asap if because of a financial regulation that a says sitting governors cannot be -- [inaudible] if they're on a incompetent. i think all signals are -- on a incompetent. all signals are pointing to josh shapiro. maria: well, yeah. we were the first to bring you that name, josh shapiro, as a potential running mate. but if she chooses him, it's because she wants that pennsylvania vote, exactly the same reason trump chose j.d. vance, to get the rust belt -- >> is that at the expense of deerborn, michigan, though? we'll see. maria: the central reserve is what we're focused on at 2:30 p.m. eastern. 30 minutes before the openinging bell, and the nasdaq is up better than 400 points right now. stay right here, "varney & company" picks it up. stu, take it away. stuart: good morning, maria, and good morning, everyone. the political leader of hamas assassinated while visiting iran. a missile took him out at a

guest house in tehran. he was believed to have planned the october 7th attack on israel. a military commander for hezbollah has been aa saws a nateed in beirut, lebanon. -- assassinated. he was believed to to have planned last week's rocket attack. hamas and hezbollah are proxies of iran which threatens a harsh and painful response. this is escalation. the mideast on the brink of a wider war. there is some market response. start with the price of oil. it's rising. it's up over $2 to $77 a barrel. that would be, let's see, that's 3% up this morning. and gold, that's close to the a record territory, $2,465. the stock market's rallying, but this has nothing to do with israel and hezbollah and hamas. stocks are rallying. the fed announces its rate policy today. a rate cut not expected today, but a cut in september may be into that. you're going to have to to read between jay powell's lines this afternoon. the dow up maybe 88, s&p up 69.

but look at the nasdaq, a 400-point gain premarket. that's the chip make pers rallying -- makers bigtime today. microsoft, its cloud busies appointed, and the stock plunge. it's down about just 1.7. something of a comeback this morning. and, by the way, tonight met that reports. fingers crossed after microsoft's problem yesterday. bitcoin still around $66,000 a share -- i said a share, $66,000 a coin. interest rates or let's see now, we have the 10-year coming down the 44.10% -- 4.10% and the 2-year at, what is it, 4.34. politics. another flip-flop from kamala harris. she claims she took action on the border when he was california's attorney general. -- she was california's attorney general. she has also flip-flopped on

fracking, private medical insurance and mandatory gun buybacks. donald trump, in a truth social post, attacked harris on foreign policy. no wars were started on his watch. what a different world it would be under trump, he says. today he campaigns in pennsylvania. pollster nate silver says if the election were held today, trump would win the electoral college by a wide margin. harris takes the popular vote by a very small margin. on the show today, real estate. sales of million dollar homes, that's the only segment of the market that is expanding. what does that tell you about real estate? it's wednesday, july 31 is 1st, 2024 -- 31st. august is tomorrow. "varney & company" about to begin. ♪ ♪ ♪ if california's been good to me. ♪ i hope it don't fall into the sea ♪

stuart: i guess of course we're playing the late, great tom petty which, augusts, i approve of -- always i approve of. harkining back to the kamala harris' days -- hearkening back to the the harris' days in california. lauren: there's been major flip if flopping for kamala harris, pretty soon they're going to tell us that's not true. stuart: it's the theme of the show. the flip-flop queen. let's get right to microsoft. report came out late yesterday. lauren, i was watching this as the numbers came through there. it was quite an event. frankly, all hell broke loose. lauren: agree. but look at this, the stock is coming back a little bit, down about 1.66% in the premarket. this is, like, the prove if me moment. i want to put microsoft's massive a. spending in context. cap-x, $19 billion in the past 3 months. five years ago that's what they

spent many an entire year. one quarter, $19 billion. where's the payoff? their azure cloud growth, 29. wall street wants 30 plus percent. that's why a decent report card, wall street is dismissing it. 60% growth in azure a.i. users. there are 60,000 of them now. they doubled the number of co-pilot users, ask if then if you look at the confidence from sat a ya nadella, the ceo, he says microsoft if has the, quote, demand signal to justify their a.i. investments, but right now investors are not justifying it. they're sick of writing a.i. blank checks. stuart: mike lee's with us this morning. mike, we predicted this yesterday. the slightest hint of a disappointment, and the stock tanks because the analogs come in -- or whatever it's calls -- and they read the computers and down they go. is in this an overreaction? >> absolutely. well, you know, it was down much more later -- stuart: oh, yeah. >> -- right after the news.

and after ceo satya nadella got on the call, i think people are coming to their senses. a lot of the investors in these company are fast money, you know, retail investors that think they can make a quick buck as well as computers that just push stock higher or lore. but the bulk of them have no real fundamental view on the company, so it can create a lot of opportunities for investors. i think this is a great opportunity to own microsoft. they're up 45% quarter over quarter in users using their a.i. product, okay in they're going to have 27-30% cloud growth kind of as far as the eye can see. and this is on $115 billion business. it's unbelievable, the numbers we're talking about here. and these things tend to move in exponential fashion, not linear. i think the street gets it wrong. i think this is kind of a generational opportunity to be investing in these names. stuart: would you be surprised if microsoft closed higher at the end of trading today? >> not at all.

stuart: well, look, what about the other big techs? we've got meta today, apple and amazon tomorrow. are they going to reflect at all what happened to microsoft? >> you know, if microsoft closes up today, it'll be a good sign that these investors getting impatient with the a.i. investments, like nobody cares, right? if in large part we believe these things will pay off. i think you're going to get spectacular earnings from the meta. the company has not recovered -- briefly traded above it, but from their last quarter earning not because of how much money they made or the revenue, but because of their capital investments in a. a e.. so a.i. as we know it now is really sophisticated data analytics. who needs data analytics more than facebook to create its advertiser platform? and amazon is just absolutely going to crush it in the cloud. and then apple tomorrow, that, to the me, is the unknown, how the street takes into account how the a.i. is transitioning into the phone. will this lead to this device

upgrade where you have a quarter billion phones that have not been upgraded in over four years. that's the question. i think we're going to get good news from everybody. stuart: nice to see super-bull mike lee back with us again, and you still are, aren't you? >> yes. stuart: thank, mike. appreciate it. now to politics. vice president harris once again challenged trump the a debate. she's also sticking with calling trump and vance weird. what else did she have to say? lauren: this was at her rally in georgia. he said she is sick of trump wavering on whether he's going to debate with her. watch here. >> so last week you may have seen he pulled out of the debate in september he had previously agreed to. [background sounds] and by the way, don't you find some of their stuff to just be plain weird? well, donald, i do hope you'll reconsider to meet me on the debate stage because, as the saying goes, if you got something to say -- can say it to my face!

if. lauren: wow, okay. six days until we officially see the democrats' ticket, who her vp if will be. she is going to stump with her running mate in philadelphia on tuesday. philadelphia. is that ad nod for the governor of pennsylvania? if. [laughter] they're saying don't read too much into that, but we'll see. he's got a 60% approval rating, and he's more moderate. stuart: got it. thanks, lauren. listen to to what trump had to say about harris on the world stage. roll that tape. >> i think they'll look at her, they'll walk all over her. she'll be so easy for them. she'll be like a play toy. they look at her and they say we can't believe we got so lucky. they're going to walk all over her. and i don't want to say as to the why, but a lot of people understand it. how do you think they'll look, president xi of china standing together with her representing -- i don't want her to be my representative. our country's got enough problems. they will walk all a over her and her crazy administration.

the. stuart: jason chaffetz with us this morning. will countries walk all over harris? if i really wonder what her response to to these assassinations is going to be, jason. >> well, that's the thing is she doesn't have the experience, she doesn't have the relationships. she's totally unnest thed in a very dangerous -- untested in a very dangerous world, and you can only look to the biden-harris administration. i mean, are things going better with china and north korea? no. do we have wars raging that we didn't have under donald trump? yes. and you look at the southern border and what she was supposed to do there, i -- you can't point to a single thing overseas that's going better than service turned donald trump. the world was peaceful with donald trump. we were signing peace accords, for goodness sake, in the middle east. it was unbelievable how good, safe the world was with donald trump. and kamala harris, you know, she can't even answer the basic questions, nor does she know these world leaders. stuart: well, what's she going

to say in response to these assassinations and the possibility of a much wider war in the mideast? what will she have to the say about this? this is her first foreign policy test, isn't it? >> i think the biggest thing is what secretary blinken said about ten days ago. he told us that iran was 11-2 week -- 1-2 weeks away from achieving a nuclear bomb. if you think9 that the world is tough and difficult now, wait til iran has achieved what everybody fears, and that's going to the happen on the biden-harris watch. and, you know, responding to these, to these assassinations, iran is going to do some things. and you've seen a biden-harris administration that is so weak, they've enriched iran. they've empowered iran to be on the march with terrorism. and that's a stark difference from where donald trump has been. stuart: jason, i'm sure you saw this, political analyst nate

silver gives a slight edge to harris on the popular vote, but trump's expected to dominate the electoral college. are you surprised that harris has a popular vote lead? maybe that's the honeymoon. >> well, you know, look, you throw california and new york in there, and and it kind of skews the model. we all mow that it's, you know, there are states that are very predictable like a utah, an idaho, they're going to be solidly for donald trump. and then you're going to have others like massachusetts and others that are going to put up whoever the radical liberal democrat is. it because come down to those key six states or so. i think it's very interesting that donald trump has taken florida off the map for the democrats. georgia is solidly moving towards donald trump. and now you start to look at a couple other stage states, and -- states and, you know, it's going to be a battle right up until the very end. i think the electoral college -- donald trump has a hasn't to actually have a major blowout because as people get to the to

know kamala harris, she has to actually speak and answer for her radical policies, san francisco-like policies, i think it could be a blowout. stuart: okay, we shall see. jason chaffetz, thanks for joining us. see you again real soon, jason. coming up, the media trying to clean up harris' far-left record, but we've got the tape. roll it. >> we've got to critically re-examine i.c.e. i am prepared to get rid of the filibuster to pass a green new deal. there's no question i'm in favor of banning fracking. stuart: okay. welsh, liz peek says the liberal media is trying to recreate or create a new kamala harris. liz is in the 10:00 hour. just hours after a hezbollah commander was killed, the leader of hamas was also assassinated. how close is israel to the war with iran? senator ron johnson on that. the senator is next. ♪

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stuart: the standout feature in the futures market is the nasdaq, up 424 points. the chip makers are rebounding massively. that's why the nasdaq is up so much. check crypto it is as well, please. we have bitcoin right now at $66,3000 and a small gain for etherium. our very own kelly o'grady will be anchor toking a half hour special called the crypto campaign this friday, 8 p.m. eastern here on fox business. the killings of hamas leader in iran and hezbollah commander in lebanon fueling fears of a much wider war. trey yingst in tel aviv, what has israel said about these killings? >> reporter: good morning. israel has not said much about

these killing, but they've taken credit for one and not commented on the other. overnight some massive breaking news, the political leader of hamas is dead following a strike in tehran at a building where he was staying. israel not commenting on that strike. we do know he was there for the inauguration of iran's new president, the man who is replacing inn a rah him rahy s city who was killed in a helicopter career earlier this year. the iranians are saying, quote, following this bitter, tragic event which has take tan place within the borders of the islamic republic, it is our duty to take revenge, that coming from the ayatollah khamenei who met with him just hours before the striefnlgt as you noted, there was a separate strike in a beirut, lebanon, in the southern part of the city. the israelis taking credit for that strike where they took out a top hezbollah commander they

say is responsible for the rocket attack that took place in the northern part of the golan heights on saturday that killed 12 children and teenagers. all of this raising new questions about what the response will be from iran and its proxies. we do know israeli air defense systems are on high alert across this country and in the northern part of israel a notice to airmen has been issued closing some air space there over fears of a retaliatory strike by hezbollah. stuart? stuart: thanks so much, trey. ron johnson is a member of the homeland security committee, and he joins me now. mr. senator, how close is israel to a much wider war including iran? >> well, let's hope it doesn't result in a wider war. the best way to try and rein that in so to rein in iran. stop coddling iran. that's what president obama did, that's what president biden has done. that's what a president kamala harris would do as well. we've literally funneled tens, probably more than $100 billion

into the largest state sponsor of terror. they sponsor hamas and hezbollah. they provide them with a lot of their material, their missiles, that type of thing. so the best strategy, and it's a big mess in the middle east, there's no doubt about it, but to to try and starve iran from having the resources to foment this type of violence. stuart: what type of support will israel get after the killings from the democrats, specifically the president and the vice president? >> well, if the past holds true, they'll ask israel to restrain itself. they don't have -- they have not voiced strong support for israel, and that has also a emboldened our enemies s. so when you show weakness, you embolden your enemies. we've seen that across the board. the open borders, the 40-year high inflation, all these things weaken america is and make the world a more dangerous place. stuart: senator, the fbi has not been able to get into the apps that were on the trump's shooter's phone. you were at the hearing

yesterday for the acting secret service chief. the question stands, why can't we get into these apps? >> because they're meant not to be gotten into. and, by the way, we can pass a law, and we can force american manufacturers of these apps to provide a back door key, but that's not going to prevent people from getting foreign apps. i don't see a ready solution to this. we were able to solve crimes before we ever had apps, so i guess we're going to continue continue to solve crimes without the full access to people's devices and applications. we just have to recognize that a reality. stuart: but these apps could be used the communicate cross country between malicious terrorists merchandise our own country. -- inside our own country. >> yes. stuart: do you think it's time to take stronger action here? getting squeeze apps? >> again, you can force american companies to provide a back door key, but that'll just have people use chinese and other apps -- stuart: well, can't we --? >> i don't see -- stuart: don't we have the best hackers in the world at the cia? >> well --

[laughter] if we can hack 'em, we can hack 'em, you know, and that's the way we a ought to approach this. i don't want see a law that's going to fix this problem. only technology can. but, again, technology is ahead of us. stuart: our latest fox poll shows trump one point up in wisconsin, your state. what would it take, what one thing could trump do to put wisconsin firmly, more firmly in his camp? what's the issue? >> well, first of all, it's the ground game. i mean, you have to appeal to the grassroots. you've got to get out the vote. you have to have the community captains. again, you really have to have a strong the ground game. if there's one thing trump could co, i would love the see him come into milwaukee and do a rally like he did in the bronx, just show the strong support he has in the african-american community, in the hispanic community in milwaukee. those folks did a lot better under the trump administration, so i'd love to see him do that. i think he'd have a really good reception. stuart: got it.

senator johnson, always appreciate it. >> have a good morning. stuart: thank you, sir. futures, again, the big feature today is the nasdaq, up 429 points. the chipmakers are rallying. we'll be back. ♪ ♪ ameritrade is now part of schwab. bringing you an elevated experience,

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stuart: on the markets this morning, dow up about 40 points in advance of trade. nasdaq is still up over 4000 points. that's a rally -- 400. shah ghailani, do you think the market overreacted to the microsoft's report with that big selloff in. >> initially i think id admit -- it did, stuart. i was rather optimistic, i have to to admit. when the earnings came out, the stock got hit as much as a 8% lower, and i was hoping, great, if it opens up this way, i'm going to buy a chunk more and add to my position, i see reaction from answerer md hitting it out of the the park, and that's encouraged investors along with what you mentioned earlier as far as the chipmakers. they have gotten a boost from

the likely had hood that the -- likelihood that the u.s. is not going to impose restrictions on japan, south korea as far as their chip making and manufacture of chips which is a positive for the entire space. and that's helping the market. that's why the nasdaq is soaring. but microsoft, it's not out of the woods yet. i think if it ends the day positively, if we end up in the green, or then it'sous out of the woods -- it's out of the woods. otherwise, the tech sector has gotten hit. investors are leaning heavily into taking the profits. too much concentration in that space, so earnings have to be stellar. stuart: but you want the techs to come down some more to get a buying opportunity. >> yes. stuart: are you telling me heavy not come down far enough yet -- they've not come down par enough yet? >> no, not far enough yet. i don't think this correction has run its full course. if we get some surprising to the downside reports from the likes of meta, which i don't think we will but if we do, that kind of surprise could shake up investors. and i think if apple misses,

certainly if amazon misses, then we get to revisit, i think, a bit of a down trend, and i'll be looking forward to picking up more shares of my favorite company. right now investors seem enthusiastic, and i don't know that we're going to see much more of a dip though, again, i'm kind of hoping for person reasoi can add -- stuart: shah ghailani would not buy any more microsoft at $4202, is that correct? $420? >> no. stuart, i had the truck loaded up at the 400 level. i mean, loaded up. if we get down there and based on what happened yesterday after the close, i thought we might get there. yeah, i've got some pretty large orders to buy down there. i think we can get down there. you know, it doesn't matter if we don't because i've got large enough positions, but i always a like to add to those core companies. stuart: you're killing me, shah ghailani, and that's a fact. come back next week, okay?

[laughter] don't be a stranger. hear that bell? trading is about to start. trading has, indeed, started. here we go. the dow has opened on the up side about a 40, 50-point gain in the very early going. if you look at a the dow 30, even split winners and losers. the dow is not the big story of the morning. look at the s&p 500. that has also opened higher, 1.3%. look at that. that's 711, 72 points up -- 71. now the nasdaq. it was down over 11 -- 1% yesterday, up 22% this morning, 347 points. this is in the very early going, okay? down yesterday with, up this morning. this is very much based on the chipmakers. all right, show me big tech. we always do that the at i 9:30 in the morn if being. alphabet, am a amazon, meta, microsoft if down another couple of bucks at $420. let's have another look at microsoft. their cloud growth disappointed. that was the news from the big earning report yesterday.

but the news wasn't all bad, was it? lauren: i think investors are saying so what? the stock's down .7%. wells fargo increases their price target. they're now going to $515. it was a quarter where revenue was about $64.7 billion, cloud revenue about half of that. that's what spooked investors, that that cloud is slowing down, but it's the still there. very much so. it was a very good report card. stock's off a little bit, 1 down. stuart: my dollar says microsoft closes higher today to. lauren: i match that. stuart: all right. let's have a look at meta. they report after the bell today. again, this is probably going to be all about a.i -- lauren: and ad revenue. you have the gold mine of to olympics and the election. all good for meta, facebook, instagram, you name it. revenue expected to grow some 20%. i would say watch for their cap-x commitments. they previously said this year we're going to spend $99 billion. the does the ceo, mark zucker

zuckerberg, come out and increase that as they're investing in their chat bot, their large language model? stuart: you're walking up to the earnings report with a solid gain of 1.3. nvidia, hay closed at their lowest level since may, 7% up -- lauren: they're gaining it all back again today. morgan stanley puts them back on their top chip pick list. in other words, buy the dip. they all call all these concerns about a.i. spending overblown, and they expect nvidia to maintain their 80 plus percent if market share because customer orders are pretty good. this is a stock that has more than doubled this year. stuart: i'm guessing another chip maker, amd, look at 'em go, 7% morning. lauren: so the question for investors is, is ark md, a much smaller chip player than nvidia, eating into nvidia's market share? the answer is, yes. they're making a dent. they have an a.i. chip, it's called the mi-300and if they

increased expectations for it. they increased them by $500 million to $4.5 billion. and in the last quarter that they just reported for, they said their data center sales -- which include a.i -- more than doubled, up 1115%. look -- 115%. stuart: when you started talking, it was up 7% -- lauren: i wonder if they're positive on the air concern yeah, no, down 6%. my bad. stuart: asm -- now, that's another chip maker. 7% up. lauren: investors are breathing a sigh of relief. they are escaping a major disruption to their business. reuters is reporting that the chip equipment makers like asml, tokyo electron, companies out of japan, south korea as well as the nyeter lands will be except from the tightening of chip export controls to china that begins next month. a a sml is a dutch company, the most valuable tech company in all of europe. investors right now, according

to that report from reuters, breathing a sigh of relief that business can continue. stuart: okay. intel. lauren: yeah. stuart: now, they're planning serious job cuts. lauren: yeah. stuart: i want to know how many and why. lauren: bloomberg is reporting thousands. we'll get details next week, perhaps if tomorrow. that's when intel opens their books on the past quarter. revenue in their a.i. segment is expected to drop 23%, so that's your why. the turn around under the ceo, pat gelsinger, is stalled. so they're looking for ways to save money and, unfortunately, you do that with pink slips. stuart: oh, dear. now starbucks. they had not a great report, so why are they up 4%? lauren: because they maintained their guidance on the year. they didn't account cut it. they didn't cut it. ask if they're looking at a store efficiencies. they have faster espresso machines. they have i in drinks, do your granddaughters get the boba? stuart: as a matter of fact, they do.

lauren: i didn't think you would know what it is. their cold drinks are three-quarters of their u.s. sales, or but management is noting they have a complicated consumer. the numbers were not great in the report. same-store sales down, foot traffic down. in the u.s. and worldwide. but they didn't cut expectations for the year, so speak of sigh of relief, i think investors are breathing one. stuart: by the way, my grandsons also like the boba stuff. nothing sexist doesn't -- lauren: got it. stuart: uber, what are they doing? lauren: they have in multiyear partnership with byd to add 100,000 of their evs to their complete. -- fleet. this is in other markets. if you're an uber driver, you can get a deal on financing, on charging, car maintenance, etc. stuart: boeing's earnings came out this morning before the bell. why are hay up? lauren: okay. they have a new ceo who starts august the 8th, veteran in the aerospace if industry.

he brings experience to the company's turn around which, by the way, based on this report card seems really far away. boeing is burning through a billion dollars in cash a month. per month. the quarter saw weakness across all their businesses not only in their commercial jet business which we talk about all the time, the problems there, but also their defense industry. they're a major supplier to the pentagon, and they bid on all these billion dollar plus contracts, and they're fixed price if contracts. inflation, the costs balloon and they're stuck with the bill. stuart: what a contrast. if a tech company was burning through a billion dollars a month, you'd think absolutely nothing of it. but boeing, an industrial company, a billion dollars a month, that's a big deal. lauren: and that's why tech is much more exciting. stuart: absolutely. [laughter] coming up, donald trump making his pitch to young voters who want to buy a house. watch this. >> i say very simply, vote for trump. interest rates are coming down, energy's coming down. you're going to be able to buy a home again. stuart: well, that's intriguing,

isn't it? how would a trump presidency bring interest rates down? i don't know. mitch roschelle, she's going to be with us, and he's our real estate guy. kamala harris is trying to cover up her soft-on-crime policies, but remember when she wanted to defund the police? roll it. >> and you have many cities that have one-third of their entire city budget focused on policing. we need to take a look at these budgets and figure out whether it reflects the right priorities. stuart: leo terrell knows harris firsthand, and and he says she was not a tough prosecutor. we're on flip-flop watch here on "varney & company." she's flip-flopped on the border ask and now on frack being as a well. that's next. ♪ i come and i go. ♪ tell me all the ways you need me. ♪ i'm not here for long. ♪ catch me or i go houdini ♪

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stuart: on the markets this morning, 12 the minutes in, huge gain for the nasdaq on the back of the chip makers. that that's folk to be the story all morning. the dow's up 40 points. kamala harris is flip-flopping on key issues. her campaign recently said she has no plans to ban fracking if she wins despite calling for a ban as senator and in her 2020 the presidential campaign. hillary vaughn on capitol hill. what are the democrats saying about harris' about face? >> reporter: stuart, they claim to the not know what it is. vice president harris' campaign insists as president, she will not ban frack, but that's what she promised to do the last time she campaigned for the job, promising americans in 2019, quote, there's no question i'm in favor of banning fracking. when she joined the ticket as joe biden's vp, she adopted his position moving to the center on the issue. harris' campaign says she has had a change of heart on the issue forever saying, quote, she would not ban frack. we caught up with some

democratic senators facing fierce re-election bids in battleground states like ohio and pennsylvania where fracking is a key industry and asked them about harris' old campaign promises. >> she very clearly the first time she ran for president said she wants to ban fracking. now she's reversed it when she needs to win your state. >> she's the vice president in an administration that has contributed greatly to our development of new emergency sources. >> reporter: do you think that harris is preend thing to be someone that she is not -- pretendingsome. >> i do not. >> reporter: why is that if she said she wanted to ban fracking and now she says she won't ban fracking in? senator? [background sounds] she has promised to ban fracking, now she's saying she won't ban grabbing -- fracking. is she pretending to be someone she's not? >> my focus is on my work and my state. i said i don't know what she said on fracking. i am following, i am working on

my state and all of the above energy -- >> reporter: she said it on live television in 2019. [inaudible conversations] >> we gotta go. >> reporter: both brown and casey served with harris in the senate, but it seems like her positions during her tenure as vice president in the white house is enough to convince them that if she is in the oval office, she will not go back to her old beliefs. stuart? stuart: well done, hillary. hillary vaughn on capitol hill. john catsimatidis joins me now. john, harris flip-flopping on fracking and now this bipartisan group in congress want to end biden's pause on liquified natural gas permit ifs. are the democrats beginning to turn on energy, shift their position because it's an election year? >> i believe during election years everybody flip-flops, and i do business in pennsylvania. pennsylvania's a great state.

there's fracking going on in pennsylvania. the poem on pennsylvania -- the people on pennsylvania's side of the border with new york state are driving cadillacs. the people on the new york state side are the border are driving '55 chevyss. i mean, it's just crazy. you know -- stuart: but it's the party. if you look at the big picture, are the democrats just beginning to shift because it's an election year and they know we need fossil fuel energy? >> yes. they know we need fossil fuel energy. it's going to be prevalent all the way to 20 the 50, 2060 and beyond. we have, we have a zillion gallons, a zillion barrels around, and, you know, fossil fuel if energy is not made by dinosaurs. that's all a fallacy. planet earth makes the oil or makes the crude oil. because it uses the crude oil to take the packs that a balance

the everett to liquify it. and that's the truth. it's not fossil fuels. and the truth is wind energy is not going to work. solar cells, it's not going to work. you're not going to run the united states of america on windmills and solar cells. that's obvious. stuart: so when are the democrats going to recognize that? recognize it is and turn around energy policy? >> they're starting to recognize it. i understand that smrs, small modular reactors, that's going to to be the future of america. i've talked about it in the past. it's not going to happen tomorrow morning. i think the first installation will be maybe in 2030, 20 the 31, and we may be in that business too. and the future of america is a transition from 100% oil to maybe 50% oil over the next 20

years, over the next 30 years. if you want to know the truth, that's the truth -- stuart: and recognize -- >> everything else is garbage. stuart: got it. john, thanks for joining us. always appreciate it. >> thank you so much. stuart: kamala harris has been inconsistent with energy policy but, lauren, what about -- well, this is important -- what about her potential running mate's? lauren: well, can they moderate her record, right? if let's take a look at three of the vp contenders. you have the minnesota governor, tim walz. guess what? he established minnesota's goal to transition to a carbon-free electric grid by 2040, but he's a former school teacher. he has a rural background. he likes to fish and hunt. there's that working class apole. that could work -- appeal. that could work to moderate her. the governor of pennsylvania, the largest swing state, josh shapiro, has publicly criticized president biden for pausing natural gas exports. pennsylvania is a fracking state. now, coincidentally, kamala harris is pro-fracking, but is she pro-natural gas?

will she go that far? finally, arizona senator mark kelly. look, he's been to space. that's cool. he is open to more drilling in the gulf of mexico. he is also critical of the epa's new emissions rules. stuart: hope springs eternal. got it. thanks, lauren. coming up, the top hamas political leader has been assassinated, and a top hezbollah commander has also been killed. iran is threatening a painful and harsh response. where does kamala harris stand on this is? this is her first foreign policiest. that will be my take at the top of the hour. protests in venezuela growing as the opposition disputes the presidential election results. we'll have that story for you after this. ♪ ♪

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stuart: venezuelans continue to protest the results of their presidential election. steve harrigan joins me. what's the latest, steve? >> reporter: more than 16 people have been killed after a second day of protests in venezuela. opposition figures are being hit with tear gas from government force, also a sometimes being attacked by pro-government gangs. they ride up on motorcycles, often masked, and fire right into the crowd. the opposition says they won

this election fair and square. they claim that poll results show that their opposition leader won by more than 2 tois 1, but nicolas maduro is not having my of that. u.s., brazil, other nations all calling on a maduro to release election results, but he so far has not released any detailed results. instead, he's ready to fight elon musk who create criticized him. here's maduro. [speaking spanish] >> reporter: elon musk, he says, you want to fight? we can do it anywhere. we can do it in the neighborhood as we say in caracas. no response from musk yet. instead, more than 8 million people have fled venezuela under maduro's 11-year rule, more than a quarter of the country. and with this current unrest, we could see those numbers rise even further. stuart, back to you. stuart: thanks very much, indeed, steve. now take a look at what a may be the stock of the day. all the chip makers are doing well, and nvidia is doing particularly well. what a rebound. it's the up 10% this morning,

$114 a share. still ahead, missouri's attorney general, andrew bailey. he's suing biden is and harris over illegal migrant flights into his state. the national association of black journalists' co-chair stepping down following news that trump will attend that convention. [laughter] just couldn't bare for him -- bear for him to be there. iran promises retribution after hamas' political leader and a top hezbollah commander were killed. kansas senator roger marshall will deal with it. it's been 17 days since the trump rally shooting. law enforcement still has not accessed the shooter's encrypted apps. why can't we get into 'em? kara frederick has the story. the 10:00 hour is next. ♪ oh, i wanna dance with somebody. ♪ i wanna feel the heat with somebody. ♪ if yeah, i want ma dance with somebody -- ♪ with somebody who loves me ♪

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stuart: i like music that goes back to my generation, back to the 60s and 70s. this is "varney and company" and we have this. any moment now, the senate committee will hold a hearing on the future of electric vehicles. we will see if we can bring you any headlines. just look at the nasdaq, chipmakers rallying big time, look at the nasdaq's big wi