that. maria: well, well, well, he will be fine with that, and so it is. wow. what a clip from december of 2020. take a look at this clip, italian prime minister georgia me roney with the trademark if eye roll. world reeders were waiting for jens stoplighten burg to -- stetten berg to finally show up. this happening on the same day of president biden's high stakes press conference. wow. lots to look at there, cheryl. [laughter] >> she only changed fates when she realized -- faces when she realized the cameras were on her. maria: it's true. we're going to have to get back to that obama clip next week. we'll talk about it. rhee carter, rebecca waltzer, cheryl casone, thank you so much. tune in on monday, we'll be live from the republican national convention in milwaukee. "varney & company" pix it up. stu, take it away. stuart: it is the day after the big press conference.

the presidency was on the line. no huge gaffes or freeze-ups that would knock him out of the the race immediately, but he has not convinced everyone that he is capable of being president for four more years. more democrats defected this morning, bringing it to a total of 17 so far asking the president to ten aside. at this point, biden appears to be at a war with his own party. he's isolated and losing donors and faces the prospect of his every word being scrutinize thed for signs of infirmity. the president spoke for about an hour, he took 10 questions, none from fox. his voice was weak, he meandered, he confused zelenskyy with putin and trump with kamala harris. you will see it all throughout the show. to the markets. producer prices up 2.6% over the last 12 months. that's a little hotter, a hotter number than was expected. we don't have a big rebound from yesterday's selling in stocks. everyone wants to know how long the rotation out of big tech will last are. the dow, though, up maybe 78.

nasdaq up maybe 6 points. finish not much of a comeback for big tech after heavy selling thursday. look at that, all of them down big yesterday, most of them not recovering at all. microsoft if back up just by 55 cents. that's it. interest rates up a little, the 10-year just below 4.25, actually, moving down just a fraction, 4.20, and the 2-year coming in just below 4.5%. bitcoin, last checked $57,000, that's where it is now. oil well above $80 a barrel. we're looking at $83.36. it keeps creeping up. gas though, no change, $3.53. diesel, no change, $3.87. on the show today to, the role of obama in the movement to get rid -- to get biden to the step the aside. his fingerprints are all over the divorce between the former and current presidents. we have the back story on george clooney's break with biden. seems the flow of hollywood money has dried up. and you'll like this one, we

have a prediction of a melt-up for stocks. friday, july 12th, 2024, "varney & company" is about to begin. ♪ ♪ ♪ come on and and let me know -- ♪ should i stay or should i go. ♪ stuart: well, it was inevitable, wasn't it? [laughter] we have got to bring in the clash on this one. should i stay or should i go -- [laughter] lauren: if only we had -- stuart: yes, if only we did. i don't think we'll come up with either in the next couple of days anyway. let's get right to it. president biden's very high stake the news conference yesterday. reporters pressed him on calls to ten the aside and, of course, on his cognitive the ability -- step aside. lauren -- lauren: you know, he was extremely defiant. he took some pretty brutal questions from frustrated

reporters in that one-hour press conference last night. >> >> reporter: officials here are saying off the record that your decline has become noticeable. hasn't this, frankly, become damaging for america'sen standing in the world in. >> did you see any damage in our standing? >> [inaudible] >> that's not true. >> reporter: how can you reassure the american people that the you are up to the task? >> well, i tell you what, the best way to assure them is the way i assure or myself, and that is, am i getting the job done. >> are you fully determined on running in november as the party's nominee? >> i'm determined on running. >> you open to taking another physical or test before the election -- >> i've taken three significant and intense if neurological exams by a neurologist. in each case -- as recently as february. and they say i'm in good shape. lauren: i don't believe him.

he's taken three neurological exams. can we see results? stuart: i guess not. lauren: take another and quell all of this discussion about whether he's fit. stuart: there'll be some discussion about that as we move forward, for sure. there's got to be. lauren, thank you. look who's here now, jason chaffetz joins us. okay. big question, jason, did biden save his presidency last night? >> you know, it was sort of the perfect night for donald trump because he did enough to assuage some of the concerns. he didn't have a full implosion, but he reminded the world that he's just not up to the task. if i mean, to transsuppose and -- transpose and confuse kamala harris with donald trump, to introduce president zelenskyy as president putin even though he corrected himself right away, this is a daily drum beat of somebody who's got the most important job in the world with. so he was in that squishy middle part, and that's good for trump.

i think if you're donald trump, you want to run against joe biden. [laughter] stuart: yeah, i can see that. i was just going to show you the multiple gaffes that were made during the news if conference. roll that tape, please. let's have a look. >> our military's working on following the advice of my if commander in chief, my, my, the chief of staff of the military. can you name me somebody who's got more major pieces of legislation passed in three and a half years? i created 2,000 jobs just last week. today we had, i brought on, i asked our nato allies that we bring on a group from the south pacific, australia, new zealand, japan, australia -- i already mentioned australia. stuart: well, jace, look -- jason, he's defiant. despite that kind of performance, he's define. he says he's staying. and i think that creates a continuing dilemma for the democrats. they want him out, but he won't

go. >> yeah. you have senators, house members who are out there saying they can't support him. you've got the hollywood elite abandoning him. i think you have a barack obama, the former president, behind the scenes unleashing his greatest and closest allies and taking real swipes at him. i mean, all the republicans have to do is just run the democratic clips, and they're got enough fodder to cast doubt to the general public p. it was -- his press conference last night was bizarre. he's whispering, he's leaning into it -- stuart: yeah, weird. >> -- and the next thing you know he's yelling and screaming. so, again, he could have had the full implosion. he did enough to probably survive the day -- stuart: yeah. >> -- but he's still weird. it's just not what america needs. stuart: enough to or survive the day but not necessarily the weekend or the week to come. we shall see. jason, good stuff. thanks very much. we'll see you again real soon. now the list of democrats

calling for biden to step aside, it grew the moment he finished speaking last night. take us through the latest. lauren: yeah, okay. so jim himes, he is the long-term congressman from connecticut, ranking member of the house intel committee. he says biden should step aside to protect his legacy because he will lose to donald trump. watch. >> it's really not about tonight. and one of the really kind of sick aspects of this moment is that we are watching every speech, every rally, everyone debate -- every debate and saying how did he do today. and that's just not the way to think about the presidency of the united states. lauren: it's so weird, the bar is set so low, yet it's also so high at the same time because we're analyzing every word that he says. interestingly, congressman scott peters, democrat from california, and eric erickson sorenson -- eric sorenson joined this list saying you've got to go, and they added their names

right after the press conference last night. the vermont senator, peter welch, is the only senator publicly saying biden should drop out. stuart: so far is. we just got the latest read on inflation. yes, it is the producer price index, the cost of business. 2.6% -- lauren: little bit of a curveball from cpi which fell and was softer than expected. this is pipeline inflation where businesses need to stock their shelves. rose .2% last month from the month before, 2.6% from last june, and that 2.6 is the hayest in 15 months. -- highest. take out the volatile food and energy prices, and year-over-year you've got 3% inflation. unfortunately, this report, a little bit hotter than expected. stuart: and not much impact on the market thus far. let's bring in kyle wall. he's going to coffer the market finish us this morning -- cover the market. not much of a response in stocks so far. >> yeah. i think it came in a little bit high. it's, like, six out of the last seven months t -- it's been

high. but the cpi was not very hot, so i think they're probably still going to cut rates. i don't know if we'll have two, but i think we'll are one. i don't think that knock thed that out of the box. it wasn't that hot this morning. stuart: okay. one thing that really interests me at the moment is the rotation out of big tech. there was a huge move out yesterday. i just wonder if it's got momentum. is that out of big tech the going to continue? >> i think you're seeing a little bit of profit take. i mean, nvidia's been up so much, super micro, the stock's been up so much, right? almost back in the late '90s you had rotation occupant of the hardware makers -- out of the hardware makers, you see a lot of money going into these start-ups that could ipo later this year. the hardware makers moving up a lot, nvidia's the largest company in the world right now, so you going to have some profit take. i'm an owner, i'm not selling right now. stuart: i'm an owner of microsoft, and i'm not sell

right now. you're telling me, essentially, everything's doing okay. that's what we can say, is it? >> i'm comfortable owning these stocks, and i'll tell you why, i like microsoft as a well because the money that's going into these new start-ups on the software side, that money's going to be spent into nvidia chipssuper microchips, so i don't know -- and super microchips. i don't think it's over yet, stuart. stuart: in the seventh inning ask and we're on the rise, and we've got two innings to go. very interesting. kyleing thanks for joining us this friday morning. see you again soon. coming up, former president obama and nancy pelosi, they're talking behind the scenes about what to do with biden. is obama behind the drive to get biden out? tammy bruce on that later in the show. biden was asked if he'll be able to deal with adversaries over the next few years. watch this. >> reporter: -- i'm not sure you answered on whether you would be ready to go deal with putin and xi two or three years

from now. >> i'm ready to deal with them now and three years from now. stuart: does anyone believe he could be president for four more years? congressman mike waltz is here next. ♪ ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management.

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stuart: futures point to the green but not much of it. dow up 60 points. huge losses pretty much across the board yesterday. now this, more democrats calling for biden to step aside following that news conference night. mark meredith joins me. what's the reaction from the

white house to this? >> reporter: stu, good morning to you. the white house as well as the bind campaign was basically giving themselves a pat if on the back last night, but the question remains whether or not president biden should or can be the democratic nominee going forward. the press conference that everybody was watching last night was all geared to try to show democratic supporters as well as voters overall that he is still up for the job, but even before that news conference began, there was a mistake that was heard all a around the world. >> and now i want to hand it over to the president of ukraine who has as much courage as he has determination. ladies and gentlemen, president putin. [applause] president putin? he's going to beat president putin. president zelenskyy. i'm so focused on beating putin, we've got to worry about it. anyway, mr. president -- >> i'm better. >> you are a hell of a lot better. [laughter] >> reporter: for nearly an hour after that event, the president took questions on political power, his health and foreign affairs, and while biden claimed the most qualified

person for the job, he still left the door open for democratic delegates to make a change next month. >> if they have second thoughts, are they free to vote their conscience? >> obviously they're free to do whatever they want, but i've got overwhelming support, overwhelming support. i won i forget how many votes i won in the primary p. overwhelming. and so tomorrow if all of a sudden i show up at the convention and everybody says we want somebody else, that's the democratic process. it's not gonna happen. >> reporter: polling shows president biden and former president trump still locked in a very close race. and while the trump campaign continues to mock biden's performance, top democrats close to biden insist the president's verbal slip-ups are not a big deal. >> he is still working to overcome the -- -- stutter of his childhood.

i've a been around that condition a long time, and i know exactly how it operates. but he has one of the best minds that i've ever been around. and the people who have been around a him will tell you that. >> reporter: while congressman clyburn continues to back the president, at least 17 democratic lawmakers in congress are now urging him to drop out of the 2024 race. we'll see if the white house or the president himself has any sort of fresh reaction to these developments. the president himself will be heading out of town this afternoon, stu. he's off to michigan, a battle ground state, and then to rehoboth beach for the weekend. stuart: and every movement and every word he speaks will be so closely scrutinized. mark meredith, thanks very much, indeed. biden was asked about his ability to take on our adversaries for another four years at the press conference last night. roll it. >> -- your answer on whether you would be ready to go deal with putin and xi two or three years from now. >> i'm ready to deal with them now and three years from now. i'm prepared to talk to any leader who wants to talk

including if putin called me and wanted to talk. last time talked to putin was trying to get him to work on an arms control agreement related to nuclear weapons in space. that didn't go very far. stuart: congressman mike waltz joins me now. what does putin, xi and maybe the mullahs in iran, what do you think they think when they look at that press conference? >> stu, can you imagine if fdr stood on the world stage in the, you know, the 1940s and accidentally called churchill hitler or? [laughter] we're seeing this unholy alliance, china, russia, iran, north korea only get tighter, only grow stronger. and their last meeting, if i told them we've got --, and i told them we've got a once in a generation opportunity right now. they smell weakness. they're on the march. look, stu, politically i think he can did what he had to do. i'm with chaffetz. i think it was good enough. congress is out of session next

week. everybody's going to be talking about trump and the rnc convention s and when they come off the to -- out of it, they're only weeks away from his own convention, but think the line of the night was trump knows nothing about foreign policy. he's the only president that left the middle east better than he inherited it. if so that was a bit rich. stuart: do you think that he could come away from last night's press conference and think that he could be the president for another four years, or is that literally out of the question? >> i don't think any of our allies walked out reassured, and i think all of our adversaries are absolutely enboldenned -- emboldened. and particularly the terrorist groups with afghanistan as the caliphate that osama bin laden always dreamed of and and a wide open border. stuart: do you think he can be the president for another pour years? >> oh, he can no, stu. [laughter] -- heck no. everybody sees it, and the

pearl-clutching and shock on the part of democrats and the media is just jaw-droppingly ridiculous -- stuart: can i just jump in. >> >> they've been embarrassed and -- stuart: hungary's prime minister left the summit early and went to mar-a-lago to visit trump. what do you make of that? >> he knows who ooh -- who the next president's going to be. he's actually the head of the e.u., and i think he could actually serve a role if we go into a negotiation with ukraine and russia, he could serve a role there. he's got no love for the other european leaders, they have no love for him. what i don't like, stu, is hungary trying to be china's best friend in europe. half of all a chinese investment in europe are going into hungary, including huawei. and if you have them losing all of their data and they're plugged into nato, i have some real national security concerns. but those two men have a relationship, and president

trump believes in having relationships with these heads of state, friend, ally or anything in between because that's how you cut deals and get things done. stuart: congressman mike waltz, have a great weekend, sir. thanks very much, indeed. >> thanks. stuart: now this, house republicans want biden to push back more on countries which fame to take -- fail to take back their illegal migrants. lauren: speaking of china, this is a china story. they're a so-called recalcitrant country. more than a dozen house republicans are asking mayorkas for information, how many countries are recalcitrant, how many of their nationals are here and how many of those have a criminal record. do we even know? as for china if you look at the last fiscal year, 24,000 plus chinese nationals crossed the southern border. how many were removed? stuart: tell me. lauren: 288. we removed not even 300 0. what do we know about them? are they spying, are they

sending details back? what is going on? stuart: got it. thanks, lauren. this is friday morning heading up to the opening of the market in just a few minutes' time. nasdaq down 13 points, dow jones up just 63. the opening bell is next. ♪ many. ♪ ♪ if

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stuart: look at the markets this morning, kind of a mixed picture after a lot of selling yesterday. dow up 70, but the nasdaq's off 7 points. mark mahaney with us. you have raised your target price for google from 220 to 225. that doesn't seem like much of an increase. >> you're right, stu, it's a pretty modest increase. actually, google's become one of my favorite stocks here, and for four reasons. one, i think people underappreciate how powerful of a product cycle they have on their hands with their a.i.-generated search. is secondly, i had a chance to use their waymo service for the first time in san francisco earlier this week, and it was one of the most impressive technical experiences that i've

had in quite some time. it's going to the take a long time for this to roll out, but i think they've actually got a real lead in what are called robotaxi. third, the youtube asset continues to gain share and, fourth, this is a company that is dedicated to both shareholder returns in terms of a dividend but also in terms of operating market expansion. so it's actually my favorite mega-cap internet stock today. stuart: it's at 185 now, and you think within 12 months you're looking at 225, right? that'd be nice. >> that's right, stu. that's right. stuart: okay. then there's duolingo, now at 193. you think they're going to 2700. better make that -- 270 better make that case. >> thanks for giving me a chance to pitch this. it's a small cap name, and it's rare i see small caps become large or mega cap, but i have seen it, netflix, trade desk, even hamson. i'm not -- amazon.

i'm not suggesting it can be a mega-cap name, but i'm struck by the fact that it's got less than 0% share of i think it's addressable -- 10% share it's got 3x based on recent survey work, three times the lead over its second closest direct competitor. it's a company with great product innovation and has a really strong value proposition. you've got a large number of different types of language learners, your tourists, people doing it for educational and professional reasons. that means you have very different price points, much higher price points, and i think they can hold those over time. duol, as you pointed out. stuart: we'll look for it at $270. mark, see you next week. the bells are ringing. somebody's going to press that a button, and we're going to start trading for the final trading session of this year. there you go. bang, hits it. the dows has opened on the upside, a gain of about a 80 points there. look at that, look at the dow 30, pretty much widespread buying within those 30 stock,

most of them. most of them, not all a, but most are on the upside. the s&p 500, i think we've got a fractional gain there. .13%. 6 points. the nasdaq, now, that took a hit yesterday. not much of a rebound today. up 20 point, that is 0.11%. big tech, yesterday was their worst day in two years, and i don't see much of a rebound this morning. apple is up $1.38 reaching back to $228. alphabet's up 30 odd cents. amazon's down, microsoft down again and meta right at $500 a share. no rebound there. new and higher stock price targets for tesla. the stock's down, but new targets are higher. what have you got? lauren: oh, so ubs is downgrading them but increasing the price target, is that what you're talking about? yeah, they're saying sell them but at the same time they increased the price target. but then you had the report from bloomberg.

we did this right at the end of the show yesterday because tesla had been up 12 days in a row and then all of a sudden shares went down because bloomberg is reporting elon musk is delaying by two months that major robotaxi event. it's a non-event, essentially. the street had been excited about it, nonetheless, and that that's why the shares fell yesterday, and they're falling again today. stuart: i'm not an early adopter of new technology, that's just not me. i just can't see robo tabs says. i just can't see it -- robotaxis. can you see it in new york city or any place else? lauren: maybe. i don't know. they keep inventing the stuff that we say we can't see because that's when you know you're on to it. stuart: we won't be alive to the see it. [laughter] let's get serious, please. about my life expectancy. some of the big banks just kicked off the second quarter. lauren: we'll start with jp morgan. the headline numbers are huge. profits up 25% thanks largely to

investment banking fees rising by 50. that's a trend we saw across all the banks. revenue if up 22%, topping $50 billion. okay. the nation's biggest bank. it is benefiting from higher interest rates. net interest income up 4%. here's the caution, it comes from the ceo, jamie dimon. here's the quote. the geopolitical situation remains complex, and potentially the most dangerous since world war ii. there are still multiple inflationary forces in front of us. large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world. he says inflation and interest rates may stay higher than the market expects. well, the market's pricing in a 93% chance of a rate cut in september. let's flip to wells fargo. their profits fell, stock is down almost 7%. they're competing for customers, and they're paying them greater yields on their deposits. another a worrying sign here, their net charge-offs, the loans

that won't recover, those rose, and the cfo says loan demand remains tepid. it's probably why jpmorgan is down. citi is also down. it had been up 2, 3%, now it's down 1. i think it's getting caught up in this buying. the comments from wells fargo. the cfo -- even though the numbers were great at citi, the cfo said payment rates are starting to declierntion and the savings rate is tapering. stuart: all three big banks which reported this morning are down. lauren: bigtime. stuart: i'm interested in this, at&t has suffered a massive hack. do we know what the hackers got away with? lauren: calls and texts from nearly every single wireless customer and the landline at&t customer that they interacted with over a six month period in 2022. stuart: that's a lot. lauren: well, they didn't get social security numbers or names as far as we know. the hacker targeted the third party, that's how they got into the system.

obviously, the fbi's investigating. one person has been arrested. this is the second at&t hack this year. i mean, the unitedhealth hack, the car dealership hack. companies who are spending all this money on their security are getting hacked right and left, and our information is just dangling out there. hopefully not on the dark web. stuart: that's why cybersecurity stocks have gone up so much even though they're not all the effective by the looks of it. djt -- lauren: up not even 22%. 2%. if this is an interesting one because biden didn't do so well in the press conference yesterday. he had stumbles, he had gaffes. you could say that's why the stock is up. but interestingly since the big gaffe which was the debate on june 27th, the stock is down. it's down 202%. 20%. it sometimes trades like a meme, sometimes trades based on trump's popularity or biden's mental fitness. stuart: speaking of memes, i'm

looking at a caravan. that i'm inclined to say that moves like a meme stock, but it's not. what's it today? lauren: it's at $132 now, it's up 245% over the past year with. i mean, that's just, that's just a move. the news out of them, flip it back for me, guys, oh, they say it's heavenly positioned, and they like their margins. stuart: oh, okay. it's up again, $13232 a -- 1342 a share. lauren: they cut out the middlemen. used car prices are down $10 -- 10%. stuart: i see microsoft on my prompter. congress wants to investigate an a.i. firm called g42. is this because the firm's got ties to china or because the government just doesn't like microsoft? lauren: maybe both, but i'm going to go with the former. g42 is out of the united arab

emirates, and republicans are worried about ties to china. lawmakers wrote a letter to the national security adviser, give us a briefing and let us know if microsoft's $1.5 billion investment in this a.i. company, the biggest in the u a a -- uae, what are they doing exactly? what do you know before we transfer me data. stuart: or chips. lauren: yeah. stuart: got it. then we have dollar general. they've settled a lawsuit over alleged safety violations. what did they have to do to settle? lauren: pay 12 million. is that a lot of money to you? stuart: not. lauren: i agree. i think the changes they're being forced to make are pretty substantive. they can't carry too much inventory in the store because if they don't have places to pit, it don't block the exits. when you block the exits, that's dangerous for the workers. so they have 19,000 stores. a huge footprint. and the government is saying they failed several safety inspections. so carry less stock, hire more safety managers. that's expensive, and conduct

extra training in addition to the $12 million fine. stuart: okay. thanks very much, indeed. coming up, jen psaki believes that kamala harris is the best alternative to biden, but she says there's just one problem. roll it. >> i think it is clear that kamala harris, it's almost like public opinion hasn't caught up with what she is doing out there, and also we live in a country that is sexist and racist. so, like, there is that. stuart: i think we should point out that we have a black vice president, and we had a black president for two terms. we're going to fully report this. hillary clinton says democrats cannot force bind out. she joked that it's like taking the keys away from older parents. how about that? biden said overall prices fell last month. he left out the fact that costs are still much higher than when he took office. we're fact-checking the president's economic claims next. ♪ ♪ let me come home. ♪ home is wherever with you ♪

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stuart: stuart on the markets this friday morning, a bit of green. the dow's back up 130 points, the nasdaq up 54 as we spoke. now this, president biden used his nato news conference to tout his economic policies. edward lawrence at the white house for us. you're fact-checking the president's claims. what have you got? >> reporter: yeah, and, stu, i was sitting in the front row itching to fact check the president in realtime. he did not give a question to fox business. lu -- but listen to this. >> many economists thought my initiatives that i put forward can't do that, it's going to cause inflation, things are going to skyrocket, the debt's going to go up. what are you hearing now? from mainstream economists? >> reporter: economists were right about his initial initiatives. look at the timing of inflation if spiking. in 2020, before president biden, the federal reserve was lamenting about how they could get inflation if up to 2%.

once president biden started implementing policies, inflation skyrocketed to 9.1% about a year and a half if into his presidency, now it's 3%, more than double when he got into office. now listen to this. >> name me a world leader who wouldn't want to trade the places with our economy. we've created over 8000,000 manufacturing jobs, 1.5 million -- i mean, so things are moving. we've got more to go. working class people still have, need help. corporate greed is still at large. >> reporter: so he's blaming companies again for inflation. the president usually says he created 15 million jobs. according to the bureau of labor statistics, the economy added back all the jobs from the pandemic and created 6.3 million jobs. the economy added back all the jobs from the pandemic and created 1 is 700,000 manufacturing jobs -- 170,000. then the president said this about his next four years. >> if i'm reelected, we're going to make sure that rents are kept at 5% increase, corporate rents

for apartments and the like, homes are limited to the 5%. >> reporter: is that would be more regulations. already rents under president biden since the month he came into office are up 222%. if -- 22%. stu, we're just trying to keep him honest to. -- honest here. stuart: rent control? he should come to new york and see what that a did to the city. thanks, edward. ej antoni joins me now. i'm going to quote again from what the president said last night. overall, prices fell last month. core inflation is the lowest it's been in three years. prices are a falling for cars, appliances and airfare. grocery prices have fallen since the start of the year. what do you make of that? >> stuart, we're going to take a is victory lap here to over prices falling 0.11th? -- 0.1%? this is absolutely ridiculous. prices are up over 199% since the -- 19% as a direct result of his spending and borrowing and printing of money across the federal government.

the idea that somehow we're going to, again, take a victory lap here is absolutely ridiculous. this is the arsonist playing fireman and nothing more. stuart: what about next year? let's suppose that he is elected for another term. what happens to inflation next year? >> stuart, i think we can expect more of the same because the president is promising to do more of the same. you know, misery dick lousily-named inflation reduction act which only put inflation if on steroids because it was more government spending and more overregulation, you know, the president says that was a complete success, and he wants to double down and do more in the same vein. again, if you produce more of the same, you will get more of the same results. stuart: ej, i'm intrigued at your op-ed titled why an open border means more expensive housing. why does an open border mean more expensive housing, ej? >> well, stuart, if we're going to increase the demand for housing in this country by literally millions of people -- and that's just the folks that

we know have broken into the country, let alone all the ones we don't know about under this administration. still, just take the 10-12 million that we know about, that is more than the population of 40 different states. it's more than the population of new jersey, the most densely-populated state in the country. fortunately or unfortunately, all of those people have been more or less spread if out across the country so it's not as if you're simply if doubling the population of one state, but if you did, obviously, this would have an impact on housing demand and, therefore, housing prices. stuart: you're a conservative kind of guy, aren't you? >> well, i suppose you could say that. i won't say no. [laughter] stuart: are you a free market economist? >> oh, certainly. absolutely. stuart: you're not a globalist? >> oh, no, not at all. stuart: you're a trump guy. >> well, i wouldn't go that far. [laughter] stuart: okay. we'll tie it down at some point. ej, you're all right. we'll see you again soon, i do hope. thank you so much. >> thank you, stuart. stuart: come back in, lauren.

what's this about taylor swift infliebsing policy at the bank of england? lauren: i remember looking to see a taylor swift concert, airfare, getting a hotel, paying for the concert last month, she had 10 shows in london. it was really expensive. that's services inflation. stuart: okay. so? lauren: well, the u.k. got its inflation rate back down to 2% in may, that is great news. but now they're expecting it because of services inflation in which concerts go under to be a little bit hotter. do they cut interest rates? they're at 5.25 now. their central bank meets august 1st. stuart: i know what's going on here. you sold the story by using taylor swift in the intro. she really doesn't have very much to do with the story, does he? lauren: well, she might keep services inflation hot considering the hotels, the bars and restaurants -- stuart: you didn't go, did you? lauren: no -- stuart: too expensive. lauren: that's the point.

[laughter] stuart: somebody's calling me about what i just said. coming up, this is the day after the comeback press conference, and there's no comeback. biden didn't end the democrats' dilemma. in fact, he prolonged it. that's my take, top of the hour. for the first time, a sittinging house democrat is calling for biden to resign from office. the the full story on that one after this. ♪ ♪ we could do this all night ♪ ♪ ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected. if your business needs a new application

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stuart: biden's news conference did not stop democrats from defecting. chad pergram join is the us from capitol hill. chad, we've got 17 defectors right now, is that correct? >> reporter: that's right, 17 democrats calling on the president to step down, 3 came after last night's press conference. there was scott peters of california, eric sorenson of illinois and the top democrat on the intelligence committee. >> his legacy is top ten presidential material. it is absolutely a remarkable

legacy. but if you don't look at this in a cold, hard way, you will be come prison sit in donald -- complicit in donald trump's second presidency. >> reporter: now, marie perez of washington is one of the most vulnerable democrats facing re-election this fall. she is the first democrat demanding the president not only withdraw from the race, but resign from office. biden officials met with senate democrats yesterday. it was an effort to stem the bleeding. was there anybody that said he should step aside for the good of the country? >> it was a very, very 2346tive meeting -- >> do you think he should step aside for the good of the country? >> i'm just wishing for the health and welfare of the president, that's all. >> have you spoken to the him personally? >> i have not. >> are you planning to? >> i sure am. >> reporter: however, democrats from states in play still defend the president, that includes haley stephens of michigan.

the president campaigns tonight in detroit. >> come and join us in michigan. everyone's invited to this rally tomorrow in detroit. it's going to be a good one. i want people to see it, walk a day in the shoes of what it's like to be in a swing state, and let's keep this going. >> reporter: now it's reported that former house speaker nancy pelosi and former president obama discussed how to ease mr. biden out of the the race. expect more democrats to call on the president to withdraw if for no other reason than to put distance between themselves and president biden. stuart? stuart: all right. chad pergram, thanks very much, indeed. from politics let's go back to finance and the markets. look at big tech. now, these stocks were way, way down yesterday. most of them, at least. what may be something of a rebound this morning, it's not happening at the moment. apple is back up $2. amazon, alphabet-google, microsoft and meta, they're all down again. and meta is now below $500 a share. still ahead, tammy bruce on

some biden advisers working to convince him to end his campaign. retired lieutenant colonel james carafano, how does he think nato sees biden now, and how do they see trump? president biden will visit detroit today. former detroit police chief james craig will give us the state of play in michigan. that's a critical state. and steve hilton on the growing list of influential names abandoning biden. the 10:00 hour is next. ♪ if. ♪ ♪ if. ♪ ♪

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cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. stuart: all little less conversation. good morning, it's 10:00 eastern. straight to the money. i see some