nvidia tonight after the bell. jonathan fahey. >> two questions, will this be kamala's only interview curl this campaign -- during this campaign and, two, will dana if bash ask her what the plan is for the 20s plus million illegal ail agains in -- aliens in this country. is the plan for amnesty? maria: i like the question. president trump told me he has to deport them all. >> tiana lowe derek everybody. >> i want to hear what she lied about, but how much money the ev mandates are costing. maria: yeah, that is a big deal. thank you so much, jonathan, john and tiana. great to be with you all. have a great day, everybody, "varney & company" pix it up. stu, take it away. stuart: good morning, everyone. let's call this nvidia day. arguablyies it is the most important earnings report of the season, and it arrives this afternoon. he's going to influence the whole market. if nvidia disappoints in any way, watch out below.

if it continues to the outperform in a spectacular way, we bay off to the races again. premarket the stock is holding its own at 128. and so the is the rest of the market. actually, more like holding its brent. the dow, s&p and nasdaq down ever so slightly waiting for nvidia. let's get to politics. kamala harris this is agreed to an interview, but she will not be alone. tim walz will be with her for her sit-down with cnn during a bus tour in georgia. it'll be broadcast torrent night. the unanswered question, why can't she do it alone? another harris flip-flop, coming on an almost daily basis now. after a supporting the shift to electric cars or, her campaign now says she does not if support the ev mandate. yesterday she reversed course on building a border wall. the democrats are reinventing their candidate. repudiate the past and keep voters guessing on the future. and on truth social, donald trump says he has reached an agreement to debate kamala

harris on abc on september 10th in philadelphia. the harris campaign says the terms have not been settled. on the show today, winding down the green new deal. the ev market in great distress. evs are not selling well, losses are mount. detroit's delaying new products and factories. if there's no retreat, we're going to spend and lose a trillion dollars. california lawmakers agree to offer $150,000 home loans to u.s. citizenses and to migrants. trouble is, the state doesn't have the money. wednesday, august 28th, 2024, varney and company is about to begin. ♪ ♪ i'm coming up, i want the world to know. ♪ i got to let it show ♪ stuart: i'm coming out, diana ross. this goes back a few decades. i presume that refer ares to

kamala harris who is going to come out -- lauren: tomorrow night, baby. [laughter] stuart: but she's not alone. we'll get to that in a second. we're going to get right to nvidia. it's the stock of the day, the week, the month, the year, whatever you want to call it. i've got mark tepper me morning. is nvidia make or break for the whole market? >> yeah. it's the stock of the decade as well. this obviously has been the poster child for this a.i.-fueled rally we've seen pretty much since the end of 202222, and any weakness out of nvidia could definitely spend the market into a spail -- tail spin. i'm doubtful they have a weak quarter. there was concern about their blackwell chip and production delays, all that stuff. i think their guidance is going to be the strong, but chips are the first thing you need when it comes to a.i., so any weakness in their guidance would imply to investors that the other corporations might be becoming a little more mindful about their cap-x spend on artificial intelligence. stuart: so it's the call.

they release the numbers looking backwards, then they get on the call, look to the future -- >> that's it. stuart -- that's what a it's the all about. >> what is general seven going to say. we -- jensen going to say. when it comes to nvidia, we're going to continue to add to that position anytime if there's a meaningful pullback, so percent or -- 10% or more. if the stock doesn't do well tonight, we could add to it tomorrow. we did a but weeks a ago ago at $92 when the market was selling off. stuart: you're a true the believer. >> i am a, without a caught. now, i'm also a believer that you should diversify your a.i. players. you need the software, you need the cloud, you need the data center eithers, nuclear energy, definitely diversity -- diversify. stuart: let's get to poll it can ticks. tomorrow kamala harris and tim walz will sit down for a giant interview on cnn. lauren: they will tape the

interview with dana bash tomorrow night, 9:00 eastern on cnn. this is the chance for harris to define her policies and more importantly how they've changed. it's also a chance to deploy tim walz to the media, right? can he do a solo interview? sure, he can. but does he know where she stands on the issues? key question. or does she need him to keep her from those word salad ises or the aggressiveness that she's shown in interviews? if so they'll do it together is this one and done, or will there be another interview? stuart: unanswered questions at this point, for sure. this is from politico on tim walz's role in the interview. quote, the danger in sending him out to do big solo interviews is he might not have a full command of where harris is on every issue, end quote. guy benson with me this morning. they make it sound like walz needs help, but i it also a looks like harris is the one who needs help.

why can't she go solo? >> i think she's probably the security blanket here. they're doing it together, two on one, a little bit more confidence, perhaps. of course she should do a solo interview. she hasn't done any interviews by roughly 40 days, since joe biden was pushed out of the race, but i think the concern of politico makes sense. it's crazy they're waiting this long. if tim walz isn't sure where kamala harris stands on issues because she's changed so dramatically and radical and -- radically, she could force him out there if he did solo interviews prior to really getting a handle on thing, forcing him to go out and kind of guess and maybe end up inventing policy they'd have to embrace or walk back because they said, oh, he doesn't have a firm grass on where she is on a host of issues. neither does anyone, including her, right? that's part of the problem here. she is trying to turn herself into something absolutely

unrecognizable -- stuart: that's true. >> -- from the senator that she was and the pressure -- presidential candidate she was just a few years a. stuart: the interview is on cnn with dana if bash, a longtime friend of kamala harris. do you think they've really going to get to the anytimety gritty to make her explain her flip-flops? >> who knows. i mean, i hope so. i think part of the strategy of having both of them there there is will there are fewer opportunities to ask questions to one of hem, namely her, with drilldowns. because there's another person sitting there, you don't want to to ask all the questions to her necessarily. we don't know if they're doing the full hour or 20 the minutes or something, we don't know the terms. if there's one interview subject, you can say, okay, what do you mean by that and why'd you say this. if there's a second person there, it just kind of crunches the time for the type of scrutiny and deep 2k50eu6 that

the i think is required here, but that doesn't mean that dana bash can't do a good job. i think she was fair in that first debate in june, but there are big questions that need to be posed, and we'll see if kamala harris can answer a them in any sort of way that's persuadable. stuart: i don't think cnn could rescue biden in that first debate. he was unrescueable at that point p. next one, guy. trump says he has reachen -- reached an agreement with harris for the september 10th debate, but the harris team says, hold on, not agreed to the terms. do you think she's trying to get out of it? >> i don't think so. i think they're trying to get this advantage, extra advantage, because they hard already said the debate over debates was over. they had already agreed to this debate. they said, actually, never mind, we want to reopen this conversation because they want the microphones turned on the whole time. i think they realized that joe biden actually didn't benefit from donald trump's microphone being off. they want trump and expect trump

to lack the discipline to keep his mouth shut and start interrupting and then she can get indignant and say i'm a powerful woman, how can you, how can you interrupt me this way, i'm speaking, and make that a viral moment and print up the bumper stickers and the t-shirts and have that be the optic takeaway that they want. stuart: i'm speaking now, definitely. i think there will be a debate. i think they'll agree somehow or ore on the term, and that debate will take place. what say you? >> absolutely. i think it's going to be september 10th as they already agreed to. it's very strange they're pretending this is an open question when they agreed to it weeks ago. stuart: it'll take place, i think. that's my opinion. guy, thanks for joining us this morning. see you again later. >> you bet. stuart: now, we've seen a steady decline in mortgage rates so, lauren, are more people applying for home loans? lauren: shockingly, no. it doesn't matter that rates are down 800 basis points, now just under 6.5%.

mortgage bankers' association says mortgage applications fell 1% from last week on a nonadjusted basis and down 9% from last year. i think it's wait and see, some patience. potential buyers sitting on the sidelines and saying, oh, we see more inventory, more supply coming to market. we hi the fed's going to cut, so race are going to come down even more. they're waiting it out, my opinion. stuart: mark, the housing market is important for the overall economy. >> yeah. stuart: will the housing market do much until rates come down significantly, and when will that be? >> i tell you what, new homes are looking strong because existing inventories are incredibly low, and the home builder stocks have been on fire, the technicals look good. but when you think about the housing industry overall, i forget the exact number, but i think it has, like, 25% of the economy is dependent if on the housing market. when you start to, like, look out to appliances and furniture and all the things that go into a home, it has a huge impact on

the economy. i do believe this is kind of like a deflation situation where there's a tv for $1,000. if i know it's going to be $8000 in two months -- 8000 in two months, i'm going to wait. stuart: coming up, thousands of noncitizen voters have been purged from the voter rolls in virginia and texas. the election is just 68 days away. jason chaffetz will be here on that. remember when kamala harris bashed trump's border wall? >> this issue is about a vanity project for this president. i'm not going to vote for a wall under any circumstances. stuart: okay. there's more where that the came from. now, in another flip-flop, she's pledging to spend hundreds of millions of dollars on a wall if she's elected. congressman james comer takes that on next. ♪ why you so obsessed with me? ♪

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stuart: not much price movement in the very early going on wall street, i think people are holding their breath for the nvidia report that comes out this afternoon. dow down 27, nasdaq down41 at this sage. donald trump and kamala harris are heavily touting their differing tax plans. edward lawrence joins us. all right, edward, they're competing proposals. take us through them. >> reporter: a tale of two tax plans. one wants to increase taxes as company are pulling back on hiring employees. the other wants to cut taxes to boost economic growth. former president trump says that he wants to ending taxes on tips. soon after that announcement, vice president kamala harris copied that idea. here's where they differ.

vice president harris wants to to increase the corporate tax rate to 28% from 21. she wants to increase the tax rate on families making $400,000 a year or more. wants to add a transaction tax on invest thements that could affect retirement accounts for some americans. in addition, the vice president supports allowing the trump tax cuts to expire, resulting in an increased tax on just about every american. the vice president wants increased taxes for more government spending, not to bring down the $35 trillion in debt. >> sort of leaning forward with things that cost a lot of money and not getting specific how they're going to pay for it and especially how are hay going to actually reduce our debt which is so far out of control right now, it's almost hard to see how we're going to pull it back. >> reporter: so former president trump wants to cut taxes in addition to the tips, he wants to end taxes on social security payments as well as extend his tax cuts. the former president talked about reducing spending as an a

offset but has not offered specific. he also argues that the growth of the economy would offset the cost of the tax cuts. former president trump also a not talking about money to reduce the federal deficit. stu? stuart: all right, we'll take the it. edward, thanks very much, indeed. the house oversight committee chair, congressman james comer, joins us now. congressman, the trump tax cuts expire at the end of next year. is there going to be the an extension? >> well, that's going to depend on the outcome of this this election. we're going to need a republican house, senate and donald trump in the house white house, and i think that scenario is very possible. if any of those three pieces don't happen, then i think they will expire, and i think the american people are going to be hit with much higher taxes. stuart source that's not good news, so i'll move on to something else. listen to what kamala harris had to say about trump's border wall. now, this is back in 2019. gotta watch this. >> this issue is about a vanity project for this president --

>> right. >> i specialize on transnational criminal organizations. >> yeah. >> that ain't gonna stop them. [cheers and applause] no. no. [laughter] [inaudible conversations] >> on the subject of transnational gangs, let's be perfectly clear. the president's medieval vanity project is not going to stop them. if let me be very clear, i'm not going to vote for a wall under any circumstances, and i do support border security. if we want to talk about that, let's do that. stuart: that was then. harris now says she supports spending $650 million to construct new barriers and shore up old ones on the border. congressman, will voters let her get away with this? >> that -- voters better not. look, what's why -- that's why the democrats didn't have an open primary, that right there. because you could not win a primary by saying you support any type of border security. the democrat party's been taken

over by the anti-israel wing, by the open border wing, and she never if would have made it through a a primary with that position. o'shea they protected -- so they protected her through a primary. kamala harris' position will go down in history as the biggest presidential election flip-flop since bill clinton announced the era of big government is over. when kamala harris was saying that, the clip which you showed in 2019 and 200, people like me who were saying that we have to have a border wall, we have to secure that border, we were being called raisist by the -- racist by the mainstream media, by the state democrat parties around america. now they think it's fine because they've accomplished their goal. they've let millions and millions of people in the united states, and now they realize it's unpopular, so now they're trying to triangulate the issue and say that, yes, they will be for border security when i hope that every american can see through this. stuart: i wonder if you can deal with this, a current top

campaign adviser for harris was a key voice in pressuring facebook to censor posts about covid. is harris married to censorship? >> absolutely. and thankfully, zuckerberg came out and committed that. we knew -- admitted that. we knew that was true because elon musk had said that in the house oversight committee almost a year and a half ago, and he implied that what happened to twitter happened to facebook as well. that is wrong. not only were they encouraging censorship, they were telling social media companies things that weren't true, that they knew weren't true. they were lying and asking them to take that position when they said the hunter biden laptop wasn't real. they had that laptop for over a year. so this is not only censorship, it's criminal behavior. what's happened with the biden-harris administration in trying to lie to the people, to interveer in an election -- interfere in an election -- stuart: that's what it was. it was election interference.

they covered up the hunter biden laptop right before the election. congressman, thanks for joining us. always a pleasure, see you later. >> thank you. stuart: politico says there are warning signs for harris after she spoke at the democrat convention. like what? lauren: first, tight polling especially in battlegrounds with the caf at yacht that trump chronically underpolls. second, harris hasn't sat for an interview, okay, that changes tomorrow. third, the debate. fourth, her policy. this is the big one. it's light. she flip-flops, she cuts and pastes from trump recently. did you see this? this is the new cover of the post today. harris for trump. and fifth, trump's support from white men, that seems ironclad. so can she make any inroads. she's going to try today in georgia. that's her first post-dnc swing state visit, and her fetch is to their -- pitch is to their rural voters. stuart: thanks, lauren. check futures, please. little downside move across the board but it's not huge.

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stuart: three minutes and change to get to the opening of the market. not much movement so far. a little bit of red for the dow, s&p and nasdaq. shah a balloonny with us this morning. shah a ghailani, nvidia reports after the bell. are you nervous that the earnings could disrupt the whole market? >> yes, i am. nvidia is the fulcrum as far as the chipmakers go, as far as the a.i. narrative goes. we know that the nvidia chips really power to a good degree the a.i. narrative that has elevated stocks in this bull market. subsequently, stu, we saw this secondary lay layer which said, ah, everybody's spending on a.i. i think we're going to see some of that in nvidia's earnings report. i just -- another sign, it's a little technical, the options market currently is pricing a potential 9.8% move in nvidia based on its earnings one way or the other.

that's how investors and traders are pricing in the potential volatility of the earnings report from nvidia this afternoon. pretty big deal. stuart: no wonder you're with nervous. everybody's nervous. [laughter] it's a wait and see what happens. apart from nvidia, is this a goldilocks situation for the market? i ask that because, look, the economy is slowing, inflation's slowing. the fed is going to cut rates. goldilocks moment, outside of nvidia? >> yes. it actually is. and you hit it on the head because the fed nows has announced that it is going to begin a rate-cutting regime so there are no more hikes up there. whether it's going to be 25 basis points at the next meeting or 50 is irrelevant as far as i'm concerned. we know rate cuts are coming. they're going to consistently come over the next several quarters, year or two. we're going to get down to a much more sustainable rate as far as the neutral rate, whatever that is for most investors. for me, it's probably 3%.

that's, essentially, below where the fretted funds -- fed if funds are trading now. that's a long way down. investors have that to look guard to. so i think it is a goldilocks moment. i don't see the economy collapsing, but again, with rate cuts coming, that's going to offset slow growth in the economy. stuart: i'm not familiar with your trading style, but just suppose this afternoon there was this 99% pullback -- 99% pullback, a downside move in nvidia, 9%. that would be a huge dip. would you buy it? >> yes. we own nvidia, stuart. i would buy more on a 10% dip, absolutely. long term, investors who hold for the long term are always going to do well. when i have my trading cap on, i'm looking for bargains when the markets come down, look or for corrections to buy stocks i love, and 10% here is a buy. stuart: have you bought any microsoft? that's had quite a dip, all the

way down to $4000 a share from -- 400 a share. >> we bought some a while back slightly below the 4000 level. it got down to 385. i had an order down there that didn't get filled. that would have been a great day. microsoft is a long-term hold few -- for us. it's a company that's going to continue to grow. and you and i have talked about this for years, stuart, how can a company like microsoft which 20 years ago, 10 years ago was gigantic double, quadruple? well, it can because they have the earnings both to the justify that. stuart: so can a lot of big tech stock as well. shah ghailani, we'll be watching at 4:00 to see what nvidia actually does. see you later. all right, the market -- press that button. thank you, sir. the market is now open, and we expect a very small downside move on the cow. that's what we've got. it's an even split, winners and losers, but we're down 8 points, 17 points on the dow. that's not much movement.

how about the s&p 500? that too ever so slightly lore, .03%. that's virtually no movement at all. the nasdaq composite, pretty much the same story. that's down.04%. hold your breath for nvidia. show me big tech, please. not much movement for any of them. they're all up except for meta which is down $1.40. up very slightly. want to the take another look at a nvidia. as we keep telling you, they report after the belled today. what are investors looking for? lauren: four things. they need about $29 billion in revenue. guidance for this quarter, 31 billion. they need to say blackwell, the new chip, is fine, production on track. pricing. you've got the chips that all big companies want like google and amazon. how much you getting for them? if nvidia disappoints by any of those metrics, it's 6% of the s&p 500, it will move the markets. shah ghailani said the option markets are price anything a 10 percent move in either direction. that translated to $310 billion

in market value that the will be created or destroyed. so i think the overall question for the markets is, is that fuel for rotation out of big tech if it disappoints, or you would it be out of everything, risk off entirely? stuart: yeah. mark, in my opinion, the computers will be watching every word on the call. >> yeah. stuart: and the slightest movement one way or the other, a the algorithms will kick in. >> without a doubt. and just to put in perspective that $300 tobillion move, that's the size of netflix. that is an astronomical movement i would guess that if nvidia does well, i think a lot of expectations are already baked in that they will do well, they will outperform. i don't know that you see as much on the upside, but certainly if they come in with weak guidance, i think you see a huge move -- lauren: but weak guidance for nvidia is 7% -- 75% growth.

stuart: i see on my prompter microsoft got good news on their a.i. soft ware. lauren: co-pilot, it's gainingtrack. think of it as like -- traction. think think of it as the person who schedules and summarizes everything for you. the goal is for companies to use it so they get more face time with their customers. so lumen edge thes losing -- technologies uses co-pilot. they say it frees up 4 hours a week for employees. cognizant says they've seen a 27% increase in meetings that ended early -- stuart: i lo it. [laughter] lauren: and morgan stanley predicts that 94% of companies will use it in the next 12 months. 94%. stuart: when we first started the show many, many years ago, we had a meeting, that all had to stand the up. that that keeps meetings short. lauren: i will steal that. don't steal my time, stand up. [laughter]

stuart: i'm. mark i'll get back to to you in a moment apple has announced job cuts. you don't see that very often. lauren: yeah. 100, digital services, some is engineering roles. it's their fourth round of small job cuts, a drop in the bucket for a company of apple's size. >> it's strange, because they're obviously pivoting their strategy. they shut down their autonomous vehicles about a year ago, now they're scaling back on services which was something they were kind of focus on, so maybe they're trying to become a bigger a.i. player. i don't view them as a big a.i. player. we're underweight apple. to get back to the microsoft quickly, they were one of the early movers in a.i. nvidia gets all the headlines, but microsoft's $10 billion investment in openai, which has chatgpt, that was a genius move on their part. an incredible move. stuart: it paid off for a while. retail earnings out before the bell, abercrombie didn't do well.

lauren: okay. so this is a mall retailer, so we're going old school. the '900s are back if you go into aper -- abercrombie. their sales were up by 221%, and they lifted their annual forecast -- 221. -- 21%. why are they down double digits? on the call they said freight costs will go up this quarter. stuart: and the algorithms kicked in. lauren: maybe they had done so well year, some profit taking. but it was a good report card. >> they boosted their guidance, but apparently it wasn't enough for investors. a beat and raise and you sell off. stuart: chewy. lauren: pet retailer. earnings beat, stock's up almost 5%. 20 million active customers. stuart: kohl's. i always think of it as a discount department store. lauren: yeah. their goal so to sell more full price, so fewer discounts. how do you do that? hold less inventory, and they did. their inventory in the last

quarter declined by 9%. the bad news is that their sales also declined, but the report was good enough for an almost 2 gain now. stuart: you don't buy department stores these days, do you? >> you know what? i like tj maxx, the treasure hunt, trying to find that diamond in the rough. i think tj maxx would be a pretty good way to the play the apparel market. stuart: but you're not interested in kohl's. >> heck, no. stuart: thank you. that's what i was trying to get to. [laughter] bitcoin briefly fell below 60 grand. it's back up, where are we? lauren: 59,7. stuart stuart what's going on? lauren: i don't know. sideways summer. it doesn't seem correlated to anything. i would say maybe gold today. gold's down. bitcoin would benefit from interest rate cuts. they're coming. anthony pompliano, he follows the stuff, i follow him, he described bitcoin as gold with wing, but the wings clearly are clipped at the moment.

stuart: any comment? >> i think you're going to see bitcoin correlate to who is favored to win this 2024 election. as it currently stands, if trump is winning or if people think he's going to to win, i think bitcoin will rise -- although kamala's going to flip her policy on bitcoin anyway, even though it was a month or two ago that they vetoed the most crypto-friendly bill to ever land on their desks. i think if it's going up, i think that's a good read on trump possibly starting to gain an edge. stuart: we'll see. xpeng have announced a new mass market car. you can't sell that thing in america, but what are they charging for it in china? lauren: $16,800, and they are tesla's main rival in china. stock's down 6%. they took 10,000 orders for this new car which isn't out just yet in less than an hour, in the first 52 minutes of announcing it. it's called the mona mo3 coup. where's the model 2 from elon musk.

nonetheless, xpeng is downed to. stuart: moving on. we've got the dow down -- here's what's coming up. after zuckerberg revealed white house pressures to censor social media comment, j.d. vance says the trump-vance team will stay neutral. >> it suggests that both our government and the big tech censors, they're way too powerful. we've got to cut in this stuff out. stuart: kara fred rake joins us with more on trump, vance and censorship. zelenskyy set to present biden with his plan to end the war with russia. what's in the plan? lieutenant general keith kellogg joins us later. california just passed a law allowing illegal migrants to buy a home. where's the money going to come from? is it just window dressing? we'll ask real estate investor grant cardone next. ♪ half of my life concern heart's got a grip on the situation. ♪ half of my heart takes time. ♪ half my heart's got the right

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stuart: kamala harris wants to raise the tax on capital gains. greg cardone joins me now. what would be the impact on the housing market if we raised the capital gain tax? >> well, the impact will be exactly what's happened in all the major democratic cities across the united states. top 20 the most expensive cities many america are the most regulated democratic policies. if she passes any of this, by the way, and and i don't think she can, don't think she will, it would inflate housing prices. the $25,000 credit, the capital gains tax, all these things, the carpet increase, the billionaire if tax, all this would increase property values, increase taxes. it will destroy the middle class. stuart, she is either financially illiterate -- and i

say this with respect -- she's either financially illiterate, or she believes her supporters are either too lazy to do the due diligence or they can't read. stuart: it's a mark of a left-wing candidate, isn't it? i mean, kamala harris was helped biden get dragged to the left when they first went into the oval office a. now i suspect that if elected as president, she will drag the party to the left and introduce more of this tax the rich, beat up on business kind of stuff. this is just the result of a far-left candidate. >> and it doesn't financially work. like, if you do math, she want toss raise taxes on billionaires 23r-8 %, which is what they pay on average with their deductions, to 25%. that would only raise $50 billion. over 10 years. the two bills that she passed, she's responsible for, not biden, by the way. is she's responsible for the inflation reduction act, just a nice name for more inflation, and the american rescue fund.

that was $3.2 the trillion, as you know. that could have bought 16 million brand new homes for families in america. that's one out of three black families in america could have been provided with housing at zero cost to taxpayers had they divertedded that to america rather than all over the world. this is just more inflation, destruction of the middle class, destruction of the u.s. dollar, higher interest rates, higher interest rates that the fed won't be able to bring down or they'll have to print more money and inflate again. stuart: grant, the california state senate passed a bill that would give undocks yule9 -- undocumented migrants up to 1500 grand to buy their first home. is this the window dressing? >> yeah, it's a come on. we make a promise, we can't deliver, don't do your due diligence. come to the dealership. it's a $99 payment, you walk out with. 700. the $25,000 tax credit, that's

bogus too. you can get that from a builder right now. this is just window dressing, as you say, for an election in hopes to get votes. stuart: you don't think much of it, i can tell. grant cardone, come and see us again soon. thank you. listen to this, nfl teams can now sell shares to private equity firms. it's a big deal, and it's coming up next. ♪ -- got some rust on my chevy, but it's ready to roll. ♪ i got a rhinestone sky and a song in my soul ♪ when you're in the military you're really close with your brothers and your sisters that are in the military with you. and when you get out of the military, you kind of lose that until you find a new family. we can talk about our struggles and the things that we did overseas and not everybody can do that. adam! how's it going, brother? we live pretty close to each other.

so he's always coming over. when i go to jack's house, we watch a lot of football, hang out. we go outside the friendship has kind of grown into a family i was overseas on a deployment. i got separated from my marines and i got hit in the neck, and it broke my neck and paralyzed me. 14 years ago, i was on a training mission. did a military freefall, and i had some faulty equipment. i hit the ground. going, 30 to 40 knots and was instantly paralyzed. i met jack fanning when he invited us to park city, utah, through his foundation. i was able to actually get on the mountain and ski with my family, i can't put into words what that meant. i got paid in the military to do crazy fun stuff. and after my accident, i'm still that same guy. and when i was able to jump out of a perfectly good,

helicopter, at 10,000 feet, i did it. i was talking to some vets last week amazing how we have these houses where they can come over because they■re in chairs too. carpet and wheelchairs don't mix very well. tunnel to towers, they got rid of all that. they redid my whole bathroom. that's probably the favorite part of my house. i thought they were just going to do the upgrades. but the surprise to me was they paid off the entire mortgage. when they told me they're going to pay off my mortgage, i cried. please contribute $11 a month by visiting t2t.org now

♪ stuart: there is a new nfl policy that a allows owners to sell part of their team to private equity firms, big deal. kelly o'grady with me now. what does this mean, why is it important? >> reporter: more money, stuart. billions of dollars are going to to flow into the sport, and it's important because the nfl is the most lucrative sports property in the world right now. let me give you some of the parameters. the nfl is going to allow a max ownership of 10% of the team. firms will have to hold that for a minimum of 6 years. they did reserve the right to change these rules at any time, so maybe that would include buying back a stake the

eventually. here's commissioner goodell now on why now after years of resisting outside investment. >> i think it's an appropriate thing to give teams that liquidity and to reinvest in the game and to their teams. and and i think it's a positive development for us. i don't think all teams will take advantage of that, but they will if they need that. >> reporter: so let's put this in con tech, because even if the historic move, the nfl lags the nba, nhl, mlb, they all offer up to 30%. that pales in comparison to europe where some football clubs are owned outright by firms. who does this make sense for? the teams, obviously. the number keeps soaring with how infrequently these teams come on the market. there are very few individuals that can actually afford getting into the game, so institutional investment it'll provide liquidity for owners. this doesn't follow the traditional formula.

pe money normally chases an ipo, a near-term exit after improving a company's financials. with a 10% sake in an nfl team, they're going to be informing hundreds of millions of dollars for no operational control and little required insight into the financial, picture. but, stuart, you look at these team valuations, they're seldomly driven by revenue or prompt, it's more the cultural power of these brands and getting to be associated with that. so for being a part other than, it might be, hey, i want to get in on the ground floor as a investment loosens un. stuart: that's very interesting. kelly, thanks very much, indeed. i want to bring in a former nfl player who joins me now p. jake, we're cussing it, and it seems like -- discussing it here, and it seems like this move will bring in a a lot more money. are you in favor of that? >> yeah, i think it makes sense for both sides. kelly made some great points. 9 from the private equity side, obviously, they want exposure.

they want a piece of america's game, the holy grail, the pinnacle of america's sport. it's more about prestige to them. and for these owners, you know, one thing that i think we should mention as well, they a want liquidity not only for their families and their succession plans, but also to reinvest in certain projects surrounding football like their stadiums, you know? a lot of nfl owners like bob kraft, the patriots, who i played for back in the day, they pioneered the development of these mixed-use developments around their stadiums with the football team and the stadium as the anchor. heavy got shop, they've got restaurants, they've got bars, they've got movie theaters. that's another thing for them to invest in with this liquidity coming from private ec bity. stuart: so the nfl has opened up to private equity. would you like to see them open up to sovereign wealth funds like the saudis who have taken a major stake in golf and premier league soccer in england? would you like to see them open up to that kind of investment?

>> it wouldn't bother me. the pith has invested successfully in many international sports brands, professional tennis, liv golf, european premier league soccer. the nfl is very conservative. they usually don't -- they're not the early copters when it come -- adopter, but i wouldn't bet against the pith just given their track record and, ultimately, makes financial success over time owners would see the same thing. stuart: but they're not likely to do this in the near future, are they? >> i don't think it's going to happen in the near-term horizon, but like i said, if you would have said 30 years ago they'd have ownership stake thes in tennis, golf, formula 1, you would have thought that was crazy. stuart: jake bewet, we appreciate it. thanks. mark tepper, you're in favor. >> i'm in favor for it bringing in money for my client, first

and foremost. very selfishly, i absolutely love this because i and a handful of my clients already invest in a private equity the fund that owns professional sports franchises excluding the nfl. now, the issue is that fund is closed because they've already gotten all the money they need. now that the f if nfl is going to be a possibility, that fund will reopen, and i have a number of additional clients who wanted to get into the last one if couldn't. they will have an opportunity. and if to kelly o'grady's points on valuation, if we go back to 919999 and we compare the valuation growth of these professional sports franchises to the s&p 500, that has more than doubled the s&p 500 without any of the drawdowns9 that the s&p experienced in the early 2000s, 2008 or 2020 during the pandemic. no drawdowns at all. so it's really a pretty incredible opportunity. [laughter] stuart: and you're going to take it. >> absolutely. [laughter] stuart: mark tepper, you're all right. thanks for joining us, sir.

appreciate it. >> thanks, stu. stuart: let's check the big board. 25 the minutes' worth of business, we're on the upside. between for the dow, 86 points higher. 41,338 as we speak. look at dow winners, we do have a few. look at 'em on the screen, please. that's my cue, put 'em on the screen. [laughter] lauren: nope, hose aren't them. stuart those are the losers. athlete inapparel losers. let's go with that group. nike, lululemon. there's the s&p 500 winners, why not? if gilead sciences, bristol-myers squibb, enphase if energy. the nasdaq winners, please, can i see them? waiting for it. any day. there you go. don't have time. still ahead -- [laughter] republicans are tightening up voter regulations in several states. the election is 48 days away, that's it. jason chaffetz is here. lieutenant general keith kellogg will discuss zelenskyy's plan to end the war with russia. j.k. vance says government --

j.d. vance says big tech censors are too too powerful: and jon levine will discuss kamala's latest flip-flop. more "varney" after this. .. rsv can severely affect the lungs and lower airways. but i'm protected with arexvy. arexvy is a vaccine used to prevent lower respiratory disease from rsv in people 60 years and older. rsv can be serious for those over 60, including those with asthma, diabetes, copd and certain other conditions. but i'm protected. arexvy is proven to be over 82% effective in preventing lower respiratory disease from rsv

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