maria: 30 minutes away from the opening bell, take a look at markets with a firmer tone, dow investor up 66, nasdaq up 28, s&p and nasdaq up 28. >> after the 12% were practically back to the old all-time highs, keep your eye on the horizon don't get caught up in the near-term top. >> the democratic convention tonight will be the audacity of fraud or will they talk about any serious issues. .maria: we will see tonight.

live from the dnc, take it away. stuart: good morning maria, good morning, everyone barack obama's night with the backup from michelle the former president bashed trump and defended biden as his friend and the president who defended mike enter democracy in great danger, the crowd love them both. on the floor the rollcall proceeded and gavin newsom pledge california delegates to harris that put her over the top kamala harris was not there 90 miles away in wisconsin, fox sources are told that it was deliberate and harris did not want to see next to obama who biden blames for pushing him out, no policy full throated support for the democrats located. tonight tim walz takes center stage in the theme at the convention fight for our freedoms. the pro-hamas protesters demonstrated the freedom and burn the american flag.

to the markets, first let's deal with target, they release the earnings report early this morning and although a cautious outlook for sales, the stock is taken off. that has helped the whole ma market, target is up 16%, that is enormous, look at the whole market, a cautious outlook on rates and sales suggest interest-rate cuts are more likely than ever, the dow up 70, s&p ten, nasdaq up 32 points, the rally continues. interest rates the yield on the ten year treasury down to 3.80%, the two year yield down below 4%, looking at 398, gold 3090 bucks an ounce, 2550 to be precise. bitcoin about $59000 not much change from yesterday. on the show, bernie sanders who gave an impassioned plea for socialism, he bashed big oil, big aggie and big pharma, bernie wants to influence kamala harris as the influence joe biden, all government all the time.

wednesday august 21, 2024, "varney & company" is about to begin. ♪. stuart: i move in on ray charles a good song this morning. the democrats are moving on from biden. this wednesday morning from the latest on the dnc and chicago, kamala harris is officially the democrats nominee. good morning take us to the night. >> i'm calling it a meeting california moment california governor gavin newsom back kamala harris with the 482 delegates stealing her nomination will singing her praises from chicago. >> we pride ourselves most on is that we believe the future happens in california first.

democrats i've had the privilege for over 20 years to see the future take shape. it is time for us to do the right thing, that is to elect, by harris as the next president of the united states of america. california we proudly cast our 482 votes for the next president kamala harris. >> and she accepted from 90 miles north in milwaukee, wisconsin, the swing state in the same exact spot where republicans held their convention a month ago. >> hello to everyone joining us from exciting chicago. the delegates at the democratic national convention, they just completed the rollcall. they have nominated coach walz and me to be the next vice president and president of the united states of america.

we are so honored to be your nominees. this is a people powered campaign and together we will chart a new way forward. >> and some powerful and popular people back in chicago where barack and michelle obama, they sent her praises and speeches but fox news reporting that harris wanted to be respectful to joe biden and not be seen physically to the obama sue played the role in transitioning biden out and her in. i would say there is a riff between the bidens and obama's the question is how big is it, does it matter? stuart: now listen to what barack obama had to say about biden last night. >> we needed a leader who was steady and brought people together. and was selfless enough to do the rarest thing there is in politics. putting his own ambition aside for the sake of the country.

history will remember joe biden as an outstanding president who defended democracy at a moment of great danger and i'm proud to call him my president but i'm even prouder to call him my friend. now the torch has been passed. stuart: here we are karl rove with me in chicago. good morning. >> that seemed flattery to me just a tad but michelle did not mention biden once, does the riff between the white house in the obama's, does it matter. >> it doesn't matter in the greater scheme but it is there it is been there for a while it. remember twitty 15 president obama sends david plath adele where he and his chief political advisor to tell the vice president of the united states that he should not run because the president, president obama

would support hilary clinton, this is there and you read in the book that joe biden wrote after his time in the obama white house. this risk is there and made worse by the fact that it was obama who started this thing that we need to replace joe biden as a candidate but it was david axelrod, obama's guy and other strong voices like james carville in obama played a role much later in this process but there was a reason why michelle obama didn't mention his name and there was a reason why so much of president obama speech was over-the-top crazy joe biden. stuart: listen to what michelle obama had to say last night. >> don't just sit around and complain, do something. if they lie about her and they will, we got to do something.

if we see a bad poll and we will then we got a put down the phone and do something. if we start feeling tired and feeling the dread, we gotta pick ourselves up put water on her face and do something. stuart: that was very well received, was ineffective. >> absolutely, she was the star of the evening outshone her husband. i think doug imhoff outshone her husband he also did an excellent job again most people don't know a lot about the vice president of the united states that the nature of the thing. being introduced kamala harris her husband and he tells a funny story about the first date in the blended family that humanized her and i thought michelle obama started the evening with a bang and her husband spoke too long and later but he was effective but they had a good night. stuart: the aristocrat for the democrat party. in my opinion. thank you for joining us. it's time to take a look at this video pro hamas protesters burning an american flag.

that was really close to the convention center i believe. >> it was outside the israeli consulate in chicago a mile and a half away, there were protesters, some in black completely covered faces in they set the american flag on fire and then they let it burn. protesters chanted free palestine, they clashed with the police and the chicago pd forms a line and push them back and dozens were arrested last night and on monday night. here's the issue what would've happened if those protesters were able to break the police line? stuart: i'm not sure i can answer that question. it would've been chaos. >> chaos indeed, thank goodness for the chicago pd. stuart: did not broken through the convention center as of yet. thank you. a reminder our show is here live throughout the democrat convention. "the bottom line" is also here

live all join dagen mcdowell at 6:00 p.m. eastern. also be on jesse watters primetime fox news channel 8:00 p.m. eastern and fox business will air full speeches starting at seven eastern each night. let's get back to the market, check the futures i see green not an awful lot but not always subsequent nasdaq at 45. eddie ghabour with me now, do you think the selection the forthcoming election doesn't upset the market at all? >> i think one thing that we know the market hates uncertainty we expect the back half of september going into october if the selection looks like a coin toss to really see volatility increase, i think that's what we will see. "the bottom line" the market will not like corporate tax hikes going to levels as well as the fact of taxing unrealized capital gains, these are policies being talked about right now. if it looks like those of the policies that will be set forth based on an election result, this market will recalibrate and

reprice, short term it is bullish in a sense of where the market can get to. if we get to the areas we will continue to takedown risk if we think there's a real chance that could happen because the market in our opinion will not like that. stuart: weed had an interesting v-shaped recovery we recovered almost all the lost ground at the bottom of the be, you don't think that really go onwards and upwards from here? >> this is been the most amazing recovery in my 26 years. two weeks ago at the x at 60 and people begging for emergency rate cut now the massive bounce back and that ultimately means now the upside is limited over the next few weeks, could the market get to all-time highs and through it, yes we expect that short-term but you looking at 1.5%, 3% upside so we would trim as we get to higher levels going into september.

stuart: we shall see, eddie ghabour, we will see you soon. rfk junior's running mate said they are exploring two options to avoid a harris presidency. >> one is for me the new party or we walk away right now and join forces with donald trump. stuart: could this change the race, kempster also on that later in the show. kamala harris touting her ambitious economic plan. >> we believe in a future where we lower the cost of living for america's families. i will bring down the cost of groceries. we will take on the high cost of housing. our next guest says harris is running against biden's record despite being part of the record, gerry baker here to explain a little later. ♪

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stuart: check features, the dow up 60, nasdaq of 40, plenty of green. both parties have been campaigning hard to secure the youth vote, madison alworth with me, what exactly are they doing to get the youngsters to devote. >> the going where the youngsters are, social media, the democrats are all in on the youth vote but let's start with the youth is feeling, they're not feeling the love look at the new study we got today more than half of gen z have very little trust in the presidency. even more don't trust congress,

this will be an uphill battle you can understand why the lack of trust in washington comes at the same time the young voters are getting hit hard financially because of economic conditions, get this every one and seven gen z is maxed out on their credit cards but they're trying to get the books, democrats and republicans going all out both parties inviting influencers to the conventions. the dnc has a creator lounge where influencers can hang out in film content and according to reuters the dnc credentialed more than 200 content creators to see some of those right now those have millions of followers across their platforms and their posting up close and personal content but is not just for instagram and tiktok videos. at least one influencer per night is invited on stage for his speech. were taking a look at carlos as bina he is talking he has over 10 million followers on tiktok. the hope that it turns into votes but let's take a look at

the polling, voters under 30 when it comes to the presidential candidate it's not a huge favorability gap but take a look at the vice presidential candidates, voters under 30, 40% favor walz, 28% favor vance he is the youngest candidate on either ticket that's a really interesting thing that i have to work your on the republican side he has the age part but is clearly not playing out in the polling in the dnc has a real social strategy. stuart: social media influencers tent at the convention they would not let me in. thank you very much, listen to what harris had to say about her new economic proposals. >> we believe in the future where we lower the cost of living for america's families and when i am president i will bring down the cost of groceries by making sure markets are competitive and fair. we will take on the high cost of housing, understanding so many people are trying to fulfill the

american dream. i announce my plan to build millions of homes and help first-time homebuyers with they're down payment. stuart: take a look at the op-ed, kamala harris tries to forget joe biden, gerry baker wrote that and he is with me now. can harris run against biden's record when she is part of the record? >> i think she has to, that's part of what they're doing you heard her attacking economic record of the administration of which she's been apart same prices are too high and somehow blaming the companies and houses shortages in the speech with a bleak picture of the state of the u.s. economy right now from the same team that told us the u.s. has experienced an economic miracle in the last four years. we know that biden's record on the economy is not popular his approval rating are the lowest among anything and people unhappy with the cost of living

and unhappy with the state of the economy and signs that the economy is slowing quite rapidly, she has to distance herself and that's what she's doing, can she do it, some extent that will be the trump campaign to hold her feet to the fire and say this is the administration of what you been apart what if you been doing for the last three to half years and is out for the media to hold them accountable in the second part, both parts because trump doesn't seem to have the discipline to go after the issues in the media doesn't seem to be interested in saying anything that might be critical of the democrats at the moment. stuart: don't hold your breath on the media, the dnc had some celebrities take part in last nights roll call watch this. >> indiana welcome me into his heart as soon as i married christine harold and that's before i lived in hawkins or play the littlest player with the biggest heart at the university of notre dame. i want what's best for indiana and that means electing kamala

harris, the first woman president of the united states of america. ♪ ladies and gentlemen, we are here tonight to nominate, by harris for president. stuart: wait a minute, you think the rollcall was one of the best ever. would you like to make your case. >> i think it was the best ever in the . . . the rollcall used to be and play the critical role in the convention before the 1980s, that's where it was decided he would be the presidential candidate was very much in doubt up until the convention and those roll calls were massive that was the drama and excitement, now is decided that the primary is off on this occasion but the back rooms of washington, the convention has no role than a theatrical one the rollcall fit for the last 40

years is the goal, boring long process with 50 states and several territories called out the names and it goes on for hours. what they did last night was brilliantly managed to make it entertaining. forget the celebrities the democrats always have celebrities the music was extraordinary you and i have relatively newcomers to the country overseas, when the things that is wonderful is the diversity of musical heritage and to have all 50 states represented in the musical ways by the dj and presenting their vote i think they change the game on the rollcall and i think everybody's going to have to study it and do it again and do something that is compelling. stuart: i disagree but i'm overruled by all of my producers, writers and you, i will go with that. gerry baker we will see you soon, check the futures were coming up to the opening bell.

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stuart: three minutes to the opening bell stocks are going higher as we open for trading you think the magnificent seven are going higher from here, make your case. >> i think for the most part the dustup that they had was somewhat based on the new narrative the a.i. spending was excessive and is going to take these companies years to turn those that spend the x-uppercase-letter into profits, that may be true for the larger swath of stocks that are getting involved in a.i. but as far as the mega cap stocks they pay for what they're doing in terms of x-uppercase-letter internal the cash flow is not a problem in the narrative got out of control and you have the dustup with the yen carry selling off the stock that's done for the most part invited to party coming into

buying stocks i don't think it's going to be a smooth ride but i think the gnu c new highs by the end of the year and as we do that then the market will continue higher through next year. and very optimistic that the worst is over and working to continue higher. stuart: this is been an explosive recovery we've recovered all the ground that was lost a couple weeks ago just like that. i think investors don't quite understand what happened it was very mechanical and technical in terms of the ajanta global trade being unwound. i don't think that the most part that was explained sufficiently and financial press and investors scratch their heads but the leadership stocks are going down in the market is going down were heading into a recession what's going to happen the fed waited too late to cut and all the negative narratives caused a lot of selling, were passed all of those. i think on friday working here the chairman powell speaking from jackson hole and guiding

rates lower starting friday. stuart: were about to open the market we want to talk to about intel, that stock is down 58% this year end you like it, you're buying the step. >> buying this tip is monumentally on sale and has problems for sure but if you take the big picture in the long-term view of intel is a manufacturing has boundaries and makes chips in terms of design, has everything in place, they've done a lot of cost-cutting and not to do a lot more they cut the dividend and cut 50% of the workforce and it's going to take a while but it's good to double and triple take a few years but this is a great buydown. stuart: the only chipmaker on sale. shah gilani we will see you again soon. the market is moving up in the last few minutes as we approach the opening bell, the bell is ringing there about to press the button.

it looks like we can have a solid gain for the dow in the very early going, look at it go were opened up 98 almost 100 points in the vast majority of the dow 30 stocks are in the green. there up, the s&p 500 opening up. it's a gain of 10.9%, 5600 injured level, the nasdaq composite also opening higher, a gain of .12% and the tech is doing well 178 is a level on the nasdaq up 22 points and the dow is up 100. show me big tech we have amazon and met up the only apple down 7 cents, microsoft 423, alphabet down to dollars. i want to start with the retailers, some reported before the bell, the big one target, look at it, tell me more. >> 16% gain out of the gate, they cut prices on 1500 items. it worked people went in for a deal customer visits up 3% and

the quarter. same-store sales rose just 2% but they had declined for several consecutive quarters, this is a return to growth and on the back of cheaper prices target raise the profit outlook for the year, nice news. stuart: we also had macy's, how did they do. >> this is the opposite of everything i said about target they cut therefore your revenue guidance, same stores fell 3.2% in the past quarter they don't see much improvement going forward the stock is down 10% and they called the environment challenging. but then they called the consumer picky. they had to offer steeper motions to move the designer clothing and accessories because they cost too much customers want a deal. stuart: yes they do have a tjx. >> this is the owner of the bargain-hunting places like t.j. maxx and marshall's in they raise the full-year profit expectation stock is up 4.6%, this is trading down to affordable substitutes.

i like to look at restoration hardware the rh briand you can find a lot of at home goods, cost a lot less. stuart: i will try to remember that, how about walmart they just sold their entire stake njd.com, why do they do that. >> jd is down almost 8%, they are de- risking, jd.com is a cut and ten chinese company and walmart was the largest shareholder with more than 5% stake, the sale was worth $3.7 billion they want to focus on their own operations in china and they have a sam's club and they can control cost, they can try to grow, china's economy is bad but still walmart was able to pull off a 17% increase in its sales in the last quarter but now they're going solo and getting out of this investment. stuart: "after the bell" we have more earnings i believe zoom is up, what are we looking for.

>> and looking at the stock at 59, and october of 2020 when i was sitting at home and you were at home to in the pandemic darling was $560, four years ago 560 - 59, the company is certainly not dead their webinar host a million people and they report later profits will fall around 9% but revenue will grow to $1.1 billion and they continue to face the competition from microsoft and teams and google and their a.i. investments, zoom is still doing okay. stuart: how about snowflake. >> cloud-based data platform based in montana, the stocks are flat they lost a third of their value warren buffett sold his entire stake there expected to report 26% increase in revenue but much weaker profits. a lot of their products are expensive. stuart: i did not know they were based in montana.

bozeman. sesame i know that the healthcare marketplace. i believe they sell we go be i want to hear more about that. >> a compounded version mixes different ingredients but it contains some include time that the active ingredient and we go be the news is the cost to enter $49 a month, translation a quarter the price of we go be which is $1000 a month before insurance, they cut out the middleman which is the insurer it's so cheap. it feels like they say they're in short supply although weight loss drugs but there's so many different ways to get versions of them. i feel like the whole country will be out of weight loss drug not just to lose weight but every other problem to, heart problems, diabetes in the near future. stuart: you need to explain the significance, ford canceled plans for an electric vehicle, tell me more speed what the stock is up 2% boardwalks to

focus on profitability they're sick of losing money on electric vehicles so they will invest less money in electric vehicles and make more eegs that americans want to drive, does not make sense then i could give you an ev for everybody they will figure out then each market and put their money there. they delayed in tennessee ev plan they cancel an electric suv entirely their planning to launch a commercial van you have to wait two years for that and to new ev tracks you have to wait three years for that, to bottom line they're going to spend 30% of x-uppercase-letter on ev's instead of 40% they're spending less because they want to make money. when they put a vehicle in the dealership they want that vehicle to be profitable in one year some of them are never profitable in the first six month of this year ford lost two and a half billion dollars in ev's, they are still going and just not as big.

stuart: the ev push is in trouble, let's take a look at the big picture, dow jones industrial is up 91 points, 40900 there are plenty of dow winners, home depot, amazon, chevron, walmart, ibm. the s&p 500 who's the biggest gain, target up 15%, tjx 4% higher, ross 3%, dollar general 3%, eli lilly weight loss up they go. the nasdaq winners, sirius xm, ross stores, analog devices, lululemon athletic, the ten year treasury continues to fall in the 3.8% the price of gold down five bucks today but 2545 bitcoin 55200, oil, could you

give me oil. maybe wegovy can. natural gas, that is just above to 20. the average price for regular gasoline 3.39 wegovy always take to california, 4.59 for regular in the golden state. coming up barack obama coming out full force for kamala harris last night. >> wegovy do not need four more years of bluster and bubbling and chaos. wegovy are ready for president, connolly harris. stuart: wait a minute bubbling and chaos, jason chaffetz will have something to say about that, he is on the show second gentleman praising his wife as a joyful warrior. >> with your help she will lead with joy and toughness with the laugh and the look with compassion and conviction. stuart: joyful kamala.

house speaker john did not convince the assignment over here is will last. >> the largest gaslight in operation in american politics. there on a sugar high and i think though, for the after the convention. stuart: are democrats going to crash from the sugar high? kayleigh mcenany will take it on, she is coming up on the show. ♪ to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem?

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in 15 minutes will find out if america's job gains have been exaggerated. edward lawrence, could job growth be down by a million? >> it could that's part of the estimates, i met jackson hole wyoming this is where the symposium for the federal reserve will be the super bowl for finance, wegovy see the jobs report, very strong and in the next month revised out this is a benchmark revision, the baseline over the government determines jobs of increased or decreased and were expected not to come down significantly. if it's more than 500,000 jobs that have been lost, that is the largest and record for the past 15 years, the estimates as it stands between 600,000 to 1 million with fewer jobs actually created, it could market shift for the markets to closely watch employment. >> the federal reserve has been focused entirely for the better part of two or three years on inflation, embracing the employment mandate is very important and that will reassure

to investors. fed chairman jane powell told me the job reports can be overstated in the last meeting telling me it can be further muddied because of government sector hiring as the second-biggest job creator this year. >> of the government jobs as a sector hiring mask underlying weakness in the jobs report. >> wegovy will look at everything, we've seen some tendency to have a narrowing base of job creation and some months going back. think you look at private demand extra carefully to your point about government. >> these revisions can be done about 15 minutes if there significantly down it could show greater weakness in bidenomics for the first part of this year than initially reported in the actual reports. stuart: thank you so much, commend stephen moore the economist.

if the job revisions are as bad as they think they might be, what would they tell you about the state of the economy. >> you and i have been talking about this for the last couple of years, if there's something strange going on on the jobs report, first of all ten of the last 12 months they keep revising these numbers down. now what were finding on top of that, whoops they might've overestimated the number of americans working by as many as a million. it's going to be a half a million in a million wegovy don't know the exact number, that's a giant revision a giant air. i'm not accusing the bureau of labor statistics for fudging the numbers. i just think there's something wrong in the modern age the waiter calculating the jobs. if it's close to a million that means the american economy has performed a lot weaker than wegovy have been saying for the last couple of years.

stuart: it would be a hit on bidenomics if the economy is performing weaker than they would be saying it hits bidenomics. another one. trump wants to repeal the new epa rule which curbs admissions from natural gas plants. i want to know what happens if it's not repealed and goes forward, what happens. >> first of all on the jobs, wegovy are talking about between 80 and 100,000 fewer jobs a month because of the error. with the big blast against bidenomics. on the issue of the energy plants. today wegovy get between 70 and 80% of our energy from natural gas, coal and oil. the biden people basically are trying to shut down the coal plants now there against natural gas which by the way you just reported $2.20. which is really cheap, the

cheapest and most reliable and are you ready for this, is also the cheapest form of energy so wegovy should be using way more natural gas, not less in the new admission targets that hopefully will be repealed by donald trump when is back in the white house. will be able to have affordable, reliable and clean energy with natural gas. i just read an article in my weekly column saying natural gas is the fuel of the future. it has all the attributes of a great energy forum. i hope that trump does this. i'm an advisor and i would advise this would be on day one event in america has a new normal supply of natural gas if wegovy were allowed to go in get it. thank you for being with us, all good stuff. bernie sanders, the socialist senator from vermont had a big

impact on the convention last night. he wants to hear his administration to go full tilt socialism he made a series of policy demands for the future, watch out bernie sanders is not going away. that's my take in the top of the hour. dhs internal watchdog raising alarm bells at the officials allegedly lost track of 32000 unaccompanied migrant children, shannon bream has the latest on that and the 11:00 o'clock hour. ♪

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stuart: the standouts also supported his target they reported strong earnings for the cautious sales outlook the stock is up 14%. gerald storch joined me, what's his target tell you about the strength or otherwise of the consumer? >> kudos for target the best performance in many, many quarters and they be estimates enough with the stock is so much stuff on a single day because better-than-expected. when wegovy look the bigger picture and what you see walmart is so crushing target that's what happens with the consumers stress, over 50 years walmart does better when the consumer stressed and target better when it's go go, what wegovy see

walmart show 4% same-store sales target was only 2%, less than half of on the internet walmart share 22% gain, target was 9%, less than half. what wegovy think the consumer is stress, the story is very clear the consumer is stress by inflation running out of humility, same thing with the other, leasing and tjx bases the discretionary luxury, sales were down outlook was poor look at tjx, sales were up they are a valued player off-price consumers hunting for value in difficult times. stuart: tell me about shrinkage and target report mentioned. >> is looking better than it did in the past and they had a book gain if you will on their inventory so the accounting look better, some shrinkage is due to theft and there's a lot of retail theft going on no doubt about that talked about the

recently meanwhile it's an accounting error in a bookkeeping and wegovy saw that coming better this time with targets results, when you put that the rearview mirror, the bigger picture inflation is eating into the consumers pocket they don't have a lot of money to spend retail the boston consumer is strong, quarter after quarter, month after month, retail sales is less than the pace of inflation (consumer making progress that's when they tell you things are tough you should believe them. stuart: the ceo of target taking a hit at, but here's a nice control idea, he says there's no room for price gouging target. wegovy are in a penny business, respond to that. >> is a retailer i can tell you a competitively perfect market they meet in the roads not really like that is not that

simple and use grants for every penny, if you raise your price or to lose sales, the reason why walmart has done so well quarter after quarter is because they drive prices down to read even target order they made a big push in prices in order to get their sales back to positive, guess what it worked, the market provides all the disciplines that you need in price, you don't need a government trying to tell you what you should charge everything. stuart: say that loud and clear, wegovy need to hear it, thank you for joining us wegovy will see you soon. still ahead congressman byron donalds urging house leaders to impeach biden after the damning report, jason chaffetz on biden was pushed aside by democrats and liz peek says he won't be missed by many americans, she is with us and the 10:00 o'clock hour, kayleigh mcenany calling harris' hype a sugar high that won't last much longer. the obama say the presidential race won't be easily one, bill

hemmer has more on that, the 10:00 o'clock hour of "varney and company" is next. ♪ [city noise] investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? (♪) .. t. rowe price, we're asking smart questions about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price

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