tv Cavuto Coast to Coast FOX Business July 30, 2024 12:00pm-1:00pm EDT
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stuart: we asked which of the following was not one of the first four jell-o flavors. cherry, strawberry, orange, raspberry. a compelling question. ashley: it is cherry or raspberry. i'm going number 4. raspberry. stuart: all right. >> they are all bread except for number 3. stuart: i am doing that. i was going to say cherry. in 1897 you could get a box of jell-o for $0.10. the original statement was america's most favorite dessert. time is up for "varney and company". coast-to-coast starts now.
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adam: we are following this. the market has the traction on basic cable, the dow is going one way though a lot higher and the nasdaq picking up speed. the big names like nvidia close to 7%, microsoft close to 2%, crowd strike more than 9% in addition today. the federal reserve kicking off the today meeting wrapped up tomorrow. there are some who say this would be a good time to cut at this meeting. the former vice chairman of the fed. is that in the offing and it was unlikely, he believes you want to make a statement about the slowing economy sooner rather than later. let's ask chief strategy officer david asman of fox business.
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let me begin with you on this notion that it isn't out of the realm of possibility that fend futures are looking at that happening this week. i can't see it. what about you? david: there was a piece that has the pulse of what's happening in the fed and the wall street journal suggesting so many mixed signals, we won't get a clear distinct view from fed chief powell when he talks to the press. the nasdaq is down significantly. it is more significant to rates, the higher the rates go the worst for the nasdaq. because of these mixed signals, we had a good cpi number the consumer inflation number followed by a bad ppi number, mixed signals on the growth of the economy, friday we get the jobs report for july which
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could be critical, we had a good jolts report this morning available jobs number, more available jobs than we are expecting so all kinds of mixed signals make it difficult for the fed to have a clear idea that september is time to cut rates. adam: you could make the argument a lot of tech stocks, they've got to be not only be good but charts good. alphabet, very good numbers. they both came out the same day. i was wondering what this environment means whatever the fed does. >> tech is influenced by what the fed does in as much as fed's actions move interest rates and free market but we've talked about 100 basis point
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increase in borrowing costs, the treasury curve moving up. the knee-jerk reaction is for tech stocks to sell off. if costs are high, it hurts the tech stocks more. if you look at the bond market, the bond market is moving lower in terms of yields suggesting a fed rate cut is in the offing get. we don't know what. adam: looking at charlie brady, our stocks editor, breaks down earnings as we have them. halfway through this process, numbers are coming better than the estimates. these guys stagger this down. it is interesting the overall pace is slowing.
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>> a lot of people looking at microsoft for the canary in the coal mine. that has bad numbers. we can look for a big selloff this week about the bottom line is what is growing and what isn't growing? we had this incredible spirit from ai that helped nvidia and legacy companies like microsoft that got into it but what's coming next and what is happening right now, we had mixed signals not only on inflation but gdp. a great gdp growth last year but it slowed down dramatically. now is coming down stronger which is good but this jobs report, watching for government numbers. this is an election year and you know how politicians love to spend, particularly the party in power, this party which is taken over the purse
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in many cases from congress. think of the student loan bailout potentially spending hundreds of billions of dollars they don't have the authority to spend. what kind of spending it is, i am looking for how many government job numbers or private sector jobs related to the government as opposed to private sector jobs friday and that should give us a clue whether the gdp spirit we saw was a false narrative, whether it's government spending. adam: you make the argument now is not the time, they are not strong or stronger-than-expected numbers including the case-schiller home prices hitting another record and activity on the retail front that came in the stronger than expected. i am wondering if the expectation of three cuts no matter what happens at this meeting is that realistic or necessary, also telegraph panic.
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>> the last point suggests panic, the economic numbers aren't terrible. inflation is coming down meaning rate of inflation is coming down which is what the fed wanted when they wanted, when they tried to destroy demand which they've successfully done. gdp number isn't too hot. and trillion dollars, so much of the economy and its growth on the back of consumers borrowing, to fuel the economy. if there's a reason for the fed to cut rates it is to ease the burden on consumer. trying to help the consumer, to
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fuel the economy. adam: this is still, as they were saying in this environment, to help the party in power in the white house, not all the time we have to see a lot of this coming up earlier, engaging the election this early, after labor day event. and it would is the same site, where donald trump and j.d. vance would be campaigning. and the presidential candidate for the democrats, becoming a frequent flyer. mark meredith. >> a lot of miles going on air
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force 2, when kamala harris comes to georgia she will try to energize democrats in the state because polling showed they were not doing well, with the democratic ticket shaking up everything could change, a state democrats narrowly won by 12,000 votes and the vice president will try to keep the state in contention republicans feel bullish about their chances in this state. harris is no stranger to visiting georgia. she made a dozen visits and taking office in 2021. she will be joined by the top congressional democratic delegation including the senators and atlanta's mayor, former gubernatorial candidate stacy abrams as well as megan the stallion. the harris campaign is putting its money where its mouth is, a new ad trying to boost their message. take a look. >> we believe in a future where
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every person has the opportunity not just to get high but to get ahead. >> reporter: those ads have to be updated to include harris's running mate. decision expected to be announced in days and one democrat is taking himself out of consideration. that's the governor of north carolina, another battle ground state, roy cooper who said i strongly support the harris campaign, i know she's going to win, this wasn't the right time to potentially be on a national ticket. we are waiting to see who the front runners are going to be, we will see if harris drops any hints. they have a crowd coming out here already. it is smaller than i saw for the trump rally but it is early, it's very humid. we will see how many people show up for the vice president. adam: the north carolina governor taking himself out of the race, was it because the lieutenant governor is a
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republican and feared how that would hurt the state? i don't understand the timing of it. >> we've seen other people like gretchen witmer say she's not going to be up for consideration. whether they were able to read the tea leaves, governor cooper is term limited. he will be done with north carolina politics. they have a race happening there now but for the governor in north carolina, they didn't do much to move the needle but you never know. if it's a harris administration it could play a role. neil: i was curious about that. grady trimble following j.d. vance, two very big rallies. what can you tell us? >> his first two rallies, the crowd lining up for this one is four hours until this event
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starts but senator vance has been overshadowed by comments years ago about women that some have dug up and resurfaced and let some democrats to suggest trump should replace vance with somebody else but in an interview with laura ingram, here's trump defending vance. >> a group of people who like families, he made a statement having to do with families. he loves family. he grew up in an interesting family situation and he feels family is good. i don't think there's anything wrong in saying that. >> reporter: this is a state that donald trump has never won but recent trends give republicans reason to be optimistic about their chances here in november. trump had a lead in nevada in the latest polling though none
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has been conducted here since kamala harris became the presumptive nominee for the democrats. the little polling we have seen nationally suggest harris performs better than biden did with certain groups like young and nonwhite voters so those are also groups that senator j.d. vance, the first millennial vp nominee is going to try to appeal to, we expect him to talk about lowering prices, reducing crime, and cutting taxes, this is the state where donald trump first floated the idea of no tax on tips and that has been popular since he mentioned that proposal several months ago. adam: i remember that very well. karl rove is the authentic read on things that some of us miss and he pieces it together. i wanted to ask you before we get into this other stuff,
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federal reserve meeting about setting the stage for september rate cut, some think it could happen by tomorrow. what the impact of the fed, it has really happened, in the middle of an election year. >> it erodes public confidence and increase lending it helps the administration the tin power. my former colleague larry lindsay had a report. look at these numbers. pce deflator, consumer cost for goods and services. the last five quarters, 2. 5, two. 6, one. 8, two. 6, the average is 2.6. how about the core pce excluding energy and food, 3.7, 2.9, average of 2.9.
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the target is two. if the fed does lower rates it is offering a little bit ahead. we haven't achieved the target and there seems to be a persistence in the pce and the pce core pce being stuck at levels that are unacceptable to the fed according to their own standard. adam: it seems like arcane gobbledygook but it is among the numbers that is a long way from 2%. we've heard from the fed that it's in that neck of the woods. to add to political doubters, how do you see the economic environment? we are told the kamala harris wants to embrace it. things are getting better. inflation is a problem. the president made the same
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argument, that is trying to. >> it will not resonate any better, the big advantage he has is she will not attach a name to it, bidenomics. i remember my first class, learned an important lesson. if your product stinks don't put your name on it. the cost of living issue will hurt the democrats a lot, people will blame them for it. they don't have a good answer to it. today, there was an interesting tweet by the trump campaign in which they went after the issue many think caused inflation which is the excessive spending of the biden/harris administration and attacking it saying where did this come from? came from the excessive spending programs of biden/harris. that this would be joined on terms the trump campaign which
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has been focused on depicting how bad the cost of living issue is, they are going to blame it on something specifically whether it is deflationary inflation reduction act and various spending bills signed by the biden administration, blame it on something specific and say we won't do that. julie: focus on georgia on the part of kamala harris, this is her sixth visit to georgia, her 15th in all since she became vice president. they look at their own data that shows this isn't out of reach for the. they won it last time. some of the polls i've seen show it beyond the margin of error. what are your thoughts? >> take a look. this is real clear politics average of trump versus biden and shows a 4 point margin, the harris campaign thinks we are
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going to energize black turnout and find ourselves in a competitive race like we were in 2020. it is odd, not likely to be the case for not reason. if donald trump carries the state, one guy he's got to thank for doing so is the governor of the state, brian kemp who has done an effective job, he beat stacy abrams and blue up her get out the vote operation which was aimed at nonwhite voters. he governed it in a way that made it attractive for people to vote republican. are popular political figure with a gigantic get out the vote operation two years ago deploying again this time around on behalf of the state legislative candidates. it's always better to be in an environment people feel they can vote for your party because the people in your party have been doing a good job. brian kemp has done an excellent job creating a good
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environment for donald trump. adam: he's looking beyond all that. always good talking to you. >> he got renominated and won a smashing victory over stacy abrams. julie: heard about the latest housing news, home prices setting a record, a sign of a jumpstart in economic activity on the housing front. why that number would be against it after this. ♪
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it might be good if you only home, not so great if you're trying to buy a home. anthony shea is loan depot founder and chairman. what do you make of this? is catch-22 for those looking for homes. a lot of owners sitting on a valuable piece of property but a lot are sitting on low mortgage rates as well and like it the way it is. >> great to see you, lots of dynamics, number one, 2 thirds of outstanding mortgages, homeowners can't afford the move, that drives the lack of inventory, supply and demand curve, interest rates high, supply is low. a lot of cash on the sidelines, keeping prices artificially high because there's lack of inventory.
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adam: i am wondering, rates in the 6 and 3-quarter of 1% below the 7% for the seminal figure people will jump at. what gets a jump? >> anything in the single digits, would be an attractive interest rate, spoiled with interest rates that are much lower if you look at the last cycle, that was fueled, we had all time low interest rates below 3%. in order for a homeowner to sell they would have to pay off their 3% to 4% interest rate and get funding for a new mortgage in the upper 6% or 7% interest rate.
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it crushes the affordability. for people to move they are moving up. and the home equity market, changed significantly. $30 trillion of available equity, your previous guest talked about personal loans and some of it is the movement from consumers accessing credit. going after home equity loans. because of regulatory changes since dodd-frank, consumers shifted to pulling out equity, what they have done in a the past. adam: i am curious, the hot
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markets in the florida area, looks pretty stronger. we are seeing signs in the northeast things are hiccuping a tad. how does the country look to you right now? >> population growth and household formation doesn't stop. the demand for housing will increase and put pressure, housing prices continued to be elevated and interest rates are elevated. that will push affordability even higher. we are seeing some ease and rental markets. some rental markets are starting to pull back as well, the economy is starting to change and all this change in the trend as we expect lower interest rates.
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down by as much as 20 points. people scratching their heads and leaders saying the same thing. steve harrigan is following it all. >> we seen this scene many time in venezuela with the protest after the election, this is a country that has had one man rule for the past 25 years. they had an election, the us and other countries saying it was a big election they haven't released any of the documents. so you have a standoff in the streets, opposition figures in the streets being phased off against tear gas from government forces also being attacked by pro-government violent gang because. venezuela has to release the voting data. >> we have serious concerns
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that the result announced does not affect the will or the voice of the venezuelan people. it's critical that every vote be counted freely or transparently. that election officials share information with opposition and independent observers. >> reporter: venezuela is an extremely rich country, the largest proven oil reserves in the world despite one quarter of the population, almost 8 million people have a fled the country in the last decade just to survive. several hundred thousand of them crossing illegally into the us and with maduro saying he will stay in power, street unrest. we see those numbers rise again. adam: in q. steve harrigan following that closely. dave martino, the project founder born and raised in venezuela. an honor to have you.
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do you buy these election results? >> no. i can tell you for sure maduro lost by 70% of the vote. they were able to collect the ballots. we know he lost. it is useless for other countries to release the data. neil: so he isn't going to release the data to your point and questions remain but if he completes his term, another 16 years in power. what is going to budge him out of there? >> venezuela when i was a kid was the richest country in america. my family making several hundred thousand, making one hundred dollars a month a month in 2016. that's what the average visitors whalen -- venezuelan makes today.
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and he held guns and the relation that is not. what's going to happen is a million more people in the country, total humanitarian disaster. adam: people protesting, pulls it down. >> family and friends and, the forces, 13-year-old boy, they shoot at people, not talking get teargas and large weapons. the only problem, battling from the regime, need to understand no country is going to support us.
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the questioning, what is the position going to do? neil: he who has the military must have power. acknowledging this election wasn't all about that. how did they handle that and what was the relationship with maduro now? >> the military, under the trump administration indicted most in the military because they are part of a cartel with a price on their head. they know if venezuela becomes a democratic nation, free nation again, nobody is going to tolerate a military that is a drug cartel. for their terrible crimes, they keep making good money. just like they have since they
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rose to power. now democratically, that's the issue. neil: to your point, a country of such riches, just the mirror opposite. thank you. would love to get you back to see how it is progressing and hope does progress in a good way. we are watching the secret service hearing, the interim head of the secret service but subject of a lot of second guessing with representatives from the fbi, with questions how it could have gone down. the assassination attempt on donald trump, what we now know about that after this. ameritrade is now part of schwab.
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that's 1-800-217-3217. with so much entertainment out there wouldn't it be great... 1-800-217-3217. ...if you could find what you want, all in one place? show me paris. xfinity internet customers can enjoy the ultimate entertainment experience and save on some of the biggest names in streaming, all for just $15 a month. get the fastest connection to paris with xfinity. >> welcome back to coast to coast. and the joint hearing, looking into the assassination of donald trump.
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things are looking testy. one area of focus is on the use of encrypted apps. >> with 8 shots at the former president has apps we can't get into, to reveal relevant information. we can't get into them afterward. >> the investigators, associated with thomas crookes from several years ago. to espouse political violence and views that he called, quote, extreme and include anti-semitic or anti-immigrant themes and took response
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ability for what went wrong get. >> this was a failure of imagination to challenge our own assumptions. and we assume someone will cover that. >> and some are missed invade why authorities to get near the rally. >> was the perfect of a range finder. and he was a dangerous individual. >> for the intended target. >> he will demand increased protection for president biden. and donald trump.
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lindsey graham from south carolina says changes only happen when somebody gets fired. adam: you very much. your kind enough to join us. great seeing you. a lot of investigations going on, scarier elevation -- revelations here. what do you make of that. >> we can't get information fast enough. a lot of us, myself included for additional information to be made public so they are not just doing an investigation. they are doing 400 interviews as a follow-up but they need to get the information out to us. there should be accountability, people losing their jobs better on the ground that and decision-makers didn't put overhead drones, they turned it down. they said no to that and all kinds of problems and failed to
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get that up hours in advance. they didn't seem to approve the plan from local law enforcement, they assumed it was going get to happen, so many mistakes here there needs to be accountability but also changes in the structure including when law enforcement put on the radio there is a guy with a gun. secret service never heard that. 30 seconds is a long time to respond. they didn't do it because they didn't hear it over the radio. that's a massive problem. neil: we've seen this before. 9/11, failure of can indication between various agencies and i am wondering on january 6th outside the capital, the inability to communicate and exchange information reared its ugly head again. are you worried future outdoor
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rallies of any sport, donald trump wants to resume of a man don't know what kamala harris's plans are but there is concern that both candidates are out there with folks, there is still inherent danger. >> there is risk to mitigate. we have to allow political discourse and dialogue involved in getting people together to talk to rallies and celebrate, thousands of people getting together to talk about how to make america great again they should be able to do that in the united states of america. this communication issue was one of the central areas of my question. when you have someone in one radio channel and there's a commander center with every channel liven it at ople monitoring it passed from one to another and 30 seconds, the secret service saying we never heard it, they are in the command center, still a lot of
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questions but we need real answers to to fix it in the future. jack: q, good seeing you. in the meantime i want to bring your attention, nvidia stock at a 2 month low, 25% from its peak in june. an enormous run up this year even with all of this but it comes at a time we are getting a lot of attention on tech shares including microsoft after the bell today, more from the magnificent seven that is not so magnificent even with great numbers like google did and off about last week, wasn't good enough to help the stock, we are seeing more cases and the selloff continues with big names after this.
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when you're in the military you're really close with your brothers and your sisters that are in the military with you. and when you get out of the military, you kind of lose that until you find a new family. we can talk about our struggles and the things that we did overseas and not everybody can do that. adam! how's it going, brother? we live pretty close to each other. so he's always coming over.
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when i go to jack's house, we watch a lot of football, hang out. we go outside the friendship has kind of grown into a family i was overseas on a deployment. i got separated from my marines and i got hit in the neck, and it broke my neck and paralyzed me. 14 years ago, i was on a training mission. did a military freefall, and i had some faulty equipment. i hit the ground. going, 30 to 40 knots and was instantly paralyzed. i met jack fanning when he invited us to park city, utah, through his foundation. i was able to actually get on the mountain and ski with my family, i can't put into words what that meant. i got paid in the military to do crazy fun stuff. and after my accident, i'm still that same guy. and when i was able to jump out of a perfectly good,
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helicopter, at 10,000 feet, i did it. i was talking to some vets last week amazing how we have these houses where they can come over because they■re in chairs too. carpet and wheelchairs don't mix very well. tunnel to towers, they got rid of all that. they redid my whole bathroom. that's probably the favorite part of my house. i thought they were just going to do the upgrades. but the surprise to me was they paid off the entire mortgage. when they told me they're going to pay off my mortgage, i cried. please contribute $11 a month by visiting t2t.org now what tractor supply customers experience is personalized service. made possible by t-mobile for business. with t-mobile's reliable 5g business internet. employees get the information they need instantly. this is how business goes further with t-mobile for business.
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>> nasdaq and tech stocks getting hard, and the managing, what is going on? with tech? >> big tech is a victim of its own success, tech is at a stellar performance, earnings not looking so great. it is choose the year as stocks are picking and turning away from tech. neil: they are of the story and thinking of google last week. what's going on their? >> there's a lot of skepticism,
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tech earnings expectations at year-over-year growth. tech is the story of corporate america, and the bar is quite high and tech companies hurling that bar showing declining demand, declining global demand in china. i would not be concerned about it. neil: the whole nvidia story is built on the notion they will pay a lot of money. any slowdown that comes into the economy slows down. >> tech is the story of corporate america for the past few years and we haven't seen the global demand to pick up. we've seen sparks when it comes to global demand and a lot of
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slow down. tech is struggling on the demand side. the cost cutters are rewarded and tech is on that side. neil: will rate cuts change the environment? what do you think? >> they are changing this environment over the last few weeks and it's a rate story. and and small and midsized companies expecting pressure to come off of them, parts of the economy are tied to debt. markets focusing on sensitive sectors for tech stocks. neil: rotation stays on, go to taylor riggs and "the big money show" guys
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