be -- tim walz to be her vice president. again, minnesota governor tim walz according to multiple reports is now vice president harris' pick to be her vice presidential candidate. he was elected in 2018, reelected in 2022. he also served six terms in the u.s. house of representatives. he is an army a national guard veteran, and, rebecca, excuse me, trisha, he was also a high school teacher. your thoughts in the final moments of our program. >> they are going to make, the democrats and media are going to make this the most genderrized election in american history. this is about the economy, the economy, the economy, it's a referendum on the last four years. rl. cheryl: also reports she has not called tim walz as of yet, but reports that tim walz is the pick. my pick is stuart varney for the next three hours on fox business. [laughter]

stuart: good morning, cheryl. and good morning, everyone. we're going to be up to speed on this possible naming of tim walz as kamala harris' vice presidential running mate. we're going to go running with that shortly when i find out more details. elsewhere, here's the question, do we have a bounceback after monday's big selloff on wall street? yes, we do. but it's modest. it's early. who knows how we close. the dow was down over 1,000 the points monday, today it's up, what, 130? the s&p was down 160, 3% yesterday, today it's back up 17 points, that is .35%. the nas the damage -- nasdaq way down yesterday, up a mere if 60 points today. not much of a comeback. now look at google. a judge says the company illegally ran a monopoly on search and text advertising. we do not know what rem doty the judge will -- remedy the judge will choose, but the stock barely budging this morning.

no serious recovery for bitcoin, it's at a $54,800. yesterday it was down as low as 48 grand. interest rates up from monday's lows, the 101-year yielding 3.82 and the 2-year just shy of this 4%, 3.94 right now. overseas u.s. soldiers wounded in a a rocket attack the in western iraq, an iranian-backed group responsible. hezbollah fired rockets into northern israel, more casualties, and an american aircraft group on station. despite all of that, the price of oil remains in the low 700s, it's at $72 the right now. down a little. in a tweet the president says they are discussing steps to defend our force. within hours, kamala harris will formally announce her running mate. we think we know who it is. that would be tim waltz, the governor -- tim walz, the governor of minnesota. the choice, though, has split the party. split between governor shapiro of pennsylvania, didn't go with

him. he's jewish. she did go, apparently, with minnesota governor tim walz. and by doing that, she's alienating the moderates because walz is very liberal, precisely the policies that harris is trying to get away from. on the show today, the democrats, well, they face a monumental task. they have to transform kamala harris from an unpopular candidate two weeks ago into a presidential winner, and they have to do it by versing her liberal policy -- by reversing her liberal policies by keeping her away from reporters. throughout the show we'll formalize the kamala harris vice presidential pick, not to mention if brewing war in the mideast. for a lot of people it is still white knuckle time. tuesday, august the 6th, 2024, "varney & company" is about to begin. ♪ ♪ ♪ long way down, i don't think

i'll make it on my own ♪ stuart: kamala harris has announced her vice presidential pick. she has chosen the governor of minnesota, governor tim walz, ap reports. lauren, we don't know much more about this at the stage, but tim walz is a liberal. liberal economically, and that's the kind of policy that i thought kamala harris was trying to get away from. lauren: no. she was sounding like a republican in these past couple of days by changing her positions on many policies including fracking where governor josh shapiro, should he have been the pick and give you the largest swing state, but it appears that she is going with the two-term minnesota governor, the most liberal of the final contenders that she was meeting with, tim walz, as her pick. he does have rural roots, he was a high school teacher formerly, a commander in the army national guard, and according to these reports she will campaign with him today later in philadelphia. shapiro's home state. stuart: that's right. [laughter] i wonder if by doing that she

has won minnesota. but lost pennsylvania. i just wonder about that because she did not pick josh shapiro. he's jewish. if she had picked him, that would have alienated the pro-hamas wing of the party -- lauren: huge in michigan. stuart: and michigan too. so there you have it. that's the decision. we now know, tim walz with, governor of minnesota, will be the vice presidential running mate of kamala harris. the other big, big story today, well, this is the day after the big selloff. how are we doing this morning? lauren, i just called it overall a modest rebound. let's zero in on big tech for a moment. how are they doing? lauren: so this is the group that lost $650 billion in value yesterday, magnificent seven, and you would expect a major bounceback today. no. it's a modest rebound, as you note. an attempt at a turn around. apple is down by another 1.6% in the premarket. i think we can call this a stabilization, however. and a lot of these names have

major news attached to them yesterday. apple. buff with fete selling off half his stake -- buffett. nvidia's not on this board, but the issues reported with their new a.i. chip. and google. the big story today is the government scoring its first big antitrust win against google in decades. stuart: so overall, the big tech group has not recovered from its recent big selloff. lauren: the best of this bunch here, 1% jump here in the premarket, i'd call it an attempt at a recovery. stuart: an attempt at a recovery can. lauren: it is not a turn-around a tuesday, at least not yet. stuart: nice characterization. [laughter] david nicholas joins me. david, you say yesterday's selloff is a buying opportunity. okay. what kid you buy? -- what did you buy? >> yeah, stuart, i do. if you look at the vix, the vix surged over 60, settled in the low 30s. we've never had a 11, 2, 3, 5-year period where the market has been lower after the vix has been that high. i like a mix between treasuries

and we can bities -- equities. this is very simple, stuart. the market dropped so much, you can buy anything. spy, which is an index fund of the s&p 500, vtwo which is our small caps, i think the feds will lower rates, and that is going to to bode well for small caps. also i think this is the time to look at international stocks. international stocks suffered relative to u.s., so gia a x holds international positions, provides a yield of 15-20% so you can own internationals and get a good yield. but i think treasuries right now, stuart, and that's the way investors should be invested currently. stuart: you want an emergency rate cut from the fed. i believe that's what you're pushing for. wouldn't that create some panic in the market? >> well, i don't know what we call yesterday, stuart. the federal reserve doesn't want the emergency rate cut. we've already had it. so i think what an emergency rate cut will do, if you look, we have inflation cooling, a

slowing labor market it would signal to the markets that the fed will be there to provide a backstop. i don't think they're going to do it, but i think they should for the confidence factor. stuart: for the average investor, what's your advice. >> you got to look at history. my clients pay me to be steady turned pressure. yesterday was a day that i think you could be putting money to work. i think today is a day that you can still be putting money to to work. if you liked nvidia three weeks ago, which i did, it's down 13% in the last week. if your calm concern you're -- you're calm, you can make a lot of money. tier stuart but you shouldn't be selling big tech? if. >> not yet, stuart. stuart: not yet? what's that mean? >> if interest rates come down, that's going to body well for valuations. this is the time to put money to work. stuart: you do think that big tech, a.i. has upside potential

in the near future? >> stuart, it also depends on your time period. between now and the the elections is it going to be choppy? yeah, it will. if you've got a 12-month time horizon, yeah, this is a good chance to put money to work. i'll go on record with that. i believe in this economy. now, who becomes president in november does matter, and that could change things. but as it stands right now, i feel good about investing. stuart: david, thanks very much, indeed. i just want to review where we are in this bounceback this morning. the dow jills down over 1,000 points yesterday -- dowvilles -- back up 120 today. big tech sold off heavily yesterday, a most bounceback this morning. all right, now this. kamala harris is going after trump for being low energy. [laughter] there's a surprise. really, lauren? lauren: i think lately they'll distort anything. i can't even take that seriously, but here's the deal, she's playing catch-up with three months to to go. she's going to hit seven battleground states in five somedays, starts today in

pennsylvania a with her running mate, then she'll be in wisconsin and michigan wednesday, north carolina and georgia thursday. remember, trump won north carolina, and he barely lost georgia in 2020. harris will be in arizona friday and nevada on saturday. that's the map. she will be business duh -- buzzty, but do -- busy, but so will j.d. vance. he will not only be in the same states as kamala harris, he's going to hold press events, not just rallies. he will talk to any press and answer any question on where he and trump stand on the issues. stuart: i'll offer one guarantee, every single appearance that kamala harris makes in all those statements, the six or seven, that'll be a teleprompter there, there and there. lauren: one more comment about a tim walz in minnesota. there is no limit on abortion in the state of minnesota, and i think she's going to campaign, they're going to campaign very heavily on abortion. stuart: i'm sure she will. all right. of here's another one for you.

some democrats are distancing themselves from harris. they're trying to win races of their own. lauren the two most vulnerable senators, montana's jon tester has not endorsed kamala harris, and he will not go to the dnc, just to be fair in his 18 years also a senator he has never went to the party's convention the same year he was up for re-election. and, in fact, the real clear political average has his opponent, republican tim sheehy, up in the polls. so tester is down. then you have the other vulnerable democrat in trump country which is sherrod brown of ohio. he has endorsed harris, and he may skip the dnc. stuart: i think trump's going to montana -- lauren: i believe on friday. stuart: i think so. he knows who's vulnerable. thanks, lauren. check pooches, please. what we're checking on here is the bounceback -- check futures, please. how solid is it. the dow's up 120 to, s&p 20 and the nasdaq up 79 points.

coming up, remember when harris said she could do a better job than trump the on the border crisis? >> donald trump has been talking a big game about securing our border, but he does not walk the walk. but when i am president, i will work to actually solve the problem. stuart: okay. a scathing new report veals the biden and harris administration -- reveals the biden and harris administration let nearly a hundred illegal migrants on the terror watch list enter the united states. morgan ortagus takes that one on. just last week biden claimed he cured the economy. it was going to be his legacy. >> reporter: mr. president, what do you want your legacy to be? >> that i cured the economy. stuart: okay. the economic record that biden has been touting is actually falling apart. art laffer has more to say about that. and we just got an ap report that a kamala harris has chosen minnesota if governor tim walz

to be her vice presidential running mate. the news coming thick and and fast and we're all a over it. more "varney" after this. ♪ ♪ municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least $10,000 to invest, call and talk with one of our bond specialists at 1-800-763-2763.

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stuart: if you're just joining us, ap says kamala harris has chosen minnesota governor tim walz as her running mate. art laffer with us this morning. tim walz is very liberal. art, i thought those were the policies that harris was trying to get away from, and governor desantis has called this most left-wing ticket in history. what do you say? >> i think, i think desantis is correct on. that i was just hoping and

praying, stuart, that he'd pick jared polis from colorado which would have been a perfect combination for her, but she chose not to do that. jared polis would be great but walz, i think, just file piles on -- piles on further. stuart: she wants to reverse all of the liberal policies of the past and come out as a shining moderate. how does she do that with governor tim walz by her side? >> well, she doesn't. she doesn't do it just by herself either. she's been co-author of all these policies, stuart, for almost four years now. she has to own those policies. she's told that she's going to reverse the trump tax cuts and that means raising the corporate rate from 21 back up to 35 or whatever it is, you know? those are all very bad sets of policies. these are all -- she's on record for. in fact, she's probably a little bit more to the left of biden now. stuart: yeah. >> i mean, she was not going to be able to reverse those policy.

now, maybe she doesn't believe in them. that's very possible. she's been a professional politician all of her life, never had -- never written a paycheck to anyone, so maybe she can just switch like mad, but i can't see it during the campaign. i can't see how she repositions herself as a moderate. she's just not. stuart: art, hold on for a second for us, will you, because i've just got to deal with another subject here. the administration has been largely silent on the stock market drop, the big drop yesterday. not not much of a comeback this morning either. madison alworth at the white house for us. are we going to hear anything from bind or harris on this anytime soon -- biden? >> reporter: you know, stuart, we haven't great, and it's not clear if we ever will. president biden repeatedly ignored questions from fox business as the market had its worst day in two years. [inaudible conversations] >> [inaudible] >> reporter: are you worried about a recession? [inaudible conversations] >> reporter: mr. president! >> reporter: are you worried

about a recession? >> reporter: vice president harris has also not commented but did announce the addition of white house economic advisor gene sperling to her campaign team, signaling that bidenomics is not going anywhere. sperling was tasked with managing the $1.9 trillion american rescue plan and served in the biden white house up until yesterday. republicans are pointing to that spending under the biden-harris administration as a cause of the market volatility and inflation. harris specifically receiving criticism for being the tie-breaking vote on that a $2.7 trillion worth of government spending including from the likes of senator eric schmitt who wrote, quote, kamala harris was the deciding vote on the inflation reduction act and the american rescue plan, two massive spending bills. she owns the historic spending spree that cause ad inflation. -- caused inflation. others warning there could be more of the same if harris is

elected to the top of the mouse. >> well, the worst is yet to come. well, they're reaping what they've sown for the last four years. on the inflation side, supply and demand, kamala. you're going to have higher prices when you overregulate the economy. it's hard to create jobs. when you flood the economy from washington with money that doesn't create jobs, you create inflation. >> reporter: it's going to be a busy day for harris who kicks off her campaigning with her new running mate, so we'll definitely be keeping an ear out to see if she says anything about the market volatility. stuart? stuart: madison, thank you. we're looking for comeback after a yesterday's big selloff. the dow is going to be up about 1000 points at the opening bell -- 100. no, more like 60. s&p, 322, and the nasdaq -- 232, and the nasdaq about 90 points. whatever comeback, it is fading, i'm afraid to say. lauren, it wasn't just stocks that dropped yesterday. commodities fell as a well, and we've got oil -- lauren: and they're still

falling. stuart: despite the trouble in the middle east. lauren: the middle east is on fire. you know, at one point earlier today those concerns about iran promising to retaliate against israel for taking out some of hamas and hezbollah commanders, five u.s. military personnel attacked at a military base in iraq are. all of this going on, and yet there are concerns that the economy is slowing down, and with that the you have the price of oil lower once again. stuart: that's strange. i don't get that. it's because the economy's slowing down that oil is down, but i would have thought it would have gone back up a little bit because of the tension in the mideast. lauren: what's the stronger narrative here? if global slowdown. stuart: that's right, you got it. if the fed does cut rates next month, home buyers will still be waiting years for affordability, have i got that right? lauren: this survey completely depressed me, and it could very -- it should finish for every young person. it finds homes will not be

afford affordable until after 2026. that means even9 if the fed does cut next month and if continues to cut, a lot of americans still find home ownership unaffordable. if you look at the taxes, insurance and monthly mortgage, it takes the up 35% of your salary. that's the most since 2007. stuart: ouch. lauren: exactly. interesting story. stuart: it is. lauren: not all about mortgages. stuart: especially for youngsters. check futures one more time. i see some green but not a whole lot of it, not as a much as there was red yesterday. the opening bell is next. ♪ you know, when i take the bike out like this, all my stresses just melt away. i hear that. this bad boy can fix anything. yep, tough day at work, nice cruise will sort you right out.

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the call is free, the quote is free, and there's no obligation to buy. call or go online now, so the next time there's a power outage, your home powers up. power your life with generac. call or go online to request your free quote today. stuart: all right. a couple of minutes til the opening bell. that is not much of a rebound although the nasdaq is back up 100 points. dennis gartman make a welcome return to the show this morning. we got news that a very liberal guy is the run running mate with kamala harris. what do you think of tim walz, and what do you make of the comparison, the team? >> i was rather surprised by the fact that she picked mr. walz. he's clearly one of the farthest left governors in the united states. i would have thought she'd have

gone with someone more to the middle of the political spectrum, so i'm a little concerned that she's gone farther to the left, being the most left-wing senator in the congress at the time, you would think she'd go to the middle, and she's not done that that with the choice of mr. walz, so i'm rather surprised. think that's one of -- i think that's one of the reasons that that the bounce we're getting today is tepid, to say the least. stuart tithe interesting. do investors prefer a trump presidency or a harris-walz president i city? >> is probably prefer a trump presidency, no question about that. i shouldn't say exproabl if then no question, i think there's no question they would prefer a trump presidency. it would be less deregulation, probably a little more pressure on the fed to ease monetary policy even more aggressively, and the bundies concerting part about the republican administration is that it's going to be a believer in tariffs. i'm not a believer in tariffs.

i think they're dehe tier yous to the economy, but investors will be par more amenable to a trump presidency, no question about that. stuart: there's the all this talk of a pending recession, but i think you believe we're in a recession already. >> yes. i think we're already in a recession. the fact that we've had leading economic indicators have been down for, what, 18, 19 months in a row? the ism has been under 50 for a long purchase. i think, to me, the fact that the consumers have spent up as much of their credit cards as they possibly can, i think we're already in a version. and the nber, which is hysterically and historically has been very late in announcing when we are in version, they usually announce we're in recession when we're on our way out, they're very late and very slow in making an official statement. so i think we're going to be -- when they make the official statement six month, a year from now, they'll note that july or august of this year was the beginning of the recession. i think the fact that the stock market, whether it was the dow,

whether it was the nasdaq, whether it was the s&p, all made their peaks in july and the trend lines are broken so, yes, i think we're in a recession, no question about that. stuart: you used to, i think you till do, have have a position at the university of akron endowment fund, and i remember on this show you'd i moved into gold -- >> yes. stuart: are you still in gold and thinking it can go much higher? you've got 30 seconds. >> yes, we're still in gold. i'm actually going to become emeritus chairman in october after 15 years of being on the board, so they're finally getting rid of me and putting me out to pasture. but we bought gold two and a half years ago, and i've argued several time toss buy a little bit more. i couldn't get the rest of the committee the agree with me, but we owned a 3 or 4% of our position was in gold and we're very lucky to have done so. stuart: let's see fit goes to $2500 an ounce. thanks very much, dennis garthman . all right, they're clapping, they're cheering, they're going

to hit the button. thank you, madam. there you go. we've opened the markets. now, yesterday was a huge selloff, obviously. the dow was down 1,000 the points. we were hoping for, a lot of people were hoping for some kind of rebound this morning. so far it's been very, very modest. the dow's up 34 points, that's it. and if you look at the dow 30, there's still plenty of losers among those dow 30 stocks. the s&p 500 was down 3% yesterday. it's back up .39% this morning. the nasdaq composite, way down yesterday and back up this morning by .411%. .411%. it is a very modest rebound so far. big tech, most of hem are higher, but apple's selling down $3 at $205. meta, microsoft, amazon, alphabet back up, but microsoft is still shy of $400 per share. the dow just turned negative, by the way. staying on big tech, that doesn't look like much of a

rebound to the me. lauren: no, it's very tepid. and big tech is arguably a lot cheaper now than it was from recent highs. just go back a couple of weeks. nvidia's down 26% from its record high close. tesla's down 511%. -- 511%. so -- 51%. so, yes, these could be buying opportunity, but do they go down even more? the nasdaq yesterday lost $907 billion in value put together. as we consider -- can we call this the a.i. trade unwind a little bit? stuart: if you want to call it that, it's on your shoulders. [laughter] lauren: a little bit. these are all high quality names, all strong names, and you could very much make the case to to own then amount any price, but it's the something elliott management said that really has me going. he basically said this a.i. grade hype doesn't make these company -- trade hype doesn't make these company as successful as we once thought. their a.i. products, the results of all this a.i. and big tech

spending, might not be these gee whiz, successful products that everyone is dig they will be -- thinking they will be. stuart: it's not paid off yet. lauren: the monetization might be smaller and further away. something to consider. stuart: a judge says google ran a monopoly on search and in text advertising. we don't know the judge's remedy, but litigation's going the go on for years. they are appealing. lauren: they are appealing and, yes, that process tax years. google's response to the ruling, perfect. quote: the session recognizes that google -- the decision recognizes that a google offers the best search engine which -- but shouldn't make it easily available. it was good. the remedy is likely what's going to hurt the stock because it will affect how they do business in some shape or forge but it'll also affect other company. apple. google pays apple, according to that filing $20 billion a year to be the default search for its search engine and also for siri. so the remedy would be a loss

for both of these big name, right? and making you can say, well, maybe apple gains in the end because this is the change that is suggested. they have to develop their own great search engine, and they'll incourt. -- incorporate more search into that with the chat bots. but nonetheless, this ruling is bad for google and apple, apple is down 1.7%. stuart: i just wish our administration would not do this to america's crown jewels. these are the crown jewels of american and world business, and what do we do? if we attack them. lauren: arguably, the new democratic ticket would attack -- stuart: oh, yes, they would. definitely. let's have a look at nvidia. what's with that this morning? it's up 3% -- lauren: down 6 yesterday. they got an upgrade at new research to a buy, $120 price target. i also want to talk about taiwan semi. morgan stanley says they are a top pick now because with the big selloff yesterday, their valuation is more attractive. so we are seeing, for the most part, the chipmakers rise.

amd down, however. stuart: i think we can say very clearly that the chip makers have been extremely volatile lately. lauren: yeah. and if that's where the excitement is. they basically went parabolically higher, down, and now the recovery's choppy. stuart: that's a good word, choppy. palantir? lauren: love this story. up 11%. think data analytics. a.i. is fueling more deals and bigger deals. they have two sides of their business, commercial business up 70% in revenue from a year ago in the quarter. 70%. government side of the business up 23%. so palantir comes out and they raise for the second time their full-year revenue forecast. they're taking these gen-a.i., generative a.i., prototypes and showing clients on both sides of their business real use cases for technology and the software. they're selling. that they're increasing the price of deals and the number of

deals. so they're showing the monetization and the real use case scenario. dan ives of wed bush raises his price target to 38 with a bull case scenario of $50a share. it's at 26 now. stuart: you know what i would like in a real expert to say, hey, stuart, look at this. this is a. i., this is what it can do for you. lauren: palantir's doing that. stuart: i'll get in touch. there you go. earnings before the bell, i've got a thin sliver of uber. it's up. lauren: 4.5% their revenue in the quarter increased by 16%, increased bookings increased by 19%. ride sharing is the bulk of their business, that went up 25% and all the deliveries, that went up too. this is a win-win-win-win situation. stuart: caterpillar's been moving all over the place, and today it's up just a fraction. lauren: okay. this is an industrial bellwether, right? they sell much construction equipment, mining equipment, and their profits were stronger in the quarter because they're charging higher prices for the

excavators, for instance. demand is moderating, but prices are up. you can also make the argument that caterpillar has been a main beneficiary of the infrastructure law by president biden. stuart: let's get to the cryptos. bitcoin touched $48,000 yesterday. that was during the big selloff. now it's back to $54 -- lauren: i think some investors might have went bargain hunting, and they're stepping back in here. the high was about $73,000 just couple of days ago, actually, so this has been a very volatile trade. stuart: got it. and the dow industrials are up a mere 50 points after dropping 1,000 yesterday. lauren: and at one point they were down over 1200. stuart: i remember it well. we were sitting here discussing it. coming up, the harris campaign is trying to say trump is low energy. what? look at this comparison of schedules. that's what they call low energy. we'll find out what brian kilmeade really thinks about that. he's coming up later diswhroomp keys say harris is too liberal

to be president. look at this resurfaced video. >> everybody needs to be woke. [laughter] and you can talk about if you're the wokest or woker, but just say more woke than less woke. [laughter] stuart: now harris has a made her vice president selection, and it is tim walz. he is a bigtime liberal. wall street nose diving yesterday on fierce of a recession. economist e6789 j. antony says we ain't seen nothing yet. e.j. is next. ♪

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stuart: eleven minutes in and here is the state of the rebound, such as it is. the dow industrials down 1,000 yesterday, up 700 -- 70 now.

nasdaq down again this morning just a fraction, .009%. let's have a look at some dow winners. there are a few headed by dow inc., caterpillar, disney, cisco, intel. s&p 500, the winners offense that list headed by ken view, royal caribbean and molson coors, the brewery people. the nasdaq winners, who are they? topped by idex, csx, awe do debtsing, cadence designs -- desk. ap sources say kamala harris has chosen minnesota governor tim walz as her or running mate. economist e.j. antoni joins me. does a harris-walz ticket mean even more liberal economic policies? >> oh, stu, absolutely. we're talking about a guy who wants to put a surcharge on capital gains and dividends here. you want to kill investment, you want to kill economic growth? if that's the way to do it. stuart: yeah. but can he get it through? i mean, they'd have to win the

house and the senate and the white house to get through a very liberal series of policy, won't they? -- wouldn't they? >> well, stu, one of the thing, unfortunately, that a we've seen over the last several years is republicans, many of them, willing to bend the knee and go along with a lot of these liberal policies. that's not -- that's how if democrats got through the massive, gloated so-called infrastructure bill -- bloated. you don't need a majority so long as you have a vice president who's willing to break tice like we've seen with kamala harris for literally trillions of dollars of extra spending. that's one with of the key reasons why she owns the current economic problems, why she owns inflation, for example. it would not have happened without her. stuart: okay. e.j., stay right there for a minute, you? some traders are talking up the prospects of an emergency cut from the fed. kelly o'grady has the story. what are fed officials saying? >> reporter: look, we're not in a recession yet. i would kind of characterize the

overall messaging as cautionary but not dire from them. we herald from mary daly and austin austan goolsbee yesterday. they can't let the job market slow so much that it actually tips into a downturn, but there's going to be a lot more economic data before september to consider. goolsbee underscored, look, the stock market is not the economy. you can take cues if the market is indicating a long-term desell ration in growth, and he did admit if all the data is pointing negative, the fed will, quote, fix it. not all the data is negative. the jobs report absolutely was worse than expected, but we did have the ism services pmi showed that the services is expanding, and you can see that reflected in the market. the u.s. indexes are kind of all over the place this morning. zoom out globally though, we saw a rebound, the nikkei soared 10% after the worst day since '87 yesterday. but you can't ignore the broader picture. we're cocking off more than a --

coming off more than a 5% dip in the dow, so it's still too early to determine if in the the markets indicating this is recession territory or we're just hitting a correction after seeing all of those record highs month after month. stuart: all right, kelly, thanks very much, indeed. come back in here, e.j.. you say -- i'm quoting now you -- we ain't seen nothing yet with weed's selloff. does that mean we're going to slide some more. >> i think so, stu. unfortunately, all of the underlying data point to an economy that is much weaker than the equities markets are currently pricing in. so that means we just can't sustain these levels, these stock prices. that means more losses ahead. stuart: well, the s&p was down, what, 2% plus yesterday. the nasdaq was down 3%. doesn't seem to be -- those seem to be a manageable selloff. it's not exactly a plunge, is it. >> no, not at all, stu. you could say for a single day that was certainly a plunge, but

over the course of a month, no, that's not a plunge at all. the problem is that it didn't happen over the course of a month, it did happen in just a day and, again, i think it's just a sign of more things to come as investors increasingly price in the data as it becomes available. stuart: so i should not buy this dip? >> well, stuart, i recently increased my liquidity position, and i'm going to keep on keeping my powder dry. if you don't want to time the market bottom, you can certainly dollar cost average over the next several months, and you'll probably do just fine. but, no, i do not think this is immediately the buying opportunity that so many people see it as. i think there's going to be a much much cheaper buying opportunity in the future. stuart: all right. e.j. antoni, see you again soon. a former leader in solar energy filing for bankruptcy. who is it? lauren: sun tower. it was actually a former manufacturing giant of the solar panels that went on residential roofs. the worth $9 billion at its

peak. this was in 20211 when esg was all the rage. i think it's worth not even $200million now. it's filed for chapter 11 and will wind down operations. high interest rates, depressed demand leave companies with too much products that they can't sell. sun power is selling much of that product to another california company. lauren: -- stuart thanks, lauren. harris has not held a press conference in more than two weeks, biden rarely appears in public, yet tensions heightening in the mid waste. silence in time of crisis is unhelpful. it's unsettling. my take, top of the hour. a federal judge ruling google acted illegally to maintain an online search monopoly. google has said they plan to appeal. what happens next? we'll deal with it. ♪

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stuart: well, just look at google. a federal judge has ruled that google illegally maintained a monopoly in online search and text advertising. google plans to appeal. lydia hu's been following this story for us.

what happens next? >> reporter: well, next the court will decide how to dismantle this monopoly that they say exists and how to hold google accountable. that could range from a fine to possibly changing the corporate structure of google. we have to revisit just some of the findingsings that the judge made in this, because that would impact the potential consequences here. they found that google maintains a monopoly by paying $26 billion to other companies to make sure that they are the default search engine on smartphones and internet browsers, and that makes google the leader when it comes to search. consider this, it runs in roughly 90% of all internet searches in the united states. the second being microsoft with its search engine bing, only 6% of searches. stuart, that translates into major advertising dollars. more than $146 billion for google alone as of 2021. so, of course, now the question how the restore competition. it's not clear what the judge is

going to do here. there's several possibilities. it could range from a fine to google or they could decide that internet users like you and me, we have more options when it comes to search. so you take out your iphone, maybe your phone asks you, do you want to search on google or search on microsoft bing? that would be hugely consequential for companies like apple because they've been getting all those billions of dollars, $20 billion for apple alone, to make sure that a google is the default search engine. it could also be a door opening for other search engines like duck duck go who would then get a chance at that market share. google for itself, it vows to appeal, and it says this. it says it's the market leader because it is the best search engine out there and, stuart, that's likely an argument a you're going to hear on appeal, and it's why some are saying this judge got it wrong. watch. >> he completely ignored the fundamental gold standard for american antitrust law, are consumers being harmed. and the answer to that is simply, no.

in fact, this decision will harm consumers more than anything e google has ever done because it will make search less effective. >> reporter: but, of course, some beg to the to differ. we have the other internet search companies like duck duck go, i mentioned, they're out is celebrating as well as the news media alliance. they represent thousands of publishers that are concerned about the plow of information. and i thought about this too, stuart. i'm sure you recall a couple weeks ago when google came under fire when you search trump assassination attempt, it did not auto-poppe late with field search result toss suggest what you might be looking for. maybe situations like that wouldn't happen if we had more competition in the search space. stuart: that's a good way to end the report because it makes you think. >> reporter: yeah. stuart: lydia hu, thanks very much, indeed. quick check of those market, please. a sudden move up for the dow industrials, now up close to 300 points. all of a sudden we've got a more, i don't know, more appealing rebound, shall i put it like that? you're up 280 right now.

down 11,000 yesterday. the -- 1,000 yesterday. the 10-year treasury yield is up to 3.83%. the price of gold not yet at $25000 an ounce, it's down $9 today. bitcoin, not much of a recovery there, $55,000. oil not going anywhere really, $73 a barrel despite all the trouble in the mideast. nat gas, again, not doing very much this morning, you're at $1.99. a the average price for a gallon of regular gas is $3.46 and for deals, $3.79. still ahead, kamala harris' running mate will be tim walz. jason chaffetz on that coming up. another epic biden administration border failure. a new report revealing dozens of migrants on the terrorist watch have entered america. morgan ortagus on that. trump vowing to keep tiktok if he's elected. is he trying to win over young

voters? jimmy failla will be here. the 10:00 hour of "varney & company" is next. ♪ ♪ ... side. when you work with someone who knows a lot and cares even more... you can do this. ...you're unstoppable. (♪)

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