prices go, and we're seeing that the consumer is now stretched thin. maria: he sure is and she is. let me remind if everybody, we're going to be at the rnc this milwaukee. live coverage monday, tuesday, wednesday, thursday. final thoughts from you. >> i think the bar is set so low for joe biden, but he's going to trip over it. maria: joe. >> i agree. if he comes out a wearing anything but a bib, it's going to be a success. [laughter] maria: tonight's supposed to be the big conference. >> they're treating him like a child. maria: you think that's what it means, calling it big boy -- >> lowering the standards, that's how i treat my if 6-year-old. maria: yeah. and you're comparing it to the big guy taking 10% -- >> that's his code name. maria: have a great day, everybody. want to thank this incredible panel, great to be with you. "varney & company" picks it up. stu, take it away. stuart: good morning being, everyone. tonight the future of the presidency is on the line. biden holds what's being called a big boy press conference.

we'll get to that in a moment. we start today with the inflation report. this is a big deal for consumers, investors and, yes, voters. in the last 12 months, the consumer price index has gone up exactly 3%. that's down from the previous report. in the one month of june, prices went down, 0.1%. so overall, inflation continues toed moderate. here's the market reaction. i would have thought the market would go up, investors like moderating inflation. there was a big rally yesterday. stocks, though, this morning despite that inflation news are down just a little. dow off maybe 40, s&p 5 a, nasdaq down about 19. we'll see how we go through the day. but here's the concrete news, interest rates falling sharply. the yield on the 10-year all the way down to 4.20. that's a beg drop for rates there. the 2-year all the way down to 4.5 president. you're actually at 4.522. the federal reserve will be watching this. could it mean a rate cut soon?

we'll see. bitcoin, $59,000 and change this morning. that's the news, but the news today is that donald trump will address the bitcoin conference later this month. oil reaching $82 a barrel, $8 2.27. the price of gas up again just 1 cent higher at a $3.54. no change for diesel at $3.88. politics dominated today by the president's press conference at 5:30 p.m. eastern. the president has to show that he can handle the job for another four years. there's a repeat of anything like the disastrous debate two weeks ago, what's left of his support may collapse. demands for him to resign are growing. ten house members, one democrat senator wants him out, another democrat senator thinks he will lose in a land slield. nancy pelosi says the decision is his but, please, get on with it. they're running out of time. senate leader schumer reportedly telling donors he wouldn't mind a different candidate.

one slip tonight and it's a stamm paid if out of biden's -- stampede out of biden's campaign door. on the show today, the housing market, why does florida have eight of the ten cities where prices are falling, and when will gen-z folks ever get a fair shake at buying a home? donald trump talks to brian kilmeade. why has nikki haley not been invited to next week's republican convention? his answer may surprise you. thursday, july 11th, 2024. "varney & company" is about to begin. ♪ ♪ you can jump right in. ♪ let the music pull you in, you can jump right in ♪ stuart: ah, yes, jump right in. why don't we do just that, let's jump right n. the big story of the morning as far as the financial markets are concerned, this is inflation. the consumer level prices up

exactly 3% over the past year. good morning, lauren. lauren: good morning. [laughter] stuart: surprise, you're on. lauren: i was a little surprised by this report. you're looking at inflation that's tied for the lowest since march of 2021. we're going back over three years. let's look at the core. that's when you take out food and energy which is more volatile, and prices did rides on an annual basis by 3.3%. yes, that is also the lowest in over three years. on a monthly basis, good news too, prices fell, fell .if 1%. .1%. so the fed's looking at this, chances of a rate now happening in september went from 70% to 85%. there is still inflation on an annual basis. if you're eating at a astronaut, that inflation is up over 4%, your electricity bill, up every4%. shelter up 5 a.2%. used cars coming down double digits. stuart: there you go. fortunately, adam johnson is with us, and he has to explain why we have this very good

inflation report, that's my opinion, and the market's down. >> well, because we have had 40 new all-time highs already this year, and it's only july. yesterday the dow was up 429 points. you can't go up every single moment based on every single data point. you're looking at the futures right now, i think actually we'll finish the day higher. so i'm not worried about that. i don't try the trade moment to moment. but this is wonderful, wonderful news today, stuart, for all of us who are sick and tired of paying more for everything. we saw prices decline month over month for only the third time in five years. you rarely see prices go down. so this is, certainly, very good news for all of us. stuart: i just want your comment if on this extraordinary global stock market rally. i mean, in america it's gone -- >> yeah. be long or be wrong. so many people have been so negative for so long because of inflation, and i get that. but the good news is that this economy, no matter -- [laughter]

despite joe biden and the democrats' best efforts to the actually hold all of us back, we are americans, we resilient, we are on the to mists, we -- optimists, we make things happen. this economy is growing, and that's why stocks are going up. earnings begin next week, and i think we're going to see 10% growth year-over-year, the highest in about two years. stuart: that should be good for the market. >> i think it's why markets are already up. so if you have earnings that are growing, if you have people that are employed and spending, that supports more growth in earnings. is and we may finally have a fed that's going to cut interest rates because inflation is finally coming down. stuart: got it, adam. stay with me, please, for the hour. congresswoman nancy pelosi snapped at a reporter when asked if president biden should drop out. lauren: i am so okay with her snapping and he's why. this abc reporter does her job. she approaches nancy pelosi in the hallways yesterday right after her "morning joe"

appearance when she said biden needed to decide fast if he's running. watch how she shot the reporter down. >> reporter: do you believe that waiting so long -- >> i'm not going to make any comment about the fate of our nation. i'm am i speaking english to you? i'm not going to be making any statementses about of that right now in the hallway. [inaudible conversations] lauren: nancy pelosi understands the gravity of the situation. sources are saying that she cannot and will not say biden should go while world leaders are here in the united states. there's a place, there's a forum. it's not during the nato summit, and it's not in a hallway. that's my take. stuart: okay, you're allowed that. [laughter] now, i'm going to transfer to sean duffy who is also with us this thursday morning. what do you think of this? if one slip tonight at the press conference, let's address that. if one slip font and biden is

toast -- tonight, and biden is toast. would you agree? >> yeah. listen, i think everyone's watching and, again, the road is narrow. to your point, stuart, you can't make any mistakes if you're joe biden, but we're going to the see mistakes because biden doesn't have the ability to not make mistakes. the problem democrats have, they talk about democracy, you and i believe in democracy, they're running on democracy, democracy means you have a primary, voters select a candidate, and they selected joe biden. so you can't kick joe biden out when the voters have selected him. and by the way, going back to nancy pelosi? give me a break. nancy pelosi knows, has known about joe biden's failing cognitive abilities for years, and her only concern now is that the american people have seen what she has seen about joe's inability to communicate and think. and now the polls. >> shown it -- have shown it. oh, well, this is a grave situation and we have to take it

under advisement. give me a break. you should have done that two, three, four years ago when you saw this happening in the white house with joe biden. stuart: she's coming to this conclusion because democrats know biden will lose, that's why they're changing their mind. we've got one biden delegate predicting a bloodbath if biden remains on the ticket. roll it. >> if biden ends up running, potentially the democrats could lose the senate, the house and the white house. and it's going to be a bloodbath. the blue states that we have held for many decades might potentially turn red. trump is doing well when he runs against biden in those states. and then the swing states, the battleground states, they are looking terrible. so at this point, all the polling indicates that trump is going to win. stuart: and now president biden's team is reportedly calling their delegates to check on their loyalty. what do you say about all of this, sean? >> yeah, they're concerned because they see that a candidate that can't

communicate, that can't think can't be president. but again, they had an opportunity, the liberal media, the press and the democrats had a chance to tell the american people this. they refused, and now they find themselves in this quandary. i do think you see a lot of delegates who want to win. they actually don't like donald trump, they hate donald trump, and they want someone else who can beat him. they know joe biden can't do that, and and they know that in pole ticks there's a top of -- politics there's a top of the ticket bleeddown into senate and house races, and it could be a bloodbath. they could lose everything, all the power. and so they want a different choice. but this is a conversation that should have happened, you know, six months or a year ago. it shouldn't be happening today. stuart: yep. >> and my prediction, joe biden is not going to get out. he is in for the long run. he is not going to leave. if democrats can force him out, it's going if to be delegates like this who have some leeway in the dnc rules the step out and go with someone else. by the way, if that happens, a lot of hurt feelings, a lot of

animosity in the democrat party. is it kamala, is it gavin, and how do you reconstruct the campaign in the next three months for november? it's a disaster either way for democrats. stuart: it makes you very happy, doesn't it, sean? [laughter] >> i'm smiling inside and outside, stuart. stuart: all right, sean. we're going to see you in milwaukee next week for the rnc. special coverage starts monday, 7 p.m. thanks, sean, see you soon. senator john thune says his democrat colleague, chuck schumer, is so distracted with biden's problems that important legislation is just not getting done. senator thune is in the 10:00 hour. the biden campaign going to meet with senate democrats today. will biden wow out -- bow out graceically or be forested out -- gracefully or will he will forced out? i'll put that question to to senator ted cruz next. ♪ if

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stuart: all eyes on the president as he holds a solo press conference later today. the white house is dubbing this thing the big boy news conference. all right. jacqui heinrich outside the white house for us this morning. what can we expect? if. >> reporter: well, stuart, we should say that the big boy line actually came out of an exchange that a bloomberg reporter had with the white house. he was sort of searching for a word, said big boy, and the white house seems to have run with it. this is obviously a high stakes event tonight, and it comes after vermont senator peter welch yesterday became the 10th

elected democrat calling for biden to drop out from the race. that had nowhere near the effect as nancy pelosi seeming to open the door yesterday for biden to change his mind and chuck schumer reportedly signaling to donors he's open to dumping biden from the ticket. and they are, those two, among a handful of voices that really do matter to president biden, and among them is also former president barack obama who told politico -- or, excuse me, who politico reports this morning george clooney gave obama a heads up that he would be calling for biden to drop out in that bombshell op-ed yesterday and reportedly, according to politico, obama did not object. the biden campaign downplayed clooney's op-ed indicating biden has more stamina than clooney. that answer fell flat, and now biden's allies are trying to clean it up. >> now, i question whether george clooney has really spent a lot of time with president biden in person. i'm more of a matt damon guy

than a george clooney guy. i have never had an incident or an encounter with joe biden like that debate. and my wife and i watching it also found it shocking. it was not what we expected. >> reporter: but a new poll shows 56% of democratic voters agree that biden should withdraw despite biden's claim it's only the party elites who want him out. that number rises to 7 in 10 among independents. but the democratic party chair is messaging to colleagues the more biden's candidacy is yesterday, they lose more time focusing on trump. >> it's time to lock your knees and stiffen your spines and get onboard to support this president. if you're spending more of your time on tv joe biden than talking about donald trump can and project 2025, folk, you've got to do -- focus folks, you've got to do a course rex. >> reporter: biden has a chance at redemption tonight, that big boy press conference, and every word club under a -- will be under a microscope.

here was the president last night at his dinner with nato allies. >> the allies in this room not only share a common language -- don't share a common if language, we do not share a common border, but we're neighbors. we're neighbors because we all share common beliefs in dignity, equality, democracy and free do. >> reporter: -- freedom. >> reporter: yesterday the white house scheduled an interview with biden on nbc for monday, really a sign they might not want tonight's press conference to be his last chance to change people's minds, stuart. stuart: all good stuff. thank you. very much, indeed. now this, biden's temperature campaign officials will meet with senate democrats this afternoon, perhaps trying to persuade them that he's going to the stay in. senator ted cruz, are republican from the great state of texas, joins us now. mr. senator, is biden going to bow out gracefully, or is he going to be forced out? >> stuart, i think he's going to be forced out. i put the odds of biden not

being on the ballot in november about 80%. i think the democratic party is freak being out right now. i think you're seeing senators, house members, you're seeing "the new york times," nbc news, you're seeing george clooney in hollywood. and it's worth noting why they're freaking out. will be, they've all known for six month, for a year, for longer that biden's mental capacity was severely diminished, that he was not up to doing the job. but they're not worried about having a commander in chief who's not capable of fulfilling the responsibilities. the only reason they're panicking is because they now realize the american people have seen that, and they're terrified that he's going to lose in november. so now they're willing to dump him. i put the odds at about 80% they dump him, and if and when they dump him, i think their replacement nominee will be one of two people. it will either be michelle obama, or it will be kamala harris. and i actually predicted ten months ago on my podcast, verdict with ted cruz, ten months ago i predicted they were going to push joe biden out and

replace him with michelle obama. that may still prove to be the case. stuart: you see eyes widen when you said that? michelle obama? [laughter] i'm a little surprised there. you've seen the axios report that majority leader chuck schumer is, quote, open to dropping biden as the nominee despite insisting in public that he's for joe. what's the gossip in congress about senior democrat leadership? do they really want him out? >> look, every democrat senator, every democrat house member, they're only concerned about a self-interests. they're only concerned about politics. the reason they're freaking out is they realize it's very hard to elect someone as president that the voters know has dementia. that's a political problem for them. i've got to say it's disturbing, not one democrat has said why is he serving right now, today as commander in chief? you know, you look at the white house press briefing where karine jean-pierre was asked, okay, so he's only available for a few hours in the afternoon, what happens if a nuclear weapon is launched in america at 11:00

at a night, expect white house's answer was, well, he has a team that can deal with that. you know what? s it is the president's job to deal with that. it's the commander in chief's job to deal with that, and not a single democrat has said he's no step down, or they need to exercise the 252th amendment and remove him -- 25th amendment. stuart: the press conference tonight, 5:30 eastern -- we'll cover it -- is this a breaking point for the presidency, perhaps? >> so, look, i think it's one more straw, but i already think he's toast. i think the democrats are in full-on panic, and i view this as largely inevitable, that they're moving toward dumping him. and realize, they've got a combination of two things. they've got, number one, the severe mental dim diminution of the president due to old age, but they've got a set of policies, secondly, that they can't defend.

number one, their open borders are an absolute disaster. and as you know, every week we are seeing somebody else killed, another child raped from illegal immigrants crossing the border. in my hometown of houston, jocelyn nungaray, horribly assaulted, murdered by two illegal immigrants that joe biden released. today i'm introduced legislation in the senate, the justice for jocelyn act, that would have stopped this. it would have prevented the biden administration from letting these two criminals go. it requires that anytime you have someone who's an illegal alien as long as there is bed space, and there were over 3,000 open beds they could have put these criminals in but instead they let 'em go, it mandates that you lock them up. you do not release violent criminals that can prey on our children. we need to pass the justice for jocelyn act to stand up for her and the next child whose life is threatened by their open

borders. stuart: out of time. senator ted cruz, an important day, and we appreciate you being here. >> thank you, stuart. stuart: remember, you can watch the president's news conference right here on fox business at 5:30 eastern tonight. quick check of futures, please. some very promising inflation numbers, but the market's not responding with much of a rally but, of course, it was way up yesterday. dow up maybe 10, nasdaq up maybe 14. the opening bell is next. ♪ if when i think about you, i think about the 17 -- think about 17. ♪ i think about my if old jeans, i think about the stars in the sky. ♪ if funny if how a melody sounds like a memory ♪ ♪

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stuart: inflation at the consumer level went up 3% in the past year. d.r. barton joins us. i thought that was a positive inflation if report, d.r., but why are stocks barely budging? >> yeah, well, they've more than budged since the announcement at 8:30, stuart. they first rocketed up, then they dropped back down into a little bit negative territory. the i'm agreeing with adam that we're going to the see them go up by tend of the day. i think people -- the end of the day. i think people will come to the their senses and say we really like this number because i believe it's a little bit better

than a goldilocks number. it's a little bit better than most expected. stuart: okay. we do have interest rates sharply lore on inflation news. i'm sure that's going to help at some point. i want to hear your stock picks starting with northrup grumman. >> i have been in the defense space often. we've had so many a.i. and a.i.-adjacent picks lately, stuart. a couple of weeks ago we talked about intel that's already rocketed up as a longer term a.i. space and data center space. i wanted to get some things that are end of the year are lower than expected right now but have a good chance for double-digit gains. northrop grumman is one of those. the business, of course, stuart, unfortunately, of war is not going away. and northrop grumman makes a lot of good, basic, gotta have 'em systems for the u.s. and others that will keep that stock heading up and with a little

dividend too. stuart: here's another one you've been to before, and that's of course that, o-k-t-a. >> yeah, you know, the cybersecurity space again, stuart, we've talked about lots of different cybersecurity companies including fortnet and others, and and this is a smaller company. it's not quite a small cap, it's a lower mid-cap company, but i think their cybersecurity offerings and the fact they've gotten beaten down on some other news will give them a lot of space to grow9 into the end of the year. it's another one that you can take a small sliver of money as a good friend of mine and announcer likes to say -- [laughter] and put it in this company and watch it grow. stuart: yeah, i've got a small sliver of microsoft, and i like that expression because it's a very small sliver. d.r. are, thanks for joining us. see you again soon. press the button, young lady. well done. the market is open. we've opened a little bit higher for the dow industrials. let's see how the other markets open, but the dow up .07% at the

very early going. there's more buyers -- winners than losers amongst the dow 30 as you can see on your board. the s&p 500 has opened at yet another all-time high, 5635 right now. that's .003% up, but it's up -- .033. the nasdaq composite, is that an all-time high as well? yes, it must be. another new high this morning, up 15 points. let's have a look at big tech. where are we? top of the list is amazon. it is a winner by just 21 cents. alphabet, meta, apple and microsoft, all of them down a little. not huge declines, down a little. i've always been interested in costco, love that store. they're officially raising their membership fee for the first time in seven year, so what have we got to pay now? lauren: what is going down? the stock is down. it was up so much after this announcement p. i saw at least seven brokerages increase their price target. i don't know, change of heart this morning. so if you're a costco member, it

goes up to $65 for individuals and $130 tofor executive memberships. so that's up $5 and $10 respectively. this starts september 1st. management wanted to be known for value in an inflationary environment but, nonetheless are, stock's really not moving on this news. one price target $1,050 a share. that one was from jeffreys, i believe -- stuart: and that's after the announcement of the membership if increase. lauren: yeah. i'm surprised by this reaction when the market opened. stuart: let's see, we've got pfizer. this is another interesting one. pfizer is looking into the multibillion dollar market for obesity drugs. what are they working on? lauren: a pill that you take just once a day. they had previously worked on a pill you take it twice a day. didn't have the best results in trials. a lot of the people taking it had some side effects, so they reformulated it. now one pill once a day, they're encouraged by it, and they say

this market for the obesity pill is worth $90 billion a year. stuart: well, i could see that. lauren: yeah. stuart: who wants to have an injection when you could have a pill once a day maybe does the same job? >> and still eat your potato chips. [laughter] i'll just pop a pill, no problem. lauren: except there is a problem, because a lot of people are reporting they get weaker in muscle loss, so they're buying supplements to make them stronger the. it's, like, a whole ecosystem. stuart: okay. but a pill if will be popular. okay, let's move on. the nba just finalized a mega deal, i mean, a mega deal to air its games on espn, amazon, nbc -- lauren: $76 billion over 11 years. that is more than three times the current deal though. so, yeah, it's over a decade, but it's triple what we've got now, and it actually means that some of the players could have $100 tomillion season per player. they're saying that could happen in the 2030s. i think basketball is a draw.

what does the league do with all this money? pay the players, expand, maybe find some new cities they can go to and use the games to expand viewership, for instance, on prime. amazon's paying for that, clearly, they're part of this deal. stuart: all right. some companies reported before the bell this morning. conagra is down 3% -- lauren: they make slim jim. sales fell. they're getting pushback over the price of food at the grocery store. stuart: i was looking at delta airlines, they were way the -- way downing i should say -- [laughter] lauren: we're so casual on this show. stuart: record travel, busy airports. what's going on many? lauren: it just doesn't make sense. they missed in the quarter and they cut going forward. they're warning of lower profits because they had to discount some airfare, they had to pay higher costs for labor and higher fuel bills. if you add that all in, and what do you have? the paris olympics. you would think that's a draw, but a lot of people say i don't

want to deal with the crowds, and they're not bucking those -- booking those transatlantic flights because of it. stuart: what have you got, adam? >> i am long the stock, but here's what's going on. there is 4 too much capacity -- 4% too much capacity. that's why they've actually the lowered airfares for four months in a row. the irony, stuart, is this past sunday there were more than 3 million people transiting through u.s. airports, a null after time word -- a new all-time record. people are traveling, it's just there's too much capacity, too much supply, so delta's having to cut fare ifs. interestingly, it's really only for one quarter. they still maintained full-year guidance, they're just saying the next quarter is going to be a little bit soft. i'm not buying more, i'm just sort of sitting there and grumbling. [laughter] stuart: an honest manage. >> as we do when things go down. stuart: let's get to pepsi as in pepsico. they've been putting prices up, so why they down? lauren: same story.

they raised prices 5% in the quarter, but their volumes fell 3%. no pricing power anymore. they make lay's, right? doritos. those sales fell 1% just in the month of june, and there's also the private label brands that a lot of consumers are gravitating towards because they're cheaper. stuart: we've got some news on one stock that's been going up, it seems like pair bollically, and that's microstrategy. they've got, i think it's a 10 for 1 stock split? are they like nvidia? lauren: at a $14000 a share. -- 1400. as bitcoin prices hit that all-time high back in mark -- march, their stock hit almost $2,000. so now because they own the most bitcoin of anybody, basically 1 of all bitcoin out there, they're probably looking at washington and saying, oh, donald trump might be next president of the united states. he's a proponent of bitcoin. they're now making their share price more accessible to regular people with this 10 for 11 stock

split -- 10 for 1 stock split that goes into effect august 1st. stuart: when nvidia did it, the stock went up some somewhere. d some more. i guess they're hoping for the same thing. >> yes. people buy it. all of a sudden you make the price $140, and in theory, you bring in retail investors. people say i can't buy a $1400 stock, but i'll buy a $140 stock. stuart: donald trump will be speaking at the bitcoin conference later this month, so he's putting his mouth, his reputation, whatever you want to call it, behind bitcoin. lauren, thank you very much, indeed. adam, you've got your stick the picks. boston properties. >> with good reason. specifically because steve schwarzman, the founder of blackrock, is seeing, quote, a once in a lifetime, a generational opportunity in real estate. he says he's never seen bargains like this, and boston properties is way for all of us to effectively make that same bet

alongside one of the greatest investors of our generation. stuart: all right. >> so it's cheap. it's trading at 10-year valuation lows, boston properties. it's always the best office buildings in any of the biggest cities in the country. stuart: boston properties. you've been there before. going there again. thank you. the house oversight committee has subpoenaed three top biden officials. republicans accuse these aides of covering up biden's cognitive decline. biden's campaign fund raising has already take a major hit. sources telling nbc, quote, it's already disastrous. strong words. we have the story. biden going to hold a press conference at the nato summit later today. is this make or break for his st -- presidency? i will ask former u.s. ambassador to nato, kurt volker. he's next. ♪ ♪

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stuart: biden's top campaign officials will meet with senate democrats at 12:30 p.m. eastern time today. we just heard from two democrat senator, blumenthal and wyden, about what they want out of this lunchtime meeting. watch this. >> i've seen data that casts some doubt on the ability of president biden to win in november, which is why i think that the analytics presented by his advisers in this meeting will be very important. >> what i want to hear is how they're going to win the election. thank you. stuart: okay. as we said, the pressure is mounting. and, by the way, the cracks are appear being. let's get back to biden at the nato summit. he meets with ukraine's president zelenskyy, then he holds his first solo press

conference of the year. edward lawrence with us. start with zelenskyy, that meeting. what can we expect, edward? if. >> reporter: yeah, we can expect ardent support from president joe biden, and that's what he wants to talk about, is ukraine. the president likes to say watch me, and other world leaders are. the reviews, concerning so far according to mike johnson, the house speaker. listen. >> these foreign leader are coming in, prime ministers, heads of state, and they are the telling us privately that they're deeply concerned. >> reporter: so at least one former state department official says the more president biden interacts at the nato summit, the more he's losing the room. >> you need a commander in chief, you need someone who's a decision maker, and you've already heard this from people not just low-level staffers, but from foreign leaders, they aren't quoted by name, but saying they don't think biden is up to the job. these are heads of state, part of nato. >> reporter: still, his team saying he's on message today.

the president meeting with ukrainian president zelenskyy, as you said, also holding that critical news conference. as the president supplies ukraine with five more patriot missile batteries and f-16s donated by denmark is and netherlands as well as the assurance of nato membership without a set timetable. >> if i felt that there was something amaze and there was a real issue here -- amiss, with the ability of the commander in chief to protect our national security interests, of course, that would be a concern to me, and i would do the appropriate thing. but i haven't seen that. that hasn't been my experience. >> reporter: so the news conference here today is going to be president biden's first solo news conference in about asian a months. we're going to have to see if he's overprepared for this one. stu? stuart: overprepared. okay. thank,e . s ward -- thanks, edward. fox business will be carrying biden's press conference live today, 5:30 eastern. now, former u.s. ambassador to nato, kurt volker, joins me.

mr. ambassador, is this press conference today make or break for biden's presidency? >> it may be, stuart. it may be. as speaker johnson just said, and i've heard the same thing from many european leaders in the town this week, there is at lot of concern about whether biden is capable not only of running for re-election, but capable of leading the alliance for the remainder of his term. and if he is not able to have a normal press conference where he can address the issues spontaneously, that is going to the create even greater concern about his abilities. on the other hand, if he pulls it out, if he's able to do that, i think it's going to actually buy him the time to complete his term and to get greater confidence again. stuart: what's the general opinion of other world leaders on the performance of our president in the last, say, two weeks since the debate? >> yeah. stuart: you know what's going on in private here. are they really worried about his leadership? >> they are.

they are. there's several issues that are on their minds, and they all conflate together. if the first if one is the -- the first one is whether president biden is capable right now of being in charge, of leading the alliance, you know, of deterring threats from russia, from china, from north korea. is so there's concern about that. then there's concern that, okay, is he going to be replaced and someone else will run for the presidency in november. well, who's that going to be, and what are their views and what are they like? that's a big unknown. and if it's not biden and it's actually president trump who wins the election in november, then you're going to have a second trump presidency, and he has expressed some very different views about ukraine and nato at a different times. so there's a lot of trying to poke through and figure out, okay, what does a second term trump administration going to look like. this is what all of the thinking and all of the conversations are that are not taking place in the main room, but in the corridors. stuart: would it be true to say

that nato leaders are, frankly, very worried about a trump presidency? >> they are, but it differs according to who you're talking to. the west europeans, france, germany, yes, i would say that for sure. when you're talking to the to the central and east europeans, poland, for example, they remember that it was president trump who actually deployed forces east and put a u.s. base in to poland. the baltic states are more worried about weakness from the u.s. than they are worried about president trump. they fear that if we just continue what we're doing now, slow and just enough support for ukraine but not enough to win, that that's also a disaster for them because it 'em boddens -- emboldens putin. there's a lot of worry on both sides. stuart: what an extraordinary situation. mr. ambassador, thank you very much for commending on it. see you again soon. >> thank you, stu. stuart: mr. johnson, is this, the press conference, is it make or break for the entire presidency? >> stuart, i don't think the

press conference that joe biden is going to hold later today is make or break, it's already broken. the damage has been done, stuart. we cannot, we, all of us, we cannot unsee what we saw at the debate. we cannot unhear what we heard at the debate. and it wasn't just the disaster of the debate. stuart, it's tripping up the stairs to air force one for months, if not even for a couple of years. it's even at the current nato conference where earlier in the conference, yesterday, he stumbled several times. and, again, it's already broken, stuart. he can't save himself. and, actually, i would also a argue i'm no fan of the democratic party as a republican, but to the credit of some democrats, they're finally acknowledging that. they're finally saying the emperor has no clothes. joe biden is no longer fit. it may be self-serving on their part because they don't want to be associated with a loser and they're worried that by his losing, they will lose as well but, no, it's already broken, stuart. stuart: adam, thank you, indeed.

yep, president biden holds that press conference this evening. the pressure is intense. if there's a retreat or a repeat of anything like the disastrous debate two weeks ago, his supporters will desert in droves. that's my take, top of the hour. biden's lawfare strategy appears to be failing. trump's new york criminal case is still in play. his legal team will ask the judge to set the conviction aside. we have a report on that next. ♪ ♪ if

stuart: well, this just coming to the to us, president biden's solo press conference today scheduled for 5:30 eastern has been delayed one hour, delayed until 6:30 p.m. eastern. there has been no reason given for that delay. well, today would have been sentencing day in donald trump's criminal trial in new york had it not been delayed. lydia hu joins me now what's the chance that trump's conviction will be thrown out? >> reporter: hey there, stuart. really hard to predict exactly what's going to the happen, but i will say when judge merchan agreed to delay sentencing until september 18th, he did note they'll have sentencing on that a date if it's still necessary. so even he seems to be

acknowledging there's a possibility that this whole case may, maybe we're not going to the need sentencing anymore because perhaps the verdict will be overturned or thrown the out. of course, what we're waiting to see now in the public view is the defense postif trial motion where they're arguing the decision manes -- the supreme court's decision means the jury verdict has to be set aside. a source tells me that motion was served yesterday on the deadline. we're just now waiting to see this in the public eye available on the clerk's web site. trump's lawyers are expected to argue this immunity decision forbids the use of evidence of trump's official conduct to prove unofficial conduct. in other words, that prosecutors improperly used evidence of official conduct to prove that trump falsified business records in his private business. trump's lawyers will likely point to witness testimony, for example, from white house aides hope hicks and madeleine wester house about events that happen the oval office. that's official conduct. they'll also say social media

posts made during trump's presidency were official acts because that is how he was communicating with the american people, his constituents. also official here. a lot of other evidence will also be attacked by the trump lawyers, and the crux of their argument is without this evidence prosecutors never could have gotten a conviction, therefore, this verdict must be set aside. of course, stuart, prosecutors will have a chance to respond. but what's happening now with this last minute if delay of the sentencing, stuart, really illustrates this rush to prosecute if donald trump not just here in the city, but in a variety of federal cases now, stu, the supreme court impact delaying these other trials. stuart: the lawfare strategy was get him to trial before the election. thank you, lydia. more "varney" after this.

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