>> tax day. i think it's something that always makes us think who do you want to be president next. think how much you're paying now. cheryl: very well said. it's about the pocketbook. great show. thank you for being with me. i will be with all of you tomorrow. that's it for us. time for "varney & company." oh, look who is back. welcome back, stuart. we have missed you. stuart: well, that's very kind of you to say that. thank you very much indeed. good morning to you. and good morning, everyone. let's get right at this, because yet again, we are starting the week with a market rally and yet again, america's big tech is just charging ahead. first off, left-hand side of the screen, the dow industrials going to be up around about 200 points at the opening bell and a huge gain for the nasdaq, up about 100 at the opening bell. all right. now look at amazon. this is premarket. founder jeff bezos is now worth about $190 billion, richest person in the world. the stock is up yet again premarket, up another 63 bucks,

$3,200. tesla, watch this. founder elon musk now worth about $70 billion. richer than warren buffett. another surge for that stock right now premarket, up another $100 a share, 6%. wow. apple getting closer to a $2 trillion valuation. right now it's up nearly five bucks at $388. now, that's the big techs. we have a lot more quotes coming your way. suffice it to say, big tech is having another terrific day. how about disney? a partial reopening despite a surge in new virus cases in florida. masks, temperature checks, no lines. this was an important symbolic move to reopen disney world. investors like it. disney is back to $121. talking about investors here, they like the good news on vaccines. pfizer and biontech, they have been given fast track approval for two of their vaccine candidates. stock's got a new shot in the

arm when that news broke earlier this morning. both stocks on the upside. what have we got for you? later in the show, larry kudlow, he will have more on the next stimulus plan. that's something else that investors really like this monday morning. joe namath is back with us. good timing. the washington redskins will reveal their new name today. and bill zaneti joins us, an academic specializes in theme parks. he was at disney yesterday. he was all over those parks yesterday. he's got a full report for you coming up. what was it like getting back there? well, for me, it's great to be back. i just want to say thanks to ashley, susan and lauren for doing all the hard work in my absence. let's get on with it. "varney & company" begins now. ♪

stuart: that's very nice of our producers to play that song for me as i come back after a couple weeks' vacation. let's get on with the real news. this is breaking this morning. drug makers pfizer and biontech, they are given fast track status by the fda. lauren, come in, please. they've got what, two promising coronavirus candidates? lauren: that's right, two vaccine candidates. pfizer and biontech get fast track designation by the fda. this is a big deal. it means they expect to manufacture 100 million doses by the end of this year, more than a billion doses by the end of next year. both vaccine candidates are now in a phase 2 clinical study in the u.s. and germany. phase 3 later this month. very promising results. biontech shares are up 11%. mind you, this stock has more than doubled this year. stuart: i think the news on the

vaccines is really helping the overall market. more on that later in the show. now we are up 190. got it. let's have another look at big tech because that's the story of the day. the week, the month, the year, frankly. the nasdaq has hit several all-time highs so far this month. let's move on to apple. i think it's on the screen there. $388. susan, you usually bring us news about the iphone or something but today, you've got news on apple and california housing? what's that? susan: yeah. just an hour ago, apple announcing they are handing out the first $400 million in a $2.5 billion affordable housing fund and this is for those that have found it hard to find housing and shelter in rich and expensive silicon valley. this will go to support building four projects in north, east and south bay, 250 units in total. the first group to get priority will be veterans, homeless, disabled and they will also offer mortgage and down payment help as well. in these times, not many companies can afford to offer $400 million and apple offering

the most out of the tech giants in this affordable housing fund, $2.5 billion from apple. google has pledged $1 billion, microsoft has committed half a billion dollars in seattle. facebook earmarking half a billion dollars. but these tech companies are also in the position of having a ton of cash on the balance sheet. apple has $200 billion. microsoft google has $100 billion each and facebook has $50 billion but the argument is that when you provide such rich and expensive jobs, pushing out the little guy out of the valley that can't find housing and shelter, affordable housing in particular. stuart: okay. interesting to get big tech involved in the housing business but i suppose it's inevitable. apple is 1.66 trillion. i will stay on big tech. that's where the news is. look at netflix. all time high after all time high. they've got their earnings report coming out on thursday. ashley, thanks very much for all your hard work, by the way --

ashley: my pleasure. stuart: come thursday, the netflix report, that's going to be all about how many subscribers they held on to as the lockdown retreats. ashley: that's exactly right. they had 15.8 million new subscribers in the first quarter. netflix say they are calling for around 7.5 million when they report those earnings after the bell on thursday. this stock got a really nice boost on friday when goldman came out and said they believe netflix added 12.5 million subscribers in the second quarter. they also call for a price target of $670. that gave some nice juice to netflix on friday and it continues today. pretty impressive. they are expecting revenue of $6 billion in the second quarter which is compared to $4.9 billion in the same period year over year. this is a stock that's been on a tear but you're right, the big question is how many people do they hang on to as the lockdown eases and people go back to work. stuart: if i'm typical of

everybody else, i'm hanging on to my netflix subscription. they're good. okay. got it. thanks, ash. some more big names to report this week. it's the kickoff to the earnings season. we've got a schedule. lauren, take us through it. lauren: that is a crowded screen you are looking at but overall, this is likely the weakest earnings season since the financial crisis. you can call it the corona quarter. we know earnings are going to be down, likely down 43% from last year but it's about how quickly you can recover. jpmorgan, citigroup, wells fargo kick things off tomorrow for the banks. they are among 18 financials reporting this week. investors want to know three things. dividends, how many defaults are projected as well as loan activity. you have four dow stocks reporting. jpmorgan is one of them. also united health, goldman sachs and johnson & johnson. delta, that's the highlight for tuesday as well, the travel industry obviously decimated but streaming, as you were just talking about, is on a tear.

netflix, the first of the tech titans to report. that report is on thursday. stuart: i'm seeing a lot of green this morning. wonder if that holds through until the end of the earnings week, first week thereof. thanks, lauren. alibaba, that stock, by the way, is up 50% since the lows of march this year. however, jack ma, founder, is now soefrelling over $9 billion the stock. investors didn't like it. that was friday. now we have rebounded, up a buck. alibaba at $262. got it. nvidia, chip maker, another tech name that's been seriously outperforming during the pandemic. bolstered by the upcoming release of microsoft's and sony's new gaming consoles. nvidia this morning, $425, up five bucks per share. overall, we are still looking at a very solid rally this monday morning when the market opens in 22 minutes. what better time to bring in

market watcher keith fitz-gerald. keith, hey, where did the market go from here in a week where we see corporations report a huge drop in profits? >> that is a very very tough call. but i'm still in the wind on this one, stuart. i think the path of least resistance continues to remain higher, particularly if we've got a vaccine on the horizon. the story is still big tech. the one thing you haven't mentioned yet is costco, for example. when this crisis is done, people are still going to be shopping and i think that's one of the strongest plays coming into this earnings season. stuart: yeah, look, i don't mean to ignore the non-big tech companies. but you've really got to focus on big tech because you are so, so dominant right now. do you see anything holding back the five big tech names? >> no, i don't. as you know, i like to go where the news is going to be, not where it's been. so i have been focused on big tech. you and i have been talking about it for the better part of a year because of that. it has performed exactly as we

have suggested it would. so i continue to focus on that but i'm also increasingly focused on pharma, on the cleanup from covid and on the shopping essentials so that's going to be costco and walmart coming out of this. stuart: we had news on a virus vaccine or movement towards a virus vaccine. it really helped the market this morning. do you think a vaccine would help the president in this election in november? >> you know, it used to be in my mind a lock. you would have one and you would have the other. now i think the amount of anger seething under the surface is palpable. i think the president has done an extraordinary job in a lot of ways, in extraordinary times, but i don't think that one guarantees the other now. stuart: got it. thanks very much indeed. see you again soon, keith fitz. got you. look at the latest total virus cases in america. topping a little over 3.3 million. however, here's a little wrinkle. new york and florida are seeing

two very very different scenarios play out. what do you have on that, ash? ashley: yeah. it's interesting, isn't it. let's get right to this. if we look at florida and those numbers, these numbers were actually recorded on saturday and then reported on sunday. so let's bring up those numbers. 15,299, that's a new single day record for florida of covid-19 cases. that's a positive rate, by the way, of right around 11.25% because close to 143,000 were tested. now, when you compare that, that by the way, that rate is down from 18% just three days earlier. there is no doubt that increased testing is starting to show more and more cases. no doubt about that. but you mentioned new york. very quickly, for the first time on saturday, new york reported zero covid-19 deaths. that hasn't happened since march

13th. new york still registering very close to 216,000 cases overall but that landmark number there, no deaths, is very significant. however, the governor and the mayor of new york deblasio, bill deblasio, say get ready, we are preparing for a second wave. stuart: got it, ash. thanks very much. let's get back to disney. disney world reopened, at least partially, this weekend. lauren, how did it go? lauren: it was clean. there was no one there. they opened at limited capacity for the magic and animal kingdom. guests were required to wear masks, they reported feeling pretty safe and they also reported the shortest wait times ever. look, the big question is how long can disney operate at such a reduced capacity. safety is their priority right now. if you don't wear a face mask except when eating or swimming, you are thrown out of the park. they are doing everything they can to make people feel safe and they expect to open epcot and

hollywood studios wednesday of this week. stuart: we have an academic coming up later who was there yesterday, got some videotape. lauren, thanks very much indeed. i want to check futures because it's monday morning. you will hear more about the virus and the cases in florida but look at that, the dow is going200 points at the opening bell, 17 minutes from now. we have all heard about boycotts. have you ever heard of a buy-cott? it's trending as people load up on goya products after the ceo of the company praised president trump. got a lot of backlash for it and now a buy-cott of goya products. the washington redskins will soon be no more. the team is expected to announce today it will retire its name. could be the start of more changes at the nfl, maybe. football legend joe namath will be here all about that. the president's relationship with dr. fauci getting a lot of attention. the administration's concerned

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now it's blatantly ripping off the president's buy american. i was at the president's side when he signed at least seven buy american orders. that's seven more than biden signed or obama signed during their term and every one of those has worked to create

american jobs. stuart: there you have it. white house trade adviser peter navarro on joe biden's plan. that plan includes, what, $700 billion on buying american products and investing in american workers and companies. erin perrine with us now, director of communications for the trump campaign. go at it. go right at it. what's your take on joe biden's plan? >> joe biden, as peter navarro said, is trying to look like president trump by saying buy american. he's seen what an economic recovery actually looks like under joe biden. it's abysmal with 14 million americans having left the work force under the obama/biden administration. he may want to beat president trump with buy american but let's look at the facts. he didn't believe that when he was a big cheerleader for tpp or nafta or bringing china into the world trade organization. we know what looks like to get an economy booming. you cut taxes, you cut

regulations. joe biden's economic plan does the exact opposite of that. i think it's safe to say you would see the exact opposite result. you wouldn't see a booming economy. stuart: okay. look, there are new reports that say the white house is losing faith in dr. fauci. first, listen to what president trump said about him. roll tape. >> dr. fauci's a nice man but he's made a lot of mistakes. they have been wrong about a lot of things including face masks. maybe they're wrong, maybe not. but a lot of them said don't wear a mask, don't wear a mask. now they're saying wear a mask. so a lot of mistakes were made. stuart: erin, dr. fauci is very popular with voters. how are voters going to feel about a trump/fauci fight right before the election? >> president trump has led on the coronavirus effort and made sure that america has had the resources, the largest public/private mobilization since world war ii, to be able to provide ppe, to build ventilators, to make sure we had testing capacity. we have seen again what it would look like with joe biden at the

helm when it comes to -- stuart: look, erin, hold on a second. hold on a second. we have got a new surge in cases in many of the states which reopened. this is against dr. fauci's advice. now we've got a surge in cases. the president may get the blame for this. >> well, we are here to get the facts out. the cdc guidelines are there to make sure states know what they should do and how they should address the crisis. again, it's up to the states how they handle these. president trump has made sure that testing is available in this country and you see that cases are going up because there is more testing available. fatalities are going down, with new york city reporting zero fatalities yesterday. this is a country that has to do the work and they are seeing that guidelines are changing, things are being updated the more we know about the crisis because president trump is making sure that the facts are getting out there about this. americans are making the right decision when it comes to addressing the crisis.

joe biden stops testing for h1n1. stuart: look, he is advocating reopening the schools. a lot of people are saying you've got to reopen them. pretty clean-cut agreement, you've got to reopen the schools. but the left wants a lot more money to reopen the schools. is the president ready to pump out a lot more money for the schools? >> president trump made a significant and early investment in schools in the cares act in the first part of the pandemic legislation. so these schools have resources available right now to be able to do the work to safely reopen. and they should be able to do so. it's july. schools should start to reopen in september by taking necessary steps to make sure they can bring their students safely back into the classroom because everybody agrees these schools need to reopen. it is up to the school districts, the states and the localities to make sure they use their resources to be able to do so safely. president trump made an early and a strong investment in being

able to do so. stuart: he might have to make some more. we will see about that, however. erin, thanks very much for joining us. we appreciate it. look at our futures market. it's monday morning. all kinds of things are happening. the dow is going to be up 200 and the nasdaq, a whopping great big 104 point rise. about six minutes from now. we'll be right back. ♪ ♪

♪

stuart: there's good news for you. the market is opening in a couple minutes and we will be opening higher. 200 for the dow, 100 for the nasdaq. i've got to do this again. quick check of big tech because they are really moving again this morning. extraordinary developments for apple, amazon, facebook, microsoft and google. let's go to netflix. they will open in record territory. jeff sica is with us. you are a tv and movie producer, jeff. you think netflix is going to go higher from here? upwards from 567? tell me. >> first of all, netflix, i have loved this stock for a very long time.

they have 160 million subscribers. the average subscriber is aged 31. what netflix is beginning to do is they have reinvented the model of which they can make revenue. everybody thought that netflix was only going to make revenue on subscriptions. now they have this whole new model which is really just a variation of an old model to do with branding and licensing. if you take a show like "stranger things" which is one of netflix's top shows, "stranger things" entered into agreements with 75 companies to feature their product and cross-license their product in their shows. that opens up a stream of income, not so much for the product placement, because these companies don't actually pay to get on these shows. they allow netflix and the producers to cross-license the brand so for example, baskin

robbins has ice cream flavors that come off of the cross-licensing agreement which netflix participates in. stuart: i never thought of that. i did not think of that. product placement on a massive scale to increase your revenue from 160 million subscribers. that's fascinating. mr. sica, it was short but very sweet. thanks for joining us, jeff. see you again soon. i've got to bring in adobe. got to get to this. that's the company that checks what you spend your money on. they've got a new report out. susan, what are we spending our money on? susan: no surprise given the lockdown consumers are now shifting rapidly shopping online. the june spending online hit a record $72 billion in one single month. that's even higher than the holiday shopping period of black friday and christmas, november to december. now, this period has been much stronger than anticipated, $77 billion, higher than estimates. that's because people are buying groceries online but also paying

more because adobe says prices are up 4.2% over the past month which is a five times increase, by the way, five times from last year and above the usual inflation level but it's kind of expected since we had meat shortages, right? also a lot of production plants were shut. but this is the reason that online e-commerce players amazon, shopify, hitting record highs. stuart: away we go at the opening bell. it is now 9:30 eastern time on a monday morning. we have opened the market and we are as expected straight to the upside. in the first couple seconds we are up over 200 points. the dow is at 26,300, almost. what was that? what is? the nasdaq, okay. let's deal with the s&p to start with, up 25 points. give me the nasdaq, please. as our producer says, that's another all-time high. 10,700 on the nasdaq. what a morning. i'm going to put a couple drug

makers on your screen. that would be pfizer and biontech. they have received fast track certification from the fda for their virus vaccines. if their expedited trials go well, we will see 100 million doses ready by the end of the year. both stocks up. look at disney. partially reopened the park in orlando over the weekend. the rest of the park opens wednesday. i have an analyst from the theme parks who was there, going to bring some videotape. we will show you how it went. investors like it. $120 a share on walt disney. apple. they are funneling $400 million into building affordable housing in california. the stock is at $389. that's apple for you. up 1.6%. $389. apple is worth nearly $1.7 trillion. news from facebook. could be ditching political ads, all political ads. susan, how is that going to affect the election? susan: according to numerous

reports, the core of this debate at facebook is whether banning political ads would help or harm giving users a voice, stopping ads could stifle speech for some groups, they say and it would allow political ads to run and it could allow for more misinformation or disenfranchised voters. so that's the push and pull that's happening internally, especially among facebook leadership. revenue from political ads very small, according to mark zuckerberg so why not protect and limit any potential liability might be the thinking as well. we know twitter banned any of these political ads last year and by the way, the trump administration has an advantage, big advantage on facebook. they have built up a community on facebook of 28.3 million followers. joe biden only has around 2.1 million and we know that the trump campaign has been spending around $40 million or so so far this year on facebook advertising but again, not a lot of money, right? stuart: yeah. i would have thought, though, if you are thinking about stopping all political ads three and a half months before the election,

you are walking away from a chunk of revenue. i'm surprised to see that investors don't care. the stock is at $248. susan: but as zuckerberg says, political advertisement is a small part of their revenue. most of their revenue comes from small, medium sized businesses. they are just protecting on the liability side which i think i kind of understand. stuart: i think that's maybe what investors like, it's up 1.5%, $248 on facebook right now. i've got to show you tesla. look at it. it's up another 10% as of right now. this is the stock of the day, the month, the year. i don't know what else. but it's way up there. i think, susan, elon musk is now a great deal richer. richer than warren buffett? susan: sign of the times, don't you think? elon musk's wealth jumped $6.1 billion with friday's 10% rally, probably a lot more today. now he has a net worth at last count of $70.5 billion so now he's the world's seventh richest ahead of warren buffett.

should be noted warren buffett has given away a lot of his money. his wealth is down $20 billion from a year ago, also the underperformance of berkshire hathaway. richest man on the planet still jeff bezos. bill gates as well. musk doesn't get a regular salary but is getting a $1.8 billion payday because the market cap of tesla has held above $100 billion now for six straight months and he gets to sell at a cheaper rate. not like he needs the money. stuart: this is what happens when big tech takes off. jeff bezoses of this world, they just -- susan: bill gates of this world. this might be a short squeeze as well because you know, a lot of people are shorting this stock and because of they have been buying the stock back and that's why we may be seeing these huge runups in tesla's stock. stuart: the rise in big tech is surely the stock market story of the decade.

susan: of course. stuart: i think i can say that. it's the story of the decade. susan: i would say the story of the year. in fact, you have bmo saying we could see 20% to 30% higher in the stock because of the outperformance and the earnings growth potential which by the way is pretty similar to what it was during the last bull market run in 2009. stuart: i got you. thanks very much, susan. look at this. carnival cruise lines. now they are down, there's some news on carnival. what's going on, ash? you got that? ashley: yeah. well, the latest news, stu, is that they will cut 13 ships from their fleet which will reduce their capacity by 9%. some could argue that's a good thing. streamlining your fleet. but it is moving slightly lower this morning. but this stock got a big boost on friday where it gained nearly 11% when the ceo came out and said that 60% of its 2021 bookings made in june were for new reservations. in other words, not just reservations made by people that

cruises canceled this year. so that was very encouraging. but this stock has gone up and down. kind of in early june it had kind of raised itself up again on the hope of a recovery, people kind of getting back to normal, but it's gone down 36% since that small surge, if you like. so choppy waters ahead, i would say. stuart: it's a trading stock, as opposed to a long-term investment. that would be just my opinion. look at pepsi, please. they reported financial results earlier. beverage sales took a hit because of restaurant closures, of course. market watcher garrett nelson with us. okay. i've got pepsi stock at about $137. you think it's going to hit $150. is that on the back of increased healthy snack food sales? >> sure, stuart. thanks for having me again. so we are out with a note this morning, we actually just raised our 12-month price target by $5

to $155. so we reiterated our strong buy opinion on the stock. they posted a very solid quarter, adjusted epf came in seven cents above consensus. yes, the revenue was down but not nearly as much as the street was expecting. in fact, the top line was about $480 million ahead of consensus. so what really drove the better than expected quarter was the snack business. frito lay, organic revenue growth was up 6%. quaker foods was up 23%. also in the asia pacific region, their comps were up about 15%. clearly, the snack business has really benefited from stay-at-home trends which really have offset some of the restaurant closures and other venues such as movie theaters which have really hurt the beverage part of the business. stuart: garrett, hold on a

second. i've just got 20 seconds. am i right in saying pepsi is trying to shift towards healthy snack foods and that's helping them a lot? is that accurate? >> that's exactly right. we really like the stock for the attractive combination of earnings stability and dividend yield. the stock is yielding about 3% and it is a dividend aristocrat. they increased their dividend for years. it's one of our top picks. stuart: garrett nelson says it's going to $155. thanks for joining us. we do appreciate it. thanks very much indeed. dow up 188. we have come off the high of the morning but still up at 26,261. still to come on the program today, larry kudlow. he will be here during the 11:00 hour. when are we going to see a second stimulus and what will be in it? he will tell us, i hope. recent polling has joe biden ahead in the november race but one professor is standing by his prediction model that shows

president trump having a 91% chance of winning this election. the good professor makes his case next hour. it's a whole new world at disney in orlando. the park's slow reopening as the state sets a record for single day virus cases. coming up, the academic who studies theme parks. he will be with us shortly. we'll be right back. ♪ tara, did you know geico is now offering an extra 15% credit on car and motorcycle policies? >>wow...ok! that's 15% on top of what geico could already save you.

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obi wan [ inaudible ]. >> you told me enough! >> i am your father. stuart: i think that movie must

be 30, 40 years old. you know what, it will return to theaters this past weekend and lauren, am i right in saying it was number one at whatever remains at the box office this weekend? lauren: it was number one 40 years after its first release. "the empire strikes back," the force it still with it. how amazing, yes, so many theaters are closed, drive-ins, that's where we are watching the classics on reruns. but for so many new fans, you didn't see it on the big screen so this was your chance to be reacquainted with a classic. if you look at this past weekend, it brought in about half a million dollars over the weekend, the total "star wars" saga haul, $10.3 billion. that's crazy. stuart: that is extraordinary stuff. all right. thanks, lauren. i've really got to show you this real fast. i will show you tesla. just look at this. tesla, show me tesla. that thing is up $2 will00 a sh.

$204.85. $1749 is your price on tesla as of now. that is astonishing. novavax, yeah, they are working on a vaccine. that stock is up, what, 2500% this year. who saw that coming? my next guest saw it coming. peter kolchinski, author of "the great american drug deal." you saw it coming. how did you know it was coming? how did you know it was going to go up that much? >> hi, stuart. thanks very much for mentioning my book. i worked a long time on it. i'm also a scientist and i manage one of the larger biotechnology investment firms in the world. we've got a team of scientists and we have been elbow deep in science now ever since covid struck and we followed novavax for years prior to that. i supported them in trying to

develop a different vaccine and we just looked ahead to what this virus is going to do to the population around the world and whether we will be able to beat it. we realized we weren't going to be able to beat this one. it's going to be with us for a long time to come. it's going to be like the cold viruses we have now but worse. it will be worse than the flu. we think that in the future, after we have responded to the immediate pandemic threat with covid vaccines, we are going to be vaccinating people against what we are going to call covid-like symptoms. when you feel a fever coming on or a sore throat, you are not going to think flu anymore. you are going to think is this covid. in order to minimize the chances of having any covid-like symptoms, you will want to make sure you are not just getting a covid vaccine seasonally, but you are getting your flu shot as well. so -- stuart: peter, would you say novavax is the best positioned

company to create and provide a vaccine for covid-like symptoms going forward? is novavax still your top pick? >> based on everything that we see and the components they've got, yes. stuart: how soon, knowing what you know about this company, how soon will they have a vaccine on the market? >> well, so the covid vaccine, they've got it to having 100 million doses by the end of the year and being able to generate a billion doses next year. that's going to be a big contribution to the world's needs alongside other companies. but beyond that, serving the covid plus flu seasonal market, i think they're going to have enough to supply the world. other companies will probably catch up and join them but they ought to have a big piece of what will be a very large market. stuart: do you have a target price for novavax? it's on the screen now at $96 a share.

>> i don't have one for you. but we are focused more on their neutralizing antibody titers. stuart: okay. thank you very much for being on the show this morning. congratulations, a, about the book and b, seeing novavax so early. i trust you are a very wealthy young man. peter, thanks for joining us. appreciate it. okay. couple more indicators to check for you. first of all, the ten-year treasury. what's the yield this monday morning? i have been away for a couple weeks. when i left it was about 4.67%. i come back this morning, it's.66%. not much change in two weeks. the price of gold, i know that's moved above $1800 an ounce. it's holding there now at $1812. oil, that was 38 bucks a barrel when i left. it's now $40 a barrel. what is it again? okay. i believe it's now $40 a barrel. got it. now then this.

congresswoman alexandria ocasio-cortez thinks she knows why new york city is seeing more crime. listen to this. >> maybe this has to do with the fact that people aren't paying their rent, they need to feed their child and they don't have money, so you maybe have to -- they are put in a position where they feel they either need to shoplift some bread or go hungry that night. stuart: what? shoplift some bread? okay. let's move on. we have some devastating numbers from an extremely violent weekend in several cities. we will bring you those extraordinary numbers shortly. disney world starting to reopen. my next guest was there and he says he feels safer in the parks than his own grocery store. that's quite a statement. he will make it again after this. ♪

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stuart: as we have been reporting, disney reopened its flagship park in orlando over the weekend. half the parks are now getting some visitors. the other half will reopen again partially on wednesday.

bill zanetti is back with us, theme park industry analyst. i want you to operate as our reporter, if you will. you were there. i know you are at the parks this weekend. what was it like? >> well, first, thank you for having me on the show again, stuart. i appreciate it. it's a lot of fun and it's hot. we have experienced temperatures, 95 degrees in orlando. maybe upwards of that, even. in the summer it's already hot so when you walk around the parks and everyone is wearing a mask, that's the first thing that you notice is that this is not the same experience that you had previously. that said, there are no waits for almost anything. every wait time for every attraction is only about 10, 15 minutes so if you can get over the mask part, i had a great time. the parks are quite fun. stuart: can they expand in the near future how many people are allowed into the park, because we got the video on right now

and there's virtually nobody there. no wonder there's no lines. there's nobody there. when can they expand the number of people coming in? >> so believe it or not, the company is managing capacity through a sort of reservation system right now and the lack of people in that video is very much on purpose. also, that video is a little misleading because it was taken toward the end of the day, their operating day. i hope that they will be able to kind of take a look and see how many people are congregating in certain areas, then raise the attendance allotment as necessary. stuart: so can they -- did you have fun? you say it was safer than in your grocery store. did you have fun? >> yeah. i did have fun. the reason i think i felt it was safer than my grocery store is because when you are in a theme park, you are distanced from everyone. it's not like a sporting event where everyone's in a tiny stadium and you are compacted with everyone together. everyone is spread out and then

every time you go on an attraction there's hand sanitizer when you get on and get off. they have cast members telling people put their masks back on if they're not wearing a mask. actually, i say most people were very complicit in wearing a mask. it wasn't a problem for most people. just very uncomfortable. stuart: okay. i take your point, in 95 degrees a mask is uncomfortable. bill, thanks for being our reporter on the spot there. we appreciate it. i'm sure we will be back to you again at some future in the future. thank you. still to come, fox news analyst lawrence jones. he's talking about the 2020 race. football legend joe namath on the redskins ditching their name. and larry kudlow on the next stimulus package. what's in it? i will certainly ask him. schools reopening. that's going to be the biggest problem in the virus era. that's next. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. . .

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♪ stuart: right, 10 eastern time, 30 minutes into the trading session this monday morning here is where things stand. the dow is up 200 points. 26,200. very solid gain for the nasdaq composite which is up 127 points. i will put two pharma companies on the screen, pfizer and biontech. they have been given fast-track approval for two of their vaccine candidates. that really helped market. we'll show you big tech because that keeps on gaining ground all the time. apple is at 393. that is another $10 higher.

amazon up 75 bucks. facebook up nearly 3. google hit all-time high earlier today. big tech still on a huge tear. i do want to remind you, larry kudlow is coming up on the show in the next hour. i want to know what is in the next round of stimulus. because that is helping this market this morning. all right. everyone, now this. reopening the schools, that is going to be the biggest fight thus far in the era of the virus. they have got to go back to learning. youngsters need education and the economy needs workers freed from child care duties but it is going to be exceptionally difficult to pull this oaf. how to assure teachers they will be safe? you can't. absolute safety is not attainable. for a start, a quarter of all public school teachers are over the age of 50. that makes them a vulnerable group. one in five new york city teachers has already asked for a

medical exemption. they are not going back to the classroom. right there, you have got a staffing problem. how do you fill a classroom, and keep kids six feet apart? well, you can't. that is why some of the school districts that plan a reopening are using a shift system. spread the students out and put them at their desks just a couple of days a week. fine. but that does not help parents who work five days a week and they still have to help with online learning. here is another complicating factor. the spike in cases in state has reopened. businesses, on sunday florida reported more than, more cases than any other state on any single day, over 15,000. more young people are coming down with it. teenagers mingle in high school. there will be an understandable reluctance by many parents to send their youngsters back to class. looks to me like it is going to be a hodgepodge of school reopenings, different schedules,

different precautions depending on local conditions. masks, temperature checks, maybe vaccine soon. some adjustment to the six feet apart rule. frankly wrap it all up, it will be a mess. clearly back to school is a daunting challenge. yet it must be done. we can't write off the education of our youngsters a whole year. that is not fair to the kids. it is not fair to financially hard-pressed parents who need to get back to work. america needs educated students and it needs a economic recovery. back to school is a must. here is lawrence jones. my comrade in arms so to speak, my brother. lawrence jones. where are you? i don't see you on the screen yet. there you are, lad. you're just a few feet away from me in another room. glad to have you on the show. lawrence, i think there is a political element here. i think president trump wants as almost an emergency get back to school but the democrats are

saying no, you got to be safe, you got to be safe. so they're favoring delay. the political angle here? >> yeah. i think it is kind of sad that a crisis like this has turned into politics and you know, honestly, it was from, about politics from the very beginning. it shouldn't have been. you know who doesn't care about politics? the american academy of pediatrics, they are advocating for kids to be inside of the classroom. i don't think we can stress this enough that, you have to do what is safe for the kids and the country. but at the same time, are we concerned about the mental health of the kids? are we concerned about them being depressed over not getting to see, being enclosed in apartments and houses? i think that is a concern as well. stuart: yeah. but you cannot have absolute safety. you cannot say, bring them all back and not a single one of

them will get the virus. nor will they spread it to the teacher. you absolutely cannot say that, you can't. >> there is, there is no way of predicting this, stuart. here's the deal. we were told two weeks. that is what we were told. two weeks and then we can get back to life as usual. the fact of the matter is, stuart, until we get a vaccine, there won't be true safety, okay? until we find a you are can, there won't be there won't be true safety. we have to find way to get back to our regular life. i know we won't be back to that for a long time. the fact of the matter we can't put this on hold. can college students, do they get a refund? it is not the same level of education online. stuart: that's for sure, your home state is texas and there

has been a surge in cases there, what is it 10,000 hospitalizations i think it is. 80 new death as of july 12th. 10,000 hospitalizations. a "fox news poll" shows joe biden five points ahead of the president in the state of texas. what do you make of that? >> if it is one place i know is the lone star state. i will concede that democrats have found this a place because of all the people that moved from cali and strategy they have on the ground, that the state is changing but i guarranty when it is election day i don't predict they will be going for a democrat. not this election cycle. now years to come, i think there is real concern that the republicans have to double down on their effort to get their message out. but for this election specifically, i'm not concerned in the lone star state. stuart: i misspoke. i said the poll showed biden

with a five-point lead over president trump. that is not correct. i think it's a one point lead. give me 20 seconds, why you think this time around that poll is inaccurate and trump will win? >> i'm sure the poll is within the margin of error. the bottom line they don't have enough, when it comes to the boots on the ground. i think they're using a lot of data right now that is not up to date because a lot of the trump voters out there, especially in texas, don't want to say they're for the president because of negative stigma come along with that. a lot of people in texas, go, duck their head down, go to work. they don't want to be as vocal as normal pollsters are. so i would take that into consideration. stuart: okay. lawrence, thanks for joining us as always. we'll see you again real soon. promise, thanks, lawrence. >> thanks, brother.

stuart: sure thing. check the market. we're nicely rallying so to speak. we're up to 224 on the dow. that puts us at 26,300. we're calling online shopping a lockdown winner. new analysis shows we're spending a whole lot more online. what have you got on this, susan? susan: a lot more because of the covid outbreak and stay at home orders. we're paying more for grossries online. this is interesting. prices for prices jumped 4.6% in the past two months. that is five times higher than last year. also above inflation levels we see particularly this time of year. there are numerous meat shortages and plant close sure. so this makes sense. also higher demand. on the flipside apparel sales were down reportedly down 90% with stay at home orders.

no one is trying to look good and buy new clothes. prices were down more than unusual in the first six months of this year. however there is turn around, interestingly enough, apparel prices are up 2% from june to may, up over 4% from last year. retailers apparently are slowly trying to raise prices again to improve their margins since we know there is a retail ice age out there and try to better capitalize online apparel landscape that is much more significant marketplace for people to transact and buy on, right? stuart: sorry. momentarily distracted, susan, looking at tesla. 200 bucks a share. apple is now up 12 bucks. very close to $400 a share. susan: big tech makes up 27 1/2% of s&p five hundred. that is closing in on a two decade. the reason? people continue to buy the stocks. stuart: astonishing.

tesla up 200. wonderful thing to comment on the financial markets when you have this historic movement in big tech. good stuff. thanks, susan. let's move on. a number of big names on your screen right now will be reporting their earnings this week. we're going to focus on two of them right now. lauren, jpmorgan and netflix, tell me what we've got, what we're looking at? lauren: it is going to be a murky picture. i think that is a good word for it. investors want to know how much earnings will fall, for many companies earnings will plummet but how fast they recover? how do you predict that surge in cases and so many companies pulling guidance. jpmorgan leads the charge tomorrow. it is a dow component. two issues facing the bank, lending and it is very risky. will banks get paid back. they're forced to set aside billions of dollars in additional money in case they don't get paid back. that hurts their profit.

jpmorgan income likely down 60%. good news for jpmorgan, the head of investment banking unit says that unit is a bright spot. revenue is up about 50% from last year. also have to talk about netflix. what a winner. it is the first of the big cap tech stocks to open their books. it will be on thursday. did you know that the stock was up 70% this year? 70%. analysts are increasingly bullish the pandemic has changed forever consumer behavior and questioned, are which going to pay more in the future for a netflix subscription and research shows, yes. if not in the u.s. certainly in other countries because they have got the content. stuart: extraordinary stuff, it really is. lauren, thank you very much indeed. i will take a look at big picture on earnings. on your screens, companies are coming out with their figures this week. overall are we're expecting to see some pretty shocking downside movers in the of amount

of profit the level of profit that big corporations make. ed yardeni is with us, a market watcher who has been remarkably bullish recently. ed, can the market continue to go up if these earnings reports show some real bad news on profitability? >> that's a very good question and i think the answer is that investors know that the earnings are going to be terrible, probably down 40% on a year-over-year basis but they're clearly looking beyond that. you know the market bottomed on march 23rd and, ever since then there have been a lot of commentators saying we'll retest the low. instead it looks as though we'll test all-time record high that we established on february 19th. a lot of that is simply because there is a tremendous amount of liquidity poured in by the federal reserve. tremendous amount of liquidity in fiscal stimulus programs. here we are, probably going to make a record high, at least test the previous record high

within the next few weeks. stuart: you know, ed, i've been away for almost two weeks on vacation. i come back, i had a wonderful time. i come back, see big tech, apple, amazon, microsoft, et cetera, et cetera, just going to the moon. i have never seen anything like this before. can you explain it? why is this happening? >> remember the prince song, party like it is 1999, he actually sang that in 1982. he was a amazingly prescient investment strategist back then but we're partying like it is 1999. we have kind of seen this before, right, stuart? that was late, throughout 1999 we saw this huge increase in technology names. back then though, a lot of their earnings were kind dodgy and we finally figured that out in

2000. their growth rates are really quite amazing. they actually benefit in many ways from the consequences of the great virus crisis and maybe even after it all passes, these companies will still do quite well. stuart: just astonishing. by the way, ed, while you were talking, apple got real close to $400 a share. it is. ed yardeni, remaining bullish. we'll see you again real soon. >> thank you. stuart: the washington redskins are no more. the team officially changing its name, after quote, a thorough review. a new name to be revealed shortly. i will ask football legend joe name namath about that in the 11:00 hour. peter navarro says the president's crackdown on tiktok is just starting. we'll talk about that. latest polls show president trump struggling for

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stuart: take a look at this "fox news poll." 82% of african-american voters under the age of 45 vote for joe biden. 88% over the age of 45 vote for joe biden. stacy washington with us, black voices for trump member. stacy, that is a sizable majority of african-american voters under and over age of 45 going straight to joe biden. what can you do about it?

>> i like to first ask the question, stuart, what other demographic group do you see voting for one political party voting at those rates? not one other party. now turn on the news every other channel besides this one constantly paints race as number one issue facing americans who happen to be permanently like myself. the idea there is a narrative. it has completely overtaken the black community. regardless of the results of this president you see the poll numbers. i point you to "rasmussen poll," few weeks ago, showed 41% of black voters were going to vote for the president. also it is draws in your own community to say you vote for president trump or wear hats. it gets you cut off and ostracized family members. i have family members no longer speaking to me because of my support for this president. this is a serious issue. the president is doing everything within his power to win the black vote.

i'm out there doing the same. i want to see this president reelected. it is highlighting only people of america, we're a special part of america, we're integral to this country, we're told only thing that matters about us is our skin color. that is wrong. we're whole people that care about business, jobs, children, making a home. we actively participate in the economy and in education and in entertainment and in purchasing things. we have enormous buying power in this country. it is time for the democrats to address failure to help the black community. it is time for blacks to consider the fact president trump helped us through many programs he implemented. opportunity zones and tax cuts and jobs act and other things. and then look what you want to see over the next four years? do you want to continue to have the media obsessed with race and only treating us if that is the only aspect of us that matters. stuart: very understandable point of view, very much so. do you think that this is, that

african-american voters really like joe biden and his policies? or that they really don't like president donald trump? >> well i think a lot of people, especially in my personal interactions with black voters who are independents, they're turned off by what they see as rhetoric coming from the president that isn't focused on things that they care about. but the president has actually said many things that are focused on his policies. but that is not what is highlighted in the media. so there is a disconnect f you're only watching msnbc and only watching cnn, you're only hearing things that the president has tweeted about that are made to paint him if he is racist. but if you look at the white house press briefing, the press corporation, the items coming directly from the white house, white house website, you see the president not only speaks every day about issues, a leader and addresses policies that are geared towards different segments of america and the entire country. so i always encourage people to

take a look at those before they make their decision. it is not that you have to vote for president trump but why should you automatically be required to vote for joe biden? he told black voters on "the breakfast club," if you don't vote for him you ain't black. what other group of in america gets talked to like that, or loss of their ethnic background? that is insulting. he is getting away with it because we're letting him. no one should talk to you about that. if you don't like what president trump talks, stop looking what you think he is saying, go to the website, white house website and read press releases, what policies he is putting out for other americans, and make sure choice. stuart: stacy washington, you make good points. see you soon. promise. check the market. mar or ugopne upp more. more. we'rewe u'rpe ue u point ps oifo ereth ise ihi tsoo. t t.w a,ch sinppinlala sanioct on onn u.at s

sanctisaonncss a a stron sgtron. an sus sushaanctioannsctanctanan wh su n:oh w tithe witheitheitheenatos rsrst.fi rs ominomtt repubcaubns rco rubio ruanbided cruz among e fourhinanaingled o o f o f o o they cled ier iferierfe wi china's internal affairs there are no details what the specific sanctions would look like. this is a tit-for-tat move comes a few days after the trump administration banned three chinese officials from traveling to the u.s. also freezing any u.s. assets that they might have. they used a global magnitsky act. these chinese officials had direct involvement when it becomes involvement in internment of uyghur muslims. also because of hong kong. president trump said he wasn't even thinking of starting negotiations on the phase two trade deal. but i think for markets, stu, correct me if i'm wrong, at least phase one continues to hold.

we'll see how the relationship develops after the november elections. stuart: i think a lot of things are on hold until the elections. and what is staying with us, right now is phase one, still being completed. i will ask larry kudlow about this in the next hour as well. thanks, susan. security concerns over china's tiktok mounting. lauren, is an outright ban possible? lauren: it is certainly it is possible. that came from secretary of state mike pompeo and white house advisor peter navarro yesterday on "fox news sunday," said, quote, strong guidance is coming against not only tiktok but also we chat. >> they're running the same playbook as huawei. put an american pup net in charge of huawei as ceo. heying, everything will be fine and separate. ticktock and we chat are the biggest forms of censorship on the chinese main land. expect strong action on that.

lauren: navarro says the apps engage in information warfare against the american people, american companies and accused them of spying on us. stuart. stuart: i got it. lauren, thanks very much indeed. i want to draw everybody's attention to the, to the bottom right-hand corner of your screen. see that? that is the dow industrials. now we're up 300 points. worth pointing out on a monday morning. great way to start the week. we told but the big city exodus. droves of people moving out of places like new york city, going to the suburbs and beyond. we're going to tell you momentarily the top spots that people are moving to. and which have the guy who accurately predicted mr. trump's 2016 win, nine months before the election. watch this. >> when i look how a candidate does in the primaries against the opposition, the strongest opponent, and donald trump has beaten the opponent soundly in new hampshire and south carolina. stuart: okay. that was on "varney & company"

some years ago. that gentleman now says mr. trump has a 91% chance of being reelected. pretty good odds i would say. more "varney" after this. ♪ (groans)

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stuart: look at this. we gained more ground. the dow is up 351 points. disney world, that is the magic kingdom and the animal kingdom, they have a partial reopening this weekend despite surging virus cases in florida. the market shows, disney back to $120 a share. alibaba up 50% since the mid-march lows. jack ma now selling what, nine 1/2 billion dollars worth of the stock in the company. investors unfazed on this monday. it is at 216, alibaba, up 24 cents. you have got to keep looking at tesla. that thing is on a tear a real tear. it is up 13%, $211 higher.

tesla, $1754 per share. that's extraordinary. how about nio, chinese electric vehicle maker? the stock hit a record high. susan, you want to tell me high? suessues it is chinese version tesla. it is worth $600 billion. also has a stake in tiktok by the way. looks like they, ni-e, he. nio is one of the robin hood millenial trading darlings along with tesla. that is because china continues to power ahead. nio saw record sales in the month of june. sails in china tripled from may 8th through the month of may. the new move to ev, electric cars powering these stocks. stu, do we have a battery day set for tesla, september 22nd? that might help rally sentiment.

tesla might unveil the million mile battery. stuart: that makes all the difference. that i did not know, susan. that is vital to the stock's performance today. if they have unveiling of the million mile battery, whatever it is, that surely helps. the stock is up $206 a share. goodness me. that adds what, 7, 8, or nine billion to elon musk's net worth. that is a lot of money. president trump trailing joe biden in number of polls. however our next guest says the president has 91% chance of being reelected in november. our guest is the stoneybrook university professor. helmet, he has a 91% chance of winning. a better chance of winning than you gave him four years ago. make your case. why are you saying this? >> thank you very much for having me again. it is very close, 87 to 91%. the reasons are similar too. donald trump did very well in

the primaries, early ones in particular. joe joe biden, as we all remember did terribly? new hampshire. came in fifth, single digits. did better in south carolina and some of the others but new hampshire being so critical, wasn't puts him in a bad spot compared to trump. on the comparison, trump and biden performing well in early primary, donald trump is way ahead. on top of that. the fact that donald trump is a first-term president running for re-election gives him a leg up too. so the combination of that, doing well in the early primaries puts him way ahead of the competitor. stuart: have you placed your bet on this election? i mean, have you, have you placed, have you bet your 401(k) on this prediction? >> well that is very difficult in this country as you know. i guess you're familiar with british betting sites. they're not really accessible to

american betters in a legal fashion. but we have predicted, which is a betting site legal with limited, sort of wagers, and i have bought 1000 shares for trump at 40 cents. so if i win, i net about $600. stuart: okay. at least you put your money where your prediction is. helmut, thanks for joining us again. see if you're right as you were for years ago and made that prediction again. thank you, sir. >> thank you. stuart: take a look at the price of oil. we had a hard time of getting it to you earlier but it is $40 a barrel. not that much movement. the news here, producers like saudi arabia are pushing opec for an increase in oil production by august. ashley, what is going on here? they were just, they want ad production cut. now they want an increase?

ashley: that speaks a little bit to the recovery. we just heard from the chairman of opec today who said he believes the oil market balance is starting to get there. in other words the demand is rising to meet the supply. that balance is getting closer. what is strange about that, as you just said, saudi arabia and so-called opec plus allies are looking to reduce those production costs by some cuts, by some two million barrels a day. back in april they cut production by nearly 10 million barrels a day. they want to bring it back to 7.7 million. the question being, if you put that much more oil on the market, is demand rising fast enough to gobble up extra production? that is the question. this price has been stuck around 40 bucks for quite some time. stuart: i was on vacation, ashley, as you know. you sat in for me. thank you very much indeed. ashley: sure. stuart: i was paying a buck 99

for gallon of regular in the state of new jersey yesterday. ashley: not bad. stuart: very good indeed. i had to look all over the place but i got it. thanks, ash. now this, a leaked email landed one of espn's most prominent reporters in hot water. he has been suspended indefinitely. we have what is in the email coming up for you. how is the restaurant and bar business in texas now that the governor has closed them again? i will ask that question to a bar and restaurant owner after this. ♪

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stuart: restaurants in texas facing a tough road with new shutdown orders. look who is here?

bill loveday, the owner of bacaro kitchen and wine bar in houston, texas. bill, great to have you on the show. i'm sorry you're facing a dire situation. my question is this, look, you started the business. you were very profitable in the early part of this year. then things fell apart. now you've got this new lockdown order in texas. so the question is, how much longer than you survive? >> well that's hard to say. right now things look very bleak. we are, we have been pivoting since march 16th when we originally were told to shut down for inside dining and we did do to-go and home delivery from the beginning but for the last three weeks, when we saw the surge in cases at 5000 case as day, we decided to shut down 100%. we've already spent our ppp loan money that we were able to get. and thus keep people employed

but right now we're paying people out-of-pocket. unless we get, unless congress passes the restaurants act of 2020, we will have to shut down. of the. stuart: that would put more money directly into your pocket and your staff's pocket, correct? >> correct. stuart: is there, i don't see much opposition to quite frankly. i would expect it to pass? >> i would as well. it is not just us. but we do, we're typical family-owned, mom-and-pop restaurant. there is a ton of this type of business out there. it is not just us. i don't see how any restaurant in houston can make a profit for the foreseeable future. stuart: what's the mood in houston? i know that's a hot spot. it has really been hit hard. the mood? >> well it's tough because there is a lot of politics about this.

the mood amongst friends of mind that are restaurateurs we all thought we could have ridden out the storm, if you will, from march 16th by doing takeaway, home delivery, with support from our regular customers. but, this extension of, potentially another lockdown is, is going to close a lot of restaurants. stuart: look, bill, i just want to say thank you very much for coming on the show. i realize you're in a very, very difficult position here. one last one, do you blame anybody for this? houston and some parts of texas are a hot spot. do you blame anybody? >> i think we reopened the state too quickly. i think the governor, governor abbott actually realizes that now. at the time, on may 1st, when restaurants were given the okay to open to 25%, we actually felt it was too early and we

chose not to. then on may 22nd, restaurants were able to open to 50%. we still thought it was too early. in hindsight we were right. i wish we weren't. i wish we were on the way to full recovery right now. stuart: we're with you, bill. we'll just ask you to hang in there and i hope you get the help that you deserve and need. bill lovejoy, bacaro kitchen and wine bar, houston, texas. >> thank you, sir. stuart: good luck. check the market. we have a final rally going on here. look at nasdaq up 155 points, one 1/2%. 10,700 on the nasdaq. that is big tech for you. look at apple, it is a tech company, got that, but they're putting money into housing in california. what's going on, susan? susan: handing out the first $400 million, soon will have billion dollar affordable housing fund. we know housing is hard to

afford for regular non-tech folks in silicon valley. this goes to build four projects in the north, east, south bay region in the valley. 250 units. first people get priority, will be veterans, homeless disabled. they offer down payment help. not many people can afford $400 million. apple offering the most of the tech giants. 2 1/2 billion dollars in total. google offered 100 approximately or so. one billion or so i wanted to note to you, the reason why the stock is up today, stu, wedbush raised its price target to 450 for the stock. stuart: wedbush, the guy who appears on this program. susan: dan ives. 450 for the stock this morning. that is probably what's rallying the stock. stuart: if we keep that on the screen much longer, you will see that go do $400 a share. maybe. awfully close at 397. susan, thank you very much indeed. people moving out of big cities, not just going to the

suburbs either. small cities are becoming real estate hot spots. lauren, tell me some small city, small town hot spots, please. lauren: this comes from mitch rochelle. these are the current hot spots, tampa, palm coast, orlando, fort lauderdale, florida. of many people are being done by younger people. nashville, tennessee, the job market very strong. phoenix, scottsdale, arizona, they are considered low-taxed destinations for people fleeing, you know, high-taxed california. those cities, those suburbs represent two trend we consistently seen recently in the market. the high-stat state exodus and urban exodus, going from big city to small city or to suburbs. stuart: you know, that is a theme we've been hot on for this program sometime now. it seems to be speeding up. it's a mass exodus. that is the way it looks to me. lauren, thank you very much indeed. ceo of guy i can't foods.

he support the president -- goya. the anti-trump people call for a boycott of goya foods. the ceo not backing down. now the company has a boy, a "buy-cott." we'll explain that. a "buy-cott" on its hands. we'll update the story, it's a good one for you. crime in new york surging, 53% more shootings this year compared to last year and congresswoman alexandria ocasio-cortez says people are just stealing bread in order to feed their families. really? we'll have more on that in a moment. ♪ 49... 50!

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>> keep in mind this uptick in crime that's happening right now is with a 6 billion-dollar new york city police department budget. maybe this has to do with the fact that people aren't paying their rent and are scared to pay their rent. so they go out and they need to feed their child and they don't have money, so you maybe have to, they're put in a position where they feel like they either need to shoplift some bread or go hungry?

stuart: cue the eye roll. i will not be sarcastic, that was really an extraordinary statement from aoc. meanwhile, here in new york city we've just gone through a really violent weekend. ashley, bring me up to speed. how bad was it? ashley: yeah. it wasn't people stealing from stores, that is for sure. the weekend violence, if you want to take it from friday to sunday, the number of shooting incidents compared to the year before, up 600%. 15 people shot in 15 hours in new york city this weekend. that's more in one day than the whole of the same week a year ago. not good. that by the way, we've seen 43 shootings for the week. that is more than triple for the same week last year. there you have it. that is an increase of 231%. by the way, number of shooting victims over the past three days was up 483%. through july 5th of this year, the shootings themselves

are up 53 1/2% over last year. any way you look at it, new york city is much more violent place than it was just a year ago. stuart: this is all part of the defund the police issue that we've been going through. ashley: yeah. stuart: everybody, i will have more on that in a second but i just want to segue for a moment. i got to get back to big tech for a second. i have got apple pretty close to $400 a share. i think it is at 397 to be precise. i've got amazon up another $111 a share. that's 3311. that's amazon at the moment. that means jeff bezos is pretty close to 200 billion-dollar net worth. that is extraordinary. by the way, tesla, that is up another $200 a share as of right now. so some of these big techs are really moving like crazy in a way that we've not actually seen them move before. let me get back to the police defunding issue. police unions are turning their back on former vice president

biden. democrats are calling to defund the police. the police are walking away from him. hillary vaughn is in washington. hillary, are they, are the police unions now endorsing president trump? reporter: stuart, what is really interesting there has been a shift in support certainly away from former vice president joe biden. in fact fox business is learning that the national association of police organizations, they represent over 240,000 police officers in new york city, they're holding a phone call with president trump today to discuss whether or not they should endorse president trump in 2020 or, former vice president joe biden. just as early as 20 minutes ago they have told us that they still have not received a confirmation back from the presumptive democratic nominee if he will be also joining on the phone with them today. on wednesday they will make their official endorsement but what is interesting is police unions have been a loyal support system for former vice president

joe biden and also the democratic party but this time around, with biden back on the ballot some unions are rethinking their support because they don't feel like biden has had their back after the former vice president said police departments around the country, should receive less money, they have in some ways, quote, become the enemy. heads of police union around the country say officers in their force feel hung out to dry by democrats. >> joe biden was a very strong supporter of police years ago and he has been kidnapped now bit anti-police rhetoric. >> i think they feel somewhat abandoned and the true measure of a real leader is not caving to mob-like pressure but standing firm, holding the line. reporter: stuart, they will come out with their official endorsement on wednesday. stuart: what a situation. hillary, thank you very much indeed. everyone, dow is up 360.

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♪ stuart: i'm not sure, that song very apt, i would say, because we have a new high of the day for the dow industrials, up 387 points. 1.5%, 26,463. that's where we are.

this is 11:00 eastern time and as you can see, that's a rally and a half. we are rallying because of new moves towards a virus vaccine, another all-time high for the nasdaq, on track for the fourth record in a day. i'm going to show you a couple individual stocks which are truly moving in an extraordinary way. first of all, tesla. that stock is up 211 points, $1757 is your price. they have a date to reveal this million mile battery. that's important. apple really close to $400 per share. $397 as we speak. the markets also fueled by hopes of a new round of stimulus. that's probably on the horizon. i will ask larry kudlow what's it going to look like, what's in it. he's on this program later this hour. a big announcement today from the washington redskins on a new name for the team. nfl hall of famer joe namath will respond to that. we've got all of that on the program and now this.

elon musk is now the seventh richest person in the world. he's worth well now north of $70 billion. tesla is his vehicle to massive wealth. jeff bezos is the richest of them all, $190 billion net worth and still rising. that's amazon for you. this is what happens when a small group of technology stocks just keeps going up. amazon, apple, microsoft, google, facebook, netflix, and yes, tesla, they have attracted trillions of investment dollars. in 50 years, no group of stocks has ever been as dominant as these american big techs. they have enriched our country. well, it's monday morning and it's another of those despite it all days. florida reported a record number of new virus cases. that is not good. corporations are about to report

huge profit declines. that's not good. tax hiking joe biden, he's leading in the polls. that's a collection of negatives that should pull stocks down, but what we've got is another rip-roaring rally. i don't know how many times we have said this but let's say it again. what is going on? well, investors like the federal reserve printing trillions of dollars. they like the idea of a new rescue package geared to low income workers. they like a recovering economy and they would like a vaccine by the end of the year and they absolutely love big tech. why not. these companies have little international competition. they have enormous amounts of cash on hand and they are the backbone of the emerging high tech economy. caution, this is not a stock market forecast i'm giving you. it's dangerous to make any kind of prediction in this year, 2020. no, what i'm offering here is a statement of reality. this is a new and different

market. it's based on technology, which will dominate the post-virus economy. we should all be happy that these companies are all american. let's get a closer look at some of these big tech american names. susan, give me some more highs. some of these companies did hit new highs this morning. susan: that's right. they are so big and so influential, they are now worth more than 27.5% of the s&p 500. that's closing in on a two decade high. as we head into the second quarter earnings season, given that so many companies have pulled their guidance, analysts are all over the place, widest gap in predictions since 2007. in big tech, there are some flashing warning signs that we might be overextended since we are at the most expensive since after the dot-com bubble in 2002, according to bmo. but bmo also says there is still upside in these names despite the record run we have seen and they say look at the earnings growth. it's up and expected to be up over 5% for the second quarter.

technology pretty good, that would be the strongest for this group of names since the last bull market in 2009. as a result, they have 20% to 30% more upside according to bmo. as i mentioned, we still have analysts raising price targets because the prices of the stocks continue to run up so much. wedbush just raised apple's price target this morning to $450 apiece. it's amazing, isn't it? all the money that's flooding into these names. stuart: think of yourself, suppose you are an average investor sitting at home watching the market. earlier this morning, we had an analyst on who studies pepsi. the big news, pepsi is at $137 a share. he says it's going to go to $155. whoop-di-do. that's over a period of months, not a year. susan: when these companies are worth $1.6 trillion and they are up 3%, 4%, 5%, in tesla's case, 13% in one day, that's a lot of money being flooded into the

market and also lifts the rest of the market, the broader benchmarks as we call them. these type of moves are extraordinary when you are looking at that type of valuation and those type of numbers already. stuart: yeah. i have run out of adjectives. extraordinary. amazing. stunning. et cetera, et cetera. hold on. i've got one more for you. look at netflix. all-time high after all-time high. leading up to their earnings which come out on thursday. that's going to be a very important report. ashley, we have said this before. we will say it again. it's all about subscribers, isn't it? ashley: we will say it again after that. yes, it's all about new subscribers, keep growing the number of people who pay every month to netflix. netflix itself is forecasting 7.5 million new subscribers for the second quarter, as you say. we will find out after the bell on thursday. they actually generated 15.8 million new subscribers in the first quarter as the lockdown at

the very end of that quarter kind of began. by the way, goldman is expecting, they made a call on friday that they expect more than 12 million new subscribers for netflix in the second quarter and gave it a price target of $670. that gave it a nice boost from friday and let me tell you, still carrying on today. netflix at $567, hitting an all-time high again today. we may see more of this leading up to those results after the bell on thursday. stuart: just extraordinary stuff. again, i said it to susan, i'm running out of adjectives. i really am just running out. stupendous. how about that one. ashley: terrific. stuart: the dow is now up 411 points, just a little shy of 26,500. okay. a lot more big names will be reporting this week, as we kick off the earnings season. lauren, just take us through it. eliminate the smaller companies and look at the big guys. lauren: yeah. this is not extraordinary or stupendous when we are talking about the banks. three big ones report tomorrow.

jpmorgan, citigroup, wells fargo. for jpmorgan and for citi, they are likely to say their income fell 60% plus in the last quarter versus last year. they are just 3 of 18 financials reporting this week. if you look at energy, industrials, consumer discretionary and financials, they have all been hit the hardest during the pandemic. here's another look at some of the notable names reporting this week. delta, ashley just covered netflix. there's your bright spot. also alcoa. unfortunately, many of these names, it's not going to be so good. stuart: not stupendous by any means. lauren: not stupendous. stuart: leave it at that. the race for the white house, i want to bring in andy puzder, the author of "getting america back to work." andy, before we get to that, would you just please comment on this stupendous move by these big name technology companies, because frankly, it's blowing me away.

>> you know, i'm so glad you gave me the opportunity to do that. it really is a testament to the american free enterprise system. we have a country that encourages innovation and if you benefit people tremendously, you benefit tremendously. just think about where we would be without amazon right now. thank god we had amazon before the pandemic. i went for a hike yesterday and i realized i brought my phone, airpods and apple watch. i had three apple products with me just to go for a walk. these companies are providing tremendous benefits to everybody in this country, to people across the globe, and they are uniquely american companies. stuart: let's get to the election. is it a referendum on president trump? or not? >> no, it's not a referendum on president trump. it's a choice. it's a choice between somebody whose tweets may irritate you or you may not like the way he deals with the press but will bring tremendous economic benefit. if you have a 401(k) plan or pension plan or you own some stocks like you have been

talking about this morning, if you want to see your wealth increase and your investments increase in value and your income increase, this is the guy. he created an incredible economy. he will do it again. running against somebody who is in the early stages of dementia, surrounding himself with socialists and is no longer the liberal good guy joe biden we have known over the past 40 years. he's now been so influenced by the left that he will bring, look, if you didn't like, if you didn't like the last two months because of the economic shutdown, you are going to despise the biden economy because it's going to make the last two months look like prosperity. the green new deal, ending fracking, what he's going to do with trade. we are looking towards a potential economic disaster, much worse than what we had from obama and biden previously. he's obama on steroids with regulation and taxes. i can't emphasize enough how bad i think this is going to be. stuart: just be careful about using the word dementia. i just turned 72. wait a minute. i just turned 72, and i am

forgetful. there are times when i need the right word. >> i just turned 70. we're very close. stuart: you're just a child. let's get serious for a second. we have just given out news that elon musk is gaining about $10 billion in wealth today. he gained $6 billion on friday. jeff bezos is worth nearly $200 billion. when voters see something like that, they will say tax him, we need revenue for the government, tax increases for the wealthy. that will go down well. i will guarantee that joe biden's going to be harping on that theme and it may be a successful theme, andy. >> well, i hope people will focus on the fact that look, jeff bezos and elon musk didn't get rich because they stole from us. they got rich because they provided us with tremendous benefits, not only just jobs and think about the taxes that they do pay and the jobs they create and the companies they create

pay. they are tremendously wealthy because they give us tremendous benefits. i hope voters will keep that in mind. that's why we have these companies. you can really succeed in this country, you can go beyond anything imaginable. you have the potential to do that so you will take the risks. that's why we have this incredible economy. don't destroy it. don't vote for the guy that's going to try and cut that back. stuart: all right. young man, andy puzder, thanks for joining us. see you again real soon. >> you called me young, i will come back every week. stuart: if you're not careful, we'll ask you. thanks, andy. check those markets one more time, why don't you. you'll like what you see. we are up 400 on the dow and look at the nasdaq composite. i'm astonished, up 185 points. positive news, more positive news on the virus. two drug makers, on your screens right now, pfizer, biontech, just given fast track approval by the fda for their virus vaccines. if the trials are successful, we

could see around 100 million doses of the vaccine by the end of this year. both stocks are up. now listen to this. >> we have lived by the philosophy of there are those who are born to love and to build and others to hate and destroy. and unfortunately, this great divide is killing our nation. a house divided against itself cannot stand. and this can be the destruction of our nation. we are at that point. stuart: that was president of goya foods on this program with ashley on friday slamming the divide in our country. some customers called for a boycott of his products because he praised president trump. come back in, ash. what's this all about a buy goya product movement? ashley: from a boycott to buy-cott. there has been a backlash to the backlash, basically.

those people supporting goya foods and its ceo who just merely praised president trump for his efforts in building this economy. nothing wrong there. but yes, a lot of people have now jumped on board on social media and said you know what, i'm going to start raising money and the way i'm going to do it is i'm going to push goya products, then the money that's raised from that will go to local food pantries and food banks. one of those was a virginia resident, casey harper, i have just been looking at his site here, he started a go fund me campaign on the weekend. he said buy goya products to donate to food pantrys. the goal, by the way, was $10,000. let me just look at the most recent number. it was well over $70,000 now. so people say this is a way to support the hungry by donating their food but also to fight back against the cancel culture. stuart: fascinating. it appears to be working, too. ashley, thanks very much. good interview on friday.

good stuff. thank you, sir. president trump is pushing for another round of stimulus checks. he wants them to be bigger than the first ones but not everyone in the administration agrees on that. i've got larry kudlow who gets all about money. he's on the show shortly. big move coming from one of the oldest nfl franchises, the redskins. they are retiring the name. hall of famer joe namath on the show next about this historic move. ♪ usaa is made for what's next no matter what challenges life throws at you, we're always here to help with fast response and great service and it doesn't stop there we're also here to help look ahead that's why we're helping members catch up by spreading any missed usaa insurance payments over the next twelve months so you can keep more cash in your pockets

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quarterback patrick mahomes, huge ten year, $500 million contract. however, ash has been digging into this. turns out that contract doesn't stack up well with some others. what have you got? ashley: no. because the nfl is based on so many incentives and invariables as opposed to say major league baseball and the nba. okay, so the headline number, $503 million, the first half billion dollar contract, but when you start digging down, you realize that the incentives play a huge part in this. for instance, if he doesn't meet certain performance incentives, you can start wiping off money. $26 million, in fact. analysts who went through the whole contract said at least $300 million of this could be considered based on incentives that are not guaranteed, unlike other major sports. it's really pretty interesting. so for instance, consider this. each year starting in 2022, mahomes can earn $1.25 million if the chiefs reach the super

bowl. and an additional $1.25 million if he's made nfl mvp so he would earn a maximum on those two things of $2.5 million per year in incentives. so that would mean in order for mahomes to reach his full $503 million contract payout, he needs to lead kansas city to the super bowl and as league mvp in every season for ten years. very unlikely no matter how good he is. by the way, it's all about how much is guaranteed. if he's injured, he gets a horrible career-ending injury, he gets $141 million. i just want to say, baseball player mike trout last year signed a deal that was worth, what, $426 million. if mike trout trips over running out on to the field and has a horrible injury, he gets that full amount. that is the difference between say the major leagues and nfl and the major league baseball. look at that guaranteed money

when you drill down. $63 million for patrick mahomes, $426 million for mike trout. yes, it's a great headline number but when you get down into it, there's a lot of things that could mean he won't get close to $503 million. stuart: i took it at face value. clearly that's wrong. you got to dig a little deeper. well done, young man. well done indeed. excellent stuff. we got to talk about the wae washington redskins. they are dropping the name all together as of today. don't know what the new name is yet. they have had a thorough review of the redskins name and i think they will come up with and reveal the new name at some point in the future. look who is here to comment on this. put him on the screen. there you go. that's the man. joe namath, author of the great book "all the way, my life in four quarters" which i have read and like and approve of, young man. i think that's really good stuff. look, let's get serious, joe. what do you make of the redskins dropping the name, changing the

name, what's your take on that? >> i think it's wonderful. it's about time. you know, a lot of us have been scratching our heads over this for the last several years and i'm thankful for the washington franchise and i just hope that they are including the fans out there that they have to come in with the kind of name, the proper name that they all are happy with including the owners of the team. stuart: so you are positive on this. fair enough. we will find out what the new name is at some point later. let's talk college football. i think it's got a real problem here. the ivy league has suspended games. we have the pac-10, is it, show me on the prompter, please. i have to get this right. the big ten, pac-12 conferences have all canceled non-conference games. i would have thought that really hurts the smaller college teams. they are going to be in bad shape, aren't they? >> you know what, stuart, hey, we are talking sports.

the main thing is this covid-19 situation, man. you know the coaches, the conferences, they are preparing in a way to go ahead. but on the other hand, the ivy league, that might be the brightest conference in the country as far as the mentality. their approach, you got to give them a lot of credit. we don't know what's happening. we just can prepare for the best and i know that's what the crimson tide's doing. i don't expect to be seeing college football personally. stuart: okay. you don't expect to be seeing college football. that's quite a statement, joe. what about the nfl? can they get a season together? >> you know, we can only hope. i'm negative about it. we have got to get a handle on this virus. how do you have guys in a group and i know the nba's trying and are working on it in orlando. what about these guys, the younger guys, college, they're not getting paid, but that

should have nothing to do with it. lives are at stake here. people are going to get sick. we have coaches, we have assistants, we have so many people involved. baseball is trying to get together. how do you keep distancing in baseball? i mean, we see some being played. we don't have the answers to this yet. and health can be our most taken for granted luxury. so we need to take care of the health. stuart: joe, you are a great guy but you are saying some dramatic things. you are saying you are prepared for the sake of safety, absolute safety, you are prepared to say good-bye to football, college and nfl this year. that's an extreme statement, joe. >> well, one place that sports come in whenever we are putting health out there, you tell me, what's most important thing for my family? our health.

i mean, do we want to have the fans, we want to cheer, i watched a golf match yesterday, it was sensational, the big putts they made, but it was dead quiet, right? we miss the fans in attendance but we are talking about life, sickness and possibly death here. we got to take care of the people. stuart: all right. we will take it seriously. joe namath, always a pleasure. great book, great guy. see you again real soon. joe namath, everyone. good man. thank you. next case. china slapping sanctions on u.s. senator ted cruz, marco rubio, how should we respond? we will cover it for you. we are going to ask larry kudlow about it, too. we are also asking him about the next round of stimulus payments. what is going to be in this new stimulus program? i hope he will tell us because he's after this. ♪

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stuart: as promised, white house top economic adviser larry kudlow. welcome back to the show. good to see you again. we've got a rip-roaring rally going on here. part of the reason i suspect is this next stimulus package which you're putting together. can you be specific and tell us

what we are likely to see? >> well, i don't know that i can be totally specific. we're looking at a lot of things. it's pre-decisional. normal talks haven't really begun. look, certain things the president has said, for example, he wants a payroll tax holiday. that would give about a 6.5% increase to after-tax wages for people either going back to work or have been working all the time. we would like to see some unemployment reforms. we like return-to-work type bonuses of a modest nature. we don't want to give people disincentives not to work. there may be extensions to ppp. that's to be decided. there may be some targeted directed assistance from direct mail checks to individuals and families. that hasn't been decided yet. there may be a capital gains holiday. there are a number of items we have talked about publicly and the president has mentioned, so

at the moment, that's kind of the grab bag. stuart: but we are going to get something? there is going to be a new package, you are going to agree with the democrats, i understand, but you are going to get something, you can say conclusively? >> i will say that conclusively. as you read the reports and talk to people on both sides of the aisle on the hill, it is increasingly clear that there will be an additional package. and again, we will try to make it targeted, we will try to incentivize not just work, although work is crucial, and going back to work. we want to incentivize investments, we want a pro-growth package that will not only get us through this year, even with a v-shaped recovery and strong second half and 20% growth, we want to go forward into 2021, make it a big bang year. yes, i think it's safe to say at this point all sides agree there will be a package. stuart: can we get the economy really rolling again if the schools are still closed or only

taking a limited number of students for a limited number of days? in my opinion, one of the most important issues here, if not the most important, to getting the economy going, is getting back to school. what do you say? >> i absolutely agree. so does the president, as you know. education secretary betsy devos talked about it on the sunday shows. we all agree kids need to be in school. kids staying home do a lot of harm and damage to the kids. i think interpersonal teaching is the best way to do it. social reacting is very important and of course, you don't want to miss another school year or a school year which would set them back in terms of their actual learning process. parents will have a hard time, single moms would have a hard time if they're home. two working parent families would have a difficult time. there are a million reasons why we need to go back to school and i want to say, the president has said that he is willing to consider additional aid, talking

about the next care package, in order to help reopen the schools. i think as long as we observe, look, you've got basic -- four basic guidelines here that need to be met, right. the masking, the distancing, the personal hygiene and the testing. now, geography, spacing of desks, whether you break the school day up into four hours or six hours or whatever, i'm not an expert, we can figure this out. but crucially, you are right, we don't reopen the schools, k through 12 especially but i would also add some of these fancy colleges ought to stay open. nonetheless, that would be a setback to true economic recovery. so let's not go there. let's use american ingenuity and some common sense to get the schools open. stuart: does the increase in cases that we have seen in some of the hot spots around the country, does that slow down the pace of economic recovery? >> well, it's a tough question and it's a worrisome question.

you are spot on in raising it. we are scouring all the numbers right now, stu, and i would say to you the v-shaped recovery is still intact according to the latest numbers. in fact, we just pulled one out this morning, my economic deputy found this. job postings in the country nationwide as well as the hot spots from the indeed website, it's a recruiting website, anyway, job postings are going up. that's a very promising sign. that includes places like texas. now, other stuff is intact. there's a housing boom going on, there's a retailing boom going on, there's a consumer confidence boom going on. the employment numbers have gone up eight million, as you know, the last couple months. the initial claims and the continuing claims are coming down i think 14 straight weeks for initial claims. small businesses are open about 80% and new business applications are also very very

strong. i'm just saying, i'm worried, i grant you that, i don't like to see the cases. that's a tough sign. on the other hand, we know what to do using the same guidelines i mentioned before. we know how to flatten these curves. i do believe they are going to be temporary but we are looking at every single number imaginable to figure the story out and see what impact it has on the congressional talks. stuart: okay. china is sanctioning senators ted cruz and marco rubio. is that going to get in the middle of our relationship with china, the two biggest economies in the world going at it on various issues? real problem, do you think? >> well, good luck with those sanctions. i haven't talked to either ted cruz or marco rubio, but look, the china story is a very complex and difficult story. the president is not in a good mood about china, nor is anybody in the administration. the china flu, call it what you may, they were never

transparent, they are still hiding facts and figures, they wouldn't let folks in. the consequences of that in the u.s. and around the world are probably gigantic. we are also very concerned about the hong kong story, as you know we have put our own sanctions on many of these hong kong leaders and human rights sanctions for the uighur problem and perhaps more of the same, china will be held accountable. having said all that, we are still engaging on the phase one trade deal. i think that's an important point. we are still engaging there. china says they will implement their side of the deal. let's take a look and see. i hope that is correct. but the relationship with china on national security grounds, by the way, on investor protection and fraud grounds, that's another issue that's coming up. we don't want the thrift savings plan to be used. robert o'brien and i wrote a letter, we just wrote another to the railroad retirement fund. we think national security

grounds and investor protection fraud grounds, we have to take a hard look at all the china companies that are publicly listed. i'm not coming down on any side except to issue that warning the s.e.c. and public accounting board has issued warnings. stuart: duly noted. larry kudlow, thanks for joining us. i'm sure we will see you again soon. thanks very much. by the way, the dow is holding to a 400 points gain throughout the interview with larry kudlow there. it was still up 380 to 410 so he did not move the markets. we do have this for you. hong kong's disneyland park closing temporarily after a new virus outbreak. we've got the story. we are on it for you. the stock is only down 40 cents. state and local governments considering big tax increases to fix their budgets. we will tell you where we may see the biggest tax hikes and we'll be right back. ♪

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stuart: if you are just joining us, you will like what you see because we have the mrashth ralra market rallying all over again. the dow up 411 points and the nasdaq up almost 200 points. that, ladies and gentlemen, is a rally. look at this, real fast. this is the big tech stocks. i know i keep going back to it but we are seeing something so unusual here it's worth mentioning constantly. apple is up 14 bucks, 3.8%, nearly $400 a share. amazon is up another 4%, $3,328 per share, up 127. have we got microsoft and tesla and facebook? tesla, up nearly $200 per share. facebook is up $4 per share. i think that's a brand new high.

microsoft is up $4. the list goes on. big tech is on a tear. stephen moore is with us, ace economist, friend of mine. know him well. welcome to the show, steve. good to see you. look, i will get to the larry kudlow interview in a moment. first, i do want to know what you think about big tech. because i have never seen anything like this before. what do you say? >> i have never seen anything like it before either. what's very interesting about this story is that in about two or three weeks, all of these ceos of these companies that you just mentioned from amazon and facebook and twitter and others are going to be all in front of the congress on these antitrust grounds, and that is going to be a big hearing because you know, these tech companies are so successful, the big danger is washington wants to break them up. i think it's absurd, you've got

these incredibly successful american companies out-competing the chinese, out-competing the japanese, out-competing the germans and we want to knock them off of their pedestals. i think that's silly but i think it's a danger and i think investors should be looking very closely at what the future is and whether lawmakers are going to start going after these companies for making too much money. stuart: good point. well done, steve. now, let me talk to you about what larry kudlow had to say just a moment ago. you may have been listening to the interview. he said the v-shaped recovery is intact. yes, he's worried about the new cases of the virus but the v-shaped recovery is intact. what do you make of that? >> i love that interview. i love what he said. i was very very bullish about what larry said. he said two things that are really important from my perspective, stuart. number one, he said the president essentially is not going to sign a phase 4 bill without a payroll tax suspension. that is a great idea. said it many times on your show.

i'm in favor of it, steve forbes is in favor of it, kudlow, other supply siders would be a great, great stimulus plan for employment and for employers. the other thing he said that's really important, in terms of the future of the market and the future of this v-shaped recovery, is if i heard him correctly, correct me if i'm wrong, he basically said we are not going to do things like these unemployment extensions that are going to discourage getting people back to work. that's important. we just did a study last week that indicates that if you did the pelosi plan, providing $600 of additional benefits per week through the end of the year, you are going to have eight to ten million fewer jobs. so that's a critical thing to keep an eye on whether trump holds his ground on this and doesn't compromise and give in to pelosi. look, we are all in favor of giving people who are down on their luck, who have lost their jobs, you know, aid and benefit. but the idea they should be paid as much or more for not working is a big, big problem going forward. stuart: you know, look, i have

been away for a couple of weeks. i've been on vacation. on the rare occasions when i have checked out the news, it was dismal. it was toxic. it was really really negative. yet i come back on a monday morning, we've got a rip-roaring stock market rally. how are we really doing? how is our society, our culture, our economy, how we doing? >> look, i have the same kind of impression. it's almost surreal. the stock market seems to be going in a different direction. part of the problem is you are reading the media. if you are reading the "new york times" or "the washington post" or anybody watching cnn, you would think the country was totally falling apart, that everybody was going to die from this disease. so there is, you know, donald trump isn't just facing the virus, he's facing an extremely negative media that's trying to portray everything in a very negative light. look, i'm not quite as optimistic as larry is about this v-shaped recovery. i think we've got some real

challenges ahead. the airlines, hospitality industry, getting these businesses back up and running, i don't think it's going to be easy. but you know, so far, you've got to look at what happened with jobs, with the stock market, with unemployment insurance claims, with consumer spending. it's all pretty positive. stuart: i love it. stephen moore, always good. thanks for joining us. i'm sure we will see you again soon. thanks very much. i do want to have a quick check of disney's stock price, please. the hong kong disneyland park will temporarily close wednesday because of another wave of the virus. but their resorts will stay open. disney's stock not affected by that. it's still at $119 a share. state and local governments now considering tax increases to fix their budgets. we will tell you which taxes they want to hike and where. and a new push for universal basic income. oh, no. is that really what we need? we will discuss. ♪ and because we don't know exactly when

this crisis is going to be over and we don't know exactly when the stock market will reach its bottom, we've got to be prepared for this to last a long time. if you assume that you're out of work for nine months but you end up only being out of work for three, well that's great. but if you think you're going to be furloughed for three months and it lasts for nine, well that'll be emotionally devastating. so, we've got to prepare ourselves. tangibly and practically, as well as psychologically and emotionally.

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stuart: if you are a state or local government, you are in

deep trouble because the pandemic has lowered your tax revenue. so of course they are now thinking about raising taxes in different places and different ways. ashley, who is considering raising which taxes? ashley: yeah. well, who isn't. but maybe not that much. listen, property taxes certainly an area where state -- well, local governments are certainly looking to try and make up the shortfall of revenue. think about states like alaska and texas, who rely on oil revenue to balance their budgets. they are getting a double whammy. but let's take a look at some of the maps. we have talked about this before but nashville approved a 34% hike to its property taxes on a 32-8 vote. that was huge. dallas looking at a proposal to raise property taxes by 8%. by the way, there's a state law that prevents tax hikes above 3.5%. they will have to find a way around that if they are going to do it. chicago also says property taxes are on the table. the online purchases, sales tax,

receipt taxes, you name it, there isn't a tax they're not looking at. stuart: i got it. thanks very much indeed. i promised our audience we would update them on the universal income programs. there is one in operation. stockton, california, $500 a month to help through the pandemic. but lauren, i understand other places are looking at universal income. tell me more. lauren: that's right. 16 mayors have banded together to follow stockton's lead, giving residents a certain amount of money unconditional every single month to help them through the pandemic and look where this is most popular. on the west coast. seattle, los angeles, long beach, but it extends all the way here to newark, new jersey. stuart? stuart: good lord. excuse my french. lauren, thanks very much indeed. ln lauren: unconditional money. stuart: more "varney" after this. it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. this moment calls for more.

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>> happy birthday, stuart varney. there he is smiling, taking week off. well-earned rest. today is his birthday. look at these graphics, guys. we've blown the budget for rest of the year. but congratulations, happy birthday, stu. i bet he watches english premier soccer this afternoon. what do you think? >> shares a birthday with ringo starr, about you guys know that? he never mentioned that. stuart: is true, that is true,

yes, ringo starr shares a birthday or i share a birthday with ringo starr. he is 80, however. i'm a mere child. ashley, lauren, susan, thank you very much, for all the hard work you did over last couple weeks. i appreciate it. thank you. my time is up now. here's neil. neil: welcome back, stuart. belated happy birthday. the market obviously celebrating. i should kill that rally in a matter of a few minutes. good to have you back, my friend. look at the corner of wall and broad. the dow is racing. the pfizer and biontech getting fast-track approval for remedies that not necessarily cures, they're promising vaccines, here. that is all the market needed to hear. that and a couple big deals in the works today, including a big, big combo we'll tell you about in just a second but this is something happening across the board leading to the