>> which, by the way -- maria: and trump wants to give a million to charity, raise the money, give it away. >> it was such a funny moment. maria: it really was. >> oh, my god, are we really watching two 80-year-olds talk about golf? [laughter] maria: too much. i want to thank you all, adam johnson, mitch roschelle, todd piro, thank you for being here. we are 30 minutes away from an opening bell, the nasdaq up 76. don't forget to join us next week, we are live9 from the rnc convention. we're going to be in milwaukee, "mornings with maria" will be originating from the rnc monday to thursday, and we will likely get the news on who the vice presidential pick is. so stay with us. that'll do it for today. have a great day, everybody. see you tomorrow. stu, take it away. stuart: good morning, march -- maria. good morning, everyone. president biden's ongoing battle to stay ahead of the democrats' text and the ongoing,

record-breaking stock market rally. we'll start with politic things. biden's struggles have gripped the nation. michael bennett becomes the first senate democrat to break with the president. he says trump may beat biden in a landslide. the argument about the president's medical condition will not go away. the white house says biden does not have parkinson's disease, but some doctors obvious serving his -- observing his behavior say, yes, he does have it. the cook political report says three swing states -- arizona, nevada and georgia -- have moved from toss-up to leading republican. let's get if to the markets and look at those tech stockses go. new highs for the s&p and the nasdaq at the close yesterday. this morning the dow's going to be up maybe 30 odd point, the s&p up 14 and look at that nasdaq, home of the tech stocks, up another 80 points at the opening bell. bitcoin, you're looking at about $58,000 at the moment. the yield on the 10-year treasury, i pegged it just above

4.25%. you're at 4.28. and the 2-year, last time i checked, the 444.6 622 concern 4.62, now it's 4 minute 6 -- 4.61. gas has started to move pup a little. $3.53 is up 2 cents, diesel at $3.88, up 202 cents as a well. gold is up $17. on the show today, trump campaigns in florida drawing a crowd of thousands. he introduced marco rubio, teasing the crowd about his pick for vice president. he also challenged biden to a million dollar charity golf showdown. kamala harris getting a lot of attention. she's making news today by saying the pro-hamas if demonstrators are, quote, showing exactly what the human emotion should be as a response to gaza. what about the hostages? and and then there is 16-year-old -- you'll be hearing a lot about him. he scored a brilliant goal to

put spain in the final of the euro soccer tournament. look at that goal. that's just beautiful. that's poetry. they're compared him to p if ele. p if ele. wednesday, july the 10th, 2024. "varney & company" is about to begin. ♪ ♪ ♪ baby, i'm ready to go ♪ stuart: i know this one. ready to go. i've often said that's very good music to start the show with, ready to go. i think our producers are referring to the to trump ready to go to rallies all over again. do you think? lauren: yeah, he took a little bit of a break, but he's back. stuart: you're going to the get to that in a second. we're going to start with donald trump. he rallied thousands of supporters in florida last night. good morning, lauren. the highlights, please. lauren: back on the campaign

trail after nearly two weeks, and he hit his opponent's cognitive decline. watch here. >> the radical left democrat party is divided in chaos and having a full scale breakdown. we're so absolute that joe's own party now wants him to throw in the towel and surrender the presidency after a single 9990-minute -- 90-minute performance. it's the biggest coffer-up in political history -- cover-up. as you know, they are all co-conspirators in the sinister plot to defraud the american public about the cognitive abilities of the man in the to oval office. the american people can never if trust this group of liars ever again. lauren: and he slammed the vice president, kamala harris. he called her a failed insurance policy. he ripped the green new deal, ripped biden's inflation and lawfare, and he teased several times senator marco rubio as vice president. stuart: it continues. i don't think he announces the vice presidency or his pick

million the kerfuffle among the democrats has died down. he'll let them hang themselves -- lauren: yeah. and i think he wants a better idea of who his opponent will be. will it, indeed, be president biden? stuart: also for you, one senate democrat officially breaking with the president. who is it, what's he saying? lauren: senator mike bennett is the first to say publicly biden will lose. watch here. >> donald trump is on track, i think, to win this election and maybe win it by a landslide and take with him the senate and the house. and so for me, this isn't a question of polling, it's not a question of politics, it's a moral question about the future of our country. lauren: wow. reportedly senators sherrod brown and jon tester also voicing their concerns privately. their seats are the most vulnerable in the senate this fall. and here's a list of the house democrats, seven of them, calling for biden to withdraw. here's the list. you can see seth moulton on

there, jared golden. is he going to listen? because it seemed to me yesterday was the moment where the party started to get behind -- not enthuse if yeahs click, but to unite around bide biden because he told them too. stuart sort at the moment he's still saying, i'm in. house democrats still divided over biden's future. i want you to listen to what congressman steve cohen had to say about it. >> are you all on the same page? >> no. >> what do you mean your not on the same page? >> we're not own on the same book. stuart: charlie hurt joins me now. charlie -- [laughter] it's stalemate. they're split. if how long can this go on for? >> well, it's truly extraordinary, and and we've never seen anything like this in 50 years of -- at least 50 years. yeah, they are deeply guyeded and, you know -- divided, and you have to sort of temper some of the things they're saying because,

obviously, they want to try to pressure joe biden to get out. people like steve cohen or maybe not steve cohen, but certainly senator bennet wants to pressure joe biden to get out. the problem is whether or not they're doing this as a tactic or because they really do believe that democrats are going to be wiped out, it's kind of hard to put the toothpaste back in the tube once you've said all these things. but one thing is absolutely clear with all of these people, they do not care a that the president is mentally shot in the white house. all they care about is the fact that because he's mentally shot in the white house, it's going to cost them politically. and that is what they're really terrified of right now. stuart: that's what politics is all about, isn't it? winning elections. that's what it is. abc's george steph the. knop louse, he was -- stephanopoulos, he was asked if biden should step down following the interview with the president. watch. this watch what happens. >> do you think biden should

step down? if you've talked to him more than anybody else has lately. >> [inaudible] >> you don't think he should serve four more years? all right. that's an answer. stuart: yes, it certainly is. nobody thinks biden can be president for another four years, do they? >> no. i don't think that anybody, you know, if you put george stephanopoulos on truth serum, that's what you get. anybody else, that's what you get. if you got an honest answer from him and,s obviously, that's the other problem with politics, everybody is saying smp something for a reason, but it is very, very clear, 50 million people tuned into that debate, and the majority of them have been lied to by the press saying there was nothing wrong with joe biden, everything is fine. and i think a lot of it has to do with the fact that the president and donald trump debated on cnn on all the terms that the democrats wanted. it was a -- there was no, you know, there was no way it was any advantage for anybody but

joe biden, and the american people saw for themselves unfilter ored how mentally shot he really is. and you can't unsee what you've seen, and there's no amount of spinning that can spin him back to sanity. and so what you wind up with is the press having to acknowledge and then democrats having to acknowledge that they have a real problem. but, again, they only care because it's going to hurt them politically. they don't care that you have a guy in the white house who is unable to answer national security concerns after 8 p.m. stuart: you know, you're just having far too much fun in the political game, charlie hurt. but it's a pleasure to have you. you've got a wonderful smile. thank you very much, sir. charlamagne tha god, t-h-a, he's urging other democrats to challenge biden at the convention is. what's he saying? lauren: first, biden has an ego problem. second, there's got to be someone better. >> all i hear is ego, and i hope

they take him up on his offer. every single democrat that feels like the democrats can't win if president biden is the nominee, take him up on his offer. challenge him at the convention. i've been saying this for several months and asking the question, are biden and harris a winnable ticket. and if the answer is no, biden should step aside, and people shouldn't be upset when folks say that, especially if y'all wanna win. lauren: common sense. everybody's questioning that ticket. look, biden is now -- he's desperate. he writes the letter to the house democrats. he finally calls in to a tv show, "morning joe," that's when he challenged the so-called elites in his party. take me on at the convention. so charlemagne the god is saying, do it, people, do it. and then gets on the call with all the donors to make sure the money is safe. he's desperate. stuart: now we're going to do something -- lauren: radical turn. stuart: yes. radical turn. look at this video. these are humanoid robots or robots who resemble real people.

they're being used by companies to help with assembly, packaging, handle tasks maybe too dangerous for humans. greg smith is with us. he follows the market and technology, and he thinks that humanoid robots like the ones you just saw are the next big thing. tell me more. >> hey, good morning, stuart. this is not a joe biden word salad moment, and i'm going to predict here today that in the years to come we are going to see billions and billions if not tens of billions of humanoid robots walking the face of this earth. this is definitely the next big thing. you know i've joined you over the years talking about crazy investments i've made in company ranging from fake meat to flying taxis, and this year it was in a company called figure. they raised $6755 million from microsoft, openai and slipped ya, and they are basically working to give a.i. a human body. stuart: it looks like that thing on the screen, right? >> that's a robot working and being shipped to bmw plants in

spartanburg, south carolina, right now. stuart: would you ever have them in your house? >> is look, i see a day. this is going to become the next widely-adopted, must-have consumer device behind smartphones, behind cars that people will have in their homes. we're going to see these humanoid robots packing and delivering our package, building our cars, building and cleaning our homes. and when you and i are older, in our sunset years and have more gray hair, they'll be taking care of the elderly as well. stuart: what was the name of the company? >> this is figure. stuart: and you invested in it? >> i just invested in it. it's a private company. it is challenging for the everyday investor to invest in, but there are other ways investors can start thinking about investing in the if robotic space. stuart: all right, we'll follow it. greg smith, thank you very much, indeed. something different, we appreciate i. is absolutely. stuart: coming up, the director of e national intelligence says iran's government provided support to some of the pro-hamas

protesters on college campus. one neurologist says biden shows the classic symptoms of parkinson's disease. >> he has the classic features, it's from yes -- degeneration of the world retrieval -- retrievable area. this guy is not a hard case. stuart: congressman ronny jackson gives us his diagnosis next. ♪ ♪ darling -- ♪ ♪

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♪ stuart: some democrats are calling for president biden to step aside, but top officials in the democrat party are perhaps reluctantly backing the president. hillary vaughn with us this morning. it seems there's a real split within the party. is have i got that right? >> reporter: you do have that right. democrats are definitely not unified, but until party leadership stem steps out of line and speaks out against biden, his campaign is really not in danger. and so far leaders chuck schumer is and hakeem jeffries are in lockstep. >> that's what president joe biden -- i support president joe biden on the democratic ticket. >> as i said before, i'm with joe. >> reporter: but that doesn't mean the conversation is over. yesterday house and senate democrats huddled to discuss biden's future, and after more democrats came out against biden. so democrats not unified, and they definitely are not energized at the moment. the democrat family meeting was described by some as a funeral,

reportedly people were crying, and top democrats this morning are not taking biden's i'm not going anywhere as the last word. >> it's up to the president to decide if he is going to run. we're all encouraging him to make that decision because time is running short. >> reporter: but talk of biden's mental state is a sensitive subject for democrats who tried to shut down the temperaturic in a hearing with treasury secretary yellen yesterday. >> the president is extremely effective in the meetings that i've been in with him. >> so are you testifying that you have not seen any if mental or cognitive decline? >> mr. chairman, point of inquiry. she's not a physician. >> she is a member of -- >> she's not a -- you're asking her -- >> let's keep the comments to the subject -- >> it's not a medical question, it's her interpretation as a member of the cabinet.

>> reporter: so, stuart, it's interesting that some democrats are not curious what those closest to biden might have to say about his mental state, or maybe they are afraid what someone might say urn oath. stuart? stuart: got it. hillary, thanks very much, indeed. a new york-based doctor who specializes in par a kinison's suggested biden has all the signs of the disease. watch this. >> he has just the classic features of neurodegeneration. word-finding difficulties, and that's not, oh, i couldn't find the word, that's from degeneration of the word-retrial area, lots of arm swing, you notice when he turns, it's kind of end brock turning, it's not a quick -- block urn thing. rigidity, slow movement, and he has that hallmark. you know, i'm a democrat. >> yeah, right. >> it's just, like, this guy is not a hard case. stuart: texas congressman and former white house physician ronny jackson joins me now. you're a doctor. do you think he has or par

parkinson's? >> stuart, i don't know what he has, but he definitely has something similar to parkinson's. there's a huge cover-up going on right now led by joe biden, dr. kevin to conner and the press secretary. dr. o'connor didn't say he doesn't have par kennison's yet, but the press secretary reports he doesn't, and he's not being treated for parkinson's. either they're lying to us, or this is the an effort to deceive the american people, because if he doesn't have parkinson's, he has something very similar. he has another movement disorder that has horrible cognitive consequences as well. the man is ill. he's not well. he's not fit to be our commander in chief. something's wrong with him, and everyone knows it. dr. pitts is exactly right. i don't know what he's got going on, but i know they're trying to hide it, and i know it's bad. stuart: the white house i now, as of late last night, early this morning, the white house now admits that the parkinson's specialist, dr. kevin canard, did, indeed, examine the

president as part of his annual. if why couldn't kjp, karine jean-pierre, why couldn't she come right out and say it? >> well, i tell you, through their -- they're clueless about what they can and can't get away with. they just think they're going to tell the american people anything they want, and the american people are just going to believe it and move on. guess what in for three and a half years that's pretty much been the case. they've had the mainstream media a back them up. they can say whatever they want, and the media gives them top cover and all the other democrats as well, but that's changed now. they don't have top cover from a lot of the democrats or mainstream media anymore. they're not getting away with this. that was a blatant lie. she knew it was a lie at the time, and so it begs the question, what else are they lying about? does he actually have par parkinson's and they're just saying he doesn't? stuart: well, you were trump's physician. the other side now here. do you see any signs of cognitive decline in trump who is now 78 years old?

any signs at a at all? >> 100%, no. absolutely, positively not. you can sit down with trump which i do on regular occasions, and you can talk to him at length. his memory is incredible. he's as sharp as he ever was. this is not an age thing. people try to make it an age thing. i've said this before, we all know people that are, you know, 10 00 years old. we have met people at one point or another or close to that that are sharp as a tack, and and we know people in their early 60s that are already having cognitive issues. this happens to some people, it doesn't happen to others. it's unfortunate it's happened to joe biden, but he's not fit. stuart: it's not happening to trump. >> no, sir. stuart: ron ronny jackson, thank you for joining us. fox's peter doocy asked karine jean-pierre who makes decisions at night. he asked because biden reportedly avoids events after 8 p.m. tell me more, lauren. lauren: just look at the situation. hunter is reportedly living at

the white house and in white house meetings. jill is frequently in the oval office as well. so who is advising joe when the phone rings after 8 p.m.? if obvious question. >> reporter: well, he also said he's sharpest before 8 p.m. so say that the pentagon at some point picks up an incoming nuke, it's 11 p.m. who do you call, the first lady? >> he has a team that hes him know of any, of any news that is pertinent and important to the american people. he has someone -- that is decided, obviously, his national security council and who gets to tell him that news. lauren: yeah. that's just not very reassuring. stuart: it was not, was it? lauren: not at all. stuart: move on to the market ifs. have a look at the futures, please. i see green especially for the nasdaq. it's up 80 points premarket. we'll take you to wall street for the opening bell next. ♪ no shoe, no shirt, no problem ♪

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have you seen it, by the way? happy birthday, grandma! really? look how the brushstrokes follow the line of the gas tank. -hey! -hey! brought my plus-one. jamie? stuart: look at those marks go, especially the nasdaq. you're up 83 points premarket. here we go. david stryzewski with us this

morning. s&p 500 and the nasdaq both hit record highs late yesterday. where does this rally go? [laughter] >> well, great to be with you, stuart. you know, this rally is right now in the midst of july, and so what does that mean? this is historically the best month for stocks, so it's a setup that we're seeing a lot of positive sentiment here, and i think that's what's being reflected in the charts right now. kind of like a midterm, long-term basis, you know, i think most people would agree we've kind of gotten a little heated up since october, so an expectations of, like, a 10-15% pullback, i think, is in line right now. but, you know, we're in an election year, and i think it's pretty apparent if that powell and yellen are going to try to goose this election. so -- stuart: oh, you think -- that's interesting. >> go ahead. stuart: you've got a politicized fed and a treasury department which would willingly cut rates to secure an election win for bind? you think they're that politica?

>> i believe that july's on the table right now. by the way, that was the one-year marker from when we stopped raiding rates. but we have -- raising rates. we have businesses that are desperate for lower rates today, and and they're not getting them. this is where we're going to be seeing a lot more volatility as more bankruptcies are up, 1.5 million people unemployeded, full-time unemployment now, so there's a lot of numbers that are actually falling apart in the data. so if we're going to be shiftin. stuart: no, no, look, we've got a nice rally going on. all this year has been a nice rally. but you think it's a setup for a 10-15% decline in, what, the next couple of months? >> yes, sir, i do. and, by the way, if that happens, my pick for you here this morning, stuart, is one when people start getting into fear, that fear gauge, the vix, starts going up, c me,, the chicago mercantile, is going to be the play to be looking for. you've got a nice di end, nice -- dividend, nice appreciation. a lot of people are going to be

looking for protection. stuart: all right. the market is open. david, thanks very much is, indeed. we'll start the covering the market right now. we've opened it up. the dow is down just 24 -- 15 points, just a fraction on the downside. show me the s&p 500, because that has just hit another, well, this is an intraa day, all-time high. there you have it, 5590. nasdaq, look at that, that's also an all-time high, up 800 points, .44% -- 800 points. that's a rally in tech -- 80 points. big tech all on the upside, meta, alphabet, amazon, microsoft has reached $460. apple, $229. big tech flying high again. now we have the chip maker taiwan semiconductor. that's up today, 1.8. i'll bet this has got something to do with a.i. lauren: absolutely. because they make a.i. chips, and they could be the eighth member of the $1 trillion club. tsmc, toll booth for much of the

world's chip manufacturing. the number one foundry. customers, nvidia, ap8. look at a -- apple. reporting revenue in the second quarter up 40% and in june up 33%. flip it to nvidia, they are about to break their record closing high, $13 a 5.58, that was set june 18th. post split. stuart: there you go. [laughter] i've just been told in my ear that apple has hit an all-time high. it's at $229 right now. lauren: $3.5 trillion market cap. they are getting closer to $4 trillion. if we keep this up, we'll be at a $4 trillion in no time. that would be a world's first. stuart: we've got microsoft -- we've got the stocks up on the screen. microsoft and apple, they are distancing themselves from openai. what's that about? lauren: yeah. they're keeping openai at arm's length. not because they've not interested, because they don't want the regulatory pressure. so microsoft is giving up their observer set seat on the openai

board. regulators are probing, they're too dominant in a.i., and they're also probing if they properly notified the agencies of their a.i. ambitions. finish are you kidding me? separately, apple is ditching its attempt to have an observer's seat on the board. why are both stocks up? i think, number one, investors just think this regulatory pressure isn't worth it. give up the board seat, you're already a powerhouse. and then there's a report out of research firm idc that says pc shipments global arely rose, finally, 3 in the second quarter. -- 3%. the reason is a.i.. a.i.-capable computers are in demand. apple ships the most in the quarter, up 21%. stuart: i wonder if a trump victory in november would sweep away all these regulatory attempts to mess around with america's crown jewels of business. lauren: and then we'd have three $4 trillion companies in no

time. stuart: we certainly would. amazon, they've launch. offed their fourth generation chip? lauren: do you feel like you need to be an engineer? yes. this is the graf on the 4 chip. it's the strongest yet for amazon, three times the computing power of their predecessor, 75% more memory bandwidth, and it uses 60% less energy which is a big deal. it's not an a.i. chip per se, but it is a cheaper alternative than nvidia. and it can support a.i.. all this is just a battle for market share because chips are in everything from your dishwasher to your washing machine to your car. stuart: almost $200 a share for amazon. tesla, they're looking to launch parental controls on the cars. lauren: well, evs are essentially computers on wheels, so you can do everything via a software update. so now they're testing software that lets a parent limit the top speed that the teenager can drive and also send them curfew notifications. junior must be home by 11:00.

this is so big brother to me, but elon musk is a father, and if this makes the roads safer and maybe brings insurance costs down, i suppose that is a positive. look at this, tesla up barely for day 11 is 1. -- 11. it is positive on the year. they report earnings july 23rd, and i think -- well, now it's down, but investors are finally valuing the growth potential of tesla which we didn't see in the first half of this year. stuart: all right. microsoft's back in the news, microsoft teaming up for carbon removal. what are they trying to do? lauren: i don't know that oxy pete owns a car upon capture firm called 1.5, and they're in a deal with microsoft to sell carbon removal credits over six years to help microsoft become carbon neutral in 2030. but all this is happening at a time when t not just microsoft, everybody's emitting so much more co2 because of data centers. stuart: that's right. lauren: because a.i. demands so

much energy. so how do they become carbon neutral when they're technically polluting so much more? stuart: i have an idea. small nuclear power plants next to data centers. there's one there already -- lauren: where? stiewrl stuart i can't remember. virginia, probably. lauren: probably. stuart: i'll ask my friend who knows this stuff. legal zoom, last time i checked, it was way down. 27%, what's the story? lauren: they said their ceo is leaving, that was abrupt. they got i counted two downgrades today, bank of america goes to sale. they cut the price target from 13 to 6, and jnp securities says it signals operational trouble. stuart: okay. they're down 27%. lauren: i'd say so. stuart: move on. what have we got on the dow? up 29 points as we speak, 39,300, that is your level. dow winners, topping the list we have, let's see, honeywell,s travelers, dow inc., home depot all on the winner's list.

s&p 500, newmont gold corporation. gold is up today. illumina, one semi, enphase energy and car max. nasdaq winners, siriusxm radio, illumina, one semi. micron technologies, there they go again, and texas instruments all to the upside. the 10-year yield just above 4.25%, 4.29 now. the price of gold, $2386. bitcoin, $58,000 -- 57, i'm sorry, 57,6. the price of oil, $81 and change. nat gas, under $3, $2.35. the average price for a gallon of regular, up 2 cents at $3.53. diesel up 2 cents at $3.88. coming up, new polls show gains for trump in key swing states, and now some blue states have moved into the toss-up column. incredible. more than 100 people shot, 19 killed in chicago over the holiday weekend. when the city's mayor was asked,

what's the problem, he blamed president nixon. [laughter] we'll try to explain that. janet yellen said inflation is coming down thanks to biden, but what exactly has the president done that's brought prices down? john lonski on that. john's next. ♪ ♪ 'cuz, baby, tonight the dj got us falling in love again ♪

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stuart: all right, wall street opened 11 minutes ago, and we've gone up. not a huge amount, but we have got a 13-point gain for the dow, and the s&p is up 12. was that a your coffee cup -- lauren: that was my yeti, i apologize. stuart: you almost threw me off. lauren: trying to get your attention. pay attention. the nasdaq's couple 82. stuart: listen to this -- [laughter] a big problem for bakers.

the price of butter has surged in the past year. kelly saberi is at a bakery in chicago for us. kelly, key question, how much has butter gone up for that baker that you're talking to? >> reporter: yeah. well, stu, this is howard gould, the owner of lutz. stuart or wants to know how much butt prices have gone up. >> a year ago we were paying $2.89, we're paying $3.89 a pound now, so about a dollar a pound. roughly 30, 35%, it went up. as well as other commodities as well, cocoa. but those are the two that have really spiked. >> reporter: what are suppliers telling you about what's leading to this price spike? >> short supply and huge summer of demand. coming out of covid, production was cut back, and it's taking time to ramp up, and that mixed with with the increase in demand

have caused the spike in butter prices. >> reporter: stuart, right now you're looking at their signature black forest cake. i heard you like your chocolate desserts. a lot of butter goes into making these items, and we heard from the latest numbers of the dairy trade auction, that we've hit our latest peak since 2022. the average right now is $2644 more than it was -- $264 more than it was back then, so this is going to be a big shake-up as we go through the summer and reach the holiday season. >> yeah. we use about 8-10,000 pounds of butter a year, so it does add up. >> reporter: and howard says he would send you some if you were closer -- stuart: 8-10,000 pounds of butter a year, maybe he's got some to spare, i don't know. howard, thanks very much for the tip. kelly, you're all right. now this, treasury secretary janet yellen says inflation is coming down thanks to biden. roll tape.

>> -- optimistic because i believe that the big inflationary impulse that we saw in 2022 largely was global, and it largely reflected splay problems -- supply problems stemming from the pandemic and its impact around the world. and due to the work of the biden administration and firms in the economy and the pandemic being resolved, many of those supply issues are now fully resolved. so much of the pressure has diminished. so inflation is coming down. stuart: all right. john lonski is an economist and a very good one, and he joins us now. john, you just heard the treasury secretary. thanks to the work of the biden administration, inflation is coming down. so why don't you tell us which of biden's policies are, indeed, bringing inflation down. >> i'm scratching my head. you know, maybe it's because

biden relaxed his approach towards oil and gas drilling. perhaps that helped a bit. but let's not forget that we're now looking at an extraordinarily high budget deficit. for this year the cbo estimates that it approaches $2 trillion, 7% of gdp. that is totally unheard of for a full-employment economy. if anything on balance, biden's policies are helping to keep prices high and to stoke flakes. stuart: ah. -- inflation. the market is telling us that there's going, to i think they're saying, look, two rate cuts later this year. 80 chance of -- 80% chance, later this year. do you agree with that? >> i happen to agree with that. the reason why i agree with the fact that we are going to get two rate cuts this year is because the economy is slowing. and as the economy slows, that

leaves room for rate cuts that do not stoke or do not increase spending by enough to reenergize price inflation. so the critical element here is this expectations of a slower economy. you get a slower economy, you get two rate cuts. if the economy does not slow down, we'll be lucky to get one rate cut. stuart: now, some of the guests on this program who cover the market and the federal reserve suggest that the fed will cut rates before the election because they want to give biden a better chance of winning. do you think it is a politicized federal reserve? >> i don't know about that. let me put it this way, if they go ahead and cut rates on september 18th as currently anticipated, that perhaps is not going to provide much of a lift to the economy. my goodness, fed funds would barely be reambiguoused by a quarter of -- reduced by a

quarter of a percentage point. do you think that's going to matter muchsome i don't think so, stu. it's going to take lower revenue to rev up a slowly decelebrating economy. stuart: yeah, we heard the other day there were 1 is 1.6 million fewer bull-time jobs -- full-time jobs reported last week and 1.8 million more part-time jobs. that tells me the labor market's not that strong. what's it say to you? >> you're exactly right. and may i add something? you know, for the month of june we had 206,000 new jobs. but of that amount, 74% of the new jobs in june came from just several sectors, one being government. that's very large nowadays as far as a generator of jobs is concerned. and along with that that,s health care and social assistance. and, again, these three categories account for only 28% of outstanding jobs, and they now account for nearly

three-quarters, nearly 755% of jobs -- 75% of jobs being created. that is not healthy. and, in fact, if we get this type of support from government, health care and social assistance, i think monthly payrolls growth would be less than 100,000 jobs in the month of june. stuart: interesting. john lonski, thanks for joining us. see you again next week. >> my pleasure. thank you. stuart: you got it. coming up, the president and his inner circle are desperately trying to hide his true mental and physical condition, but the wall of denial they've built around him is just not holding up. that's my take, top of the hour. millions of people still don't have power in texas. temperatures reaching triple digits. janice dean, the full story after this. ♪ ♪

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stuart: -- million people in texas are still without power after tropical storm beryl hit. that's put residents in danger. the heat index hits triple digits. let's check in with senior meteorologist janice dean. how bad is it, janice? >> reporter: it's bad. i lived in houston for several years, and they don't have electricity, they don't have

power, they don't have a/c. and some of these hotels that they're trying to stay at don't have air-conditioning either. this is a dire situation. we had a landfall of a category 11 hurricane on monday morning, and looked at the wind gusts -- category 1. in excess of 95 miles per hour. a category 2 hurricane is 96 miles per hour. wind gusts were lasting for hours, and that's why we have incredible power outages. it has been days now, and it could be days, until the weekend, until they get things back on, online. 1.7 million people still without power for the texas area, southeast texas, houston. and the heat alerts are intense fear because temperatures are going to be well into the 90s, in some cases 100degrees. we've got very high dewpoint, so the humidity is going to make it feel even worse than that,s 99 in houston. and if you don't have air-conditioning, that is potentially deadly. and looking at the next 6 days, 92 today, thunderstorms in the forecast. will we get the power on?

that is the big question, because it's going to remain warm. people need to have some place to go if they don't have electricity, they don't have air-conditioning. this is what's left of beryl, by the way, moving across the northeast. this is actually a story here for us in the northeast, parts of upstate the new york and new england, we could see the potential for severe weather including tornadoes, including areas that don't typically see tornadoes this time of year. ahead of that, very warm temperatures for the i-95 corridor from north carolina all the way up towards boston. but here's the tornado risk for our friends many syracuse, in ithaca. first level iii tornado threat in least 18 years, so that's going to happen this afternoon. a lot of energy in the atmosphere. but as we go back to texas, i am really concerned, stuart, because i have enough friends that are without power there, and they are just thinking when is it going to come back on. stuart: yeah. i mean, i can't imagine being in houston right now with no

air-conditioning. >> reporter: it's terrible. stuart: awful, frankly. >> reporter: developing story, for sure. stuart: it sure is. janice, thanks very much, indeed. still ahead, liz peek says -- well,ing looking at the market. the dow's turned negative, but only just. strong gain for the nasdaq again, however, up almost 100. liz peek says age has nothing to do with biden's biggest failures. house ways and means chair, important guy, jason smith, how long does he think biden's basement strategy can go on? ben domenech on democrats in complete disarray. and clay travis, what does he think of the spanish sensation yamal? he's the 16-year-old who scored for spain and put them in the finals of the euro soccer contest. the 10:00 hour is next. ♪ forever, ever, forever on the dance floor. ♪ if. ♪

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stuart: world, hold on. what is that a reference to? biden holding onto the presidency? i don't know