tv Varney Company FOX Business August 2, 2022 9:00am-12:00pm EDT
anything for charity. maria: yeah, good point. all right. we have a market that is down 172 on the dow industrials. we are waiting on some jobs numbers this morning and then again on friday. it's been great talking with you, dagen and alex. alex, thanks for joining the conversation with us this morning. >> thank you so much. great to be with you and dagen. maria: have a great day, you guys. "varney & company" begins right now. stu, take it away. stuart: good morning, maria. and good morning, everyone. speaker pelosi is about to land many taiwan. there is intense hostility from china. we don't know if there will be harassment of the speaker's plane, but threats have been made. beijing has just banned food imports from 2,000 taiwanese food suppliers. there could be more action just like that. china is preparing what it calls, quote, a comprehensive confrontation. investors getting nervous, they never know where this thing's going to end up. the dow's going to be down about
170, nasdaq can about 115-120. and look at this, flight to safety continues. money coming into safe treasuries. the 10-year yield just above 2.5%, 2.53. way down. not much change for bitcoin,st back to the $22,000 level. okay, that's the market and the reaction to pelosi's visit. now we mow why manchin reversed course. he got a pipeline out of the deal. we can't have the keystone pipeline, but to get manchin onboard with big spending, he's been promised the mountain valley pipeline that will carry nat gas from west virginia to neighboring virginia. meanwhile, the white house is ignoring the report from a bipartisan committee which suggests the president is breaking a campaign promise. the joint committee on taxation says under the tax and spend bill everyone, low income workers included, will, indeed, pay more. and there's this too the: big
win for america. ayman al-zawahiri is dead. an american drone killed him. he was the leader of al-qaeda. he'd been hiding in the suburbs of kabul in a house owned by the taliban with. more on that coming up. what a day. tuesday, august 2nd, 2022. "varney & company" is about to begin. ♪ if. ♪ ♪ stuart: all right, let's get to it immediately. the u.s. has killed a top leader of al-qaeda. lauren, good morning to you. big win for the military. lauren: absolutely. stuart: take us through the whole thing. lauren: terrorist behind the 9/11 attacks, top deputy to osama bin laden involved in the uss cole attack in 2000 that killed 17 u.s. sailors and the mommal leader of al-qaeda was killed in a precision drone strike just after 6 amica bull
time on saturday -- a.m. kabul time. u.s. intelligence racked him to a house where he was living with his family. significant victory for the white house, for the country, but it does raise questions. zawahiri seemed to be living freely in kabul. did the taliban give safe harbor to al-qaeda, and would that is have happened if the u.s. had not withdrawn from afghanistan nearly one year ago today? stuart: plenty of questions. lauren, let's move on. we now know what got senator manchin to agree with his party 's massive tax and spend plan. he received a commitment to finish the mountain valley pipeline. mercedes schlapp joins me. this pipeline deal will be considered later, it could still be defeated. the greens will hate it. manchin might not yet get his way. >> right. well, you bring up a good point, stuart, because what will the house, democrat house members do? are hay going to allow and
accept this mountain valley pipeline that manchin negotiated? i mean, this is something that makes the house democrats and the progressive democrats have a heart attack. they don't want any money going towards pipelines, and so i think it presents a big problem for manchin. but remember are, we've still got to get senator sinema onboard. she's not convinced on big spending bill, so the democrats are walking a fine line because hay know they're going to be in trouble if they can't deliver a legislative victory, or even more in trouble, i should say, going into the midterm elections. 9. stuart: doesn't it leave a bad taste in your mouth when big spending bill gets possibly passed because one senator gets a pipeline? doesn't that just ring badly? >> well, and when you're looking at, stuart, the fact aha when manchin can barely answer the question of does he want democrats in power many november, it's almost like he has a split personality because
he is trying the to work with both democrats and republicans. the problem has become that by manchin supporting this bill, i think it presents, you know, a big problem for democrats, in essence, because he is not representing his constituents. they don't want these climate change subsidies or these electric vehicle subsidies that are really going to benefit more the wind and solar renewable energies. you know, right now americans need immediate relief. we know that over 60% of americans are living paycheck to paycheck. inflation has really created a huge crisis for so many american families across the board, and what are you seeing with this bill? it doesn't reduce inflation, and it only leads to tax increases for the middle and working class americans. this is not what they need right now, and i do hi that they're desperate, the democrats, because they're worried that these premium prices are going to go up. and when it comes to obamacare and their health insurances, they're going to try to do
everything they can to make sure they have these subsidies in place for americans before the november election because if prime yums -- the premiums go up in october. stuart: what a mess, mercedes. we're here to report it. mercedes schlapp. >> that's right. stuart: check those futures, down 170 on the dow, down 112 for the nasdaq. brian belski with me morning. am i reading this right, stocks weaker because of eye wan tension? is that it -- taiwan tension? >> good morning, fox business news, and good morning, sir stuart. a part of it, i think, especially given the very strong month of july that we had, one of the strongest we've seen in history. and whether or not you're a value investor, growth investor, small cap investor, large cap investor, a lot of institutional investors, stuart, underperformed especially in june and july when they should have been buying stock. so i think there's a part of it where people are taking a little money off the table, number one.
number two, we're entering into on a short-term basis august, september, the worst months of the year in terms of performance after such a big move many july. i'm not surprised things are opening up in august a little bit more volatile, you know? we sit on air with you before, we think august is going to be a volatile month as a lot of people continue to go on vacation. so i'm not surprised that we're seeing the way things have started off this week. stuart: but you still have a target of, what, 4,800 on the s&p 500 by the end of the year which is significantly above where it is now. so you're bullish for the end of the year still. >> you know, we are, stuart, on a up couple of things that start with the letter e. number one, we think employment's going to hang in there and, or number two, earnings are going to be stronger than everybody thinks. for instance, it showed up again in the second quarter so far with with projections coming in about 170 basis points, 1.7%, above where projections were heading into the quarter.
i think people have been way too bearish, and as corporate america continues to to underpromise and overdeliver, i think earnings are going to go up a lot more in the second half of the year driven by inflation which we do think could fall off a cliff especially in the fourth quarter, probably postelection. stuart: am i okay if i walk back into big tech? microsoft, apple, amazon, for example? buy 'em now, i'll be better off by the end of the year, do you think? if. >> i think so. those are the more consumer staples type tech with very steady earnings. earnings projections for amazon have come off dramatically, so i think priced appropriately with respect to to where the stock is trading now, but apple and microsoft are the two big horses and apple, obviously, from our lens has been one of the best companies in the world the last ten years, and i think it's only going to get better over the next ten years. stuart: okay. we're back to bullish brian belski. we like to see that. brian, thank you very much. see you again soon. >> thank you.
stuart: interesting story about cryptos, the sec has announce manied charges against individuals involved in an alleged $300 million crypto ponzi scheme. that's an important word, ponzi scheme. how many people did they charge? lauren: 11. and the sec says the scheme didn't sell anything but raised $300 million by allegedly aggressively marketing to investors from january 2020 through an unregistered securities offering. they made money by using new investors to pay old ones. that's classic ponzi scheme. this highlights how gary gensler's sec is increasing enforcement in the wild west, as he called it, of the digital asset markets. stuart: do we mow if the money is gone? -- know if the money is gone? heroin lauren lauren they're still looking for some of the people, 4 of the 11 charged. stuart: next one for you, big tech ceos warning their employees you better improve your performance. meta and alphabet.
lauren: we saw this coming. both ceos are turning up the heat on employees' performance, and reuters heard some audio from mark zuckerberg after last week facebook reported their the first ever decline in revenue. he told staff, look, we're raising expectations for you, setting more aggressive goals. typically, that's the first step, you know, that predates layoffs. and this is what happens when the economy slows down. and if these are calls from big tech companies with a lot of money, meta and alphabet. stuart: they used to be such cool company to work for, they'd do everything for you, dry cleaning and babysitting. lauren lauren this is how the strongest are among us, if they're responding this way, imagine the small mom and pop companies. so employees should be careful what they ask for and make sure you're doing your homework and your job. stuart: 20 the minutes to go until the market opening, we will be down pretty much across the board. president biden's covid, it's back. where's the president's doctor
front, up close. my dad says that. he secures a spot. stuart: sure looks like a nice day right there. red ink for you but not as bad as it was 5, 10 minutes ago. dow's down 100, nasdaq down 87. speaker pelosi expected to land in taiwan about an hour from now. gregal cat -- greg palkot9 is with us. do we know what's on the speaker's agenda? >> reporter: stuart, if reports are accurate -- it's tuesday night now in taiwan. she's expected to arrive, as you noted, shortly. she'll overnight there, then meet with the island's president and other officials on wednesday. she wrapped up, in fact, a second stop in her asian trip earlier today meeting in the malaysian capital. then according to a plane racking site, her aircraft headed in the direction of taiwan with, taking the long way
around the south china sea, perhaps trying to avoid the big chinese military presence there for good reason. beijing once again today blasting the pelosi visit to the self-governed island it claims as its own. planes and ships today came very close to taiwan's defensive line. the threat has been made, and pelosi's travel could be interrupted. washington has been critical of china's words and actions and on the defense. the uss ronald reagan aircraft carrier and strike force is steaming east of taiwan. there are other ships and planes in the area. taiwan, too, has been gearing up for trouble, going to its own military basis. there are an ominous amount of videos today showing chinese armored and amphibious vehicles on the move on the coast near taiwan. they're saying they're going to have military drills over the next couple dayses, but it's still a bit alarming. one other alarming sign, stu,
several web sites of the taiwan government including the president's went down for at least a period of time earlier today. it is thought that it was a digital attack, perhaps coming from beijing. we'll be watching is story in the coming minutes and hours. back to you. stuart: almost upon us. greg palkot, thanks very much. here's that video that greg was talking about. chinese military posted it ahead of the speaker's trip. lots of military stuff going on, the exercises. gordon chang is here. question: is china threatening from a position of strength or a position of weakness? >> actually the, both. china believes that it is stronger than the united states right now from a political point of view, political will, but we also know internally china's racked by the debt crisis, bank runs, the mortgage boycotts. and so xi jinping has been lashing out. and it's not just taiwan. there are chinese troops deep into indian-controlled territory. on friday four chinese vessels
were in japanese territorial waters in the east china sea, and it's continuing to take the philippines -- [inaudible] from the south china sea. cheerily, they do believe that they need -- clearly, they do believe they need a foreign crisis of some sort. stuart: can you anticipate what they are going the to do? and we're assuming pelosi's plane lands within, what, a couple of hours. when it lands, any idea what they will do? >> the most critical time is before she lands to see if they try to use their aircraft to ward her off or to declare a no-fly zone over taiwan. i don't think that they'll do that, stu, but we can't put anything beyond china because he can take us by surprise. they calculate their interests very differently than we do. but afterwards there will be retaliation of some sort. they can expel our ambassador, they can do all sorts of things. they've got to do something because they've made this such
an important test of wills, so they can't back down. now politically impossible for them to let this go by. stuart: the risk is some kind of accidental friction between -- a military friction in the straits of taiwan by accidentally overdoing something. that's the danger, isn't it? >> yes. well, may 26th they almost brought down an australian p-8 reconnaissance craft by firing chaff which was ingested into one of the two engines of the australian craft. this was the first time in history might be if has used chaff or flares, because hay also fired flares, as a warning in this manner. so so china's engaging in very provocative the, very belligerent tactics which the law of averages says they will cause some irretrievable accident. stuart: okay. so what should we cothen if they're doing this intense hostility over the visit, what do we do in response to their
hostility? >> i think we have to match it word for word if deed for deed. the biden administration, you know, they probably leaked this news to the financial times which has really opened the door for beijing to ramp up the threats. i believe that the biden administration now needs to start talking tough. they don't want to do it, but because they haven't, they've allowed china to open the field and take the it over. also, you know, if they start expelling our ambassadors, we need to expel theirs, and we need to not just match it proportion for proportion, i think we actually need to overreach because that way we need to say to china there is a cost for what you're doing. so far the biden administration has impose very few costs on china considering the situation. stuart: gordon chang, thanks so much for joining us. everybody's watching this closely, we are too. thanks so much. now, president biden has not yet decided on whether he will keep $350 billion of president
trump's' tariffs on china. there's a deadline here? lauren: apparently,st midnight. stuart: tonight? lauren: yeah, what because he do? does he maintain the tariffs? that means he's ultimately defending their legitimacy from the trump error -- era. take the tariffs off, and you can guarantee the companies pass on those savings to the consumer. that could help a little bit with inflation. but if he pulls them, that's provocative to china as nancy pelosi's in the region. this is being talked about in inner circles as being an increasingly popular option, he can remove some of them while also launching an investigation into china's industrial subsidies. but right now they want good relations. i don't think he wants to upset anybody. stuart: good lord. the deadline is tonight of all times. lauren: tonight at midnight. stuart: look at futures, please. we're going into the opening bell with some red ink on the
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♪ ♪ stuart: all right. three and a half minutes to the opening bell. we're going to see some red ink right at the opening bell. mike murphy is joining us now. the thing about this taiwan thing -- [laughter] if i can use the word like that, it's the possibility of fallout after the visit or during the visit because you never know what might happen. that's why stocks -- are stocks down because of that? >> yes, her. in asia stocks were down even more than ours are. the biden administration walked it back a little bit saying they're not pushing for taiwan's independence, so that tells me and, i think, tells the markets here in the u.s. that there's not going to be a lot of fallout. i expectment no fireworks from this visiter. stuart: actually -- this visit. actually, the market has come back a little. maybe coming back a little wit. >> yeah. stuart: all right. uber, what a report. revenue is up 105%, bookings up
33%? if you own it -- >> i own it, and it's been a long are ride down from 60 where it rally to. remember, when we originally bought it, it was down in the mid 20 thes level where it is today. the story with uber still intact. the ceo is doing a great job, he's focusing on profitability. so the thing i want people to look at here, stuart, 122 million users on the platform last month. so to monetize these users, which they're doing now, people -- there's demand there. once the drivers come back, once the price of gas comes down, you're going to have more and more people using the uber platform, and then they start turning up the advertising. and that's a bigger margin business for them. stuart: that's what you need, you need gas prices to come down and drivers to appear. that's a big deal. >> i think one leads to the other. gas prices come down, it'll be more profitable for drivers to go to the platform. stuart: have we hit the bottom? the market's nicely rebounding.
>> i think a bottom is in for now, and as long as we have no major shocks elsewhere, earnings are strong enough to support a higher market from these levelingses. stuart: okay. what's your favorite group of stocks as we speak? you don't have to say growth. >> you know, i hear people talk about energy. if you show me an energy company that's innovating and growing, maybe we can talk about that. i don't see that. i see the growth and the innovation. look at amazon, look at apple, look at microsoft, look at tesla. you don't have to look beyond that. stuart: peak performance over the last 12 years, isn't it? >> it is. but they're doing such a great job at innovating. what apple was 10 years ago, it was a completely -- it's a completely different company today. they keep growing and finding different ways to make money and be profitable. if you're a shareholder, you're putting your hard-earned dollar into a company, look at apple, look at tesla, look at microsoft. stuart: is tim cook the best ceo of the last generation? >> he's up there. you know, in the group of great
ceos, you have to put elon musk there also. tim cook, for the way he's executing and pulling all the different levers there at apple, he's up there for sure. stuart: you'd put elon musk up there with tim cook? >> he's running tesla, he's running spacex, and i just finished his book. elon musk is doing a great job as well. lauren: polar opposites. [laughter] stuart: polar opposites. all right. the market -- thank you, mike. the market is open, and we open on the downside, but it's not a huge selloff by any means. tension over pelosi's visit to taiwan is a factor in the market. but, again, it's not pushing it down too much. dow's off about 150 points, and i see about half the dow 30 in the red, half in the green. that's the dow opening down half a percentage point. how about the s&p 500? also opening on the downside. not that bad. it's down .35%. and the nasdaq composite,
where's that this morning? it is down, again, a tiny fraction. we'll get there. you'll see the nasdaq any day now. all right, let me move on -- lauren: there it is. stuart: down .6%. show me big tech, they really come out. the one winner -- it was a winner -- was amazon. now they're all in the red but not by much. all right. pinterest, absolutely surging this morning. look at that, 16, 17% up. an activist investor, that's the important word, activist investor, took a major take in the company. who did it? lauren: elliot investment management now the large shareholder in pinterest. it backs the ceo who just took over at the end of june. so you have wall street thinking bill reddy is ready to take pinterest to the next phase of growth, and you have you have the management and strong activist endorsement of that management. i think that's what wall street needed to hear today, and that's
helping them overlook lower profits that did come out. stuart: it was much higher than this -- lauren: it was at 89 last february. stuart: okay. lauren: it was a pandemic karling. everyone stayed at home -- darling. everyone stayed at home and made hair pretty little boards and then, you know, we went back out again. stuart: some big companies reported before the bell this morning. i know mike just covered uber, but go through it again, please. lauren lauren i want to to add to it. you said when the drivers come back, they are coming back. up 76% year-over-year, helps explain the 12, 13% gained to. hay did still report a loss, but revenue is much stronger, and they're able to expand right now. cash flow positive. $380 million for, i believe, the first time. stuart: hanging out on a street corner in manhattan, new york city. you don't see many yellow cabs. lauren lauren no. stuart: you see a fleet of these
ubers, people waving cell phones. >> and, stuart, when uber figures out the advertising piece which is a much bigger margin business, you're going to see the numbers take the off. stuart: where do they advertise? >> they'll be advertising on top of the cars, inside of the cars, on the app -- lauren: i haven't seen anything in a car, right? >> not yet. [laughter] stuart: not yet. cat canner pillar. it's a dow stock -- lauren: yep. stuart: -- and it is down 5%. lauren: because of the supply chain, it's suspending operations in russia. they're getting hit. there is demand, but their sales are being capped by shortages of raw materials, and so expensive to ship everything, right? so that pushed their operating profit margins down, and the stock is responding. stuart: tell me about jetblue. lauren: okay. they're still losing money. that's why it's down. but they do expect a current quarter profit. their costs are rising. demand's rising, costs are
rising. i just picked out one example of this. their fuel costs, it was $4.24 a gallon in this past quarter, compare that that to $1.91 in the same quarter last year. you can't budget for a jump like that, and that's what corporate america, every industry i can think of, has been grappling with. as we criticize some of these earnings, everything that's been thrown at strong companies they've been able to handle. stuart: yep, you got it. tell me about apple. did i see that they are starting to see bonds? lauren: yeah. stuart: why are they doing that? lauren: well, i guess they find it attractive right now to tap the corporate market. my question is, why aren't they borrowing more in this way? $5.5 billion is pocket change. it's pocket change. go ahead. >> so they're borrowing money at a much lower rate to invest and buy back their own stock. it'd be like you taking a home equity loan and taking 2 the % saying i can invest at 10%. they're betting on themselves that they're going to return a lot more money than the interest
they're paying. stuart: what would senator warren say about that? lauren: why don't they just borrow money and buy netflix or peloton? >> they may. stuart: apple buy peloton? if i can't see that, can you? mike, can you see that? >> at some point, peloton still has a high valuation, but at some point apple wants to expand into health and wellness in a much bigger way, so that would be a way to do it. stuart: all right. let's talk lick are corps. [laughter] alcohol -- liquor can. why not? constellation brands, what's it doing? lauren: nothing. stuart: not very much. reading off the prompter here, analysts think a strong demand for beer could help the stock. lauren: the news is that bemo initiated coverage with an outperform. we have spoken how quick the consumer changes their taste for everything, including alcohol. not happening for beer. bemo says that will continue for constellation brands.
stuart: i am told amongst the drinking fraternity that people are drinking less wine, drinking less wine and more hard spirits. lauren: i've heard that. out stuart have you noticed that? >> i'm just coming off my daughter's graduation party, so i'm laughing. maybe i had something to do wit- [laughter] yeah. there's a big push to tequila. a lot of the younger generation -- stuart: no. no, no, you've got it wrong. they're all going to tito's vodka. >> no, it's over. tequila. stuart: tequila. lauren: the fickle generation. hard ciders were really big, now they're not. now it's the hard, like -- stuart: seltzer has taken a hard turn. lauren: iced tea and lemonade -- versions of twistedded tea. they're telling me that in my ear. let us know your favorite drink. stuart: look at the big board. now we're down 230 points, for heaven sake, and i've got to believe part of this is the tension i because of pelosi's
visit to taiwan. she lands within the next hour and a half, by the way. all right. check that big board, we're down. take a look at the dow winners headed by merck, amgen, j&j, cisco, procter & gamble. s&p 500 winners topped by psi land, don't know what they do, gardner. okay, let's move on. the nasdaq composite, who's the winner there? intuitive surgical. i don't know -- lauren: zoom. stuart: zoom is on there, but no big tech on that list. >> had a huge rally in july and now it's just kind of saying here, not a big selloff. we have to digest rally before we move higher. stuart: whatever you say. >> yes, sir. stuart: thank you. 10-year treasury, look at that. the yield's gone up to 2.58. ten minutes ago service at 2.5 -- it was at 2.53. >> 20 minutes ago we were talking about 3.5-4, so that's
very positive for big tech. stuart: i guess it is. check the price of gold, 1798 per ounce. bitcoin, 22,000 and change. oil, where is it now? $99 4 a barrel with. nat gas, where's that today? 7.84. and gasoline keeps on coming down 2-3 cents a day. your national average for regular regular is now $4.18, but many california you'll still pay 5.58. coming up, west virginia is banning big banks over their climate policies. how is the banks -- how have the banks responded? i'll ask the state's treasurer. and the white house is pushing back against reports that the inflation reduction act would actually raise taxes. edward lawrence digs into it next. ♪ you make me a, you make me a believer, believer ♪♪
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♪ stuart: there are new reports which say the democrats' tax and spend bill would raise taxes on nearly all americans. edward lawrence, come into, please. the white house, i know, is pushing back on this. what is the white house saying? >> reporter: yeah. you know, you're abe the joint taxation -- talking about the joint committee on taxation, they're saying not only does it not deal with inflation over first two years, it also raises taxes on people making under $400,000 a year. so the white house has been rolling i out what this committee has said during the bipartisan infrastructure bill, but now that the committee does not serve its message, it's incomplete. listen. >> it is not correct because i will give you why it's not correct, because with it is incomplete. the jcing t -- jct report is currently incomplete because it omits the actual benefits that americans would receive when it comes to prescription drugs, when it comes to lowering energy
costs like utility bills. >> reporter: but progressive members of the democratic party cheering on the transition they want to force. listen are. >> i think that the bill is the result of years of progressive activism and policy proposals on how to tackle climate change. >> reporter: so republicans say in an economy that's in a recession, they can't blindly push an agenda. >> somebody pays that. the businesses pay for it first. they have to hire compliance officers, then that's a cost to the business, and they pass it along in increased prices. you know, when you increase the taxes on a business, they do that as a cost -- they view that as a cost, and they try and pass that along as a price increase. so tax increases aren't going to reduce inflation, they're going to increase inflation. and people need to understand that. >> reporter: the white house here saying they're many contact with members of congress to push
that bill through. stu? stuart: edward, did they start up that machine behind you just as you were going on the air? because i do believe it's deliberate. >> reporter: yes. it was lower about a minute or so before the hit, yeah. [laughter] stuart: okay. >> reporter: they're still working. stuart: he'll turn it off as soon as you get off the air. edward, thank you very much, i indeed. >> reporter: thanks, stu. stuart: a new report reveals just how many people say they are living paycheck to paycheck. i'm a little skeptical, lauren. lauren: o.k.. stuart: who says -- doesn't everybody say are you living paycheck to paycheck? oh, yes, very hard to get by. doesn't everybody say that? lauren: i would say that, i would say a majority are saying that now because it feels like everything has gone up, but the official numbers are from the lending club, and they say 61 percent of people living paycheck to paycheck, that's up 6 percentage points from last year. 36% of people who make more than $200,000 a year say that. look, the more you make, more
you spend and the more expenses that you have. this is the part that worries me: 13% of people said they spent more than they made in the past six months. stuart: that's the thattist e thetic. lauren: that means you're constantly swiping the credit card for an experience, for a vacation or just to get by, and that is bad. stuart: 36% who make over $2 the 00,000 a year live paycheck obey check -- lauren: yeah. stuart: i'm to no 40 -- not so sure about that. lauren: if you have a family living in a big city, maybe. stuart: who's being hardest hit by inflation? lauren: it's gen-z, younger americans, is so folks who just got their first job, for instance. they typically make less money. the credit card balances for this group rose 30% in the second quarter. 30%. they're falling behind on everything. stuart: and that's ages 10-25, so you're really talking about a smaller group of people, say
18-25, they can get credit cards, and they can get jobs, and they're hurting for inflation. lauren: they also got stimulus checks that they might thought would be the way of the future and spent them a little too quickly or didn't save them appropriately. enter rates have gone up, so if you're -- interest rates have gone up so if you're constantly swiping and you get that bill and you can't pay it, good luck. stuart: never spend all your income if you can possibly avoid it. i realize that some people can't avoid it. but the rule should be don't spend it all. save some always. lauren: this is america and americans like to spend. [laughter] stuart: yeah, they do. lauren: it's just the way it is. stuart: new data on home prices. obvious question: is the red-hot market cooling? lauren: yes, this is astonishing. so the report's from last night, and in june a record slowdown in home price gains. so prices are still going up but not as much as he were. so it fell two percentage
points -- as they were. the other part of this report, record slowdown. the biggest inventory gains in 12 years. so supply is coming to market. but the housing market was so out of balance for the past couple of years, this group says you're going to need one year of these tremendous inventory builds just to get back to normal. so maybe we're mt. process of normalizing but very far from it. stuart: correcting a very, very rich market. hot market, i should say really. lauren: yeah. stuart: thanks, lauren. here's what we have coming up for you. do you have a sweet tooth? now might be the time to cash in. a canadian store is hiring its first-ever chief candy officer, and the job comes with a high salary. food prices have skyrocketed this year, and the agricultural department says next year could be even worse. lydia hu has that report next. ♪ flying high again. ♪ flying high again.
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stuart: we spend a lot of time on this program reporting on high food prices. lydia hu is at an egg farm in new jersey. lydia, i know that egg prices are already sky high. could they go higher still? >> reporter: it's possible, stuart. the usda just put out a forecast that is projecting that egg prices are going to stay high and that they're going to probably finish the year around double, maybe a little bit more the rate of the current inflation. you can see thousands of eggs behind me getting packaged up by the folks working here at this egg farm. the prices for eggs impacted by a lot of the same supply chain issues affecting all groceries, packaging and labor, but they are also impacted by a bad outbreak of avian bird flu this year. it's kind wiped out about 10% of the country's laying hens. just one chicken getting sick here means the farmer would have to put down all of the flock,
200,000 chickens, and destroy all the thousands of eggs you see behind me. now, the encouraging news is that it does appear the bird flu is declining, but there's always the risk for resurgence. while egg prices are expected to finish around 20% higher over last year, we could very welcome in higher than that. and, stuart, it's a similar story for food prices across the board as the usda revises its cost estimate, up four times higher than the original projection for this year. even though global commodity prices are coming down, economists say domestic pricing issues are much more impactful when it comes to the grocery store prices. fuel and labor, shipping and packaging costs, that's what's going to continue to drive the prices at the grocery store. as long as those inputs are high, so the grocery store prices. stuart: lydia hu, hang very much, indeed. check that market again, please. speaker pelosi's plane due to land in taiwan within the next
90 minutes. tension is rising there because of that visit, and the market is going down. perhaps because of the tension over the visit. the dow is now down 340 points. big tech, all of 'em down except for amazon, slight gain there, up one-third of 1%, but the rest are down. here's the story, the 10-year treasury yield all over the placed today. an hour ago we were down to 2.53, now it's all -- the yield's all the way back up to 2.61. go figure. still ahead, treasurer of west virginia, riley moore. west virginia's going to get a new pipeline thanks to senator manchin. we also have brian kilmeade we us, kayleigh mcenany, congresswoman michelle steele. the 10:00 hour of "varney" is next. ♪♪ ♪
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there you have it, the empire state building. favorite shot of the brown building but sunny and warm and good morning. 10:00 eastern. another trip to the southland the dow is close to 300 points, nasdaq down 36, 10 year treasury yield coming down to 2. 62% all over the place. an hour ago at $2.53, price of oil $94 a barrel and bitcoin priced at 22,700 as we speak. 10:00, got the latest read on job openings. we are waiting for the number, very important because this is the number call the jobs report. how many open positions are there? we got the number. lauren: less than the 11 million expected, the first read for the month of may.
this is a loss of momentum in the job market. used to be similar to the market, two jobs open for every person looking, 5.9 million looking for work, now there 10.7 million job openings. stuart: no impact on the stock market but the dow was firmly down, 300 points. now this. when senator manchin reversed course and came out in favor of the latest spending plan we wanted to know why he had done it. now we know, manchin caved to get a pipeline for his own state. he is saying yes to a tax increase on business and yes to massive new spending in return for a yes on the mountain valley pipeline, it had been held up but now manchin got agreement to overturn any regulatory or court holdups, he will carry natural gas from
west virginia to neighboring virginia. can't have the keystone pipeline but senator manchin knows how to bring home the bacon for west virginia or does he? the tax and spend bonanza is not a done deal, it has to be rushed through the senate by friday night before the senate goes on summer vacation. every democrat has to be there to vote in person, no covid absences are allowed and we are yet to hear from kristin sinema. there is no certainty that senator manchin will get his pipeline. that's not written in concrete. that part of the deal will be considered separately after the tax-and-spend bill, the greens could easily turn around and dupe manchin because they are dead set against pipelines. the bipartisan joint committee on taxation says corporations will pass along their tax increase to consumers so everyone will pay more including low income workers in west virginia.
the inflation reduction act is a mishmash of bad policy. kill it please. second hour of varney just getting started. ♪♪ stuart: straight to this, nancy pelosi will arrive in taiwan within the next hour. ahead of her arrival the chinese military released this video to show off their strength. bill mcgurn joins me now, strong ties to china, lived in hong kong for many years. how far will china go in responding to pelosi? >> we don't know. that can't be the first consideration. they respond to weakness so it is good that nancy pelosi goes. most people made the argument once china objected, you can't
have beijing deciding where the speaker of the house can or cannot go. i think she has to make this trip, saving out for them. stuart: how is this play out. and the way this speaks with action but not escalating threats or something. do it and walk away. when i was in the bush white house i proposed meeting with cardinal zen in hong kong who is now arrested and no one wanted to do that but the chinese make noise and my
argument to the president, and had the meeting, didn't look to provoke china, they got the message. something and a follow-up. building up our military, don't see any of those things. stuart: there is some talk that they would meet some the youngsters some hong kong who fled hong kong when the chinese communist party took over and live in taiwan. if she did hold those meetings and this is your speculation it will be provocative to china, wouldn't it? >> yes, but again, i don't think we can be worried about that. you don't lord it over them, this is a powerful country, we
have to behave and do what we ought to do what is in our interests, >> thank you. the speaker arrives within the hour. we are less that 100 days from the midterms and new polls out. what are they saying about november? lauren: a dead heat, 50/50. the harvard harris poll asked voters of the midterms, how are you voting? democrat or republican? republicans have inflation on their side, democrats have abortion and gun control and the poll finds this is bad for republicans if you look at swing states and swing voters democrats have the upper hand. at this time. these numbers change. it is 50/50, very tight but that is what the polls indicating. we went democrats in the last couple weeks came back strongly
and 90 days away to the midterms. now we know why senator manchin is supporting this huge spending bill. he will get a pipeline. scott shellady, what do you get from this side deal? mad as hell? >> it is very unfortunate and ridiculous. that is one of my first reactions. the whole bill is bad. to pour kerosene, on an already happening fire. and for him to agree to this little deal that might not even happen. yes i can. stuart: i don't know what happened there, but somebody
else got into scott's ear and he wasn't sure who he was talking to. the audio path is gone the wrong way and we lost scott schellady. just getting warmed up, someone original to add and we will see if this comes back later. quickly, the market please is worth talking about, the dow is down 300 points. the beer company, really outstanding move, people are way down. >> scratching my head because an hour ago we spoke about constellation brands being initiated and outperformed because people like beer and are drinking more of it. down 90% just about 88 year over year because their costs are going up for everything so this is the worst decline. stuart: a hot summer. i would have thought beer
consumption would have gone up. stuart: there are problems brewing. tell me about airbnb, up 2.5%. hiking the maximum seat. lauren: it goes to $100,000 later this month if a host cancels on the user. a lot of people complain booking airbnb but at the last minute we had to rearrange everything. stuart: they are raising the fee. $1000 if you cancel. td bank the canadian bank. canadian bank gets a position on wall street. lauren: a price tag of $1.3 billion or 39, 10% of yesterday's close in doing so by sharing part of their steak. stuart: the guy in the cow
jacket, scott schellady is back. you were in full flight when you got cut off, about the dangers, the awfulness of this inflation reduction action of 2022. keep going. >> moody's things it will reduce inflation by 0. 3% by 2031. they are not lying, that's hardly any reduction at all but it is more about climate change and that's where my worry is. the climate change issue is around the globe, we've seen ghana and 3 lanka trying to be extra green. if you go green you will go hungry so we will do that here, cash on top of the dumpster fire right now, that will make inflation worse and make inflation worse by going more green. this going green thing is not working. i say this.
if the government can make a better sale to us as consumers on wide is better to get rid of fossil fuels or go to wind and solar that is fine but they are having to put mandates, these are not surviving, wouldn't need a mandate. back in the day, were there any government mandates or laws or subsidies that made men get awful forces into cars. just a better idea. unless it is a better idea americans aren't going to do it. whatever it is, $350 billion into the climate change initiative when they haven't made the sale to america, the money will go in and make things. and over the past 25 years. and we shouldn't rely on them.
>> let's talk airfares. from the peak back in may. put a dollar on it. >> for domestic round-trip, in may, 286. $118, it is before the holidays, go now, the winter holiday, was $368, and the airports are crowded. to spend money on experiences, pent up demand because couldn't do it over covid. blue and check out la guardia airport, that is a better experience.
next case. iced tea will open a respirator rational weed as an marijuana dispensary with his playmate business partner. we will tell you where it is going to be. the cofounder of actio stating biden's success story saying the president's problem is he hasn't done a good job cleaning his successes. the state of west virginia blocking wall street's giants over their anti-call policies. the state treasurer is on the show. he will tell us about the boycott that could cost the banks a lot of money. that is next. ♪♪ ♪♪ we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard
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duckduckgo: privacy, simplified. stuart: general motors cracking down on people who try to resell our most popular models for higher prices. lauren: voiding warranties. if you plan to flip the car within 12 months, gm will void the warranty. this is for in demand low-volume vehicles. you can get it for $112,000 but it is so hard to get, often selling used for $250,000, similar situation with the corvette, some customers waiting 3 or 4 years. this is the quote from general motors, vehicles are quickly resold, particularly by other retailers who don't adhere to our standards the customer experience suffers and their brands are damaged. stuart: can you do that
legally? somebody buys it, in 12 months they say sell it for a higher price. you can't do that. or you can do it but taking the warranty away. lauren: assuming it would be legal, just on authorized sale. stuart: when do they authorize the sale? lauren: don't know what happens with a typical warranty, good question. stuart: food support. a real change of subject. joining us now, riley more is the treasurer of west virginia. senator manchin got you, west virginia, the pipeline in this big spending deal from west virginia to virginia, did you get what you wanted? >> thanks for having me on.
a pipeline is great but the inflationary effects of this bill, shoveling more money to the fire. when you have inflation production act because it is producing more inflation in the economy if it were to pass but we are not getting what we want to because we see these tax giveaways and handouts to green energy when we need more fossil fuel energy in this country. we need to be focused on being an energy superpower in the united states and producing more fossil fuel energy instead of relying on foreign dictators. stuart: have you told senator manchin how you feel about this? >> i've not spoken with him on this. stuart: you are blacklisting big banks because they boycott the coal industry. have the banks responded to your boycott?
>> we are not boycotting the banks, they are boycotting the fossil fuel industry. we set up restricted financial institution list so any financial institution which is boycotting our industries, coal, gas and oil and west virginia will be ineligible for banking contracts moving forward and if they do business with us contract will be terminated. we received a lot of answers from them and one of the interesting things was u.s. bank changed their policy. they -- their prohibition on lending to the fossil fuel industry, they rolled back which i applaud them for in this is a great outcome. this is how we are going to win on the fight against esg. stuart: you are pushing back strong on est. the you know if any other state will join you? >> we have several other states the past similar just laois and, we will see texas have their list come out this year,
oklahoma, kentucky, tennessee past similar legislation. we are just the first one out of the gate and proud to lead this fight. we won the treasurer of west virginia, thank you for being here. staying in west virginia, with opioid distributors. $400 million. lauren: the latest deal with several opioid distributors, the money goes to the immunities in west virginia and west virginia is by far the hardest hit state. it is a problem everywhere. stuart: $400 million goes to west virginia. next case, the rapper iced tea is launching his own marijuana dispensary. not that i'm desperate to join this place but tell me where it is. lauren: it is in jersey city
and expected -- this luxury retail space for legal recreational marijuana. ice t said you go in this business to make money but i am from new jersey, i want some of the proceeds to go back to the state. if you are looking at the humanitarian element of this, that -- stuart: yesterday we had the news that jersey city where he proposes his dispensary has the highest rents in the country, average rent is $5500 a month, jersey city. lauren: he doesn't rent, he owns but hangs out in jersey city. i haven't been there in a while. must be nice. stuart: let's wrap it up. the white house -- president biden feeling fine after
testing positive in a rebound case of covid. >> i spoke to the doctor not long before coming out to talk to all of you. the symptoms you have don't go away, they linger, no reoccurrence. he's feeling fine. stuart: why aren't we hearing directly from the president's doctor? doctor marc siegel take that on lately. more than a million students left public schools since the pandemic, school districts and teachers unions have to pay a price for keeping kids out of the classroom. kelly o'grady will file her report next. ♪♪
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neil: stuart: speaker policy will be landing in taiwan shortly for a great tension over this visit reflected in the stock market. what happened if shipping in the taiwan strait is stopped, wouldn't be good. lawrence has a mover starting with marriott. lauren: everyone is traveling everywhere and they are.
investors, the ceo said there is no sign that travelers abating. revenue per room, investors say we are worried it will slow down and they are not buying into this report card from marriott. stuart: uber came out with a terrific report, stock is 13%. lauren: drivers, worldwide, at an all-time high, better than it was before covid. stuart: remember the super bowl and the ads from the that guy. lauren: yodeling. it stops way down. lauren: don't talk about plant-based anything.
not much demand, entering new markets. wall street likes to look at the good news but bad news is where is the growth? they cut capital expenditures by 50%. stuart: it didn't really take off that much. more than a million students left public schools since the start of the pandemic and school districts and teachers unions may have to pay a price for keeping kids out of the classroom. what is the price the union has to pay? >> reporter: new york city, with less funding. kids are about to go back to school in two weeks, the district says they expect 10 to
20,000 fewer students to show up, the is across the nation. enrollment declined 3% the past two school years are presenting the largest enrollment change. in la it was worse. another 6% last year. la locked down the mandate and losses reflect that. more students depart, the latter prioritizing in person learning. enrollment losses hurting districts financially. report estimates 680 million here, 1.1 billion for new york, school closures like we've seen in oakland, california. many students may not come back. i've spoken with a number of parents.
and one choice advocacy, they will never and see what they saw in 2020-2024. and the spent role in -- special interest group, in places like florida and texas but regardless la and places feeling the crunch of alternately that blowback will go back on students that do remain. stuart: shot schools down and people leave, thank you very much indeed. the white house says president biden is feeling fine after testing positive in a rebound case. >> we haven't seen any recurring symptoms. i spoke to doctor o'connor, before talking to all of you. some of you had covid from loved ones, close friends had covid, the symptoms you had don't go away right, they linger so you can expect that.
with that there is no recurring symptoms. he's feeling fine. stuart: doctor marc siegel joins me now. why have we not heard directly from the president's doctor answering questions. >> we keep saying that. ever since this happened over a week ago, where is kevin o'connor? he's been sending memos and letters. obviously he's talking to the president but he's the coronavirus coordinator and i think we should hear from the doctor. what are the nuances? why does he try to back out while having nasal congestion? he tested negative, we are seeing a ton of rebound so why weren't they more cautious? all those questions were not addressed and answered. i buy that his symptoms are mild, that he has mainly nasal congestion, the positivity of
the test with rebound, why are we seeing that and why does the fda report 1% to 2% when i am seeing 20% to 30% to 40% people getting paxlovid rebound. stuart: the administration, in september, what is new about these new shots? different vaccine? >> pfizer and moderna are up a little bit, they took ahead on the paxlovid news, the boosters cover the sub variance much more, and that is good news. in september people were saying, should i get a booster? why am i still dealing with the vaccine that is two years old? finally have a vaccine where i
can say covers this new variant. we've had a new oma cron bill for months and months, these sub variance are upper respiratory but still can get you sick. i like to have a vaccine tool that i can use that fits the thing i'm trying to treat. stuart: i saw you on fox and friends and you said monkeypox will not spread like covid. you want to back that up and explain? >> i never say anything i don't mean. it won't because it is much harder to catch. you got to catch it from rash or sexual contact or very close contact, it is not spreading a symptomatically, we have an effective vaccine we've had for years but as usual the public health response is delay. if you take the target group which is mainly the gay and bisexual community is get them this vaccine you will slow the spread dramatically plus those
of us in the older category, not like you, we have a strong -- a smallpox vaccine years ago that actually still gives us some coverage here. stuart: i've got all those vaccines 40, 50, 60 years ago. you are all right, thanks for joining us. see you soon. the mayor of new york city, eric adams declared a state of emergency over the monkeypox outbreak, how many cases in new york? lauren: more than 1200, the mayor declared a state of emergency which means full mobilization of health resources is allowed here. the white house has named fema director robert fenton to lead the monkeypox response. stuart: how about this outdoor dining sheds? they will build to help restaurants workarounds covid restrictions? some new yorkers say they are
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the emergency is over, bring customers back inside. this saved the city but can't get apartment space because they picked up all the space on this side of the street but a lot of these restaurants are using sheds for storage sometimes. stuart: i know for a fact that in hoboken, new jersey, some, all those shacks on the side of the road had to pay rent to the town i know for a fact. lauren: the restaurants needed them and we are grateful for them, in the freezing cold winter. may maybe this lawsuit brings a limited point. go back inside. stuart: the ceo of bank of america sounding the alarm on restaurants struggling to hire more staff. >> having trouble getting people and things like that, overall customers are going out so you are seeing that.
stuart: bank of america should be interested in restaurants, madison allworth is at a restaurant in new york, his employees are fleeing new york, where are they going? >> they are headed to florida which you and i could have guessed, a more favorable business environment, they can go there rather than deal with the uncertainty, restaurants are dealing with this. if you go off to eat your wedding a lot longer. on yelp customers saying staff shortages are up three times compared to last year but not just new york dealing with this but across the board and seeing it in the job industry, looking at 10.6 million jobs that were unanswered last month. when it comes restaurants the demand is up. bring in more focus, you've
been doing this for 30 years. why are you struggling to hire managers of? >> where the economy went, customers went to areas like miami, it restaurants you can't touch getting a table. where does it go? where the money is so the previous administration did to small businesses paying for now and that is what is happening in new york city. the cream of the crop employees, management, top guys we look for are in south florida where the money is. >> reporter: i want to expand this to the restaurant industry, wages have been increased significantly from before the pandemic and we are still seeing so many job openings despite wage increases. when they come in and look for a job what are they asking for that you are not willing to give? >> in our industry you have
people on unemployment and that has been a challenge since the beginning and some people should be on unemployment but i see people willing and ready to work and super talented. i need to stay on unemployment, pay me cash and we won't do that and i can tell you a week later i will find out they are working at our competition because they are making those deals. i'm not putting down restaurants the do things like that but that's not something we will do. a lot of restaurateurs have taken such a beating they are desperate and that is what it is. >> reporter: in terms of full-service restaurants down 11%. stuart: thanks very much. we gotta candy company looking to shell out a lot of money for a chief taste tester, how much is the salary.
stuart: canadian dollars but let's see the ad. they are hiring a chief candy officer. are you passionate about candy, pop-culture and fun? the job is open and here is the best part, you can work remote, you have to test. not for kids, 3500 different types of candy a month and they provide that care. stuart: are you combating me? >> reporter: she would be perfect at this job. candy tasting, pop-culture. they provide what is there. stuart: how do you calm them down after all that sugar? >> they need a psychologist or yogurt school available. stuart: i've got to break-in, happening right now we should see speaker nancy pelosi
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come at taiwan from the east to avoid complications with china's military which is operating in the west, the taiwan straits. don't know if there was harassment of any kind of her plane and don't know which planes escorted her into taipei if any. we are waiting for the response from china and what will our response be. brian kilmeade with me. she has arrived and done it. >> reporter: the wall street journal let us know, as we share the screen with her you have no choice. how weak would she have looked if she had not landed and the word is the biden administration says i don't want to stop her because everybody looks weak if she does it but the word reckless comes to mind. the whole thing is reckless.
i'm for showing strength because china only understands strength. when we say let's be rational about this, they say week week week. so seeing that that would be our strategy can we have a strategy? if you put the speaker of the house in the region for the first time in 25 years and into taiwan for the first time in 25 years, you should be saying mr. president, i helped you get into office, i always go to bat, we are in the same party and go to the same parties, can you let me know how to get on the same page as you? this was supposed to be in april and got postponed because she got covid and the president of the united states out of her, reportedly the white house put this out in the financial times to make her back off and when asked about that speech in massachusetts she said the pentagon doesn't think it's a good idea. can you handle that in a text message or something? stuart: a total mess but should
we now make available to taiwan good weapons? modern weapons to defend taiwan. and say so now. stuart: as we watch the speaker of the house. in foreign relations, the taiwanese were not getting a lot of weapons from mainland china as provocative but if it is in ukraine, the steamrolling of hong kong, changed course. what i found out from general jack keane, to admiral kirby, he said for the most part, it will be serious. in the region with south korea to plan against north korea, we should do that with taiwan. if taiwan invaded and you want to help there is no reversal on how to do it.
we can swing it from the military perspective, have to do a computer model, and jack keane, the study of war, there has been no war planning with taiwan and we've got to. and they are bought and manufactured in taiwan. you want to give china control of that? stuart: i will leave the video of speaker pelosi on screen and talk to you about the droneing of ayman al-zawahiri, killed in a suburb of kabul, deputy to usama bin laden for the 9/11 attacks but president biden said al qaeda was out of afghanistan. a fairly not. i call that a contradiction.
>> the un told us, al qaeda is in 15 provinces in afghanistan. ayman al-zawahiri was understood to be in pakistan, we were not going over there aggressively. since the taliban was out for almost a year now, the tower man are back in power, they are staying in the capital outside, the governmental buildings in a government building owned by the interior minister, another famous terror network, you cannot say not only is al qaeda there while taliban is there but the government is supporting al qaeda again and what we know about these terror networks do they travel with just the leader by himself? all the millions and soldiers and terrorists in training around them? stuart: it is an american when.
stuart: it is 11:00 eastern time on tuesday, august 2nd. right hand side of the screen you see taipei airport, the markets are reacting to the tension surrounding the speaker's visit. there is concerned that shipping the taiwan strait could be disrupted. the speaker arrived in the capital taipei minutes ago. beijing does not like this one but. they been holding military exercises close to taiwan threatening her comprehensive confrontation. earlier china banned food imports from 2000 taiwanese,
opinion is divided, tom friedman says why pelosi's visit to taiwan is utterly reckless, there's nothing to be gained. the wall street journal says chinese military response will signal a dangerous new era, this is a developing story, kayleigh mcenany joins me now. what should our response be? what should it be to china's clear military aggression and harassment? >> forceful backing of speaker pelosi and unequivocal response to china but we take threat seriously. when karine jean-pierre was asked about this she said she would not answer a hypothetical. the action is hypothetical, the threat is very real. it is not an appropriate answer to say we won't and sarah hypothetical. kirby said this is an important visit from pelosi, we stand behind her and will protect her. that needs to be the message
even though the white house, the pentagon telling speaker pelosi, they need to be unequivocal. stuart: we are waiting to see what china's reaction is going to be. we don't know if it was harassed by anybody, we don't know that but china has pledged the forceful response to the visit. what should our response to their response be? i want to leapfrog over their response and lay the law down. are we going to provide taiwan with all the new weapons? >> you are asking the hypothetical, we've got to wait to see the action. josh rogan does a good job in foreign policy, he said china's mo tends to be punishing the weaker actors, they take
forceful rhetoric when in this case the united states, taiwan, you just pointed out the bands on imports. i imagine it will be a tough economic response. of his military response i don't think it will be directly at the speaker's plane. harsher things they alleged they would do would fall short of that. china knows the stakes when dealing in a nuclear world of engaging in military action. everyone shortly going to be a conference of asian foreign ministers. our own secretary of state is going to be there and so is china's foreign minister in cambodia. that surely is an opportunity to smooth the waters and arrange for a face-to-face meeting, xi jinping, could you see tensions follow little bit? >> this comes to blinkem
showing strength, china met in alaska and they used the opportunity to lecture the united states about black lives matter, domestic issues and confrontations and blinken took it and apologized for the united states, that's not behavior the china respects, and the tariffs, the economic hardship donald trump imposed, we need to see the biden administration takes another action when it comes to rhetoric because china respect strength but at the end of the day china is a rational state actor and they understand stakes even though xi jinping has a meeting coming up where he has to secure his third term. stuart: the mainstream media says this is a great week for the biden administration. ackley is touting the president's success story saying the only problem is biden's messaging. what do you say to that? >> it was one of the better weeks in the taken up number 2
of al qaeda even though he shouldn't have been in afghanistan to begin with, self-imposed problem. a win legislatively. none of that negates the pain the american people are feeling and the 19% approval rating among hispanic voters, the economic assessment which is usually in the 20s. you have two victories, may be a legislative victory but we know the inflation reduction act would increase inflation so voters aren't going to feel any meaningful relief. stuart: stay for second. i will digress. five states holding primaries today. what are the big races? lauren: kansas, mississippi, missouri, washington state. donald trump is backing the republican candidate dixon who was leading the pack of 5 republicdas d whoever wins takes on governor gretchen witmer in november.
in arizona five republican candidates are vying for a chance to run against democrat senator mark kelly, he is considered vulnerable, trump has endorsed blake masters. trump also announced his pick in the missouri republican senate primary, saying he was throwing support behind eric. the attorney general, eric schmidt and former ag eric brighton. in kansas, abortion rights are on the line, voters will decide whether or not to change the state constitution to ban abortion. i will stay last year, kansas reform, 7800 abortions, half of them were to patients who came from other states with more strict laws. stuart: some of these races are a referendum on trump, aren't they? >> i don't know that they are a referendum on trump. he endorsed a number of candidates.
is when record in the 90% range or more than that, a rather good record. the democrats are making a calculated mistake by trying to pick and choose primary winners, that never turns out well. in the election they hoped for trump to prevail, the big story is cnn was saying they have this data who noted republicans are outperforming. he looks at all these elections and by 6 points republicans outperform polling. if that is the case in republicans plus 3 in the latest fox news poll republicans have a plus 9 on election day, that is a tidal wave like i don't think we've seen in four decades. stuart: that would be huge. we won't keep you from your show at 12:00 noon, i call it ambushed, what is the real name? >> it is called outnumbered but i call it ambushed. stuart: that is approved of.
let's get to the markets please. the downside pretty much across the board, dow is off to hundred points, the nasdaq turned around, now it is up slightly. our market guy this tuesday morning, you are adamant that we are in a recession. where is the market going? >> the market is going up. i told you to expect the trend to be negative even though expectations were positive. now we are waiting for them to officially declare this a recession. if we look at the last 13 recessions the stock market sells often the 6 months preceding the recession, stock market averages during the recession. as i said before it's not a matter of if we are going into recession, we are in one, it is a matter of how long the recession will last. as you mentioned, a lot hinges on this november midterm election. that can turn the tide on the
economy and pro-business legislation that will get us out of recession. we went tell me about apple, apple is the ultimate company and ultimate stock, make your case. >> i would challenge anyone, it is growing by double digits even in the face of a global economic slowdown reporting better than expected results in tough quarter by comparison, 52% of sales from the iphone which everyone thinks is bad. when tim cook took over the job from steve jobs, no pun intended everyone thought he would fail miserably in point at the scoreboard, stock is up tenfold, he manages through supply-chain constraints, he knows how to manage through boom and bust times and they have a lot of product launches starting with the iphone 14 and there a rvr glasses next year so it is a shareholder friendly company, buying back stock including dividends and it is reasonably valued.
maybe i'm too unabashed an apple fan boy, betting against apple. stuart: apple fan boy. would you say tim cook and apple are the two best ceos of the generation? >> i would agree with you, think about microsoft, no one thought you could fill the shoes of bill gates and the cloud computing division has given amazon a run for its money. stuart: thanks for being with us and see you again soon. breaking data from the new york fed shows total household debt surpassed $16 trillion in the second quarter. edward lawrence is at the white house. $16 trillion. >> reporter: a lot of money. researchers found the total non-housing debt is at the highest level since 2016.
when they look at these numbers, credit card debt increasing, the greatest percentage in the second quarter which is 13% increase in credit card balances since q2 of 2021, the largest increase in 20 years, it is 5% increase from last quarter and researchers call that sizable. auto loans and credit card balances driven up by rising prices and household balances were strong, balance sheets like the white house has said but rising delinquency among subprime and low income borrowers and that could see cracks because of inflation. stuart: i noticed there was noise when you started your report but it columns down a little bit. we will get into this later. thanks very much. now this. interesting. bp formerly known as british petroleum reported its highest
poorly profit in years, they are returning billions of dollars to shareholders. the freeze on student loan payments set to expire at the end of the month as a new study shows student loans cost taxpayers $200 billion over the last 25 years. we have that report. senator kirsten sinema could be the most powerful person in washington. she hasn't said whether she will support the democrats spending builds. we will ask senator mike braun what he's hearing on capitol hill. what he is hearing next.
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stuart: president biden set to announce a decision on canceling student debt. grady trimble on capitol hill. will make inflation worst? >> borrowers would have more money to pump into the economy while supply is tight, driving up inflation. that the argument the committee for a responsible federal budget makes. president biden is expected to announce the decision on student debt cancellation later this month, up to $10,000 of forgiveness. the end of the month is when the current payment pause ends, biden extended that multiple times, the committee for responsible federal budget says even expending the pause again could increase inflation. as the inflation rate already at a 4 decade high, fiscal policy should be helping the fed to bring inflation down,
not working against the fed's efforts. i caught up with senator elizabeth warren to ask her thoughts on student loan debt forgiveness and inflation, not something she seems to worried about? >> what about concerns about the timing? >> it can only have the tiniest effect on inflation and keep in mind if canceling student loan debt is coupled with restarting payments, the affect is not inflationary. it is deflationary. >> reporter: in a report from the government accountability office found the department of education miscalculated the cost of the federal student loan program. the department expected the program to generate $114 billion between 1997, and 2021.
it will lose almost $200 billion according to this new analysis that because of the pause on student loan payments which the president could extend later this month and do blanket forgiveness or forgiveness up to $10,000. we will have to wait and see and how it will affect you and me in the form of inflation. stuart: thanks. the news of the day, speaker pelosi has landed in taiwan and she's put out a statement. america's solidarity with 23 million people of taiwan is more important today than ever as the world faces a choice between autocracy and democracy. and published this washington post editorial claiming why she's leading the congressional delegation in taiwan. should we have a forceful response to china's harassment?
>> reporter: when you have pelosi showing up in taiwan it takes a lot of us wondering what is going on, you need to show we will stand behind our true allies and flexing its net muscles and aligning itself with russia on the ukrainian affair. stuart: you just said a lot of you are trying to figure out what is going on. when speaker pelosi arrived in taiwan people are trying to figure out what is going on. what is going on? is something hidden here? >> she's making the statement and i don't complain about it the we've got to take mainland china seriously, they are our she a political foe in the long run and when they line up with russia in their escapades we've got to make some declarative statements and that is happening.
there is always risk associated with that. we shouldn't get entangled in more foreign escapades, sometimes it is a tricky balancing act and we see that now. stuart: democrat senator kirsten sinema undecided about senator manchin's social spending bill. her office says it might take longer for her to make a decision. what do you know about senator sinema? she might take time to look at this bill but then only 5 days. >> that means it may not happen. they've got two wildcards, you've taken one of them out in manchin, a mind with schumer. when schumer's name is in the equation watch out, it generally doesn't mean you will pay for things, you've got gimmicks in their. hopefully she will look hard and see this is typical of dc. all the savings although
savings, revenue coming here may be 5 through 10, the spending is frontloaded, the climate spending bill, $369 billion, $69 billion on aca premium subsidies which they don't talk about, those will get renewed years 4 through 10, spend $80 billion on the irs front with speculation they will generate more revenue, typical dc swampy politics where you make it look like something is happened, it looks to be inflationary, not giving us the whole story. hopefully she will flush it out. stuart: when senator manchin did that, he could get a pipeline for natural gas from west virginia to virginia. trouble is that pipeline is a separate issue and will be considered separately down the road.
it occurs to me senator manchin might not get that pipeline. the greens could say we don't like pipelines, not going to do it. stuart: >> just had a handshake with schumer, that the bird in the bush, not in the hand and that is how things work. manchin and sinema are in a tricky spot because they are wildcards, they upset the agenda and look at the agenda the democrats are playing with this november trying to defend him. this is an attempt to reign in manchin, get sinema to come along, hopefully she does not give in to this gimmick which spends all the money up front, has all the savings later on, typical dc gobbledygook. stuart: it will be a big week but thanks. see you later.
back to the markets, looking at a 200 point loss for the dow jones industrial average and the nasdaq down 8 points. show me bp, bridge petroleum, profits hit a 14 year high, stock is up one of the 12:45%. lauren: by 10%, shareholders, $0.06 a share, profits 8 billion if you want to compare, oil prices rose so much, compared to $2.8 billion, not only are they raising dividends but buying back stocks and expected to raise their dividends through 2025. bp says this is a reliable source of income for owners, shareholders, record profits, $59 billion for the big 5 oil companies in the last quarter and critics don't want to hear that, why don't you invest more of that? the oil company say why don't we take that risk? we don't know what the future holds.
for the investors that stuck with them they are paying them more money. stuart: i wish grady trimble would get a question to senator warren. lauren: her hair would be on fire. stuart: it would go down well. amazon's carbon emissions jumped by double digits last year. lauren: covid. we sat down and ordered more, more deliveries for amazon and more emissions. according to amazon's sustainability report there emissions were up 18% from 2,020, 40% from before the pandemic. they promised to go neutral by 2040 and aiming to put 100,000 electric vans on the road by the end of the decade. stuart: an image from space. you see those clouds? actually smoke from a massive wildfire in california that has
burned 50,000 acres and it is 0 contained. speaker pelosi has landed in taiwan. house republicans want to lease weapons to taiwan. congresswoman michele steele leads the charge for that. she jointly next. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership. can help you get there. that's the value of ownership. finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy, i kept moving forward and did everything i could to protect myself from recurrence. verzenio is the first treatment in over 15 years to reduce the risk of recurrence for adults with hr-positive,
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stuart: phoenix, arizona, got to be going higher than that. the dow is down 300, now it is down 159, the nasdaq has turned up 20 points, 22-8 is the price of bitcoin, the sec charged 11 people after an alleged crypto ponzi scheme. lauren: the sec says 11 individuals ran the room mid scheme for fast and furious alleging they raised $300 million by aggressively marketing millions of investors promising huge returns for passive investments.
new investors money to pay the old, the hallmark ponzi scheme. this highlights the risk of crypto currencies with volatile price movements lately, a drop and the sec is starting to really police enforcement of it. stuart: it interesting they have held up relatively well despite these scandals in the background. lauren: the month of july was fantastic for ethereum. they are holding races now. stuart: 60% if you like. might have been that. up to date on the news. if you watch this show you know what is going on, speaker pelosi has landed in taiwan, live video from taipei where she landed less than an hour ago. congresswoman michele steele from california joins me now. you want to create a lend lease military aid program for taiwan. which weapons do you want to lease to them?
>> not just weapons but supplies too. the taiwan act actually provides taiwan with weapons and supplies. this is important because we believe in and support taiwan's independence and this gives greater defense capability. stuart: fdr did a lend lease program with winston churchill and supplied the brits with all kinds of military hardware, destroyers, tanks, everything else. do you have the same scale in mind for your lend lease program? >> we just passed it. doing it beforehand. china attacked taiwan.
they are watching very closely. what we try to do what we can to prevent this war and chinese communists should not attacked taiwan and we are preparing to do that. at this point we are not clarifying what we are preparing to do to support taiwan. stuart: i want to tell our audience on the left-hand side of the screen is speaker pelosi's car arriving at her to hotel in taipei, taiwan. those are live shots. you're up for reelection in orange county, california running against democrat jay chen. is your area becoming a little more republican than it was? >> it is all -- treats are dangerous. schools are awful. in california. so high. i have been doing door-to-door.
we did more than 53,000 houses so far. we have middle income asian americans and latinos becoming republicans and want to vote republican and deliver the good news. stuart: i should tell our viewers on the left-hand side of the screen it looks like speaker pelosi is getting an almost joyous celebratory welcome at her hotel. i hope i'm not mistreating that, but thought crowd seems enthusiastic and you are happy about that. last word to you. >> i'm so glad she kept the promise to visit taiwan and this is good. stuart: we appreciate you being on the show, a timely appearance. michele steele, thanks for joining us, appreciate it. speaker pelosi has landed in taiwan, just gone to her hotel, you are watching that, china is
responding. this just coming at us. lauren: china will take all measures to safeguard its sovereignty and territorial integrity in response to the speaker's visit, all the consequences arising there, by the us side and taiwan independent separatist forces. stuart: they will safeguard the territorial integrity. and take action. lauren: that is how i am reading between the lines. a bunch of nothing, they are not ignoring, it is not provocative. stuart: she has landed and we might think about all these options. lauren: president xi is dealing with a lot.
lauren: they let up assign that says tw hard us. they are welcoming nancy pelosi's visit. the highest official to visit in 20 years. stuart: speaker pelosi issued a statement just shortly after, america's solidarity with 23 million people of taiwan is more important today than ever as the world faces a choice between autocracy and democracy. if we got that shot back again i would love to see it. i'm intrigued that the crowds who have surrounded her hotel, the motorcade arriving, that's what happened. a live shot of is that taped? that is live. the rest, there she is. that, i believe is her entourage arriving at the hotel and if you listen carefully you could hear the cheering,
clapping. this is a popular visit, the crowds are out, it is late at night. people are very happy to see the speaker arrived. ongoing story. when you see american official cheered by a roaring crowd you are onto something good. so they take her into the parking lot so no problem being exposed to the crowds and she's in the hotel. there you have it. here's what is coming up for you. the governor of texas just invited the mayors of new york and dc to the border, he wents them to see the migrant crisis firsthand. the search for survivors intensifies in kentucky, 37
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stuart: speaker pelosi hired in taiwan, the reaction is coming in. china will conduct missile tests off the taiwan coast. between august 4th and august 7th, the chinese military will conduct drills, encircling taiwan. on august 4th and august 7th, that is their response to the pelosi visit. there may be more response to
come. high temperatures in texas straining a power grid. lauren: they are expected to break records, the power grid operator think they will break records today and tomorrow, don't expect any blackouts but are managing it, they have enough resources to meet demand. the hottest summer on record, the average temperature was 95. it was well over 100. stuart: i california wildfire, view from space. what do we have? lauren: the clouds the form above the fire. it is scary to think about. 52,000 acres, the largest wildfire in california this year, burning through the national forest in the north border with oregon, these two
people have died, thousands have been evacuated. stuart: week need to get back to the market, the dow is down 120 points. we've seen speaker pelosi land, part of china's response. the tension is beginning. lauren: the drills that encircled, will take place between august 4th and second after she is expected to leave, a soft finding of their rhetoric or perception of this video. stuart: affair point, down 116 points. look at dramatic video, rescue crews airlifting a family out
of their flooded home in kentucky, jeff paul in kentucky, more rain in the forecast? can that mean more flooding? >> reporter: overnight they didn't get the amount of rain that was forecasted so that is really for the people out here trying to get back on their feet but as the water levels go down, some pretty dramatic destruction from the flood. these were pieces of the house that were ripped off and if you look further downstream that is the roof of a van completely submerged, tells you not only how high the water was but how strong the floodwaters were as it swept through eastern kentucky, rescue pro-plaps are not taking advantage of the water as they try to get as many people who are stranded to safety by boat or helicopter. hundreds remain unaccounted for
and people don't have a cell signal to communicate but in other cases more bodies are being recovered than those who are killed. officials estimate the number fit sets 37 dead and will likely go up as the area continues to deal with everything they have lost. >> the creek bank, photographed laying in the mud, their bodies underneath rumble. they went to sleep. and woke up, didn't wake up, washed away. >> reporter: with more rain expected in the coming days a lot of power crews taking advantage of this weather. with your change in weather people are warned to be careful
because hotter temperatures, people get dehydrated when they don't have power. beyond that, think of all this rain, soil, ground, very, there is a threat of trees that can fall down on people out here. stuart: thank you very much. the sense of the market, the dow 30, a mixed bag 120, more varney after this.
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stuart: we are getting a response from beijing to speaker pelosi landing in taiwan. lauren: this visit has severe impact on political foundation of us china relations and seriously infringes upon china's sovereignty and territorial integrity, greatly undermines the peace and stability across the taiwan strait, china opposes and condemns this and made serious, strong protests to the united states. stuart: we reported the china said they will encircle the island of taiwan between august 4th and august 7th. military drones encircling the islands, that could be a
problem for taiwan's trade, how to get ships out of port when the chinese navy is just offshore, could be a negative. the other big story of the day, the us just killed the leader of al qaeda, ayman al-zawahiri, in afghanistan, huge win for the military raising questions about al qaeda's presence in afghanistan. congressman dan crenshaw, retired navy seal, you served in afghanistan. is the country being used as a safe haven for terrorists? >> that was pretty clear and what we have been saying all along would be our fears if we left afghanistan and didn't leave anything behind. what is also clear is the caliban intended partner with al qaeda and give them safe haven. it is clear that tell a brand-new the dr. oz -- ayman
al-zawahiri was there and they weren't going to do anything about it. there is little difference between the taliban and al qaeda, the same people running the same circles, that was clear before, doesn't take away from the wind that this is and i commend the white house for making this decision is coming the strike. stuart: i want to talk about the border because you are a border state, texas guy, governor greg abbott invited the mayors of new york and dc, get out of texas, go to the border, get a firsthand look at the migrant crisis, you think they will show up? >> i hope they do. i hope they understand they've dealt with a few thousand migrants and they think that was overwhelming, texas dealt with half a million coming across the border. texas is the focal point of the border crisis. i was thrilled to see the mayors of dc and new york start
to take this seriously and claim there is a crisis, maybe they can get the democrats in a way we can, they can convince president biden he enforced the law and secure the border because it is seriously harming texas and our infrastructure, our ability to provide services to our citizens. it is a complete catastrophe. imagine what half-million those. stuart: it just can't change, no way to reverse course, stop border, control the border and send people back, it will not happen as long as democrats are in the white house. right? >> that seems to be the case, they are beholden to radical immigration groups that tell them what to do. they fall back on the ideology that anyone coming across is a victim that needs to be taken care of as opposed to someone looking for a better situation
than they had five minutes ago. you can't cut the line. we have have a system of immigration where we dictate who comes in based on some prioritization based on some kind of standards and that's not what is happening right now because the left falls into the strange ideology that removes borders from any consideration at all. stuart: thanks for jumping on board at the last minute. appreciate it. programming note, tomorrow maria bartiroma will host a live summit from the texas border joined by lawrence jones, tom homan and local leaders and residents who feel the effect of the border crisis every day. maria at the border starting at 6 a.m. eastern tomorrow. 11:55 eastern time, time for the tuesday trivia question. when did the us government first issue paper money?
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reserves of gold and silver coins. back then, paper money was known as greenbacks. two new episodes of american built tonight, the light bulb, 8:30. essex aircraft carrier. watch them both here on fox business prime. what is day it has been. lauren, thanks for the help covering pelosi's arrival. our time is up. jackie deangelis in for neil. jackie: i will set my dvr and watch it if i get home in time. i'm jackie deangelis in for neil cavuto. all eyes are on china. the world is watching waiting to see if china makes good on its threats as house speaker nancy pelosi lands in taiwan. china sabre-rattling with armored tanks lining up. easing worries over china tension. we have big show for