before the debate, just going to get worse, i think inflation from a common man's standpoint for the working class is going to get worse all the factors pre-debate are going to keep going in favor, that being said i love jay woods five of the mag seven hitting all-time highs. i think new highs mean one thing for markets, more new highs, bullish in the big tech for the time being. cheryl: a lot of data coming out this week, cpi, ppi and obviously on the political side you have nato a lot of news happening, maria is back tomorrow. "varney & company" is on now in david asman is in first two. >> good morning, everyone out there i am david asman and for stuart varney. stuart is going to return tomorrow. congress returns today but democrats are deeply divided

about the president's reelection prospects for senior democrats. the reportedly calling for president biden and his reelection bid. biden says only the lord almighty can't convince him to step down. the next big item on his agenda is the nato summit that kicks off on d.c. tomorrow president biden is hosting high-level talks of nato leaders next week he will deliver speeches in las vegas. it is a counter programming to the republican national convention, speaking of which it does convene just a week away. that is when donald trump will officially become the party's nominee. trump also says he's going to announce his vp picking milwaukee but is been vague about the details of that announcement. to the markets, the dow, the s&p and the nasdaq are all showing green arrows, it looks like in the beginning of the week is going to be a good day. the ten year if we could take a look at the interest on the

tenure, it is up a little tech, two basis points to four-point to 81%, the two year if we can switch to that is up two basis points up to 4.63%. bitcoin is traded at $440 up to 57125. on the show today, oversee celebration turning into riots in france after left-wing political coalition secured the most seats in the country's parliamentary election, this was the runoff, the victory coming as an offset to the national rally party last week that lead in the first round of elections. here at home hurricane beryl taking landfall early in texas after strengthening to a category one overnight, strong winds and heavy rain battering the state periods storm surge warnings in tornado and flood watch are in effect throughout the gulf coast. it is monday july 8, 2024. "varney & company" is about to

begin. ♪ ♪ ♪. david: i love asher, i'm a big asher fan. this song is entitled more, talking about some people who were on biden side and want to continue with more. democrats met behind closed doors on sunday to discuss president biden's future multiple ranking house democrats don't want more, they want him to exit the race. good morning lauren. >> no more here, hakeem jeffries held a listening session if you will. these four ranking democrats are defecting from president joe biden. you have jerry nadler of new york along with joe morel, marked econo of california and adam smith of washington all

calling for biden to drop out. axiom says on monday. i'm a pro when congress returns, sometimes i might slip up. these democrat are not only scared about the country and the party but their own races. up and down the ticket that the competing with joe at the top. no democratic senator as far as i'm aware has publicly called on president biden to drop out speed when there was supposed to be a meeting with democrats in the senate, mark warner was involved, thank you very much. on friday president biden sat down with an exclusive interview with abc news anchor george stephanopoulos. it wasn't bad as the debate performance but it did very little to settle the debate about his fitness, listen to what he said about calls for him to step aside. roll tape. >> i convince myself of two things i'm the most qualified

person and i know how to get things done. >> if you can be convinced that you cannot defeat donald trump will you stand down? >> it depends if the lord almighty comes out and tells me that i might do that. if the lord almighty says joe get out of the race but the lord almighty is not coming down. these hypotheticals. david: todd piro joins me. i think one lord almighty is enough. >> he invoked his name three times but this interview did nothing to stop the calls from stepping down. >> he needed a hail mary and that fell flat. it's important to remember he refers to the lord almighty for all of our money is the phrase in god we trust in joe biden is no longer going to be the nominee if the money does not follow him because you need money and the current state of affairs. all of the donors like happening over the weekend abigail disney, the netflix guy all pulling

their money away it's going to be tough. even though he really does believe that he is fine and even though he thinks that this is his mission to defeat donald trump. if the money is not behind him he is not winning. david: he is fighting back and some people are saying it's a coalition at family coalition that is encouraging him to stay in it. but the professionals david axelrod has given up on him and you can't ignore david axelrod. >> david axelrod isn't running to be first lady again and seeking a pardon where the rest of his family dr. joe biden trying to become first lady again because she does all the reporting loves the power and hunter biden needs a few things from his dad in the parking are. david: hunter biden is helping him with scripts including the scotus decision last week. >> do you know anybody that voted for hunter biden, according to reports he is running a fair amount of our government, that is scary. david: president biden had another gas in pennsylvania over the weekend, he claimed the state got him across the line

when he was ready for delaware senate seat. roll tape. >> even when i was running for senate, each time iran, quite frankly not a joke, philadelphia and particular coming across the line. [cheering] i'm not joking. i mean it, seriously organization and the whole deal. david: he may not be joking but is making a mistake. >> he pivoted and said it was organizationally but he can't back away this weekend he said on thursday independence day, hohokam independence day, santa isn't coming. david: todd is here for the whole hour. another radio show host the interviewed president biden after the debate admitted to receiving questions from the campaign, what is the radio show host saying. >> she said she agreed to the questions ahead of time.

watch here. >> were those questions given to you by the white house or the campaign or did you have to submit questions ahead of the interview? >> the questions were sent to me for approval. i approve them. >> so the white house sent the questions to you ahead of the interview? >> yes. >> i got several questions, eight of them and the four of them i approved. >> her station said they never approved of any of that in lawful standards is no longer with a copy, this practice of delegitimizing lack voters voices continues today, w dior d radio is not a mouthpiece for the biden or the administration internally we will commit to reviewing our policies, procedures to reinforce independent and trust with our listeners. mainstream media should do the own introspection to explore how they lost the trust of so many americans, black americans.

>> they didn't realize there was anything wrong with that. >> the other station that agreed to question said i was honored to interview the president. you can go over topics but questions? we don't do that. david: thank you, let's get to the markets, futures are up, the dow looks like premarket activity the dow looks like it might open up with 100% gain, the nasdaq and s&p are up as well, jeff sica joins me now. gary ca wrote about it this morning, the market has been doing great, not so the russell 2000, small midsize caps, the market is doing great because so few companies are going gangbusters, that is not follow through by the rest of the companies is it. >> i would consider this like the ozempic market, it is so thin right now that you know that there is going to be a day of reckoning at some point if it

does not spread out. if you look around at the barbecue this weekend, the happiest people at the barbecues were the nvidia shareholders, microsoft shareholders. david: have you noticed everybody seems to make a bundle and everybody's claiming they made a bundle on nvidia, i double the most of them. >> thankfully when i recommended it you can go back to the tape and see i started recommended and 2018. what you see so much money is piling and that and investors to make money, they need to realize that unless you love the unlovable stocks in the market you are going to keep chasing momentum in sooner or later momentum reverses. david: speaking of going back to the tape we had pete buttigieg on it this december and you were on that day and you told me in the green room that they could not give ev's away at a local

dealership that you went to and one was willing to sell you a truck ev for $10000, pete buttigieg said that's impossible people on the internet said that was impossible, defend yourself. >> and keep it and i on my phone and i waiting for pete buttigieg to call me and apologize because he sort of made me look like i was lying on television by saying making a mockery of me so i'm not particularly happy with him but the truth was that actually happened to be in these dealers want to get the ev's off of their lot because there taking up space for cars that they could actually make money selling, that was a true statement and you see it coming out today. david: by the way for screws is essentially giving away a lot of their cars. the company's gone back but $14000 there selling at 15, 16000-dollar car. >> that was the highlight of my week when i got your message and i said i been waiting for this to happen and thank you for

bringing that out. it is a true fact, the ev's are a disaster. david: you stick to your word, thank you very much, former obama senior adviser david axelrod predicting biden may lose by a landslide, roll tape. >> what he can't be his father time, that is a concern he's not winning the race, is more likely he will lose by a landslide then when narrowly. david: the great joe concha is dealing with that when we re return. look at the headline, vote for donald trump this november to ensure an economic miracle, steve moore wrote that. i want to know what happens if trump is elected and he inherits every session for president biden, how does he get out of it? steve moore is next. ♪

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david: futures are looking pretty good, let's see if it stays that way throughout the day, the dow is up 78 points, s&p 6.5 and nasdaq of 15. lawmakers are back on capitol hill while a large focus is going to be president biden's mental fitness. the economy will also be a focal point. hillary vann is on capitol hill, we do have breaking news on a letter that biden sent to democrats, what can you tell us. >> president biden's welcoming congressional democrats back to capitol hill with a letter making it clear that he is not going anywhere. a new letter he sent to congressional democrats, the president says this, the voters of the democratic party have

voted and have chosen me to be the nominee of the party do we now say the process did not matter that the voters don't have a say, i declined to do that but still president biden's mental fitness is going to be under a microscope on capitol hill as party leaders discussed his date, senate democrats will discuss biden's future after policy lunch tomorrow after house democrats held a private phone call this weekend were some top democrats say biden needs to step aside and give up being the parties nominee, jerry nadler, adam smith, joe marelli and mark to cano said biden should step aside and bow out of the 2024 grace, congressman don byers said on the call that biden should step aside now saying my perfect world is joe after talking to leader jeffries majority leader schumer's steps aside now, let, love run as a

cabinet. but republicans don't think swapping out biden for harris will do the trick. >> kamala harris is joe biden to, she doesn't fall asleep in the middle of a sentence by her sentences silly and when she's done she's going to be punctuated by crazy maniacal after. >> biden still has some allies standing by their president, senator bernie sanders says stop focusing on the man and focus on the issues. >> biden is old is not as articulate as he once was, i wish he could jump up the steps on air force one, he can't. what we have to focus on his policy, this is not a beauty contest or a grammy award it is a contest for who stands with the vast majority of the people of this country. top democrats on the hill chuck schumer, house minority leader hakeem jeffries o are back invid they have not bailed on him yet but what they say and do this week will be critical as they

face growing calls from some in the caucus to ask biden to bow out. the president made it clear in an interview on friday even if congress asked them to step down his fellow democratic colleagues he is not going anywhere unless the lord almighty says so. david: great reporting as usual. thank you very much. let's take a look at the headline that says vote for donald trump this november to ensure an economic miracle. we might need one. steve moore wrote that and he joins me now. the economy seems to be slowing down, the fed is seeing a lot of economic prognosticators, what happens if trump is elected elew does he get us out of the recession. >> i very rarely agree with bernie sanders but i think he is right, i want this election to be not about joe biden's mental fitness but the mental fitness of the policies that these democrats have put forward. i think republican should be

focusing on the damage that he has done to our country whether it is a runaway inflation, the out-of-control border, the crime in the city, the mayhem on the campuses. all of these are direct result of biden policy, the new narrative that democrats that our policies are great he's just not mentally fit, that's not true policies as bennett complete disaster. if trump gets in and right now is looking pretty strong i think he could turn this around in 60 days. david: 60 days? let me stop you there, if we are literally going into a recession which some people say that we are, does he have the policies available that could pull us out of a recession in 60 days, i think that would be a president. >> inequities they were headed into recession who knows where this economy is headed in your right the economy has been weakening, there's no doubt about that. it's been pretty weak throughout biden's presidency.

i think what would happen if trump wins you are going to have explosion of optimism in investors and workers are going to know working to make the tax cuts permanent so we have lower tax rates relative to the rest of the world and we will drill for all-american energy, we get the board under control, trump has said he wants powers we can cancel hundreds of billions of dollars in spending. david your financial guy you have to admit that would be a bullish scenario. david: what about taxes, they expire the trump tax cut in 2025, will he extend those cuts or is there going to be a new regiment, might he go for something like a flat tax? >> certainly we're going to make the tax cuts permanent, whether were able to flatten the rates you'll have to see but i know trump has said he wants to help small businesses the most and one way of doing that is

lowering the tax rate. david: we have to leave it at that, great stuff. it's appreciated. >> i did by nvidia stock last year. let me tell you i know you don't believe me, show me the receipt, thank you very much. let's check the futures they are still lot their losing a little bit of steam working down toward a flat line, the dow was up 79 and premarket activity in nasdaq is up 17.7. the opening bell is next. stay with us. ♪

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david: getting back to the market, they're doing pretty well and premarket activity, the dow was up 81, nasdaq up 16, keith fitz-gerald joins me now, you say that friday's monster rally will continue and i'm wondering for how long? >> as long as people want to buy, they realize that we're on

the cusp of something really great regarding technology, it's going to impact every aspect of our lives. david: are you worried as we said before on this show that it spread a little thin, it's focus with the extraordinary success of nasdaq over the past few months has been focused on the a.i. oriented stocks, primarily are you worried that the market has spread a little too thin. >> that's a great question, the answer is no, i would be surprised if it were not concentrated in the reason i say that if you look at history, penicillin, electricity, water power, the internet every time we see a major shift, the market has narrowed up with new leaders emerging. david: you have pics, i want to start with an ev maker, tesla, we talk to the previous segment how there is problems with tvs that are leading to a lot of ev

owners say there to go back to gas powered cars, mckinsey had a study 50% said there going back to gas powered cars, are you worried about that trend. >> are taken into consideration but no i'm not i don't think of tesla as an ev car company if were talking real-time data, insurance and charging network and distributed electric power, i don't think about that company in terms of vehicles anymore. david: let's talk about stewart's favorite microsoft, you're still bullish on microsoft? >> no question about every dollar is being invested in being distributed throughout their entire product suite is bringing $1457 back, reducing nine, 12, $15 within 12 months. david: there not spread too thin over a.i., they are diversified enough so with a.i. has any kind of downswing they are set to deal with it. >> exactly, they can implement the added touch of a button and every product that we have

worldwide, there's nobody else i can say that, the good to set the pace for a long time to come. david: why do you like palantir? >> this is one of my favorites people starting to figure out we knew as six or $7, this is big data finding relationships that previously are not discernible using computing, they are aggressive and on hunt and corporations love them, super sticky revenue stream and high market. david: is up 3% and premarket activity we're going to look at where it pops afterwards in of course you mentioned nvidia i imagine your big on that, keith fitz-gerald always a pleasure to see you, thank you for being here, have a great week, the opening bell is ringing were expected opening to the upside at least on the dow is trading up right now it actually has come a little off of the premarket highs but it's up a pretty healthy 56 points right now but as you can see we were just talking about how it split

between the successful companies and those not doing so well. let's switch to the s&p i understand is that another intraday high, this is an all-time high 5572 is s&p 500, let's switch over to the nasdaq, a good day as well although it's up to trading over 18000, 18363, let's take a look at the big tech companies doing so well over the past several months, of the big five that we put up on the screen right now only one is in the green today so far that is apple, it is up about a quarter of a percentage point at 226.93. amazon is trading down, bedded down, microsoft is down a bit in alphabet the biggest loser right now. tesla share is in court today, we just heard keith is bullish

on tesla, what is happening in court. david: this is the first to client for tesla coming in eight sessions, tesla is up 36% i want to put that into perspective before talking about the news and the 1.4% decline, the attorneys want $7 billion in attorney fees and tesla shareholders say that's completely outrageous it equals $370,000 per hour per attorney and paralegal that's what you used to get, 370,000 in our but the attorney teams say that they're entitled to a fee equal to a certain% of the massive judgment. david: bowing is big in the news and reportedly pleading guilty to the 737 max k-uppercase-letter's, what happens now. >> the stock is up 2%, they get the title of felon but they avoid a long courtroom drama and they could start to put this fatal crash from 2018 and 2019

and the slew of quality control issue sense that behind them, that's why the stock is up, there also agreeing to a fine of $244 million, it is not smooth sailing, they are defense contractor, the pentagon with nasa and now that they have a guilty plea to a criminal ch charge, you have to worry about what happens with those contracts, they would likely need a waiver. david: microsoft stews favorite we were talking about that they ordered their staff in china to drop all android devices, what is happening. >> i call this a win for apple but it's kind of confusing. in a memo by bloomberg all microsoft staff must switch to iphone starting in september. if you have an android including their own huawei or show me your to be provided with an apple iphone 15 instead. i scratch my head because i thought the chinese government was trying to get the federal workers off apple devices and off the iphone, what you do with all of this.

david: you probably knew about despicable for a long time ago they have been getting at you to buy them all tickets in the w over the box office over the weekend, how much did they actually bring in. >> 122.699 in the u.s. did you bring your kids, too much fun outside but the franchise is such a reliable profit engine for universal and for elimination before inside out two in the one point to billion dollars global blockbuster coming in to the holiday weekend, box office sales were down 20%, with the family-friendly entertainment despicable me for inside out two were seated recover. david: sky dance media and paramount have officially agreed to merge, give us a detailed, the stock is up a nickel, sky dance david ellison's production company will shell out over a

billion dollars to take over national amusements, paramount controlling shareholder from the redstone family, sky dance will merge with paramount ellison becomes a power player but he has a lot of challenges how do you reinvigorate cbs, mtv and even streaming paramount has 70 million, netflix 270 million subscribers but "the bottom line" it is an injection of cash when traditional media in decline. david: corning makes class for big-screen tvs, they are surging up over 7%, what is going on. >> any class for artificial intelligence they raise the sales forecast which will be later this month, that is primarily driven by the new optical connectivity products for genitive a.i. david: let's switch to pharma, they are surging today, what is eli lilly have to do with this. >> lily is requiring more 3.2

billion dollars in the values more at $57 a share, that was a 79% premium to wear closed on friday, why do they want more, they're working on a pill for inflammatory bowel disease and treatments for other autoimmune diseases as well as cancer but think oral pill, that is a game changer for a lot of companies. david: while we were talking we may have been saying something right for the markets because traders are buying into the market, the dow is up 226 points right now, let's take a look at the dow winners if we can get a sample of what's doing so well, intel is up, but wing is up because of the news the legal news, goldman sachs, travelers and 3m is up one and a quarter percent and the s&p 500 winners, corning again, super microcomputer, intel again, carnival corporation is doing pretty well almost 3%, nasdaq

winners, intel advance micro, gilead sciences, biogenic and constellation energy, check the ten year the yield on the ten year is up a little bit 1.3 basis points up four-point to 9%. checking gold which is down 15 bucks an ounce 2382, bitcoin is up $350 to 57033 oil trading down but well over $82.34, natural gas is up as well, the average price for a gallon of regular gas now $3.50 even. for diesel $3.84. coming up congressman chip roy introducing a resolution to remove the president and he's going to meet with house republicans tomorrow to discuss the 25th amendment, what is

congressman roy's plan, he's on the show. james comer once the white house position to testify on declining mental state. james comer's concerns comes from revelations the doctor has been involved in the biden family business dealing. we are on that story, biden is going to host high-level talks with nato beginning tomorrow but being the host he could not skip out on the dinner like he did at the pretty awful g7 meeting remember when he was stumbling around and had to be guided back in place by the italian leader, congressman cory mills on biden standing in the world coming next. ♪

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david: markets are doing pretty good the dow is up over 200, the s&p 11 and the nasdaq is up again up 20 points we've seen new all-time highs in the nasdaq stocks, president biden is going to host high-level talks with nato leaders in d.c. beginning tomorrow, edward lawrence is at the white house, what are allies saying about biden's mental fitness. >> nato members being very silent on the issue, the nato secretary-general was asked specifically about president biden's mental fitness, we have that here in the response from republicans about those comments from the nato secretary, listen. >> if i start to answer questions like that i will be dragged into a debate and the reason nato is the most successful is that we have domestic partisan issues and i continue to do so.

>> let me translate diplomatic, of course they're talking about joe biden's mental competence otherwise a swift answer would've been of course not, joe biden is great, the answer was of course were talking about that but were not going to get into that and that's probably the appropriate answer for stoltenberg giving his position. >> president biden tried to revive his growing image that he has a president mental decline, and interview and abc, the president wanted to talk about all the work he's put into nato and how he's the only one who could take on the russian president. >> i'm on the phone with the new prime minister of england i'm working on what were doing with regard to expansion and nato and weather is going to stick and taking on putin, every day there is no day with those decisions every single day. >> nato leaders will see

president biden in person they may not see the strong american president, they may see the robert hur report described as an elderly man with a poor memory, and the congressional democrats out from the president it says it's been well aired over the last week on how to move on and in the letter it says it's time to end, back to you. senator lindsey graham is very concerned about national security following biden's performance of the debate, watch this. roll tape. >> most of us are concerned of the national security implications of this debate of president biden's health, bernie sanders with biden he is not liberal enough, 70% of the public believes that president biden is not mentally and physically capable of being president, 70% believe the nation is on their own track. most democrats are worried about biden winning the election, i am worried about biden be the commander-in-chief of the next

four months. david: i'm worried what the world thinks of it. it's not just our advice, the g7 or the nato members that we will see you tomorrow it is our enemies they concern the more because they jump when they see weakness. >> let's start with enemies. when you look at human nature, we all have kids, child even a two or 3-year-old knows how to exploit weakness. they see an opening and exploit for their personal gain, i would like to thank my two children are not evil whereas our enemies are evil. they will see this whether it's china, iran, russia they will exploit it to their own personal gain, what that is i'm not a foreign security expert but i know it's not good for us but when it comes to our allies, donald trump wants to blow up nato, no he doesn't, he wants to make sure all nato does their fair share and doesn't look at

america as a blank check to fund their wars and fund their security. if you are an ally over the course of the next week you will get a diminished joe biden, i take advantage i don't need to make sure my gdp is to present a gdp i wanted to convey to ch chavez. david: disconnects to what's happening in the middle east in a certain way as well israel was told by the biden administration not to pursue the headlong assault against thomas, what we are seeing an nbc news report that showed support for hamas within gaza has dropped dramatically. it was a 50 or 60% support before the war began, it's now down to a 5% support for hamas. what israel was doing they live there no better than anybody in the united states but if they had followed biden's advice, we might not found that out. our allies are not following biden device and when they don't

sometimes they succeed as israel appears to be doing in the middle east. >> imagine if you israel if you look at the united states and the biden administration and say you have the goal to fight our own war you were the one attacked on october 7 and second of all you told us how to fight our work poorly and we always mentioned joe biden barack obama defense secretary said joe biden has been wrong on every foreign policy decision add another one to the list. if your benjamin netanyahu, i know there are many jewish americans and politicians even in israel that don't like benjamin netanyahu but he is the leader and he calls the shots. for the united states to serve his authority in handcuffs, they're trying to fight the war. david: even his political enemies supported the attacks on hamas that seem to be paying off right now. finally, the letter that biden said to politics is different, we have to go but will biden be able to talk, the rebel democrats on his side. >> i thought he would be gone

today, clearly i'm wrong maybe were carrying this until friday. david: coming up the trump campaign and republicans believe biden's poured debate performances put solid blue states into play, we have that story. hurricane beryl has made landfall early this morning in texas, life-threatening storm surges and strong winds are battering the state eastern coast, a full report from texas right after this.

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david: now this, hurricane beryl made landfall in texas. it is not a category one hurricane bringing life-threatening storm surges the thousands in eastern texas, katie byrne is in galveston texas, give me the latest on what's happening there. tragically one person has died overhears county where houston is because of beryl. a man in his 50s was hunkering down when the storm was moving to early this morning. a tree fell down on his home and he was trapped under debris and died according to the sheriff's office. over here in galveston closer to the coast we've been dealing with more of the same the strong

winds causing outages and down trees as well as torrential rain and storm surge leading to flooding you can see the gulf coast behind me for a lot of the morning we've been watching these waves crashed over the seawall, there is a car deciding to turn around looking ahead likely at the flooding on some of the roads because of what we've been dealing with for really ours now, flooding has led to flooding in buildings and including nearby at our hotel we are seeing all kinds of scenes like this across the texas coast but even further inland work crews rescue people from rising floodwaters in rosenberg about an hour southwest of houston. here where were seeing in galveston there is water everywhere in the lobby downstairs, we believe it's a combination of storm surge and rain nonstop throughout the night is starting to lighten up in the last couple of hours but we've been feeling three hours of consistent 70 mile-per-hour

wind gust, the strongest about 85 miles per hour, i don't know if you can see this gentleman it looks like he's checking out the bottom of his car because we have the salt water crashing over the seawall, babies checking out to see if others is erosion damage that can do a lot of damage, the storm is going to continue to make its way arkansas will be dealing its impacts. david: by the way it looks like the car is actually driving on the sand, in fact he's tried to get out of the parking lot, you can't distinguish between the road and the sand at the beach, it's not that bad. thank you very much, please hang in there. take a look at the airlines, a lot of them are going to be affected by the storm, more than 1300 flights have been canceled because of hurricane beryl. but we have a little green on the screen from southwest and delta. todd piro thank you so much

appreciated. still ahead joe concha on the second radio host claiming that the white house gave them questions ahead of their interview with president biden. doctor marc siegel on biden refusing to take a cognitive or neurological test. kt mcfarland abide in hosting nato later this week. how does he look on the world stage, particularly after the g7 performance. texas congressman chip roy on his meeting with republicans tomorrow about the 25th amendment. is it time? the 10:00 a.m. hour of "varney & company" is next. ♪

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♪ ♪. david: taylor swift, don't blame me a lot of that going a lot of finger-pointing going on in politics, good morning, everyone it is 10:00 o'clock easter