stuart: it is 10:00 eastern. start with a market selloff. the dow is up 460, the nasdaq down 430 one, the nasdaq is down 2.5%. look at the deal on the 10 year treasury, all the way down

below 4%, looking at 384. earlier today 378. it's a huge decline in the yield. and and that's the yield on the 2-year. that decline in interest rates. and the economy is clearly slowing, it went up to 4.3%. very few jobs were added to the economy. the harris campaign, the timing couldn't be worse. it's hard to win elections when there is a slide towards recession but after three and a half years in power, the incumbent gets the blame. economic warning signs are obvious. financial reports just released, they are pulling no punches, procter & gamble say

the consumer is stressed. hershey, chocolate people, say the consumers falling back. walgreens, the consumer remains weak. voters are running out of money and tapped into the retirement account, over $1 trillion on credit cards. at that level, weakening economy voters. and the campaign cannot blame trump, they can't blame vladimir putin, they may try to blame the federal reserve but what matters to voters is not reckless printing of money but the fact that grocery store prices are up 20% in the biden era. prices went up, gas is up, this is what counts, the harris campaign is trying to deny responsibility.

one ad said she thought to be the border under control and a sliding economy is as bad as it gets. donald trump will remind everyone it wasn't like this when he was in office. second hour of varney just getting started. greg smith joined me to analyze what's going on with this market. it is a major league selloff, stocks down, interest rates down. >> reporter: my father said hard come easy go. investors are feeling is that. long-term investors need to have a shopping list, look around and pick some spots and pick up quality names. as you just started off the top of the hour the consumer is weakening. we have two mixed messages, we

heard apple give positive numbers and talk about the healthy consumer but a negative forecast from amazon talking about weakness going forward. stuart: apple is slightly higher, the rest are selling off sharply. i always thought when interest rates come down big tech does very well. what broke that equation. >> you are seeing a fear among tech that we are seeing these companies announced spending, tens of billions of dollars. a lot of attention is paid to intel which is a microcosm. this is a broken company with a death spiral march 2000 moment in terms of their decline but that's more of an isolated event. stuart: question of the day everyone wants answered, is the slide going to continue from

here on out? >> it's no secret there's going to be volatility. i think the volatility will continue and investors should have a long-term shopping list. i would pick some spots. a shopping list to see trade lower. it's okay to start in the water. amazon from a technical level looks good. one of my favorites, goldman sachs 25 points lower. stuart: thanks for being on the show. we will look at individual stocks moving lower. what your analysis? lauren: nvidia is facing not one but two investigations about market dominance in ai chips. the first his overall market

abuse pressuring the cloud providers into explosive purchasing agreements, the second is about recent acquisition of an israeli startup company. stocks down 6%. stuart: that is a big drop. stuart: we are looking at significant losses. snap, 23%. lauren: the story is advertisers are pulling back on spending on companies like snap, consider more experiment than a company like meta or instagram. it missed expectation. stuart: one of the themes of this show is weakness in the consumers but what is with the chief financial officer saying the opposite? lauren: the consumer is stronger than ever, the customer may not be going to a restaurant, ordering more from the restaurant.

revenue increased by 23% in the quarter. you are saying don't they have to pay workers more in new york city and seattle? they do, these are up two and customers have been accepting this. cfo saying consumer demand is stronger than ever. people are lazy or than ever. stuart: it is good to see something, door deezer bash, an old video of kamala harris from 2017 is turning heads. senator harris melted down over people saying merry christmas because illegal immigrants didn't have protections. >> only when they cleared that vent did we give them theaca status and we are talking about taking it away. it is morally wrong. when we are seeing happy tunes

and saying merry christmas and wish each other merry christmas, these children are not going to have a merry christmas. how dare we speak merry christmas, how dare we. they will not have a merry christmas. stuart: another rollback is in order. how is she going to do this? >> that is her and her natural environment in 2017, no adjustments were having to be made. that is who you have got. the problem, we are seeing the results when the administration lies to you to get into the office, when she and others lied about the condition of the president of the united states and trump seems to be well ahead of biden. the market likes stability and unpredictability and suddenly kamala harris is presenting herself as trump with the flip-flops on the positions.

the important thing is the republicans have to make clear what trump was able to do, where things stand even though americans don't need that as your opening noted. the experience every single day with the market, the groceries, it is undeniable. there was this idea this would stop for anticipation of trump but no regulations have changed, neither biden nor harris have done anything to change this trajectory and americans are feeling it and it's a matter of who is lying to me, why do they keep doing this? something has gone wrong and let's not ignore the fact this doesn't figure in what is happening in the middle east and what will happen with the price of oil and the nature of the cost of war et cetera. it will be a surprise. people have to ask themselves who is best suited to get us out of this morass. stuart: donald trump spoke to

mark zuckerberg after meta and google censored that iconic photo. >> called me a few times after the event and said that was amazing and brave and actual he announced he is not going to support a democrat because he can't because he respected me for what i did that day. to me it was a normal response but i was called by mark zuckerberg the day before on the same subject and apologized and said they made a mistake, google, nobody called for google. stuart: zuckerberg apologized to trump. liz: everyone is looking into transactional relationships of who is likely to to be a president and that was an outrageous thing to have happen but lasted a week or two, a deliberate attempt, not just chatterjee pt, not just google but every one is on the same

line. fda -- fbi and the doj going back to social media to once again talk with them but not violate the first amendment about threats to the election. that's a red flag especially when you've got major tech companies working, an assassination attempt against a former president and front runner for 24. maybe trump isn't going away, maybe he's not going to be in prison. i worry because the secret service doesn't seem to be interested in changing things. we are not out of the woods. people including kamala harris, everyone in the arena is at risk so there are so many unknowns. how dare they do this in trying to change an environment of pretending something like that never happened because becomes

more dangerous because nobody feels there's anything to fix. stuart: they are spinning it on a friday morning. check those markets please. we will see red ink. it's getting worse. we are down 570 on the dow which is 1.4% and the nasdaq, 562 points lower. 3.4%. lauren: down from the recent high. stuart: elizabeth warren on the jobs report. lauren: she is saying jay powell made a serious mistake not cutting interest rates. he has been warned, warned over and over that waiting too long for subscribing the economy into a ditch. that is what is happening. it is the fed's fault. lauren: jay powell said i believe 3 times the rate cut was on the table in the september. we are in a good place here

with regard to disinflation and jobs cratering in the month of july. pricing 70% chance for overcorrecting the rate cut in six weeks when they meet again. 70%, feds going half a point in september. does that help kamala or not? stuart: that is the avenue of blame. someone will be asked about the slowing economy. they will be asked and blame the fed. that's their way out of this. many people celebrated the release of evan gershkovich and paul whelen but biden's choice to trade russian criminals for detained american center dangerous measures to vladimir putin. biden and harris spoke to

benjamin netanyahu and reaffirm the commitment to after's security, after avenging damage vowing to avenge the killing of the top hamas leader. foreign policy expert victoria coates is next.

stuart: it is a selloff. and any other language it is the selloff. down 600 on the dow, 550 on the nasdaq. the nasdaq down 3%. looking at big tech getting hit pretty hard. not entirely across the board. one winner is apple up a couple bucks but microsoft is down 11.

meta is down 18. amazon is down $22.12% selloff. look at the ten year treasury yield, keeps going down, 382, lower than that earlier but down 382. check the 2 year treasury. it is down. it had been lower than this, 3.2%. gold, times of turmoil are $32 an ounce, it is a record, $2513 an ounce. that's a record. hezbollah's leaders is the conflict with israel has entered a new phase. alex, what does that mean? >> reporter: we are expecting a more forceful response, on

israel's northern front and coordinated approach. israeli prime minister benjamin netanyahu says the country is in eigenstate of readiness. >> enemies and friends know that we are on the fronts. we entered a new phase. a different phase different from the past time or the past phases. >> reporter: this is the aftermath of the strike in beirut which killed a senior hezbollah commander in the israeli ministry -- military says it intercepted rockets launched from lebanon. the funeral took place for the hamas chief who was killed in to ron this week. among those in attendance were other senior hamas officials. last night benjamin netanyahu and president biden spoke on the phone about security threats by iran and uranian proxies. in tehran this service took

place for the political leader of hamas, whose a mediator and cease-fire negotiator. his death raising serious concerns. the israeli military saying hamas military wing with airstrikes, more airlines are canceling flights to israel and avoiding flying over uranian airspace. the big concern is there could be a massive coordinated attack which could overwhelm the iron dome. preparations being put into place, meeting with his counterparts who is here. they are having conversations, making the case there needs to be a coalition protecting israel from any potential attacks from iran as well as those uranian proxies.

stuart: president biden and vice president harris held the phone call with benjamin netanyahu, reportedly reaffirmed their commitment to his relapse security. victoria, are you fully convinced america fully backs israel? >> i am not. we have nice words from the president and vice president overnight but they have actions last week when the prime minister was in town and the vice president was respectful, spent her time talking about sympathies with the palestinians, that she would not remain silent on that issue but we have dramatic develop and with israel taking matters into their own hands which i'm happy about, the person they are limited in beirut was responsible for the 1983 marine barracks bombing, 40 one americans killed in that. we should say thank you for

limiting that -- eliminating that terrorist but israel feels pretty low now. stuart: biden delivered remarks at the white house after the prisoner swap. he used the moment to take a jab at trump. >> donald trump said he could have gotten the hostages out without giving anything in exchange? what do you say to that? >> president biden: why didn't he do it when he was president? stuart: do you think that's fair? >> it is not fair because donald trump did do it. if you look at the case with turkey, he used extreme diplomatic and economic pressure on president one. he prayed for donald trump and we conceded nothing to turkey nor should we have. we don't need to bargain with

these people, we need to pressure them very strongly and get our people out. it should be a priority for every president. i wish my fellow pennsylvanian had been in the package but he wasn't but this can happen and donald trump demonstrated how to do it. stuart: thanks for joining us on a very important day. thank you very much. house foreign affairs committee chair michael mccall raising concerns about doing prisoner swaps with russia. ashley: the republican congressman says trading innocent americans for actual russian criminals center dangerous message to vladimir putin that encourages further hostagestaking by his regime. mccall said there are other american prisoners being unlawfully detained in russia, china, afghanistan, pennsylvania lawmakers say one

of those is mark vogel, a schoolteacher arrested in 2021 with a small amount of medical marijuana that was prescribed by his doctor for chronic pain. he was sentenced to 14 years in prison. us authorities say baseless charges, sham trials, unjust imprisonment is a strong reminder of russia's disregard for human rights and oppression of innocent americans callously used to free imprisoned russians. stuart: trump said the seniors shouldn't pay taxes on social security benefits, that would increase deficits by $1 trillion. 114,000 jobs added to the economy in july, an appointment went up to 4. 3%, the job market is cooling, the economy clearly slowing.

how the white house is responding to that next. it's odd how in an instant things can transform. slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties... (laughing) look around you. you deserve to know. as we navigate a future unknown.

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stuart: the selloff is getting worse. the dow is down 1.7%, the nasdaq is down 500, close to 3% on the downside. i want to show you a list of dow losers. the biggest loser is intel which is down 30%. %. amazon is down 12%. boeing 5, american express 4. 9%, salesforce, 4% sharply lower. also sharply lower, interest rates on the 10 year treasury, down to 382, fifteen basis points. might not mean much to you but that's a huge decline. the two year treasury sharply lower in terms of the rate of will yield. 391. 23 basis points is a huge move. lahren is looking at the movers. lauren: dow is down 30%. $20 a share. they suspended their dividend

cutting their workforce by 13% to fund this costly turnaround. stuart: citigroup, what are they doing? lauren: city is down 7%, $59. morgan stanley is down 5%. wells fargo came out and cut. look at the financials. stuart: we've got one winner. apple. why is it up? lauren: the iphone sales fell less than expected. customers starting to upgrade to the newest phone that allows artificial intelligence. dan ives increasing his price target, 285, called this the opening act to the main event. stuart: he is an apple guy. the jobs report, 114,000 jobs added in july.

edward lawrence, you spoke to julie su. how does she explain these numbers? >> reporter: look at the overall trend. a shocker for the overall number and the employment rate. last time the economy traded 14,000 jobs was last april, last time the economy had an unemployment rate of 4.3% was october 2021. this is why the federal reserve chairman jay powell made the pivot to jobsite risks. >> i have been through the data already. what we are seeing is a normalizing of the labor market and we are watching carefully to see if it is more than that. we are well-positioned to respond. >> reporter: many people thought the fed should have made a rate cut in july, that's the question i asked powell. he thought they were appropriately positioned for this moment but the fears a job

market might be up, average early earnings dropping off a cliff year over year, 3.6% for july, down for the month before. the labor secretary tells me he won't. >> are we in a recession? >> we are not in a recession. usually the rule is meant to predict a recession. everything about the economic recovery defined expectations. it was in a situation where the unemployment rate has been so low. >> there is a hurricane in early july but they did not have an impact on this report. clearly in the mix. peter morici, senator elizabeth warren blames the week jobs numbers. is this how democrats explain

the week economy? >> at some point expect goolsby will be lowering rates. the guy over there is for lowering rates and we are stuck with this republican named her powell. he was on with the statement about where we are and what we should do. no guarantee that we can have a soft landing but if they accept inflation at 2.5%, start lowering interest rates, inflation will go up again and ratchet up like it did in the 70s. you can't operate on the notion of a tennis court. that's what a soft landing is. if we have a recession the biden administration accepted the consequences, put through this tightening cycle because of their irresponsible spending

that democratic economists, early in his presidency, things happen with a lag and it is happening to president biden's people now. stuart: how long can vice president harris avoid direct questions about her position on the economy? the economy is slowing. we want answers from the democratic candidate and she's trying to avoid? >> if she doesn't have a press conference and only speaks to audiences that are friendly she won't get those questions. how long will the mainstream media letter get away with this? all the way to november. stuart: change the subject. donald trump is calling to end taxes on social security benefits. >> seniors should not pay tax on social security, that will mean increase in deficits. where is the revenue going to

offset that? >> just prior to covid. than they did with the big percentage. we talk and much more money. they were getting ready to pay off that. stuart: let's cut to the chase. what happens if we no longer tax social security benefits. >> the scene years are the most abused people on the planet. they pay taxes on the money when they put it in the system and if they are wise enough, to have $30,000 a year by having dividends, they get taxed again. other stuff goes on in the system. with medicare you pay higher

premiums. if you are $75,000 a year, social security benefits are taken away one way or the other. they are terribly abused by people who pay for problems with the system by discouraging that. find the money someplace else. stuart: a lot of negatives out there. important day. appreciate it. take a look at the bottom right-hand corner of the screen, the story of the morning, the dow is down 500 points, nasdaq, the nasdaq is down 500, the dow is down 757 points. next, social media has uncovered another word salad flashback from kamala harris. what is she talking about? lauren: she was talking about

inflation and how to bring prices down. watch. >> let's start with this. prices have gone up. families and individuals are dealing with realities that bread costs more and gas costs more. we have to understand what that means. that's the cost of living going up. that is about having to stress and stretch limited resources, a source of stress for families that are not only economic but on a daily level. something that is a heavy weight to carry something we take very seriously. lauren: some people grow into the job. has she grown into the job? into the vice president job and elevated to potential presidency? stuart: on the sliding economy, who is she going to blame? the federal reserve.

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stuart: the slide continues. down 722 points, we are down 3%. show me the 10 year treasury. it is coming down. down 3.82%. are dropping yield for the 2-year treasury, that's below 4%, week about 4%.

the 2-year is at 3.91%. it is a mixed picture. almost all of them are down except for apple. everything is red except for apple, everything else is way down. and this is a market slide. does it continue? >> that's an interesting question. i will tell you -- down 14% from the high in early january. the july peak as well. in this space, looking at in

the context of the most reliable business models in terms of big tech. we would say this is another 3% to 4% getting closer to that pool back. we would use the pool back as an opportunity. stuart: i was told her big tech does well when interest rates come down. big tech is suffering. can you explain what is happening? >> there is a lot out here in the macro side and immediately looking at the pictures saying let me act now but in reality you are right. lower interest rates are better

for big tech names. i also point to the fact to they are more of a safe haven. that's why apple might be holding up better than others, they provide better-than-expected results. lower interest rate environment, don't necessarily play out in a 1-day fashion. stuart: i wonder how many viewers are eager to catch a bargain. watch out to try to catch a falling knife. important day. thanks a lot. kamala harris is triggering a crypto tug-of-war between democrats. what's going on? ashley: competing factions of democrats pushing harris to adopt the position on crypto. pro crypto democrats locking harris to start taking a

friendly approach to digital asset firm subject to tough oversight from biden regulators. democrats don't want to see the issue to donald trump who has been courting and attracting campaign cash from several industry leaders. other democrats, elizabeth warren for instance have argued that crypto poses major risks to consumers, the financial system and the fight against money laundering but harris has yet to take a position on this but the pressure is on. kevin o'leary was on the show in the last hour and here's what he had to say. >> eventually it will be the 12th sector of the s&p. i will be surprised if harris doesn't get on board with this. trump is going after them with these comments. stuart: quick programming note. you can catch the crypto

campaign special on fox business hosted by our own kelly o'grady tonight at 8:00 eastern on fox business. stuart: boar's head recall daily meet linked to work list theory outbreak that killed two people. they can cut the risk for heart failure in obese patients significantly. doctor marty makary on these wonder drugs next. the big board having its worst, down 780 points. we will be back. daughter: hey, dad. dad: hey, sweetheart. daughter: what are you doing? dad: i'm gonna clean the fence. daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. when you work with someone who knows a lot

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stuart: we are down 759 points. a lot of reading out there. the nasdaq down 489. let's run through the interest rate declines we are seeing, the 10 year treasury yield down 383. it is down as well.

sharp decline in interest rates, treasury yields. new trial data shows eli lilly's weight loss drug cut the risk of heart failure in obese adults by 38%. stock is down with her markable trial results. doctor marty makary joined me now. are these weight loss drugs the new wonder drug? >> the big question is whether there is a return on investment. the utilization we see on these drugs outweighs the price tag of $1200 a month. that's the decision point that held up a lot of plants from covering the drug. it's consistent with other news for these medications. the question is the long-term outcome. stuart: another study found people who suffer severe covid

at the start of the pandemic are showing signs of cognitive decline. why is this happening so many years later? >> i wasn't convinced this was happening. there was no control group and they didn't control what we called confounding variables, might report a slightly lower iq, depression and anxiety. these people were all in the hospital and hospitals are places that can drive anyone crazy. stuart: you are a doctor. boar's head expanded their recall to include 700 pounds of meat and poultry products. 34 people of gotten sick, two have died. where does this come from? >> it is one of many infections that's treatable, it's the bacteria first reported in

baltimore believed it to have come from a facility where thinly sliced meat originated or 34 people who have had it, two death. it continues to be treatable with an antibiotic you can identify. stuart: you can treat this thing, get rid of it. you can treat it and get rid of it. >> the most common foodborne illness is nora virus, this is a treatable infection. we are trying to bring awareness about these thinly sliced meat products. stuart: we are somewhat reassured. still ahead, steve hilton on kamala harris's fundraising numbers. j.d. vance says fixing the migrant crisis is not rocket

science. the 11:00 hour is next.

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>> i think this is actually more of a rough pennsylvania but again, we're getting back to a normal job market. this is normalization. >> i don't think biden should be flippant about things that happened under trump, because those were victories as well. >> we didn't get a fair and democratic election in venezuela. maduro's trying to steal the election, and the united states has to lead the way. >> we're going in for a hard landing. we thought we were doing a soft landing, now it's a hard a landing. >> i don't know if we stay flat here because i don't see a lot of firing going on. i don't think the story's over. but no question, it's a weak jobs report. >> long-term investors need to have a shopping list. they need to look around and pick some spots and look to ping quality names. >> we're seeing the results now when an administration lies to you. stuart: all right. look at this, now, that is a market selloff right there. we've got do