from all the unrest we've seen. >> i actually agree with you on that. maria: could be the best quarter since 1975 on the s&p, ryan. >> absolutely. you know, a lot of naysayers, lot of strategists have been very negative and have been dead wrong. expect the surprise to be in the positive. maria: okay. thank you, guys. great show. we will see you soon. "varney & company" begins right now. stu, take it away. stuart: i shall indeed. good morning, maria. good morning, everyone. the virus is back. a big increase in new cases in texas and the governor takes action. greg abbott says please stay home. when you go out, wear a mask. texas took the lead in opening up its economy and relaxing restrictions. the governor's reversal is a sharp reminder that the virus is still with us and it is a factor in the market today. look at this. the dow industrials, the s&p 500 and the nasdaq, all of them down, not much, but all of them on the down side and the virus

return especially in texas is a factor. now look at this. five stocks at or near record levels. apple, microsoft, google, facebook. what you are looking at is premarket prices. i see apple and amazon up again. not much of a selloff in the other three. facebo facebook, google and microsoft, after yesterday's stellar performance. put together, these five make up 22% of the s&p 500. now, that is dominance. the news from the street this morning. it is not good. in atlanta, armed men took over a small area and refused to let the police in. in wisconsin, a state senator beaten when he took a photo of demonstrators. in our nation's capital, the flag burned by a cheering mob. "varney & company" is about to begin.

stuart: a political bombshell is unfolding. long-time democrat congressman of new york, elliot engel, is fighting for his political life. the 16-term incumbent is trailing by double digits against a progressive. he received the full support of congresswoman alexandria ocasio-cortez. engel was supported by the democrat establishment, hillary clinton, senator schumer, speaker pelosi. what a race. now look at aoc's race. she was in a primary yesterday. she easily defeated her challenger again by a wide margin. so what do these results say about the state of the democrat party as the election approaches? that's the presidential election. fox news contributor lisa booth joins us now. i'm referring particularly -- >> hi, stuart. stuart: -- what looks like the loss of elliot engel and the win

for jamal bowman. the man's a progressive. what does that tell you about the democrats? >> well, i think any time you see someone like aoc in 2018 be able to knock off a democratic establishment giant like joe crowley, that certainly inspires others like her to try to do the same and it looks like that happened again in new york with jamal brown but you also have to look at some of the actions elliot engel has taken recently that probably led to this moment. you look at the fact that "the atlantic" reported he hadn't been in his district for two months during the coronavirus pandemic. he was also caught on a hot mic moment saying he wouldn't have attended an anti-police rally if it hadn't have been for the primary. it seemed like he sort of lost touch with both the democratic base and his congressional district as well as the district itself. i also think it reflects the split in the democratic party right now. we saw this even play out with the democratic presidential primary race between bernie

sanders and joe biden as well. so there's definitely that very evident split between the progressives, the very very liberal part of the democratic party and you know, the more kind of old school establishment part of the democratic party. stuart: definite split right there. it just got wider. stay there for a second. i'm going back to you in a moment. i want to get back to the markets for a moment. i want to bring in our guest. the much-watched and frequently guesting on this program shah gilani. shah gilani, how are you, lad? good to see you again. >> great, stuart. how are you? stuart: i'm in great shape, thank you very much indeed. i've got an obvious question for you. we have had a terrific runup in the big tech stocks. yesterday, most of them closed at all-time record highs. obvious question, i think, is it time to sell any of them? >> no. pardon the frankness of this answer but the obvious answer is definitely not.

these are the companies that have the revenues, the profits, the cash generation, they have moats around their businesses. they are leading the market higher because they should be, because this is where investors are putting their money. they have become safe haven stocks. that is for good reason. they have got everything going for them, they are doing everything right and they should be leading the market. investors who are not in these stocks and it's still not too late to get into them, are missing out. these stocks will continue to go higher for as far as the eye can see. there is nowhere else for people to put their money but in these leadership stocks. stuart: so if you put more money into these stocks and they lead the market, do they lead the market, the overall market, higher still? >> yes. absolutely, stuart. again, investors are putting money and bidding up these stocks because of their ability to produce profits. eventually they are going to start to pay more dividends, they will revert to buy-backs

and put a pillow under their share. we looked at apple when it reached $1 trillion and were marvelling how is that even possible they could get to $1 trillion, isn't that great. but now it's approaching $2 trillion. we will probably see a $2 trillion valuation on apple by midsummer next year if not sooner. stuart: stay there. i will get back to you in a second, shah gilani. meanwhile, let me take a look at the big tech stocks. they are apple, amazon, microsoft, facebook and of course, google. they closed, most of them, i think four of the five closed in record territory yesterday. a clear boost for the nasdaq. now, apple closed above $366. amazon, $2700 a share. microsoft, over $201. facebook, $242. this morning, no big selloff for any of them. not one. that's big tech for you. that is dominance. now, let's get the latest on the virus. total u.s. cases over 2.3 million. dr. fauci on the hill yesterday

said some areas are indeed seeing quote, a disturbing surge in new cases. roll that tape. >> in some respects, we've done very well. however, in other areas of the country, we're now seeing a disturbing surge of infections that looks like it's a combination but one of the things is an increase in community spread, and that's something that i'm really quite concerned about. stuart: now, one of the hot spots, the hot spot at the moment, is texas. ashley, come on in and give us an update on the lone star state, please. ashley: yeah. texas in particular, 5,400 plus new cases in a single day being reported since june 10th, 42, 5 42,155. hospitalizations also hitting record numbers. governor greg abbott for the first time since lifting the lockdown is now giving cities and counties the power to put

restrictions on larger gatherings. he hasn't done that since the lockdown. he says he was questioned about having maybe another kind of weaker lockdown put in place. he said that would be a very last resort, although he's stressing that people should be wearing face coverings in public but he says that is not mandatory. it is so bad in houston that they have opened the largest pediatric hospital there to adults who have covid-19. bottom line is we are definitely seeing a surge in texas. however, the governor says he believes it is still safe to reopen public schools in august. but they are concerned, of course, with the fourth of july coming up that gatherings at that could also make the situation worse. stuart: got it. thanks very much. come back in again, shah gilani, please. you say that a second wave's impact on the markets will not be as bad as the initial first big wave. why? >> because we're not going to

see the same kind of lockdowns in terms of states in the country closing down, stuart. we may see lockdowns here and there in certain cities, but we are not going to see the kind of lockdowns across the country that we saw before. so the market understands that the playbook has already been written. markets understand, investors understand what congress is doing, what it's going to continue to do in terms of fiscal stimulus. we know what the fed is doing, is going to continue to do. we know now we will not have a national lockdown. if we go state by state, city by city, we will see perhaps intermittent lockdowns. that's not going to impact the market. the economy is going to continue to come out of this and the economy is going to continue to allow businesses to reopen, to prosper again. the market's already reading that, discounting that, and that's why we are up as lie hig we are and probably have higher to go. stuart: thanks, shah gilani. see you again soon, promise. look at the vitamin and supplement chain gnc. they are filing for bankruptcy.

tell me more, susan. susan: they have plans to close around 800 to 1200 stores across the country. gnc has over 7300 storefronts in the u.s. not a large proportion, think about maybe 20% or so, of the shares had been halted late tuesday pending this news. the stores, i should note, will remain open as gnc has secured around $130 million in immediate cash which is good news. the company has also found a buyer. this deal still needs to get approval and to go through but a chinese pharmaceutical company is set to buy gnc for over three-quarters of a billion dollars. the stock, despite the fact the company filed for bankruptcy, rallied nearly 75% the past three months. still down over 70% on the year. this is part of that retail ice age theme. bricks and mortar suffering and a researcher says 20,000 to 25,000 stores will close this year. that would be a record. stuart: it sure would. i'm not surprised, though. i think they have been done in by the virus and by online selling and online trading.

that's what's done them in. susan, thank you. turning to a fox business alert. yeah, more unrest in our nation's capital overnight and elsewhere. you're looking at so-called protesters burning an american flag, whooping it up right there in lafayette park. that's right close to the white house, obviously. in atlanta, armed gunmen seen taking over the wendy's where rayshard brooks was shot and killed. listen to what they're saying. roll tape. >> i got a 12 gauge shotgun, it's for me and the rest of my people to protect us and the police aren't allowed here because they're not here to protect us. stuart: that's atlanta. in seattle, a third person shot near the chop zone as the city's mayor proposes a $20 million budget cut to the police department. lisa booth, come back in again, please. my question is, look, i know where the president stands on this. what about all the republicans? why aren't they speaking out? >> well, i'm just going to be

real lhonest with you which i always am. i think republicans, including the president, are being incredibly weak on this issue. there is an opportunity to paint a very sharp contrast with what is happening and the lawlessness and criminality that is happening in so many of these liberal cities run by liberal mayors, liberal governors, and to paint a contrast and stand in solidarity with police and stand in solidarity with law and order. what do republicans do to respond, to put a target on police officers' backs that somehow police reform is the answer that's going to stop these criminals from burning down their own cities? and you know what ends up happening, it's going to be black people in these communities that pay the price the most, because if you look at 2018 fbi statistics, 53% of the known homicide victims in this country are black. so they are the ones that are going to be the least safe as a result of this attack on police officers across the country and even liberal mayor rahm emanuel previously said regarding ferguson, about the ferguson

incident, is his police officers were in the fetal position because they were so terrified to do their jobs. we are seeing that play out even in cities like new york which saw a 414% increase in shootings last week from the week prior or from the same week in 2019. so this is what's happening in the country. stuart: it's just shocking. >> it's time for republicans to step up and call it what it is. stuart: it's just shocking to wake up in the morning and see that happening overnight. lisa booth, sorry i'm out of time. got to run. thanks for being with us. check futures, please. we have come back a bit. we will be down at the opening bell but this is not a huge loss, maybe 180 down for the dow. president trump says there will never be an autonomous zone in washington, d.c. guess what? twitter flagged that tweet and called it a threat. we will give you the full story later this hour. remember this? chain link fence, barbed wire

aroundic conic saks fifth avenue in new york? it's reopening. we will take you there. a very generous second stimulus check being discussed. how much? we are on it and will deal with it next. ♪ ♪ (announcer) reliability is everything. so, if your network's down, you're down. verizon knows your customers need to reach you seamlessly. your team needs to work from different places across many devices. plus, you want the security trusted by some of the largest companies in the world. and that's why you trust us. the most reliable network in america.

stuart: what's this? the u.s. reportedly taking a look at $3 billion worth of tariffs on new imports, that's new tariffs from, on products coming from the european union or the united kingdom. what's with that? let's bring in treasury department spokesperson monica crowley. welcome back. good to see you again. >> great to be here, stuart. stuart: why are we thinking about imposing tariffs on goods from the european union and

britain? why? >> for the first day of his administration, president trump has delivered on his promise to provide more fair and more reciprocal trade for the american people. he's kept that promise through negotiating the new nafta, the usmca deal, the phase one china deal. he's put all these things in place to make sure that american industries, businesses and american workers can compete on a level playing field. last october, the world trade organization handed president trump the authorization to retaliate on about $7.5 billion worth of eu exports because of responsible to the eu's protectionary measures on airbuds. this goes back about 15 years. it's been a fight in the world trade organization for a long time. what ambassador lighthizer and the ustr office has notified the eu last night that they are prepared to rachet up the

pressure and as ambassador lighthizer mentioned, he's doing this because he would like to see a settlement in accord with the wto's findings last october. stuart: okay. so it's a possible tariff to prod things along. okay. yesterday on this program, we had larry kudlow and he was talking about a second, possible second stimulus. listen to what he had to say. roll tape, please. >> i think the tax rebates or the direct mail checks are on the table. there's a lot of discussions going on. probably we would want to target those to those folks who lost their jobs and are most in need. that's the speculation on my part but i think that's where it's going. stuart: monica, larry kudlow used the words direct mail checks. in other words, ordinary people get a check in the mail. can you tell me more about that, please? >> yes. well, president trump is going

to be the first president in modern american history to be called upon to deliver a booming economy not once, but twice, and he's going to do it. look, this was an unprecedented economic and public health crisis that required unprecedented response. what we were able to do through this administration, through treasury and the small business administration, is stand up this astonishing fiscal response done through sort of a private sector approach to make sure that american businesses, american industries, and american workers were protected through this period of time. that involved the economic impact payments. we were able to get out about 160 million of them in record time. if we see in a few weeks that the need is still there for an additional kind of stimulus and again, we are hoping that we can move from rescue and relief efforts of the u.s. economy into economic stimulus, pro-growth

incentives. if those conditions still exist in a few weeks, the administration has made it very clear that we will consider all options including additional stimulus checks. stuart: okay. additional stimulus checks. that's what i want to hear about. monica, thanks for joining us. we appreciate it. it was good to see you again. >> a pleasure, stuart. thanks. stuart: sure thing. let's get to new york city. and entering phase two of reopenings this week. the city's famed fifth avenue is opening back up again. lauren simonetti is right there at saks fifth avenue. are they opening today? lauren: they are opening in less than two hours from now, stuart. remember the barbed wire that was around this store to protect it from rioters just a few weeks ago? that's down. the window displays are up. take a look. you can see some mannequins behind me. i will walk through. now you just see empty space, stuart. this is the iconic flagship 40th

store of 40 saks nationwide to reopen among the pandemic and we are looking at empty windows. this could change in the next two hours bii gut i got to tell, i was expecting something like the christmas windows tourists come to see. that might be the problem. who exactly is going to show up on fifth avenue to shop at saks today? luxury shoppers are at their summer homes, shopping online, concierge service, and the tourists, very few tourists here. they represent about a third of saks sales. there are things that are missing and one more thing before i go, stuart. i want you to look at this picture because they made so many precautions and changes inside. you might see purple and green light emanating from the escalators. they have a uv light disinfectant that will clean the rails as you go up and down the ten floors. stuart: okay. all that's missing is the people, the tourists and people

who work in new york city. lauren: it's sad but true. stuart: it is. it's good to see them reopening but sad there are no people. thanks very much. i'm sure we will be back to you shortly. check that market, please. we will open up in about four or five minutes. we will be down 200 for the dow, 30 odd for the nasdaq. back in a moment.

stuart: last check before we open this market. we are going to be down 200 for the dow industrials. john lonski is with us this morning. john, i think the market is down because they're reacting to texas, where the governor is saying hey, we've got a surge in new cases so please stay home. that interferes with the pace of the recovery, doesn't it? >> that is exactly right. it's increased worry over covid-19 that's driving the market lower today. you know, anything that might bring us back to a widespread shutdown would be bad news, raise the prospects of a double dip recession. stuart: you think the election is a concern? by that i mean president trump is way behind in all the polls. i think investors probably want him to win in november. maybe the markets are wobbly because they think he might not win. what do you say?

>> well, that might in part be true, but in order for the market to continue to do well, we've got to get covid-19 out of the way. and if we get covid-19 out of the way, if these increases in the number of cases prove manageable, the economy should improve. unemployment will fall and that might improve the outlook for donald trump in the upcoming presidential election. stuart: okay. assuming we do get covid-19 out of the way, so to speak, what kind of growth rate can we look for in the economy at the very end of this year? >> it will be an eye opener. we might see growth on average the final two quarters in excess of 10% annualized quarter to quarter basis. my goodness, if we can get a vaccine, we could return to where the economy was prior to the outbreak of covid-19 as early as perhaps the first or second quarter of 2021. otherwise, you know, we are not

going back until we left off until late 2022. stuart: got you. john, thanks very much, sir. in just a couple seconds, yeah, that's the bell is a'ringing. that means they are about to start trading this wednesday morning. we expect the market to sell off -- it's a minor league selloff. look, a 200 point drop for the dow. if that's what we get and that's what we do have, down 250, in percentage terms, that's about 1% down. but look at the level. you're still at 25,900. have to remind everybody that when president trump won the election november 2016, the dow was at 18,000. we have come a long way since then. down .9% on the dow in the very early going. show me the s&p 500. what's that doing at the moment? it is down .7%. how about that nasdaq? hit a record high yesterday, down .33% this morning. that's not a major league selloff. take a look at boeing, please.

they are asking a 737 max jet supplier to cut their output. that's the third time they have done that this year. the pandemic is crippling demand for new planes. we have boeing down about 2%. that's dragging on the dow as well. all right. big tech. look at them, please. look at that in the early going, amazon, microsoft and google all on the upside, all over again. clearly they are weathering whatever storm is on wall street at the moment. susan, give me some context here. these companies are clearly leading the market. susan: yes. best quarter for the nasdaq since going back to before the dot-com bubble in 1999. as we mentioned, the best quarter for the s&p 500 going back to the late 1970s. by the way, also the widest gap between the three benchmarks since the early 1980s. this week is important because this week is the last week of the quarter and that's when a lot of rebalancing, also window dressing takes place. we have estimates out there that this could be a week of selling and some of this rotation of money might come out of the big techs because they have run up

so much. estimates say $35 billion to $76 billion out of these pension funds and other institutionals might be shifted elsewhere. however, big tech, you know, they make up over 20% of the s&p 500 and as i mentioned to you, half of the nasdaq now and they rallied from 30% to 50% from the march lows. the reason is now they are seen as defensive because they have cash on hand to weather any downturn and their businesses should hold up better. no one is expecting a blowout year. i think that needs to be considered. but no one expects them to fall off a cliff either because of covid-19. by the way, with apple, we are just 20% away from $2 trillion in market cap for this behemoth, making it the largest company in the world. even larger than saudi aramco. stuart: new high for amazon, left-hand side of the screen. $2790 per share. they are up 25 bucks in the early going this morning. before we leave you, i think i'm right in saying that the big

tech stocks are widely held, most, if you've got money in the market, you have probably got some money in apple or microsoft. am i right? susan: we know apple is the most widely held stock on the planet. both of these, by the way, the $1.5 trillion, $1.6 trillion companies, they account for roughly 5% to 4% of the s&p 500 on their own. we know it's weighted by market cap so when these large companies either rise or fall they take the larger benchmarks along with them. it's dictating market action. stuart: very true. let's move on to the airlines. they've got a warning from congress yesterday, not helping them. they are all down this morning. give me more on the story, ashley. ashley: yeah. it was a house subcommittee talking to experts about how the airline industry can operate in a pandemic, even though we are on the other side of it. we are seeing a resurgence, we know that. what can the airlines do? the experts told law makers well, it's pretty extreme. basically they say passengers

and crew would have to get there at least four hours before a flight. they say that everyone should undergo a nasal swab before getting on a plane and any positive testing, that person would not be able to travel. they still don't know enough about the virus, how quickly it spreads and there's no guarantee it won't spread on the flight. the biggest issue is lack of consistency. basically, the airports and airlines have been told hey, you figure it out, you come up with your own rules. most airlines now requiring face masks but the rules and regulations are very inconsistent at this point. stuart: they've got no liability protection either. tell me about the cruise lines. i think there's bad news for carnival, is that right? ashley: yeah. carnival really struggling. now a big ratings agency, s&p global, has downgraded the stock to -- has lost its investment grade status, basically junk which is not good.

it basically means major future uncertainties on repayment of debt. so many of the big institutional -- institutions are not going to touch the company debt. we know they lost $4.4 billion in the second quarter. we had a story the other day, if you remember, they are looking to sell six of their cruise ships and we now know the cruising industry is now looking at maybe a mid-september startup again. so all in all, this is a tough go for carnival cruise lines which, by the way, is the largest cruise line in the world. stuart: yeah. tough time indeed. check that big board. we are now, what, five minutes in. we are down 266 points. that's about 1% down. ten-year treasury as of this morning yields .72%. still up there. how about gold? gold, that's close to an eight-year high. $1,778 per ounce. and oil, that's backed off. it was at $41 a couple days ago.

now it's back to $39. how about draftkings? they are launching a casino app for new jersey only. it will have new games and classics like blackjack on it. the stock is up just a few cents but .8%. there you go. dell, considering spinning off the cloud software company, vmware. their current stake is valued at around $50 billion. both stocks way up this morning. look at ford, please. they are rolling out their new f-150 trucks. get this. they want to be carbon neutral by 2050. anything more on that, ashley? ashley: well, they say they will invest more than $11.5 billion, with a "b," billion dollars in electric vehicles through 2022. that's not that far off, is it. they are aiming, they say, to offer zero emission versions of some of their most popular models including the mustang and oh, yes, stu, the f-150.

so the electric version, i'm sure you can't wait for that. stuart: sarcasm is a low form of wit, webster. tesla is being investigated, something to do with the touch screens? ashley: yes, in the model s, 2012 to 2015, there's reports that the touch screen is failing, perhaps, this is what investigators will try to find out, whether it's the memory could be wearing out. that means if it does wear out, you have no rear view camera, no infotainment, no navigation. it could also have an impact on battery charging. there's been no reports of any crashes or injuries, anything like that, but you know, when you have such a sophisticated electrical vehicle, when you lose a key component, it has that big knock-on effect. so the federal agency, the national highway safety institution, looking at this to see what they can find. stuart: not real big deal for the stock. it's still right around $1,000

per share. all right. we are now seven, almost eight minutes in. wrap it all up. the dow jones average down 200. the big negative this morning is the increase in cases in texas of the virus. and the governor who is saying look, you better stay home and if you go out, wear a mask. that might have an effect on the rate of growth of the overall economy. we have the mayor of miami enforcing safety rules, passing out face masks himself. he's now requiring all of his residents to wear them in public. he's going to join us in our 11:00 hour. wear those masks. all across the country, people are trying to erase our history by tearing down statues but now the state of rhode island is considering changing its name because of slavery connotations. we are on it. twice-failed presidential candidate hillary clinton still can't get over her 2016 loss. listen to this.

>> i didn't think i was going to lose but i felt a sense of, you know, real responsibility, like how did this happen. stuart: she's got a new plan to get rid of president trump. will people listen to her? we are just getting started on "varney & company." we'll be back with more. ♪ at mercedes-benz, nothing less than world-class

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stuart: twitter is slapping another warning on one of president trump's tweets. susan, what was the tweet and what was wrong with it according to twitter? susan: this is the fifth post president trump has gotten a warning label or being fact-checked by twitter and most of those coming in the past few weeks. this warning label slapped on this tweet if we can bring it up, it says there will never be an autonomous zone in washington, d.c. as long as i'm

your president and if they try, they will be met with serious force so the serious force part of this tweet, twitter says, violated the company's policies forbidding abusive behavior. last week we had twitter putting an explanatory label on a tweet from president trump on an edited video showing a black and white baby, the two babies hugging in the street. we know there have been fact checks on mail-in ballot tweets, also warning labels on president trump's minneapolis tweets and for many years, twitter has taken a really lands-ohands-off approach, being criticized for that strategy but it seems to have changed in the past few weeks. this also fuels president trump's narrative that social media lhas a liberal bias againt conservative voices, also why we have doj launching a look into repealing some of the benefits and protections that tech companies enjoy from being sued for some of the content that's posted on their web sites and platforms by their users. stuart: okay. now, that's twitter.

the other side of the coin is facebook. i understand there are quite a few companies now that are refusing to buy ads on facebook because of the way it treats and moderates content. is that accurate? susan: ben & jerry's is the latest along with eddie bauer, northface, they have said they will pause their advertising on facebook and instagram starting on july 1st. the parent company of ben & jer jerry's is, unilever, and said they haven't decided whether or not they will entirely stop advertising on facebook and instagram. the reason they are doing this is it's part of the hash tag, stop hate for profit campaign that started last week. at this point, the fact facebook and instagram, unlike twitter, has not shielded and edited some of the posts from president trump, in fact, they left it up there because as mark zuckerberg, the founder of facebook and instagram says, we should not be the arbiter of truth. if you are a tech or social media company like facebook or

twitter, you can't win on either side of the argument. stuart: right. right. you are being asked to do an impossible job. you can't win. susan: no. stuart: very interesting what's going on here. there's a real difference between twitter and facebook. they are both being criticized for their position. i think it's time we brought in myspace cofounder, josh berman, who frequently appears on the program. welcome back. sort this out for me, please. we've got on the one hand, facebook where zuckerberg says not my job to regulate speech. on the other hand, we've got twitter that slaps warning labels on presidential tweets. which do you think is the best approach? >> you know, i would say he's in a tough position. you do want to let the users have freedom. the problem comes to advertising when you have controversial content, it leads to more eyeballs and that leads to more [ inaudible ]. what you are seeing today is advertising clients, ben & jerry's and the other, are

halting spending which will affect company profits. i think facebook will have to get an outside monitoring service and be more vigilant on the posts that are out there. it's against their ethos which has let the users kind of control the site but i think you will see a shift. there's a ton of backlash. i think they do a great job on monitoring hateful things on their site. when it comes to politics and we are getting into a big campaign coming up here soon, they kind of let everything go and the more controversial it gets, the more money facebook makes. so now they will have to forego a little bit of profit and really focus on monitoring and cleaning up some of the political content which i think they will be forced to do. stuart: you have written extensively about the creation of new dynamic brilliant companies. you have said that the last go-round, the financial crisis of '07 and '08, there were a lot of interesting companies that were born and developed during that crisis. can you identify a company

that's been born right now in the middle of this virus crisis that you think will be great in years to come? >> without a doubt. there's a company, palantir. i think it's an incredible company born maybe a decade ago. you will see an exciting ipo on the horizon as they have now reached profitability. they are getting their board aligned, they have their first female board member. they are doing data monitoring and data mining. it will be instrumental for both government and the private sector. also, there's companies like discord. as people are working at home, getting used to it and some people liking it, you are seeing a lot of at-home services that are getting born, besides the food delivery services. i think there is also online education. a company like corsera, it's an incredible company and just gaining market share.

i think as new companies emerge, it will be focused around being at home and also, e-commerce. we have been watching amazon take off but a lot of e-commerce around the globe has really taken off. i look at key sectors as people are getting used to and liking and even some companies are encouraging employees to stay at home. stuart: yeah. work from home, shop from home. shop online. those are the companies that are founded. now going to be big in the future. josh, thanks for joining us. always a pleasure. see you again soon. >> thank you. take care. stuart: sure thing. growing calls to defund the police now hitting the nation's schools. chicago school board expected to vote on whether to end their contract that puts officers in schools. and to replace them with restorative justice coordinators, whatever that is. more on that coming up in the next hour. did you hear what new york governor cuomo said about those who are tearing down statues? listen to this. >> i think it's a healthy

expression of people saying let's get some priorities here and let's remember the sin and mistake this nation made. stuart: a healthy expression. sir, i would disagree with that. in my opinion, it's time for politicians apart from the president to step up and say knock it off. stop it. you will hear more about that in my take at the top of the 11:00 hour.

stuart: two interesting court rulings. could they be a sort of light at the end of the tunnel? listen to this. in missouri, a court has cut the award against johnson & johnson in the talcum powder case and in california, a court says no, roundup from bayer does not have to have a cancer warning label. that's very interesting. i think we should bring in judge andrew napolitano for this. are courts becoming -- is this possible, judge, is it possible the courts are stopping the pickpocketing of american corporations? is it? >> good morning, stuart. would that that were so. i'm sorry to ruin your morning, but i don't think it is. remember, in the j & j case, this was a bellwether, meaning

this was a case that j & j and the plaintiffs' lawyers and the court chose to try to use it as a paradigm for settling other cases. how many other cases are there? there are 19,000 other cases against j & j because of talc. the plaintiffs here won $439 million in compensatory damages and $4 billion in punitive damages. the court cut the punitive damages in half. i think the court did the right thing but there's much more litigation to go. in california, look, this is whacky california trying to get a company to put a label on there that was more specific and damaging to its own product than what the food and drug administration required and the court said enough is enough. i wish it were the end of this long string of what is essentially wealth transfers from corporations to plaintiffs' lawyers, but it's not.

stuart: okay. i wish you could have delivered better news but hey, we'll bring you back to try again tomorrow or something. okay? judge, see you soon. thank you, sir. we want to hear from you. yeah, we do. we want to hear from you. starting this friday, we will have a new segment on this show called "friday feedback." what do you like about the show, who do you want to see more of, which topics do you want us to cover? e-mail your thoughts to varneyviewers@foxbusiness.com. you may see your comments on the air if you're not careful. long-time democrat elliot engel in major league trouble, losing by double digits against a progressive candidate backed by aoc. what does that mean for the democrat establishment? and what does joe biden's candidacy have to say about it? i will go at it in my take which is next. ween... ...what's going on in corporate america and what investors are believing

is going on in corporate america. the message to you: don't trade because you think you're gonna to get rich quick. . . . . get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. experience amazing at your lexus dealer.

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stuart: it is precisely 10:00 eastern time. here is where we stand after half hour's worth of trading of we have slipped further south. at the moment the dow industrials are down 380 points. that is the best part of 1 1/2%. the problem here is the surge in new virus cases especially in texas where the governor is saying okay, you better stay in. if you go out, you better wear a mask. that could interfere with the rate of economic growth. show me big tech, please. it's had a wonderful last three or four years. some of these stocks closed at

record high yesterday but they're selling off today. in particular look at facebook. that is down 6%. news of some more companies withdrawing ads from facebook about their monitoring of content. apple is back to 363. facebook is at 235. microsoft hanging on to $200 per share. now this. elliot eliot engel is the long-serving congressman in new york. in tuesday's primary he was challenged with a young man with no political experience at all. the challenger is leading. engle may lose. that has significance way beyond new york. that is because the jamal bowman, the challenger is a socialist. alexandria ocasio-cortez is a very prominent supporter. bowman wants "medicare for all," the "green new deal" and he wants to defund police departments. if he becomes congressman bowman, the far left gets even

stronger and democrat split gets a lot more obvious. old line, establishment democrats supported engle. hillary clinton, senator schumer, speaker pelosi, they all lined up behind the 73-year-old incumbent. a trio of big hitters desperate to avoid another challenge to their authority within the party. the old guard is being pushed further and further to the left and they don't like it. i think, just think for a second, what this means for joe biden's candidacy. he is very much the old guard. he has got to come up with policies that attract the young up starts, aoc, if he wins, congressman bowman they will have a role formulating those policies. they're pulling left. how does joe accommodate the socialists while holding on to the moderates? think what a bowman victory means for new york and struggling cities all across the country? he wants to cut funding for the police. that is not encouraging for any

city trying to come back from the rye riots and lockdown. with 95% of the vote, i think it is 92% of the vote counted, jamaal bowman leads eliot engel 60% to 32%. mail-in ball lots have not been calculated. that will be june 30th, next week. democrats will have to wait until a further insurgent infiltrates their party. what happens in november? with widespread mail-in balloting we're not likely to find out who won the election on election day. it could be days or weeks of results. that will indicate chaos. liz peek, good to see you again. look like a bowman win, looks likely he is going to win is a further split for the democrats. it is chaos within that party. >> it is chaos.

it is just not in new york. remember kentucky also had a primary pat he will going on between a far left insurgent and a establishment choice. it is unclear how that is going to turn out, stuart. look, you asked earlier in your monologue how this was impacting joe biden. we know how it has impacted joe biden. he has moved farther left on issues like the environment and on taxes to appease elizabeth warren crowd and the bernie sanders crowd. he will have to do more of that. not just because of this new york, who might end up winning but also because if you look at the primary results, in all these states where we know joe biden is already the candidate, bernie sanders is still getting 12, 15% 18% of the vote sometimes. that is a real problem for joe biden. that indicates those voters are not happy with the establishment pick, joe biden. that is who he is. he will have to scurry around in

his remaining four months and please those voters. that is not good for the country. if he wins, we know how this turns out, stuart. we've seen this story before. you're talking about the danger to cities. we've seen in new york, the cities become less safe. businesses go elsewhere. high income individuals who are paying the taxes flee the city. this is a recipe for disaster. and tragically again we've seen it before. stuart: yes we've seen this movie before. the authorities cleared protesters from outside the white house last night after a mob, i do mean that, a mob, set fire to the american flag. they tried to take down andrew jackson's statue the night before. listen to what president trump is doing about this and saying about it. roll tape. >> we've enacted an act, very specific statue and monument act that puts people put people in

10 years if they do anything to try to deface one of our monuments or statues. george washington and some others, i really don't even think frankly they know who they are taking down. i think they just want to do things for bad purposes. so we've taken a very strong stance and it won't be happening federally f it does, they will pay a very big price. stuart: now fox news is reporting that president trump is expected to sign an executive order on monuments by the end of the week. but, liz, okay we've heard from the president, strong stand. we heard from a couple republicans strong stand, knock it off. don't do it. i want to hear from the democrats. where are they? >> where is joe biden anyway? he is the invisible man. yes, he hasn't spoken out against this. i was really heartened to see a democrat representative charged by a protester yesterday in the streets where are the police when you need them. guess what? they're not there. they're a little bit dumbed

down, fearful of being called out for going against this mob, for being racist, et cetera. guess what, folks? this is what the establishment has sewed. reap what you sow this is not a pretty picture. by the way this will be a very strong message for president trump going into the election. this monument destruction could well be a tipping point. i don't know anybody who thinks this is a good idea. if democrats stand back to let this happen, the cops are afraid to move on these issues. you know what? that is going to be a big plus for donald trump. stuart: okay. got it. liz peek, thank you very much. we'll see you again real soon. now before we go on, let me show you the dow, because we've taken a turn to the south. now we're off 400 points for the dow. on your screens i had amazon there. i want to talk aabout them for a moment. amazon will open a massive new warehouse in queens, new york. remember, please, it was amazon that was kicked out of new york

by alexandria ocasio-cortez. that is part of the story. susan, we called it a massive warehouse. how big is it? susan: it's a delivery center. that is what amazon wants to call it. it is a million square feet in the district of queens which is represented by alexandria ocasio-cortez, aoc, and also by the way where that second headquarters was supposed to be. so this is going to be one of the biggest in new york city along with the staten island fulfillment center built in 2017. amazon did confirm to us they are excited to increase their investment in nyc. this will be a new delivery station that will provide fast and efficient deliveries and create hundreds of job opportunities for the talented local workforce. maybe not high-paying 25,000 jobs that are part of amazon's hq-2 which was supposed to be in the same area, mind you. you won't get a helicopter pad but you still get delivery fans. they will be parked on the roof of this facility as it is built.

it is supposedly a very convenient location. it will not only serviceman hat tan, brooklyn, queens, long island across the five boroughs here in the u.s. we know that amazon is also looking eyeing another 620,000 square footwear house and office space in brooklyn, they say, according to reports but they haven't signed a lease just yet. this is not hq-2 which was to come with 25,000 jobs as we know, lots of square footage and a lot of jobs and boost to the economy but it is something, right? another delivery center. looking at another office center in brooklyn. aoc winning her district last night. you can imagine that was part of the narrative in her debates. stuart: just come on back, amazon. bring the jobs to new york city. this is where i work frequently. just love to bring them back. let's get the city going again, please. amazon is coming. check that market, please. we're now down 433 points. that is one and 2/3%.

25,00020. return of the virus, big new case low in texas. that is hurting the market. that is one of the factors. look at this on your screen. 42,155, that's covid-19 in texas just since june the 10th. hospitalizations, they have again hit record highs. now here is what governor abbott had to say about it. roll tape. >> listen, we're worried anytime you see hospitalizations increase. anytime you see the number of people testing positive increase you get worried. but we're not alarmed. we were planning to have responses in place. that is exactly what we're doing right now. we slowed the spread in march and april by people following these standard practices of wearing a face mask, not going out unless you really have to. keeping your distance. we're reinforcing those things again. stuart: you heard that. don't go out unless you have to, wear a mask when you do go out.

on the other side dr. fauci warning on the surge of new infections. listen to this. >> some respects we've done very well. however in other areas of the country we are now seeing a disturbing surge of infections that looks like it is a combination but one of the things is, an increase in community spread and that's something i'm really quite concerned about. it's mixed bag, some good and some now, we have a problem with. stuart: i think we need a mehlman. we got one. dr. marc siegel is with us this morning. dr. fauci said this is a disturbing, he used that word, a disturbing surge. are you disturbed? >> no, i'm not disturbed but i want to ask a question. what is the role of government? you know the government in this situation has been so draconian with the lockdowns that you've been talking for months now about the economy and economic damage and the health damage we couldn't get our cancer screenings, psychological

damage, risk of suicide. so easing the lockdowns clearly the way to go. i think the role of government here, stuart might actually be to try to prevent teens and young adults from cavorting on beaches and bars in texas, in florida, in california, that is what is leading to the spread. earlier diagnosis, more testing which is good but people not obeying any of these physical distancing ideas that we need in the state has i mentioned. stuart: it will be a standoff, doctor. >> we are not seeing any deaths, increasing in deaths. that is key. these are mild cases for the most part. stuart: you will see a confrontation here. it will be a very hard to rein in youngsters on beaches and bars who had the taste in freedom. it will be hard to rein them in, make them keep distance, wear a mask. i don't think it will happen very easily. put it like that. >> that's awe too, stuart. if that's true, stuart if we ant do that, we're starting to

cocoon people at high-risk. elderly people, obese people, people with underlying conditions have to be out of the way, out of line of fire. young people can get this disease without getting severely ill for the most part. not lockdowns but cocooning. stuart: good stuff. dr. mark, thank for joining us sir, we'll see you real soon. >> thank you, stuart. stuart: this is just coming into us now. the new york city marathon has been canceled. scheduled for november the 1st, but now called off over of course virus concerns. chicago school board voting removing police officers from public schools. activists called for the 33 million-dollar contract to be terminated. they got their way. the question is, who is going to protect the students now? we got that story. we brought you this headline yesterday about a radical left activist who wants all statues and images of jesus torn down. here is what you heard about that from mike huckabee.

roll that tape. >> only thing you can do to laugh at these loons. first of all what an idiotic thing we're seeing around the world with people tearing down every statue. when a culture doesn't know it history it is living in chaos. we don't know our history. we're living in chaos. stuart: jonathan morris, formerly known as father jonathan morris is coming up today. i'm sure he has something to say about all of this too. and we'll be back that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪

stuart: this has become a fairly sharp sell move off now, we're off 400 points for the dow. we're off in the nasdaq. news from the federal reserve. this is not the news is taking

market down. this news from the fed is about helping rural america, is that right? reporter: exactly. this is positive news for them. federal reserve, fdic, comptroller of the currency announced a list of distressed or underserved, non-metropolitan areas that makes them qualified for community reinvestment act. this acts gets banks to meet credit needs of borrowers in that area. some cases reduces credit requirements that discriminate against rural towns. we're talking about franklin, florida, union, georgia, steel, north dakota, these are places that business investment has overlooked. stuart: i thought for a moment that news from the federal reserve, that is what really hurt the market but that is not the case. if they're just helping rural areas, that doesn't take the market down. i think the market is down because of the covid-19 rise and surge in cases. edward. thank you very much indeed, sir, see you soon. then there is something

really outrageous. far left activist shawn king calls statues of jesus christ symbols of white supremacy. yes i think the statue of the white european they claim is jesus should also come down. they are a form of white supremacy. in the bible, when the family of jesus wanted to hide and blend in, guess where they went, egypt, not denmark. what utter nonsense. bring in jonathan morris. there are no limits. where does it stop? >> governor mike huckabee mentioned in a previous segment that you showed, the problem here is history, not knowing our history. if we look at the great missionaries of christianity, they would always depict jesus with the face of the indigenous people wherever it was. so there are beautiful images of jesus in japan, in korea, in indigenous cultures in south america and it looks like the people, right? the missionaries were saying

jesus is like you in all things except sin. with more education, with more history, we understand he also was born in a specific place, in a place we now call israel, the holy land. so the lack of understanding of history is what is driving some of these crazy activist tweets or statements. stuart: i think it has got more to do with anti-christian, anti-religious point of view. i will back that up. we got a new fence and barricades have put up around st. john's church, right next to the white house. this is in d.c. the fence is eight feet tall. it uses reinforced concrete barriers to protect it i guess you could say. where is the outrage, jonathan? i'm pretty sure that most of america is really angry about what is going on around that particular church, vandalism with that church, taking down of jesus statues. but they have no voice. that outrage has no voice in

america. >> well here, we are, we're giving it a voice and you are absolutely right. i think it goes right back to the fact that there are groups that get, they listen to these crazy tweets, for example, this activist that you mentioned. and then they bring their own agenda. one of those agendas, one of the strongest ones is to get rid of the voice of god, the voice of conscience, from our society today. the way we do that, we put religion inside the box of a church and we say nobody can talk about god in a public, in a public setting. we have to separate not church and state but we have to separate god from society. that is happening all over the place. stuart: when does it stop, how does it stop? >> well, unfortunately it stops in a very bad way by us realizing we cannot exist as a nation without principles of freedom and religious liberty. that is what we as a country are

founded on. look at our bill of rights. look at our bill of rights. if we get rid of every image of our history we're not going to be able to hold up our history, hold up our constitution as the founding rock upon which our freedom is formed. stuart: got it. jonathan morris, formerly father jonathan morris. we're glad to have you with us as always. >> thank you, stu. stuart: more on somewhat related subject. chicago's school board will vote today to end a contract with the police that puts police officers in schools. grady trimble has been tracking it all. grady are they saying anything about who would protect the kids if they get rid of the police. reporter: the chicago teachers union is holding a rally today. they support the motion to get rid of police from schools. instead here is what the teachers union says they should be replaced with, social workers, psychologists and what they call restorative justice

coordinators this motion says that students of color are disproportionately harmed by having police in schools. this is a 33 million-dollar contract with the chicago police department. it puts 150 resource officers in schools to protect the students to make sure nothing gets out of hand. the teachers union is rallying in support of the motion to get rid of the cops. lori lightfoot, the mayor of chicago, says she opposes this motion. so does the head of chicago public schools. she says that we shouldn't be too hasty getting rid of them. there is another motion on the table though that urges the school district to look into other alternatives to police officers. we'll keep you posted on this vote today. stuart: i just love to know what a restorative justice coordinator is and does. and i'm still in the dark about that one and so are you. grady, thank you very much, sir. we're still down 371 points.

that is down 1.4%. i guess we've come back a little here. look at tesla. it is down. there is a probe going on of the touch-screens in the cars. i think there is a fault in there or alleged fault. they're being investigated. the stock is down 22 bucks. that puts tesla all the way back to 979 a share. airlines are down all over the place. congress wants them, and is demanding they take extreme precautions to make passengers safe. not good for their flight structure or for their profitability. down they go. look at big board. it is off the lows of the day which we hit a few minutes ago. we do have positive news on the down day. it comes from amazon and etsy. we'll give you the positive views after this ♪

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stuart: listen to this, "the wall street journal" reports as of right now a federal appeals court in washington ordered a trial judge to dismiss the criminal case against michael flynn as requested by the justice department. that is quite a development. a legal development. a political development. we'll get pour on that later. check the markets.

we're down 358 points. better than 1% down. red arrows across the board today. it is not a huge selloff by any means. winnebago the rv maker saw 20% sales decline in march but they say it recovered in may. a lot of people are taking road trips. the that is still a decline. on your screen now is the national average for a regular gallon of gasoline. we're at 2.15 a fallon. i remember when did was a buck 76. i miss those days. we have the numbers coming in how much oil we used, how much we have not used. it is an important indicator. ash, do you have the numbers. ashley: not using as much as we have been. we saw a build in the latest report of 1.44 million barrels. we were expecting a slight build of 299,000 barrels.

a bigger build suggests demand is starting to wane a little bit. stuart: not what i wanted to hear but there you go. $39 a barrel for oil. that is down 2%. got that. now here is a headline for you nvidia, they make chips for video games, they're teaming up with mercedes to build what they call the next generation vehicles. susan, this has got to be self-driving cars, is it. susan: autonomous driving yes, like tesla's full self-drive mode. nvidia is providing fast, sophisticated microchips for the next generation cars will roll out in the year 2024. part of ongoing partnership between nvidia and mercedes which started 15 months ago. this deal involves developing cars, to support automated driving. it is not fully autonomous. somebody needs to be behind the wheel. not just mercedes nvidia is working with.

audi, toyota and baidu from china. these companies are years behind tesla for launching active driver assist. they don't plan to roll out any cars with the automated self-driving mode at least another year or so. self-driving, fully autonomous driving i think timelines have been pushed back as you mentioned. you don't expect next few years. some people think maybe the second, only by the way for cars developed in specific cities. cars you drop off in the middle of nowhere, at any city on the planet. that will take at least another 15 or 20 years according to the experts that i have spoken to. but nvidia is really scooping up all of this. you know that stock is up 60% this year? nvidia, they make fast chips not only for self-driving but cloud and gaming. this company is in the right sector. stuart: up 60% this calendar year, is that right? >> calendar year. stuart: they hit a record high

yesterday, nvidia, they have only pulled back a fraction today, down a couple bucks at 375. how about that? thanks, susan. i have another indicator to look at. this is the 10-year treasury yield. .71% this morning. that is down seven basis points as they say. mark grant is with us. welcome back, mark, b riley chief global strategist. i have a big picture strategist for you, mark, and this is your forte i think. right now it is a borrowers paradise. money is dirt cheap. it has been that way for a long time. it is probably going to stay that way for a long time. my question is, what are the cone sequences? what is the downside of dirt cheap money? >> stuart, let me take one moment. i know on the varney show, july 7th is a very important date. so i want to wish you a prehappy birthday. happy birthday my friend.

stuart: thank you very much. >> i will answer your question. we have a borrowers paradise. my grandmother used to say there is no sheet of paper so thin it down have two sides. we can borrow at incredibly low interest rates, historically low interest rates now. that affects mortgages for people and individuals and individual loans. it affects corporations that are able to borrow at historically low rates. refinance old bonds. the borrowing rates at banks are going down significantly. so for a borrower right now of any kind, commercial, real estate, anything you can think of, any kind of borrower, it is paradise. however, the other side of it is fixed income investor, a bond investor, anybody that needs income and yield is getting crushed because, with the exception maybe in the one sector i like which is the closed end funds, you're getting

crushed if you're going around trying to look for yield and it is going to affect a lot of people's life-styles, retirees, seniors, but also pension funds, university endowments, corporation, mortgage companies, banks. this is great on this side and horrible on this side. stuart: do you think it affects what the professionals call asset allocation? at the moment you've got a stock market that is booming, way up there, and now you have got this dirt cheap money. do you think there will being some tendency to take money out of stocks to put it into the real estate because borrowing for real estate purchases is just so cheap? >> i think it is even broader than that stuart. last year you know, i deal with a lot of major institutions and major money managers. they basically were saved, if you will, because the yields were low. they even went lower by, by what

the equities markets were doing. then, we're having this today, a minor correction. i don't think anything much of it. but it is not surprising. i've been doing this for 46 years. you get to an all-time high on the nasdaq, close to it in the other indexes people start taking profits. the issue here is that the bond markets and the equity markets have become disjointed, if you will and also the fed in my opinion, is driving the markets more than anything else period, end of story. it is the fed. stuart: i think they're in control at this moment. interesting that you've been doing this for 46 years. i've been on tv for 46 years. how about that? >> stuart, we're almost the same age so, there you go. you look a lot younger but you're the same age. stuart: not true. i like to say the same vintage. mark, thank you for joining us real soon. promise. >> thank you, stuart. stuart: all right. got news on amazon.

by the way the stock is up in and other wise down market. they're considering adding live tv to their prime video service. can you tell me anymore about this? susan: according to the tech protocol amazon is seeking licensing deals for live sports streaming. we know they have the rights to stream nfl "thursday night football." that is on prime video. also twitch. amazon announced premier league football or soccer or something. you probably know something more about this than i do. that will start week 1/2. amazon looked at open amazon is really interested in competing with youtubes, hulus, over the top streaming boxes, live tv companies that have live tv packages. youtube 49.95 per month. that went up in price. hulu has 54.95 a month. more of a price increase. cord cut something act sell

roughting, right, stu? according to wells fargo they predict comcast will lose 1.7 million subs just this year. i mean that is a big deal. charter is switch will lose over 100,000. they are switching to -- what is it premier league soaker? stuart: epl, english premier league soccer. susan: people don't watch it here though. stuart: yes they do. that is enough from you. susan: all right. stuart: i will draw your attention to the market. down 500 points on the right-hand corner of your screen. baseball looks like it is making a comeback after all. we'll tell you what you season will look like when the players take the field which is next month. we have the story. helping veterans buy homes. soup detail on super low mortgage rate. 2.25% on a 30 year fixed.

now there's a deal. we'll be back ♪ (announcer) reliability is everything. so, if your network's down, you're down. verizon knows your customers need to reach you seamlessly. your team needs to work from different places across many devices. plus, you want the security trusted by some of the largest companies in the world. and that's why you trust us. the most reliable network in america.

is

stuart: we are showing you the dow 30. every single one of those 30 stocks are in the red. they are down, overall the dow is off almost 500 points. that is 1.8%. so the selloff gaining a little strength here. it is largely because of concerns over the reappearance of the virus, especially in texas where the governor is now saying stay at home if you can please. if you go out wear your mask. okay. let's look for something positive. we found it. etsy. now the stock is down today but overall they have been a serious lockdown winner. susan, goldman, goldman sachs, are they going much higher? susan: 120 bucks, how much etsy is worth to them from the current levels. the stock has risen, doubled

this year, up 122%. where do you find that in these type of markets? goldman says continue to buy it. people are still moving towards this online, independent seller marketplace and they will be downloading the etsy app. it is not just goldman sachs. rbc capital is raising their predictions as well, calling it $117 worth. they say etsy is primary beneficiary what they call home nesting. april was a fantastic month for sellers on etsy's platform. sellers were able to suddenly create masks and that's market for masks out of thin air. they sold $122 million worth of masks in one-month, in the month of april f it was a category on its own it would be the second most popular category on the website itself. there are benefits and people are looking for some of these gems. etsy might be one of them. stuart: absolutely extraordinary, $120 million worth of masks. who could see that coming? i certainly did not.

another positive, facebook coming back. ashley, when will it start, what will it look like? ashley: finally, right? player practice can begin july the 1st. regular season on july 24th. it will be a 60-game regular season, very abbreviated. it by the way will end late september, roughly around the same time the normal season would end. so that is the good news. you will see some baseball. the bad news though, they're still trying to figure out that issue of health and safety. we should mention that the philadelphia phillies reported four more positive coronavirus cases yesterday. two players, two on the staff. that is 12 now reported cases for the team as a whole. that is going to be an issue going forward. stuart: yes, certainly is. thanks very much, ashley. i'm looking for positives. i think i found another one. interest rates, near a record

low. we have mortgage rates at 2.25%. that is on a 30-year fixed but it is for veterans. that is fascinating. matt is with us, president and ceo of united wholesale mortgage. let's be clear here, matt, that is a wonderfully low rate, 2.25%, i would jump at that, but you have to be a veteran to qualify for that low a rate, is that accurate? >> yeah. the 30 year fixed-rates are low across the board. so for all borrowers are available conventional 30 year fixed, 2 1/2. 2.785. veterans 2.25 for va loans. it is different for conventional loans. but available for all borrowers. if you're not a 30 year fixed-rate in the twos, should talk to mortgage broker. 2.25 from the va is out there for veterans. this is great for purchase market and save them a lot of money if they have been paying

too much for a mortgage. stuart: the average rate is 3.13%, that is foreeverybody. you have to put 20% down to get 3.13%. you have to show them you have got an income, right? >> you have to show them you have income forepretty much all loans. no, it is not 20% down. i know, right now, if you have a 30 year fixed-rate and you're not in the twos, find a mortgage broker.com. find a broker to shop to get a rate in 2s. it is across the board, not 5% down or 50% down. refi or purchase, all borrowers 30 year fixed-rate in the twos is out there. for veterans down 2.25. that is around the july 4th holiday. really showing some love to the veterans and our heroes of our country. stuart: i hear the lenders, badges banks offering these low rates, they're swamped with new business. they almost cannot take of stuff coming at them. is that true? >> everyone is really busy.

as you know rates are low for everyone. everyone is busier they expected to be pre-covid. you should still close a loan less than 30 days. we're closing loans 15, 20 days for veterans. people saying takes 90 days to refinance. you're not shopping right people. find a lender with great rates, great service. you have to have that combination. stuart: i want a 3%, 30-year fixed-rate loan. that is what i want. that is what i'm going to demand. mat, united wholesale mortgage. >> thanks for having me. appreciate it. stuart: sure thing, man. breaking this hour, a federal judge upholds the order to dismiss, i repeat, dismiss charges against michael flynn. president trump just tweeting, great. appeals court upholds justice department request to drop criminal case against general michael flynn. more on that coming up. a big story in politics. plus, major cruise announcing, a major cruise line

announcing they will not sail till the fall. the industry is expected to lose half of its revenue this year. we're live in miami to see how the troubled industry survives. we're next with that

stuart: all right. check this out, please. we're down, what, the best part

of 500 points for the dow industrials. that is 25,600. that's the level. here's why. big tech selling off. when they sell off, the whole market suffers. right now we've got apple down. we've got all the big techs which led the market up. they're all now down leading the market down. we're off 510 points. the cruise lines all of them down big time all over again. this industry has been decimated by the pandemic. let's bring in fox's phil keating. he is at the port of miami. phil, those cruise ships down there, they are not going to sail again until at least the fall, is that right? reporter: perhaps the late fall as well. the industry has been losing billions and billions of dollars over roughly the past three months since the no sail order went into effect. here at the cruise ship capital of the world, there are seven big crews ships tied up here today, refueling, resupplying the ships, before doing what they have been doing every day,

head out to open water, drop anchor and continue a long wait to resume passenger operations. very likely it will be october at the earliest when people can resume cruise vacations. in fact some cruise lines are saying november 1st at the earliest. 10 of thousands of crewmembers have been floating day after day, waiting to get home. carnival corporation shared this video showing the life of cruise still on board in part to counterclaims that these men and women are miserably stranded. the industry has gone from 200,000 crew on ships, to now about 35,000. in the bahamas, the philippines, off of india, there are flotilla of dozens, dozens of snips out at see waiting at it out. too many ships, not enough port spaces ie, parking lots for the ships. for getting a crew home, major logistical challenges with countries limiting entries and available flights. >> they have also had to send almost 100 ships to various

ports around the world in order to get this crew home. slowly off load with the agreed upon numbers each of these different countries will allow cruise lines to offload each day. reporter: according to carnival they have successfully repatriated 60,000 to home countries with expected 120,000 remaining. they expect i had to be reduced to 10,000 crewmembers this week. we expect the process to be largely completed this month. royal caribbean said about 37,000 crew have been repatriated with almost 7,000 to go. as for the waiting crew, most are getting paid. certainly not all of them. contracts did expire, however while they get wait to get repatriated. they have balcony rooms, free room and board and all meals provided, access to the ship's amenities. these are largely empty ships, stuart. stuart: what an extraordinary story.

what an extraordinary situation. phil, thanks for joining us. good stuff. see you later. staying on miami, the mayor now says, hey, everybody, you have got to wear a mask in public, or face possible jail time. he is blaming the surge on the reopening of restaurants in certain cases that is. comes days after he was caught at a crowded restaurant not wearing a mask. what is he going to say about that? the mayor of miami is on the show later. we'll ask him. snoop. >> protesters trying to erase history as more statues and monuments are toppled all across the country. i will ask martha mack, how mccallum how far this goes. will they come for mount rush more next? what a story. ♪ y-yeah ♪ ♪ yeah ♪ hey, hey

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stuart: 11:00 eastern and the markets have been open for, what, about 90 minutes now. we're at close to the low of the day. i think this is the low of the day. 530 points for the dow, that's just over a 2% drop. 1.5% down for the nasdaq, 1.8% down for the s&p. across the board, red ink. however, we did see amazon hit an all-time high earlier today. it has retreated. it was way above $2760 a slahar. out of sight. breaking news earlier this morning. a federal appeals court in d.c. ordering a trial judge to dismiss, repeat, dismiss the criminal case against michael

flynn as requested by the justice department. the president jumping on that with this tweet. great, appeals court upholds justice department request to drop criminal case against general michael flynn. we have more coming up on that with fox news anchor martha maccallum. that's coming up directly. now i want to turn to the market because we are way down, off 500 points. brian brenberg from kings college in manhattan is with us. can you offer any explanation for this 500 point selloff on the market other than the new cases of the virus that are surfacing in texas and elsewhere? what have you got? >> yeah, stuart, it's the case count selloff here. but the reason investors are selling off is because they are starting to weigh what does this mean in terms of returning lockdown. ut just a minute ago, i think the mayor of miami talking about throwing people in jail if they're not wearing a face mask. it's those kind of headlines that get investors starting to think great, does this mean

everyone is going back home, locking their doors, restaurants shutting, hotels shutting. if that's the case, the market is really in for a lot of trouble. we just don't know the answer to that right now because politicians seem to be signaling that they are getting nervous and if that nervousness translates into rash policy, then the economy is going to stall out or could turn back in a very negative direction. stuart: all right. please stay right there, brian. i'm going to come back to you in a second. the dow is now down 515 points as we speak. now, ladies and gentlemen, now this. viewers have been telling us recently that things seem to be falling apart. that the country or at least parts of it, out of control. no surprises there. when you see chaos and violence in your cities, you have to wonder who's in charge. well, we have three new horrible examples overnight. look at this. in atlanta, armed men try to

take control of a small area. no police allowed. watch this. >> i got a 12 gauge shotgun. it's for me and the rest of my people, to protect us. stuart: no police. you've got a 12 gauge shotgun. in wisconsin, a state senator beaten because he tried to take a photograph of the demonstrators. again, watch and listen to this. [ indiscernible shouting ] then there's this. right outside the white house, the mob, i repeat that word, the mob, burned the flag. listen to them cheering and whooping it up. who's going to stop this? who's going to speak out about it? president trump has been very clear, in no uncertain terms, he's saying look, knock it off. but where are the democrats? where is joe biden? truth is, a lot of people are

afraid to speak out, condemn violence and looting and you could be called a racist or you'll be accused of exercising privilege. but surely most of america looks at what's happening and say this just isn't right. we the people need a voice. it's time for politicians other than the president to step up and it's time for joe biden to tell us exactly where he stands. okay. that's got that off my chest. the dow is now coming back just a tiny fraction. we are off 480 points as we speak. we will keep you up to speed on what's going on with your money and also with politics and the virus. in louisiana, for example, there's a surge in virus cases. nearly 1400 people diagnosed just yesterday. i want to bring in louisiana senator bill cassidy. mr. senator, in texas, with a similar surge in new cases, the

governor is saying stay in, please, stay inside your louse a -- house. what's going on in louisiana? >> the governor prolonged phase two so he's not reopening but it's important to put these statistics in perspective. one, we are testing a lot more. yes, there's a higher percent of those tested but it's only gone from 5.5% to 6.8%. so it's a little bit of an uptick. secondly, hospitalizations are up but icu beds are not up, death rate is not up. that can be a lagging indicator, if you will, to borrow your lingo, but at the same time, it seems to be principally among young people. lsu football team has 30 people who are quarantined. there's three bars that lsu and the lsu vicinity, in which they just closed them down because there was so much threat. i think young people are becoming more relaxed, not realizing they can spread it to older people. fortunately, though, so far we have not seen increase in icu beds or in death rate. stuart: i think it's going to be very difficult to enforce a new

round of restrictions and regulations. as you mentioned, the young folks are out there on the beaches and bars and having a real good time. it's going to be very hard to rein them in, is it not. but i'm reading between the lines of what you're saying here. you do not see a mass second crackdown stay-at-home rule either for louisiana or any other state. you don't see that happening. >> it's the governor's call. it is certainly possible. that's why i continue to stress we don't just need testing, we need a testing strategy. we need to know who are the people that have it and if they are vulnerable, give them the resources they need, but if they are spreading it to others, can we warn those people whom they tested. you can test all you want but you need to have a strategy underpinning it. by the way, not just contact tracing. new orleans has decreased the death rate because they recognize most of the deaths were in nursing homes so they focused testing in nursing homes. new orleans, jefferson parish,

new orleans area. they dramatically decreased the death rate. it's a testing strategy both to track who might be infected to protect them but also who's at risk to protect them. if you have that strategy, you lower the death rate, you reopen the economy. stuart: what's the mood in louisiana as these new cases surface? look, i'm holed up here in new york city. i can tell you the mood in new york. they are eager to get out and about. what's the mood in louisiana having got out and about and now get hit with more cases? >> i think it depends upon your age group. i'm working with a small school trying to reopen, just so students can come back, but there is anxiety among teachers. they want to make sure they are safe. on the other hand, if you look at college kids, i see them playing basketball, shirts and skins, you know, posting up and you know, kind of forearm shifting so among college kids as you might guess, it's a little bit more relaxed. stuart: yes, sir. dead right there. mr. senator, thanks for joining

us. always good stuff. thank you, sir. >> thank you. stuart: sure thing. now this. president trump says he wants a new round of stimulus checks. i believe his exact words were a generous stimulus check. hillary vaughn is with us. what did treasury secretary mnuchin say about this? reporter: stuart, he says that that idea is on the table but he actually didn't bring that idea up to a closed door luncheon with republican senators yesterday. instead, the conversation focused on other things that are on the table like more money for the paycheck protection program and also making sure the next stimulus package is jobs-focused. >> -- talking about a bunch of different ideas that we may need to do in another bill and we want to take our time and make sure we're thoughtful. whatever we do, it will be much more targeted, much more focused on jobs, bringing back jobs and making sure we take care of our

ki kids. reporter: senator rand paul called another round of stimulus checks going out a terrible idea. inside this closed door meeting we are learning seven republican senators brought up the idea of the deficit and how they already added a lot of money to the national debt that's expected to hit $3.7 trillion at the end of this year. the cares act alone was $3 trillion. we did hear this morning from senator kelly loeffler who says she wants the $1 trillion that's still left to be spent, to be spent before they start thinking about another stimulus package. stuart: hillary, thank you very much. got it. as hillary was speaking there, the market took another leg to the down side. at the moment we are off 550 points. that's the low of the day. brian brenberg is back with us. let's talk about this -- these generous stimulus checks the president mentioned there. i'm pretty sure you do not want to see a new round of spending. but i put it to you, it would really put a shot in the arm for the economy and guarantee that we come out of the bad situation

really quickly. >> the right policy would give a shot in the arm to the economy but the wrong policy would slow it down. that was the problem in 2009. we had the wrong policy. we were paying people too much to stay home and it dragged the recovery for way too long. stuart, i want to do the right policy here. we are talking jobs, payroll tax cuts, talking about making it easier for businesses to invest in the united states, sign me up for that. the problem is, in the house, they are not interested. house democrats aren't interested in pro-jobs policy. they are interested in redistribution and that's not a stimulator. that's not going to cause the economy to roar. it will do the opposite. frankly, cynically, they are probably happy with that because they know the president's best shot for re-election is on the economy. if that stalls out, they are not going to cry over it. stuart: let me ask you a real fast question about the election.

investors see president trump trailing in the polls. most investors i think want the president to win in november. is the market really getting a little worried about a biden win? >> you know, i don't know if investors look at the polling and put a lot of credence in that. they were there for 2016, they saw what happened, but i do think they're looking at reality on the ground and what they're seeing right now is fears being stoked about massive coronavirus spread and the lockdown. if they see that as an economy killer, and i do think if that presents itself more and more, they are going to get nervous about president trump's re-election because it is about the economy for him. he needs reopening. he needs the kind of surge we have been seeing in terms of employment, and spending. if we don't get that, then i do think the president's in trouble. that's the key issue here, not stimulus. it's the anti-stimulus of wrong-headed views and wrong-headed policy on

coronavirus. stuart: brian, thanks for joining us. see you again real soon. the dow is now down, wait for it, down 600 points. look at that, bottom left-hand side of the screen. bottom right-hand side, sorry. down 602 points and falling. down 2.3%. now, we like to cover all sectors of the market. we like to cover gold. $1788 per ounce. i think that's pretty close to an eight-year high. susan? susan: yep, it is close to that eight-year high. when stocks sell off, people usually run for the staafety, safety in gold. this is because we have higher cases of coronavirus not just in the u.s., where cases have jumped by 25% compared to the previous week but also, a spike elsewhere as well, in europe, japan also reported more cases. central bank action and stimulus and money printing around the world including that $4 trillion stimulus here from the federal reserve fueling hedges for inflation and that does include gold. so the highest we have ever seen was back in 2011 during the sovereign debt crisis over in the european side when it

crossed that $1800 an ounce mark. stuart: what am i seeing here about a copper, a rally in the price of copper? know anything about that? susan: copper is near a five-month high and the eurasia group says it could be the red metal rally. they are saying huge stimulus programs in asia and europe will create conditions for a boom they say in copper demand. think about electric cars, 5g networks and renewable power generation. all that requires a lot of copper to make them. bank of america predicting $6200 a ton next year, $5600 a ton at least in the near term. stuart: got it. susan, thank you very much indeed. the dow is still down 600 points as we speak. that is just over 2.3%. back to 25,550. take a look at the white house, where in just a couple of hours, president trump is going to be -- welcome the president

of poland and host a bilateral meeting. that takes place shortly. now to florida. that state is seeing a spike in the virus. now wearing a mask is mandatory in miami at least. i want to know, how you going to enforce that? i will ask the mayor later this hour. hillary clinton is not over her failed presidential run four years afterwards. roll tape. >> i didn't think i was going to lose but i felt a sense of, you know, real responsibility, like how did this happen. stuart: okay. will hillary clinton have any sway, any influence, in the upcoming election. fox news anchor martha maccallum weighs in after this break. ♪ hey, can i... hold on one second... sure. okay... okay! safe drivers save 40%!!!

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stuart: another new low of the day. the dow is now down 630 points, 25,500. that's about 2.5%. again, today it's big tech that's moving this market down. leading the big market down. major news on michael flynn. look at this. an appeals court has ordered the judge in the case to drop criminal charges. fox news anchor martha maccallum joins us now. this seems to me like a huge victory for certainly for general flynn and also for bill barr as well. >> yeah. i mean, you would think that i'm sure general flynn is holding his breath at this moment because he's gone through so many barriers with this entire process when it looked like it was almost over. so i think it's not over until it's over, but it certainly looks as if the appeals court has handed down a decision that

will end this case for him. the charges would be dropped. he was never convicted of anything. the department of justice did a review under attorney general barr where they looked at the case again and it was decided that there wasn't merit for the charges in the first place and they decided to drop their prosecution of michael flynn. that, you know, i think a lot of legal analysts believe should have ended it there. judge emmitt sullivan turned out to be a very staunch defender of the continuation of these charges against him but he's not a prosecutor and many would argue that it's simply not his role to keep pushing the fight once the department of justice has decided to drop the charges. that's where we are today. stuart: i think michael flynn has been put through hell the last three and a half years. that's the way i see it. hold on. a big subject on our program, i'm sure yours, is this toppling of statues left, right and center. listen to what some of our guests have said about this on our program in the past couple days. roll that tape, please.

>> it represents our history. i have stopped dreaming about a better yesterday but the anarchists, they are not just dreaming about a better yesterday. they want to destroy the united states of america. >> it's not about whether black people's lives matter, it's not about police reform. it's only about the destruction of america. >> it's been often said and it's true that a culture that doesn't understand its history is like an individual who loses his memory. stuart: that's the general opinion at least expressed on this program. my question is what's the end game here? who is going to bring this to an end? >> i think that would be a great question for a lot of the people who are trying to tear these statues down. what is the purpose? what is it that you hope to achieve by taking down these pieces of history. i think human nature is flawed, it always has been. people make mistakes. people have lives that are a mix of good and bad behavior. nobody is given a statue because

they are an angel, a perfect person. each one of these statues has a representation of our history. it's okay to want to take them down. there's a process for that. we look at what's playing out in rhode island right now where they want to remove the providence plantations part of the official name of rhode island. i bet most people didn't even know the name is the state of rhode island and the providence plantations but there's a process under way. there's a petition that's being signed. if that's what the state decides to do, then they have every right to do it. that's how we do things in this country. i mean, you know, i think that the president is now pushing this executive order, that's going to strengthen the punishment for defiling public property which is against the law, period, end of story, and if you do that, you do face time in jail. stuart: i just can't imagine how middle america feels and thinks looking at this on the tv screen every morning, every night. it just puts you in such a negative mood when america is being burned to the ground and the flag with it. >> you know, we have to remember this is a very small sliver of

the population, which makes you wonder why leaders on both sides aren't standing up more forcefully done dcondemn it. stuart: absolutely. we have been saying it for days on this program. >> it should be easy. stuart: it should be. it should be. hillary clinton, i'm going to raise the issue of hillary clinton, speaking about the upcoming election and her 2016 loss. roll that brief tape, please. roll it. >> i didn't think i was going to lose but i felt a sense of, you know, real responsibility like how did this happen, whatever combination of reasons and there were a lot of reasons, i win a popular vote and lose the electoral college by literally a handful, so i'm spending most of my time trying everything i can to retire him and to, you know, send him back to the golf course full-time. stuart: okay. martha, does hillary clinton have any influence on the next election?

>> you know, i just have a hard time thinking that a lot of people are going to walk into that voting booth thinking about how hillary clinton wants them to vote. i just think there are such bigger issues right now that the country is struggling with between the virus and the economy that resulted from the virus and these racial issues that are going on in the country. you know, i just find it very hard to believe that anything that she says at this moment is going to be a big game changer or big influence mover for most voters. stuart: i think you're right. martha, you have got to have a big show coming up tonight. what's on it tonight? >> we are going to talk to john bolton. everybody has seen him, he's out there with his book. why the book comes out now is one of the questions that i think is worth asking. what the goal of it is to achieve so we will talk about that and foreign policy issues this evening. looking forward, because there's been a lot of looking back but we will look forward tonight when we talk to him as well. should be interesting.

we've got a big show tonight. stuart: it's always a big show. i will watch. martha, thanks for being with us today. always appreciate it. >> great to be with you. stuart: sure thing. earlier today, talking about the price of oil here, we learned that the amount of oil in storage went up to the tune of 1.4 million barrels. in other words, we are using less and we are storing more. offshore drillers and others facing another round of bankruptcies when we've got oil at the low price. tell me more about this, ashley. ashley: of all the oil patch sectors, stu, the offshore drilling folks have really taken it the hardest. contracts have been canceled, debt is rising and a growing number of these companies are now having to find a way to try and survive. in fact, if we go to the list of some of these drillers seeking to get some sort of credit protection or at least restructure their debt, they would include diamond offshore drilling, noble corporation, sea

drill, these are the companies that are facing a second wave of bankruptcies in just the last four years. an offshore oil industry generates about 25% of all the global oil production. but they are very dependent on the big oil companies that give them the contracts to go get the oil, and the big oil companies, because of these low prices, have been slashing their budgets anywhere from 20% to 30%. as you see the ripple effect, it's the offshore drillers who, by the way, are in competition with the shale producers as well. the outlook has been pretty bleak. in fact, i just had this number. the number of floating rigs out in the oceans actually in use right now is expected to hit the lowest level since 1986. that is 34 years. it's very hard to survive at these levels. stuart: yeah. that's right. the price of oil is back to $38 a barrel now. falling 5% as we speak. all right, ash, thanks very much. how about tesla. let's check them out.

actually, look, i've got to bring you the overall market. it's down 600 on the dow. now down 630. that's 2.4%. okay. now let's get to tesla. that stock is down today 3%. that's about in line with the losses overall for this market. tesla at $970 right now. more after this.

stuart: all right. we are down 600 points at 25,500. keith fitz-gerald is with us on the phone. keith, we are told that these new virus cases, especially in texas, that's the main factor driving the market down. what do you say? on the phone: i agree with that, stuart. this has caught a lot of people by surprise and the reason is the states that are reporting these spiking numbers have been so far states that have been largely unaffected or seemingly had this under control. stuart: i think it's the governor of texas, greg abbott, saying look, if you can, please stay inside and if you've got to go out, wear a mask. now, that's a significant retreat from the get out there and get the economy going again. that's what's got people worried here, that that will spread, the reversal will spread. >> well, it is. and you know, it speaks to

american culture. for example, at home in japan, 95% plus of people wear masks in public because they are concerned about not getting others sick. here in the united states, 95% of people don't want to wear masks because they perceive a threat of individual liberty. so there's a real dialectic going on. that's what caught the markets. stuart: it seems the selloff at the moment is dictated by big tech. they led the market up and now seem to be leading it down. a couple of hours ago when we started the show, i asked one of our commentators is it time to sell big tech, because it's gone up so much. how would you answer that question? >> well, i would answer that by telling you exactly what i did this morning. i in fact was one of the people who took profits on big tech. i sold positions in apple and microsoft and i intend to buy back into them very quickly. stuart: okay. you were one of the sellers this morning. this is your fault. you drove this market down. you see what you did there, lad?

keith, no, no, no, all fairness, you are telling us exactly what you did and we appreciate your candor. thanks very much. i want to bring in susan. what do you have to add on this market selloff here, down 650? susan: as i mentioned to you, this is the last week of the quarter and this is usually when you see some of the volatility that we're looking at right now. what goes up has to come down. we also have reallocation of money and assets as well. this is usually typically the time when you have these investors window dressing so they have to cap some of their gains, take the profit and put it on the balance sheets and the books. looks great but you're up in the quarter and we were also looking at the best quarter by the way, for the nasdaq, going back to 1999. experts say we will see a shifting of $35 billion to $76 billion from these pension funds and the institutionals and when that happens, some of that goes into cash, some of that goes into treasuries and people take that money out of stocks. that's why you're looking at maybe some decline to cap off

this last week of the quarter. stuart: that's fascinating. the technical internal workings of the market that is at least partly responsible for a 665 point selloff. all right. good stuff, susan. thanks very much. now this. long-time new york congressman elliot engel trailing political newcomer and socialist jamal bowman in the democrat primary in new york city. the progressives seem to be gaining a lot of steam, putting momentum behind their policies like the green new deal. daniel turner is with us, the power the future president. daniel, if bowman wins, and it looks like he is going to win, and beats out a long-term congressman, i think he's been there since 1988, if he wins, that does put a lot of steam behind the green new deal. he's an ally of aoc. what's his name, the senator, socialist, i have forgotten his name. >> sanders. stuart: sanders.

bernie sanders. you can't doubt that the green new deal now has a shot in the arm. >> the green new deal is popular among the radical base of the democrat party but that is not reflective of america, especially when you go into these small communities in very important swing states, places like ohio, pennsylvania, where 400,000, 500,000 men and women work in the oil, gas, coal, fracking industry. they are going to push back very hard against a national effort led by the biden campaign to take away their jobs. so it may be powerful on the fringe, but the fringe does not reflect american values. stuart: joe biden is not wholeheartedly in favor of the original green new deal as written by some senators and by aoc. he's not a full-blown green new deal guy, though, is he? >> no. well, joe biden is trying to have it both ways. he's in that tough position of keeping aoc and the bernie sanders wing of the party

comfortable, but also trying to win the popular vote. joe biden has said that as president, he wants to hold fossil fuel executives criminally liable for what they have done to the planet. he has said, this is a direct quote, there is no place for fossil fuels in my administration. so again, joe biden wants to be the blue collar all-american guy but he says some very threatening things about 10 to 15 million people who work in the energy space. stuart: understood, but look, we have this new poll which shows 60% of respondents say that now climate change is a threat, a major threat. that's way up from where it was just a few years ago. 60%, a major threat. how does the president address that? >> we all want a clean environment and clean air and clean water, but i will push back hard against anybody who tells me that climate change is an existential threat when for the last three months, we haven't heard a peep about it. existential threats don't go on vacation, whether it's because of coronavirus, whether it's

because of the tragic death of george floyd, whether it's because of antifa tearing down statues. existential threats are permanent threats and the fact that for months, we have not talked about it, the left hasn't talked about it, i don't believe your existential threat talk anymore. stuart: you are absolutely right. throughout the virus era, say the last four months, you really have not heard about climate change, green new deal. it's just coming back now. daniel turner, thanks for joining us, sir. we appreciate it always. see you soon. thanks. >> thank you. stuart: new low of the day. we are down 670 points for the dow industrials. better than a 2.5% decline. we have dropped below 25,500. have we got the casino stocks available, please? i ask because gamblers at caesars world in vegas could be paid $20 just for wearing a face mask. right now, masks are not mandatory on the gaming floor. but there's a suggestion that you might get 20 bucks if you

actually wear one there. a different story in miami. that city now requires people to cover their faces in public. as the virus spikes in florida. the mayor of miami blaming reopened restaurants. the mayor will join us next. ♪

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stuart: i regret to say that i have been saying this roughly every five minutes, a new low on the market. right now the dow is down 781 points, 25, 300 on the level. what we have said so far is this. there's been a spike in cases in some states that's leading to fears of a second lockdown. susan came in and told us about the end of the quarter coming up which means some shuffling among the big investors. but susan, come back in again,

please. talk to me about big tech because big tech led us to this market high and it's big tech today, look at the stock quotes there, that's leading us down. big tech is leading us down again, you think? susan: well, we saw the 21st record for the nasdaq yesterday on an eight-day winning streak from what i saw and that's the longest winning streak since december, when it rallied about 11 straight sessions. the fact that you have a little bit of profit taking, a pause, as they say, in this runup that we have seen with the nasdaq hitting records and past that 10,000 mark, people are saying this is not the end of the run we have seen. in fact, people are putting placements on apple they will rise above $300. three upgrades yesterday from deutsche bank, bernstein and the like. i don't think this is the end of the run but it may be a bit of profit taking from the levels we have seen. stuart: i think you're right. by the way, the dow is almost down 8 00 points as we speak.

what do you say, just continue? okay. ashley, have you got anything to add? we are down 800 points. ashley: i do. this is the kind of headline that hurts the market as it moves lower. the governors of new york, new jersey and connecticut are now ordering quarantine for visitors from those states that have seen high numbers of coronavirus cases, where the infection rate we have seen has gone up. there you have it. already reaction from new york, new jersey and connecticut, quarantine the visitors from those areas that are now hot spots. stuart: that will do it every time. that sounds an awful lot like a second wave, second lockdown, second set of restrictions. down we go. 804 points to the down side. good stuff. thanks for bringing that to us right from the spur of -- as it actually happened. what next? we have, staying on the strievi we have news from florida, i do declare. yes, we do. florida, 37,000 new cases in the last two weeks. that brings the total in florida

to 103,000 cases in that state. now look at this. the mayor of miami was passing out masks which he is now telling the residents of miami, you've got to wear these. this is mandatory now in miami. here he is. francis suarez, the mayor of miami. welcome to the program. it's good to see you. >> good to see you. stuart: how long is this going to last? mandatory mask wearing? >> we don't know. we are taking it one week at a time. obviously as you just indicated, the last two weeks have seen a tremendous spike. we have seen record numbers just yesterday, it was just reported today, a few minutes ago, we had the largest one-day since this began in miami-dade county and also in the state of florida. so we had over 900 cases in miami-dade county. stuart: your honor -- >> to put that number in

perspective, right before we put in the stay-at-home order we had 533 cases and we just had 900 plus cases. we had about 1300 statewide cases. we just had 5,000 cases. stuart: how you going the police this? if you tell people you've got to wear a mask, how do you police it? are you threatening jail terms if they don't do it? >> it's extremely difficult to police. when we implemented a stay-at-home order it was difficult to ensure everyone stayed home. we are implementing orders because we are telling people this is what you should do to protect yourself and others. we have the ability to arrest people. we have the ability, you know, it's a misdemeanor which is technically punishable by jail time and/or a $500 fine. we obviously would prefer not to have to do that, educate people, make sure they do what's best for themselves and for others, but we have the ability to do that if we need to. stuart: okay. you blame the rise, the recent

rise in virus cases on these reopened restaurants but you were spotted at a crowded restaurant that has now been shut down because it failed to enforce social distancing. there you are. you're not wearing a mask. you want to respond to that? >> yeah. that picture was a couple of weeks ago and i said that, you know, i apologized for not wearing a mask in that instance because as mayor, you always have to set the standard. so for me, we are constantly, people are trying to hug us, trying to shake our hand, trying to take pictures with us elected officials constantly. we have to be extremely vigilant and be very very careful to set the right example. so for sure, i definitely regret having taken that picture. but you know, regardless, our residents have to do what's right and they have to make sure that they protect themselves and protect others which is why we are requiring masks right now. stuart: would you consider shutting down again?

a stay-at-home order? would you consider doing that in miami? >> you know, look, you have to keep all options on the table. it's not something that we want to do. part of the reason why we implemented the mask rule in public is because we don't want to have to go backwards. we are trying to use another option that we have to try to prevent from having to implement a stay-at-home order. but like i said, putting the numbers in perspective, you know, our statewide numbers are almost five times greater when we implemented a stay-at-home order. our county numbers are twice as high. what we have seen is an uptick, slight uptick in hospital as well, slight uptick in icus and ventilation usage but we have not seen thankfully as of yet an increase, dramatic increase in the number of deaths. that is usually a lagging indicator, could lag as much as four to five weeks. that is definitely still a concern. our hospital capacity, you know, something we are very very closely monitoring. stuart: got it.

your honor, thank you very much for joining us today. we appreciate it. see you again soon. thank you, sir. all right. yes, we are now down 817 points. that's 3.1%. we hit new york, new jersey and the governor -- and connecticut, they just announced they will quarantine visitors from potential hot spots. that sent the market even lower. charles payne is getting revved up. he's going to join us next. save hundreds on your wireless bill

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stuart: down 806 points as we speak. i want to come back to ashley. you brought us the news about the new statements from new york governor cuomo about new restrictions, people coming to the state from states with a high incidence of the virus going to quarantine. repeat the news, please. i think that's what's taken us down. ashley: yes. it's the governors of new jersey, new york and connecticut. we just heard from new york governor cuomo on which states he's talking about. he says the quarantine will now cover visitors from alabama, arkansas, arizona, florida, north and south carolina, washington, texas and utah. that's quite a long list of states. again, ordering quarantine on

visitors from any of those states because of the resurgence of cases we have seen there, those so-called hot spots. it's starting to sound a little bit like where we were three weeks to a month ago. stuart: i just don't know how a governor can impose quarantine on someone coming from another state. supposing you fly from, i don't know, from austin, texas and you fly into new york city. are they going to meet you at the plane and say right, come with us, you're in quarantine for 14 days? i can't see that. ashley: they don't have the manpower or the staff to do that. i think it's going to have to be on a voluntary basis. then you have to question how effective it will be. stuart: let's put the airlines up on the screen. we have them there now. the selloff in progress because of this. who's going to get on a plane in texas, alabama, utah, all the other states you mentioned, and fly to new york when you've got this threat of quarantine hanging over you once you get there? the airlines are down, southwest

is down 7%, american down 8%, delta is down 9%. do we have charles payne? we do. charles payne, come into this, please. this is a serious negative. it's new restrictions that make it sound just like the bad old days. charles, can you hear me? okay. charles: i can. stuart: he can hear me. okay. i think this is what's putting this market down at this moment in time. what say you? charles: yeah, i mean, there's no doubt about it. we were already down on a lot of pressure. listen, nasdaq was up eight days in a row and the same headlines greeted us every morning, covid cases spiking. there's a lot more to this market but on this particular subject, stuart, i do find it amazing. you know, there's an interesting article in the "new york times" that said the initial outbreak of coronavirus in america all emanated from new york city. 42% of cases in washington, 50% in california, 50% in oregon, 80% in alaska, 69% in wyoming,

70% in texas, 84% in arizona, 89% in utah, 98% of the cases in idaho came from new york city. here's the point. you know, cuomo and these other governors, this is mostly grandstanding. i don't know that there's a lot of people traveling from other states to new york anyway. the point is they are throwing kerosene on a very delicate situation right now. if this is what they feel will keep their states safe, fine, but i just think it's sort of disingenuous and again, i think the great news is that there aren't really a lot of people leaving florida to come to new york right now anyway. stuart: that's for sure. charles, look, thanks for jumping on the show at the very last second there. we do appreciate it. we will have more "varney" after this. ncer) reliability is everything. so, if your network's down, you're down. verizon knows your customers need to reach you seamlessly. your team needs to work from different places across many devices. . .

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