>> despite joe biden and the democrat's best efforts to actually hold all of us back, we

are americans and we are resilient and optimists and make things happen. >> nancy pelosi knows, has known about joe biden's daily cognitive abilities for years. and only concern is the american people have seen the ability to communicate and think not a sising -->> not a single democrs he doesn't need to be on the ballot or step down and exercise the 25th amendment and remove him. jaire if he's not able to have a press conference and address the issues spontaneously, that'll create even greater concern about his abilities. >> we're all watching that with the same mixed feelings on the one hand disgusted at them for the coverup and on the other hand relieved to see them finally doing their jobs.

stuart: everybody lies a little. careful producers, dangerous music. let's get on with it. it's 11:00 a.m. eastern time. this thursday, july 11 and on the market this is morning, dow's up 90 but look at that nasdaq go down 233 points. we had a wonderful rally and with a profit taking technology and going to get to that in a moment. show me big tech and it's on the downside and they're all down, amazon, alphabet, meta and microsoft are all down. a much lower yield on the 10-year treasury and 418 following favorable innation news but that did not have the same impact on the technology that i thought it would have. we're down 10 basis points.

now this, in february of this year, the justice department released robert hur's report on biden's handling of classified documents and it's a sensation and hur described the president as a well meaning elderly man with a poor memory with diminished faculties in the unit. there it was for all to see. in official language, the president is not always there. worse, hur had interviewed biden for five hours and it's all on tape. that's when the democrats went on the attack and desperate to cover up the president's true condition. in march, robert hur was hauled before congress and roundly insulted by that p paragon of virtue and playing out personal politics and what an insult. kamala harris said we should expect a higher level of integrity. hur had been trashed and no, you can't see the tapes.

even though they would show the president's true condition from way back when. then, june 27th, the debate, it changed everything. the president showed his true condition and everyone was shocked except those insiders who'd known about it all along. five hours of tape now become prime evidence of biden's decline and no wonder schiff and the justice department will move heaven and earth to keep the tapes under wraps and schiff was censored by the house for deliberately misleading the republican and it was part of the russia hoax thing and trashing a well regarded public official covering up biden's debilitating condition and people like schiff hold him accountable for the most consequential coverup in recent political history. third hour of varney starts now.

miranda devine is the lady on the right hand side. welcome to the show and good to see you back again. in my opinion, this was a coverup by democrats plain and simple and my question is will anyone really be held accountable? >> well, certainly not in the media or democrats because this is one of, you know, a series of hoaxes that they've pulled on the person people in order to hang onto power and the russia hoax, all the attacks they had on donald trump, the laptop being russian disinformation and the crowning glory for them has now come back to haunt them is their coverup of joe biden's cognitive decline and in the 2020 election and he was standing on the debate stage and against the democratic hopefuls like bernie sanders and they knew, everybody knew but they

just pretended he was fine. stuart: next one, miranda, hunter biden, you know he's been living at the white house since the debate. he's sitting in on white house meetings and essentially he seemed to be acting as a gate keeper for the president. is hunter running the white house? >> he's certainly close to his father and making sure that he sticks to him like a bug and hunter does not trust particularly the obama people and he's had a kind of on and off hostile relationship at times with his father's closest staffers and i think he feels that particularly before the 2020 election throwing hip under the bus because he was seen as a liability to joe biden's campaign and he was extremely angry about that and in fact that pitch of rage and abandoned

his the laptop and he's a highly intent and manipulative person that's out for his own ends and those ends require his father to remain in the job. so when we're hearing that he's sitting in on these white house official meetings that he's acting as a gate keeper, that he's destabilizing his father's staff and that they are perplexed and saying to report as things like what the hell is going on, that is not surprising because hunter biden makes sure that he is in control of his father and that his father loses his faculties. i think hunter biden is never in the driver's seat. stuart: what a story and you're involved in it too. miranda, well done. we'll see you again i do hope. miranda devine. >> thank you, stuart. stuart. stuart: back to the markets and the inflation news not having

quite the result and dow up 100 and nasdaq down 233. lou basenese next to me for the nxt hour. start with the consumer price inflation report up 3% year over year and over the last 12 months and i thought that was a really good strong -- not strong report but moderating inflation. good news. why suspect the market reflecting that? >> good news and first time the data reflected it and that's why you're seeing the market sell off and a year ago and betting on rate cut of june and july from last year and i think people with get profit and more priced into the market. stuart: your idea is it's okay to take profits. >> i'd rather have a tax problem than income gains problem. there's ways to shield those too and if you're in a roethlisberger ira or self-directed ira account and

having main passions in the regular trade -- positions for the regular trading and then you can trade around that in a taxed advantage account and take advantage of the swings and sentiment that we've seen and 8, 9 weeks ago and hit seven new all time highs in seven days in a row and those are areas to trade around and get volatility to use to it. stuart: you know where i'm coming from and make a short term capital gain and that's taxed at same rate as your credit card and if you're a top income earner, you'll be a 40% capital gains tax rate. i'm not going to do it. >> completely agree and do it in a taxed advantage account. doesn't make sense. stuart: i don't want to hold all my money in a taxed advantage account that i can't get in or out of. >> you're closer to retirement so it's not that long. stuart: who says? you touched third rail of tv politics right there, son. moving on. you might want to stay for the hour. dr horton one of the movers

today. lauren: home builder up. 6%. stuart: mortgage rates might come down. lauren: cooling cpi data from this morning and, lou, brace yourself, traders see a 25% chance of three rate cut this is year and july 31st meeting and september, november, december. >> no way we're getting three cuts and maybe getting one in september if the ppi comes in support of cpi tomorrow and then i think you get november and that's it. september maybe november, that's max two. probably should none. stuart: go ahead. throw cold water on the rally. >> there's no rally but in home builders and makes sense but the other thing home builder haves to fight is rising prices. stuart: conagra having a very bad time. lauren: this is their worst day in two years and slower demand for products and staples at the grocery store and they say the annual sales were there and expected to rise and could fall

and fall as much as 1.5%. stuart: okay. show me costco, please. on the screen. lauren: i don't get it. stuart: why is it down when they're increasing membership? lauren: it's their first increase to the fees since 2017. seven years ago and it goes to $65 and increase of $5. i thought costco had pricing power. they're valued to so many people. jeffries thinks the stock is going to $1,050 and costco makes almost no money on the product that it sells so if you're increasing the fee, that can boost your earnings per share by about 3% this year and next year. isn't that good news? stuart: makes sense but a general selloff going on. lauren: buying opportunity for costco maybe? stuart: maybe. maybe one day i'll buy that thing i shop at all the time and i've never bought and gone straight up. maybe one day i'll do it. you'll see. thanks, lauren. all eyes on the president tonight as he holds a solo press conference at nato summit. by the way, the press conference

has been delayed one hour and it's not going to be at 6:30 p.m.. we're calling it a make or brek for the president. a full report on that. co-ing up. biden signed a bill bolstering nuclear power in america. senate sore john barrasso said nuclear energy is fundamental. is this a bipartisan win? democrats and republicans getting together on nuclear power? very interesting. the senator is next. ♪

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stuart: administration anno announced. >> stu, i reported and decided that the manufacturer getting grant money in michigan, georgia, pennsylvania, virginia, and ohio and a couple of others and of course these are important states for vehicle making but coincidentally or not, they're all key battlegrounds in the election. this is a political strategy in announcing these grants, president biden is taking a swipe at former president trump saying this delivers on my commitment to never give up on the manufacturing communities and workers that were left behind by my predecessor and now coming back with the support of my policies. so who's getting this taxpayer money? several of the big names like

stellantis, general motors, haharley davidson and volvo getting tens of millions on top of -- i should say tens of billions of dollars on top of the hundreds of billions they've invested in electric vehicle production themselves and there's some losesser known companies that make electric batteries and other parts of the list too and money from the so-called inflation reduction act and despite the best efforts of biden administration, the road to all electric is a bumpy and uphill one. only about 8% of all new vehicles sold in the u.s. in the second quarter of the year were electric. and even as inflation cools, ev prices have been going up since march as part of it is platform going into the convention next week and the election in november, the republican party is promising to do away with president biden's electric vehicle mandate and so even as the biden administration is pushing evs, clearly the republican party is saying that

is a losing issue and we don't want anything to do with it. stuart: thank you, grady. president biden signed a bill aimed at boosting nuclear power. wyoming senator john barrasso is with us this morning. mr. senator, you are in favor of nuclear power and the biden operation just expanded nuclear power or money for it. >> it's a strong america first and all forms of american energy and all of the renewal and energy is a long term weapon and nuclear powers is clearly a component of that and as you know, we have now banned the import of russian uroyanis yum that's a bill -- uranium and they've sponsored and they've undermined the market of uranium and american market and taking dominance of the world and that has now ended and we have massive stores of uranium in wyoming and build ago new

generation of nuclear reactor there and administration overall has been against the basic fossil fuels from all of the democrats fighting oil and prioritizing the american people wanting affordable and available and reliable energy. stuart: it's not a experimental reactor but a fully functioning nuclear plant as i understand. how long does it take to get it up and running? >> permitting takes a long period of time because of the foot dragging by the federal government and the goal is to get that done, construction has already begun and we're doing the footprint of the retired coal fired power plant and lines

are there and this is the next generation small modular and put several of them together in locations where there's already a footprint with nuclear power. stuart: small nuclear power of generators and perfect for data centers and require an enormous amount of power. is that what you're aiming at? >> well, you're absolutely right and the next five years and data centers because of artificial intelligence and if there is a push for electric vehicles, look, i'm against what this administration is trying to do there. biden and the democrats and

stuart: yesterday, ukraine president zelensky met with senators and today meeting with president biden and pushing for more aid and do you think we're getting stuck in a forever war? >> we're weak all the way around and at the nato meeting today and regard to nato, it was president trump who forced nato to pony up 100 billion extra dollars contributed by those different countries to nato while he was president with regard to zelensky and ukraine, it's the weakness of president biden i believe that actually invited the attack on ukraine as a result of the way we pulled out of afghanistan. what i've seen was a full mismanagement by biden and the democrats with regard to ukraine in terms of foot dragging and not giving them weapons that

they needed early on and going to win and now it seems like more wanting to play with a tie of victory with ukraine very early on and we need a new president. that's what we need and we need nato to do more. stuart: you got that right. 30 seconds, is it possible that the press conference tonight with the president already delayed an hour, will break his presidency? 30 seconds, what do you think? >> this is a make or break day as every day is now for joe biden who is weak and wobbly. the democrats are terrified but remember, president trump was leading joe biden in the polls before the debate. stuart: think it could break -- >> it's because of bad policies of this administration. stuart: if he makes a mistake, could it break his parking light seizure disorders? >> every day is a -- presidency. >> every day is a make or break. it's the policies. we need a republican house and republican senate and republican president. stuart: it's not his policies that will break him now, it's his cognitive degeneration. that's what breaks him now if

he's going to break. mr. senator, i'm terribly sorry i keep interrupting you and i'm out of time. hope to see you again soon. thank you, sir. >> look forward to it. stuart: watch biden's press conference live at 6:30 p.m. eastern time here on fox business. another democrat senator in a welsh was asked why he wants biden to step aside. watch this. >> well, it's everything that i think is in my statement. kind of going who knows when the right time is. stuart: another democrat in the house calling for biden to step aside. this time it's congresswoman hillary shulton from michigan. saying biden must drop out for the good of our democracy. that's 11 house democrats want

him to step aside. we have a read on inflation and the line is up 3% in one month of june price went down 0.1%. overall inflation continues to moderate. however, fed chair powell says inflation is not the only resident tock our economy. he's now concerned about a weak labor market. peter mauricio has been warning about that for months and he's next. ♪ with chase freedom unlimited, you can cashback 3% on dining including take-out. cashback on flapjacks, baby backs, or the tacos at the taco shack. nah, i'm working on my six pack. well, good luck with that.

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visit pods.com today. olukai sandals capture the feeling of stepping barefoot into wet sand. the perfect balance of instant comfort and lasting support. say aloha to olukai. anywhere comfort. anywhere aloha. (♪) stuart: still a split decision on the market and dow is up and it's a profit taking after the runup we've seen in big tech. lou basenese is here with us. look at bitcoin minor. call scientific. >> this might be a shock and going for nvidia and this is a conservative way to play two of the biggest trends and bitcoin and ai. we talked with senator barrasso about the energy demands of ai is a huge concern and core

scientific built a farm of data centers and secured power splay. most critical and mining bitcoin to generate dollars and selling those to generate revenue and renting out data centers to provide ai providers like core weave that just did a big strategic deal with them and you happen solicited takeover -- unso listed offer and -- unsolicited offer on them. stuart: core scientific. we'll look at it. inflation report at 8:30 eastern today. prices up 3% in the last 12 months and peter mauricie with me now. inflation is moderating and you've got to smile on your face. what's your reading on this. >> it's all on the good side and being driven by chinese imports and them coming in at a low

price and president biden dumping oil into the oil market before the election and going easy on russia and iran when it cops to sanctions. on the services side, it remains naggingly high in the areas that mr. powell worries most. that is services like housing and core services and super core and they're running at 5% still and housing inflation we've been promised to go away and it's 5.3%. stuart: yeah. well, is this not good news? isn't the trend in inflation good? what have i got wrong here? >> it's good but will a dead cat bounce? this is not the time to cut rates and the history of these things is if you cut rates before you get to your goal, you'll end up having to raise them again. so i think he's quite correct in what he said the last two days and that we need to worry about the jobs market is they're still a danger of moving too soon. stuart: pick up on that what

chairman told -- said about the weakening labor market and that's just as much of a risk to the economy as high inflation and you've been pounding the table about the labor market for months. what took powell so long to catch up? >> we're seeing the hard data he'd like to comment on and the fed seems to be very, very hinge to hard data and they don't deal well with anecdotal information and they don't seem to find out what the grain information is to boil down to a few numbers and i don't think that's necessarily serving him well and the thing though that disturbed me yesterday is he talked as if he had a surge in scalpel to time this thing and saying we can move from prices to inflation to just get to right. that assumes we get to unemployment rate and we're confident about that and

inflation going to 2% and he can make a quick switch and i don't know that's the case and first of all i don't know we can get to an unemployment before it starts to cycle the economy down and even if there is. he's airporting with a hat chet or scalpel. stuart: you've been saying for months that migrants are working and pumping up the number of jobs in the economy. is that a form of labor market weakness or strength? >> that's a strength, i mean, we're basically run out on domestic labor and starting to get more unemployment and we really didn't know about that and we can maybe add 80,000 jobs a month between people becoming of age and legal immigrants but

we're aiding jobs at a more rapid pace at 106,000 and that's essentially illegal immigrants getting jobs and if you want to know how to get to construction sites and go to a sandwich shop and people find ways to get this done and economists peterson and stuart is more respected and they hosted a group of papers last week that basically indicated that it would be a calamity if we remove them from the labor market and we hustle them onto trucks and deport them. that's correct. i mean, you and i can say what we like about the illegal process and regularizing it but the hard reality is this economy is greatly benefiting from their presence. stuart: yep, that is true. peter morici, you hit the nail on the head. thank you, peter. see you soon. >> take care. stuart: top biden fundraiser -- a top biden fundraiser warning democrats calling on biden to drop out. what's the warning?

lauren: lindy lee that raised a million for biden. if you don't get 100% behind him the way i am and keep boosting up these potential democratic challengers, they're not going to be able to beat him. >> i know josh in particular very well. if they could have run against biden and won, they would have. but they looked at imper cal data in the primary and none of them could beat him. him. i had a series of conversation withs donors that were nervous after the debate and had to reassure them and talk them off the ledge. lauren: she's talking about the pennsylvania governor josh shapiro as well as maryland governor wes moore saying look, everyone is talking about these guys replacing biden but if they thought they could beat him, they would have challenged him in the primary. stuart: okay. >> that was then and this is now. it all changes and the dynamics all changed. stuart: thanks, lauren. san jose, city in california expanding city in california,

they've launched a tiny home community project. it's been so successful expanding it. we'll tell you what a tiny home community looks like. actually it's on your screen now. that's a tiny home community. a new study shows 40% of cancer cases in adults are caused by things people can control like diet, weight, exercise. jonathan serri has the story on that next. ♪

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the all new godaddy airo. put your business online in minutes with the power of ai. stuart: a study by the american cancer society shows 40% of cancer cases in adults are caused by risk factors that people can in fact control. things like diet, weight, and exercise. jonathan joining us. >> a lot of people assume

there's nothing that you can do about canser and we've all heard the headlines and cancer finds we're much more in control of those risk factor than we previously thought and conducted study of adults 30 years and older and hatch of all cancer death can be attributed to risk factors that we have the ability to change. 30% of cancer deaths. >> it's important to not start smoking or stop in you are. but recognizing another ken polcari of that is really related to unhealthy weight, diet, lifestyle, activity, alcohol, and even vaccination particularly in the hpv

vaccination we recognize is a large part of several different cancers. >> the american cancer society says people can further reduce their risk by avoiding excessive sun exposure, eating more fruits and vegetables and reducing consumption of processed meat and read meat. >> things we're talking about are changes that we have in our control that are changes that are not drastic in terms of how we're living and not saying cut red meat out but doing it less. >> many are inner connected for example a healthier diet can lead to a healthier weight and that's important because according to the study, excessive body weight was the second leading changeable risk factor that contributed to nearly 8% of cancer cases and more than 7% of cancer deaths. stuart.

lauren: the reason is ftc believes after two years of investigating that this trio is steering patients to more expensive drugs to illegally maximize their own profits and their cross-examination is the pharmacy benefit manager is essentially middlemen and they're negotiating essential deal withs the drug manufacturers to force patients to pay more for the drugs that they need. so each of those three healthcare companies has a pbm, pardon me seizure disorders benefit manager that base -- pardon me seizure disorders pharmacy benefit manager that controls the market. stuart: lou basenese, that's your area. what's your development? >> this these case it's health insurers that integrated for the benefits manager and just like the doctors have to take a hippocratic oath do no harm and financial industry regulation

best interest and put the client ahead of our own interest, these pbms are not putting the patient ahead of costs and regulation in this particular situation. stuart: we'll take that . thank you very much. elon musk said brain tech startup is neurolink and hoping to place an implant into a second human patient and do this in the next week or s. that's their words. lauren, what about the issues that the first patient went through? lauren: the 29-year-old. only 15% of the threads that were inserted into his brain, those are like little electrodes so thin and strand of hair and only 15% of them are actually functioning. that means 85% failed. and still elon musk says he's going to do this again, patient no. 2, that implant is happening in the next week or so and he wants about a dozen patients signed up this year. stuart: lou, you're a technology

guy. what do you think? >> it's the first tier and we backed second site medical products and going for restore vision and 16 electrodes and six patients actively since 2018 having this installed and the risks come upright. is the patient at risk and also what are the negative things that could happen and thissing itnology could be use of force and aiming to restore control to people that are paralyzed and second site was doing it to restore behind blindness and then what else could you do if there's a brain implant. i'm not getting one implanted in me voluntarily. stuart: it'll get better and better and the technology was developed over 20 years and musk and neurolink founded in 2016 and it'll be 10, 20 years from now before that's an actual consumer product out there and medical product. stuart: winners than losers and up 85 points and nasdaq down

about 200 of the sharp conflict right there. fast food chan choose owner -- franchise owners in california have had to fire people and reduce hours of workers they're employed because of the state's $20 minimum wage. that story is next. ♪ ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance.

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stuart: house just voted on a measure to fine merrick garland $10,000 for each day he does not hand over the biden hur audio tapes. the vote failed. 12 republicans were absent, four voted no. now, those four republicans were davie joyce, mike turner and john duarte and all voted no. if the 12 republicans who were absent had been there and voted yes, this would have been able to pass. it's also worth noting that speaker johnson taught told our own maria bartiromo this morning this would pass and it did not.

a tiny home community project launched and so successful they're expanding it. tell me more. lauren: it's what you're looking at. trailers with facilities and resources that connect the homeless or unhoused to services and they've been very successful in san jose and gavin newsom pledged $30 million for 1200 of these across the state. it's essentially a way to transition people off the streets by helping them build their resume, again. and how to connect with services getting back on their feet. stuart: got t thank you, lauren. back to june cpi, consumer price index report. inflation at consumer level exactly 3% over the past 12 months, 3% even. brian burg is with us this -- brian brenberg is with us this morning. how are the republicans going to handle moderating inflation at the convention? >> pull up the time line. you've got 3% number for this month and it's built on the back of all the inflation we've seen

over the past two years and if you look at it there, okay, 2021, we're up near 7% we're at 3 on top of a lot of inflation and take me through rent and that's killing people right now up 21.9% since biden took office. if you're looking for sheller and paying up with what you're renting or buying and look at all home sale prices and up again and over 20% or 30% since 2021 and that's why people don't feel good about 3%. picking through them. and flower going to bake bread. flour up almost 30% since 2021.

so what's the bottom line? has biden solved inflation in then look 24 the fridge and your rent and say, no, he hasn't. stuart: that's how the republicans handle moderating inpolice station. >> what people feel, not what the bls says this month. wendy. stuart: wendy's and jersey mike had to reduce employee hours and let people go in california because of the $20 an hour california minimum wage. that if you're in the business of wanting to work in fast food, too bad for you. >> robots are going to do that job or the companies will close. the one thing that's not going to happen is that you're going to be able to afford eating out, which by the way was one of the worst elements of this month's

inflation report and food away from the home was up significantly. stuart: is that right? >> not just in california either. stuart: brian, i promise to watch you on the big money show at 1:00 p.m. eastern today. i shall be there glued, baby, glued. lou basenese is with me. i have a general question here: why on earth would anyone open a new service business in california? >> they're not in the right mind. they just want to give money away or lose it. i'm with brian and may not share his passion for the dream but the amall sis on bls -- analysis on bls statistic. stuart: brian big on the fats fatcassius. >> doesn't show. >> if you're a businessman or woman and going to pick a state to start a new business, there's too many obstacles and insurmountable because of the minimum wage requirements in california and i don't know why anyone in their right minds would consider doing that. stuart: let's get to the thursday trivia question. this is a good one and we've been all thinking about this during the commercial break.

how many states have only one syllable in their name? one state, three, five, or seven? put your picking caps on, people. i know one but don't know of anymore. we'll be back with the answer. ♪ (man 1) can you hear me now? can you hear me now? can you hear me now? (dj) can you hear me now? .. (teens) oooo! (woman 1) mírame ahora! (woman 2) get em now! (roger goodell) we're ready now! (woman 3) have fun! (fan) ooo, pinch me now!

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ashley: stuart: we asked how many states have only one syllable in their name? is it wednesday, three states, 5 states, 7 states? i am sure i know the correct answer. brian is a smart guy, a professor. he will give us his answer. brian: the capital of the state. stuart: we will get to it later. stuart: it is one. >> one and done. stuart: i say the same thing, that state's main. am i right? one. the only state to have a monosyllabic name is maine. bangor, maine, is the capital. you asked me a question you don't know the answer to? >> i would know it without even

thinking. isn't it augusta? i stumped you on a capital. stuart: i have more important -- look at two stocks which are moving down and sharply so. says the down $17. lauren: it is pushed to october. stuart: show me meta, 1987, 3.7%. that's a significant decline. thanks for staying with us. thanks for the test on maine. coast-to-coast starts now. neil: we have this good