optimistic. >> dagen. >> that's unusual and i will be too we have about half of the s&p 500 is still yet to report solet hope for better revenue. >> see the glass half full cease the day everybody. have a great weekend megyn. >> quite a day to cease and good morning everyone. big tech, well it went up like a rocket. today, two of the biggest name on dropping just as fast. look out below first amazon a gigantic is coming half hour from now down what about 6% premarket. that's 114 dollars down at 16.67 per share it's about 400 away from its recent high. alphabet as in google a major loss there too. we're looking at about 4.4% 50 bucks down on google both of the companies amazon and google they reported last night.

both showed slowing sales. that's what's bringing them down. they went up on stellar revenue growth stellar sales as that growth rate slows. look at the nasdaq look at it tumble that is index that reare flects technology companies. as for dow industrials down triple digits. roughly 200 to 150, 200 points down but i have to tell you again, we have no clue how this market closes out this friday often. let's get to the economy, got some numbers from july through september. it grew at an annual rate of 3.5% pretty good. keep this up and 2018 will go down as strongest economic performance in a decade. this just coming in at us. johnball ton national security advisor says president trump will meet with putin in d.c. and stand by please we have news from the border as well. "varney & company" is about to

begin. another breaking story just coming at fuss fbi confirms an 11th suspicious package this one addressed to senator cory booker. democrat, new jersey, it was recovered in florida. we're also getting reports of a suspicious package at the postal facility on 52nd street in manhattan. there's no word whether that package is at the post office is at the post office if it islinged now to 11 passages sent to prominent democrats that's the news own suspicious packages to migrant caravan yes still headed for southern border and president trump is considering a plan to close the border. what do we have sue? >> that's very clear he's considering options at this point. so get to the statement the white house is considering wide

range of administrative and legislative options to address the democratic crisis of mass illegal immigration he says. no decisions have been made at this time. nor will he forecast the smuggler or caravans with precise strategies will or will not be deployed so we have considerations right now from department of homeland security do they deploy more national troopses so we know mattis might be the point but 800 troop just to make sure that the border, of course, is taken care of. 7200 are part of this caravan at this point 1,000 miles from the u.s.-mexico border. >> and heading north. suzanne thank you very much indeed. let's get to your money because we have a lot of news on that. lackluster reports from alphabet and amazon weighing heavily on all of the tech stocks this morning. market watcher michelle mckenen is with us now is this the end of the gigantic big tech run areup? >> of course a diversifier say absolutely stuart but probably not. but not end.

>> not the end. i wouldn't be surprised if you see new highs here shortly but trees don't grow to the sky. eventually pullbacks happen. and a let's be honest, amazon earnings weren't that bad. 2.9 billion profit, that's the profit you got if t it. that's pretty good. look on the big screen bigs at 1660 microsoft 105. google just over 1,000 bucks. all a apple 216 you think that some of them will get back and go back to the highs that they were at what a couple of months ago. >> because i think broader market will reach all time highs shortly again. >> which one? >> which of the five? >> i think amazon has a lot of potential because they're doing a lot of infrastructure spengsding in terms of long-term projects. facebook i don't know. there's been a lot of negative headlines. microsoft, i mean, microsoft might beat amazon for the largest -- market cap and then alphabet who knows apple got a lot of exciting things in the pipeline. >> so you're not prepared to throw in the towel.

>> no. >> for all of the views like myself who have a little bit of the action here don't sell? >> no. >> really -- okay. optimistic. >> i love it on a friday morning we'll take it michelle america kennen i want to stay focused this time on amazon look at the board down 124 at opening back to 1657. burt is with with us. he follows amazon and he says, this selloff minus 124 a share is overblown gone too far. make your case. >> way overblown stuart the analysts who are having issues with it are menus society moron. >> they've never run a candy store. you look at amazon 300 increase in sponsor advertising it can go from 10% of searches to 60 to 70%. you look at aws amazon web

services, they're going to dominate retail every quarter, there's increase in sales is more than gap and banana republic and old navy combined by this time next year increase is bigger than target and two years by now quarterly increase bigger than had the entire annual sales of any retailer in the world with exception of wal-mart. so michelle pointed out, this is a time to go goldman sachs just reaffirmed worldwide conviction 2,000, 250 a share we've been on amazon with you from 550 a share to target of over 2,000. goldman sachs came out after that -- report -- yes with amazon down 120 bucks and they say no -- this thing is going back up to how much 2,250 they did it to goldman credit they did it last night in overnight amazon at that point was trading minus 165 a share.

so confection of a analyst and they've gone too far. >> and michelle pointed out, everything long and strongs with exception of facebook with the investigation. >> burt michelle he's with you on this one. buy amazon at 1658 see how that works. news on economy this morning with the first read on how strong the economy grew over the summer. that's july through september. brian west with us first trust advisor first chief economist there 3.5% annualized growth i was looking -- i'm sorry but i was looking for something over 4. have i any right to be disappointed? >> no. you should not be disappointed you know we have trades and inventories pieces that go into gdp. the underlying economy has accelerated. there's no doubt about it. you know, we were used to 2% real gdp growth from are 2010 to

2017. but then we got the corporate tax cut then we have deregulation with, we still need spending cut. we have to have them. but the first two tax cuts and deregulation, have now pushed the economy up. the past year we've grown 3.1%. so that's a 50% acceleration in economic growth. earnings, by the way, are up 26% in the third quarter over last year. and a the stock market is only up 5 so what's happened is p.e. ratio have compress sod we have an accelerating economy, and a cheaper stock market web and so i'm going to be in agreement with everyone who spoken this morning. and say, this stock market is going bounce out of this and go to all-time highs. >> wow. i'm trying digest all of this surrounded by a sea of red arrows pointing south for just about everything. for today. >> surrounded by columnist and market watchers who say don't worry about it we're going back

up again. brian what about big tech it is way down today. do you think that's going to bounce back too? >> you know. i mean, who the heck knows exactly what's going to happen in the next month or next quarter. but these companies are booming and they have been booming for years. other -- don't get this wrong. other companies aren't sitting still. they're trying to figure out how to compete and i think they're doing a better job. but what i'm looking at is the broad-based u.s. stock market and earnings are serging and market is not going up and that, what that tells me is that eventually it will. because when evaluations get compressed it is like a spring pane i think if you start getting barish in here and get out of the market because you're fearful, you're going to miss the rebound. it happens every time. >> okay so fine way to start a friday morning. sea of red arrows everybody is positive. brian thank you very much indeeds and get straight to some breaking news here we go.

cnn is reporting suspicious package addressed to former director of national intelligence james clapper that would make 12 suspicious packages in all. cnn reporting that as of now, the fbi has confirmed a package sent to cory booker democrat in new jersey so 11 are confirmed and a suspicious package is being investigated at the postal facility on 52nd street in manhattan. quite a number of exposures this morning. we'll keep you on top of them as best we can. check futures, we're still going to be down sharply despite all of the positive vibes we're getting on this program today. looking at the dow going down about 150 at the opening bell. we'll ask the the questions, will the market selloff hurt president trump and the republicans? in the midterms -- as for the president he's laying out his plan to lower drug prices he says we're subsidizing other free loading foreign centers, foreign countries they get a break on their drug prices at our expense. he want it is to stop alex

health and human services coming up on our program today. google, another tech company on the real pressure and ceo now admits he fired had to fire -- dozens of employees over sexual harassment complaints. we've got that story for you as well. how about maxine waters placing blame for those suspicious packages squarely on president trump. watch this. >> he in his own way really does do a lot to promote violence. now they're trying to turn it on us. >> so she's got -- - as the original host of wheel of fortune,

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was in light of a "new york newe article that said that creator of android mr. ruben i want to be clear here andy rube about paid 90 million exit package that's 2 million a month for last few years, despite the fact that he was fireed for misbehavior he had employee who accused him of cohearsing her to perform oral sex in a hotel room. >> 90 million package -- >> according to ceo google ceo he said that all people who have been fired had no compensation packages. i don't believe this story has any impact on the stock which is down 46 bucks that's because of the earnings report. more i think a headwind for the reputational risk. >> okay. i have to mix politics and money. so i'm going to bring in co pack chair david with us this friday morning. okay, you got a big stock market selloff but in month of august. does that hurt president trump and the republicans in november?

>> in final days everything matters particularly in final -- congressional districts that are most competitive because one percent swing in voters could decide these elections. you look at generic ballot across the country where down in overall have significant leads. they don't in the significant congressional races, in fact, you look at a state like california republicans are actually up in five congressional districts. that are had seen as the most competitive. if i was a democrat first thing i would do is i would say oh stock market is in sharp decline and trump's fault. >> that would be the case they're going to make. at the same time you still have -- americans taking more take-home pay. they're still getting bier paycheck that also impact them in the final days, it all matters. it does indeed what do we have 11 day left that's all it is. okay that and migrant caravan still headed to border. president trump considering where to just close the border.

how do you think that will play with vote centers dges in the suburban district it is a huge issue to bringing suburban voters to republicans. you may recall we've talked about on this show before, we did a survey of suburban women in ohio in 2016. it is the one issue cut across party lines that vote women vote percent in the suburbs want their communities to be safe. and they like the republican message that we want to secure the border, and we want to know who is coming into our country so this is ab issue that plays in republican favors in this final 11 days. other side of the coin is that those suburban voters they want a humanitarian america and closing border to women and children might be viewed as inhumane. >> it could be viewed as that. and that does it need to be solved but what they want is a faith community and they want -- they want to make sure they know ho is coming into this country. that, that trumped everything that they want on immigration.

>> 11 days to go. i want your call. the way i see it at the moment most people see it this way republicans increase their majority in the senate but they lose the house very narrowly. >> we keep gain seats in the u.s. senate and we keep the house keep an eye on west virginia three, and minnesota 7. if we pick up a seat from democrats in minnesota, and hold a seat like west virginia three that weshot have a problem with, but is a competitive race we hold house majority. >> okay debbie we'll be w you again before the election. thank you very much david updating to breaking news fox news now kisms a suspicious package sent to james clapper director former at cn energies that brings total it 12 at package found in florida sent to senator cory booker so 12 suspicious packages confirmed right now a suspicious package is investigated at the postal facility on 52nd street in manhattan more details on that

as they cotom us. look at the market please and opens up 11 minutes time. we're going to be down triple digits on the dow. about 175 point lower we're well below 25,000. we've got a bombshell report from "the wall street journal" on netflix corporate culture, executives openly discuss who should be fired. hundreds of employeings know how much their coworkers are paid that general cause it is culture dysfunctional and demoralizing a lot more on that, coming up next. making my dreams a reality

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an update on this breaking news here to be clear. fox news now confirms a suspicious package sent to james clapper former director of national other one this morningy went to senator cory booker. so again 12 have been confirmed. remember when netflix chief reid hastings fired an executive for using a racial slur? "the wall street journal" reports are that now the company is culture corporate culture has been challenged. lauren simonetti has the story. >> i sure do so wall street journal spoke to 70 current and

former netflix plosion an they talk this is the headline of the general article radical transparency and blunt firings that you are held accountable for everything that you say and everything that you do and when that executive coo jonathon was fired for using n word on two occasions they sunshined it you need to be part of this corporate lingo corporate culture where he sun shines something he said this is what i did and why it was wrong and then you're held accountable for your actions. and then they explain to everybody in the company why you were fired what you did wrong. i know you're going to say what's so wrong about that -- >> but isn't that transparency. it is. but to the extreme -- that you have to fit in with the company's culture if you do it not, they have every opportunity to fire you because you're not conforming so we with criticize silicon valley as being conformist but you can get fired and employees are worried about. they're demoralized by that and

fear being fired but number of employees that leave is not very high. because they're fade really well. when you look at it like that and netflix stock it is down right now up 100 buck this is year. so -- if you conform you're fine. >> but corporate culture problems therefore are not what's driving stock down. >> no not today this is part of the bigger tech. thanks for being on the show. don't fire me all right -- >> okay. check the big board -- look at this. big tech that's what i want to check because that's where action is today. look at them go down amazon is down 7%. i tell you those are drop and a half, we'll look at the dow industrials going to be down about what, 170 points it is a down day -- and follow it for you after this 237.

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said hey hang in there no reason to sell big tech it is going to to bounce right back up again so you have got all of this negative stuff coming at you from market an all of this positive stuff coming at you from analyst sitting next to me. well in five seconds market opens and find out just how far down we go and by the the close we'll piepgd out if anybody bought stuff that's been sold off look at those go off, running it is 9:30 eastern time and immediately we're down ouch. 250 points. okay. pooches were not pointed it a decline that sharp. i'm getting to look here, and getting look from mike murphy get to your shortly but that is precisely one percent. how about the s&p, broader indicator where's that going in the early going, it is down one and a half percent, a huge drop 40 points down s&p. now watch this. look at the nasdaq there's where the big rout look at that down 2.5%.

179 points. that is a tech rout. now look at the big tech companies which dominate nasdaq, obviously, all of them way, way down amazon facebook, alphabet microsoft apple when you start talking about a percentage loss you know it is a huge loss. is the party over for techs we'll discuss it. joining us, we have david dietz michelle america kennen mike murphy and susan lee all right you're an economist but i'm going to you first is the tech rally over done, finished? >> well certainly there's so many headwinds here and you take a company like amazon trading and there's no margin for slippage now they're talking about revenue shortfall. wow. kroger or excuse me whole foods purchase is not driving revenues the way they want it not surprising other weakness is in exports. is rally over in big tech? >> there are selective opportunities. not those names but some of the semiconductorses are looking very good to me. >> let's turn to mike murphy who

admitted just the other day that he bought amazon. i think he bought around 1700, 1750. 1740. 1740. down about -- a quarter some. it happens about and real world they tail go against you sometimes but i wouldn't sell here. this is more. not enough of a drop here. like it wouldn't affect my price that much. but i look at quarter stuart and it makes great headline it is that the tech rally is over. but if you look at the numbers that these guys put like amazon will do 72 billion in sealings and point out one thing to you companies like amazon don't miss revenue targets. analysts set revenue targets. and amazon comes in and miss it is by a very small amount. but the day i sell a holding because analyst says it wasn't good enough, is the day i'll eat my hat. >> he matches you exactly and say analyst estimates but i would agree with mike murphy i thought it was a strong quarter actually for amazon and also alphabet to traffic acquisition

cost for google weren't high as expected but getting a lot of traffic 2 billion in profit for a.m. zone an may they have set the table a little bit more conservative for the holiday period but doesn't that make it easier to beat -- >> fair question look on bottom rngd corner of the screen nasdaq composite down 2.7%. tell me again, michelle america kennen tell me again rally in tech stocks is not over. tell me. >> the rally in general is not over i think all markets are going to move high per i think october is a poor month and it's just a short-term move. >> just a short-term move. >> okay. mike likes sound that have. okay so do i because i have microsoft. one thing out does it surprise you that few weeks before midterms jeff has a very conservative outlook on his company. a conspiracy theory. offsets those middle class tax cuts that have been announced.

i ask you about the economy. that's your area. 3.5% annual groat between july and sepght i thought we might get a bit more but are you satisfied with this, that's a good report? >> consumer spendings are 70% of the economy up -- 4% that's a strong number. okay. mike -- the economy is growing, and that's what we need to keep this story going you look at a company like to hit back home like microsoft come out with a strong quarter strong traded down to 98 on earnings back to 106 and nothing to is that company i think rally this pullback in a very strong rally. >> i would say it is outstangsding quarter because for year unless we have a horrific fourth quarter you're going see best year of gdp for my in 13 years. >> i was promised four or five percent growth we department get it. the president of the united states -- [laughter] >> okay and his advisors are you saying that president has not

delivered for you -- >> no. no. [laughter] get me in trouble. get me in trouble. strong report, strong economy. yes. >> absolutely and 4% on consumer spend is just fantastic and i'm excited. >> got it. check that big board because we are down, and down sharply off what about 300 points back to 24,600. individual stocks there's lots of movement here. tesla, they have that profit report earlier this week they went up in a down market today they're up just $5 at 309 twitter they came out with -- their report that they lost users but they sold more ads initially stock went up. today in down market it is down what, with nearly 2%. but that's only 50 cents. lower sales for not so rosy forecast at colgate what did do they make? colgate -- i guess -- all right. they are down to 4%. what did you say? toothpaste but these are consumer discretionary things that people need to buy

regardless what have the economy is doing. but they need growth. they don't have the growth so i wouldn't be buying it even on this -- >> sales short or they fall shorter sales side of things top life. at the internet provider cable company, charter communications they're down 6%. all right let's get to the other markets, the price of oil -- 66 bucks yesterday, 66 bucks today. but price of gas keeps falling we're down to $2.83 per gallon that's national average down 16 straight days. altria pulling pod style e-cigarette device ending sale of e-cigarette flavors they want to go against underage usage. this seems to be an xasm of corporate america bowing to the whims of government. >> you know i honestly think it is opportunity because this gives more opportunity for other new companies to create something that's going to work and i love capitalism and that's what happens. >> so who's the alternative you talk about joule people who make

the -- >> joule is a startup company that's now valid at $15 billion that make a very small device where you inhale imax but flavod therefore they think targeting younger people a lot of younger people are using but this is altr are ia moving out of a market and people may acquire joule at spoipght some point i qongt reach too much into this by trying to do sthung good. they still make and sell cigarettes. stock is up 66 buck. moving out of the market but this gives -- encouragement to fda to clamp down on these flavored pods being marked by joule to underage and that could shut down competition from joule so i think it is a smart strategy by health care. >> if you want to get up to smoking tobacco and lung or tunnel rest of it e-cigarettes are way to go they're proven winner when it comes to getting -- >> that's what joule was created for. allegedly to help people get off cigarettes the fact that they're

using as by-product. wrestling people wwe they're going to go ahead with plans for wrestling event in scraib last month despite the bruha and killing thereof stock is down 2%. why should restless worry about their reputation? >> you saw a lot of people walking away from going over to speak in saudi arabia so i think this fact that they're doing it undertaker. that will read. the story is not over two are refusing to perform so there's a risk are that wrestlers decide they don't want to but fact that we're talking about this is upping wrestling overall. only they have a tenure deal in partnership with the saudi journalist sports authority and say they're guidance a lot of analysts say their guidance is predicated on taking on this event and then for future as well next few years that -- >> did you see what murphy is doing this. doing this a lot of money over there. a lot of money. thank you very much indeed.

a lot of future money in markets and stock actually has done very well until today when it is down 2.5%. chipotle looks like turn arngd plan is working. better sales more foot traffic i think what would -- tfntle they've both -- really fixed their execution in terms they have the healthy products and now they have it without the -- things like that and advance it in order and pick it up quickly. >> i saw that as 500 a share early this year, is it going back to 500? >> i follow it quite closely but i don't eat there any long and people are are staying away from it and startup companies. what's your problem? >> rather not get sick issues with healthiness of their product. >> rei a prisoner of scares? >> i might be. i agree with him. yeah, those are a lot of scares.

>> i like my health stuart. it is expensive roy's and beans so i don't eat there. nothing to do request food poisoning. >> it is in a business perspective lower cost to pup foot traffic that's a positive story for the bottom line. >> okay shall i move on to something solid here corporate profits, it has been pretty good so far i think corporate profits are up what, 26% compared to last year. yes. so that's much better than expected. i know people are looking at the market and being like what's going on and honestly fundamentals are way stronger than what this volatile city is presenting and any opportunity is buying opportunity because things are going higher. >> i believe -- bring it back to profits are great. however, revenues are falling short. so not just about profit but also about revenue, of course, forward guidance you know investors don't care about what happens they care about what's happening tomorrow and get higher interest rates to tariffs, trade war so that's something to consider. >> so still going to be good in 2019 maybe not 25% but it is god

that's what market cares about. >> these things like strong consumer spend and real concern stuart is are we peak earnings can we continue? i believe that we can continue this type of growth if we couldn't market would be justified to be selling off i think it is a buying opportunity because earnings continue to grow. >> is it gross stories intact with a hard year to compare to for next year 2019 to me that's a positive story line. >> don't forget historically most of the markets gains has been between halloween and end of may. we're getting to that periods and get past midterm without that concern. so i'm actually optimistic over next six months. okay lots of red stuff on screen. but our people her are pretty positive about the immediate feature buy low sell high. [laughter] >> ever heard that have -- >> i try to remember it. okay 9:41 eastern time that's the time to say thanks very much indeed mike murphy and david one and all thanks for being with us

today. which can the big board i don't think this is the low for the day but pretty close down 250 points. we're back to 247. look at mattel please sales fell short. come on in nicole from the floor of the exchange what's going on? >> well stuart varney sales fell short in china. and in europe, and as a result you seen stocks in downside but not here at home in north america, in fact, real dmantd and tweaking barbie over last several years tons of revamp to be more representative of all of the people on our planet so they've had great sales with barbie but in china and europe have been hurtful so working to mitigate that in particular but it is that strong demand here at home that did help them ultimately doing better because the toys"r"us liquidation they have. so toys"r"us feel that is not that bad that bankruptcy for them as has been for what's

hasbro. look at share price of s.n.a.p. pretty close to what look at that had down now 13% all time low. >> it is. what's the problem? >> well a lot of problems with s.n.a.p. right now is they lost 2 million more users. however, i have to say there are some positives as well becausey they lotion 2 million users they they actually made more money on users they still have on platform but when ipo at 24 dollars, and you're still not making that much money, and you're not impressing the markets and you're losing users especially with the -- failed revamp that has markets really concerned at this point. >> again down 13%. maybe acquisition target that apple might buy it up as well. i don't know if apple wants it. somebody offer a -- >> mark zuckerberg and they turn it had down and in the end made them more money so probably a smart move for them at the time. >> okay. check the markets, we're on down

260 points but i draw your attention to bottom line there nasdaq off a 2 percentage point that is a huge drop for that particular index had is home of technology. got it. still on your money here is greg with verizon investment okay greg welcome bag always good to see you even on a day like this young man stock selloff bad news for president trump and the gop. heading to the midterms and there's a political question first of all. >> well, i think everywhere you look there's instability with pipe bomb or caravan or stock market i say there's one other issue that hasn't got as much attention that's preexisting conditions. i've been flying all over the country the last couple of weeks piling up frequent flyer miles and i watch the campaign ads, that's an ad seen that democrats may get some mileage out of. >> what's your call at this moment -- that the -- the republicans increase their majority in the senate, they

lose the house is that where you're going? >> senator i think is likely house maybe a little less likely i think there's been a slight momentum shift there but headline in any opinion is stuart this will not be viewed as a tidal wave. maybe a high surf warning. but the idea with a tsunami i think has been overdone i think democrats got a little too giddy late summer. they'll do okay but i don't think they'll do as well as they thought two months ago. >> i want to talk strictly money and technology companies. they've had a fantastic bull run and boy are they down today. is the bull run in tech over? flesh >> i think it is premature to make that call. we have declared the deaf of that sector over last two or three years as things got proty i think things did get frothily late summer but premature to make that call. one other quick point stuart that is -- the inflation date of this morning was incredibly bullish

this personal consumption expendture inflation is falling well below fed's target. i would predict that fed is going to have to rethink the pace of its tightening. >> was that the nugget that you caught on within the gdp report consumption up 4%? >> so great number on growth. i think growth helicopters as a very strong pace. there's plenty of stimulus in the pipeline right now. but the other part of this story that the fed qowld have to tighten aggressively that looks a lot less likely. >> i'm picking up a lot of positive feelings from all of the people that we've had on this show thus far this morning. and look, we're constantly looking at the market, individual stocks, big tech, they're all down. i'm calling a sea of red across the board and yet, there's a lot of positive stuff coming from greg, david dietz mike murphy michelle america kennen and everybody on this show. >> yeah, you know it is october. [laughter] seem like every october you go through something like this with such a tremendous rally earlier

in the year. the fundamentals are still really, really solid. >> got it. greg thanks again always a good thing to have you on the show and we appreciate you, sir thank you very much indeed. let me update the breaking news of the day. a total of 12 suspicious packages have now been confirmed. two new ones today, one sepght to james clasper, former director of national intelligence, at the 52nd street postal facility manhattan that's where they found this device one addressed to senator cory booker was found in florida. coming up next, congressman carlos sent a threatening tweet and is coming to us from south florida where investigation is center. we'll be back.

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>> well i'm still see plenty of red across the board dow is down 200 and nasdaq down 134 points that is, that's about nearly almost 2%. big tech names way down. very sharply lower especially amazon down 125 bucks that is 7%. amazon is back to 1654. let's get to those suspicious packages, investors sorry investigators focusing on a mail

fill in south florida as they search for the suspect and the packages joining us now is congressman carlos cabello republican from south florida. congressman, am i right in saying you received a death threat yourself earlier this week now you are a republican -- you've got a death threat in? >> stuart good morning from beautiful miami, and yeah, last night local authorities arrest ad an individual in connection with a threat that i received over social media. doesn't appear that the individual actually had any intention carrying out the threat but unfortunately these days you can't take anything for granted all of these to be investigated and looked into and grateful to local police and fbi who looked into this matter. for keeping us safe, and it is just a very difficult time in our country. >> it is just a time of toxic politics that is dividing us, and we would really like to come together again. i really didn't like it when senator schumer and nancy pelosi

came right out after president trump called for unity and said it is your fault. what do you think of that? >> well look that's unfortunate this isn't a political game. last year, dozens of my colleagues were shot at. while they were practicing for the congressional baseball game steve scalise almost died. of course, now we have democratic political figures receiving these explosive devices, that's terrible. what happened to me is something that everyone should condemn this is not a game about who can get ahead now here ten, 11 days before the elections. for those of us who really care about this country we need to condemn all of these acts. and call upon everyone in our political system from the president to the democratic leadership to every citizen to do his or her part in helping heal this country's politics. this is bad for our country. my family came from a country where politics became violent. and they lost their country. we're seeing that in venezuela

today and nicaragua all over the world we cannot become that kind of country. we need to continue being a model for stability, and civility and that's what i'm committed to. >> congressman very well said if i may say so. you're from south florida. that's a heavily hispanic area. how do you and your constituents feel about the possibility of closing the border as president trump has suggested as migrant caravan approaches? >> we're a community of immigration. my parents are immigrants they're exiles from cuba, so we welcome imrangts in this community, however, immigrants are oftentimes most passionate about about insisting that immigration to the united states the orderly and legal. so i don't think that we can just look the other way as thousands of people just simply state that they're going to come into our country whether we like it or not. no country in the world would tolerate that.

this country like mexico, like any other country in the world has right and responsibility to delft defend its borders so all for immigration reform you know that i gave a big -- effort this year to try to help dreamers two million young immigrants brought it our country as children who grew up here and are contributing to our economy i'm for that but not for illegal immigration. >> congressman carlos cabello republican florida thanks very much for joining us sir, we appreciate it and thank you for sharing your stories with us. much oblige to you. the market red arrows across board but look at ford motor company they're at $the a share there's a headline for you. however 40s recalling more than a million cars give more on that please. >> 1 and a half million focus cars made the of one michigan plant and 1.3 million were sold in the u.s. and this this goes back to a malfunctioning valve in the engine that could be stuck in an open position. which went in turn hurt the vehicle and that's not a good

spot to be in. so we're talking about these models these ford focus cars between 2012, 2018 be sure to check those letter it is in the mail. and this as on top of the 4.2 million ford had to recall so far this year that's second amongst all companies and chrysler. >> make stock is back to 9 a share because it yields almost 9% dividend that's what's good. >> real problems in china right now. >> suzanne thanks very much indeed we've got two big stories and we're following for you. two more suspicious packages one found in a postal facility in new york city that brings total it 12 confirmed -- yes we do have a selloff on wall street. fuel buy primarily big tech. now the top of the hour, another economic indicator, we get latest read on consumer confidence that's a big day for your money acrossed board and we're with on it, of course.

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stuart: it's 10:00 here in new york city, we have looking at a selloff on wall street. let me deal with the dow jones industrial average. it is down as we speak. down 270 points. that is just over 1%. there is equally large, a larger decline on the nasdaq composite. that is a testify-heavy index. it is way, way down. it is down just over 2%. the nasdaq is off 152 points. that's a big drop by any standards. so far there has been no comeback for either sector of the market, the dow or the nasdaq. it is just after 10:00 eastern time. we have breaking news on the economy. very important number, consumer sentiment, in other words, how do we feel about this economy? susan has the number. susan: a little bit of slippage in october. down to 98-point, a little bit in line with average of sentiment this year, the highest

in the postrecession era, mind you. it is down a bit from september. you have to take the positives. we're hovering close to 18 year highs. i don't know if it made a difference to the market it, slipped down to minus 300 as news was reported. stuart: a little bit off all-time highs for consumer confidence. susan: still in line with the year's average. stuart: david bahnsen is with us. we have 3.5% annual growth in the middle of the summer. consumer confidence just a tad off all-time high. how do you read this. >> the gdp number is important. the consumer sentiment number is completely irrelevant. the gdp number was what they were expecting. take that in tandem the 4.2%

last quarter. we'll see q4 in a few months. you will get a full year calendar 2018 number 3 handle, we haven't had a great number like that in a long time. that is actually, ironically behind the market troubles of last couple weeks. we have the very strong economy here. at the time the fed is trying to normalize and slow things down. that is up against global conditions from china to europe are very weak and questionable so that tension is creating market volatility, my friend. stuart: look if we have got a very strong economy, i think we can agree we have a slow strong economy, that that is called the fundamentals why do we have a market sharp selloff. is this kind of selloff justified bit underpinnings of a very strong economy?

>> well first of all the bulk of this selloff, as you have been highlighting throughout the morning, not just today, but been this way last couple weeks, has been in very from the think and high-priced, high momentum, high valuation areas. so it is very justified to have a stock overvalued as amazon as amazon come off 20%. very justified small caps that run up over 10% give some of that back when you have a risk-off selloff. i think emerging markets are oversold but these things cannot be considered timing statements. when we talk about what is cheap or what is oversold that doesn't mean it bounces back tomorrow or next week. fundamentally the market is at a place where i think investors should be willing to take quality positions they intend to hold for a an actual financial goal. stuart: david, stay there, get

back to you shortly. bring viewers up to speed on the stock market. we've taken a leg down literally the last three minutes. at the top of the hour, we have news on consumer confidence coming back down a little off its all-time highs earlier this year. a little slippage as susan said. susan: yeah. stuart: maybe that hurt the market. we're down 1 1/2%, minus 370 points. >> might be related, the university of michigan survey of consumers inflation outlook. stuart: and? susan: higher than expected. couple that with the consumer confidence, maybe we might get faster interest rate hikes. stuart: that's where we are, minus 350. now this. over the summer the democrats thought they had a big winning issue, the border, separation of families. children in cages, babies ripped from their mother's arms. president's approval rating slumped. immigration looked like a

democrat win. now it does not. it was the videotape that turned things around. why must america accept an army of migrants intent on busting into our country? immigration is now a winning issue for republicans. same with tax cuts. they took effect early this year. at first it looked like another democrat win. nancy pelosi made her famous crumbs speech. it was a giveaway to the rich they said. but then the economy started to boom. record job creation, record job openings. political tide turned. democrats don't say much about the economy now. mr. trump is all over it. 70% think the economy is good. that is a 20-year high for a month before an election. let's not forget the disgraceful treatment of justice kavanaugh, the left trashed him and his family, thinking wild unproven allegations would win votes. it didn't. kavanaugh is a republican win. this is not a forecast for the

election. it is observation on politics in the trump era. this president is politically astute. he knows middle america. the democrats have lost touch. all they have got is trump hatred. running a campaign on just that is a very risky strategy. what will they do if they lose? the second hour of "varney & company" is about to begin. ♪ stuart: all right, we'll get back to my take, politics in just a moment but first the nypd, the new york police department about to give an update on the latest suspicious package found at a postal facility in manhattan. it was addressed to james clapper, former director of national intelligence. also this morning another suspicious package found in florida, this one addressed to senator cory booker, democrat new jersey. 12 suspicious packages are

confirmed. we'll bring you any headlines from the nypd press conference. president trump tweet about the caravan. the united states is spending millions of dollars a year on illegal immigration. this will not continue. democrats must give us votes to pass strong but fair laws. if not we will be forced to play a much tougher hand. tammy bruce with us, independent women's voice and fox news contributor. >> good morning. stuart: let's forget what the president has been saying about the caravan. >> sure, sure. stuart: go back to what i think the democrats made a mistake in three areas. i think the tide has turned. what can you tell me? >> i think it is clear that the democrats are just simply out of touch overall with what matters to the american people. it tells you that, of course the kavanaugh dynamic showed that. they thought that would be a winner. yet it was remarkably ham-handed, right? it was opposite what americans

value. the same with immigration here. it shows you that they are not only out of touch but they haven't learned over the last year-and-a-half or maybe they haven't been interested to find out what really matters to the american people. also we have more sources of information, to have these kind of discussions and i can confirm that you're correct with your opening statement. an nbc news data analytics lab dynamic regarding the national early vote has come out. they looked at the early vote on october 25th, 2016 versus october 24th this year. in '16, early vote, 38% were republicans, 45% democrats, 17% independents other. now the same period of time, two years later, 44% republican, up by six points. 40% democrats, down by five, and independents were the same. it was like minus one, 1to 16%. this is enthusiasm. this is an indicator of those who have gone out for early

vote, considering what happened in '16 it is remarkable republican enthusiasm is higher, democrat enthusiasm is lower. i also saw this in the california primary where enthusiasm was down for the democrats. so all of the messages from the democrats are not just not resonating with their base, it is clear to the american people they have got more money in their wallets. future looks more optimistic. the president's messaging has been appropriate because he likes us, he is out there, he knows what matters to us. we're seeing that in early voting. this is a national snapshot. these are local races in this election, for the midterm. this means now that local republicans have got to attach themselves to the president, talk about the optimism what is going on and trust in what the president's messaging has been. stuart: hold on a second. i have another tweet. this is tweet comes in from president trump. he is calling out twitter, okay? look at this. twitter has removed many people

from my account and more importantly, they have seemingly done something that makes it much harder to join. they have stifled growth to a point where it is obvious to all a few weeks ago it was a rocket ship. now it is a blimp, total bias. >> twitter announced just a few days ago that in the last few months they have removed nine million accounts, based on bots, algorithms that indicated that they would be fake, and spammers. so when you have got 325 million or so users, you're looking at of course nine million is a big dynamic, but i think twitter is getting very aggressive, noticing what the president is saying about regulation and wanting to take action before the election about those who might be not really there to have a genuine conversation with the rest of twitter. clearly people like the president and others with millions of follows are going to have felt that a little bit. stuart: they purged him? >> well, they purged everybody

to some degree. he will have certainly noticed that. stuart: thank you for joining us, tam m we appreciate it always. thank you. the dow is down 380. it was down 400. is a down day. coming up, 12 suspicious packages, 12 in all, sent to democrats. a republican candidate who received a letter that threatened his family if he didn't get out of the race. maxine waters says the president should take responsible for the violence we're seeing, a doug schoen, says if the democrats don't win the house, it will show how bankrupt the party is. and he is a democrat. ouch. check big tech, i want to know if the stocks bounce back. we have answers for you, they're way down at this moment. this is the second hour of "varney & company."

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that's 1 1/2% on the dow jones average. it is even worse on the nasdaq. big tech dragging down the whole market. look at them go down. red arrows across the board. david bain send back with us. look on the screen. are any of them worthy of a buy now? >> obviously that depends, stuart, on context for the investor and diversification they need, their goals, you know all of that. so i say it not like a half qualifier. i say it because it is very important. what people buy has to be relevant to their particular situation, not what we think will happen next week or next month. fundamentally is there deeper value in apple as i do for amazon? as i talked on your show many times i do. that doesn't mean amazon can't go higher from here. at some point more money could come back into amazon, but for amazon to go higher, we saw with the earnings numbers last night,

it gets priced for utter perfection and gets priced above perfection, whatever that means and when there is the slightest bit of bad news, it doesn't drop a couple bucks. it gets pummeled. we've seen it with netflix this month and netflix didn't have a bad quarter. netflix had a great quarter. was up 10% initially after earnings, has given all that back and then some. my point answering your question, there is value with stocks like apple, that trade at a reasonable multiple, that have actual cash flows and a great balance sheet, tons of money in the bank to fund expansion. they're not living off of momentum. stuart: okay. >> that is the way we're approaching technology. stuart: that was a solid answer, we appreciate it. we'll see you again next week. thank you for being here, sir. >> thank you. stuart: let's see. the dow industrials are down 340 points. what you're looking at, that is a nypd bomb truck.

it is carrying that suspicious package which was found at the 52nd street postal facility. the package was addressed to james clapper. the nypd is giving an update at this hour on suspicious packages. we'll bring any news. to confirm there are 12 suspicious packages in all. the other new one was addressed to senator cory booker it, was found in florida. confirmed, 12 in all. >> migrant caravan forging ahead. president trump considering a plan to close the border. i want to know how that will play with voters in the midterms. chris wallace will join me with that later this hour. the dow industrials are down 370 points. that is 1 1/2%.

stuart: check the major averages, you see quite a drop in the dow industrials. i look a little different on the screen. i have a square box around me. i'm not used to that. we're down 370 on the dow. look at that! 190 on the nasdaq, that is 2 and 2 thirds%. that is drop, sports fans. listen to what california congresswoman maxine waters said about the president and all the political violence. roll tape. >> i think the president of the united states should take responsibility for the kind of violence that we're seeing. i think the president of the united states has been dog whistling to his constituency. they're acting out what they believe the president wants them to. he in his own way really does do a lot to promote violence. now they're trying to turn it on us. stuart: look at this headline from foxnews.com. quote, democrats, we have a

problem. the author of the headline is doug schoen and he joins us now. he is a former clinton pollster, a fox news contributor. we have a problem, i guess, are you referring to maxine waters? >> she is certainly part of it, stuart. i wouldn't sit here as a responsible democrat and say donald trump is responsible for the violence. i like many people wish he would tone down his rhetoric, particularly at this time. i wish the democrats, pelosi and schumer would tone down their rhetoric. stuart: i was disappointing senator schumer and nancy pelosi came out within an hour president calling for unity out there saying you did it. >> that is the problem in your system. we can point fingers all around, but i will start with maxine waters, the best thing that could happen for the democrats is for her to get off the stage between now and november 6. stuart: she won't. >> that i think is for sure. stuart: what about the blue wave? we were told it is coming, a tied dal wave, here it comes.

what this by about that. >> i think it is an 10 you eighted. the republicans win the senate. pick up a seat or two. house is close. i think the democrats win, 25, 26, 28 seats, narrow majority. but that is still up for grabs. stuart: tell me what the democrat party will do when the caravan arrives at the border? because, i have not heard what the policy is. i have not heard a major democrat turn around, we'll do this, this and this when we arrive? >> to the extent i've heard a policy we support immigration of all types. what they will do is a different thing, blame trump for everything. stuart: is that a wing strategy, do you think. >> i don't think it's a winning strategy but i don't think it's a losing strategy. the democrats are playing defense to hold the house and limit losses in the senate. stuart: the only game the democrats are play something hate trump. they're not doing well on immigration. they have not done well on the

caravan. they have not done well on the economy. the economy is booming. didn't do well on kavanaugh. not saying you. all the democrats have got, we hate trump. >> with trump's approval still around 45, and about 52, 53 oppose probably enough to get them through the midterms. stuart: you think? >> i do. stuart: because you know, 41% approval in the latest polls that i have seen. 41%, a couple of weeks before the midterm elections, it is not going to be a wave. >> i made that very clear. stuart: you did. republicans have a good shot of keeping the house? >> yeah. with 43 republican retirements and the republican congressional rating is low as it is, much below the president, i think the democrats have enough momentum from what i've seen to narrowly win the house, though you're right, it is up for grabs as we sit here. stuart: doug schoen, we'll get you back and see if you're right. >> i hope so. stuart: we'll still be here to

see if i am right. >> you always are, stuart. stuart: doug schoen, thank you, sir. mark douglas, steel house ceo joins me now. mark, i want to talk to you about these big tech companies. huge selloff today. can they come back? >> of course. i think obviously concerns about the holidays. there is concerns about any potential of recession. the companies are doing really well. record profits from amazon and others. stuart: who comes out best? we focus on five big-name tech stocks. remember right, amazon, apple, google, facebook, being microsoft. they have all sold off. who comes out of it best? >> apple by far is the best positioned company. they are the most insulated. they basically tell luxury technology products on installment plans to consumers. just about anything that happens

in the world apple is insulated. so you have to keep buying them. if you look at amazon and google i think they're the most vulnerable. any downturn in consumer confidence will immediately affect markets budgets for google and amazon. those are the companies i would be concerned about. stuart: these big techs have taken the wind out of the sail of the whole market. >> they are. you also look at facebook. they have a lot of room to grow. and so the, you know, but they also have consumers are not using facebook as much as they should be. so, look, there is a lot of uncertainty. i think in the market, there is a lot of uncertainty in the word. i'm obviously not a stock guy but i think the companies are fundamentally sound. they will continue to grow. they are just subject to the potential for these macrofactors to affect their business. stuart: you're not a stock guy but i know you follow netflix and i distinctly remember you

saying netflix will become either the biggest or certainly the most important media company in the world. tell me again why you think that. >> well, netflix, you know, the market cap they have is huge. the company, they added seven million consumers just in the last 90 days. they're operating worldwide. you know, and they have the best ability to predict what consumers want to watch. just that combination is just, like no other media company has that combination of factors. so, netflix is doing really well. they're a little battered in the last few days about reports about their culture but i think that you know, that's a side-effect of the company doing so well. some people are always going to be a little unhappy. stuart: do you think it was a good move to make former president obama, to give him a section of netflix, allow him to produce shows for netflix?

>> well, that is interesting. i mean the, obviously there is an audience for that. obviously there is an audience that is not going it like that. i don't think people will cancel their netflix subscription. you know the thing about netflix, people say netflix and chill. there is no other media company they literally plan their weekend around. they're number one on list of consumers of places where they want to consume content. that just kind of insulates them from just about any factor at least in the near term. they're picking up a good audience with obama. obviously some people will not be happy about it. stuart: it is a worldwide audience. president obama is popular around the world. i think it was pretty good move to move him on netflix. >> that is good point. i wasn't even thinking about that. people forget netflix only started worldwide two years ago. i was literally in europe when netflix opened up, you can watch

netflix around the world. they continue to add consumers since then, they have to take into account the worldwide audience. i actually agree with that. stuart: you actually agree with me on something. that is incredible, mark. as i recall, can't netflix channel specific programming to specific countries? even to individuals, is that accurate? >> yeah, that's accurate and because they have are investing so much in their own programing, they can do whatever they want with it. licensed content they have to work out those licenses but when it is original programing like we're talking about, they can show it anywhere in the world. then when you go on to netflix, you see what's tailored to you. that is their big, big advantage. their ability to basically take their content and predict who is going to want to watch it. now with content like that, that has a worldwide audience, that makes a lot of sense. stuart: sure does. mark douglas, thanks as always.

appreciate it. we'll see you again soon. >> got it. stuart: we still have a selloff on our hand. show me the big board, please. we're down what, 355 points. 357. that is almost one 1/2%. as we have to keep telling you, the real selloff is in technology stocks, not just the big techs but all of them. fox news's todd piro in new york. what do you have for me, todd? reporter: stuart, the volatility on the market being matched by the volatility here between 8th and 9th on 52nd street. that said, definitely died down over the course of the last hour. 9:30, a little bit after 9:30 we saw the bomb disposal vehicle you've seen on the news unfortunately too much over the last couple days, proceed from this area down to rodman's neck, as you know they will inspect the device, determine if it could have blown up, if it couldn't have blown up. they will determine what's going on. potentially send it down to

quantico to be evaulated. i will step out of the shot. you can see the numerous officers, first-responders, on the scene. not as intent as it was in the last hour. my colleague bryan yen has, he is on 8th, i'm on 9th. appears 8th is the hotbed of activity. that said individuals are trying to evaluate what is going on. a number of people want to get back to this area. a langone nyu medical center has been closed since 8:00. a number of patients asking, can i go to my appointment. a number of officers tell them they can't. number of doctors and nurses are frustrated they can't then their patients on another day of disruption here in in the big apple. stuart: disruption, that is a good word for it. that is a disrupted area.

todd piro in the middle of it. show me the big board and sell me the nasdaq. we have a selloff again. you're down to 24,600. that is 1 1/2% drop. close to 400 points but really heavy selling is in the nasdaq. it is down 200 points. that is the best part of 3%. i've not seen a drop like that for a long time. big tech really underwater today. bill mcgurn is with us, "wall street journal" editorial board kind of guy. welcome to the show. >> thanks, stuart. stuart: i will ask you about politics as it relates to the market. this is a big selloff. >> right. stuart: we've had a rotten selloff all month. >> right. stuart: does that hurt president trump and or the republicans in november? >> i'm not sure it does for this reason. it's bad, it is obviously, we have very volatile election, right? we have a lot of factors, the caravan, the bombings through the mail. i think one of the problems, the

bigger republican problem, the problem the republicans have i think the tax bill itself has never been that popular. and for some reason the republicans have not sold the argument that the prosperity we're seeing owes a lot to the tax bill. stuart: they're afraid. they're afraid. >> democrats have been very aggressive saying this is a tax cut for the rich. in my district, jay weber, real tax-cutting republican, is being accused of favoring a tax hike because of the salt caps and so forth. its absurd. a lot of people buy the argument. i think "real clear politics" average on the tax bill is, margin -- stuart: it is underwater. >> underwater one 1/2%. people do know about the prosperity. i'm not sure they connect it to what republicans did in congress. stuart: there is a real fear saying you cut taxes for business. they will make more profit, the economy will expand. that is classic capitalism. >> yes. stuart: but you're not allowed

to say classic capitalism really works. >> i don't know if you're not allowed but they certainly don't. they're a little quiet about it. this is the problem, if you don't sell it, you could have the, they have, i think an extraordinary achievement, if you look at growth rates now, but they're not getting credit for it. stuart: 4.2% second quarter. >> maybe they will get blamed for a selloff without getting credit for the tax bill. stuart: that would be pretty bad i would say. tell me about the caravan, two of them, on their way to the southern border. president trump thinks about closing the border, making plan to close it. i think that plays to the republicans, not to the democrats. >> i certainly do, i think, immigration can cut different ways. for many years i believe democrats believed they would rather have the issue, than the resolution, because it's a good way to bash republicans. barack obama certainly calculated that when he helped destroy the immigration compromise during the bush years when i was there. and it may have worked to their advantage when the topic of

discussion was family reunification and dreamers. this has changed the discussion. people are generous. they don't like lawlessness. they don't like the idea that you can just bum rush the border. stuart: like an invasion. a lot of young men marching to the border. it is not attractive. >> i think that is true. i favor a more generous, i for example, welcomed you as an immigrant. i did not raise any objections or anything but i think people want people to do it lawfully. i think people really miscalculate when they think that the american people will suffer lawlessness. it is not just the caravan. the caravan is associated with sanctuary cities, the crazy moves to billion i.c.e., just incredibly destructive policies. stuart: hold on a second, bill. i want to take an observation here. we're at the low of the day on the stork market. already almost. susan: close. stuart: very close, susan. we're down 400 points.

that is one 1/2%. the nasdaq is a huge loss, close to 3%. keith fitz-gerald joins us on the phone. a lot of people we've spoken to this morning, both economists and market-watchers are trying to put, not a spin but putting a little more positivity into the market selloff. saying the profits are strong. the economy is strong. maybe we rebound after we get rid of this october selling. what say you? >> i think they're in firm command of the obvious, stuart. the problem the uncertainty plaguing traders is very real what is happening today, in particular is many of these great big tech stocks are some of the most widely-held in the world so you have a bit of panic coming in from the pension funds and large holders. they're beginning to unload and position themselves. that is really what is driving this. stuart: that is what is driving the overall market down, the selloff in big tech? we were down before this selloff

in big tech today. what is the fundamental problem that is really hurting the market? >> uncertainty. pure and simple. it is variety of sources. it is geopolitics, worry about the fed and worry about rates. it is any number of issues. but do traders feel certain enough to place bets on earnings in 2019 and the global slowdown is what is giving them pause. stuart: a lot of guys like you say look, what you really need is capitulation selling where everybody throws in the towel, stocks go tumbling across the board. are we there yet? >> no, we're not. this is still relatively orderly, and capitulation is when you hear your neighbor breathe a deep sigh of relief say i'm never going to be in the stock market ever again as long as i live. that is true capitulation and we haven't seen that yet. stuart: are we close? >> my sense is, i thought we were at that point early in the

week frankly, stuart, but the institutional traders are a bit more nervous than anybody thinks. the politics is not helping. the fed is definitely not helping. in fact is a major contributor to this because they do not walk back this naive talk about interest rates. stuart: okay. but that is the federal reserve. probably raising interest rates in the future but i'm looking at interest rates right now and the key interest rate is the yield on 10-year treasury, and it is 3.07%. a couple weeks ago it was way up at 3.25, 3.23. what is this problem with interest rates when they're actually falling? >> well, again, it is the narrative of this month or this earnings season, stuart. the earnings are almost irrelevant given perception 2019 will be a worse year. the market is forward-looking thing. anybody with light forward guidance or traders uncertain about the guidance they heard is going to suffer from a selloff. stuart: keith, thank you very much for joining us.

it's a grim day. our viewers are looking at -- >> yes, it is. stuart: it is a 400 point drop for the dow. 220 points for the nasdaq composite. and when we show you those big techs i'm telling you they are way underwater today. look at that! dow down 400. s&p down 63. nasdaq down 227. scott martin joins us on the phone. scott, your take please, what really looks like a nasty selloff right now. >> it is not good. not really good if red is your favorite color. i agree with with a lot of what you were saying with my friend keith prior to coming on where this is one of most markets selling is begetting selling similar to yesterday ironically buying begat more buying. yesterday buyers came in and something that built momentum. look it, there is a lot of uncertainty out there. i will argue a lot of things

that you and keith talked about are knowns. these are things that have been out there for quite some time. this interest rate picture. fed has been hiking interest rates for several quarters. there has been a slowdown going on in china for several quarters. there has been problems oversees in turkey and middle east for several quarters. so now the market is finally coming to grips with this. this is the tough part and fun part of being an investor, sometimes the market just doesn't give a frick about some of those things i just mentioned and other times it does and right now -- stuart: october, is it one of those special months? i remember october 19th, 1987. susan: 2008. 1999 is a october selloff. stuart: i don't remember that one, susan. i'm joking around. i talked to keith, scott, i talked to him about capitulation selling, everyone throws in the

towel, you give up on everything you've got. it doesn't look like we're there, yet, does isn't. >> no but it is coming stuart. i think it is closer than we think. that is exactly the point, hard to say you have to pick up everything off the floor and put the money back into the market. in that period of time, it is coming. the problem with that is going to be yes, people will say, we're going to put the money back in the market, we'll have to make so much back up to make up what we lost in short period of time, but that is what markets do. they take the stairs up, escalator up and jump out of window and this time should be no different. stuart: do you have strong enough stomach to buy amazon today? i know it is down about $160 per share. it is just above $1600 a share. it is about $450 away from its all-time high. do you have a stomach strong enough to buy amazon today? >> you better believe it because amazon is a company, stuart,

that i believe in. a company's whose revenue growth i'm excited about and company i want to own for the next several years. i believe amazon will be higher than where it is today. something i will do to make myself feel better about this, this is something we talked about on your show on monday, buying today, one of your favorites, microsoft, i'm going to buy some gold. buy some gld. that tracks price of gold because gold is behaving well. i will buy u.s. dollar, uup. we own gld and uup to mitigate volatility this is probably not the bottom. it is getting close. as i buy some of these crazy tech stocks getting hammered i will buy some of the dollar plays as well as gold plays to level off some of the volatility that the tech companies have. stuart: hold on a second, scott. go. susan: just to note with the

selloff in amazon, you like this, microsoft surpassed amazon in market cap today. stuart: oy, so the value of the company as represented on the stock market microsoft is more valuable than amazon? susan: bigger than amazon. amazon is the second company to cross trillion dollar market cap. stuart: not a trillion dollars now. 800 billion. i can't imagine how much is wiped off jeff bezos worth. >> he is still worth 100 billion. stuart: microsoft is more valuable than amazon, not expecting that. >> no, i was not. what is funny about that, if you look at microsoft earnings they probably deserve that given how their earnings report went given amazon. susan said they will trade trillion dollar valuations or trade i have a higher valuation than you do valuation talk. because they're so valuable. the reality is, as susan pointed

out these companies are massively, massively valuable. if they lose $500 billion in value oar $50 billion day of value, it is given days work given how volatility is matriculating into the market. stuart: susan? susan: s&p 500 is flirting in correction territory. that would be 10 10% from recent peaks, coming within a fraction of that. we have to finish the day down 10% from the record closing high of 2930.75. that was on september 20th. and s&p 500, falling what, 67 points so far today? we have to fall 67 points to enter correction territory. very, very close. practically there. stuart: scott, what is the significance of the statement that the s&p 500 index has now entered or is about to enter bear correction territory? what is the significance? what does that mean? >> as an investor, it probably shouldn't mean too much.

i will tell you, stuart, given behavior we've seen in the markets, what it could do, it could start triggering more sell programs. one thing we've seeing on our end, a lot of sell programs kick in when we get to certain levels, as we get to the correction status. some of the cell programs, think about it the computers effectively playing ping-pong with each other, a sport i love myself, they will start kicking in some sell orders because of the fact we're at certain levels they have been watching for to put more pressure on the market. stuart: there is nothing you can do about that the algorithms are in place. the equations are in place. they can't be changed at the last minute to is the computers will continue to ping-pong against each other. that's given isn't it right now, a given? >> they will and the good news of that, if i put a silver lining, it does do that on the upside too. right now this is one of those flow situations where a lot of the stuff is to the downside but we did see some of that yesterday. in fact 2:00 central time

yesterday, there was some big buy programs came in when we cross ad couple of big levels on the dow and the s&p. that could come into play too at some point in the future but right now those sell programs are fixed or focused at least on the sellside and pushing market down. stuart: it works both ways. as we've been speaking, scott, we've seen the market take another leg down, 480 down now for the dow. susan: session lows. stuart: session lows, you're right. nasdaq we're down 230, isn't it? that is extraordinary loss right there. scott, thanks for joining us on short notice. it's a very big day. charles payne with us now, coming to bail me out with better knowledge of the market than i've got. would you describe this, dow down close to 500, nasdaq down 240, is there capitulation selling, no doubt, throw in the

towel, it is all over. >> no doubt about it. stuart: it is? >> this is one day-rolling event. this is part of it. you held on, didn't capitulate on wednesday but today is too much. it is not just computers but people. there are some people, it held 50, today it is at 47, i'm getting out of it so. stuart: you wouldn't advise that, would you? >> certainly not investors or people with 401(k)s. absolutely not. very dangerous game. tell you my own personal experience, 90% of stocks i ever sold particularly in a panic i came to regret. sometimes weeks later, sometimes maybe couple years later, i came to regret later. so if the fundamentals haven't changed, you know, you know, this is a traders game. if you don't play the game you shouldn't play it, try not to play it on the downside. stuart: give you my personal experience as well amounts everybody knows i have got a piece of microsoft. back in march i think it was, march or april of 2009 microsoft

went down to 15, one, five, dollars per share. i was tempted, is this end of the world? should i sell the stuff? no, i didn't, i kept it because i could do that, i was much younger, 10 years younger then. now i'm 10 years older, who knows, somebody in my position,0 years old, they don't want to lose their shirts just as they're about to retire. there is older people would have more incentive to sell into this selloff. >> by the same token though, most older people have different forms of income coming in. if you're 70, you have 85% chance of making it to 80, 85. stuart: you think? >> absolutely. stuart: thanks, charles. >> they're remarkable. so the bottom line here what i'm saying is 10 years later after 2009, you're sitting pretty good. stuart: i'm laughing, does when does life expectancy in my philosophy. >> it actually does. it actually does. there is old formulas are too

old because they don't take into account for longevity for people making a certain age but plays a role for long term investing. stuart: let's bring in a youngster, i suspect she is youngster than you. >> she has everything. she has bitcoin, everything. stuart: you do? susan: no i don't. i have a similar story in 2018. i was looking as citigroup, looking citi rebranded, it was a dollar at depths of global financial crisis i thought that was tempting at the point. who knew what would happen with banks and regulatory environment as they would survive. stuart: did you buy it? susan: no, i didn't buy it. one stock i regret not buying, largest stock in china, 10 sent, that stock has cratered. >> that is you nokia story. xi is cracking down on core business, i don't want to get

too crazy, avoid japan's fate, young men should be at work instead playing videogames in basements. susan: it has global impact. tencent traded all the way in china, hong kong, shenzhen, how it impacts u.s. markets. when that stock started ticking down leg, people started rethinking technology holdings, a company so dominant in world's biggest country, internet market like china, not developing increasing revenue and profit, that is a problem. >> you have to put as terrific against it. you can apply to baidu and that your point is well-taken in that. talking about names we're talking about google and amazon. the s&p doesn't consider them tech names consumer discretionary. out of 50 some odd bill, less than seven billion came from technology. google is communication

services. the point is is that when you look at this amazon guiding lower, slower growth and sales for the current quarter, some people extrapolated that to mean, that the overall holiday season is going to be slow and that is not the interpretation that i'm getting, i believe. i believe it will be slower for amazon because they have more competition. walmart is learning how to compete. target is learning how to compete. look at this morning's gdp number, absolutely phenomenal. this 4% consumer growth, security -- stuart: consumption growth. >> so phenomenal, juxtapose that of savings rate 6.4%, inflation rate of 1.6%, from 2.1%. inflation has gone down. consumer spending remains robust, savings are there. that is the perfect storm for a strong consumer into the end of the year, perfect storm. susan: the consumer is still strong. expectations gone totally out of

whack for amazon. it is priced to perfection. you have to come out way ahead of expectations and i think estimates are way too high on the street. stuart: we had all these fairly positive comments about the economy, about consumption, about interest rates even. it has been fairly -- >> let me give you a negative. stuart: yet the market is selling off. >> give you a negative not getting enough press. number one reason -- two things move markets, sentiment and fundamentals. sentiment ruined it. i think powell crushed this market on october 3rd. powell crushed this market. look october 3rd. stuart: that was the high october 3rd. >> when he said we may go past neutral, we're a long way from neutral, those comments shook the core of big-time investors. that said to the world the fed will mess up again. stuart: out came president trump and said he is doing the wrong thing. >> president trump spoke to some very smart people about this. he didn't up have a hunch.

he knew what chairman powell said was the most dangerous thing he could have said as role in new chairman. you couple that with the fundamental side, with all the earnings misses. what are some of the misses? a lot of misses are coming from the strong dollar which is at 2018 high right now. stuart: right. >> the first big earning warning of the season was pepsi. we got it from 3m and google. google would have made number if not for the strong dollar. the strong dollar is mentioned more than anything else as negative headwind for the economy abdulazeez people saying that in earnings space, biggest knock-on effect is strong dollar. a lot of global investors priced in different currencies, priced in the u.s. dollar, gets too expensive, people unwinding, they take money out of the u.s. market an hence the sell-down. stuart: we're at low of the day for the dow jones industrial average. we're off 473 points. that is 1.9%, 495 i'm told was

the low. when you're a minus 475, you're pretty close to the low of the day, down 1.9%. show me nasdaq composite please, that is important. nasdaq is down way more than 200 points. a long time since i saw a drop like that. it is down 244. that is 3 1/3%. the nasdaq tells the story of the day. the story of the day is a whopping great big selloff in technology stocks, not just five big ones, apple, amazon, facebook, google being microsoft. not just those, but technology all across the board. nasdaq composite in one week down all those points. look at amazon right now. look at that on your screens. amazon is down 156 points at 1625. facebook is down six, 144. i remember facebook a couple months ago, 220? >> they have fundamental issues also. stuart: they do. susan: regulatory issues. stuart: amazon 2050.

now it is 1626. i'm doing the math, it is over $400 lower just in a few weeks. that's it. alphabet, otherwise known as google is down 60 bucks as we speak. microsoft taking it on the chin. not suffering as badly as other big stocks. microsoft is back, where is it again? 105. that is down 3%, quite a lot, but not quite the size of the loss for amazon google. show me big techs. consistently on the program today people said apple is one of the big tech stocks that could move up from here. up from here. any comment, charles, on apple? >> apple is cheapest stock by any traditional valuation

metrics, they have appraising power. average earnings report, selling price goes up even during period of time they have nothing but old models out there. they will sell a ton of 1400-dollar phones this christmas season. a ton of them. stuart: you know i have money in microsoft, i tell the world on a daily basis. suppose i tell you i have money someplace else in cash, someplace else, keep up with them, buy with extra cash? >> i would buy every stock on the screen except facebook. stuart: what is wrong with facebook? >> they have problems. growth is slowing. unless they pull a rabbit out of the hat. great acquisition is instagram. but what is the next instagram? >> facebook was doing so well. nothing could stop them. susan: a report on apple.

there are arguments that apple may not be the big seller they were in the past. average handset is higher what has buoyed market, cash buyback program. they have been buying a lot of stock. increasing dividend. people see this as a. atm, you buy a stock and get money back in return. $60 billion over next three years. that is great cash return program. >> that is a great point you brought up. there is a freeze on buybacks. when think come back in, watch out. stuart: new low. we're down 509, 510, 511 points. that is new low. better than 2% selloff. show me nasdaq again. that is perhaps more important indicator than the dow industrials. nasdaq is the home of technology companies and moments ago it was down 3%. now it is down 3 1/2%. that is a whopping 254 point drop for nasdaq composite.

susan: this is the point where programs kick in, computer perhaps, you certain levels. down over 2%, in correction territory, down from recent peaks, when the sell programs kick in. you see offloading volume continues to increase. stuart: that is a good point. you mentioned that the s&p is officially in correction mode. that means computer selling, algorithms kick in, and automatically sell real time. look now we're down 523. to some degree >> absolutely. now would-be buyers will move out of the way. i'm not sure what the low was on wednesday but whatever that low point is, a lot of buyers are going to see if we can go down there and test that and hold. for us to rally today into the weekend would be remarkable. but it would be the kind of test, not to close higher but the rally significantly off the lows into the close would be a significant test of where the would-be buyers are. because we really, what we've

got is a buyers' strike. this has been extraordinarily to me, the fear index, the vix, was significantly higher in february and even in march. i'm surprised at how low it is. it's been scary but it's been orderly. i think as much as a buyers' strike as it is sellers'. susan: the nasdaq, the russell 2000 and dow transports already in correction territory. worst month for the dow since 2008. similar losses as well. worst month for the nasdaq in ten years. stuart: we concentrated very much on big name dow stocks and big name technology stocks. can you just throw up on the screen real fast, if you've got it, please, the biggest losers in the s&p 500, or the biggest losers on the dow. i just want to bring our viewers up to speed on precisely what is going down other than the big techs. okay. mohawk industries. that's an energy company. what is it? charles: tied to housing. stuart: tied to housing. same story, i think.

charles: that led the crash, the housing related stuff. the home builder index was the first to crash this year. that's been a rough one. stuart: significant losses there. charles: seagate, just one of these stocks, masco another one tied to building. incredible stock, should have done well. most of the names on that board are tied to the housing market. stuart: it is now 11:00 on the east coast, 8:00 in california. we have another selloff. we are at the lows of the morning. the dow industrials right now down 535 points. check the nasdaq. i'm going to call it a rout. that's of course a tech-heavy index. that's where the selling has been concentrated. the nasdaq is down now 3.5%, a whopping 255 points. now, the big techs, that's where the action has been concentrated this morning. when you look, i will go through one at a time. amazon is down $157. facebook is down six at $144.

alphabet, otherwise known as google, is down $54. microsoft down three at $105 and apple, solid apple, $213, down $6 per share. now this. technology. it faces a day of reckoning. i'm not talking about the big selloff today in technology stocks. i'm talking about the extraordinary power that they have accumulated and the pushback which i think is inevitable. facebook and google in particular are running straight towards a political buzzsaw. just for a moment, think about the power of these two companies. the two of them know everything about you. everything. where you shop, where you buy, what you read, what you watch. red wine or white wine. it's that detailed. power of that scope has never been concentrated in private hands like this before, ever.

it's just a handful of people running global information monopolies. the danger is that this power will be used for evil. now, that's a very strong word. i got that. but if some rogue executive manipulates a billion people for their own political purposes, that is evil. that's using monopoly power to undermine the vote, democracy, our constitutional republic. it's big brother and it's something we should be reining in. at the moment, this reining in takes the form of extensive new privacy rules and fines for data breaches. i think the reining in will be a lot more forceful. antitrust laws may have been written for a very different age but the justice department would send up an earthquake if they just gave it a shot like calling google's search engine a monopoly. they took down microsoft for less. the government doesn't have to win in court. investors will take the company down a peg or three when the suit is filed. now, my libertarian friends say

there is nothing wrong with power in private hands, it's government power they object to. and my calvinist friends point out the googles of this world are great businesses and great consumers. points well taken. but that's not going to hold back politicians in europe and america who will not tolerate the greatest concentration of information power in history. the third hour rolls on. let's bring in capitalist pig hedge fund manager jonathan hoenig. i say tech companies like google and facebook have an enormous amount of power which i think is dangerous. i'm sure you disagree with me on that. but i can see regulation or antitrust coming right down the pike right at them. you? >> well, you seem to be encouraging it from what i hear. you keep warning people about this terrible power of amazon, terrible power of google.

you completely conflate economic power with political power. economic power is what amazon, what google have. that's the power to trade. any power that they have, they have earned. you say they have the power but stuart, you undermine what they have given us. remember in the 1980s, in the '80s, the encyclopedia britannica cost $18. to be encouraging regulation is a worrisome sign and the fact it's coming from so-called conservatives and capitalists, no wonder facebook is at a 52-week low. stuart: i recognize that i'm reprehensible in your eyes, but nonetheless, i think you have been right on big techs. am i not right that just a few weeks ago you were saying get out of them? weren't you saying that? >> this is just one of the reasons. the threat of regulation as you pointed out, one reason to avoid these stocks. but the market is weak right now.

facebook, general dynamics, ibm, all these stocks at 52-week lows. this is a reason for caution. stuart: forgive me for breaking in. i have something important that's developing now. fox news confirms that authorities have arrested one in connection to those suspicious packages -- charles: great news. stuart: yeah, it is good news, sent to prominent democrats. the arrest took place in the miami area. that's all we know at this point. fox news is confirming an arrest in the miami area concerning these suspicious packages. susan: we have a press conference at 2:30 p.m. the justice department likely to give more detail on this. charles: absolutely love it. we will get a profile of who this person is. you know what? i think it's a good time for us all to be introspective because there are folks out there who want to harm the entire country. they're not left or right, they are anti-american. anti-america. this is the best way to do it. they keep knowing that they can

just pinprick us and we can start to point fingers at each other and start making the most worst assumptions about each other so easy. we are at such a divisive nature country right now. i can't wait to get a profile of this person because i don't think it's going to be someone -- i think it will be someone who is probably more anti-american than pro-left or right. stuart: this is my hunch. by the way, the search was concentrated overnight in the south florida area. that's where the arrest has taken place. one person is in custody. go ahead, jonathan. >> yeah. this is exactly what is the purpose of government, going after those who intend to do us harm. if i can just say, not amazon, not facebook, not google. those are the heroes of our age. these are the true villains, people who would commit or threaten to commit terrorism on our soil. hats off to law enforcement. doing a fabulous job to bring these criminals to justice. stuart: you got it. i will go back to my previous

observation. i think i'm right in saying that seriously, just last week or the week before, you were saying that the bull run in the big techs is over. you got it right. >> yeah. well, so far. it's not because i hate america or even think the economy isn't strong, stuart. simply because this bull has run out of legs. as we talked about, weak earnings -- excuse me, good earnings, but weak stocks. the faang, the banks, these have been areas of the market that buoyed it for the better part of a decade now. i think the bull has run out of breath. there's an old saying from reminiscing as a stock operator, a market is never too low to sell. the dow at 24,000 might seem high if this trend continues and i think it will. stuart: you think it will. you think we have not seen the end of the selling. it will come down some more. >> charles made the point exactly right. he said this selloff has been orderly and it really has. you have seen the vix spike. you have seen some fear out

there. but you haven't seen the type of front page on the "new york post" downer in 200 point type. that's when you know the market really will have hit the bottom, when that capitulation has come. haven't seen it yet. stuart: you haven't seen it yet. that implies you are going to see it, right, jonathan? you expect to? >> yeah, i think we are started to see some of the eye-popping moves that would suggest -- it's not here but it might be near. when you start to see stocks like facebook, amazon down 7%, 8%, 9% or some of the regional banks. that worries me. i haven't seen that for the better part of before the crisis, when you saw banks down 4% one day, 4% the next day, 5% the day after that. something is very wrong here. i feel the market is trying to tell us either the economy isn't as strong as we expect it to be or things look pretty bleak for 2019 and beyond. stuart: charles, what do you think about capitulation selling? charles: i think we are in something akin to that now. it's not a one-day event, it's a

rolling event. i will point out the news on the suspect, we came back 100 points on the dow. the market liked that news. stuart: you think there's a relationship there? charles: a knee-jerk emotional. so much of the market is day to day, second to second, is emotion. long-term the fundamentals always dictate where a stock is going to be in the market so it doesn't matter, i don't think it will influence the outcome. but as soon as that news broke, we recovered 100 points instantly. what i will say is that i have been worried about financials all year long and i think it's a bifurcated economy and bifurcated market. i think there will be real big winners and i think the economy is strong. i don't think it's so strong the fed should wreck it. my biggest fear is the federal reserve right now. stuart: i want to repeat the news which we brought to you moments ago. there has been an arrest in the south florida, i believe the miami area, concerning these suspicious packages. one person has been taken into custody. no idea who that person is,

their background, motivation or anything else, but the news is and it's been confirmed by fox news, that one person has been taken into custody, arrested is the correct expression there, in connection with the potential bombs that were sent. by the way, we got confirmation earlier today that it was 12 suspicious packages, possible bombs, suspicious packages is the best way to describe them, there are now 12 confirmed that have been found, and now as i said again, a man, it is a man, we're told, a man has been arrested in florida in connection with the mail bombs sent to public figures. an official has confirmed that. chris wallace joins us now. this is the best news i have had to deliver for a long time. got somebody. reporter: absolutely. the fbi and federal and local law enforcement apparently got their man and we understand it is a man, and when you think about it, i think the bombs first started appearing on wednesday, so in really about 48

hou hours, the authorities were able to find out who is responsible. some people are saying well, what took so long. when you think of the millions and millions of packages that are put in the mail every day, to be able to track it down to a specific postal facility and to take the hundreds of thousands of people who use that facility and find the specific person who put these packages in the mail, one obviously important development was the fact that none of these packages blew up. so you have the packaging, you have the devices inside them, and that provided a treasure trove of evidence that authorities were able to put together to use to try to find out where, and we were told yesterday that it was in southern florida, and then now apparently they know the specific person who is putting these packages in the mail in south florida. stuart: the next thing we want to know, obviously, who is this person, what was this man's motivation, why did he do it. we're not going to get answers

to that for some time. i don't know when we will get the answers but with a man in custody, those are the questions to ask. i'm sure we will be finding out pretty soon, right, chris? reporter: yeah, except i wouldn't overstate finding out what the motive is. you know, i think one of the really silly things that's happened in the last two days is people pointing fingers and saying the president's responsible. no, the media's responsible. no, the democrats are responsible. no, the fact of the matter is it's one, apparently one twisted individual who, for whatever reason, decided and if he says i did it because i don't like trump or i did it because i don't like the democrats, so what? this is just one nutcase and the fact -- the only thing that's important is that they caught him and he's been taken off the street. stuart: you're right. we crossed a line, when bombs are sent to two former presidents and there are ten other suspicious packages as well, you crossed a line. you have just crossed that line

right before an election. it sent a shudder down my spine. it frankly did. i thought we just moved into a whole new territory here. reporter: yeah, but again, when you say we, it's just one individual. it was certainly terrible and that's the effectiveness of terrorism. it's the whole point of it, to terrorize people. it does terrorize people. but to somehow think that it speaks of anything more than one twisted sociopath or psychopath i think is to make a mistake. i don't care what this guy's politics were or his motive. the fact is he was a bad individual and hopefully, if they've got the right person and i assume they do, he's been taken off the street. stuart: i'm not sure you can see this but on the left-hand side of the viewers' screen, that is the scene of the arrest. that's plantation, florida. that was the scene of the arrest where the man was taken into custody. i just want to explain to our viewers, that's what they are seeing. chris, i also want to raise the issue of the caravan. president trump says he's

considering closing the border. what do you make of that? that's pretty strong stuff. reporter: well, it is, but clearly the president has very strong feelings about illegal immigration, and i think he's been very distressed by the sight of these 7,000 people, and perhaps to some degree, the portrayal of them in the media as if they have some right to come into this country. they may have bad lives and lead unfortunate lives in honduras and along the way in guatemala and mexico, but they are still nationals of another country and unless they are victims of political persecution, they don't have any right to come into this country at all. so the president is saying we are going to enforce our borders. part of that is sending at least 800, now talk of 1,000 military to the border and then also the possibility of this new executive order. you know, there's a real loophole in the laws where, if someone is caught coming in from

mexico, you are able to immediately turn that person around and send them back, but if it's somebody from central america, you have to hold on to them for awhile, and they go through a process and because our facilities are so overburdened, there's often a catch and release and some of those people that are released never come back. i think the president is saying we are going to change the effect of that loophole in the law. we are going to close it and we are going to say to people that come from central america as well as mexico, you come across this border illegally, you can't game the system, you can't claim asylum when it isn't really a political asylum and we are going to send you back right away. i think obviously the hope is, not that you have the confrontation on the border but if that message goes out, the people who are still hundreds of miles away will turn around and go home. stuart: i hate to say this is a winning or losing issue for the president, but the approach of the caravan and the president's firm response would seem to be a plus for him electorally in

november. reporter: he certainly thinks it is. he thinks particularly in terms of motivating his base that a strong stand on illegal immigration, yes, wait on line, go through the system like everybody else, that's a perfectly legitimate thing to do and we welcome those people, but the idea of illegal immigration and the thousands of people can just decide we don't like our life in honduras and will come to the u.s., he thinks that's very much a winning issue for his side and i think he wants to take a very strong line on that both for national security reasons and also for political reasons. stuart: chris wallace, thank you for being with us at a very important time. as i said, it was about the most important news that i have delivered, the best news i have delivered for a long time. a man arrested in connection with the mail bombings. thanks for being here at a great moment. thank you, sir. we have on the line now chad jenkins, former fbi special agent. we have an arrest. can you tell us any more, sir? >> well, at this time, it's

breaking news. your information and my information is about the same. stuart: do you see this as a really big positive? most of the people i have talked to around this set and chris wallace, this is very, very good news. i'm sure you will share that. >> oh, absolutely. i was on "fox & friends" this morning talking about this, and we were discussing the information that was out in the media and i was under the assumption the fbi and all the federal law enforcement partners were closer at honing in on the individual perpetrator than it was being talked about in the media and rightfully so. not to give a tip, not to give any clues to the subject. i think they were close, obviously, last night when it broke that they were looking at the opa-locka mailing facility, then honing in from there to double down and get this individual in custody. now here's where the rubber meets the road, where thorough interrogation takes place to find out what the actual motive was for this.

stuart: let me get this right, chad. the man's in custody, he's been arrested, he's in the police station some place. how can he be interrogated? can he say i want a lawyer, that's it, i'm saying nothing, i want a lawyer? he can say that, can't he? >> well, there is somewhat of exigent circumstance because we already have, even of this morning, senator cory booker as well as, you know, director clapper having those mailings delivered to them just this morning. extended circumstance of danger to society would overrule the mirandizing right of that individual. in that situation, he would not have to be mirandized because of the extended circumstance to the greater good of the public because we don't know if there are more packages out there. stuart: oh, i see. that is light at the end of the tunnel, if you can actually ask the guy questions and get some serious answers, that would be a

real breakthrough. hold on for a second. i have with me steven rogers. >> pleasure. good to be here. stuart: you are a special agent i believe? >> retired u.s. military intelligence. worked on national fbi joint terrorism task force. stuart: what are they asking this guy now? they have him in custody. he doesn't have to be mirandized, according to chad. >> right now, what is key is motive. they have to find out the motive, if anyone else was with him, is there anyone else out there with some of these devices. let me just add this. it's a very important point. i got to tell you, president trump's quick, quick response and decision to get the full weight of the united states government's law enforcement agencies engaged in this resulted in what happened today. stuart: that's inevitable. when two former presidents receive a bomb or sent to their homes in the mail, of course we mobilize every resource we have possibly got because you crossed the line when bombs are received by former presidents.

>> but as quick as he did this, i have never seen anything this quick. we are talking 48 hours. i talked to investigators who thought it would take a week, week and a half. he was able to get everybody together and say look, we have to find this guy and they did. stuart: 48 hours, i guess, is what they took. they've got a lot of evidence, they've got the packaging around these packages themselves. >> yes, as a result of the man power. there's a lot of man power there. you have dna, possibly. you've got trace evidence from the crime scenes, forensic evidence. a lot that they've got we don't know about yet. stuart: hold on a second. chad jenkins still with me, i think, former special agent. in this evidence that they've got, the packaging and all the rest of it, what are they going to take from that evidence? steven rogers is saying they will get dna off it, hair samples. what else? >> dna, fingerprints and also where it was huge that none of the devices actually ever went

off and even if they were rigged to blow, that's still up in the air, hasn't been determined if there was even an initiator to make the explosive kick off in the beginning. however, all the subcomponents that make that up, the timers, the batteries, all that, now it's all completely intact. now with this subject or suspect arrested, obviously a full search warrant of his location, his premise will be done as well, and that will be where more evidence could be found of where he devised this plan, where the bomb making material was and tie it back to him financially on how he spent money to procure all these items as well. stuart: hold on for a second. i want you to explain to our viewers what they are seeing on the screen. that's a vehicle, i don't know this for a fact, i'm assuming it is the vehicle of the arrested person. they are covering it up with a tarp. they will take it away. what's going on?

>> the reason why it's covered up is because it now becomes evidence. they may have found or believe that there are pieces of evidence in that vehicle. no doubt they will get a search warrant to search that vehicle from fender to fender. that's why they have that covered. they don't want any evidence contaminated. stuart: it will be contaminated if somebody looked in the window? >> you know what happens, you would be surprised, somebody might try to open a door, you just contaminated the evidence, especially when they are looking for fingerprints. what if you are leaning over and a piece of your hair falls out and it's on the floor and they take dna and that -- stuart: really? it's that minuscule? >> we got the greatest law enforcement agencies on the face of the earth and it is that minuscule. you can find a piece of hair that may belong to that suspect and bingo, if there's bomb tracing material in that vehicle, look. that's the connection. stuart: that's what they're looking for. >> connecting the dots. stuart: the packaging, they've got. if there's any connection from that packaging to that vehicle, or the man's home, you got him.

>> think about this. what if somebody else's fingerprints are on there, not his, you may have another suspect. that's why it's important to protect all of the evidence and crime scene. stuart: chad, how fast, how long does it take to go through a vehicle like the one that's on the screen that's being taken away? how fast to go through it with a fine tooth comb? >> well, you have, the fbi miami, that was my last duty assignment, out of the fbi miami division, so evidence response team which is specialized agents and analysts who are trained to do the evidence recovery, so they will be the ones, there's actually a team of them out of the miami division. they will deploy to obviously the home of the individual as well as the vehicle to do that. you've got to remember, nothing went off, no explosions, thank god, so that helps in the collection of evidence because everything as we know it right now is intact.

you can bet it will be through the weekend at this point in time, both any of the vehicles the guy owns as well as his residence. stuart: chad, tell me please, if you know, who quarterbacked all of this? who was the person or the official who brought it all together with all these experts all round the country? who did that? >> this would have been run out of fbi headquarters. it was a big enough operation that fbi headquarters would have run it. we have to remember, thousands of leads are generated throughout the fbi every single day that are, you know, crossed over from one field office to the other, but because of the level of, you know, the level of the threat, the national threat this was, it would have been quarterbacked, if you will, out of headquarters, then counterterrorism division most likely was second in command at running this operation. stuart: how many people you think were involved in this 48-hour investigation?

>> one person. just one person. i believe based on the fact that these devices were mailed all over the place, he could have had them stocked up and just after the first news cycle, let me send more out. stuart: you are speculating it's just one person that's responsible? >> that's right. stuart: how many agents or law enforcement officials were involved in getting him? >> hundreds. keep in mind you've got local, state, county, hundreds of agents. this is why it was done so quick. the man power being poured into this, great police work. stuart: i have to tell you, i don't want to be on the run when i'm chased by guys like this. right? >> yeah. i mean, it's kind of reminiscent of the boston marathon bombing. if you think about that, that was a quick deployment as well. now, unfortunately, those bombs, the pressure cookers did go off but that was a quick reaction as well. when assets need to be deployed and a bad guy needs to be taken

off the street for national security purposes, you can bet your bottom dollar all law enforcement agencies throughout the country come together to make that happen. stuart: i will say hats off to the authorities. great work. chad, thanks for joining us. same to you, steven. >> you can run but you can't hide, buddy. stuart: that's a good expression. thank you very much, sir. of course, we have two major stories for you this friday morning. yes, an arrest in the suspicious packages case, happened in florida. details still coming in. obviously we will bring you everything we've got as soon as we get it. the other story is, a market selloff. the dow came back, it came back more than 100 points after the arrest of this suspect was announced. the big tech, that is still leading this market lower. we are all over it. back in a second.

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a market selloff. however, we have come back significantly. we have come back to the tune of 200 points. about a half hour ago we were down 500. now, we are down 309. a perfect time to bring in hans olson, chief investment officer at fiduciary trust. i say it's a perfect time to bring him in because you believe this market will end the year higher than where it is now. you are actually bullish. >> indeed i do. i think we will probably end the calendar year 5% to 6% higher than where we started the year. that seems like a bit higher than where we are right now but that would be lower from where we were earlier in the year. stuart: correction implies a recovery. >> it does indeed. if we ended the year 5%, 6% higher, that's a solid return based on what we did last year. stuart: it sure would. that would be a real turn-around. >> indeed it would. stuart: we are down 297. bit of a comeback in progress as we speak.

now, here's maybe a fly in the ointment. if the democrats win the house in november, do you factor that into your outlook? >> historically whenever you have had divided government it was never as bad for the market as people anticipated it to be. i don't think that there would be any reason to think it would be different this time around. if we went back to a divided house, probably doesn't really mean that much for the equity market, even for the stock market. we had the regulatory rollback, we had the big tax cuts. it sort of rejuvenated the economic cycle and i think that was the second wind that has helped push us along this year so we are growing between 3% and 4%. stuart: one of the big pluses for the market, you mentioned the economy, nice growth there. what else, what have we got going for us when we're down like this? >> i think if you look at, we have talked about this before, when you look at small and medium size businesses in the united states and you look at the surveys there, they remain

very, very positive. they plan to hire, they plan to invest, some of them are even able to raise prices. the optimism there remains near 43-year highs. that's extraordinary, because that's where all the jobs are created in this economy. stuart: and consumer confidence, although it slipped a little, is still close to record levels. >> that's right. so the concerns we are hearing about well, is the market signaling a recession, the answer is no. you don't see it confirmed with the yield curve. yield curve still is positively shaped. it's flattened out a bit but we can operate very profitably with a fairly flat yield curve. stuart: so we will end this year 5% or 6% above where we were when we started the year. i'm trying to do the math because i can't remember where we started the year. i certainly can't add 5% or 6%. tell me what level on the dow at the end of the year. it's 24,600 right now. >> i think we are up right now,

with the pullback, up maybe 1%-ish, less than 1%. i can't do the math. i can't see the numbers. stuart: can we hit 26,000 by the end of the year? >> yeah, we can do that. stuart: thank you, hans. >> there it is. stuart: we have news on the suspect who has been arrested. go. >> fox news senior correspondent has been speaking to florida enforcement sources, law enforcement sources. the suspect in florida is a resident in the state but a former new yorker, white male in his 50s. he's been told he's 56 years old, lives in aventura, florida, and has had previous arrests for terrorist threats. he was a known entity to law enforcement officials. stuart: previous arrests for terrorist threats and they got him. susan: they got him. stuart: white male. got him. susan: 50s. stuart: thank you, susan. blake burman is at the white house. the president is scheduled to

speak, i think in about ten minutes. reporter: 11:45. stuart: eastern time. you think he will address the arrest? reporter: we have asked, and so has the pool has asked the white house for some sort of guidance. we haven't yet gotten an answer. we know president trump will be speaking here in about ten minutes and we will of course monitor the top of those remarks because it would seem like a natural place for the president to be able to address this arrest. the white house said today, the press secretary sarah sanders said the president had been continually updated on the latest developments and updated as needed. this would most certainly fit into the category of as needed but we have not yet gotten guidance from the white house as to whether or not the president will officially address this. he did tweet about this, though, just a little while ago, seeming to suggest that this could have something to do with the midterms. this is what the president sent out earlier today. quote, republicans are doing so well in early voting and at the

polls and now this bomb stuff happens and the momentum greatly slows. news not talking politics, very unfortunate what is going on. republicans, go out and vote. so that was one of the takes from the president earlier today. stuart: real fast, blake, i don't know whether you can see this, but our viewers are looking on the left-hand side of the screen at the white house, and the room where the president will be speaking. it is full of people and as you told us, there are going to be -- there's a pool of reporters in there. i can't believe that they won't shout out questions and the president won't answer them. reporter: if he doesn't address it off the top, it will most certainly be asked by the reporters in the room there, so i would say that we anticipate hearing from the president, but we don't know that for sure. by the way, before i leave you, as someone born and raised in miami, i will tell you the one thing that stands out to me, this suspect apparently is from

aventura, arrested in plantation. the postal facility in opa-locka. three different cities and three cities that are not close to each other. northeast, kind of central miami-dade county, opa-locka, and plantation all the way in the northwestern side. this was a pretty wide area when you talk about a law enforcement perspective. stuart: well said. i'm sure we will be back to you shortly. the president is due to speak at 11:45. he may address the issue of this person who has been arrested. matt schlapp is with us, conservative kind of guy. welcome back. good to see you. this is the best news i've had all day. they got somebody. >> yeah. this is where we ought to be thankful that we have the greatest law enforcement experts in the world, and when they are on the case, they usually find their guilty person. stuart: what we know so far is that he's a white male in his 50s, and he has had previous arrests for making terroristic

threats. i don't want to go too far into the motivation but it sounds like a lone nut. what do you say? >> it does sound like that, which is -- look, it's alarming that we have people who live amongst us who would do something like this, but by the same token, i'm glad what we find out is it's not some larger conspiracy. let's face it, everyone's personal security is awfully important. stuart: does this arrest, does this get this whole issue of these suspicious packages sent to democrats, does it get it off the table 11 days before the election? >> it's a great question, stuart, and i think the biggest problem that the democrats have is that their allies in the media and they themselves have jumped and started blaming the president. the president isn't the suspect under arrest. they immediately blamed the president and his rhetoric for the fact that this could happen. i just think the american people are fair-minded and they look at that and say the democrats will

make politics about just everything, every single thing they can think of. stuart: i don't know whether you saw this, but we got some polling on early voting. it came from nbc. and it shows that the number of voters voting early favoring republicans is way up from where it was at the same time in 2016. you've got to be looking at that saying that's a very positive indicator for you guys. >> yeah, especially for republicans, because republican and conservative voters are mostly characterized by absentee ballots and by voting on election day. we tend to vote on election day. democrats tend to go and vote early in person or via mail, and they have much more aggressive programs. in those states that nbc reported on, they were mostly states with key senate races so it's just more evidence that on the senate side of the equation, it could be a big, big night for republicans if our voters turn

out. stuart: okay. i want to talk to you about the caravan. president trump is right out there saying they're not coming here, we'll take steps to close the border if we have to, and some military personnel, engineers, doctors, lawyers, are on their way to the border. 800 extra ones. i think this issue is working very firmly in president trump's favor and i'm sure you are going to agree. >> yeah, well, good policy should make good politics, right? it's good policy to say you can't come to america as a legal resident unless you go through the proper process. about 1500 times a day at the border we have a mob of people, we have a mini caravan. it's happening every day of the calendar year. it's because people are not following the normal process, because if they can get to the border and if they can somehow get into the interior of america, some liberal judge or some loophole and some rule will allow them to stay. we have over 130,000 people in the country who were taken in last year, given temporary residency who are still here.

once you get in our country, because of the way this broken system is working, you seem to be able to stay for as long as you want. that is not immigration. that's just walking in. stuart: but could you lose on what i'm going to call the humanitarian issue, when they arrive at the border, if you've got videotape of women and children in tears, blocked or forcefully pushed back, that's not a winning political proposition. it's a losing issue. how do you avoid that? >> well, i think that's what the president is trying to deal with. what he's been dealing with for 18 months is these people come to the border and you have just those images that you just described. i think that's why he's being so aggressive with his language and so is mike pompeo and john bolton and kirsten nielsen. this isn't a caravan as much as almost like a mob force. they are already breaking international law by entering

mexico. mexico, it's their obligation and really, the international community's obligation, to block them there. allowing them to come to our southern border breaks all kinds of rules and we have got -- i think the president is trying to stop them before they even get to our border and we know that their numbers are greatly reduced. stuart: matt, we are dealing with two big stories. the arrest of a suspect in the bombing cases, and a selloff on the stock market. right now we are down about 300 points. it's been a rotten month for stocks. do you think that that market selloff could be a negative for the gop and the president in the election? >> yeah, i mean, you are the expert here, but i don't think stock markets love jitters and they don't love a lot of kind of news about potential violence and everything else. that always gives people heartburn. we are in a tumultuous political time and there's no question this idea that the consumer confidence numbers are up and the political world, we talk about the right track/wrong track. more americans believe this country is on the right track

than we have seen in a very, very long time, including all of the obama years. there is so much to be bullish about politically and in the markets, but between now and election day, all these things that are happening can make a big impact on what happens in a particular race. stuart: matt, i just got this coming in. it's a new tweet from president trump. i will quote it directly. here we go. i will be speaking at the young black leadership summit in 15 minutes, where i will address the investigation into the bomb packages. so he will be speaking on it. that tweet came just a few minutes ago so -- the president is due to speak at 11:45 and as he said in that tweet, yes, he will address the arrest of the suspect. he's going right at it, matt. >> that's what he does. look, you know, in full disclosure, my wife works for him in the communications shop, but the president is his own most effective messenger. so he's not putting a staffer up there to address it. he's going to address it

himself. that's what he does time and time again. it's rather courageous. let me tell you who will he be speaking to. 400 african-american conservatives, not all of them have been in the movement very long. they are attracted to what donald trump is doing in their community so that's a very exciting event he's speaking to. stuart: of course, you have got to be careful when the president addresses a subject like this off the cuff. >> you're right. stuart: you know, that's -- i'm not going to say dangerous, but you don't know what the president is going to say. you don't know what language he's going to use. this is, i'm going to call this a delicate issue. you have to be careful. >> he's not a script reader. part of that, people love because he's so authentic. but the other side of it is that he speaks from the heart, he speaks off the cuff, and people hold him accountable for every single syllable he utters. i agree, the words on this are important because markets are listening, people around the world are listening. i tell you the thing i'm happiest about, he put a bunch of people in charge of the fbi, i think we can all take great confidence in.

i think that's a big new development that i'm happy about. stuart: it only took them 48 hours to find a needle in a haystack, so to speak. pretty good performance, i have got to say. hey, matt, thanks very much for being with us. we will keep following this, because the president is due to speak momentarily. it's now almost exactly 11:45. obviously, the president is preparing his remarks because as he said in his tweet, he is going to address the bombing and the suspect who has been arrested. again, it is one suspect in his 50s, a male, a white male, a resident of south florida, arrested earlier this morning. we had video of the vehicle which i believe is his vehicle, that was being taken away. there you have it on the right-hand side. they are towing that thing away. they want to investigate that thing fully. special agents at the fbi explained to us you have got to cover it up with tarp. you can't touch it, you can't open a door, because if you do, you leave your open fingerprints

on it. you might leave a hair or dna sample on it and that would really mess up the whole investigation which has to be very precise. there you have it, on its way i guess to an fbi lab for thorough investigation. the other big story, of course, is the market selloff. hans olsen still with me. now, when you were with me ten minutes ago, we had come back to minus 290. now it's minus 340. are you sticking to your math that says we end the year higher than we are now? >> absolutely, stuart. stuart: no reason to change? >> no reason to change. stuart: okay. talk to me about the big techs. i know you don't follow individual stocks, but this is a group of companies, group of stocks, which have led the market for a couple of years. >> couple of years. this year, i think at their peak they were up close to 20%. we were in an environment where expectations got so far ahead of what was and has been remarkable earnings. these earnings that they posted, although a little light by

expectations, absolutely are fantastic. so i think we are in this period where we are starting to sort of realize that we don't live in a world where earnings go up in a linear fashion. they are not a straight line. stuart: well said. do we still have brian with us? may i ask? we do. brian, i want you to come into the discussion, please. i don't want to dismiss today's gdp report. it came in at 3.5% annualized growth in the july through september period. i personally was a tiny bit disappointed. i wanted 4% but i will bury my troubles. you think it was a really strong report? i don't want to forget about it. you say it's a very strong report. brian? >> stuart, yes, absolutely, it was a strong report. i also believe that it shows that only america is growing. we are seeing the consumer buy and imports are surging because

everyone else around the world is not growing. so this report shows that the united states has to continue to lead with tax rate cuts, deregulation and a good dollar. stuart: you picked out the consumption number, up 4%. i don't follow it that closely. you are telling me a 4% gain in consumption is a really big deal? >> it is a big deal, particularly when it shows that the united states is buying a lot of imports. that means that everybody else is kind of slowing down, looking for leadership. that was the nugget in that report that said we have to continue with the early donald trump administration, what they did was lower tax rates and decrease regulation. stuart: left-hand side of your screen, the room where president trump will be addressing african-american leaders, where he promises to say something about the arrest of the bombing suspect, and susan is with me with new information on the suspect. susan: the department of homeland security -- the secretary that's right now traveling near the border, an official that's traveling with

her of the dhs has basically said the individual, the person under arrest right now, the prime suspect in the suspicious packages, does not have a tie to international terrorism. it's very important to know. stuart: it is. he's a male in his 50s, resident of south florida. susan: former new yorker. according to fox sources. stuart: had previously been arrested for making terroristic threats. susan: correct. he's a known entity to law enforcement officials. stuart: but no connection to international terrorism. susan: no connection, according to the department of homeland security. stuart: so i think we know quite a lot about him as we go into this thing. right. we are going to take a short break. no, we're not. no, no, stuart. calm down, lad, calm down. we're not taking a break. we are going to blake burman, who is back with us near the white house or close by the white house. what do you have for us? reporter: we are going to hear, as you just heard susan say, the president at this event here at the white house, young black leadership summit, the president is supposed to speak at

momentarily. he will top his remarks with the arrest of this individual down there in south florida. you should expect to hear praise of law enforcement, condemnation of this person or maybe i guess we will even find out if this was someone that's part of a larger operation or not. also, the president potentially using this as a rallying cry for the country to come together. those were all themes that we had heard from this president and from this white house over the last few days, as more and more and more of these packages kept on landing at the doorstep or close to and now, as we know, postal facilities targeting prominent democrats. one white house official, stuart, told me earlier today that the full weight of the entire federal government was dedicated toward this search. you had the fbi, department of homeland security, the department of justice, united states secret service, just to name a few as well, focused on this search over the last 72

hours and even more after that. one thing i would tell you is down there in south florida, where this is taking place and now where fbi agents are on the scene, potentially multiple scenes in south florida, there is a massive fbi presence in the south florida area. in fact, the fbi just dedicated a new building down there, one of its new facilities, within the last couple of years or so, either in 2016 or 2017. so there is a huge fbi footprint down there in the south florida area and today, you are seeing that pay dividends. stuart: thanks, blake. matt schapp still with us, conservative kind of guy. matt, i would expect the president, when he addresses the crowd on the left-hand side of the screen, i think it's going to be very proud of the performance of his government. i think he will emphasize that. >> yeah, it's really interesting, you think about it, you have 400 young african-american conservatives who are there with turning point usa and he's going to talk to

them about how law enforcement really performed well. so it's a crowd that cares a lot about the fact that we want to have effective policing and effective law enforcement, and i think more than anything else, a lot of the people who received these, i think every one is a trump critic, so i think as you have said, it's going to be important for his tone to reflect that there are just certain things that the president and law enforcement do as leaders of the country, and one of them is to protect us and keep us safe and to lock people like this up. now, we also have to be careful, this person is under arrest, but we don't know if he's guilty until they go through the process. they have made mistakes on this before. so we can't jump the gun on knowing the guy's guilt but i'm glad that they already have what looks to be a very good suspect. stuart: talk about a full-scale investigation. we have been showing video of a vehicle which may be owned by the suspect. quickly wrapped up in a tarp, the left-hand side of your screen, put on the back of a

trailer truck and is now already on its way to i guess an fbi lab for thorough investigation. that's something we have seen consistently, as soon as these packages are discovered, they are loaded on board a special truck and off they go, and are driven to the appropriate fbi lab. it's a very strong and rapid response to a dreadful situation. i'm still looking at the stock market, which is coming back a little bit. i want to know, is there a connection, a connection between the arrest of a suspect in this notorious case, and the stock market selloff and the stock market coming back a bit? susan: it's come back 200 points. quite dramatic. stuart: you think there's a connection? susan: i think there's a knee-jerk reaction, obviously, when sentiment changes when there's some sort of uncertainty that's been removed from the market. stuart: and it's positive. susan: absolutely. stuart: the arrest of a suspect in a case like this is positive. you think it did indeed help the market come back. hans olsen is still with me,

sitting around here on a big day. >> i agree with susan. stuart: you do. >> you have 12 packages in 48 hours going all over the country, and all of a sudden -- stuart: it's resolved. >> 48 hours later. stuart: hold on a second. we brought in a series of fbi special agents. i have another one with us now. chris swecker, former assistant fbi director for the criminal investigative division joining us now on the phone. this was pretty good work by the fbi, wrapped it up, they have a suspect and it happened very rapidly. hats off to fbi. >> yeah, this is a good piece of work by them. this is what they do best. those of us with the kind of experience i have in bombers, et cetera, forensic investigation, this one looked like it was going to get solved early.

i made that prediction, because there are 11 now bombs or devices. that is a forensic windfall. you've got cameras, you've got couriers that may have delivered. this was a rich, there are rich leads in this case. the fbi can work very quickly when they need to. stuart: i'm told that in these circumstances, when they arrest a suspect like this, they don't have to mirandize him. in other words, they don't immediately call for a lawyer and get one and be quiet. what kind of questions do you think they are asking him right now? >> yeah, that came in after 9/11 and when there's an imminent danger of further bombing. they are asking are there other bombs in the mail out there, other devices that have been delivered, where are they going, what are they made of. it's a public safety issue that came in after 9/11, where they don't have to mirandize. in this case it's more about public safety than trying to convict him in court. they have plenty of other evidence to convict the person, probably. stuart: the suspect is male,

white, in his 50s, has been arrested previously for making terroristic threats. i hate to use a pejorative expression but that sounds like a lone nut. what do you say? >> yeah, this had the earmarks of a lone, demented individual almost by definition. the crude packages that were really almost meant to be profiled in mailrooms. it all but says on the label, i'm a bomb. so you can tell i think from the very beginning that this was a lone individual consistent cross the board and not a very sophisticated one. i think we will find out this person probably got identified off fingerprints or dna. stuart: i believe we have heard from officials that he has no known connection to international terrorism. that's an important thing, too. >> it is. he probably doesn't have any connection to domestic terror

organizations. he still could be terrorism because the definition of terrorism is political change through violence, violent means. an individual can be a terrorist. he doesn't have to be part of a terrorist organization. i think you will find out he's kind of a lone ranger, pseudo terrorist, not very sophisticated. the type of people terrorist groups would like to recruit, but this guy is operating on his own. stuart: hold on for one stuart: point number one, left-hand side of your screen the president is about to address an audience of about 400 young african-americans. it is in the white house. the president has tweeted that he will bring up the bombing suspect, talk about that. bottom right-hand corner of your screens, looks like a van with a large blue tarp over it. that is the van which we believe belonged to the suspect. picked up in south florida this morning. we saw the authorities get ahold

of it, wrap it up, put it on the back of the trailer. it is now going to a fbi lab for full investigation. exactly what's inside of it. what kind of clues can they get. susan, what you got? susan: u.s. law enforcement officials say other potential suspects are looked at in the suspicious package case. stuart: others? susan: other suspected. may not just be one operator. we know one arrest so far in plantation, florida. stuart: chris swecker, come in please. that's a break through. the fbi is looking at other potential suspects here. what do you make of that? >> is that for me? stuart: yes, chris, you're the expert. >> we're not sure what that might mean. maybe that somebody drove him somewhere like san bernardino situation. a low level aider and abettor.

different than being part of a political organization with violent aims for political change. my instinct, it will come out to be low level aiders and abettors stuart: hats off to you guys. this was a remarkable policing job to come through with a suspect in the face of 48 hours. when you have 12 confirmed, suspicious packages, literally all over the country that was a remarkable police and authority job. chris, thanks very much for being with us this morning. congratulations to all, law enforcement people. good stuff. now, i just want to wrap up another big story that we've been following for you and that is a financial story. it is the selloff on the stock market. at this moment the dow industrials are down 326 points but the really big loss today was not in the dow. it was nasdaq composite. can you show me that please because we were down 2 1/2% on the nasdaq. that is those technology issues.

and the s&p -- nasdaq is down just over 2%, coming back a little. what a program. our thanks to all of the people who appeared with us today. of the susan earns thanks very much for stepping in like that. all good stuff. my time is up. thanks to you brian. connell mcshane. take it sir. connell: we stay on top of all the breaking news on all angles, coming in to "cavuto: coast to coast." i'm connell mcshane filling in for neil. we're looking at picktures of the east room of the white house a suspect in the bomb package case has been arrested in florida. we're expecting couple things next couple hours. justice department holds a press conference 2 en:30 eastern time. we suspect