maria: final thoughts right now this morning. but first thing's first, it is cheryl casone's birthday. happy birthday, birthday girl. >> thank you, ma'am. we will celebrate when you get back. wonderful job this week, maria. maria: thank you so much. morgan ortagus, final thoughts. >> it's the fascinating to the to me how the silicon valley guys have stepped up to be the power brokers in politics. it's a trade from wall street. maria: true. mehek. >> i think the face of the republican party's going to change, and it's exciting to see the unity we're going to see on stage today. maria: cheryl. >> i think tonight is going to be the culmination of what, as a viewer, i can tell all of you has been an incredible showing with by the rnc. they should be very proud. maria: we will leave it there. great show, everybody. we so appreciate your time, have a great day, everybody. see you again tomorrow. "varney & company" picks it up now. stu, take it away. stuart: good morning, everyone. there is a growing list of top

democrats trying to get the president to step aside. the movement is gaining momentum. nancy pelosi has told him privately that he has to go because he can't beat trump, and with him at the top of the ticket, the democrats lose any chance of retaking the house. meanwhile, the president has covid and is now in isolation. he had trouble climbing the stairs to air force one. we do not know how long his recovery will take or what shape he'll be in when he returns. with 109 days til the election, the democrats are in crisis. they are deeply divided. in sharp contrast, the republicans are united. a resurgent donald trump will accept the nomination tonight. imagine the split if screen, an energetic trump takes the stage while the president stumbles into isolation. on the market, a modest bounce for tech stocks after big losses wednesday. the nasdaq had its worst day this almost two years. this morning the dow's down maybe 1000 points at the opening bell, but the nasdaq up about 150. interest rates, the 101-year

treasury yields 4.18. the 2-year will be treasury yields, let me read it, 4.45%. the price of gold pretty close to its all-time high, $2467 per ounce. oil, $822 a barrel ask change -- $822. gas down 1 is credibility at $3.50. -- 1 cent. politics. j.d. vance gave a very personal speech to the republican convention. he told of a difficult childhood. he introduced his mother who is ten years out of addiction. the crowd loved her and him. on the show today, sharp questions for the secret service. how come no press briefings? it's been five days since the assassination attempt. how come the shooter was spotted almost an hour before he fired but was not taken out? senators became angry when the director of the secret invest refused to answer their questions -- secret service. she got the job with help from first lady jill biden. it is thursday, july 18th, 2024. "varney & company" is about to

begin. ♪ ♪ >> president trump cares deeply about you. we know that he'll fight for us, he'll fight for our families, and we know one more thing, he'll let all of you keep driving your gas-powered cars. >> president trump is going to end the biden-harris open border madness, and he's going to make america safe again. and you can take that to the bank. >> the media makes my grandpa seem like a different person, but i know him for who he is. he's very caring and loving. he truly wants the best for this country. >> we're like that man who stood on that platform and felt the bullet pierce his flesh just days ago in pennsylvania. he may have moved to the ground, but he stood back up. that's when the world found out that there is tough, and then

there's trump you have tough. >> the republican party of the next four years. united in our love for this country and committed to free speech and the open exchange of ideas. and so tonight, mr. chairman, i stand the here humbled, and i'm overwhelmed with gratitude to to say i officially accept your nomination to be vice president of the united states of america. [cheers and applause] stuart: there you have it. just some of the highlights from last night's speeches at the rnc. republicans are united around donald trump while the democrats are chronically divided. it's a theme we're going to be covering throughout the show today. now this, nancy pelosi and chuck schumer, they're reportedly telling president biden in private that he can't win the election. and longtime democrat donor jeffrey katzenberg, he's told biden donors are drying ultimate they're -- drying up. they're concerned about his age. batya ungar-sargon joins me now. the move to get him out seems to

be picking up steam. is it now only a matter of time before he goes? i'm speculating that he'll be gone in a week. what say you? >> it's really, really interesting to watch what you so aptly called the split if screen between the democrats and the republicans. you have in the democrats an old man refusing to give over power to the next generation, and you have in donald trump the anointing of j.d. vance, the anointing of the next generation. you have this disunity and in-fighting, the republicans are coalescing and unified. the energy at the rnc is electric whereas you have democrats who are resigning themselves to loss. and i think most important is in the are republicans you have a positive message, how can we reclaim the american dream for working class americans as opposed to the democrats who are running only a negative campaign on how terrible trump is and,

finally, the respect that the republicans are showing their voters versus the disrespect of the democratic side for their voters. i want to tell you, stu, i think the most important person at the rnc last night was j.d. vance's mom who overcame addiction and stood up there ten years sober and had the former president stand up and applaud if her. that is how you respect the forgotten american man and woman. you say is, you may have fallen down, but it is time to get back up again. you are winners now. stuart: president biden had another major gaffe when discussing defense secretary lloyd austin. biden couldn't can remember his name. watch this. >> it's all about treating people with dignity, and it's about a making sure that, look, for example, look at -- [inaudible] because i named the secretary of defense, a black man, i named ketanji brown, i mean, because of the people i named.

it's about making it clear. american history is black history, black history's american history, and it's being built by it. that's why we're strong. stuart: all right, the question we've been asking for a long time, does anyone believe that he can still be president for another four years? >> it's, i mean, obviously, they don't, right in and it's so amazing because they're pairless to -- powerless to stop the it because if they lied about it for four year, right? they got themselves into this situation -- stuart: yes, they did. i've got to return to my original question. i'm speculating that biden will be gone in a week. what say you? >> i think that he's at that stage the of early onset dementia where you get really stubborn. i don't think he's going to step down, stu, but we'll see which of us is right in a week. [laughter] stuart: yes, we shall. thanks for being with us this morning. programming note, special coverage for day four, the final day of the republican convention, airs tonight, 7 p.m. eastern right here on fox

business. the trump-vance campaign says they won't fully commit to a vice presidential debate. lauren, why not? lauren: this surprised me, but the answer is obvious. is j.d. vance debating kamala harris? this this is what the trump team says, we don't know who the nominee's going to be, to do so would be unfair to gavin newsom, gretchen whitmer or whoever kamala harris picks as her running mate. yep. so kamala did accept the invitation by cbs to debate about a week before the dnc in august. as a vice president, looks like they're running the clock. [laughter] stuart: let's get back to the markets real fast. finish it's thursday morning coming off a mixed picture yesterday, but look at that. the nasdaq bouncing back very nicely, up 162 points premarket. now take a look at this chart. we don't use charts very often on this program, but this is a good one. it shows the s&p's performance

and donald trump's victory odds very much in line with each other. adam johnson with us this morning. >> yes, sir. stuart: adam, that chart suggests it's a trump rally. is it. >> oh, it people speaks volumes -- it speaks volumes, stuart. there are a cop couple things. markets hate uncertainty, and the fact that mr. trump is moving forward not only with the party, but nationally, just look at the polls, that's very strong. it reduces uncertainty. so that's part of it. point number two, which i think is even more important, the market likes a trump presidency far more than a biden presidency because a trump policy is about letting american ingenuity blossom and move forth. fewer regulations, number one, for all a businesses. finish if using the oil that a we have so that we are number one in the world. number one in the world. we produce more oil, can produce if more oil than saudi arabia and russia. that's incredibly powerful.

imagine the different conversation that we'd be having internationally if the u.s. were producing all this oil and pushing the price of oil down. china would wan our oil, number one, and number two, russia and iran would be starved for revenue. this is why the market likes donald trump. stuart: a big trump victory would probably go towards down-ballot races as well, so the republicans could take the senate and the house. >> yes. stuart: that would be wildly bullish for the market, wouldn't it. >> wildly bullish because now all of a sudden you have different branches of government aligned. you have the executive, with mre legislative in congress. imagine if all three, if we had the house, the senate and the white house republican. you can actually a take the mandate of the people can and move it forward and and and make it a reality. that's very strong from lowering taxes to lowering regulation. again with, from if allowing drilling on federal land and using the assets that we have and then, critically, securing

the border which will give all of us confidence that we actually have integrity and that that we are restoring safety and order to the country. stuart: politics seems to be having an increasing influence on election results these days. on the market. >> on the market. and i'll tell you what's also face -- fascinating, i always kept politics separate from my business. i'm a money manager. democrats want to make money too, but as i've become more confident, more comfortable pressing my -- expressing my political view, i've found people are more willing to hear me out on my business pitch. and i think it's fascinate ifing because these are not just political move ifs, these are issues we're dealing with every day, and this needs to be a vision and a move forward. stuart: coming up, van jones says democrats are bitterly divided. if watch this. >> a bullet couldn't stop trump, a virus just stopped biden. you've got the nominees of this

party getting their butts keyed, biden's -- kissed, biden's getting his butt kicked by his own party. stuart: the democrats seem to be coming apart. i'll put that to jon levine. thomas matthew crooks was described as suspicious more than an hour before trump took the stage saturday. the full report, next. ♪ choose advil liqui-gels for faster, stronger and longer-lasting relief than tylenol rapid release gels. because advil targets pain at the source of inflammation. so for faster pain relief, advil the pain away. 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...

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stuart: futures point to a mixed market. dow's down 100 to, nasdaq's back up 158. got this. secret service director kimberly cheatle was confronted by republicans last night. jonathan serrie is in butler,

pennsylvania. jon that longer what did the republicans say to her -- jonathan? >> well, they want more answers to questions. they had a brief meeting with secret service and other federal officials, but they say that the meeting was too short, and not all questions were taken. so they confronted her at the rnc, many of those republican lawmakers demanding her resignation. senator marsha blackburn posted this video on social media of her and three fellow republican senators confronting kimberly cheatle in person at the republican national convention. listen. >> can we get an explanation? why would anyone allow the president to go on stage when you know you've got a potential threat, you've got snipers -- [inaudible] >> i don't think that this is the forum to have this discussion. >> reporter: local tv station wtae has obtained cell phone video that appears to show

20-year-old thomas matthew crooks lurking in the background at saturday's rally about an hour before the shooting. sources with knowledge of a closed briefing for senators say that was about the same time law enforcement identified crooks as looking suspicious, a person of interest. the shots were fired from the roof of the agr building, it's located just outside the secret service's security perimeter. agency officials have said local law enforcement were tasked with patrolling that area while several state and county agencies assisted them with security in those areas. a butler township commissioner says that was not the assignment or for his small town police department. >> butler township police department is an honorable department, works hard. our detail was specifically planned for traffic detail only. there was no security, no protection detail whatsoever.

>> reporter: but when the call came in of a suspicious person on the rooftop, it was two butler officers who went to investigate. one of them cupped his hand and helped lift the other officer up. he was hanging to the edge of the roof when he spotted the gunman. gunman pointed his weapon at him. natali says the officer a couldn't draw his weapon and lost his grip, fell back to the ground, injured himself. the officers reported the man on the roof but just within moments the gunfire erupted. stuart, back to you. stuart: jonathan serrie right there. thanks much, jonathan. now listen to what senator john barrasso said after lawmakers were briefed on the shooting. roll tape. >> as a character of suspicion, they saw a range finder as well as a back a pac, and this was over an hour before the shooting actually occurred. so you would think over the course of that hour you shouldn't lose sight of the individual. somebody ought to be following up on those sorts of things. no evidence of that happening at

all. stuart: kenneth valentine, a former secret service agent, joins me now. kenneth, why didn't the secret service take the shooter out sooner? >> well, good morning, stuart. thank you for having me. great question. i do thank god with for sparing the life of president trump on saturday, and as a christian, i want to give praise and thanks to him for if whom all blessings flow. you know, we've got four independent investigations going on right now that will bear out all the facts of exactly what happened and give us facts and not speculation -- stuart: okay, kenneth, what i'm really interested -- >> well, it's -- stuart: i want to get right into it. what are the rules of engagement for the counter-snipers? >> sure. stuart: they were there. when can they shoot? >> they can shoot anytime they have a threat that's imminent to our protectee, and so they operate off of a green light system that authorizes them to take the shot when they see the shot and need it. and and that's why i'm trying to

tell you that it's unconscionable to me that news outlets like abc news would recklessly report that our counter-sniper team, some of the most professional and outstanding individuals i've ever had the pleasure of working with, would see a man on that roof with a weapon for 20 minutes and take no action. now, that's -- there is just no chance that that is going to bear out to be accurate. and it's hard for me to sit on the sideline and watch when just last week i was in florida advising a company called base molecular resonance technologies on a device they had that would have detected the presence of explosives and that particular magazine full of ar-15 ammo, that we would have detected that well before he ever got out of his car, well before he ever got to the building. and name of the game is prevention, and we're going to have to adopt molecular resonance ask tools like this that are going to help us with

the game of prevention. because what we saw out there was a failure to prevent action. and action is always a faster than reactions. the reactions by the secret service was phenomenal. the agents right around president trump did exactly what they're tried to do. they cover and then they evacuate. the snipers evaluated the situation. i want to see what the communication was between the snipers and the command post before i make a judgment on them. they made a perfect shot under stress, is and i'm proud of both teams. stuart: kenneth valentine, thanks for joining us this morning. we appreciate your help. thank you very much. adam's with us. site 'ems -- it seems we're getting more questions and fewer answers, but i'm interested in something in "the new york post". the first lady, jill biden, helped ms. cheatle get her job as director of the secret service. she used to be the first lady's head of detail -- >> right. stuart: -- and now she switched over to the head of the whole detail. there's a suspicion that that's kind of affirmative action, put

a woman in the job. >> this is why dei needs to d-i-e, die. enough of this diversity, equity and inclusion that is weakening our government. at so many different points. i mean, to think that we're actually talking about trying to make our military kinder and gentler? no, that's not what militaries do. to think that we're trying to make the secret service more balanced by having three women in the close detail look after president trump? they're 5-4. president trump is a big man. they can't cover his body with theirs, and the job of a secret service agent is to cover the body of a president, worst case scenario. no. we need to rid ourselves of this yolk of dei ask get back -- yoke of dei, and sometimes that means being tough. stuart: adam johnson, stay there, please. more for you later. quick check of futures. look at the nasdaq go, up 139 points. the dow though down 157. the opening bell, next.

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stuart: on to be markets this morning with a few minutes to go before the bell wrings -- rings, the nasdaq's up 147. split decision. d.r. barton with us today. the market's broadening, very much so. i think that's a positive sign for the whole market, isn't it? >> yeah. you've got it spot on, stuart. you know, we've seen over this year that some of the stockier, defensive types of stocks like consumer staples, industrials have been lagging the market. but now we see them playing a lot of catch-up over the past week. not just the past couple of days. so i think that's a good sign. not just the big top stocks now, it's starting to get everyone including the russell 2000, the small caps are really participating, and i know adam's been talking about them for a while now. stuart: yes, he has, matter of fact. he got it right too. stock picks, start off with coca-cola. honestly, d.r., i find those kind of stocks a bit boring

after all the gain we've made in big tech, you know what i mean? >> yes, absolutely. [laughter] i'm with you there. the whole first half of the year, why do you want to the jump into something like a consumer staple like coca-cola? well, they throw off a beautiful dividend as warren buffett know, but they also are part of that group that's going to get a push up in the late part of the year, stuart. i think as the broadening continues we're going to see not just the rising tide lift all a stocks, but we're going to see these lagging stocks play catch up. that's one of the ones i like. stuart: trouble is we get used to stocks doubling in a year, you know? you come to expect it. why put money in a stock that's not going to double. that that's the way a lot of people think. next one is micron. m if u, is the similar boll -- symbol. nothing boring about that. >> no. it's been one we've talked about before, for sure. the big pullback that slammed a

lot of chips over the past few days have given us a great opportunity. if you don't have any money put to work in this chip company that's going to help with further buildout of data centers around the world, then now is a great time to enter at a preferable price. i like them for the long term but especially for the next 12 months. stuart: got it. micron technologies, and you like coca-cola as a well. d.r. barton, thank you very much is, indeed. we've got if about 20 seconds to go before we open this market. i've got to tell you that there was a really big selloff in the chip stocks yesterday. i mean, a huge selloff. it sent the nasdaq down to probably its worst day in almost two years. let's see how that, the chip sector, how they recover or otherwise when the market gets rolling today. five seconds to to go. the market opens. it is thursday morning and let's go. press the button, off we go. the dow's going to open lower, down 130 odd points, roughly one-third of 1% to the downside

but still just above 41,000. all the dow 30 stocks mostly in the red, mostly lower. that's the state of play right there. the s&p 500 also opening the to the upside just a little, quarter percent if higher. and the nasdaq composite, that's what i'm looking for here, a nice bounce. up two-thirds of 1%. 18,100. now, let's have a look at big tech because they've been taken to the cleaners recently. meta, amazon, alphabet, apple, microsoft all bouncing back -- the. lauren: record prime day sales for amazon. stuart: is that right? lauren: record sales over the past two days. stuart: show me the chip makers, because they were the big drag on the market, on the nasdaq, yesterday. they're bouncing back. nvidia, advance micro devices, taiwan semiconductor, asml holding. nice bounceback, but there were huge losses yesterday. now, the magnificent seven, alphabet, amazon, apple, meta

all up a little bit. meta's up $13. let's have a look at the other, the rest of the magnificent seven, three the more for you, microsoft, nvidia and tesla, all of them opening higher this morning. let me get back to taiwan semiconductor. up today. lauren: yeah, because of what trump said about taiwan yesterday. but hen they reported their earnings, and their profits grew 36%. they're the world's largest contract chip maker. customers include apple and nvidia. and they raised their forecast for the year. strong demand for a.i. chips, strong napped for smartphones. this is -- demand for smartphones. they signaled price increases, and some comments are giving a boost to other players like asml that they're going to expand their cap-x spending, spending more. stuart: but they were taken down yesterday in part because trump said let taiwan pay for its own defense, and that took them down

sharply. back up a little bit today. show me blackstone, please. i own a thin sliver. they reported today. the stock is down. lauren: they have a record $1.11 trillion under management. the reason they're down is profits increased modestly and did miss if expectations, ask their earnings report shows the good and the bad of higher interest rates. strains in private equity but weakness in real estate. stuart: what have you got on that? >> yes, it's down a little bit, but here's the takeaway from the quarter. they brought in $40 billion more of capital, and they deployeded 34 of of that 40 in just one quarter. so they are seeding their future. you buy blackstone on weakness that's all you need to know. stuart: really? lauren: they're trying to play how interest rates pan if out, you know? they're trying to play that rates will be cut and also for the trump presidency that's about to be onlying, is what many market players -- >> and, by the way, the largest venture capital and private equity firm in the world

finded -- founded by steve the schwartzman. stuart: okay. united airlines. lauren: record travel boom, the stock is up 5.25% if right now. their forecast for their current quarter profitability is now lore. what they're doing is -- the lower. that what they're doing is actively trying to reduce capacity to bump up airfare. airfare fell in the quarter by about 5 a. 5% the across the board. not good for the airlines because their costs have gone up from labor to fuel, you name it. so maybe since they're trying to take out capacity to bump up airfare, investors see that as a good thing. stuart: that's their play. this is for you. netflix, they report after the bell odd to. >> right. stuart: what do you think's going to happen? >> they figured out how to fix the pricing issue, so i suspect they're going to have a good report. i don't own netflix, and i'll tell you why, they spend $8 billion a year to make content. and the problem is, you know, once you've seen something -- i mean, how many times do you

rewatch a movie? maybe twice? if they spend all money and then the it just become less relevant. if you're going to spend $8 billion to create stuff, you want to create stuff that people keep using. i think it's a very hard business model for them. that's why i never bought it. stuart: you missed it. >> i know. stuart: it's done very well. >> i would have made a lot of money if if i bought it, but you can't buy everything -- lauren: they also take other people's content into gold. there's old shows that you can watch forever, and then they become on netflix, and they become number one hits -- stuart: what do you have to say to that? >> fine, lauren, you're right. fine, stuart, you're right too. stuart: let me put my ear thing back in. let's change the subject. ford, their ontario plant was supposed to be an all-electric vehicle factory but not anymore. lauren: no, it doesn't make sense. stuart: what's it going to make? >> the super duty truck, about 100,000 of them a year at a $3 billion investment from ford.

they expect the plant to come online in 2026. what's the moral of this story? they're dialing back their ev dreams, their next generation ev iss until they can make a profitability can -- evs until they can make a profitability case and divert attention and resources into evs. they say they're going to lose $5.5 billion in 2024 on evs. they're pivoting back to gas-powered cars. jon d. vance, the vice president nominee, you know, for the if republican party, is all about gas-powered cars. he wants to give rebates to people who buy a gas engine. >> god bless hem. i own ford. it pays at 6 times earnings and pays a 6% dividend. lauren: and it's an american company company. >> you're absolutely right, lauren. they have admitted, just as i admit i should have bought netflix and didn't, they have admitted that they shouldn't have put so much money into evs. very well-run business.

stuart: okay. i want your stock picks. >> okay. stuart: first of all, jovy aviation. >> the future uber of the sky ises. they make drones that carry people, up to six people plus luggage, and they're going to build a fleet of air taxis that will help get people from inner city locations, rooftops, out to airports. they have a contract starting in dubai starting next year. partners include intel, delta and uber. yeah, the stock's up 35% in three days. it's still only $7, i think it's going to $31. lauren: ooh. >> got your attention, right? stuart: you did. that would be a quadrupling and more. >> yes. the futcher uber of the -- future uber of the skies. something for everyone, this stock, if you're a trader, has had three round trips in literally about three months from 7.50 to 9.50.

this stock is, it's an a.i. play, semiconductor company that also expands into platforms for a.i. it's growing 30-35% and trades the at 30-35 times earnings which i think is pretty fair. so something for everyone, super micro. stuart: thank, adam. coming up, msnbc host joy reid compared biden recovering from covid to trump surviving an assassination attempt. what? roll it. >> his survival of that and bouncing right back and going right to his convention is being conveyed in the media world as a sign of strength. this current president of the united states is 81 years old and has covid. doesn't that convey exactly the same thing? stuart: what? the same thing? >> what is she talking about? stuart: we're all over it, believe me, and we'll be back. alexi lalas as a sports guy,

he's from deep, blue california. what makes him a republican? he's in the 11:00 hour. a new fox poll shows the economy is a problem for biden. peter nos are -- peter morici on that next. ♪ ♪

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stuart: we've had 12 minutes' worth of business on wall street, and where are we now? dow is up 26. s nasdaq was up bigtime, now it's up just 57 points. s&p up 12. the latest fox polls show how families are struggling to get by financially. madison alworth has the story. all right, madison, how do voters view the economy? >> reporter: all right, stu, we've got a great touch screen hit for you so we can break it down because we've got fresh numbers. we know that inflation is

getting better, but americans' feeling about the economy is not. take a look here. so looking in just one month, voters' view of the economy that it's excellent, that currently sits at 27. in just -- 27. in just one month it sunk from 332% --3 2% to 27%. there might have been some issues. all right, we're working. here we go. because their view is getting worse, people have to cut back to make it by. this is concerning. more than three-quarters of voters say that they are cutting back to afford necessities. ask we're moving in the wrong direction. we're moving up. so in july of 2022, we knew that 70 percent felt that way, so up 6 percent in just two years. now, i want to take a look at who is experiencing this most. republicans are at the top. 86% of republicans are saying that they are cutting back to afford he'sties. that's why we -- necessities. that's why we know the economy

is a big focus for the trump-vance ticket. but there are two other groups i want to point out. non-white voters at a 80%, they're saying they need to cut back. those under 30, 78%. now remember, the average is at 67% -- 76% are cutting back. is so both of these groups are above the average. this is a demographic that is key to the democrat voting base. and j.d. vance was keen to mail home that this source of innation is due to biden. take a listen. >> joe biden's inflation crisis, my friends, is really an affordability crisis. and many of the people that i grew up with can't afford to pay more for groceries, more for gas, more for rent. and that's exactly what biden's economy has given them. >> reporter: so i want to leave you with this. when it comes to who voters do a better with job on the economy, trump leads biden by 10 points. so there you have it. stuart: that tells it all. it really does.

madison, thank you very much, indeed. peter more if race city is with us this morning -- morici. he's an economist, so he's going to answer a economic questions. do you think trump can win on the economy alone? >> if he's running against biden, yes. if he's running against anybody, probably yes. but i think his best chances are running against biden, because this is biden's handiwork. stuart: so you think the economy's in pretty good shape? >> no. i think that trump will win because the economy is slowing down. people's incomes are not growing fast enough. they've run out of covid savings, and now they've been using their credit cards. they're really feeling the pinch. you know, they're buying off-brand products at the grocery store. they're feeling stress, and an environment like this is not good for the incumbent. stuart: you know, for about, what is it, 18 months now the yield on the 2-year treasury has been above the yield on the 10-year treasury. that's supposed to signal a recession is coming. we've had these warnings for, like, 18 months. where's the recession?

>> you have to remember, the federal reserve still owns a boatload of treasury, you know? if we had not been involved in quantitative easing, we'd be seeing a very different picture even though they are tapering a bit now. my feeling is that we are in danger of a recession, and we have a choice. we either can beat inflation thousand and endure a mild recession -- now and endure a mild recession, or we can with lower interest rates, and then inflation will bounce back and become even more difficult to harness. if it doesn't serve mr. trump's interests for the fed to lower interest rates now or lower them after the election. if we're going to have a recession, it's best to take it now, what because that'll be the least cost way of finally getting inflation down to 2% if it's possible. stuart: got it. peter morici, good stuff. see you again soon. >> take care. stuart: yes, sir. special coverage for day four, the final day of the republican convention, it airs tonight at seven eastern right here on fox

business. peter peter navarro, he got a hero's welcome at the convention last night. he spoke to the crowd just hours after a being released from prison. first of all, what was he in prison for? lauren: he was trump's trade adviser, but he was convicted for contempt of congress and defying a subpoena related to january 6th. he spent four months in jail in miami, and he just got out. >> yes, indeed, this morning i did walk out of a federal priso- [cheers and applause] in miami. if they can come for me, if they can come for donald trump, beware -- be careful, they can come for you. i went to prison so you won't have to. [cheers and applause] i am your wake-up call. lauren: that's a different message if than we've heard in the previous couple of days. it was about lawfare, it was

about political persecution. he struck a different tone. i'll leave it at that. we'll see the tone that donald trump strikes tonight when he accepts the nomination from the republican party. stuart: that was quite a speech right there. and he brought his fiance as a well. lauren: yeah. he basically said i did not betray donald trump, the man i worked for, to save myself. i went to jail for him and for you. stuart: okay. coming up, 24 hours ago it seemed the move to take president biden off the ticket had stalled. oh, that was wrong. the way things are going, biden might be gone in a week. that's my take, top of the hour. . >> d. vance went after china in his speech of last night. roll it -- j.d. vance. >> together we will protect the beige wages of american workers and stop the chinese communist party from if building their middle class on the backs of american citizens. [cheers and applause] if. stuart: all right. vance says china is the biggest

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stuart: j.d. vance went after china all right, that was during his speech last night at the rnc. lydia hu joins us this morning. take us through what vance had to say. >> reporter: it was just earlier that he told sean hannity that china is the biggest threat, so it comes as no surprise that vance continued his criticism last night. he he reinforced trump's plans to protect the american economy from chinese goods and communities from fentanyl. watch. >> thanks to these policies that biden and other out of touch politicians in washington gave us, our country was flooded with cheap chinese goods, with cheap foreign labor, and in the decades to come, deadly chinese fentanyl. >> reporter: you'll recall under the first trump administration the u.s. took aim

at counterfeit goods and imposed tariffs on billions of dollars worth of chinese products. now the trump-vance ticket promising more tariffs in the run to the white house, a 60% tariff on all chinese imports along with ending most favored nation status. watch here. >> we're going to build factories again, put people to work making real products for american families made with the hands of american workers. we will protect the wages of american workers and and stop the chinese communist party from building their middle class on the backs of american citizens. [cheers and applause] >> reporter: and now some say that china appears to be getting ready for another trade war if trump and vance win. and we are seeing some industries already reacting, stuart. i know you were talking yesterday about the tech-heavy nas, damage -- nasdaq which notched its worst day since 2022. we saw the chip stocks plunge

over concerns of tighter trade coming from a trump administration or possibly a biden administration. but the point is, stuart, both trump and biden have been jockeying to look tough on china. but with giving j.d. vance the not nod for the vice presidential pick, it's pretty clear trump has sent a message about a his stance on china. stuart: got it. lydia hu, thank you very much, indeed. adam, what do you think of vance's tough stance on china in. >> well, the the relationship is a real tight rope and i tell you why. yes, they're trying the steal our stuff, but we also need their money. they buy our bonds. the two economies are linked to one another. my problem is the communist party, not the people of china. stuart: got it. adam, appreciate it. still ahead, marc thiessen, i'm going to speculate that biden will be gone this a week. we'll see what he has to say about that. europeans concerned about j.d. vance's opposition to ukraine aid. britain's former prime minister, liz truss, will be with us on that. minnesota congressman, tom emmer, he says trump can flip

that red state for the first time in 50 years. alexi lalas will be with us, and he's a soccer guy. if 10:00 -- the 10:00 hour is next. ..

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