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tv   Varney Company  FOX Business  August 15, 2024 10:00am-11:01am EDT

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stuart: this is an easy one, higher and higher goes the dow, higher and higher goes walmart stock. another beautiful day in new york city. three in a row. isn't that gorgeous. >> it is day 6 of gains in a row. stuart: higher and higher. morning, everyone, 10:00 eastern. to your money, the dow is up 400, the nasdaq close to 300, the s&p is up 60 points. almost all of them are up in percentage terms except the dow which is up almost 1%. look at the 10 year treasury yield cutting a total up this morning significantly so, that put a damper on big tech but right now we are at 3.94%, 11 basis points, price of oil not moving much despite the tension in the middle east, $77.98 is your price, bitcoin not doing
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much, 59,400, just received the latest read on homebuilder confidence. wears that? lauren: burst the bubble a little bit, it's down 2 points, 39, a surprise drop in august, it is down four consecutive months. the lowest reading of the year, less than 40% of homebuilders say conditions are good. buyers are hesitant, waiting for rates to drop. stuart: 0 impact on the market. that would be the stock market, not that i could see at this moment. now this. to solve the inflation problem kamala harris will blame big corporations and go after them. the announcement came wednesday night, the first hint of what is to come. in her first one hundred days as president president harris promises new rules, so big corporations can't unfairly exploit consumers to run up excessive corporate profits on food and groceries, that polls well so go for it. that's what they are doing,
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don't try to understand what because the rollup in grocery prices, blame somebody and score political points. same with drug traces. in a badly named inflation reduction act the government will, quote, negotiate the price of 20 drugs a year and if big pharma doesn't agree to the negotiated price they will have a chunk of revenue confiscated. they have already been profound cuts to research and development omma far fewer new drugs. harris wants to put distance between herself and bidenomics. and apaches claim bidenomics is working, now she's admitting that inflation is a problem. it is big business that is to blame. this may be politically popular in some quarters that it is not going to work, prices are set by the market, supply and demand, when the biden harris team through nearly $2 trillion into the economy and the fed printed another $6 trillion demand was stimulated big time, bringing all those supply-chain disruptions and you get
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inflation. harris doesn't want to understand that so she will play the blame game. one of her economic advisors is a top aide to senator elizabeth warren. warren is a socialist, new harris economic plan will likely take another left turn. second hour of varney just getting started. ♪ wall street journal editorial board member is with us now, bill mcgurn. harris is trying to distance herself from bidenomics. can she do it? >> would you try to distance yourself from bidenomics. a flop from the beginning, no one bought the acronym and also in the beginning, they were telling us inflation wasn't real and so forth and the attitude from the white house seemed to be you are not smart
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enough to understand just how good the biden economy is and i think that explains why harris doesn't want any part of it. stuart: haven't we tried price control? we tried it before. it didn't work, did it? >> it didn't work and she's planning more. she's going to beat up on business once she gets in. as far as i know, no one has ever tax, spent or prosecuted their way to prosperity. stuart: pro hamas demonstrators stormed democrat campaign kickoff after party in new york city. they threw smoke bombs, you have a new op-ed out you are calling the dnc, killer kamala convention. do you think pro hamas protests will take over the convention? >> that the threat. we hope not but there are
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30,000 of these people expected to descend on chicago for the convention. they want to get close. one of the court documents, one of the organizers said the protests will be family-friendly. have you seen one of these rallies as family-friendly? they usually come by vandalism or smoke bombs like we saw in new york and an inconvenience to their fellow citizens. the potential for catastrophe is but a big. stuart: a riot and violence outside the convention. is that a disaster for them politically? >> they are trying to project unity. most americans believe as i do the kamala harris is more progressive and in tune with
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what the protesters want, but the protesters are making impossible demands like total arms embargo. they are not mollified by choosing tim walz instead of schapiro. they regard them as having blood on their hands for having genocide. stuart: see you again soon. even cnn anchors are getting sick of kamala harris's lack of interviews. >> jim acosta seems perturbed by harris shunning the press, he didn't by the excuses given by her campaign. >> would it kill you to have a press conference? why hasn't she had a press conference? >> listen, the vice president and governor tim walz have been
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crisscrossing this country since launching this campaign and adding governor tim walz to the ticket, you saw him go across the battleground states. >> why hasn't she had a press conference? she is the vice president she can of she can handle the questions, why not do it? >> we are going to do it. you've seen her take questions on the stump. she said last week we will have a sitdown interview before the end of the month. lauren: i will but the more she refrains, the more unfriendly the friendly media may get. everybody wants to see confidence in her confidence. show it, sit down and do an interview. stuart: president biden reportedly angry with some top democrat because they forced him out of the job. who is he most angry at? lauren: this is a human story also. according to politico, here's the headline, the president remains frustrated and angry
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with the three key party leaders behind his ouster, barack obama, nancy pelosi, and chuck schumer. politico says biden thinks pelosi is ruthless and a party buys. 's bus. 's got a complicated relationship with obama, always has but he would rather of obama said things to his face than what he did behind the scene. as frustrated and insulted as biden might be, he is speaking monday night to open up the convention so they will project unity. stuart:. we better get back to the markets. we have a rally going on our hands, dow of 300, nasdaq up 250. it has come down from where we opened the market but that is solid. thomas hayes joins me to inspect the market. let me get this right. i read your stuff. you suggest we get a further dip in the relative to near-term and the end of the year a nice solid year end rally. >> in the short-term when the
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music is playing you got to get up and dance. that's what we will do the next few weeks. we've got the first fed cut coming in september. it will be case of purchase the rumor, sell the news. a little volatility after the first cut. a little volatility into the uncertainty of the election. once that's resolved we get a year end rally. stuart: is that strong enough to justify than it rates are down far enough to justify that. >> we got estimated 15. 2% earnings growth for 2,025, things are strong, we start 10. 8%, margins holding in their and estimates are steadily climbing up so on balance things are strong, a little strength, enjoy the fun the next few weeks, get a little defensive ahead of the election, year end rally looking at the intermediate term. a wonder we got a year end rally of kamala harris is the next president? that's an important question? >> no question but i think the number one thing for the stock
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market, one candidate is pro-business, one business -- what is pro-government, there's that dichotomy. what the stock market needs to see historically is gridlock. they want politicians to do less. so long as one party doesn't get all 3 branches we will be okay. stuart: you got a couple stock picks. i will start with gx oh logistics, where is it now, $48 a share. >> stock fell 50%. they do outsource supply chain and logistics management, you saw the shift from goods during covid to services, that's balancing out, the trough in q 4 of 23, we've gone from the d stocking cycle to the restocking cycle, management is expecting to double by 2027. it implies the stock cannot only double but get multiple expansion once you get double digit earnings growth and revenue growth back so we think the stock can go up to one hundred dollars in the next 24 to 36 months.
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stuart: you do like it, next one is paypal. >> everyone hates this. this is a great business. wise a great business? alex chris came from intuit. stock was 38 when he was there. he is coming to paypal, increasing the margins, he is got the increase of conversion to 50% at the checkout to 80%. it means he can charge more. margins are going up. supposed to be $5 billion free cash flow. it will not be 5 billion, we will do 6 billion and we are not going to buy back $5 billion of stock, we will buy back $6 billion of stock, this is turning the corner, 429 million accounts, 10% of global enterprise been. when you take an uber, i know you love to take ubers, that goes through pay pal, you don't see paypal but paypal is getting a piece of that, $500 billion a $5 trillion. stuart: you went through this complicated reasoning on those
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two stocks. any notes in front of you. very impressive. >> amazing when you have money at stake. stuart: well said. thanks for joining us, see you again soon. are they getting target on screen please? >> are the getting a boost because of walmart? lauren: walmart and retail sales stronger-than-expected. is the consumer okay? target has been a dog this year. they report at the end of the month, the 21st. stuart: this also beauty has gone on straight up. lauren: berkshire hathaway took a $266 million taken the comedy, major stamp of approval from warren buffett. he's going to be 94 years old in two weeks time. he likes to buy companies on the cheap. stuart: would you call him an old dog? don't do it.
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cisco had a great report last night. lauren: hardware selling well. they are trying to cut reliance on that and pivot to services. ai, cybersecurity and part of the restructuring include 7% job cuts. stuart: $50 a share almost. rfk junior reportedly trying to meet with kamala harris to talk about a role in her cabinet. looks like he is playing both sides. trump says he will conduct the largest deportation operation on day one if he wins in november. the border guys next.
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stuart: on the market this morning the rally holds, dow is up 350, nasdaq is up 274, solid gains. take a look at sirius xm surging after warren buffett's berkshire hathaway raised at stake in that company. warren owns 133 million shares, up 6%. %. donald trump vowed to take action on the migrant crisis on day one of elected. >> of kamala wins you will have mass amnesty and citizenship for all of the biden/harris illegals that poured into our country. if i when you will have the largest deportation operation in american history starting at noon on inauguration day 2025. stuart: national border patrol council vice president joins me now. that sounds like a huge feed, we are talking millions of deportations, do you think he can get it done?
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>> i think he can. they have to have a big effort, other agencies may have to get involved but we got to break this down. what does he mean that -- a lot of new media on the far left criticized him for saying this is attacked him, what he's talking about mass deportation what he talking about. this administration has allowed millions of individuals to come into this country unvented. there is a vetting system, they get sent back but if they commit in the their own country, no way to tell, that is what we mean by mass deportation. the visuals that are here and there's many of them, a huge percentage that asked for asylum but realistically do not fall under any asylum claim. those in the visuals have to be found in find out where they are, that's the 1st feet and when they are rotated, taken to the court system and shown they don't have a real asylum claim and then deported to their country. that's what he means, he's not
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going to go knocking doors down and breaking into peoples houses to take them out. that's what he means when he does it but a lot of people twisted the words around. can be done? absolutely it can be done. it will take a group effort, it will need other law enforcement agencies to work with each other to try to get this done and it needs to be done because there is too menu-driven rituals have been allowed to this country that are criminals and have committed crimes in their country but because they passed our vetting they've been allowed to roam free. stuart: back in 2019 kamala harris promised to close private detention centers, quote, on day one if she was elected. if she did that today it would release 7000 convicted migrant criminals. he will have to flip-flop big time. >> definitely. it would be disastrous. i've been on the ground for four decades. when you start seeing that, this is what it comes down to.
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if she does do that, if she follows through with that it sends a message to the committal elements. more individuals will come into the country, that is going to cause more issues at the border and more chaos than we've seen under the last 3 years already. stuart: thanks, see you again soon. robert f kennedy junior tried to meet with kamala harris. he wanted to be in the cabinet if she wins the election. ashley: rfk junior wanting to meet with harris and propose a dealing return for returning the presidential bid, would get a position in her administration, possibly as a cabinet secretary but reports suggest harris and her advisors have not responded to or shown any interest in the proposal
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but it also follows a meeting in milwaukee between kennedy and donald trump to talk about a similar role and endorsement but that resulted in no agreement at all. kennedy has seen a decline in national polling since president biden dropped out of the race but his campaign claims harris or trump would get a boost if they appointed jfk junior to a cabinet role in their administration. stuart: thanks very much. programming note, democrat national convention kicks off monday in chicago. our show will be there live monday through thursday, the bottom line will also be there live, 6 p.m. eastern, fox business will begin airing full speeches darting at 7:00 pm eastern each night of the convention. coming up, mortgage rates fell to the lowest rate in 15 months. many buyers and sellers standing on the sidelines. what would it take to bring them back?
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the ceo of the national association of homebuilders has that. the national association of realtors set to shake up the housing market, new rules require homebuyers to negotiate how much commission their real estate agents will be paid. kelly explains how it works next.
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stuart: the rally holds, dow is up 330, nasdaq up 302 points. 1.7%, looks like walmart is giving a boost all the retailers. lauren: walmart is up 6%, amazon is up 3, so his target and dollar general. also got retail sales in july gaining one person. one other piece of news on amazon, authorities in the uk just gave them the green light to test drone deliveries there so order your prescription in the uk. stuart: dillards bucking the potential. lauren: most retailers down 9% was a pretty dismal earnings report. i call them the macy's of the south. their expenses were up,
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same-store sales down 5%. stuart: pilgrim's pride. lauren: bank of america downgraded this chicken producer to neutral saying there's more egg supply for consumers looking for their pricing putting down pressure on. stuart: next case, starting this weekend, homebuyers will be required to sign agreements that specify how much their agents will be paid. can you explain how this works? >> reporter: it will take a longer explanation. the change can be summed up as full disclosure of compensation. the way the real estate process typically works, and agent will list the home they want to put up for sale on multiple listing services, the database run by the national association of retailers and you would have seen the total compensation the the two agents would receive
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together if the deal was struck so typically from 5% to 6%, split between the two. the buyer's agent may get one. 5%, the seller's agent gets 3.5%. starting this weekend, buyers will need to negotiate compensation with their own agent and sign a written agreement before their agent can show the home at all because the seller no longer has to make a compensation proposal to the buyer's agent, the onus is on the buyer to pay their agent for their health, the idea is to give buyers more negotiating power. nancy close $1 million in the windy city and she says this may be an infection point for those less established in the industry. >> you will see a large drop off in the market but representation is so important. the experienced veterans will thrive in a market like this and possibly see a drop-off of
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agents are not as experienced and don't understand how to show their value to their buyers. >> reporter: no matter what role you play within the home buying process though, there's going to be confusion as these new rules roll out for everyone. stuart: you can say that again. thanks for joining us, see you again later. jim tobin, ceo the national association of homebuilders. is this going to scare potential buyers away? i don't like the idea of having to sign an agreement before i can look at a house. i don't like that. what do you say? >> absolutely right. it will take time for the market to absorb these changes about transparency in the process, is a good thing. at the end of the day representation especially for first-time first-generation
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homebuyers will be important. it will take time for us to absorb those changes. stuart: i imagine commissions to retailers or real tailors would go down. if i've got to negotiate the agreement in advance of seeing anything, i will want a discount on the commission. >> there is that certain possibility especially from the solar side where they ask how much am i paying to the buyers side and the buyer can use that expertise when showing homes or things like that but the real question, are the buyers willing to negotiate with realtors, get fee-for-service rather than a standard percentage. we have to see how this will shake up. stuart: we are getting closer, at the moment the mortgage rate, 30 year fixed-rate mortgage just under 6.5%, still not low enough to jumpstart the housing market. how low do mortgage rates have to go to get buyers off the sidelines?
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6.5% now, go down to 5, four. 5, 4%, it's going to take a long time, isn't it? >> it is. i think the days of 4. 5 or 4 are long gone. we are hopeful by the time the clock ticks into 2026, below 6% hovering around 5. 5%, we think that's the new normal. 6. 5 i don't think is enough, 6 is probably getting better but the real issue for the homebuyers is going to be lower rates. everyone is trying to time the market. 7% a month ago but 6.5%, another couple months there will be 6%. we have to get in a space where they are not going back-and-forth between highs and lows and buyers coming into the market and make sure we have supply out there that the homebuilders are still very high, that has to get lower as existing homes come in with
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lower rates helping the marketplace and across the country, buyers don't feel comfortable about the economy. they are just not that comfortable and one thing nobody is talking about, november elections. the last six weeks of american politics have felt like a decade. a lot of homebuyers saying wait a minute, let me see how november shakes up. i want to know what the next administration will do whether it is harris or trump to make the economy make me feel secure about that purchase. stuart: jim tobin, thanks for joining us. a top google official admitted to deliberately admitting search results for the assassination attempt on trump. congress wants answers. ashley: has that report coming up. the white house doubling down on claims that president biden has never done business with hunter.
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house oversight chair james comber begs to differ, he joins us next. ♪ investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations will create a healthier world tomorrow. better questions. better outcomes.
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stuart: very favorable retail sales figures, reporting strong increases in sales and that's really helping the market this morning, good news helps the market, the dow is up 350, nasdaq up 300 points. the senate wants top google executive to testify after they admitted to purposely omitting search results for trump's assassination attempt. hillary vaughan on capitol hill. what google's response? >> reporter: they say their search function was operating as designed by admit the way it was designed was flawed in this instance, the way ultimately
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operated. when people went to google they were typing in assassination attempt following what happened with trump looking for more information but the auto complete search function did not mention trump when prompted, it mentioned other presidents who were shot in the past, lawmakers demand more answers, senator roger marshall asked the company for an explanation. into google's policies and how the auto complete function works and the google's record of planning to the senator, quote, our systems are designed to be about auto complete predictions for hypothetical political violence against certain figures. as a result prior to july 13th it would have been inappropriate for our systems to offer any predictions involving an assassination attempt on donald trump in the immediate aftermath of the events and butler pennsylvania the systems were still in place and predictions related to the assassination attempt failed to appear but senator says it was not just a matter of days but rather weeks until google's auto complete feature was including the assassination
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attempt saying it was still omitting it on july 20th. senator marshall promising to subpoena google executives posting, quote, google's top executives must come before the senate homeland committee immediately. we are launching a full investigation into google's litany of failures and history of suppressing conservative viewpoints, time for accountable become a type of top-down subpoenas. congress is out until the first week of september so if there's a public hearing, google's ceo and other executives, that would not be until fall. stuart: now this. hunter biden reportedly looked for the state department to help with his burisma deal. apparently even cnn is pushing back on that. ashley: they say it is very strange, not a great look they say. listen. >> this isn't great. everybody has known for a long
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time this is an issue, that his lawyers responded to this disclosure. it doesn't, this feels very strange to people that the vice president's son was making requests to other government officials. it does look like he was making people say you know my last name, right? ashley: according to the new york times, hunter biden made the request when his father was vice president trying to leverage his last name. republican strategist matt goldman says the hunter biden news doesn't look good but job biden along a being on top of the ticket means democrats breathing a sigh of relief. stuart: the white house doubling down on their claims that biden has never done business with his son hunter.
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>> what about next reaction to this? >> the president has never done business with his son and was not aware of this. i would have to refer you to hunter biden's personal representatives. stuart: house oversight committee chair james comber joins us now. do you have absolute proof that biden did do business with hunter? >> president biden was the central figure, cnn reported what i have been saying for a year and 1/2, that hunter biden was accessing his contacts in his father's administration to profit. doing that with adversaries around the world even though the media said there was nothing there, just two weeks ago, david wise, special prosecutor charged, added his
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charges that hunter biden was taking money from the romanian government to influence policy in romania, that's being an unregistered foreign agent, lobbying adversaries around the world for profit, president biden was the central figure, karen john pierce said the president never did business with his son. i can say this on fox business because this is a financially literate audience of this channel right now. there was no business, no legitimate business, their business was taking money from enemies around the world, laundering it through shell companies and never paying taxes on it. they were doing this because of president biden. to say he was never in business might be technically right because there was no legitimate business, this was a con, this was a shakedown, this was influence peddling and president biden was the central figure in this scheme. stuart: andrew mccarthy says prepare for donald trump to be
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sentenced to prison on september 18th. is that what you're hearing? >> we know the democrats of weapon eyes the court system against donald trump. we know long before they finally got president biden out of the race their number one objective was to tie donald trump in court to try to get as many convictions as possible, to make him spend money on legal fees instead of tv ads and part of the theme is he is a convicted felon and the case in new york so i think they will do everything they can keep the narrative off of kamala harris's terrible record in the biden/harris administration, securing the southern border, terrible record as the most liberal us senator, more liberal and bernie sanders, they want to keep the focus on donald trump and not kamala harris, would not surprise me what happens in
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some of these blue cities with all of these witchhunts. stuart: the democrats should be careful because they might get what they wish for and i think this is my personal opinion that would rebound so badly on the democrats to try to put a presidential candidate who his neck in neck with the other presidential candidate in prison. i don't think that flies in america. >> no it doesn't and they are -- their plan backfired which is why they had to switch to getting president biden off the ticket and reinventing kamala harris real quick and trying to set new rules that say donald trump can't criticize kamala harris because she's a woman or minority or whatever the rules of the mainstream media are. at the end of the day the issue in this president torres should be the issues and the record and kamala harris and president biden's record on inflation, on crime, foreign policy, is
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abysmal, donald trump is scary good, this is a lingering effect from some of these prosecutors who were told early on to go after donald trump, they don't want to back down but this will backfire greatly on the democrats. before they got president biden out of the race everything was going great. stuart: that's the one. i got to go. thanks for being with us. always a pleasure. see you again soon i hope. take a look at this headline. trump in -- trump is everywhere. jen z males are trump's secret weapon. she's going to be on the show. trump said to hold a press conference after his rally in north carolina where he called out harris's campaign tactics. watch this. >> when kamala lays out her plan will be a copy of my plan. basically that is what she does. stuart: alexis mcadams will
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give us a preview of trump's press conference coming up next. ♪ 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.
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stuart: the rally holds, dow is
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up 370, nasdaq 324, favorable retail number than walmart numbers. for the second week in a row donald trump will hold a news conference. kamala harris hasn't held one. he hasn't sat down for an interview in 25 days. alexis mcadams, what can be effect from trump today? >> he will talk about immigration, inflation and whatever else, which is different from what kamala harris has been doing, the former president will take questions from the press for the second time in a week as voters wait to hear about kamala harris's policies. the presidential race is in a dead heat. donald trump is leading by one percentage point, with kamala harris coming in at 49% according to the latest fox news national survey. we are getting a closer look at issues americans are voting on this we can, 30% of people say
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the economy is their top priority, no surprise with inflation. donald trump warning that vice president harris's economic policies will be worse than biden's. >> don't have to imagine what a harris presidency would look like, you're living through the misery right now except it will get worse and we are paying a price like nobody ever paid. >> reporter: the harris campaign is responding the trump is working to cut taxes for the rich and the vice president will build up the middle class. two issues for voters, immigration and crime back in the spotlight this week in new york alone, we've been talking about it for days after this migrant from nicaragua charged with raping a woman in new york's coney island. he raped her and this was not his worse arrest. donald trump says migrant crime is growing because of biden and harris's policies.
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>> kamala wants open borders, she said it for 15 years. >> reporter: the record on immigration, she's been working to secure the southern border. depends who you ask about that. stuart: thanks very much. a headline for you. trump in the mansphere, trump is everywhere. you say jen z males are trump's secret weapon. make your case. >> he's leaning hard on the boroughs, they are big into youtube, streaming, podcasting, media outlets that are out of the mainstream. trump has been everywhere in this world, very under cover but 20 or 30-year-old dudes that go out and do all kinds of pranks, same with streamer aiden ross, logan paul, influencer turned wrestler.
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is all over the man sphere. is a risky play because trying to get young male voters to turn out, young voters in general don't turn out, less so with men but he takes risks and they paid off for him. stuart: are jen z males disgruntled? >> a lot of polling shows jen z more than all the other generations before them, report gender-based to discover nation higher than older cohorts. that a 23%, where boomers are 10 points lower. they also feel based on polling responses to issues like transgender policy and economic policy they feel alienated from the left, in line on issues like taxation and gender policy. polling shows they are gravitating closer to him in this election but the question remains will they vote? they are not great voters. stuart: what proportion? 30%? 40%? >> 45% compared to young women
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who vote 35%. young voters are bad at turning out. he has reached out to nontraditional voter blocks in the past, that is how he won 2016. he had a lot of previous nonvoters turn out to him channeling their frustration with political elites, their frustration with the country in general. maybe he can do the same with young men. lauren: jen z's son interested in politics, the right people on youtube. stuart: california congressman darrell isa on et al. a man corroding american military equipment left behind after biden's botched withdrawal. clay travis on alternate silver saying democrats hold the edge in the election and the president of columbia university resigning over turmoil about pro, protests. the 11:00 hour is next.
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energy fuels, a leading american uranium producer, is ramping up production to supply expanding nuclear markets and diversifying into rare earth elements, key ingredients in many clean energy and defense technologies. energy fuels. >> the consumer is stronger than we think, that people on wall street who are calling for

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