Skip to main content

tv   Varney Company  FOX Business  February 2, 2023 11:00am-12:01pm EST

11:00 am
what do you do? step one, type 'run payroll', respond to a couple questions, and that's it... done! and they're paid tomorrow, not four days from now. if you know how to send a text, you know how to use roll. go to and get your first three months free and unlimited payroll. do you owe over $10,000 in back taxes? kevin sorbo here with an important message. this means they could garnish your wages levy your bank account and even seize your property. tax network usa, a trusted tax firm can help protect your income and assets today while quickly settling your tax debt. but you have to act now while you still have options. call tax network usa today. >> alejandro mayorkas is right
11:01 am
now literally the largest human trafficker on the face of the earth. the human trafficking network that's making the mexican cartels billions of dollars and he doesn't intend to change and joe biden doesn't intend to change and they keep making the problem worse. this will be a problem for the next weeks and months. >> big recession down the road and what governments and you can't spend $6 trillion a year and run 1.5 trillion deficits and not have trouble. >> i believe the turn and effect policy is very near the things are moderating a bit as we see those inflationary forces slow down. that is a good thing. ♪ stuart: it is -- talk about a rally because you see that?
11:02 am
right hand bottom of your screen. the nasdaq is up nearly 3%. we're on a rally. it's ground hog day, february the second. let's get to the markets and you've seen the nasdaqs up 240 points -- 340 points. look at big tech and way up all across the board and big rally in big tech. meta up 23%, ladies and gentlemen. alphabet up 6%, 2% up for -- amazon up 6%, apple up 3% and microsoft up nearly 3%. i'll take it. look at 10-year treasury yield. all the way down this morning to 3.35%. that's very good news for big tech and possibly mortgage rates in the future and might see them edge down with the 10-year treasury yield like that. all right. that's the spectacular market action this morning. now this. in los angeles, you don't have to pay your rent. in fact, the la board of
11:03 am
supervisors extended the eviction moratorium for a couple of months and means if you don't pay your rent, you can't be evicted. there's people that haven't paid rent in three years. how do you get investment in housing if the owner can't rent it out and get paid. they say renters are entitled to protection. in new york city activists are telling migrants their entitled to a luxury hotel room and protesting transfer to a facility or prefer manhattan. are college grants entitled -- college grads entitled short term orientation student debt forgiveness? they're working hard. you don't have to pay back, you're entitled not to. how about work, we hear a lot about quiet quitting and don't do your best just slide by. is there an element of
11:04 am
entitlement there or shoplifting surge. not the smash and grab stuff, that's criminal but the guy that walks out of the store with a bag of food. is he entitled to it because food is a necessity and he doesn't have enough of it? it's the left that started this. the rise of socialism in the last few years coincides with the entitlement mentality and it will not be reversed till you have to pay off your loans and rent and quit whining. third hour of varney starting right now. professor brian brenberg sitting next to me and joining me this thursday morning. have we become an entitle nation? >> you made the case and it's open and shot but there's still hope and people in the country that don't want america to be run by entitlement. they're in states with lower
11:05 am
economy and creating taxes and it's a battle in america and element bringing policy all about entitlement but other places in the country of people saying we're gonna push back on that in education, in the economy, everywhere you look, it's a fight, stuart, and it's never over. it's always up for contention. stuart: the university -- we've been talking about this all morning, university of north carolina launching this new school of civic life and leadership. the board of trustees wants to counter wokeness on campus. marty cotus joined us earlier and said this, roll it. >> we're cryuating a environment for civil -- creating a environment for civil discourse and when one can speak up and the other is silences, we're creating a level playing field. i like the sound of this. >> the whole college should be that way and not a separate college for openness and one stays, what, one party line and
11:06 am
indoctrination. all of unc should do this. stuart: unc, democrat professors outnumber republican professors 16-1. >> and 23-1 in the english didn't and 28-1 in the chemistry department. the whole university has a problem. stuart: you've got to start fresh and new and separate because the old way, they run it. these guys run it. >> as a professor, here's the problem, how do they hire in the new department, promote, do contracts? it all comes down to that because if you don't structure that the right way, eventually the big university the exit its influence -- exert its influence into the little school and you'll get the same thing. you have to have competition and professors can't have tenure and up every year and evaluated how they're doing. stuart: radical stuff. >> got to get the guts right, stuart. stuart: got to start somewhere. >> you do. all the universities fighting back and don't want to stop the
11:07 am
indoctrination and will do anything they can to make sure nobody does anything different. stuart: you're with me for the hour. >> i'll try. stuart: back to the markets. look at that nasdaq, up 351, almost 3%. the s&p is up 1.5% and minor loss for the dow and a couple of dow stocks, which are lower this morning and that's dragging the overall average down. ryan payne with me here in new york. he's the market watcher of the 11:00 hour. do you see big gains for the stock market through the rest of this year? >> i feel like a broken record here, stu. i've been calling for the big rally, it's happening, and i think what you're seeing here right now is the fed pretty much said yesterday, jay powell is open to a lot of different scenarios here basically saying that he's willing to pivot and that's all we want to hear right now, is the fed going to be tough with the monetary policy or loosen it up? looks like they'll loosen it up and inflation is coming down and bullish for markets for the rest of the year. stuart: think this is a
11:08 am
fed-based rally we're seeing? >> i think it's partially a fed based rally but the acknowledgement that the economy is not in bad shape. if inflation is coming down like the fed intended to do, wages are staying strong and profits have been reasonable this quarter, it just speaks to an economy that's not falling off a cliff, which i've been saying against the tide, stu, but that's basically what you're starting to see now. stuart: you always have to remind us you said there's a rally coming, there's a rally coming, there's a rally coming. >> what can i tell you. stuart: join the club, son. >> that's why we get along, stu. stuart: can't be on tv unless you're a modest and narcissist as well. ain't that right, professor? >> wrong. stuart: here's one for you, charlie monger, he's 98 and warren bust's right hand guy and calling for a -- buffet's right hand guy and he's calling for a ban on crypto.
11:09 am
what do you think? >> it's casino chips dressed up like financial assets at the end of the day. it's purely gambling and unregulated and jamie dimon said they're pet rocks and they do nothing. the big rally to speak to, there's speculative money out there at play so i'd be for it. get rid of it. stuart: it's like meme stocks and gambling chips almost. no inherent value that i can see. just a gambling chip. what does the profestivus sore say? >>-- professor say? >> he's all payne and all gain. china took the first step to ban crypto. why? because the government doesn't want any competition to fiat currency and governments that want control are most afraid of crypto. yes, it's gamble, eisen grow but i don't -- i agree but i don't want to ban all gambling. if you ban it, you're just handed all the power back to the fed and federal government. is that where you want power to lay? >> i agree with your point but other way if we ban it or gamble
11:10 am
its way to zero. either way it's probably going away. >> i'd rather it gamble its way to zero than the government step in and say we don't want any competition to the money we control. i don't want to be like china. >> people can burn themselves out. >> fair. stuart: charlie monger called bitcoin rat poison. strong opinions for a 98-year-old guy. moneyer lauren: 2 billion daily users. facebook around a while, 2 billion daily actives. that's amazing. cost cutting, $40 billion stock buy back for the stock. >> wh stuart: what's wrong? lauren: overdone. the numbers, major driver of meta's losses for the past year or so is their mark zuckerberg's
11:11 am
bet on the meta verse. that unit for all of last year reported a loss of $13.7 billion. it's the reality labs unit. his vision is still losing money. this is just a stronger report card. stuart: how about that, ryan? >> 2 billion is insane and what they're doing right now is reels. that's their competition with tick tock and short term videos and they're catching up and that'll be their driver. right now it's not profitable but by next year, they'll break even on it but that's kind of -- stuart: you're all wrong. meta is up so much today because of a strong report and because they're going to buy back $40 billion worth of their own stock. $40 billion buy back. that's why it's up like this. moving on. a line -- what's that one? lauren: invisaline, the retainer
11:12 am
people. they're doing better than meta and the reason is they beat wall street expectations for the first time in a year, literally the quote from ever core isi was whew. to the better than expected numbers. that's ultimately i got and good enough for 29% gain. stuart: now nvidia. i should follow that stock more closely because look at it go. lauren: generative ai all the time and they unveiled magic 3d. you text what you want made as a 3d version and takes a couple of minutes. make me a pet rock. couple minutes later, there you go. stuart: really? can do that? we can't do anything. >> i like pet rocks. lauren: why would i say a pet rock? stuart: see what you did. one airline lets you take unlimited flights this summer
11:13 am
for $400. apparently there's a slight catch, which we'll reveal to you shortly. jason and travis kel ce are breaking their silence as they prepare to make history as the first brothers to play each other in the super bowl. who do the parents root for? i think we can tell you. female athletes demanding new rules to keep biological men out of women's sports. roll it. >> we have congresswoman marjory taylor-green that worked on this issue too and she's in the back there, a little participation. let's start out. stuart: my apologies, folks. that was the wrong thing to put on the screen, but we have riley gains with us coming up shortly. she competed against transgender swimmer leah thomas and she's going to join me right after this. ♪
11:14 am
11:15 am
11:16 am
when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working.
11:17 am
i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you.
11:18 am
stuart: i like them. they were cool. >> you'd know better than anyone. stuart: that was my time. washington dc, 36 degrees on this ground hog day. you know that. punxsutawney f phil predicting x more weeks of winter. >> if it's this kind, who cares. stuart: group of athletes peeking out about being forced to compete against biological men who identify as women. here they are on capitol hill,
11:19 am
roll tape. >> playing against a biological male is not something i would wish upon my worst enemies. >> this is not about hatred or trying to stop them from doing something they love, but protecting our rights as biological women. >> it is just so wild that you can turn around and see a 6'4 biological man pull his pants down watching you undress and no one is willing to stick up for you? stuart: the last speaker there was riley gains. she's a former college swimmer who tide with transgender athlete leah thomas in the college championships. she just wrote an op-ed about her experience on rayly -- riley joining me now. where do things stand in swimming? could you be swimming against a biological male if you were in those contests still? >> yes, at ncaa level, absolutely, which of course is the problem. it undermines everything title 9
11:20 am
was created to protect, but actually fena, the international organization of aquatic sports, they were the first large governing body to take a bold move and say transgender women will not be allowed to compete with women unless they're transitioned by the age of 126789 there are caveats but it was a build -- age of 12 and there's caveats but it was a bold move. stuart: want the ncaa to do the same thing? >> of course. they've shown a lack of accountability and leadership across the board and ncaa is looking at different governing bodies per sport to make these decisions. president mark emmret didn't want to be responsible for a decision this has this much weight. stuart: i understand you were going to go to dentistry school, i believe you're going to do that, but you stopped doing that and you're now pressing this issue. have you become an activist on this issue? >> you know, i -- the word
11:21 am
activist in my mind seems to have this negative connotation, but i kind of have. i was set to go to dental school this year but now working with the independent women's forum that's been fundamental in giving me a voice and platform and opportunities to continue speaking about this. stuart: have you receive add lot of backlash, i imagine you have, tell me about it. >> there's definitely some, but i'm fortunate enough that i'm secure with myself, my university was extremely supportive of me, which is an anomaly. i have an amazing support system within my family and friends and of course i live in tennessee where it feels like a little safe bubble so there's so much more support tenfold than anything negative that i've received. of course all of the negative community colleges are just either -- comments are either you're bad at swimming, try harder. you're ugly or you're trans-phobic so all those go right over my head. stuart: glad to hear it.
11:22 am
great having you on the show, riley, come again and tell us about your progress. >> of course, thank you so much. stuart: riley gains with us again. thanks. a good story, owner of new england patriots, robert craft wants tom brady to retire as a patriot and would resign him for one day to end his career with the team he started on. brady began with the patriots in 2000 and won seven super bowl withs that team. two brothers jason and travis kelce will make super bowl history when they play against each other in the super bowl. i don't think this has ever happened before. ashley, come into this. two brothers playing opposite each other in the super bowl. i never seen that. ashley: yep. no, it's never happened before, stu. that's a fact. the two brothers say it's something they've dreamed about since they were kids and they've done it. listen to this. >> i didn't really ever fully anticipate it happening till pretty much last week.
11:23 am
i was like, man, this could really happen. we could really have new heights kelce bowl. >> my entire time i'm like, that's been the goal is to play my brother in the super bowl. now that it's actually happening, it's like, man, this is kind of sick. >> mom is going to lose but mom is also going to win. ashley: got to love it, don't you. talking a of mom, she's rooting for the offense, haha, that's where both of her sons play. she's smart and mom is playing it safe by wearing a jersey that's a combination, there it is, of the eagles and the chiefs. i've got to absolutely love that one. one last note by the way, jason kelce's wife kylee will be at the game but accompanied by her obgyn just in case. she's 38 weeks pregnant and could give birth at the super bowl and that would be a first too i would imagine. stu. stuart: that would be historic,
11:24 am
would it not. thanks a lot. professor brenberg signature next to me, who do you have in the super bowl? >> i think the eagles will take it. stuart: what's the point spread? >> i'm not a gambler, we talked about this. >> the unsung hero is mom. how does she navigate that night? right. so happy and so sad all at the same time. stuart: she's going for the offense. >> only a mom can do that. only a mom can do that. stuart: okay, what did you say, producer? i missed that. more for ash. ash, come on. one of the philadelphia eagles rookies josh sills indicted on rape and kidnapping charges. tell me about that one. system of articulation ashley: yeah, the 25-year-old backup eagles offensive lineman facing one count of rape in the first degree and another count of kidnapping in the first degree, all stemming from an incident in ohio back in december of 2019. sills played by the way in just one game this season. that was against the cardinals in october. he was ordered to appear in court two weeks from today,
11:25 am
which will be four days after the eagles play the chiefs in the super bowl. the eagles by the way have released a statement saying only they were aware of the legal action involving sills and they are monitoring the case. stu. stuart: ashley, thanks very much indeed. quick check of the markets, please. if you own any big tech stock, you're going to be happy today. look at that nasdaq composite index, up exactly 3%. that's a significant rally. a canadian province de-criminalizing heroin, meth, and other hard drugs. they think it'll lead to fewer overdose deaths. we'll try to explain it. a female truck driver says california ruined her american dream. they stopped her running her own company so she packed up and moved her family to missouri. that truck driver is next. ♪
11:26 am
11:27 am
11:28 am
11:29 am
stuart: look at that. this feeling by chainsmokers.
11:30 am
is that a real band or a joke? lauren: oh, yeah. susan: was i still in south carolina? stuart: that's hilton head where it's 58 degrees. if it's 58 degrees now, that snow would have been melted. let's get to the markets, shall we, susan. i want to start with the indian billionaire who's being accused of running the largest con game in corporate history. susan: i would be careful with that terminology. it's one of the biggest wipeouts in history. you know, last year he was the second richest man on the planet and worth $150 billion behind elon musk and he's lost a third of his wealth so far this year. $50 billion plus and lost and the reason is because hindenberg research that took down other people for fraud, he had
11:31 am
hindenberg calling him a fraud using fake accounting and market manipulate and adani had to pull a lucrative ipo and faced angry lenders, creditors and banks that rejected his collateral that he u use his own securities for and there's a cascade that that empire may not last. stuart: that's a big deal actually. nathan nelson peltz in a big proxy fight with disney. susan: yeah and the house of mouse is up by a quarter so you're getting a lift across all markets and peltz getting more aggressive in the proxy fight for disney and in another letter to the board he want as board seat and kick out a particular member, that i found surprising. he wants to kick out michael froman that worked in the clinton administration and take that seat. it's a powerful seat and there's only about 12 on the board and bought about a billion in disney
11:32 am
and don't think bob iger has a friend in peltz. stuart: he picked on one guy, that's interesting. harley davidson. susan: yeah, selling more bikes despite higher rates and strength in the consumer and expensive canada goose jackets not selling well with the china covid lockdowns and they've become a big market for canada goose and they'll cut full year guidance. honeywell says it's a pretty weak first quarter for them and they're blaming supply chain snags. stuart: fast and excellent wrap up of the movers, thank you, susan, good stuff. jay powell says no one should assume the fed can protect the economy in a debt default. watch this please. >> there's only one way forward here and that's for congress to raise the debt ceiling so the united states government can pay all of the obligations when due. any deviations from that path would be highly risky and no one should assume the fed can protect the economy from the consequences of failing to act in a timely manner.
11:33 am
in terms of our relationship with the treasury, we're their fiscal agent. stuart: professor brenberg with me, i've been saying we're not going to default on our debt, not going to happen. >> this is all for political purposes, it's not going to happen. stuart: this argument time and time again. it will never happen. no politician will ever allow america to default on its debt. it's not going to happen. >> it keeps getting trotted out to avoid the real issue, which is an actual negotiation on spending, which should happen and all we hear is the default. stuart: good stuff, thanks, brian. a female truck driver said she was forced out of california just to keep her business up and running. california's law 85 enacted in 2020 effectively banned independent truck drivers from working in the state. that driver is dee sova and she joins me now. what's this ab5 and why did that force you out as independent
11:34 am
trucker? why did that force you out? >> the reason why is because at that time they were saying that anyone who was an independent contractor had to revert back to becoming a company driver or had to leave the state. it was clear that my decision was early intervention programmed to remain as an independent contractor and i made the choice to leave. stuart: wow, now you moved, you went to missouri, packed up, took the family. and any regrets? how is the business doing? >> it's doing great, but i don't have any regrets. i literally feel like this was the best move for me. the unfortunate part is i'm away from all of my families because my kids are now in california, that's where they wanted to stay. that's where they were born and raised. just not being able to get in the car and go over to a family member's house, that's the painful part of the decision,
11:35 am
but financially for me it was worth it to take the risk for the sake of that business. stuart: i got to go off on a bit of a tangent for that second. the average price of gallon of diesel is $4.67, that's way up there. would you consider driving an electric truck to save on fuel? is that the direction your profession is going and have to make the switch at some point, you think? >> i think that that's on a company by company basis and that's not a decision i'm prepared to make at this time. you know, if it saves on the driver who is a business owner being able to productively function and run their business, i think it's a great idea but right now it's not a conversation i'm entertaining. stuart: okay. dee, i've got to wrap it up because i'm out of time, but it was great having you on the show. congratulations on leaving the
11:36 am
formally golden state behind. good idea. >> thank you so much for having me. stuart: you can come again, any time you'd like. thanks a lot, dee. frontier airlines offering an all you can fly summer pass for $399. i'm sure there's a catch, ashley, what is the catch? ashley: always a catch, stu, on a deal like this. $3399 but it doesn't include the add ons and i didn't know this was an add on. how about a seat? are you supposed to stand the whole way? checked bags, pay all the fees and so on so there's a lot of extra cost per flight but, you know what, you have to -- this is another thing, you have to pay a penny to reserve a flight. you have to have a flexible schedule, this go wild pass is available for $399 and does allow you, which could be restricted, to book an unlimited number of flights for as long as it's valid between may and september. you can book and confirm domestic flights the day before
11:37 am
departure so i'm going to go somewhere tomorrow, boom, you can do it. international flights can be booked and confirmed ten days before flight departure. it offers flights to destinations throughout u.s., mexico, the caribbean and by the way, you can get booted from a flight if it's overbooked by a non-pass carrying passenger. there's a lot of things that lead to a bit of hmm, but the $399 plus a seat and some taxes, some people may jump on it. stuart: yeah, i think they would. i could see that would be good for some people. not necessarily for me but for some people, it would be just great. ashley, thanks very much indeed. all right, professor, are you buying the all you can fly pass? >> i was so into this story until ashley actually did the story then i realize you're paying $400 for a lottery ticket. you can get booted off the flight if it's oversold. you can't make any plans, stuart. it's just on a whim all the time. stuart: if you're a youngster, you're a student and you don't have any time constraints, you're not traveling with
11:38 am
relatives, babies and friends and baggage, it suits you, doesn't it? >> i think students need more time constraints, less entitle entitlements and more constraint. i'm echoing you right now, stuart. stuart: today's ground hog day, the world's most famous ground hog, punxsutawney phil, made his prediction about when spring will officially begin. phil's forecast, next.
11:39 am
11:40 am
11:41 am
11:42 am
stuart: a new study finds merck's covid drug is linked to new virus mutations. ashley, explain, please. ashley: well, those mutations as you say linked to use of merck's covid-19 pill. they have been identified apparently in viral samples taken from dozens of patients, but it should be noted none of those mutations have shown to be
11:43 am
more immune invasive or lethal but there's concerns the bills work by creating mutations in the covid genome that prevent the cyrus from replicate -- virus from repli replicating ine body but some scientists worry it may contain more threatening or serious health variations of covid. merck on this news dispute it had saying that its own research clearly shows the drug does not cause those types of mutations. stu. stuart: thanks, ash. the fentanyl crisis killed more than 110,000 people in 2022. that is a record. casey steigle with us. what is this about a fentanyl vaccine? >> scientists, stuart, believe it or not at the university of houston have been working on this vaccine for about six years now, long before it was making headlines with all of the overdoses and deaths that you just referenced, and believe it or not they say that it can be ready for patients by 2025 if
11:44 am
everything goes as planned so inside of two years. fox news got a personal look inside the lab where tests have been done on rodents first and the researchers tell us the finds were incredible and that they're certain upcoming clinical trials in human soucts will yield similar results with no adverse side effects. it works by keeping fentanyl out of the brain, blocking the powerful drug's euphoric high, which is what the addict or user can constantly chase and what's more by keeping it out of the brain, it essentially helps protect a person's breathing and heart dramatically lowering the chance of death from overdose or poisoning, and we know that could translate into countless lives saved. >> we need this, we need in vaccine and there's so many people that can be helped and, you know, it needs to happen, and it will happen. >> now, treatment is intended for addicts looking to get clean, and it only works on
11:45 am
fentanyl specifically because it is a synthetic drug. that is why it's so powerful. that means that this vaccine would not protect against other opioids like heroin or most prescription pain pills like oxycontin. it's a series of three shots that are given over time. by the way the u.s. department of defense is actually helping fund this project after seeing high rates of addiction and overdoses among troops and their families. stuart. stuart: casey, thank you very much. one canadian province is de-criminalizing hard drugs like fentanyl and heroin. ashley, where is this happening and why is it happening? ashley: british columbia up north of the border, it's not legalizing drugs but the province says no one 18 years and older will be charged if caught in possession of 2.5 grams of certain illegal drugs including heroin, fentanyl, meth and ecstasy for
11:46 am
personal use. authorities say making the offenses criminal actually drives people to use alone and using alone can be fatal. the theory is de-criminalizing people that use drugs breaks down the fear and shame associated with substance use and ensures they feel safer reaching out for life saving support. by the way, at least 2272 people died of an overdose just in that province last year while another 2300 people died in 2021. so it's a pilot program, a new approach. we'll see how it works out. stu. stuart: ashley, thank you very much indeed. this is the time when we take a look at all the dow 30 stocks and get a sense of the market. you're looking at the dow right now so it's not a sense of the overall market, it's just the dow 30 stocks. even split, winners and losers. the dow itself is down one-third of 1% but look at the nasdaq, bottom right hand corner, that's up nearly 3%. hundreds of thousands of homes
11:47 am
are without power today, major ice storm crippling the south. canceling flights, closing roads. fox weather's nicole valdez has the report from memphis where an ice storm warning is underway right now. ♪
11:48 am
11:49 am
these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app or upgrade to the speed that's right for you today.
11:50 am
♪ every search you make ♪ ♪ every click you take ♪ ♪ i'll be watching you ♪ - [narrator] the internet doesn't have to be so creepy, the duckduckgo app, lets you search and browse pria blocking most trackers all forf your search history is never tracked, so it can't be shared. and when you leave search, duckduckgo helps keep companies from watching you as you brows. join tens of millions of people making the easy switch by downloading the app today. duckduckgo, privacy simplified. (upbeat music)
11:51 am
stuart: beautiful. ♪ stuart: of course i know this song, obviously. you're looking at fox square. i got you babe, sonny and cher. we're playing that because it's ground hog day and that's the song that appears in the movie with bill murray. punxsutawney phil just made his big prediction, roll tape. >> i see a shadow on my stage and so no matter how you measure, it's six more weeks of winter weather. stuart: okay, phil says we're in for a long winter but we have to point out that his predictions have only been right about 40% of the time. got it? got it. fox weather alert. seven people dead as a powerful ice storm cripples the south. nicole valdez joins me from
11:52 am
memphis where an ice storm warning is in effect. okay, nicole, when will things start to fall out -- thaw out? reporter: stuart, the hope is by tomorrow afternoon we may see some of this ice melt today but unfortunately we're going to be below freezing overnight and all of that water then will refreeze so we're looking at maybe the end of the week for some relief here. unfortunately problems persist with hundreds of thousands of people across the south remaining without power and since monday, more than 22,000 flights nationwide canceled all because of this, a thick layer of ice that is coated roadways across the region and caused power outages and those flights delays for so many people. the consequences continue what we're now entering day four of this massive and deadly ice storm. you mentioned there several people have lost their lives trying to drive around during this challenging, very slick
11:53 am
time here. not something that has been advised. here in downtown memphis really looking like a ghost town, most schools here closed as well as city offices, county offices trying to keep as many people off the roads as possible until we can wait and see this ice melt. we're looking at potential temperatures above 30s todays, which again will provide some relief but that may be temporary. we may have to wait till the end of the week here, but clearly the amount of damage, death, and consequences have been felt nationwide, stuart. stuart: all right, nicole. thank you very much indeed. now let's get back to the markets. it's worth looking at because this is a rally and a half for the nasdaq, which is now up 336 points, almost 3%. look, the federal reserve raised interest rates an additional 25 basis points and took a rather benign view of what's going on in the economy. here's a poll, 80% of voters think the condition of the economy is only fair or poor. that's what people think these
11:54 am
days. brian is a economics professor. talk to me about a soft landing. are we going to get one? >> i'm very worried about consumers, stuart. if the consumer is as squeezed as they say they are, i see a spending pullback and dipping into 401ks at record levels. that's a red flag and if we get that and stay out of recession technically, it's growth indexing to be very -- going to be very bumpy for the economy this year. stuart: you don't think we stay out of recession? >> i don't think so, it's not going to be deep but my bigger concern is the inflation going down that everyone is excited about. back half of the year, i want to see us get below 3% before i get excited. i think that'll be the hard sell, and i think the fed may have to do something the market would hate: raise interest rates later in the year. stuart: that would be a disaster. >> that would be a disaster but nobody believes powell and powell's trying to say, we haven't solved this yet. stuart: he's trying to prove his credibility. >> he has no credibility. stuart: well, he gets credibility if he sticks to his
11:55 am
guns. >> he should have raised 50 points yesterday and would have given him credible. actionsspeak louder than words. stuart: you're a hawk, aren't you? >> i hate inflation, it hits the middle class and that's what i hate. stuart: it's killing the market. >> it's killing the middle class. stuart: moving on, the thursday trivia question is there, it's a good one: what is the first event in a decathlon: long jump, shot put, 400 meeters, 1000 meters? the answer after this. ♪
11:56 am
. .
11:57 am
11:58 am
11:59 am
stuart: i thought this was a very good trivia question. it is good because you don't know the answer. first event in a decathalon. ashley, you're first. >> i have absolutely no idea. 100 meters. >> my father is a track coach. he will be mad. i say the shot put. stuart: i will say the long jump. it is 100 meters. very good. this is the full list of events in order. 100 meters, long jump, shot put, high jump, 400 meters, 110 meters. disdiscuss, pole vault. discuss that one. i didn't know that was coming. brian, thank for sticking around the entire hour. all good stuff.
12:00 pm
we'll watch you on "the big money show" 1:00 p.m. eastern on the fox business network. >> will you please? stuart: i will boost your ratings. don't forget the "friday feedback." send in the "fan friday" videos. record a video, telling us who you are, where you're from, you have to tell us you're watching "varney & company." i really got to do one last check of the market. this has been quite a day. meta, that's the former facebook, is up about 22, 23%. the nasdaq composite is up 330 points. that is 2.8%. that is is it for "varney & company." it has been a great show. i promise you, "coast to coast" starts now. neil: story of the day is nasdaq, technology stocks in general. continuing now at this rate, the nasdaq is less than a percentage appointment away from finally clearing bear market territory. what's going on here?
12:01 pm
is this al


info Stream Only

Uploaded by TV Archive on