maria: take to the sidelines. >> watch the 10-year treasury to watch how much fear theres and how low they go. maria: keith mccollough, senator scott brown, dagen mcdowell, thank you for joining us, "varney & company" is next, have a good show, stu, a tough opening. stuart: we're not going to trot out the usual cliches, buckle up, it's going to be a bumpy ride. we're not going to do that. we're going to tell you straight, a half hour from stocks are going straight down, it looks like a 400 point drop right there at opening bell. the big names will be down 2% or more all across the board and it's september 1st and we're starting as we left off in august, which was the worst month in years. what's the problem here? primary target, china, more market support measures which didn't work and more detentions of people involved in the markets and slowing in the economy, look at that, another huge industrial explosion,

that's important. more revelations from hillary's e-mails. the president is off in alaska talking climate change and we are focused on the market slide that's happening right now. "varney & company" is about to begin. all right. put it up where everybody can see it. down 430-odd points when the bell opens just above the 16,000 mark, big names, we check them every day. here is what they're doing pre-open to the market. netflix, first of all, down about 7 bucks. apple, welsh there's the big one. where is that going to open? much lower. only by $3, down to 109. facebook, about $86, down $3. we're looking at 2, 3 percentage points of loss when the bell rings 28 minutes from now. oil has been on a tear recently

and it's up 20% in three or four days, now, it's down $2. 4 1/2%, 46 is your quote right now. i'm going to bring in a market watcher from the get-go. his name is mike murphy. well-known to this program. you say the market is not broken, come on, what does that mean? >> the market is not broken, it means just leak monday when you had a massive selloff and we stepped in and bought names at a value we haven't seen, thought we may never see again. today, you're setting up for a very similar move. stuart: wait, wait, that's just what our audience wants to hear, a buying opportunity. >> absolutely. stuart: mike murphy says have no fear, it's not a long-term huge decline, it's a spike to the down side and buying opportunity. >> why is the market down today? we take our lead from china. china selling off recently. china's pmi data came in at 49.7. last month was 50. it's not a massive slowing down

that happened overnight in china. nothing crazy happened in china overnight yet, you can look at names like a facebook that's going to open down 4% in the market. if that's a name you missed when it was 99, gosh, i'm never going to get a chance to own facebook again, you can find it 86, you can buy it. stuart: mike murphy. stay with us, back in a moment. another deadly blast, a chemical blast, actually in china. a fire erupted in a chemical official last night in the city, about 250 miles south of beijing. this comes less than a month after a deadly chemical blast. and china's government is having a very hard time keeping control of the political fallout from incidents like the one you're looking at right now. and by the way, tianjean in shanghai, the economy showed more signs of weakness and they tried more controls, rejecting futures contracts, isn't worked

yet. hong kong down as well. mike, you're waiting a nice face on this, get back to you. why not? china, is it automatically bad news for us when they go through these rigors of a lousy economy, these big fires? >> well, remember, china's market is still telling us, stuart, we're going to get 7% gdp growth this year. now, you can believe those numbers or don't believe those numbers. the biggest problem we had with china and what started the selloff, when they devalued the currency. no one expected that and the market doesn't like unexpected moves. this started this selloff. and that answers your question, china being down a few percentage points overnight had as no impact on the u.s. market long-term. ashley: it's not market so much as economy, but part of that could be the port explosion that shut down tianjian.

>> it's in recession, 40% of the global gdp and whether you like it or not, it's going to have an impact. stuart: staying on china, scott walker with me on earlier this morning, he repeated the call to cancel the state visit by china's leader. i said look, cancellation would be a slap in the face to china at a time when they're in turmoil. >> with the cyber attacks against our government and putting millions of people's information at risk. looking what's happening over the years and particularly thisyear, creation of new islands in the south china sea. if there's ever had a time to push back, is it now? what more do we have to do before we say, no, is state visit is not appropriate? >> he did say cancel that visit. latest poll from monmouth university, trump, dr. ben carson tied at 23. carly fiorina 10%. the three nonpoliticians, they're the guys leading the

way in iowa. by the way, governor walker has dropped way, way back. i asked him if the setback was the trump effect. hear what he has to say at 11:00 today. look at the price of oil pulling back a little after a big spike in the last few days. bring in jn hofmeister, former president of shell. i want you to explain the big rally in the price of oil. it went it so much, what changed? >> what changed, i think, is the psychology that's behind the traders' decisions how to buy and sell molecules. this is a very psychological business that was leading some -- reading some protests from the opec countries wanting to have a special meeting to try to reduce the amount of production out of saudi arabia. and saudi arabia actually, i think, leaning into that doubt and leaning into the prospect of maybe cutting back because the stories about their harm it's doing to their compeconomye

starting to show up. stuart: we pull back today, we're down $2, 47 a barrel. do you think that rally has more legs left in it? >> i don't know, we saw numbers out of the u.s. the last couple of days that suggest that by 2016 we're down half a million barrels per day production in the u.s. that's quite a drop. we'll see. the point is traders trade on psychological and feeling-based moves, not really rational. i don't think we can take too much from the volatility that's rational. it's reactive. it will always be reactive among the traders, but the producers-- >> john, what i'm taking out of the long and big decline in the price of oil, to the $40 a barrel level. what i'm taking out of that is trouble overseas, russia, they're in trouble. saudi arabia, venezuela is bankrupt. nigeria has trouble.

that's a spillover effect. that's trouble for everybody. >> yes, it is, because it effects global growth. and when we have low oil prices it tends to decline. >> i'm a believer, how do we reach a sweet spot. know the too high, not too low. consumers have a disposable income advantage and there we are. that to me is the best objective that we could hope for out of this period of volatility. stuart: good luck with that, john. and the bet is still on. >> yes, it is. stuart: we'll remind everybody what it is. >> we shall see. stuart: on a busy day, john, thanks so much. the hillary e-mail dump reveals more classified information sent and received. what did we get out of the latest batch of e-mails. >> we get a lot of smallness,

pettiness, and tattling from aides to hillary herself about the little state department there. bigger problems you alluded to the 150 classified, almost 150, 125 classified e-mails held back to the release. one that wasn't hillary clinton telling chief of staff, please delete this e-mail, part is redacted, please delete an e-mail i sent earlier because i didn't mean to send it and it shouldn't be around and please don't forward it. so, i think-- i'd be very curious to know more about that e-mail in particular, why is she asking for certain e-mails to be deleted and does this suggest that she had knowledge that she was sending classified information over her e-mail system. i think big questions remain. stuart: here is the big question, will she be indicted? have you seen anything in there that looks like an indictable offense? >> no, but the indictable

defense stuff would be stuff held back. anything, if she were to be indicted, let's say, it would be because of classified information, she knowingly sent classified information, that stuff would be held back. so, you know, the state-- she cleaned the e-mails the first time before she turned them over to the state department and selected which ones she was going to hand over and she said the yoga e-mail, wedding planning she held back and the state department reviewed what they want today release and what they didn't. i wouldn't expect to see anything indictable, any smoking gun in the e-mails, but i think they've revealing and we get a good sense how she operates. stuart: all right, we're concentrating on the markets today, but political turmoil is very much the background. check the futures, we're gearing up for a big drop at opening bell, a 400 point loss in 20 minutes' time. it's become a blood support and we'll take you into it, yes, we will. we'll have tim cook going after

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>> down roughly 400. that's the way it looks and by the way, the new york stock exchange has invoked rule 48 for the open today. it makes it easier to open stocks and surprisedly prevents panic selling. we'll see. look at the price of oil. now we're at what, $47 per barrel. a huge run-up in the last few days, down 3% today. and watch out netflix, apple, we hear, may be going hollywood. there's talk that tim cook is developing original content to rival netflix. matchable tech editor pete pashle is here. they've got the money in the world. if they want to hire any star, they can do it. >> they can definitely do it. it sounds, it's a very interesting report, i'm a little skeptical, it doesn't sound like something apple would do.

>> why not? because they're a tech company first and foremost and they've prided themselves doing select testify things like a thousand no's for one yes, was in one of the famous marketing interviews. i believe they're talking it hollywood and they're flirting with this idea. are they really going to do it? i don't know. there's one clue they might and that's beats one. when they launched apple music, that was kind of their move into kind of original program, it's not original movie, but it's a radio station and content serving up. maybe they have more plans for content. as we've seen with netflix and amazon, doing good stuff, but it's a really, really monument path to take on the big studios. stuart: you doubt they'll do it. and another one for you, there you are. donald trump using instagram to get his campaign message out there. here is the latest video. >> yes, this he broke the law, but it's not a felony.

it's kind of a -- it's a -- it's an act of love. >> and that's guerilla politics. >> you want the quick sound bites when you're doing the campaign. stuart: it's very good use of instagram. >> he's got so many followers, he's a celebrity. naturally he does, hundreds of thousands on instagram and millions on twitter. and ben carson had 500,000 a fraction of what he has. stuart: that blast went out to his followers just like that, boom. >> and obviously he has a teamworking for him in social media. you put out whatever you want and reaches millions instantly. who are the people using

instagram and twitter and the network. are they who he wants to reach. stuart: i think he's trying to reach everybody he can and who cares as long as they can vote. >> the social media war mattered and that's going to continue. in 2016 it's going to matter a lot. the main users of the networks have skewed youngerment people tend not to vote or vote democrat. will he be reaching the people he needs to reach? i don't know. now, there's again-- >> doesn't cost him anything to do it? >> it doesn't cost him anything. stuart: sorry to interrupt you, i've got to go, as you may know, there's some market trouble. watch this. look at that. we have ford motor company sales up 5%, that's year over year, okay? that was the month of august over august last year, up, no change in the stock virtually. check the futures, where are we now with 12 1/2 minutes to go, down about 400 points 12 1/2 minutes now.

first day of september, first day of trading. down she goes right there at the opening bell. more in a moment. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive?

>> nine minutes to the opening bell and look at it go down. 400 points off the dow jones industrial average, when that opening bell rings on wall street this tuesday morning. it's going to be a down day at

least at opening bell. price of oil down a buck 81. that's down 3 1/2%. we're down to $47 per barrel. sandra smith joins us right now. do you have anything to say about the price of oil that's-- >> it's a reflection of what's going on around the world. we have been talking about on this show every day, and hearing it from you, too, mike. china is not in a good situation, you know? we're looking at europe not in a good situation. this is a reflection of a weak global economy in addition to the fact there's a glut of oil supplies on the market. >> opec has been hearing the whining from venezuela and russia saying you've got to step in and help us. the country is budgeted so much to the price of oil. >> why would saudi arabia pump less oil when it's in dire need of money right now to fight its enemies in the middle east? why should they do that? not going to do that. ashley: no. stuart: the price of oil is $47

per barrel as we speak. let's move on to ford motor company, we'll get the car sales figures out. and ford already in, a gain of 5% year to year. what else have you got on this one. ashley: best sales numbers for august for 49 years, suv's very strong sales, up 12%, and the f-series trucks also up 5%, so across the board some pretty good numbers. stuart: that's not bad for numbers. the stocks are going to hold pretty firm. mike you wouldn't touch it with a 10-foot pole. >> 10% dividend yield and stocks from 18 to the low 14, open up flat in a down open in the market today. remember, strong suv's ashley mentioned, that's a reflection of lower oil prices. stuart: sure if, buy that at 13, 14 a share 4% dividend. >> a stock that has great sales everywhere except china.

>> and it went up in the last-- >> and that's nothing, six and nine and-- >> this is a big family. >> i've got four, four, two, five, six. stuart: good things. and look at netflix, i'm listening to my producer here, look at netflix, not funny, down $6. 109 where we'll open up with netflix. apple, i keep saying it the big one all eyes on apple, down may i say only $3 a share. 109. and high was 130, three, four weeks ago. and now 109. >> after great earnings. stuart: what is the next one, facebook. facebook, if that's down to $86 per share. remember, before this market turmoil, they were pushing right at $100 a share and now it's 86 this morning. >> do you like that. stuart: amazon, a stock which came all the way back. last monday bottomed at 451,

zoomed to what, about 520, now we're going to open up this morning at $500 per share. am i whetting anybody's appetite. ashley: when you say facebook as 86. it seems good to see. >> they had a billion people on their site and great opportunity to own the name on sale. for an individual investor, it's tough to move in and out of the market when you're getting these types of major announcements and markets. stuart: but if you're convinced at that facebook is the place for you for the next ten years, buy it, sit on it and don't touch it, what's wrong with $86 a share on facebook, looking rather-- >> did you see the news that bono now has made more money on his facebook investment than anything in his music career? facebook has been a huge winner for a lot of people. as you reported on the selloff. jeff green, a billionaire investor jumped in and bought 100,000 shares of facebook. people are taking advantage of it when it comes to facebook.

>> bono 3.2% stake in facebook years ago at 76 million and paid for it and that stake is now worth a billion dollars, even at $86 a share worth a billion dollars. that's an investment. you've got to follow youtube. >> he should wroo it-- write a song about that. stuart: he probably did. let me see the price of oil. down $2 a barrel as we speak. we're back to $47. john hofmeister, former president of shell still with us. all right, john, i have to say if china is slowing down and maybe it is, maybe to zero growth. if that's happening in china, i can't believe that won't reduce substantially the demand for oil and therefore reduce the price, what say you? >> i say it would reduce the growth of demand in oil, but not the actual day-to-day demand. there are more cars on the

highways of china than ever. they're having a slowdown, yes, but record sales year over year have led to a huge amount of cars. huge number of new airplanes and many, many more passengers flying airplanes in china. while there may be a decline in the growth rate, i don't see an absolute decline in any horizon i'm looking at. i'm told that you have to enter an auction to get a license plate and i think it's shanghai for a new car, and in many so chinese cities you can only drive every other day in the city to reduce solution. that would seem to put a hole in demand. wouldn't it? >> well, they are rationing the license plates and they could be 12, 13, $14,000 to get a license plate in the auction, but the demand is incessant. they auction off every license plate that's available despite the price and with respect to driving every other day, many americans drive every other day

and it's about keeping your tank full and like any citizen, any consumer anywhere, you want to have full tank because you want to go somewhere when you want to go. so, you tend to top up like we do in this country. so, i don't think there's an armageddon scenario for chinese oil demand. stuart: i'm just checking, not putting words in your mouth. two minutes to go to the opening bell. thanks for joining us, appreciate it. a shanghai license plate, and shanghai stock market. you're about to say? >> how much of the chinese growth story was priced in the commodities and you're not seeing it come to fruition, and the air is sucked out of it. are we back to the prices. >> when we get the pmi, u.s. data at 10 a.m. if that's strong are we get a good number there, i think you could see bid could many into the commodities especially oil. stuart: interesting, we've got

what, one minute and 15 seconds to go before that opening bell rings and looking at a 350, 370 point loss for the dow industrial average. mike murphy thinks it's a buying opportunity. he doesn't think the selling will last. look at the big names, look at them. if you like them, pick them up at a low price. >> absolutely, a name like ford like we just heard, strong sales globally even with the china slowdown and dividend. >> your message is predicated on the idea that there's a bounceback coming. buy on the low and the big dip you'll get a bounceback, that's what you're saying. >> not necessarily today or tomorrow, but the market was down 6% last month alone. i know for a fact, i'm buying at lower prices than i would have bought a week or two weeks ago. i'm comfortable with that and i'll go in and buy the names at the levels. >> we're about to open trading and show you this particular shot they start to applaud and

i don't know why-- but i go through this every day. got about ten seconds and a few seconds to go and the trading session begins and you will watch this unfold. >> be patient. stuart: they are off and running and i think we should do that tally-ho! and we're down 46. i do this every single day. down 69 points. looking for a loss of 300-- >> it's not like an auction at christy's. stuart: they've invoked rule 48. sandra: i did. stuart: that's supposed to stop panic selling at opening bell, but wait, wait. sandra: go ahead. stuart: mike murphy is telling us if you've got an etf, don't try to trade it now because you might have trouble because of rule 48, is that true? >> it's true. we discussed this before. a lot of the etf's are a

basically a basket of individual names, if those names aren't opening or not showing best bid and offer, those etf prices may drop as they did last monday in the opening selloff, 30, 40, 50%, if you have an order out there. an open order to sell on a selloff. you could get executed at a very low price, be aware of that. stuart: that's rule 48 for you. down 200 points as we speak. let's move onto the big name stocks, we cover them every day religiously because they're the market movers and start with netflix, down 4%. 109 on netflix as we speak. the price of apple stock is 111 a share. that is not much of a selloff. in fact, that's -- 111, down a buck 61. down about 1 1/2%. in a big selloff like this, that's not a big drop drop facebook $87 a share, down 2.5%.

do i smell a come back? on the downside. 87 on facebook. where's amazon? are they above or below $500 a share. very important question where's amazon? we'll get it for you. >> down 2%, down nearly $10. stuart: down about $10. that puts it at 530 i'm told. and microsoft down a 2% drop. i own it, i'm in mourning, down a $1.40, that's a 3% selloff. give me a snapshot, please, of all the dow stocks. the board that shows them all, there's 30 of them and they're all in the red. every single one of them. among them, caterpillar is down sharply, well, 1.8%, and mcdonald's it he moment is at 93. it's down nearly 2%. visa, extremely volatile recently.

a very big name. a lot of people own this stock. down 2.5%. back to 69. how about home depot? let's look at the big time retailers. home depot also down, 114, that's about 1.5%. 114 on home depot. cisco. now, john chambers did the interview with apple, they were getting together more iphones available for cisco employees. and cisco is at 25. how about intel? i used to call this the doorstopper of stocks. it's moving today, at 27. one of our china proxy socks, that is alibaba, we call that the amazon of china. alibaba was at a new low the other day. pretty close to it now. >> uh-huh. stuart: 64 on alibaba. mike murphy, do you see any of those stocks that you would like to buy as a bargain? >> i do. i would not jump in alibaba right now because that's more of a proxy for china as you

mentioned. so i don't know what's going on in china as well as i know what's going on in the u.s. home depot, we got earnings from home depot. they had a great quarter, the stock sole off because we had a weaker market and if you believe the economy is starting to perk up a little bit, you want to believe in housing so you want to (inaudible) home depot. stuart: down 329 points. that puts the dow at 16,200, very, very roughly. let's get to grips with what's going on in china because that i think is the big -- would you agree with this, sandra, what's going on with china is the cat r catalyst for the selloff in america today. >> we got weak economic today confirming all the that the chinese growth story that has been built up for so long, in fact, it's slowing down quite a bit according to these recent numbers. the selloff we're seeing as a direct result of that but people don't want to engage in

risk right now. they don't want to own the u.s. stock market. there's a lot of fear out there. you've got guys like keith telling their clients to be 75% cash. that's an unbelievable environment. one for the history books. stuart: and is this all -- almost in chicago. is this all china? >> yeah. it's an awful lot china. certainly we're down 45 minutes in the s&p almost 300 in the dow. and because china is so big. we're watching this overnight, we're hearing a lot of manners come out and say get in cash and people doing that. so you see these selloffs in the open. although i would say in the s&p we're finding a little bit of buying in the open, not a ton but there is some. stuart: mike, a little bit of buying. selectively. that backs up your theory that this is a buying opportunity, look for baring. >> yes. and for me going to cash works for some people but for me, it's tough to find when the bottom comes in, you

know, when the bell rings and says okay. come out of cash now and come back into the market. so when i can look at ford that trades lower on numbers, i would rather be in a name like that than sitting at the bottom. >> i know we've got the big jobs report on friday that severn looking toward, and what does this do for the fed. i'll see to bring up the fed, but what does this do for the turmoil and we've heard say, yes, we're aware of it and whether it could be a factor to raise rates. stuart: odds are they don't raise rates this month with all of this going on in the background. >> odds are they don't raise them in the future either. being pushed out to 2016. stuart: i take the other side of that. >> you take the other side? >> the first one -- oh, man. you guys are brutal. >> the buzzer. >> ask an question you want an answer. stuart: futures. of course the buzzer for that. it's like qe3. >> the better proxy for the fed's next move because i'll

certainly look at that if you have one. stuart: oh. stinging response. very nasty. >> it was not. [laughter] . stuart: nothing to laugh at. we're down 333 but that's it. that's the extent of the loss thus far. okay. and, look, i know we're only 7 be minutes in the trading session but mike murphy is here, he's feeling pretty good because i think the bargain is available. we've drop 346. are you nervous? >> not at all. i believe the fed is going to raise rates so you look at names. >> well, when? >> when it's september or october, i don't think really makes that much of a difference, i think it's just the fact that we're no longer in a zero interest rate environment. the fed has stated that numerous times so i think regardless of what the traders are betting on. i think the fed is going to come in and react and in that environment you want to own quality names, jp morgan, bank of america, city group, and this selloff today. >> it's changed now. so it's a 32% chance in

september okay? this month. it's now the probability of rate hike is 60%. it has gone up and they are betting on a hike in december stuart: move on to the price of oil. [laughter] >> i can't handle it. stuart: it is pulling back. a wopping great rally over the past few days. but come on. i've got to hold you accountable so to speak. you've often said on this program that oil will challenge again below $40 a barrel, get back to the mid-30s. >> uh-huh. stuart: are you staying with that forecast. >> well, i am. i hope it gets out of the way but certainly the last few days had a talk of whether opec is going to come in, limit supply, get everybody to raise prices and that's what's driven the price up. the biggest rally we've seen in 25 years yesterday. so it's really that; right? and i still want to be a seller in oil, but you've got to watch out for that situation. >> and to back up what larry

said, he said, look, we've tested it to $38, it bounced back, we should have another that he is the low, if it bounces back, then wave i bottom on oil. stuart: and as oil goes down, stocks go down. there seems to be a relationship. and laurie is at the new york stock exchange. show us the big losers, please. >> yeah. you mention oil. among the biggest losers among the dow this morning, no surprise. the big oil companies. there's a look at oil as a commodity, so the dow loser she have yon as well as technology microsoft, i mention technology that is the weakest sector in the s&p right now. so the s&p all ten sectors are lower. just a couple of points off session lows. so there are your losers. microsoft on the s&p, murphy oil, netflix, talking about that this morning, transocean where i can off about 3%, netflix down 4.5%, rough start

this morning, stuart,. stuart: yeah. let's do it again. microsoft is down. microsoft is down. >> sorry about that. stuart: all right. which bargains do you see? >> sure we saw oil rally 27% off its lows in a very short period of time. about two weeks. so chevron, the name we've discussed before made a move from 71 to 81. big dividend. it has now pulled from 81 to 78. so i'm comfortable with that move. if i see chevron back in the 70s again, i would want to be an owner of it. i think they're going to bottom out in the 77 range and continue to move higher. stuart: what does it pay off the top of my head. >> ruffle 6%. stuart: if i buy it at $77 a share. i'm going to get at least 5% dividend regular clockwork set in stone i'm going to get it. what's wrong with that? >> well, the concern is the bear argument on that is that these big oil companies are

not going to be able to pay their dividends. i'm not in that camp at all. but if you want to bet against them, you would say they're going to have to oil down in the 30s and cut their dividends and therefore the stock price goes lower. stuart: five or six percent on chevron is attractive i would have to say. and apple almost exactly 2% down, and technology stocks are the losers, down 328. but i have to say we're 11 minutes into the session and we've held with a loss of just over 300 points. that's it. can you show me some china -- walmart. now, they're cutting work hours at some stores. they're trying to cut their overall cost structure. walmart is down on this, though. give me more news on the walmart story. >> well, they moved -- if you remember back in april they moved their minimum wage to $9. that goes up to $10 in february of next year. they're looking to cut costs to upset some of this and

they're trying to restyle their stores to have more people there at the busiest times of day and also cutting hours down. so they have to do this. they've been struggling. stuart: 2% down for walmart. sixty-three dollars a share. by the way, general motors coming in with their august sales figures. down .7% from a year ago. they sold 270,000 vehicles. i think that was in one month i presume a one-month figure. chevy sales down 1.5%, buick, though, up nearly 1%. general motors is below $30 a share. at 29 right now. actually we closed below 30 yesterday. 29 and change right now. you like ford but you don't particularly like gm. >> i prefer ford but gm also a great dividend and the ceo of fiat chrysler has been talking a lot about how they should merge with general motors and gm is pushing back on that,

there's a lot of cost synergies there. auto sales exchina are still strong. stuart: okay. look at the big board again, please. i think this is a new low for the session. not exactly a second leg down but we were stable minus 330 now we're down 355. that's well over 2% down. as we said previously, the price of oil is down and that's taken the energy stocks with it. exxon, chevron, transocean, freeport, all of them are down in strong percentage terms. look at china-related stocks. alibaba, jd.com, kfc, chip maker, micron, the china related stocks, they are down this morning. but no more than other stocks essentially. all right. last word, sandra, before you leave us. i think you are leaving us. >> well, there's not a lot. i am. there's not a lot spared in this selloff right now. so it's all about finding stories that you like, apple creating original content,

competing with netflix and amazon. i think this is an opportunity for those people to look for long-term plays because otherwise there's a lot of sellout. stuart: he's got a strong stomach and still smiling. down 337. larry eleven. you've got a strong stomach. you're a commodities trader. >> i agree with what sandra said. there's not a lot of the conviction of the selling right now. keep in mind in about a minute we get a piece of economic data and then 10:00 your time, stuart, two more pieces of economic data. that could move this market a little bit. stuart: i hear you, larry. not a lot of conviction selling. that means that you've did not got the capitulation, that's what they've call it; right? >> sell sell sell. stuart: sell everything rock bottom. >> allowed to say capitulation and doesn't get a buzzer; right? stuart: it's my show. it has my name on it. there you go.

all right. i'll never say capitulation again. where are we now? down 322. are we coming back a little? well, down 353 now down 316. is this the come back? is this the buying that we have been waiting for? more big names. look at them go. twitter for a stock. that bounce yesterday. where is it today? still at 27. >> yeah. stuart: got an upgrade yesterday, which helped. stuart: you would it up that with a ten-foot pole, murphy. >> well, the analysts made a lot of good points yesterday. so some things going to come out of twitter in the near term, i don't know what exactly it is. >> partnership with google is a good one. >> it would be a great one if you owned the stock. stuart: what about the starbucks? where is that this morning? that was flirting with new highs as recently as two weeks ago. 53 down 2% in line with the rest of the market. you wouldn't touch -- would you touch that? do you like that? >> love starbucks. own starbucks, drink the coffee, own the stock, got

below $50 last monday, that was your capitulation, you can buzz me if you need to. but under 50 a buy on starbucks, i still love the name. stuart: put that big board up again. now we're down 268. i'm not aware of anything happening that made some kind of -- >> the game gains in s&p s&p 500 right now is airlines. >> two upgrades this morning. >> i keep looking for a bright spot, stuart,. stuart: wait a second. what was that? manufacturing they indicated there came at its lowest level since 2013. and that sent stocks up a bit. is this playing into the -- >> because of the fed factor the rate hike. stuart: raise interest rates. >> bad news. good news follow the market. i disagree with that completely. i think we need -- in the united states of america, we need a strong economy. if you're long the market, you want strength in the economy.

stuart: okay. and we're not seeing that with the index news. gopro. show me that, please, because that's been all over the map. this is the -- the durable cameras that they make for people to use in sports. now it's really sinking. that is a 6% loss. big loss there. >> measure of fear in the marketplace oftentimes we look at the vicks. it does give a good indication . stuart: the. stuart: what does it mean? >> all right. actually looking at the implied volatility on s&p 500 stock options. >> it is the best measure it of fear in the market. stuart: that's a good one liner. it's the best measure of fear in the market. and it's running strong.

is that the case with the wix? >> that's actually the first thing i said. thanks for listening. stuart: will you come back tomorrow? . stuart: biggest losers on the dow. all 30 of them. exxon, nike, chevron, microsoft, and intel. all of them -- tell me. don't you see some bargaining microsoft there? forty-two dollars a share. >> sure. i think the microsoft story has a lot to do with their new ceo. so i believe that microsoft has a lot of upside as we go forward. it's not a name i would be buying today, though. i apologize. stuart: rubbish. what do you know? we're now down 284 points. so we spike down to a loss of 268, we've come back to a loss of 293, almost 300 points. 18 minutes into the trading session. all over the place.

all right. how about the s&p 500? we don't we look at a broader stock market indicator. it is down 1 money 6%. let's talk percentage terms. how about the nasdaq? home of many of the technology companies. down 1.3%. so the dow industrials with a loss of 1.7%, that is the biggest loser of all the major indicators as we speak. anything else to say, ashley webster? >> i'm tweeting out right now, stuart varney beating me up right here. >> september is a rough month transitionally for stocks. do we see another leg down used kimberly we had an awful august, down 6% across the board on the major markets. >> i think the fed up to the answer of that is we were down so much in august, i don't expect a bad september. so you go back to the last 100 years, september is typically down 1.8%. i think a lot of people would gladly take down 1.8% and i

think there are going to be opportunities and, again, if the fed raises rates. >> yeah. >> it could put a boost in the market and led by financials. stuart: okay. i'm going to leave you with the big board that is now down 300 points, we'll take a short break, another market watcher with us in just a moment. stay with us, please, this is a horse race, and it ain't over

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stuart: we took a short commercial break and on the way down again, 317 lower 23 minutes in the trading session. netflix, apple, facebook, amazon, google. we cover them all all the time, all of them down about 1.5%. yahoo, tesla, gopro, alibaba, twitter, we cover all of these frequently. all of them on the downside, especially gopro that is losing 6%. twitter a fraction higher. the price of oil -- well, the nasdaq there's the technology center for you. down 65 points, that's 1.5% and crude oil down $2 a barrel and because of that, the energy stocks taking a big hit. exxon, chevron, transocean, freeport, they are down two, three, even 5%. china stocks. alibaba, j d.com, yum brands,

micron, they're china-related stocks and down in percentage terms not as bad as some of the other stock sectors. staying on the markets and market watcher jeff seeker is with us. he think so -- now, i'm not going to put words in your mouth. you think we're in for another big leg down. make your case. >> yeah. seven years into this bull market. one correction 2011 now we're getting to a point everywhere that the fed has been able to rescue this market, they've done. there's not many more things they can do to calm the fears that investors have about what's happening in china, what's happening here, the anemic -- economic recovery we have, so we're going to begin to see this unravel. stuart: no tools in the toolbox at the federal reserve. >> especially. stuart: they've got arrows to deal with this situation. >> right. stuart: so when you say another big selloff, what do you mean?

can you put it in tangible terms, 1,000 points on the dow still to come or what? >> well, i would say if you look at where we are right now and the -- to the extent that these selloffs are 2, 3% and then we get a rebound. now, keep in mind we always get a rebound when there's something with the fed and it has something to do with the prolonging these interest rates, which have distorted the stock market, the bond market, the assets in general. so what i believe we're going to see 1,000 plus point down probably within the next 30 to 60 days with a heck of a lot of volatility in between. stuart: wow that's interesting. so some of our regresses saying, look, that the big name stocks, the reliable companies which have done well so far and are paying some dividend, why not jump in, buy them now, you hold them for years and years and years, you're saying don't do that because we're still down more. >> yeah. i think that's insanity at this point. the buy on the dip works until

it doesn't. i think at this point because we're this long into the bull market because we're seeing clear signs of global weakness. this is not just stock market valuations. this is global weakness so that the likelihood of that global weakness accelerating is becoming more relevant. so i think why buy stock, why try to call the bottom, why catch the falling knife, why not just wait and let the fed do what they're going to do. and nobody know what they're going to do. they're saying we're going to cut or not going to cut. all of this confusion, let them do what they're going to do. stuart: clean cut advice which is what we like. we appreciate that. thank you very much indeed. back to the big board. now down 325 points. we were down 350, came back to a loss of 206, now we're down 333 and falling. the second hour of "varney & company" is two minutes away

>> 10:00 eastern time and these are the big stories we've got for you. down she goes, sinking again. that's the stock market. it matters to anyone, anyone with a pension fund ar college savings hurting right now. china is getting the blame. officials are doing what they can to prop up the markets, hasn't worked. and there's no hiding since the economy is clearing slowing down and that's scary to a lot of businesses. hillary clinton's e-mails, thousands more released in the late night data dump, among them, more classified information that's not supposed to be there. the second hour of "varney & company" starts right now. ♪ all right, we've just got the news, manufacturing, an indicator of the state of manufacturing came in with a lower reading than had been expected, a little weakness being reported now in manufacturing and the dow jones

industrial average is off 351 points. it's off its lows, but it's still down significantly. as for the price of oil, we were down $2. we're still down 2.13. $47 a barrel there. look at the big names of technology, we cover them all the time and these are barometers of what's going on on wall street. apple stock 110. down, a buck 84. netflix taking it on the childrchin do down. and 88, down. amazon down $7. gopro is sinking, again, this is one we cover all the time. they provide us with all of that remarkable video. it's a company with just one product, that's a concern for some investors. 43 on gopro, down 3.50.

and michael penta, all right, you're the guy, i remember you, you're the guy who said months ago, get out of stocks, get into cash, there's a big decline coming. you want to take a victory lap? >> well, you know, listen, there's only one god and it's certainly not me, and i've been wrong in the past. the situation clear, you have slowly u.s. gdp growth. and you mentioned the ism manufacturing data and that's slowly. global growth is slowing. the fed is threatening to hike rates into a slowing rate of inflation. that could be disastrous, when you take that into the context, the fact that the market is almost at a record high in relation to the economy and in relation to sales and revenue, it's a definite sell here. i'm looking for the s&p to go around 1600 and then reevaluate. >> we've got a new low for the

dow industrials for this day. off 372 points. now, would you do any kind of bargain hunting? i ask you because we've had several people on the program over the past week who said, you know, not a bad time to hi apple or netflix or amazon or ge, whatever it is. you're watching a falling knife, i've got it, michael. at the same time, some people made money on the bounceback. >> the fed has distorted markets. the most important in the world is the cost of money. they distorted that price for seven years with qe and now, why, why do you think the individual investors don't have any faith in the economy? they don't have any faith in wall street? because you have bobbleheads coming on tv and telling you to buy every little down tick. we've only been down for about three weeks and lizzen without a down tick for about seven years. these astronomical pro is -- prices have a lot more to go down, i would not rush in to by

fang, facebook, amazon, netflix and google. if you want to buy something that has no friends in the world, buy gold. those gold mining shares are down 85 to 90%. the fed is probably going to get far off 0% and cause the u.s. dollar to rollover. if you want to bottom fish somewhere, bottom fish in the miners not in fang. stuart: you were right months ago. it's great to have you back with us. you're saying the exact opposite of many of our other guests, but it's good to get that point in the debate mix and we appreciate it. >> thank you, stuart. stuart: come back again, okay? like to hear you. by the way, we now have another new low at the dow industrials, now down 384. look at this, extraordinary video from china again. another huge chemical plant explosion. it's the country's second, i'm

going to call it an industrial disaster in a month. one person reported dead. way more than #00 people in the first explosion in tianjian. this comes as authorities try to crackdown on so-called market rumor mongering. the head of the chair, the most important woman in business is being questioned. you're following the china story. >> they're concerned about violations, including insider trading and detained top executives of china's biggest brokerage and that's siddic securities. they've detained a number of executives there as well. they've reportedly arrested a financial journalist, saying that he was spreading false rumors about the crackup in the market over there and the issue here is, will this be enough to calm the markets?

we know that china when they have high profile arrests, they publish confessions ahead of trials in order to calm the markets. will this be enough? >> i think it sends the rumor mongering crazy and prominent business people essentially blaming them as opposed to you, yourself, the government. they're trying to put blame on everybody else. >> that's right, on the market's reaction to their action. so, this does exhume fear through the markets in china. stuart: to me it raises the level of civil unrest. they've got ghost factories and ghost-- they're troo i go to keep a lid on it. >> it's a leap of faith to put in in the free market. ashley: when that doesn't work, they arrest a bunch of people.

fear to keep the lid on it. oil has dropped below $47 and is dropping as we speak down to $46.78. that's down almost 5% on the day. stuart: this is fascinating. ashley: a big run-up in oil and rundown now. stuart: as oil goes down, stock goes down. another leg down for oil mets with another leg down for stocks. i wonder what the relationship is. >> it looks like all asset classes are coming down, they're becoming cheaper in price. investors race to so-called safe hidden plays. >> and i'm getting into politics a little. politics and technology, this is good. donald trump took to instagram to take his latest shot at jeb bush, look at this. >> yes, they broke the law, but it's not a felony. it's kind of -- it's a -- it's an act of love. stuart: i want to get the

response of ed to this. are you there? >> yes, you are there. >> i'm here. >> now, that was donald trump taking a big swing right at your guy, jeb bush, and i've got to tell you, ed, it was effective and it was free. he puts that out on instagram and a few million people see it just like that. what is your response? >> well, the response is, look, attention given by donald trump to jeb bush shows that jeb bush is a real viable candidate and donald trump knows it. so, after republican voters kind of try donald trump on for size and realize he's not a true conservative republican and that his temperament doesn't fit the oval office, donald trump knows that jeb bush is the viable alternative. stuart: ed, i've got to tell you, if it's a personality fit for the office, voters are turning away from jeb bush, they say he's too quiet, not

broken through, studious, made mistake on the campaign trial, hasn't run a campaign since 1998. nobody has fallen further than jeb bush and it's because of donald trump. >> well, let's stay focused on a couple of things. really, what you're saying is that jeb bush understands the policy. he has a proven record, and he needs to get that message out to folks around the country that we know in florida, that he's a true conservatives leader. stuart, the bigger issue is donald trump is not a true conservative and when that washes out, then you'll see a fall in the polls. similar, look, eight years ago, rudy guiliani was up by 15, 20 points on the republican field. four years ago, herman cain, michele bachmann, rick santorum all took turns leading the field of republican hopefuls, but in the end, if the slow and

steady race that wins this thing because ultimately you've got to have a record to run on. stuart: okay. ed, look, thanks so much for joining us. good response to what mr. trump put out on instagram. >> i appreciate it. stuart: coming up in my next hour, by the way, a full interview with republican presidential candidate scott walker. here is what he said about the economy. >> about growth, how do you grow the economy over the last year or so, we've seen a particular six of the top ten wealthiest counties in america, you know where they were? around washington d.c. under people like president obama and hillary clinton they think that you grow the economy by greg washington and k street. stuart: well, that was governor walker, but i put it to him, this idea of growth, it's just not broken through. we're discussing other things in the election it he moment. growth is secondary. >> when the government steps into the capital markets and takes capital out of the markets, that capital is not

there for entrepreneurs and small businesses to grow their own economies. at the same time we have the government cracking down on the banking center. >> he denies saying that we should build a wall in canada and the term keeps going on building a wall in mexico, we should build a wall in canada and now says, i never said that. >> what he said was, it is a legitimate issue to look at. that's what he said. and i discussed that with him. we've got the interview coming up in the 11:00 hour. i rather feel that governor walker has not broken through because he hasn't got the same approach to politics. >> doesn't have the donald trump-- much live jeb bush. >> and he won't break through sounding like donald trump. by the way, there's a ton of natural forest up in canada and you'll have eminent domain court fights if they seize this-- >> in all fairness, governor walker never said let's build a wall liz: he said let's consider it

or we'll see? >> he said it's a legitimate issue to look at, to be precise, that's different from build awall liz: thank you. stuart: i want to move on to hillary clinton, the state department publishing 7,000 pages of e-mails from that private account. among those, 125 were deemed classified by the state department. that's wrapped up politics for you. maybe the political pursue mohel we're going through is a back drop to what we're seeing on wall street. check that market. we're down 138 points. the selloff continues. look at the s&p 500. it's a broader market indicator, it's down 2%, the same drop as in the dow. netflix is a huge loser today. down 6%, it's back to 107. now, this. wal-marts taking some heat for some new rules for its workers. lauren simonetti has the story in case you missed it. >> i do, some wall street workers have seen their hours

cut back as the company is following predetermined staffing plans based on individual store sales. it's trying to save money as it spends money improving the look of the stores. paying more and boosting minimum wage earlier this year. a few blocks away from where we are, you see this billboard in times square. slackers don't deserve $15 an hour. it opposed the new minimum wage. >> right now in times square. >> in times square. stuart: there are a couple thousand fast forward workers who will look up at that every single day. >> exactly, how it makes them feel. then we have this for you, chipotle is being sued for use of gmo's while it claimed fob gmo-free. and it's for all who bought

after april 27th. chipotle plans to contest this lawsuit. and 2014 jeep cherokee suv's mostly in north american because the windshield wipers can stop working. stuart: thanks, lauren. coming up, we're watching stocks sink. look at the big board, now down 376, s&p down, look at the nasdaq, technology down 91 points. then we have this, president obama preparing for his appearance on an episode of "running wild", a survival show that asks celebrities to take part in extreme tasks and he's doing it in the name of climate change. howard kirtz on that, joins me next.

>> all right. we're 2% down for the dow. that would be a loss of roughly 350 points and with that kind of loss i've got to tell you that all 30 of the dow jones industrial stocks, all of them are in the red. there are 30 of them, they are

he red, they're down, there you go. check the price of oil, it's down about $2 a barrel as we speak, 47 right now. dollar tree, whoa, sinking 7%, they've reported weaker sales because of stronger competition from wal-mart. look at disney, ashley, what have you got on disney. ashley: it's the worst perform erin 0 the dow, lost 15%. it's still up 7% on the year, but right around $100 as that graphic shows you there. $100. this is the stock you've got to look at with "star wars" coming out in december. huge, huge boon for disney, and with all of the merchandising. stuart: none of my grandchildren are into the "star wars" stuff. ashley: they're not the target audience. stuart: the producers says, move on, stu, you don't know what are' talking about. and gaming stocks, known as casino stocks by some. what have you got going on for me there.

>> macao. the v.i.p.'s are not showing up. the v.i.p. junket rooms are shutting down. 15 straight months of losses and it's now at 2011 levels, what's going on. china's central bank saying, you, macao, you've got to do more to to stop big things happening, too, if you're a chinese gambler and show up at macao, they put it in stronger hong kong currency, these guys are hit hard. we're looking at the gambling stock. stuart: it's a china play. it seems like president obama may be have a new hiking buddy with bear grills. they'll hike the glacier and discuss climate change. it will be filmed for the show

"running wild", and howard kirtz, i thought that celebrities went off into the wilderness for 48 hours and drank out of streams. he's not going to do that? >> i think it will be modified. maybe he's secretly jealous of sarah palin. it's strange when the president is trying to ensure the iran deal. and they will not be drinking their own europe, which apparently-- >> oh. >> thanks for sharing that. [laughter] >> goodness, me, i was saying that during the break, i didn't know we were going to say it right there on the air, i'm shocked, shocked. it's really enhancing his climate change credit tensions and pushing up the climate change issues, that's what's going on here, isn't it? >> oh, sure, look, the

president has pushed his health care plan with zack galfinakis, and the lady-- and for a guy who doesn't give interviews, it seems he's done every show on the planet. the pod cast out of a guy's garage. i understand he's trying to reach nontraditional viewers, but this strikes me as strange. stuart: howard, thanks for joining us. it's a busy day on the financial side of things. we'll let you get back to the media. another look at stocks, now we're down 360. that's not quite the low for the day, but it's getting close to it. s&p, nasdaq, all of them down. more varney in a moment. can a business have a mind?

a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive?

>> in a big selloff on wall street. you can expect to see a couple of individual stocks that are down big and we're looking at netflix, down 6%. and we're trying to find winners and we've got one that will be the ford motor company, strong sales, it's up 65 cents. got it? here is what's coming up for you. bernie sanders takes a shot at wall street. this time he's calling it fraudulent and he says the whole business model of wall street must be changed. more on that shortly. >> you ever have that uneasy feeling that all is not well, but there's no one in charge and no one leading the way out? you could be excused for feeling negative right now. things, frankly, look grim. the stock market has taken a very nasty turn. you may think that that's irrelevant to many people, but anyone with a pension plan or a college fund, they're hurting.

china is in deep financial and political trouble and that hurts us, too. ghost cities, ghost factories, a stock market crash, show trials of financial journalists. and the beijing government is losing its grip. a destabilizing china is a problem for everyone. back home we've not stopped the decline of the great middle class, it's shrinking and lost spending power. talk about malaise. seven out of the ten think we're headed in the wrong direction, never been higher. what's the response of our leaders? nothing from janet yellen at federal reserve, she's in charge of the nation's money and anything, but clear about where we're headed. hillary clinton may be the next president, but her campaign is deep in scandal mode, she could be indicted. donald trump leads the republicans and he's taking tax hikes and where is president obama? he's in alaska taking climate change. looking down the road at his legacy not the immediate

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>> dare i say that we're stabilizing with with a loss of 300 points for the dow jones industrial out on a limb with this one. one hour, that's it only one hour into the trading session. and i look at stability. i think not. by we are down 312. where is the price of gold? it is up. 6 bucks higher, but at 11.39

where's apple? it's down, but with not as much -- that's 1.4% that's not as big of a drop as dow or s&p but at 111 on apple. how about facebook? down to 88 dollars a share. only down .6%. only. but at 88 dollars share. how about the price of oil? i think we're down to 46 dollars barrel. 5.5% lore. and andy is one with of those oil guy who is saying and has countily said oil will test that low of 38 dollars a barrel and drop to 35. are you still saying that? >> well, you might be able to toss out my $35 barrel target because the market seems to see a lot of buying at those lower levels and we saw that happen over the last four days. we ran right on up to $49. >> what's going on with the price of oil up 13%.

down 5% today. what do you think is going to be the stability level? mid-40s? >> i think over the next couple of months the mid to low 40s because we still have a lot of inventory out there, and despite opec saying yesterday that they're seeking fair price historic suggests that they're not going to cut production because they're not going to get any cooperation from nonopec produce ergs. >> well if you sit around the mid-40s that still means huge trouble for oil producers all around a the world from russia, to nigeria to venezuela, saudi arabia, this is bad -- a mid-40s stable p price is still very bad news for a lot of people. especially when you look at saudi arabia gone from 13 million people in 1935 to 30 million people an they have social programs they're trying to create jobs. we're seeing infrastructure projects in kuwait get delayed

and these are really the drivers of social stability overseas. >> what about domestic american producers? are they cutting back production when you're in the mid-40s? empleght well, we're seeing it in the statistic. we saw that u.s. production is now declined about 300 barrel a day or 3% from its peak in april and may and worrisome is come october banks are relooking at their credit line toe many of these producers and they're going to revalue the reserves downward by 20 or 30%. now that may force a number of producers into bankruptcy. >> ouch that is a nasty word when you're talking about the oil bankruptcy. one last one on price of gasoline i think you've said on this program heading towards $2 national average for regular. by the latter part of this year, you are holding with that? rming yeah, it is pretty close may not be 2, but 210 and a long way to go through the rest of

the year good news for consumers because price is off another 35 from today. >> that's where we'll leave it price of gas up $35 a gallon by where it is today an oil stabilizing in mid-40s a barrel range. andy we got it. thanks so much andy. appreciate it. >> now this to politics shall we? 7,000 paimgs of e-mails released from hillary clinton's private account. among them 125 deemed classified by the state department. cameron holden is here. now you can say that we're all getting bored with this e-mail thing that we don't understand it, and it is complex. but it is still a huge negative for hillary clinton because it is beginning to go on and on, and on. >> i'm starting to think not. here's why. you -- you guys or maybe not you guys. >> you want there to be -- want there to be some kind of

like treasure-trove of -- i don't know intelligence and classified information about something, and it's not going there. we hear about her interest in petraeus whether or not he's going to run for office, all of these things that you know they're not that exciting. sorry. >> bebut also hear about the ambition of the ambassador in benghazi that is classified information she read it. she said there was no classified information on this server now we have 100 cases of where they are. not going away. it should go away. arguing semantic and the law. the law is that they weren't classified at the time that she spent them. >> that is judgment. what kind of judgment did hillary clinton display when she as secretary of state conducted nation's foreign policy business on a private server in the bonged of her estating what kind of judgment is that?

everybody knows. everybody knows that any server like that could be hacked and will be hacked and if it is the state department server -- >> it wasn't hacked. because we don't have that information. we -- >> say it was not hacked. >> high livelihood that it was not hacked. you're upset because there's no information about that. >> even to take the most minute risk that our risk. state department secrets could be hacked even to make the most minute risk is extraordinary lousy judgment. >> i agree with that. shady behavior. [inaudible] >> president of the united states? >> no, don't put that in my mouth i never said that. but i don't think that it was that she was hacked or classified information in there that you want or some people who may want to find. it wasn't there. >> e-mails.

they were classified retroactively. hang on. people argument help to there was also sensitive conversation about leaders of israel and china, and ecuador in e-mails as well. secretary of state wouldn't have conversation and e-mail. i agree there's behavior here that was unaccept acceptable for secretary of state and having thumb drive hidden and other drive those are all behaviors i don't think are appreciate. but as far as the legality of it, and as far as whether or not she was hacked, i don't think that there's anything there, if it is inappropriate for a secretary of state it is certainly inappropriate for the president of the united states. >> inappropriate is not a law. >> the irs got hacked. [laughter] >> you are -- you know it. >> listen, irs got hacked we saw that they were -- had three firewalls, personal management got hacked. dick cheney is saying share had

my perm share. but we do not have information that she was hacked. [inaudible] >> okay, totally wrong i have to move on. the socialist and democrat presidential hopeful name is bernie sand rs you're aware of him he's taking aim at wall street. here's the quotening that business model of wall street is a fraud. these guys drove us into the worst economic downturn of the industry i think that added again. all right tamara let's not deal with what happened in 2008 but the issue of fraud. can you tell me how wall street is a fraud? i can't other than his message has been the same throughout his entire term as a senator. >> belong for all of these years. >> you can't say that grow haven't since 2008. >> cashing in and playing politics like everybody else. but we have a huge disparity here.

we have a income disparity a lot of money at the top. >> what does that do with fraud? >> he recollected say that he's going to call certain people to -- to trial, and make people accountable which i don't think he's going to do. because at the end of the day all of these politicians are taking cane of by the big bank and all of the money people with all of the money. right? where else are they getting their money? >> bench strength from the democratic side do you? >> i like biden. [laughter] why am a i not surprised? >> biden -- time sup. >> but nice try. prchght his message has been consistent we can't say that about a lot of politicians. >> is that a virtue being king thely wrong is a virtue. >> we're amazed that you keep coming back for this please do -- >> i like getting beaten up by you. [laughter] tamara holden.

my full interview with republican presidential candidate, governor scott walker is a clip of what he said about building a wall along the canadian border. >> pointed out that a voter came up to me at one of our recent meetings i believe someone who had retired in law enforcement, and exprestsed concern that there wasn't enough staff in the federal government to work with local law enforcement along the northern border counties and i said that's a legitimate issue. that should be addressed. i've never tacked about building a wall on the north. >> that's interesting because we brought that up because he's attributed to saying let's build a wall to keep on the canadian u.s. borders we're going to do it for southern border as he pointed out didn't actually say that. issue worth looking at. >> he did. >> legitimate issue to look at that was exactly what he said. now washington post is picked up on this this morning, washington post says that's a laugh out loud ridiculous idea. see, they have taken -- put words into their mouth.

>> go running 100 miles away. i would say that illegals come into this country by airplane too. so may not be effective anywhere. >> holden is still here. you think it is a good where had to build a wall here. >> unreasonable. all right. time for the sector report we're looking at tech stocks taking a hit today including big etion of them all which would be apple down 1.3%. netflix, amazon and microsoft i do own some of it down 2%. big losses in big name tech stocks as we speak. coming up here's a blast from the past. there's talk that mitt romney is talking to political donors. yes. more of varney next. a mouthbreather! how can anyone sleep like that? well, just put on a breathe right strip and pow! it instantly opens your nose

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at boeing, that's what building something better is all about. ♪ >> good morning from the floor of the new york city stocks exchange u.s. stocks are down across the board 2% with the dow up 332 points. the s&p, the broad market average up 9.9% this index compromised of small caps, stocks are not multinational. stocks that do not have accident pow sure largely to china. soviet union though it is down one and a half percent. rest, though, still out performing, the broader indexes. oil the story today. price of crude down, oil company among and exxonmobil. chevron all down around 3%. cop up in excess of 4% right now.

technology backest sector. net flick apple. facebook been showing you declines all morning. much more varney & company after this.

>> not quite the low of the day but down 16,100 price of oil is falling, in tan dumb with stocks down 3 bucks bairlg at 46. gold going up, but not by much. a $5 gain at 1138. to politics, donald trump not sowpgding very conservative former governor maryland joins us now you're a republican. you're pointing out that donald trump -- he's raising taxes at one time they like to single pay our medical system are you beginning pushback of conservatives against donald trump saying trump is not very conservative. >> sir can i say something about your last segment? tamara has the toughest job in television. having to repeat hill re's talking points and expecting your listeners to actually buy it. i respect her. >> hold on a second because tamara is still here.

>> tamara you need a raise and i'm going to represent you. [laughter] >> there's an offer. let's get to -- 10%. i think stuart that this is fair. this is his record. obviously, he's gone after justin bieber bush for example and other leading republican candidates on their records, on their statements it is fair, primary season, and, obviously, trying to get ahead in iowa, new hampshire i think there's a little pushback from republican base. but if you look at the polls his appeal has not necessarily been base republican vote or in the first place. younger votes, liberal moderate voters at least according to the poll, that sort of has been his base where republican base voters have been chopped off with more establishment candidate. >> i want to raise this issue out of first thing this morning, mitt romney, there is talk it that he is talking to donors. what do you make of that?

>> you know, i love mitt. i love ian still bleeding from the last lx. i can't believe 3 million republicans dnt show u. it drives me crazy when i see what's happening in this country. our culture, our economy. over the last eight years you talk about it every day. but i think it is a hard sell at this point particularly given mitt's statement of not that long ago. request 6, 8 months ago on not running. on not running running this cyco revisit it now with a field of 17 opinion all of the acrimony will will be. looking at a safe haven now that they see quote unquote outsiders meeting in iowa doing well in new hampshire. >> diewngs that a republican establishment kawnt that is just about everybody other than trump, ben carson, and -- carly establishment republicans. can you see any of them winning?

>> you talking about outsiders? >> yes. politicians any of them win? >> look at iowa huckabee did well. rick santorum did well. they did -- establishment candidates but, obviously, very socially conservative. you have to wonder their appeal in the general election. so i think that the way this comes out with regard to iowa, with the most socially conservative candidate typically wins. new hampshire just the opposite more libertarian sort of candidate kasich is doing well there now. going back to south carolina, back to more religious right, social conservative in florida so we're going to have a crowded field going forward. but who wins, iowa may not necessarily be a precursor to the no, ma'am kneel. >> we hear you thank you for joining us we appreciate you. thanks very much. by the way, we still have tamara holder with us just informed me

that she voted for mitt romney in the last election. what? not staying here just to get extra points. i voted for him. i was unhappy with barack obama. hope and feel good -- thingings that he said he was going to do didn't pan out, and sure, i don't necessarily think four years is enough time for those things to happen, but i felt i was taken advantage of and mitt romney was a good candidate, however, he's a stick in the mud can't come back. >> you side with republicans you lost your job at the dnc. tamara thank you for joining us. >> now i get a raise here. [laughter] >> or more varney in just a moment.

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>> and welcome back everybody, the order sales number for august are out today. jeff flock has all of those numbers and jeff, experts say this year, it is a bit different from last year. right, why? >> it is, the stock market may be in the the tank today but not because of the sales although it may look poultry ashley. look at the number front seat big detroit three they don't look that great but this august fewer selling dayings also labor day autosales did not get posted this this august as they did last year.

if you look at the big three ford actually pup 4.5%. a fiat chrysler 65th straight month of sales increases. gm down just a little bit. but as i said given other factors things are very good and they all beat expectations. what is selling today? well, just take a look at a couple of them. we went through the fiat chrysler numbers. jeeps again mainly vehicles that are larger, that don't worry about gas mileage like the jeep cherokee up 44% for the month. what about the jeep patriot that was up 36% for the month. i didn't tack a picture of the jeep because it is ugly that was up too. also trucks did well this month in honor of stuart varney i will report on the van sales down 47%. i don't know why except vans are ugly and silly. >> jeff has a old fashion wind

up. >> i like the crank. a way to roll -- >> thanks very much. >> stuart varney saying i can't believe you're bringing up my car. but first a full -- full two hours of varney & company now in the books here's highlights more varney just two minutes beep >> biggest problem we have with china and what started this selloff was when they devalued that are currency something nobody expect sod that really started this massive selloff , to answer your question china down percentage points has no impact on the u.s. >> president pushed his health care plan with zach and youtube lady who took the fruit loops for a guy who doesn't use news anchor or talk to correspondents he talked to liberal columnists he's done every show. podcast out of this guy's garage.

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>> 11:00 eastern time, let's get right at it. down we go. the stock market is aling puff down 338 as we speak. those are all of the 30 dow stocks all of them in the redding that means they're all down. look at some of the biggest losers within that dow industrial complex. exxon, mike can microsoft intel all of them down big. all of theming down stocked. s&p 500 where's that, it is down sharply, and there's big losers in that index as well. murphy oil. corporation you name it they're down. more of them tech stock this is time. down big some of the bigst names down 6% and rest of the following suit yahoo! tesla, gopro alibaba bouncing to tune of 9 cents.

gone through the china names up there. alibaba down about half percent young brands micron technology and chienl related stocks are down but not as much as other sectors specifically energy down 3 or 4 or 5 or 6, or 7% for energying energy stockings are down. why is that? look at the price of oil down to 45 dollars a barrel this morning. another whopping date -- great being move to the downside today 6.7%. you know, we do used to do this every single day, we've neglected it today gasoline is down again. [laughter] smile. what happened? >> joined now but governor scott walker republican candidate for the presidency governor good morning to you. >> thank you for having me on.

glad to be on. >> a lot of our viewers are hurt now 401(k) plans are going down big time. who do you blame? >> well we need certain instability in the market that means we need certain instability to america. we need a president who is not focused on other finishes but helping the people of america create more jobs and more opportunity, andening it is part of the frustration a lot of people realized that washington, they think grow in washington is the key. growing the economy outside of washington is the key. >> that's not broken through has it? that message hangt broken through at this point. finger of blame is at china or federal reserve, and certainly president obama's economic policies. but the idea of growth it is not broken through to the front ranks has it? frustrating things i started talking about it when i started my campaign last month and here we sit a month and a half later talking about other issues when it is about growth. how do we grow the economy? over the last year or so we've seen a particular top ten in

america. you know they were in washington d.c. because -- 100 people like president obama and hillary clinton they think you grow the economy by growing washington, and k street. i think we grow it by growing economy out in cities, town and villages across this country. best things we can do is get the government out of the way. >> have you been trumped by that i mean donald trump has made headway you dropped back in the polls. have you been trumped literally? >> a little bit of that out there. but remember the only poll that matters is one on election day. i note that many times in the best when i've been counted out in previous elections we came through to a victory. remember last time we have open race for president, another new yorker rudy giuliani out in front along with fred thompson ahead by john mccain and mitt romney and then democrat side last time there was an open seat hillary clinton at this point was ahead of john edwards and some guy by the name of barack

obama. a lot will happen between now and the next election. >> later this month, with china's premier rifes in washington, d.c. for a state visit. you've said cancel it. baring in mind what's going on in the china market right now. you want to cancel that visit? >> yeah this is something that is one of our highest rewards that we can give to a friend and ally out there with a 21 gun salute on the south lawn. i think most americans would question why we're giving salute to this kind of prestige to a country that have been involved in cyberattacks again our own federal government. the u.s. government -- millions of people to information -- >> it would be a huge diplomatic insult to china. you really want to do that at this time? >> well, i'm not talking about not traij or talking about not communicating, but when you give a state visit. when you have an official state visit this is one of the high test rewards to give to a country after -- all that has been involved of

late this year alone with the cyberattacks against their government. putting millions of people's personal information at risk looking at what's happened over the years particularly this year with advance in the international waters and creation of new islands in the south china sea if there's ever a time to push back isn't it now? what more do they have to do before we say no, state visits not appropriate out there. i think there are legitimate concerns out there. oz you know just efforts to dell value currency and i think ongoing concern about manipulating economy not just currency but economy in terms of subsidizing businesses that compete directly with american companies and workers and in terms of intek intellectual property theft. >> you said building a wall between the united states and canada 5,025 is, quote, a legitimate issue to look at. this morning washington post says that's a laugh out loud ridiculous idea -- what's the latest from you on

the qawl? aye talked about infrastructure and special and to do that. because the laugh out loud is that the media like "the washington post" can so misinterpret something misremove on the morning show when is scbdz that. i pointed out that a voter came up to me at one of our recent meetings and i believe it was someone who retired in law enforcement expressed concern that there wasn't enough staff in the federal government to work with local law enforcement along border counties that's a legitimate issue to be addressed but not talking about building a wall on the north but a classic example from the next without looking at the source. >> okay governor walker thank you indeed for joining us today we appreciate it. >> thank you. >> there we have covered a lot

of ground with the governor including the idea of canceling state visit from the premier of china. let's bring in rick who was our guy at the united nations. i want to pick up on that idea, of counseling a state visit from china's leader. now, governor walker said yeah he would do it. because this is a good time to do it. what do you say? >> what a great interview because you got him to substance i think we food to do a lot more of that substantive exchange. on his specific idea of canceling the state visit. i think it is a great idea. governwalker is showing that there are consequences for behavior and he's exactly right. that a state dinner, is culmination of the celebration of the relationship. we cannot be celebrating a relationship with china. you look at the fact that they have hacked us. they have packed my personal identity because they have told us the last ten years of anyone

who has had a tom secret security clearance, we have all of your information, and all of your family's information. then use look at the south china sea. this is not a relationship that we should be celebrating and he was very good governor walker was good at saying look i'm not talking about canceling trade with them. but we need to be able to have consequences for action it is and that's one thing we don't have now. >> but rick i'm going to disagree with you because -- [laughter] don't laugh it so seems that wee got leverage at this moment in time china is in deep, deep trouble they the need us. we're in a terrific position to exploit that lerchl. now i'm not saying that president obama will exploit that leverage. but he could. by canceling a visit you get rid of that opportunity. this is a time to place muscle on chienl because you can.

bring it in and let's use that leverage. but you've got to look at the reality of the situation. we have a president of the united states that has failed to be tough on negotiate a good deal at every turn. i actually fear the opposite. i fear that if we bring them in and given them a 21-gun salute and sit them across the table from president obama, and suzanne rice they're going to walk away thinking well that was easy. let's just helicopter doing exactly what we're doing because we got no pushback. >> i want to real fast i want to talk about the state of china's government. it seems to me that the authority are losing their grip. they're trying all kinds of things to get the economy going prop up the market, this that, and the other they're losing their grip. am i going too far? >> i think you're right. china organizes with the developing nations. they have hundreds of workers inside china because they can't feed their people. it is a serious problem internally.

>> rick thank you very much for scrambling with us this morning. we have a lot on our plate and china is one of the big dishes right there. thanks very much, freerkt it. staying on the market. down 300 points for the dow jones industrial average. 62 is where we are. holding at a 300 point loss this tuesday lunchtime. come on in, tim kourtney from you better pronounce this one -- wealth advises is that what it is called? >> you got it. yes. >> with a british accent it sounds okay. [inaudible] down 300 points people on the people say jump in buy some of the big names cheap. buy some of the dividend plays now, and other people who say that ain't over, stay away. what say you? >> well, in our client port polio we've been advising get

cash put to work. it does make sense to buy some of these companies that aren't going anywhere. there's still producing, they're still selling making profits, about it makes sense to pick them up at 10 to 15% discounts and some areas of the marketplace companies are down, you know, in bare market territory. you know, 20% down from its prior peak so makes sense to put cash to work. you know, one thing that's happening in markets we think is that markets are reverting closer to their lom norm from 2012 through early 2015, the volatility of markets was less than half of the long-term average back to 1926 we've had a quiet period from 12 to 15, and what's happening in market it is now is more normal -- >> this volatility is closer to the normal patent of market behavior. that means -- that it takes a very strong

summit to jump in and put your cash to work as you suggest. because you don't know how far this thing is going to go down. when you talk to clients i don't know whether you talk to individual investors but when you do, you have to be -- very conscience that they're very nervous. >> for sure. for sure. yeah, i think you know it has been a while since we've had a 10% correction. i think 2011 was last one prior to where we are right now, and so certainly they're nervous. but we also remind clients that, you know, expected returns from markets or in somewhere in the 8 to 11% range over time. but you don't get returns for free, and the cost to getting those 8 to 11% returns over time is we have to be able to put up with the market volatility, so in times like these, i think there's a saying out there that when you have large market move, that stocks return it their

rightful owners, and -- a lot of people who have put money to work over the last couple of years when markets were quiet, they tend to sell out. and this is where you pick up good bargains. >> all right tim you got a strong summit let's see if our viewers do too. tim thank you indeed appreciate it. >> you too. president obama is in alaska pushing his climate change agenda. we'll deal with that in a moment. first look at this dow 30, a sea of reds is a big day for your money. all of this on the downside. back in a moment.

>> dare i say stability with a los of 300 points been for the last three or four -- 30 or 40 minutes down 3h that's where we are. tech stocks look at them please down pretty much in line with the market, except for netflix which is down 5.8 pbility. tech stocks again more of them yahoo! tesla go pro alibaba.

twitter they're down all across that board. especially gopro. gold is up not that much. 7 dollars higher, .6%. and while there is trouble just about everywhere. our president is in alaska. listen to this. human activity is disrupting the climate in many ways faster than we previously thought. the science is stark. but it is sharkening that proves that this once distant threat is now very much in the present. >> later today, the president will be hiking exit taking boat tour, filming tv survival show all part of basically the climate change push. here with us from town hall. guy what do you make of this? we've got a 300 point drop for the dow jones industrial, china at sea, so to speak, immigration

crisis in europe and america and president son about climate change. who do you make about this? >> he believes that this is a pressing concern voters do not i'm not sure if we should follow the polls but see hyperbolic rhetoric that he's attaching to the climate change push. but he can get through congress when congress has a veto or filibuster proof majority in 2009. they couldn't enact cap-and-trade so instead president is trying to do it exclusively through regulation and to justify it, he's really using quite a lot of fear mongering. >> guy he's going through the united nations. he's going to the big paris pow woe in december and he's already promised that -- we will contribute or be part of the contribution of the 100 billion dollars a year starting in 2020 that would be distributed to third world country who is will use it to mitigate climate change -- reaction.

now that's extraordinary. he's not going through the legislature he's going through the unites. >> not or for the legislature he's a post constitutional president and stuart we can get into the science there's been a 15-year pause in terms of the climate or at least temperatures global temperature it is increasing. he's trying to draw a causal parallel or relationship between climate change and the climate change, and a extreme weather events that says there's a lot of science that disputings that. but that i think political problem that president obama is going to run into aside from lawsuits which have basically come out against his administration for these power grabs, he has really lost a lot of credibility on one issue after the next. he has vastly overstated his case for obamacare. for the stimulus. benefits of the iran deal you go down the list he makes lots of big, big claims that do not pan out in the end. i think a lot of americans will look at the president's alarmist rhetoric and say okay, even if

maybe we ought to do something about climate change, a, can america do it unilaterally without destroying our economy and making any dent whatsoever in the problem? and a b, is he telling the truth? to the second question lots of americans have tuned him out. >> guy, i spoke with governor scott walker earlier. i asked him if he was worried about donald trump. just listen to this for a moment. >> only apology that matters is one on election day. many times when i've been counted out in previous elections we came through to a victory. remember, last time we had an open race for president. and oughts new yorker rudy giuliani out in front along with u.s. senator fred thompson ahead by guys john mccain and mitt romney. going to make a comeback trump is up in the polls. what do you make of his statement there, guy? is >> that's something that he has to say. he's going to say you're right it's over i'm done. there's a lot of time now between february of caucus.

i'm not sure that the parallel between giuliani or trump is apt because he's been leading and gaining momentum and attracting disproportionate amount of coverage for months. many, many weeks on end not a flash in the pan so i think that big etion concern that if you are the walker campaign you're looking at the polls in iowa there's a new one that came out this week that had trump, carson, fiorina. scott walker in single digit health care not turn in a lack luster performance in iowa. pmpleght he won't get the money if he doesn't improve in the polls that's for sure. guy benson thank you indeed. >> thanks stew. >> another day, another hillary dump 7,000 pages newly released last night. any new surprises? we'll tell you next.

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>> still down 301. looks at toyota the august sales in the u.s. down almost 9% that is compared to august of last year. stock is down about 2.5%. 115. state department releasing another 7,000 new pages of hill rei mails last night . blake burman in washington with dell a lots.

within those 1125 e-mails are redacted many of them heavily deemed as having information that is now classify. those e-mails involve many of hillary clinton top advisors discussing intelligence matters, concerning countries like iran, russia, and china, and organizations like the international development bank, and the international atomic agency. here's one example one real quick. huma abidin she's been in the news she sent clinton an e-mail in 2010 entitled from our embassy in china, almost the entire body of that e-mail what is since been redabted majority are unredacted but clinton joked about having multiple e-mail addresses for example in 2010 she wrote to susan rice please feel free to use whatever my current address may be any time. clinton as you know now defense her e-mail practices by saying nothing she e-mailed was marked

classified at the time and as for state department that he came by the side saying it is routine to upgrade classified information. >> blake thank you very much indeed. jeb not looking so strong right now. will mitt romney jump in to save, quote, save the establishment. that is an ongoing story interesting enough. we're watching your money and going through some of the big name stock ises that you know all 0 of the dow stocks are down all in the red. charles payne, up next. do you want to know how hard it can be to breathe with copd? it can feel like this.

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stuart: town 311 points as recently clear that it's almost 2%. oil down about $3 a barrel, back to $45 a barrel. gasoline down to 45 international average in madison in the chair about. look who is here, charles payne. we like to think of charles is the voice of reason. here's the story appeared on this program today, after the analysts interviewed say it's going down further. don't touch it with a 10-foot pole. others have said great buying opportunities. given there, by some big name tags. where is charles payne?

>> i am leaning towards the latter. on the 21st i put out a special report to give viewers a night 13 stocks. for monday's opening much of friday's close they were up anywhere from 13% to 40% in one week. i'm not a big advocate of the trading but a lot of them are still appeared they spoke with $78. apple is under 100. i also like what i'm seeing with respect to core domestic plays oversold. i haven't gone lawn yet, the united rental. we had a construction number feared a market in a press because it's not insignificant. loving homes and buildings. you've got to have cash and be prepared to take losses. stuart: you've got strong enough stomach. >> for my experience with prescribers and twitter, the

overwhelming majority have been cool. what they are frustrated about is the fact the volatility is not their fault that they have to suffer through it and they make mistakes because of it. who wouldn't. a thousand points at the open last monday. who wouldn't sell it if your first ration. stuart: you must know a lot of people who sold in march 2009 lost their shirt. they sold out the low and never got back in. >> since 1976 there have been six falls. i've been involved in every single one of the broker in the list. if you can get people to hold, you've had a major accomplishment. at that point skepticism was so high people threw in the towel. trained to have you tried your eyes yet? last night charles said goodbye to his 18-year-old son, sent him

to london for a year of school. his 18 years old and charles said goodbye last night. tears were shed. ashley: he's going to have some fun, charles. a young man 18 years old goes to london in areas. >> i'm happy for them and proud, but it's the ultimate definition. stuart: to realize the drinking age in london is 18. >> last week we were in bermuda. after the first one says guess what, you drink at 18. stuart: we wish you the best. if you want to make some money with charles payne, the best and most successful "varney & company" spin off today. 6:00 every weekday night.

stuart: silence on the set. back to politics. with republican voters largely focused on trump, jeb and carson a report from the national review says some of the parties biggest donors feel little bit underwhelmed by options. they long for the days of mitt romney. while romney said he is not running, for now many keep their wallets shut and hope he changes his mind. with me now is alexis levenson. is this your story? are you the one that did this? >> it is a serious story because i understand some of the donors are talking about mitt romney again. is that real? >> i think it really is real. there's a photo of a guy who would number stickers made 2016 i told you so and it's driving

around with them. people seem to be holding out hope for the slim chance rummy could change his mind. stuart: jeb bush lied then governor walker's side and none of the others, front and center. it is desperation to go searching for mitt romney, surely. >> it has been a rough couple of months for establishment republicans watching trump arrives and the guys they file for the serious maybe romney asked contenders just really struggling to deal with trump and everything that has come with him. walker and chad, two of the more serious seeming candidates have not handled trompe l'oeil at all. stuart: how do you think the republican party is going to handle trump? if he wins, he wins. what are they going to do? >> i've heard every theory in the book. at the moment people think eventually it will fade away naturally the way of a lot of

candidates at the top of the polls in august. stuart: do you think either way? >> i go back and forth i thinking he's gone by december and we arranged for president donald trump. this is defying all the roles of political gravity and i have no idea anymore. stuart: i am with you all the way. many people don't have any idea what is going on here except the nonpoliticians are losing ground in the running is being made by donald trump, ben carson, carly fiorina, not established politicians. that is the new thing i think. last word to you. >> yeah, i totally agree. it has been very -- not what we are used to seeing. in 2012 with nonestablishment candidates and not just that they came down quickly and these guys keep coming out there now.

new rules i think. stuart: a lexus, thank you for joining us. we appreciate it. i will spring a question on our guys right here. you've been awfully quiet. have a not a word from you. we haven't given you the buzzer at all. do you think trump will be president of the united states? >> no, i don't. we are a long way off. the iowa caucuses are in february. we have a long way to go. ashley: that one of going with someone more established in the political field. that is done great, further than i thought it would. he has led the whole way. you never know, which i love. cheryl: he has changed the discussion. i hope his enemies in the gop are watching this and realizing they need to pay more attention to who america has come. the gop needs to figure that out or lose the election.

stuart: i'm glad you say that because that was in a statement. the donald taking a social media, specifically as to graham. his latest attack on opponent jeb bush. dare i say it, it is working. charlie gasparino is here on not. -- find that

it's the little things in life that make me smile. spending the day with my niece. i don't use super poligrip for hold, because my dentures fit well. before those little pieces would get in between my dentures and my gum and it was uncomfortable. even well fitting dentures let in food particles. just a few dabs of super poligrip free is clinically proven to seal out more food particles so you're more comfortable and confident while you eat. so it's not about keeping my dentures in, it's about keeping the food particles out. try super poligrip free. >> welcome to the floor of the new york stock exchange where stocks are ever back so

slightly. the dow is still down in excess of 300 points. about 2%. the calendar savvy for the open this morning with a new set of weak economic data out of china. the cellars dug in after u.s. manufacturing came out a little later also showing the deepest level since my 13. crude oil giving all of back its recent gains down 7.4%, snapping a three-day rally with the oil companies in the lyra bread today. across the board, service come equipment, all down today. financials down 2.4%. telecom down 2%. much, much more coming up right after the show. stay with us. just wanted to touch base. we came to manage over $800 billion in assets, through face time when you really need it. it's how edward jones makes sense of investing.

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i was like, wow, if i could save this much, then i could actually maybe upgrade a little bit. and it was just easy. usaa, they just really make sure that you're well taken care of. usaa car buying service. powered by truecar. online and on the usaa app. stuart: developments out of china truly fascinating and to some degree disturbing. cheryl casone committee of creditors on the arrests come a detaining of the leader. >> essays chairwoman of a hedge fund, mann curve. this is one of the biggest financial firms in china. they have detained her company might as well say arrested to talk about market manipulation. her cell phone is off and she is in the hand of personal authorities about 48 hours. journalists called, her husband picked up and said she is speaking with relevant industry

authorities. she is actually being detained by chinese police. what they are doing is frightening. we are tied to china. our markets have been selling because of what happens in china and this is how they deal with it? harassing, threatening. this is disturbing. ashley: 197 people had been detained. cheryl: but she is so famous. she's a very famous women in china. stuart: there was a show trial on tv were a journalist admitted he had been wrong, faking reports are confessed. a public fashion have been right there. this is in china, a big deal. transfer a communist country is doing. three decades now we've all been questioning whether the data out of china was correct. stuart: thanks for the update. look at the big word because we

are down 328 points. i'm not going to use the word stability but we've been down 300 points for about an hour. 16,205. the price of oil straight down. big name tech stocks down on the dow industrials 325 points. charlie gasparino is with me now. before we get to you, take a look at mr. graham, the one posted last night by donald trump having a go at jeb bush. >> yes, they broke the law, but it is not a felony. it is an act of love. stuart: ineffective. and by the way, free. you put that on answer graham, very easy to produce.

valencia because trump is followed by millions of people. what is the headline? >> and false. we should say the fox business network was first to report that the campaigns were preparing to do attack ads against donald trump. all of them denied it at the time, meaning bush, walker, rubio campaign and now the bush campaign has essentially unleashed its own attack ad against donald. stuart: i haven't seen it. i am just an answer graham. you are now telling me -- >> i will say this. the difference between the bush ad in the trump had is the bush ad is accurate. when he's talking about love, he wasn't talking about the handful of illegals out there killing people. he was talking about people that want to come here and start a new life can bring their

families here. i am not in open borders guy. that's "the wall street journal." what trump -- the words he put in his belt were wrong. if you watch the jeb bush video, it is in donald's words supporting hillary, supporting single-payer, supporting abortion, basically dancing around the issue of late-term abortion. stuart: was against a program or video? >> youtube. you can look it up and it is accurate. stuart: i spoke with republican presidential candidate scott walker earlier today. just listen to this. >> how do we grow the economy over the last year or so a particular top 10 wealthiest counties this past year. they were in washington d.c. because under people like president obama and hillary clinton they think you grow the

economy by growing washington and k street. stuart: his message of growth has not broke in through. >> he looks unsure of himself. we are talking about superficial stuff. president obama looked the part when he ran. scott walker and his dancers into maynard does not like clicky to be president. republicans last night, many guys from wall street and every one of them said pressure on romney to get into the race at some point. they are saying it now. the reason why is it is a vacuum. when you have someone like donald ray personally like, but some of these are out there. i still doubt whether donald is a conservative. he found a couple of wedge issues he has run on double guarantee him a place at the can and should in 15% to 20% of the vote.

in that vacuum that he has created, and the global walk-in. cheryl: how do we also reported the gop leadership urged him not to run. >> i don't know about that. he might be. stuart: you are talking about mitt romney, desperation on the part of republican. look at what is going on. >> o'reilly said something last night that i've been saying for a long time. he didn't call her elite clinton planned. but she is benefiting from donald trump like no tomorrow. stuart: tough day on the markets. the dow was down 300 points, then that way since the opening bell. despite the lows, think of a silver lining. there is always some winners and there are some. we will have a list for you after this.

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stuart: lots of losers on the market today. adam shapiro has a list of winners here to start with number one. >> about 2%. our clay is $71. even though solar is having trouble, alternative energy.

use our jeff flock had to say this morning. sales up 4.5%. ford is saying the u.s. auto market at 17.5 million units, haven't seen that since the great recession. stuart: you get a 4% dividend by the way. next one. >> that may not be good in the case of a $1 billion revolving line of credit it is good for biogen. stuart: it sure is. 1.3% not bad at all. >> chipotle has partnered with tapping go, which is a mobile lab that will help them deliver food to the people who need it most. college students, college campuses. saturday night at 1:00 a.m. in the morning. stuart: overpriced rice and beans delivered to your door. >> american airlines, deutsche bank switch their call on a

price target of $54.71. stuart: it is not a very long list, but it is a very blessed. >> will talk about it throughout the day. stuart: the dow down 314-point. have you checked your 401(k)? you probably don't want to, but you really should. gerri willis is here and has advice for us. don't look at me like that. >> i am looking at you like nothing. i say don't sell and here is why. you don't know what will happen next. you have no idea. if you sold at the bottom of the market in 2090 would've missed one of the greatest bull market center. hedge fund managers did just that. remember how skeptical they were. the market is up 180% since the 2009 low. i'm not saying it will do that again.

i am saving can predict it. it is unpredictable. i want to show you some background points. 401(k) balances by year. with 2014, 91,300 according to fidelity is the balance of 401(k)s that they service. they have been on fire. stuart: if you sold in 09, you wouldn't get the $91,000. >> that is absolutely. asset allocation is your friend. then many hedge fund managers solve their heart out. stuart: asset allocation. almost got the buzzer. >> no buzzer? everybody gets the buzzer. stuart: would want to disappoint you. dow was down 320. more "varney & company" after this.

:.

. >> he makes lots of big, big claims that do not pan out in the end, and i think a lot of

americans will looked at president's alarmist rhetoric and say even if we ought to do something about climate change, a, can america do it unilaterally without destroying the economy, and b, is he telling us the truth. to the second question, lots of americans have tuned him out. stuart: there you have it, by it benson on america's reaction or his reaction to president obama on climate change. he's in alaska right now doing the climate change thing, so to speak. viewers have been writing in on various subjects. first off the 2016 presidential race, john said this -- good point. paul says -- cheryl, no buzzer for you yet! >> i know! where am i. stuart: what do you got to say, trump's putting it right out

there. >> i reiterate my earlier point. this is great entertainment, and discourse, but i don't think he's going to go. >> he's great for the process. stuart: he's been interesting. we're out of time. look who's here in for neil cavuto. our friend. >> hey, guys, new months but same old wild market, i'm charles payne, neil is back tomorrow, maybe he'll bring the markets with him. the dow is down 300 points and the market in volatility overdrive. these are the major swings, off, all the major indices down 1%. the dow jones industrial average down, the blue chips off 2%. selling frenzy. market pro jim lecamp says the fed is the one we should be worried about and they're a bigger thorn in our side, jim, state your case, buddy. >> look, the federal reserve board needs to have two more mandates, they have the