. ashley: let me just switch subjects here on you. do we have time for it? do we have time for the covid masks? all right we ran out of time, larry. you got great stuff in there thank you so much for joining us today. we'll save the covid mask issue for next time. san francisco's new district attorney brook jenkins is making some big changes after chessa bo
udine's exit. >> there's a new sheriff in town cleaning house and bringing in her own team so the new san francisco da brooke jenkins fired at least 15 of the old staffers from his predecessor former d. a. we know that boudine was ousted in the recall and frustrated over the public safety in the deeply democratic city and after crime rates soared, un prosecuted shoplifting seniors being attacked also a rise on anti-asian violence so brooke jenkins actually worked in boudine's office until last year and she will be san francisco's first latino district attorney, vice president kamala harris as you know was the city's first black d. a., and polls and surveys show half of san francisco residents actually want to leave the city permanent ly at some point, so it shows you that there needs to be a change here. ashley: it is a mess, no doubt. all right, susan, thank you very much. now take a look at if we can,
the dow 30 stocks just to get a sense of the markets. the dow is up as we can see 185 points, more red, more green than red that is. j & j and merck at the bottom end, we have goldman sachs with blowout earnings on the top end with dow and boeing also getting some nice orders for 737 maxes, so overall, it is a positive start to the new week and again, the dow up 184 points. now this. hunter biden's laptop from hell. well its come back to haunt the white house. a new report shows hunter met with his dad dozens of times while he was vice president. we'll have the report from washington, next. ♪ (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position
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ashley: brand new information out of hunter biden's laptop from hell. the new york post reports hunter met with his father at least 30 times at the white house or the vice president's residence. mike emmanuel digging into that report. mike, has the white house commented at all on these meetings? reporter: ashley, nothing new today. the white house has continued to
deny president biden knew anything about his son's overseas business activities. the new york post reports these breakfast, lunches and other sit -downs between 2008 and 2016 raise questions about whether hunter was delivering messages from foreign clients to his dad. after hunter's overseas business trips when joe biden was vice president. the top republican on the house oversight committee explains why he considers this such a critical issue. >> the whole reason we're spending so much time investigating hunter biden and jim biden is because we know that hunter biden is a national security threat and we fear that the problems and the shady business dealings from hunter and jim biden have compromised this president. reporter: the new york post says hunter biden was in russia, for example, from february 15 to february 18, 2012 being wined and dined by billionaire oligarchs four days after running to the u.s. hunter met with his dad.
on november 4, 20 >>stuart: hunter met with the romanian ambassador to the u.s. , and the house gop conference chair is promising to subpoena hunter biden if the gop wins back control of the house. >> the mainstream media is participating in essentially a cover-up of hunter biden's illegal relationships with china , his illegal relationships with other foreign adversaries and entities that he should not be involved with, and joe biden profited from that, so we intend to investigate. reporter: so far republicans say as the minority party on capitol hill they have been blocked from being able to conduct proper oversight. ashley? ashley: all right, mike emmanuel great stuff, mike, thank you very much. let's take a look at the markets again if we can, thank you. the dow up and has been all morning, up 190 points, the nasdaq also up 156, good for
one and one-third percent gain and the s&p also up nearly 1%, continuing on the momentum we saw at the end of last week the dow gained 650 points or thereabout on friday, the sentiment continuing this week. now this pretty interesting story. the mars company is being sued for allegedly selling toxic candy. a class action lawsuit claims that skittles, of all things, are unsafe because they contain heightened levels of titanium dioxide. now according to the lawsuit that food additive is actually used in things like paint and roofing materials, and it could cause, the suit claims, damage to dna, brain, or even organs. fox reached out for comment but nothing so far, but don't pick on my skittles and by the way today is national sour candy day , so now you know. all right, let's move on from toxic candy time for the monday
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the average price for a green mattress is roughly $1320. wouldn't do it for me. there you go, that is the most popular. quick check of the markets before we bug out of here. let's take a look at the dow up 200 points. the s&p up half a percent. the nasdaq up 1 1/2%. time now to turn it over to my esteemed colleague. connell mcshane. wizard of wall street. connell: that was in your teleprompter. you can bug out of here. welcome, everybody, to cavuto "coast to coast." i'm connell mcshane filling in for the great neil cavuto. stocks are starting the week off right, not bad, right? stronger than expected bank earnings, especially the goldman sachs report doing the trick or helping at least for now. as urge we have a big show ahead for the next couple hours. we'll have