tv Varney Company FOX Business February 3, 2023 10:00am-11:00am EST
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somebody ♪ stuart: it is cold. it looks cold. 6th ave. new york city. you don't want to be out in this. it will be-5 or 6. good morning, 10:00 eastern, straight to the money, the dow was down 200 points, no come back there. the nasdaq composite one hundred 20 one, better than it was a few minutes ago, but still down across the board. where's the treasury yield? below 3.5%, 3.4%. where's big tech? a mixed picture, meta on the upside, apple on the upside to the tune of one. 5%, microsoft down, alphabet and amazon down. bitcoin recovering, just over 24,000 overnight, now is 24, bitcoin.
the latest read on the service sector came to us. lauren: really strong, contracted in december, 49 and change, goes up even more than expected, 55. 2. prices paid, inflationary, that came in at 66.8. a slight uptick from december, december was the lowest since january of 2021. the service sector growth in january, all the jobs we saw in the month of january, this report confirms that. stuart: that is a strong jobs report. a service sector report. the market is reacting a little bit. still down one hundred 70 on the dow, 130 on the nasdaq. lots of red ink. il
ilhanomar is off of the committee because she made anti-semitic statements. the left doesn't see it that way. the new york times, which is the democrats bible, sees her as an act of political revenge. nancy pelosi kicked people off of committees, according to the times it is just politics. to alexandria ocasio cortez, it is racism directed at women of color. >> there's nothing consistent with the republican party's continued attacks except for the racism and incitement of violence against women of color in this body. this is about targeting women of color in the united states of america, don't tell me because i didn't get a single -- >> time is expired. stuart: plenty of passion. fellow squad member rashida tlaib went further. >> the gop is doing what is
best at, weapon icing hate against a black, beautiful, muslim woman. i will not be silenced. >> the gentlewoman's time is expired. the gentlewoman's time is expired. >> through this chamber -- >> the gentlewoman is no longer recognized. stuart: that is it. political revenge and racism, that is not it. anti-semitism is at the heart of this. ill on omar -- ilhan omar says they are about -- they are aligned with israel and therefore disloyal. she accuses israel of, quote, have notarizing the world to cover up its evil doings. she supports the boycott investment in sanctions movement designed to cripple israel. i'm surprised the democrat party keeps her in the party. she can serve on any other
committee but not foreign affairs. speaker mccarthy was dead right. second hour of varney just getting started. the fired up tammy bruce, give her a chance. >> transcending. every now and then i pound on this desk. a lot of arguments in the past, that we should stop the politics because we get emotional, we move into this arena where we become hysterical and that was called misogynist. what happened when all of this was happening? that was an embarrassment. confirming stereotypes of why women should not a in power. you can be upset about things and articulate that and have opposition and debate but they made fools of themselves and
shame on them. part of the reason she was removed from the foreign relations committee is there arguments once again condemned this country and americans and their colleagues and called everybody a racist. the world watches this. you have are the representative body to the world of the united states and our people and that is their attitude, that is the messaging that has been sent and that's the point of the foreign relations committee, seen as a body that represents the attitude of congress toward the world and it is not just do hatred, call it what it is, attacking a stalwart ally of israel that is always generally under attack, people looking for weaknesses, iran, etc. to wipe the country of the map. it is i don't understand what i was saying. she thinks we are not judging
her by the content of her character but which we are. we are judging her by the content of her character and she is saying she wants us to view her as ignorant, naïve, uneducated, unsure, i didn't know what i was saying. she was a 41-year-old middle-aged woman who has made it into congress, clearly a monumental accomplishment and her excuse is i didn't know any better and hakeem jeffries says she learned her lesson and will try to do better like she is 7 years old. that is the misogyny and it is perpetuated. she had to be removed from that committee because do hatred is not what america stands for. we are against the anti-semitism, against the hatred in general, and the equation of the united states and israel with terrorism and terrorist groups. he's going to speak for people who voted her in, she got checked with removal here,
democrats are generally happy about that and how dare she continue in the smearing of jews and americans in general. stuart: it took 30 seconds to get truly fired up but you got there. >> you can cry and do something. it is about being a role model for everyone and being passionate, but my goodness, let's not make fools of ourselves. stuart: you are all right, thanks. see you again soon. back to the markets, i am seeing some red ink. we get to big tech, mixed picture, apple on the upside after its report yesterday, we are at 153, and alphabet down 2. 5%. market watcher this friday morning joins me now. apple, amazon, google, disappointing earnings.
what does that mean for the rest of the market? >> nothing like a tree of chilly tech reports. traders got ahead of themselves. amazon was up 35% year to date, alphabet is up 25%. none of these companies if you go through it, report anything rosie this quarter, amazon said based on the consumer, cloud growth got cut in half, apple had the weakest holiday sales quarter since 2015, first quarterly sales since 2019 and trying to blame it on supply-chain. we know the consumer is stressed, taking out loans from their where out -- their 401(k). it is going lower after the smart phone market, declined by 18%. stuart: the jobs report and the service sector report, i call it good news for main street,
good news for president biden, bad news for wall street. you agree with that? >> i agree 100%. it gives license to raise rates and crashing this economy into a recession. amazon talked consumers switching lower-priced goods. my fellow et al. young kenny polcari, i would be inquisitive on apple, but it has got to come back down to where it was. apple has always been since 2001 a great by when it dips below 130. i would not go near the dumpster fire of advertising spending with alphabet a meta, and snap. the market is top-heavy with tech, got to be looking from the bottom up, innovators of tomorrow and bargain-basement prices. stuart: i will try to take your advice. stay warm wherever you are.
i concentrate on meta-for a moment. >> >>. how many%. 56.8%, make it 57%. last year was disastrous. citigroup says they are going all the way to 228, the latest to come out. stuart: meta goes to 275. cyrus logic. lauren: audio technology up 7%. apple is one of the biggest customers. their revenue grew almost 8%, and increased amount for its
tech particularly smart phones. people are buying fewer smart phones but are still benefiting. stuart: i want to get back to the huge jobs report added in january. at the labor department, take us through this spectacular report. >> 17,000 created, 3.4% is where the on employment rate went. since may 1969, a little bit of noise based on revisions that were done every year the labor department does revisions. this is a reset on this but what this does show is good job creation, solid growth and that gives license to increase 25 basis points, when you look at the report, grew 4. 5% the past 12 months but still
far short of the 6.5% cpi inflation, the heritage foundation says the average american worker lost 3000, to 4000 a year because of the inflation. the president will use the low and employment rate when he talks about this report in the next few minutes. the labor secretary from this morning, listen. >> a lot of people come back to work, strong economy, large growth in business, hospitality, growth in the healthcare sector and the education sector. you have seen areas people are hiring and a lot of companies have people working. >> leisure and hospitality led the way, adding 128,000 jobs. still 810,000 at pre-pandemic levels, and 58,000 manufacturing, and this is a good report, shows no recession
yet, but federal reserve license. stuart: thank you very much. stephen colbert forces audience to mask up his entire we, he wants to prove the white house, the pandemic is not over. >> i wish you could see the smiles on the faces of my audience and wish i could too because they are still wearing masks. stuart: i don't get it. china confirmed the spy balloon hovering over montana is theirs. they call it a weather balloon, why don't we shoot this thing down? i will ask kongsberg chris stewart next. ♪ ♪
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stuart: i've got to show you the markets. we've seen quite a change. every minute it changes dramatically, the dow jones industrial average opened sharply lower after a strong jobs report. is down 37 points. the nasdaq composite opened sharply lower after three big tech companies reported disappointing earnings yesterday. it is only down 38 points. we have a strong service sector report coming in as well. that had nothing to do with the market so we've got a market that seems to be coming back nicely. we see how we close this afternoon. i have an update, i'm not the right guy for that, beyoncé announced her renaissance world tour. ashley, if you are with me,
what is ticketmaster doing to prepare for this after the taylor swift fiasco? ashley: they will use the same system for taylor swift fans. demand is expected to be high for beyoncé's upcoming world tour, to use its verified system to prioritize tickets for those who register with the platform, the same system that led to the botched sale of taylor swift tickets with long wait times, plenty of confusion and technical glitches, ticketmaster says registering does not guarantee to content only verified fans who later receive a code for lottery style selection has access to join the sale on the first come first-served basis. tickets for the north american leg of beyoncé's tour go on sale this coming monday. interesting to see how the
system handles the demand. stuart: brace your self. tough story here. a 60-year-old man has died after a brawl erupted in a middle school basketball game in vermont. there has been an uptick in violence at youngsters sporting events. what is being done about it? >> reporter: vermont state police are investigating the death of 6-year-old russell who found herself in the middle of a brawl between parents at a middle school basketball game this week in northern vermont. after the game, the grandfather called first responders when he was driving home and died at the local hospital, the school district is banning all spectators from attending middle school basketball games for the remainder of the season, and the national association of sports officials tells us it is an epidemic of
harassment, violence and sporting events between parents at officials. it led to her referee shortage. >> i have been seeing it for most of the four decades but never to the extent we are seeing it today. it has never been worse. once in a while you need to pick up the pieces and move forward. that is what we are losing right now. >> reporter: according to the nasl, 26 states have laws protecting sports officials from harassment or assault. in new jersey is considering the penalty box act making consulting officials and players punishable by 10 years in prison and a $15,000 fine. >> everyone who is trying to participate in a game should be protected and someone seeing
bad behavior -- >> a real sign of the times, east rutherford, new jersey posted the sign, please remember these are kids, this is a game, coaches are volunteers, umpires are human, and you do not play for the yankees. sums it up. stuart: it certainly does. thanks very much. i want you to look at what is about to appear on your screens. there is. a pro-life hat worn by a group of catholic school students as they were visiting the smithsonian museum in dc, security told them take it off or leave. roll tape. >> and said this is a violation of our first amendment rights, this is a government-funded building. how are we paying for this with our taxes? stuart: well said. guaranteed we will be all over this one. hunter biden admitted the laptop was his. now his lawyers are pushing back, we need clarity on this. who better to give us clarity than miranda devine, she's all
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powered by innovation refunds. stuart: this balloon story on the right-hand side of the screen is taking on a life of its own. anthony blinken, the left-hand side of the screen, postponed it indefinitely, his trip to china, and is postponing it because of that balloon. a provocation, the us has identified it as, what are they calling it, a chinese reconnaissance balloon. china calls a weather balloon. his trip to china is off, this is developing into a significant and major event. look at the dow. it just turned positive. a strong service sector report, the dow has turned positive and the nasdaq is only down 31 points. there are some movers today,
significant movers, starting with does low, which is another 4%, $200 a share. lauren: the treasury department will make more the vs available including chesler's model why. elon musk said it should be considered an suv and it is being included. it is up 52% since the first of this year. stuart: 52%. so far so good. gilead sciences up nicely. lauren: big demand for cancer drugs, hiv drugs and covid, doing better with their covid treatment than others. stuart: clorox, remember that, during the pandemic? they were hot. lauren: this is what management says, no more prices until june.
there will be more layoffs and listed their annual profit forecast. stuart: we had a terrific jobs report first thing this morning. i expect president biden to take a huge victory lap, 570,000 jobs in one month. mark meredith at the white house will take a victory lap, isn't he? i am sorry, griff, it is you. >> reporter: happy friday. we are waiting for president biden to make remarks and take that victory lap, but why exactly he is about to head to the city of brotherly love, philadelphia, biden is gearing up for reelection campaign. even his outgoing chief of staff, ron klain, said the quiet part out -- out loud, he's looking for to helping his boss with the campaign. 's latest poll shows the president has more work to do.
you see a trend that has been familiar the better part of the last year and that is his overall job performance at 45%. that is relatively the same but when you dive into the actual issues, majority of voters disagree on the handling of everything from the economy to ukraine to border security, still, the white house thinks given the unemployment, perhaps the jobs report, covid being on the back burner they have a decent shot at it. the president will be accompanied by kamala harris heading to philadelphia for economic event and party fundraiser which is a clear sign the president is ready to pass the baton to another democrat. a potential factor which may or may not impact the election plans, the federal investigation, hunter biden, major headlines yesterday trying to flip the script, not calling for common
investigations and raising questions about hunter's business dealings in the infamous laptop. republicans are eager to know more about hunter's past and present. watch. >> we've got to investigate what happened with this laptop. there are 150 report suspicious activity. this was a real story, not a conspiracy and the hypocrisy on the hill is alive and well today. >> reporter: now we wait to see what the president has to say about those jobs reports and whether he will address further questions about the laptop and perhaps what he has got to say about the balloon floating around, want to talk about that? will he talk about the announcement for his reelection. later this month or early in march. stuart: whatever he has to say will be all about the great jobs report, guaranteed. you are all right, thank you for joining us. here we go.
hunter biden and his legal team are denying that his laptop ever existed even after they called for, investigation into it earlier this week. miranda devine, you've got to dig me out of the weeds. i don't care what his lawyers are saying. if it is admitted that that laptop was hunter biden's, what is the significance of that admission? >> reporter: he did admit it through his lawyers. the significance is number one, president biden lied about this laptop, stood on stage and told the world that the laptop was basically russian disinformation, told donald trump it is a russian plant, complete garbage. he knew perfectly well that it wasn't. he knew it was his son's laptop. that laptop was dropped off by
hunter in a computer repair shop. in april 2019, which was just a few days before president biden announced he was running for president, this was a major problem, president biden had gone to ground for the 5 days between publishing our first story and about it. he knew it was bad news, and it doesn't change anything as far as our reporting goes, because we were perfectly satisfied that it was hunter biden's laptop. but now finally, this pretense and the dancing around it from the biden campaign is over regardless of the fact that hunter's lawyers sent another email saying we didn't mean that it belonged to you. stuart: thank you for clearing this up. i get lost in these weeds and
so do our viewers, don't know each inclement or move. you straightened it out, we appreciate that. miranda divine, you will be back, guaranteed. many in the media dismissed hunter biden's laptop scandal calling it disinformation. what have you got on this? ashley: russian disinformation, other terms like unreliable. brian stelter hypothesized the emails could be made up and the story the right-wing media machine in action. it appeared the left-wing media machine had all those denials, watch this. >> us authorities are seeing of those e-mails are connected to an ongoing russian disinformation effort. >> it is so obviously a russian operation. >> intelligence officials warned, likely russian disinformation.
>> russian disinformation. >> 21/2 weeks before the election this laptop appears somehow. ashley: we will get an apology in the wake of that admission? cnn, msnbc, and they did not immediately respond when asked if any corrections or statements will be issued. when the new york post story first broke npr announced it wouldn't waste its time on stories that are not really soy's, twitter locked the new york post out of its account for weeks if you remember, the house oversight committee investigating that censorship. they have a lot of egg on their face. stuart: there really is something there, isn't it? i think so, see you later. then there is this. john kerry's secret negotiations with china's communist party are under
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stuart: china admits the. over montana is theirs. they are calling it a weather balloon. we confirm anthony blinken will postpone his trip to china indefinitely and it is because of that balloon. congress and chris stewart from utah joins me on the phone. you are a former air force pilot. should we shoot this thing down?
>> i don't know if we should shoot it down but we should make clear we will not allow this to happen again. anyone who believes it is a weather balloon is very naïve. it is clearly an intelligence balloon and it is clearly violating international agreement. honestly, i don't think the opportunity to shoot it down may present itself again, but if this were to recur, we should have a definitive line the chinese cannot cross. stuart: it is the size, we are talking it is the size of three buses, three school buses and has heavy equipment underneath it. it is hovering or flying right over our missile sites in montana and the dakotas. sounds like a threat to me. >> once again it clearly is. the explanation of it being a weather balloon makes no sense.
this is what they say when they are caught doing something provocative. i am glad secretary lincoln is not going there. he shouldn't go there. we make it very clear, we will destroy any assets such as this we find over our airspace. stuart: we recently increased our troop strength or the size of our military capabilities in the philippines, we have been talking with taiwan about defensive weapons for them and now we've got this balloon. it seems their relationship, the relationship between united states and china is going downhill rapidly. >> it is and it is fair to point out we are not being provocative towards china, we are not sending intelligence assets over the china mainland or threatening a sovereign nation like they are towards taiwan. we are not the ones who are not
open, and deceptive about covid, and how they could have helped us protect the world. the list goes on and on of china not only not being a friend or ally, but very clearly there and adversary and more and more people are recognizing that. we haven't seen anything like that in our history with china and it cannot go unanswered. stuart: congressman chris stewart, thanks for jumping on the show so fast, we appreciate it because this is a big developing story. check those markets please, look at the down now, look at the nasdaq now. we opened this morning sharply lower across the board, reading across the board this friday morning. the dow has turned around to a 66 point gain, the nasdaq is in the green, a fractional move up. things are changing fast.
the world's tallest holiday in happens to be in new york city, in manhattan. that holiday inn was given the green light to house illegal migrants. madison alworth is there. taxpayers picking up the tab, are they not? >> reporter: they definitely are. the price tag for this hotel will be a lot. taxpayers are cutting a check of $190 per day per each room. in a 50 story hotel, that comes out to $100,000 a day, with 40,000 migrants coming to new york since last spring to this hotel is the latest solution for the growing migrant problem, the hotel facing bankruptcy, now has guaranteed income for the link this contract which goes until april of 2,024. if a morse permanent solution has not been found before that, taxpayers will then start to pay $750 a night for each room.
the contract starts monday. this is the last weekend before the hotel turns into a migrant shelter. when asked about the deal struck in bankruptcy court to house migrants we got this statement that, quote, as of february 6th this property will not be operating as a hotel nor open for booking during this contract. it's the latest but not the only hotel to serve as migrant shelter in new york city. all of these hotels already have migrants and rooms funded by taxpayers. you and i are in new york city all the time. this is something we see often. i want to give the viewers the perspective of what 50 stories looks like a. this is a 50 story hotel, every single one of these stores, $190. i will leave you with that shot? stuart: stay cool.
when the white house said they do not support banning gas stoves, role tape. >> i'm not looking to ban gas stoves, and there is no proceedings to do so. stuart: we know the administration was serious until the uproar against it. details coming up. we are learning how much masks reduce covid infections, they make little or no difference, have we put the mask debate to bed? we are on it and will deal with it next. ♪ ♪ what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,
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stuart: i want to bring you up to speed on the market's turnaround, the dow is up 24 points, fractional loss in the s&p and the nasdaq. stephen colbert masked up his entire audience during taping of his late-night show. i thought we were on the other side of covid. ashley: so that i and everyone else except stephen colbert,
locking the biden administration's announcement that it was planning to end the federal state of emergency. watch this. >> take that, covid, we'd beat you, shove that up your nose. i wish you could see the smiles on the faces of my audience and i wish i could too because they are still wearing masks. ashley: not sure why they are clapping, critics jumped onto social media, travis who runs the sports news site comes every single one of these smug anti-science losers has got four covid shots and thinks elon musk buying twitter will cause in misinformation to flourish, others said it had to be of a joke. colbert's show requires it studio audience to be fully vaccinated and provide in person verification of vaccination. stuart: house is raging. not good. thanks.
a new study, take a look, face coverings only reduce the risk of illness from covid by 5%. doctor frank contasessa joins us, can we put the mask debate to bed? >> the simple answer is yes. this study confirms what we have suspected for the last two years, your average basic paper surgical mask does little to nothing. this is good data that comes from the cochrane institute in england, a world renowned institute, what they do is review studies from around the world, this combines 78 studies from around the world and a million subjects and what it came up with was there was little to no difference when somebody wore a surgical mask whether they got covid, the
severity of the covid, made little to no difference lose this supports what we've been talking about for a while. stuart: would that be true of cloth masks and and 95 masks? >> cloth masks yes. the and 95s came up a little bit better. most of these were studies from healthcare environments, doctors and nurses who were wearing in high-risk environments, and did better. stuart: next case, another study found excessive screen time during the first year of a child's life could be linked to lower cognitive skills later in their childhood. are we going to ban babies from looking at her screen. >> i tends to be against bands in general, i don't like anything that gets banned, but no, we are not looking at that. what the study found over the course of 9 years, they looked
at infants over the course of 9 years, how did they do on cognitive tests, attention deficit issues and they showed executive skills, learning, acquiring new knowledge and things like that. we should have guidelines and most pediatricians will tell parents you should limit screen time in infants especially, young children because their brains are so plastic, and a good foundation for their screen time. stuart: today is national where red day kia pays attention to heart disease in women and women's heart health. is heart disease the leading cause of death for men and women? >> yes, it is. one of 3 deaths of women are cardiac in nature and the whole holiday came about in the early 2000s because a lot of women
didn't realize they were at risk as men, traditionally the stereotype was the older man, and a lot of women didn't realize they were at as high a risk as men. this brings awareness of that, if they have the same symptoms, chest tightness in the left arm that men do, this is a great time to take care of it. stuart: i wasn't aware of that but i am aware now, all of us at fox that you included are wearing red. thanks for being with us. always a pleasure. still ahead, steve hilton, jonathan honecker, rob smith and shannon bream. a huge conglomerate, this week he lost $50 billion. 's company was accused of brazen accounting fraud, stock
manipulation, money laundering. will investors think twice before trusting india's corporate bookkeeping or corporate governance? that is "my take" next. ♪ a dedicated advisor can help you grow and protect your wealth, even when you're not working. they'll look at your full financial picture and help you create a flexible strategy designed to balance growth potential and guaranteed income. so you can stop worrying about the future and enjoy the life you've created. that's the planning effect. from fidelity.
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