>> building on what jackie said, i hope we get some guidance from companies in the first quarter they threw their hands up and said we cannot but i'm hoping as part of the earnings report we get guidance because that will help the market better going forward. maria: isherwood, great to see you this morning, we are rocking and rolling up 550 points, we will send it over to "varney & company". stuart: it is because you are back, welcome back by the way. good morning, everyone. we have what looks like blockbuster news on a virus vaccine. the drug company modernity says it generates neutralizing antibodies in all the 45 patients in the trial. we will get a full explanation from doctor siegel. the market is giving a big boat of confidence, the stock is up and it is now straight up and so

is the overall market. this is really helping. the dow industrial will open with a 500-point gain. we were up 500 yesterday, you're up about 1100 points in 24 hours. the s&p to the upside big time and the nasdaq up 76, it is a rally. travel related going straight up as well, if there is a vaccine that works, people can take it and be safe on planes and cruise lines, we could get out and about more on a mass scale safely. back-to-school might get help as well from the vaccine news. hold on we are not done with big winners. apple one a 14 billion-dollar tax fight with europeans. they won, that stock is back almost, it's at 394, 395 a share. straight up this morning. goldman sachs a big jump in profit, watch the stock grow. if the dow stock helping overall

market. your money is often running, we will have a grand old time following it for you. that is not all on the show, trump guy one in alabama beating jeff sessions while a wide margin. he will be on the show. joe biden reveals his economic plan and is tax and spend on steroids. we will cover it. the housing boom in full swing with mortgage refi on a tear. we have the numbers. and the president punishes china for the stifling of freedom in hong kong, new cold war. the dow is going to open around the 27000 mark in "varney & company" is about to begin. ♪. stuart: there are several major stories with great importance today, most important of all

moderna vaccine. i gotta rethink this, generates neutralizing antibodies in all 45 trial patients. fox news medical contributor marc siegel is here. why is this so promising? >> first of all it comes from a good place, it's studying in the university of washington published in the new england journal of medicine yesterday, 45 patients make neutralizing antibodies. i'll tell you why that is so important, that the antibody that goes right to the spike protein on the surface of the virus we are talking about, targets for destruction and gets rid of the virus. that is why it is important. that's the antibody we need it was founded all 45 volunteers in all 45 tolerated which is a good sign. he moves on and of july 23, 0000 volunteers around the country, that's where the rubber meets the road. we see that working and we will see a vaccine by the end of the year.

extremely promising. stuart: promising news on astrazeneca vaccine, that could be announced today. do you know anything about this? stuart: there you have it, live television for you. sometimes the screen freezes. good doctor is in full swing. astrazeneca is up and moderna is up, there is hope for a vaccine on the horizon. let's get to the market because this you will like, the dow will be up 500-point, here is market watcher, two big positives, moderna vaccine and strong bank earnings. it looks like were off to the races again. >> we are off to the races, happy belated birthday. it is great to see you again. we are off to the market -- off to the races, the futures are pointing to a much higher open but is not that the u.s.

globally, all markets except for mainland china have reacted very positively to the news already, we see that globally and that's when we see a nice tailwind for u.s. markets. i want to point out something in particular, i think as the market opens up depending on the futures and how we open based on where we are, the s&p 500 will open near april 8 -- june 8 hi. the market has been waiting for that, that's the resistance level. that is a clear signal for investors to come off the sidelines and add more money to the market. i think we have another higher based on the momentum we are seeing now in the news today and depending on how we close. stuart: is there anything you would sell into the rally? >> no, absolutely not. despite the fact that we have come -- the s&p is up 43% in the dow is up 41%, there is still

room to buy lots of stock, we will see the travel stocks bounce at the open, there is still room for them to go higher even after they bounce. stuart: that's on the strength of the vaccine hope, if we have a vaccine fairly soon you can travel and get out and about. that is why travel and leisure stocks will bounce at the opening. >> that is absolutely correct, there were long way to go, they are not recovered anywhere near where the other companies have recovered and that is the tech stocks making new highs. a lot of investors will go and look for the beaten up sectors, there's plenty of stock that have been beaten up and a lot of upside for them. stuart: we will be watching. thank you. let's move on, i'm going to check the homebuilders, weekly mortgage application numbers are out this morning, they are really strong. tell me. lauren: housing market is on fire and rose 5% last week as they hit new lows, look at refinancing activity arose 12%

on the week in 107% on the year. that according to the mortgage bankers association and fannie mae is estimating 60% of all outstanding loan balances have a half a percentage point incentive to refinance. those looking for a new home, the only problem right now is supply, builders cannot keep up with demand. stuart: it is all go this morning. we kind of like that. green all over the place. let's get to the dominant news. president trump signs the hong kong sanctions bill. watch this. >> we all watched what happened, not a good situation. their freedom has been taken away, their rights have been taken away and with it hong kong will be treated the same as mainland china, no special privileges and no special economic treatment and no export of sensitive technologies. stuart: china, gordon chang joins us now.

this looks like a full-blown and new cold war. by the way, who wins? >> the united states wins. there has been a cold war that has been going on for a very long time, what has changed now is the united states has recognized the fundamental nature of china's challenge, we are now competing where we were before. stuart: why did you say the united states will win? >> we're the larger economy, more flexible and adaptable, china right now is contracting despite the good june that they had and you have political problems inside of beijing and you have demographic issues, china's demography is on an accelerated collapse, maybe 1.4 billion and by the end of the century will be under 1 billion the u.s. will continue to grow and that's a big change. stuart: i know you feel

personally about this and so do i, hong kong is the great loser in all of this. >> is certainly is because there's no reason to be in hong kong, you might as well go to sean hi. china has started to impose the full 45% tax rate if employees of state honed enterprises are a resident in hong kong. these guys are going to leave in china will not come to the rescue hong kong and hong kong will erode it mayweather. stuart: that is a sad story. thank you for in joining us on a very important day. we always appreciate it. big news coming your way, facebook taking on google youtube. they're introducing license videos on their platform in a happens next month. all this according to techcrunch. facebook is up this morning.

goldman sachs had blowout numbers, revenue hit $13 billion, $2.4 billion profits, dow stock in a whopping 5.8% from a big name like that, that's a big move indeed. united health, the pandemic whole team doctor visits. they benefited from fewer payouts when treatments were canceled. nonetheless united health is down 1.7%. let's get back to the green. the dow futures suggest a 4 - 500. gain at the opening bell. that is a rally this wednesday morning. joe biden unveiling his 2 trillion-dollar green new de deal, it sure looks like he's trying to win over the radical greens like aoc. where will tesla build its next factory. it's moving close to a done deal, why texas is in the lead. speaking of texas, one of the countries virus hotspots

reporting 11000 new cases overnight. will the state go into full lockdown? i'll ask texas congressman dan crenshaw when he joins us next. ♪ it's pretty inspiring the way families

redefined the word 'school' this year. it's why, at xfinity, we're committed to helping kids keep learning through the summer. and help college students studying at home stay connected through our university program. we're providing affordable internet access to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education.

stuart: this is crossing right now, the latest numbers on industrial production, actually have you had time to go through them? ashley: i had about ten seconds. it was for the month of june and it came in at 5.4%, the expectation or the estimate -- i'm just having fun with these

two, 4.3%. a much better number than expected. the fed manufacturing survey was the strongest sense d december 2018 and the first time it's been positive since february. two pieces information of the economy pointing in the right direction. stuart: very positive for both. that was pretty good in ten seconds flat. show me big tech please, you always have to look at big tech, the only loser this morning amongst the group is amazon which is down five bucks. let's take a quick look at apple, that is on the upside at the tune of six bucks. susan, what about a big tax when in europe. susan: of $15 billion tax fight with the eu second highest in favor of apple. it overturns that you tax order staying there was not enough evidence to prove ireland's tax

break for the year 2003 - 2014 and the illegal subsidy in the commission enabled apple to only pay in effective tax rate of 1% on the european profits in 2003 and 0 going back to 2014. apple in a statement after this verdict says the case was not about how much tax that we pay but where we are required to pay at. we are proud to be the largest taxpayer in the world. this really has implications by the way on the use intended digital tax, that large technology companies of 2 - 6% on the european sales. the apple case was the centerpiece on taxation and the second highest court in europe goes against eu orders and how they define what their taxes are and put the foundations of the digital tax on shaky grounds. this is a win for everybody including apple, that's what you're looking at the stock rally today. stuart: i don't think the europeans think they want, i

think they lost hands down. let's get back to the virus please, florida, california, texas. they account for one fifth of the whole world knew virus cases. in texas tuesday, almost 11000 new cases and there are now a total of 10000 hospitalizations. texas congressman dan crenshaw joins us now. in view of these numbers, do you see a second lockdown coming in texas, like what we see in california? >> i hope not, let's look at the cases, you have to understand those three states account for the most testing in the world, case numbers are an indicator that we should pay attention to but we have to pay attention to all the data, not just the scariest data. we should also look at hospitalization and focus on hospitalization and death rate. as far as hospitalization in

houston, one of the hardest hit places in texas are growth rate hospitalization has almost flattened. that is a few days of good trends and it could change and we have to be cautious and continue to wear masks, socially distant and not gather in large dgroups. the death rate in texas continues to be one of the best in the world. it is ten times higher in new york and out fatality rate, we are the best in the world, the hospital still have a vast amount of capacity and can surge upwards of thousands of bets, this is an important point because democrat politicians have misled the public making them believe hospitals are overrun when they are not, is problematic in deadly because people are too afraid to go to the hospital to get care for whatever illness. it's really important for people to know, if they need care they need to go to the hospital. stuart: a lot of talk about texas could go democrat in the

election in november but former truck position roy jackson won his gop primary in your state. that look like a referendum on president trump, your reaction please? >> i did not follow closely enough to know if it's a referendum on president trump, the president gets involved in a lot of primaries and sometimes it goes away and sometimes it does not. i happen to like iranian a lot i think it will be great. stuart: is any ill feeling against the governor of texas, because some people might say he opened up too early. >> great question. simple deductive reasoning debunks the smith that reopening is what causes spikes. we reopened in early may, l.a. county having the biggest bikes in the country never really opened, what happens late may we had massive protests, tens of

people in the street and holidays, big gatherings that people did as a layering effect and of course there's going to be spikes. luckily we've got a lot better treating it in hospitals has been ver preparing and were in a much better place than back in march where new york city was getting overwhelmed and did not how to treat the disease. let's not forget because of their policies from senior citizens back in nursing homes lost 33000 people. giving people their freedom to engage in risk and confronted the way they see fit is not the culprit. do we have to have a balance, have to be honest about our conversation. when you're sitting down in economy with a huge cost in terms of extra suicide, domestic violence, health consequences not being able to go to the hospital get elective surgeries, the school shutting down that seems to be swept under the table when we have the conversation. we need to have smarter conversations about the cost of

lockdown. stuart: i'm glad you're holding that with us this morning. thank you for joining us, we will see you again soon. >> i don't want to omit a growth area. the growth area is gun sales. i think you have some numbers for me, they are spiking. >> they are definitely spiking, let's talk about overall, april to june, the total number of fbi background checks does not mean the sale will go through, gives you a sense 5.4 million this year between april and june, if you look at the scene. lashed 2.8 million. double the amount of background checks this year in june alone, gun sales were up 130% year-over-year in georgia those numbers tripled and doubling in new york, illinois, oklahoma and minnesota.

40% of the gun buyers were brand-new, new gun owners, handguns selling twice as fast and many retailers saying the reason being, it was driven by a fear for personal safety. quite dramatic, those numbers high indeed in charge of the pandemic and then the george floyd protest gun sales going through the roof. stuart: thank you very much indeed. when a rally mode on wall street, positive news on a vaccine, very strong bank earnings amount to a rally and a half on wall street. we will be back to cover it for you. businesses are starting to bounce back. but what if you could do better than that?

like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but bounce forward. that's why we're helping you stay ahead and adapt with a network you can count on, 24/7 support and flexible solutions that work wherever you are. call or go online today. "should i invest in stocks or not?" meaning, "are stocks going to rise or not?", let's instead stop looking at the investments, which we can't control, and let's now look at our goals, which we can control. in other words, we only want to take as much risk as is necessary to achieve our goals. we need to protect the money that's there. and that says you should be investing in... we need to protect the money that's there. ♪

(announcer) reliability is everything. so, if your network's down, you're down. verizon knows your customers need to reach you seamlessly. your team needs to work from different places across many devices. plus, you want the security trusted by some of the largest companies in the world. and that's why you trust us. the most reliable network in america. look, this isn't my first rodeo and let me tell you something, i wouldn't be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. it's just a loan designed for older homeowners, and, it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan, like any other. big difference is how you pay it back.

find out how reverse mortgages really work with aag's free, no-obligation reverse mortgage guide. eliminate monthly mortgage payments, pay bills, medical costs, and more. call now and get your free info kit. other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. discover the option that's best for you. call today and find out more in aag's free, no-obligation reverse mortgage loan guide. access tax-free cash and stay in the home you love. you've probably been investing in your home for years... making monthly mortgage payments... doing the right thing... and it's become your family's heart and soul... well, that investment can give you tax-free cash just when you need it. learn how homeowners are strategically using a reverse mortgage loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more.

look, reverse mortgages aren't for everyone but i think i've been 'round long enough to know what's what. i'm proud to be part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. call now so you can... retire better >> i think there are so many things working in our favor of spotify in their having an epiphany moment and they will realize their power around the world. if they can ever get into video, they can become similar to the next netflix, spotify is building an ecosystem for consumers and understand what consumers want to watch. stuart: that was greg smith talking about spotify on june the 19th on this program.

he said spotify will go straight up, it did, 264 on spotify right now compared to 115 and march, craig smith is with us now. i read your stuff and i think that you believe spotify is going to 400. tell us why? >> good morning, happy quick 15th birthday to my son. spotify will be the new netflix. more and more americans driven by apple, that product we walk around the street to see more and more people taking in music and other content in their ears. i think that will continue to drive the success of spotify in their living on the devices of more than 250 million people around the world and that is very powerful and underestimated and under looked at by the street. the awareness will grow. stuart: one of the thing that worries me, it is very frothy, some stocks are going to the moon like tesla for example and

now you talk about spotify going to 400. isn't that a bad sign for the overall market when individual investors are piling in two frothy names? >> we are continuing to see the market melt up, over the last few months in my opinion the buyers are higher, the higher the market goes the more people are buying stocks, it's driven by enormous economic stimulus from the fed, we almost have a seller strike and people holding onto their stocks longer and as you pointed out in tesla, how much have shorts lost in tesla on the way up. tech is been the big trade, it's an overcrowded trade but i still think some of the names might appear to be expensive but they will continue to work higher. stuart: happy birthday zach, thank you for watching the program we will see you all again soon.

the opening bell, let's start ringing the bell and ten seconds time, we're looking toward the significant rally in the opening bell, let me remind you yesterday the dow was up 550 points. odd are looking to the futures we will open up 400 - 500 this morning, 1100. gain in the day. we are up and running and already up 1.5%. 27000 on the dow industrial from the start this morning, now up 400 on the dow, how about the s&p if the dow is up 1.5% we have the s&p up 1.1% now show me the nasdaq, please, that is up .78%. the best gain at the moment is the dow industrial that has apple and goldman sachs in the dow 30 and that is helping them a lot. show me moderna, that is the stock of the day up 15%, they

have good news on their virus which we will explain later. because of the good news on the virus, look at the clu the cruis go. if we have a virus vaccine you could travel more, of goes the cruise line significantly. the same thing is true the airlines, all on the upside without any of sections. a lot of green right there. let's get to tesla, where is that, $1500 a share up 12 bucks this morning. they are getting tax breaks to build the factory in texas. susan: the battle is on to win tesla's car plant. to win the $1.1 billion factory over tulsa oklahoma prick tax incentives to approve the pan with an 80% for the next ten years at least $14.7 million, tesla wants another 65% rebate on the property taxes for the next ten years after that.

we come to the school district with the purports factory will be built has approved a 50 million-dollar incentive in tesla says the factory would create 5000 jobs, mostly low skilled, average annual salary will be $40000. a multiplier effect with the jobs in the salary because the people go to the wider state economy spend on housing, restaurant in retailers, there is only one in florida, it contributes about $5 billion to the local california economy but it's not to $65 million in tax incentive, we have the nevada giga factory 1.4 billion in tax incentives. that is how much the entire state has to pony up for ten years. stuart: that is a fine incentive. tesla stock is up a buck 80. that is different from usual. 1518 and heading south. i want to check out jetblue, 4.7% benefiting from the good

virus news, what is this about the blocking the middle seat on flights. >> yep, they will not sell the middle seat until at least september 8, the reason they are doing that is to make passengers feel safer in the larger competitors which are american and united, they are flying full flight. if you have the middle seat on the flight you can up for different flight, it's a different strategy. this comes with a cost, if not booking the middle seat you would have to increase airfare between 43 and 54% just to break even if you insist on keeping the middle they open. if you're in airline right now, what do you do, your numbers are down you have to make people feel comfortable and you cannot increase airfare. it is a battle that no one can win. stuart: look at the green for the airlines, what county airlines, pray for a virus vaccine. it works.

>> we are going to run through stocks on your screen right now, check the big board, 27000 exactly, that is where the dow is, the ten year treasury .65% when the yield goes up that means money is coming out of treasuries and going into stocks. the price of gold around 1800 yesterday in 1808 today, the price of oil 40 bucks a barrel as of right now. let me see about travel booking stocks, i believe they are all up, this is virus related. susan: this is virus related. booking holding and booking.com is down nearly 20% on the year but analysts favorite and that is more likely with the vaccine. this is a stock by the way that serves as head hedge fund when t

sold out of everything else in the second quarter. expedia another big booking player hitting a five-year low, trip.com is something else to watch and casinos, think of mdm, las vegas fans and more beneficiaries of hopes and travels, 40 million go to las vegas strip each and every year and that means more people will to the big money generator in the largest gaming hub in the world. we also have casinos and hotels, those companies had to furlough tens of thousands of workers with most of the hotels with 50% capacity and if there is a vaccine they need to travel more and in order to survive and bring back people to work. stuart: it is amazing how positive news on a vaccine extends to all the areas of the stock market and makes them go up. anything travel related is looking good. >> travel is a 7 trillion-dollar

industry, it's a separate industry the job that goes back to it. if you have a vaccine, it's a way of life coming back to normal which does include traveling, getting on an airplane. stuart: it does. they're all up today. thank you. right now will show you what else we have coming up on the show. we have seen the mob tearing down statues, ripping down her history, ignoring the rule of law. guess what new polling shows people are getting sick and tired of it. we will have the full story. nbc, today, are people going to pay for another's group streaming service, how it stacks up for the rest of them. former oregon football coach claiming victory, he won in alabama, he defeated former attorney general jeff sessions. this is really a win for president trump. he will be on the show. this is on varney this morning.

we will be back. ♪ introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today.

stocks by the slice from fidelity. about medicare and 65, ysupplemental insurance. medicare is great, but it doesn't cover everything - only about 80% of your part b medicare costs, which means you may have to pay for the rest. that's where medicare supplement insurance comes in: to help pay for some of what medicare doesn't. learn how an aarp medicare supplement insurance plan, insured by united healthcare insurance company might be the right choice for you. a free decision guide is a great place to start. call today to request yours. so what makes an aarp medicare supplement plan unique? well, these are the only medicare supplement plans

endorsed by aarp and that's because they meet aarp's high standards of quality and service. you're also getting the great features that any medicare supplement plan provides. for example, with any medicare supplement plan you may choose any doctor or hospital that accepts medicare patients. you can even visit a specialist. with this type of plan, there are no networks or referrals needed. also, a medicare supplement plan goes with you when you travel anywhere in the u.s. a free decision guide will provide a breakdown of aarp medicare supplement plans, and help you determine the plan that works best for your needs and budget. call today to request yours. let's recap. there are 3 key things you should keep in mind. one: if you're turning 65, you may be eligible for medicare - but it only covers about 80% of your medicare part b costs. a medicare supplement plan may help pay for some of the rest.

two: this type of plan allows you to keep your doctor - as long as he or she accepts medicare patients. and three: these are the only medicare supplement plans endorsed by aarp. learn more about why you should choose an aarp medicare supplement plan. call today for a free guide.

stuart: a whole lot of testing going on and a whole lot more to come. rite aid is expanding virus testing to more than 250 locations. they are also adding more than 160 self swab testing sites on the west coast, rite aid is up a tiny fraction. amazon announcing a new fulfillment center in texas, the site will create 1000 new full-time jobs and listen to this employees will work alongside amazon robots. if i was in amazon worker i'd be worried about my future job prospects. the mortgage application report up 5% from last week confirming we have a real estate boom on our hands.

now we have a real estate analyst with us who has three builder stocks that she is watching, ivs almond is with a spring welcome to the program. >> thank you for having me. stuart: dr holton, you like them, where is the stock going? >> horton is one of the largest builders in the country that has about several years ago in 2015, they strategically shifted to building out the exurbs which is the third ring of a metropolitan market and the introducer product called express homes and it's up half of its business focused on building affordable homes in the more rural market. they have been killing it and while the pandemic slowed things down for a minute, overall the housing market is not only extremely hot but that specific segment of the market and other

builders followed suit, they are clearly the leader and i think the results will show for the second quarter. stuart: next one is sentry community communities. i've never heard of it and what are they doing where's that stock going. >> that stock is a newer entry to the home-building public company in my 30 year history of doing this. they are a builder that is trading a book value and they are focused on the entry-level segment which is the hottest part of the market and they are a speck builder so they have move-in ready products and there also seem very robust activity, we think the second quarter will be very strong reflecting the underlying demand that we see in the market which is been rather shocking. stuart: this is fascinating stuff, i did not know the ins and out of the companies. tell me about the third pick, meritage homes, i've not heard of them, who are they and what do they do and where is the

stock going meritage homes has been around a bit and the company in a similar strategic position back in 2015, 16 shifted to the affordable entry-level product, the first time move up as well and they are seen extremely strong activity in their market, the really well positioned throughout the area, southeast, southwest and the colorado -- any part of the market that is strong that's where they are building. they have a strategy's pecking which allows the move-in ready product in today what we see is mary tosh taking advantage of extreme investment that they made and technological capabilities allowing them to buy homes online, 20% are virtual sales where people are doing the entire process online and i think that is giving them quite an advantage. that stock trading higher than the community evaluation is trading at a large discount to

the dr horton and we think it's a very attractive entry point. stuart: why can't all analysts be like you, you covered three major items in three minutes flat without using any jargon. if you're not careful you will be back. thank you for joining us. we would like to see you again. let's deal with burberry. a luxury retailer, lauren i bet they have a rough quarter. lauren: same-store sales fell 45% in the period ending june 27. they predict another 20% drop in the current quarter. many stores are shut down, tourist spending is negligible but there is a price spot, let's focus on the good news, asia sales picked up in china and korea online full price sales. they picked up in that region. there is a bright spot but the stock is down 6% today.

stuart: you are trying hard for a bright spot. he almost got there. it is still down 6%. the rally is fading a little bit but you're still up 300 on the dow, still up 100 on the nasdaq, the rally has not gone completely. it's looking pretty solid right now, take a look at joe biden new clean energy proposal, 100% clean electricity and power generation by 2035. in 2 trillion-dollar cost and spending over four years. i guess that is not the green new deal is that, we will have more on the show. here's a bright spot was spending money again and my next guest has the numbers and makes his case. he knows all about this, how we spend and where we spend it. we'll be right back ♪ ♪ i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed

a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪

gimme two minutes. eligible for medicare. visit tdameritrade.com/learn and i'll tell you some important things to know about medicare. first, it doesn't pay for everything. say this pizza... [mmm pizza...] is your part b medical expenses. this much - about 80 percent... medicare will pay for. what's left... this slice here... well... that's on you. and that's where an aarp medicare supplement insurance plan,

insured by unitedhealthcare insurance company comes in. this type of plan helps pay some of what medicare doesn't. and these are the only plans to carry the aarp endorsement. that's because they meet their high standards of quality and service. wanna learn more? it's easy. call unitedhealthcare insurance company now and ask... for this free decision guide. inside you'll find the range of aarp medicare supplement plans and their rates. apply any time, too. oh. speaking of time... about a little over half way and there's more to tell. like, how... with this type of plan, you'll have the freedom to choose any doctor who accepts medicare patients. great for staying with the one you know... or finding... somebody new, like a specialist. there are no networks and no referrals needed. none. and when you travel, your plan will go with you anywhere in the country. so, if you're in another state visiting the grandkids,

stay awhile... enjoy... and know that you'll still be able to see any doctor who accepts medicare patients. so call unitedhealthcare today. they are committed to being there for you. tick, tick, tick, time for a wrap up. a medicare supplement plan helps pay some of what medicare doesn't. you know, the pizza slice. it allows you to choose any doctor, who accepts medicare patients... and these are the only plans of their kind endorsed by aarp. whew! call unitedhealthcare today and ask for this free decision guide. stuart: i'm going to call it a positive trend for the economy, we are spending money again. let's bring in the man who knows about it jared, the founder and ceo of shift for payments. your company processes credit card payments. you tell me how many more transactions are you processing

now compared to mid-march which i guess was the depths of the lockdown. >> thank you for having us back. as mentioned previously we published a website shift for cares.com where we transaction data and refreshingly daily since the depth of the crisis. where we are at today is transaction volume is up across the country over 165% of the low points. which as an organization if we look at the four stack and payment volume is up year over year in june and continuing to trend that way up year over year end month over month in july. the economy is much opening up right now. stuart: am i right in saying in texas and oklahoma for whatever reason, your number of transactions, the volume is actually down. >> it is just starting to slow up. we are still, even in texas and

oklahoma very much triple digit up from the low point in the crisis for sure, in terms of the entire country, texas and oklahoma are the only two states that are showing a slight bit of decline in the week over week volume, but that is a very recent development. stuart: do you have any reason to suggest that the speed up in transaction volume is going to keep going? >> absolutely that has been the trend for several months. it is continued to recover. even some states like florida and arizona which obviously have been dealing with challenging times, their payment volume is continuing to grow and has been growing week over week for some period of time. as a whole on the country, things are continuing to accelerate. stuart: here's your big moment. your company scored a big new contract, i will break the news

that has something to do with the las vegas raters. tell us all about it. >> were incredibly proud. las vegas is a very important market to shift for, it's for personnel, half of the las vegas strip is with shift4 payments. we are pleased to announce the newest nfl flagship stadium in the reader stadium will be powered by shift4 payments. stuart: that is a marketing lie, getting the word out there on who you are. >> i think it is more than that, every new stadium is a showcase for the next generation of payment technology and this is a world where contactless payment and qr code payments become very important. every new stadium is built with all the technology going into it is the next gen. it's an opportunity to install that into a market like las vegas, kind of a hospitality capital of the world that is

probably the next properties that are going to wind up embracing the same technology. it is very important for us, so much more than putting our logo on a portion of the building. >> congratulations, great news from you and your company. we appreciate you being with us today. i want to get back to tesla for a moment, susan i have reports about the virus surging at the california plan. susan: more than 1500 have been infected work coming contact with somebody who has coronavirus in the last few months, internal data obtained by the blog shows the majority of employees who may have been exposed did not get a covid test but more than 130 have tested positive in exposures to the virus have spiked in recent days as well with more than 250 people exposed in the past two

weeks that is up from less than 50 a month ago, to reopen fremont with the health officers which relented to elon musk's needs and wants of reopening the fremont factory but the california has been one the hotspots with record spikes in new coronavirus cases and apparently that is trickling through to tesla workers there. stuart: i wonder if tesla is down its down a buck 80 and i wonder if it's down from the infection. >> it is triple so far this year, bit of profit-taking is okay in the session. strt: ack ccknck t o is u is u40p, up50p, as t as a 8s.i8ntp e oseen acren the b.oard t mele gtaetrtedtartedhis mor mg ves o the020 bama senaantedidaannn big win lalaigla rian b, the t colgeolol pro

essor, well onllineinolinolge experience.asorethashethasonason a major follow of the new york times, i mean major, one of the only centrist riders resigns with a scathing letter. i think this is all about free speech. which you will not find at the new york times. we will be back. ♪ experience the adventure of a bigger world in a highly capable lexus suv. at the golden opportunity sales event. get zero percent financing on all 2020 lexus models. experience amazing at your lexus dealer.

. . when the food you love doesn't love you back, stay smooth and fight heartburn fast with tums smoothies. ♪ tum tum-tum tum tums

which we can't control, and let's now look at our goals. in other words, we only want to take as much risk

as is necessary to achieve our goals. stuart: here we go just about 10:00 eastern time, five seconds away. here is where we are in the wednesday morning trading session. green across the board. moderna. stuart: their vaccine generates, that is premarket. give me a quote on moderna right now. if you can get it off the screen. they say, moderna says, the vaccine generates neutralizing antibodies in all the 45 patients in its trial. blockbuster news. here is what dr. siegel said about it last hour. >> that is the antibody we need. found in all 45 volunteers. all 45 tolerated vaccine. we see that working we'll see a vaccine by the end of the year

here. extremely promising. stuart: that is promising for the whole market which is up. goldman sachs, despite the virus they have their best quarterly revenue ever. $33 billion. its a dow stock, helping overall average up 2%. moments from now secretary of state pompeo holds weekly news conference. we're expecting him to make comments about china. we expect headlines on that. now this. now this. to me, free speech is vital. if you can't speak your mind, it is not free. what a shame free speech is in jeopardy throughout our society, in some places these days, you can only speak your mind within the context of hating president trump. you can say what you like if you hate him. if you agree with him or support his presidency, you are out. you are silenced.

barry weiss is high-profile writer or editor at "the new york times." at least she was. she resigned monday. she was she says the target of quote constant bullying by colleagues who disagree with her views. she is a centrist and didn't have much time for endless trump hating. on twitter, other staffers referred to her as a liar, a bigot, a nazi and a racist. that is harrassment. "the times" took absolutely no action. last month, "times" editorial page chief, very important guy, james bennett, he had to resign because he allowed commentary of a republican senator. he is ambushed by the trump haters that run "the new york times." there is intellectual straitjacket imposed here. free and open debate is out at "the times" just as it is in colleges and corporations. this is so damaging. solutions to problems can't be

imposed. real solutions come from debate, free expression. the free expression of opinion. we're killing that debate. where is our liberty? if you're not allowed to express your opinion? liz peek is with us. liz, welcome back. the left is starting to eat its own. go. >> they certainly are, but i totally echo what you have to say, stuart. i think the most damaging part of this is your comment about real solutions. think about climate change. if you are not completely online with the narrative about our planet ending in eight years and so forth, you are basically silenced. there is no debate about the real science of climate change. so we have joe biden coming out with a two trillion dollar program that is couched in all the right language about the climate warming and so for the but how do we know if the tradeoffs are real? how do we know if this is the

right path forward? i think this is very destruct tiff. it has to change. i think we're seeing a backlash to this even now, stuart. bari weiss is one example. a letter published in harper's magazine by 153 intellectuals is another. i hope this will continue. we cannot have suppression of the first amendment in this country. the country was born on the first amendment. it is founded on the first amendment. it is vital. stuart: it is what we're all about. that is what america is. this is a free speech paradise. at least it was but i don't think it is any longer. liz, hold on for a second, i want to get back to you for a moment. get to money for a second. we have a very nice rally going on. up 250 for the dow. solid gains across the board. look at apple, please. that stock is up 6 bucks. 394 is the price. it scored a big win in europe. it won't an appeal that would

have cost the company $15 billion to back taxes in ireland. didn't have to pay. it won. stock's up. big tech names are all up. not as much as apple by any means. facebook up three bucks. microsoft up a buck 31. so on down the line. listen to this, our next guest says, don't buy them. don't buy big tech right now. who is saying this? david bahnsen and he is with us right now. you're running against the grain of the market for the last, what, thee, four years, don't by big tech now? make your case. >> really just driven by valuations. these are some of the best companies on the planet. i maintained that forever. amazon, even down $50 today is up in a way over the last six months, year, five years, that is unlike anything we've ever seen. it's amazing but you're looking at amazon at 120 times earnings.

you're looking netflix at 150 times earnings. my argument is only this, the real interest rate has been doing nothing but go down for 10 years. these high growth companies have been doing nothing but to up because their earnings have been getting rerated against declining real rate in society. that real rate is very low. it is going to stay low but it can't go lower. it can't provide more boost to multiple valuation. therefore, their earnings, which have doubled in the last five years, can't get a five times increase in sal wages as they have the last five years. so i think long-awaited shift from, quote, unquote growth to value is definitely coming. i can't time it exactly. i have no interest in timing it. i am making a statement, stuart. that we've never in history had the leadership group from one decade be the leadership group in the next decade. so i'm looking 10 years out and saying it is not going to be those same names. stuart: if there is a shift,

okay, albeit a gradual shift away from big tech towards value, a lot of our viewers might not know what are value stocks. what kind of industries are represented as value industries. can you tell us? >> i wish our viewers never had to learn what a growth stock or value stock is, because those definitions to me are so inadequate. everybody wants a company that is growing. everyone wants to buy a company at a value. but what they generally mean by it, stuart, when they use those terms in the industry is that value represents something trading at a discount to what its intrinsic value will be. more a warren buffett type model. i'm sure a lot of viewers will be familiar with that. as you know, we're focused on value found in cashing flow generative businesses. companies are generating a lot of cashing flow. they are sharing that with their investors.

so you get a year like 2020. markets have a lot of difficulty, but investors, for example at the bahnsen group, are receiving same income or more that they received last year because those dividends are not requiring the stock prices to be going higher all the time. so i think it is a value orientation we would focus on. companies not exciting as netflix, but they are companies far undervalued relative to that space and will pay you to hold them and grow that income year-over-year. stuart: okay. just give me 20 seconds and tell me, you can find me a 5% or 6% dividend yield in a well-known stock with that dividend is absolutely secure. you can find that today, can you? >> i can find it in about 20 names. in fact we do that for our clients day in, day out. so you know i'm always willing to talk to you, stuart, about individual names. everyone's heard of verizon.

verizon's dividend is not going anywhere. they're rock solid growers. 5% over time. proctor & gambles, johnson & johnson, mcdonald's. their stock prices have gone up. they have grown the dividend not five or 10 years, 40, 50, 60 years growing year-over-year. many people are getting 20 or 30% per year from what they originally paid for the stock. how is that for 20 seconds? stuart: that is actually about 40 seconds but we'll let you get away with it because it is really good stuff. fascinating shift away from stocks going up and up and up to stocks that pay you, pay you, pay you. i find that a fascinating shift. let's see if you're right. david bahnsen, always a pleasure. appreciate it. quickly back to the markets. we're still in rally mode. we lost a little fire that we had earlier on. the dow still up 240.

the nasdaq is still up 66. take a look at spotify. that stock right now is at $260 a share and now listen to what market watcher greg smith had to say about it earlier today. roll tape. >> i think spotify, look, will be the new netflix. i think more and more americans driven by apple's ear pods, that product we walk around the streets, we see more and more people taking in music, other content in their ears. i think that will continue to drive the success of spotify. they are living on devices of more than 250 million people around the world. i think that is very powerful and underestimated and underlooked at by the street. stuart: that gentleman he suggested buying spotify back in mid bar, when it was 111. it is now 260. he think it is going to 400. remember you heard it here first.

politics, jeff sessions lost his bid against former college -- tommy tuberville. i always get the pronunciation right. he is backed by the way by president trump. i call that a win by trump as well. joe biden slamming president trump's virus response. watch this. >> open everything now isn't a strategy for success. it is barely a slogan. quit pushing the false choice between protecting our health and protecting our economy. stuart: senator joan barrasso is on our show in our next hour. he says a second shutdown would put the economy on life-support. i want to know what congressman andy biggs, republican from arizona makes from all of this. cases are rising in arizona. will that state delay reopening? i will ask him because he is on

the show. second hour of "varney" just getting started. ♪ ♪ round and round! ♪ with love we'll find a way, just give it time. ♪ at least geico makes bundling our home and car insurance easy. it does help us save. ♪ round and round! ♪ with love we'll find a way, just give it time. ♪ ♪ round and round! ♪ what comes around, goes around. ♪ for bundling made easy, go to geico.com is more important sthan ever.rp where's my tablet? you have to remember the names of your grandkids, pets, your son-in-law. favorite son-in-law. and the eternal question, where did you put your glasses? sure, you can spend the day looking for things that you misplaced. or you can take natrol cognium. cognium improves memory and recall in healthy adults. it's safe and is shown to be effective in multiple human clinical trials. six letter word for head? noggin. stay sharp. stay you. with natrol cognium.

and my password?

stuart: markets still holding in the green and here's why. moderna. it is a drug company. it has very promising news on its own vaccine. 45 patients in the latest trial. they all developed antibodies which i'm told is a really, really good thing. that put hope in the market we have a vaccine coming soon. the overall market up along with moderna. income at flir systems. they have a rosy forecast. i don't know what they do, flir systems, the stock is up 3% we thought they would give it to you. let's go to arizona where there are 4273 new virus cases

reported as of july 14th. that would be yesterday. 103 new hospitalizations. again on july the 14th. 91 new deaths reported. again, july 14th. arizona congressman andy bigs joins us now. andy, welcome back to the show. difficult day here. i want to show you the headline from the journal, it reads as follows, why arizona wasn't ready for its virus surge. it says state leaders didn't prepare when cases were low and struggling to cope. congressman, how does arizona get a handle on this? >> i would take issue with the headline, stuart. we still have headroom in the hospitals, whether emergency department, icu or general bed use. we were what about would be normal rate. now the numbers came out yesterday, there is, there is reasons why those lookp pretty

daunting yesterday. i mean, you had one report getting missed on monday that was folded into yesterday. so it is going to give an artificial high, of the death rate reported yesterday, something like 60 of those are, we don't know exactly when those deaths occurred because they were doing death certificate matching. so what i'm suggesting to you, stuart, if you just look at those 30,000-foot numbers you will get a different view than if you look at context what is actually going on on the ground in arizona. stuart: is there a feeling in arizona that you reopened too early? is that move now popular? is there much of a clamor to shut down again? >> well you know, get both sides. so my friends across the aisle they want us to shut back down, by and large when i go out through the community, people want to be out, they want to be open. they're trying to do everything they can, social distancing et cetera. they want to be open in this state.

actually, i think we've done a pretty good job managing that. stuart: is there any sign that caseloads are trending down? because that would be true of texas i believe? >> yeah. absolutely. hospitalization rate has gone down in the last 30 days from over 11.6%, down to a little over 4% are getting hospitalized today. the death rate gone from 4 1/2% to 1.8%. that include the death certificate matching i'm talking about. you're seeing trending down. you've seen some of the rates of hospital, in the hospital itself, actual numbers there, those are kind of stablized right around where you normally expect, 80, to 90%. we've been 88% last 30 days actually. stuart: congressman, so sorry i'm short on time here. thank you for coming on the show, setting things in context. let's not get running away with things. things interesting at the least.

congressman, thanks for joining us. appreciate it. >> thanks, stuart. stuart: now we'll go to indiana, to be precise. we'll go to whiting, indiana. the city has closed its beaches on the shores of lake michigan. a lot of gatherings of businesses. they didn't like that. they are closing the beaches down. our trim tremendous is there. you -- grady trimble is there. you like to tell us what is the mood like there? reporter: it is pretty empty, stuart. the mayor said there was alarming disregard for social distancing guidelines on the beach. they're following guidelines perfectly because there is nobody here. they were blaming people coming from the chicago. you can see the skyline in the background. because beaches were closed in chicago, they were driving down to indiana to come to the beaches. it is not just here. we have video from ocean city new jersey. you see beachgoers packing the

beaches. governor murphy said that those people are playing with fire. the beaches there are still open. including chicago, providence, rhode island, philadelphia, bars and restaurants shut down for not following social distancing guidelines at their institutions. these are largely places not seeing drastic spikes, arizona, florida, california, arizona, but these are places keeping the numbers relatively in control but people just are not following the rules as reopening begins. they're having to take a few steps back because of that. stu? stuart: got to follow them rules if you want to stay open. grady, thank you very much indeed. next case, secretary of state pompeo hosting a news conference right now. had words about china. edward lawrence was listening. what did he say, edward? reporter: very strong word about china. if china wants to treat

hong kong as part of china, the u.s. will treat hong kong as part of china. the u.s. will do whatever is necessarily to insure the chinese communist party changes its behaviors through actions, not just nice words. secretary of state mike pompeo fair and reciprocal trade and is not about nice words but action is what he says. he wants to make sure china follows through with the things they said they would follow through with. he said incremental increases u.s. takes against china is because they want the chinese communist party to realize conversation has now changed with the united states and the united states is going to hold china accountable. back to you. stuart: i think you're right. i think the conversation has changed here in the united states. absolutely has. grady, thank you very much indeed. facebook, this is fascinating, facebook is gearing up to launched licensed music videos on facebook.

susan, doesn't that put them direct competition with youtube? susan: big challenger. techcrunch. facebook informed artists there is new setting to add music videos to their pages. that is set to launch august 1st. facebook will create a page for videos even if though choose not to use the new tab. getting ahold of a new feature set out to music artists. facebook said they were launching a new video music service. facebook will be a big challenger for youtube which has 46% of the world's music streaming outside of china 2017 according to one analysis. we don't have the most recent data. youtube claims over a billion music fans came to the site to connect over two billion artists, paying out over $3 billion to the music industry this was a move many had anticipated for facebook. bloomberg reporting at end of last year talks were taking place with three music labels

including universal, warner, sony. artists under the major u.s. labels can't share full music videos on facebook because of licenses rights. they can provide only short previews. if you look at tiktok's rise, music is very important connecting tool coming to social media. a lot of video service is another challenge to you tune. they say it hasn't really provided to youtube when it comes to revenue. stuart: i think it is a real challenge. when facebook gets something like that that is a real challenge. susan: yes. but it hasn't always worked. look what happened with their dating selections. wouldn't say facebook has taken a lot away from use tube. stuart: i think so. susan thank you. we'll check the market. we're still up 3 hundred points for the dow jones industrial average. i think we have a live of virus testing from hard rock stadium in mime day dade county.

phil keating says four hour wait from the back of the line. vehicles keep coming. that is live shot. four hour wait. interesting. today, it is tax day. did you know that? could look very different if joe biden is in the white house. we'll take you through his tax hikes. what you can expect from a biden presidency. we'll do that in our next hour. joe biden himself unveiling a two trillion dollar clean energy plan. watch this. roll it. >> there is no more consequential challenge that we must meet in the next decade than the on rushing climate crisis. >> at the core of his economic agenda is a hard left crusade against american energy. he have wants to kill american energy. stuart: well, our next guest is going to tell us that clean and green energy comes at a big price. he will make his case about that price after this.

♪.

stuart: coming up on 10:30. we have a rally on our hands. dow up 300 points as we speak.

show me walmart, please. i don't think the item of news affects the stock, walmart will require face coverings in their store starting july 20th. look at that, 133 on walmart as we speak. it is 10:30. that is the moment we get the latest numbers how much oil we added to the storage tanks or taken out and used. ashley, the numbers, please. ashley: i smile back at the camera with no idea now, stu, i can tell you what we are expecting, what we are expecting is a drawdown of 2.1 million barrels which is and encouraging sign for the economy of course because it means that demand is going up. we know opec wants to try to scale back production cuts by about two million barrels atoday to meet increased demand. i'm still hearing absolutely nothing in my ear. i still continue to do my fred

astaire. still waiting. stuart: let me bail you out of this. that was a terrific smile, that you gave right into the camera. any other, anybody else who is not as professional as you would have burst into tears because we have come right at you and you don't have the news we're expecting. have we got it yet? ashley: i don't. no one, i got complete silence in my ear which is a little disturbing. stuart: i hear voices in my ear which is very disturbing. ash, i promise we'll get back to you if and when we get the numbers. i'm moving on. ashley: okay. stuart: joe biden has revealed his clean, green, energy plan, and it calls for two trillion dollars worth of spending during his first term, the first four years. that will be on climate friendly infrastructure. okay. we got that from joe biden. now listen to what president trump said about the plan. roll tape. >> now joe biden is pushing a

platform that would demolish the u.s. economy. at the core of his economic agenda is a hard left crusade against american energy. he wants to kill american energy. he wants to impose the green new deal on our country. this will destroy our country. and, make us non-competitive with other countries. stuart: all right. i want to bring in a real professional in the oil markets, the man on the right-hand side of the screen, stephen schork, the schork group principal. the biden plan calls for getting all power from renewables by 2035, 15 years from now. if we did that, what kind of a price would we pay? >> it is unimaginable, stuart, because we simply cannot do that. we simply do not have the resources. joe biden is getting a nomination on one of the cores that he is going to deliver the state of pennsylvania for the democrats in november.

given how important natural gas hydrocarbons are to the economy of this state and its future, there is no way that pennsylvania will go with the biden plan. to this point, our hydrocarbon industry fueled by natural gas, gives the united states commercial, industrial interests, unparalleled comparative advantage around the world. we have a significant leg up to manufacture and exploit this industry. so, if we go ahead with this two trillion dollar foray we're absolutely throwing away an advantage every other competitor around the world is envious of. that said, stuart, a price that is incalcuable at this point. stuart: do you expect it to happen? i mean, not saying whether you think biden will win the election or not, over the next few years do you think we will move closer to a totally green energy picture, in which case, you're out of business, because you're an oil guy?

>> no. absolutely. certainly going that way. i don't want to stand in front of progress and clearly the advancements we're making with evs, in certain other technologies we are certainly moving into that direction and market is solving this but we cannot get away from the fact that natural gas is the greatest denominator here. so this is the future link. so to sit there, having an industry say we'll only do it one way is not the right answer. look, vice president joe biden 12 years ago told every out-of-work coal miner and factory worker they would get jobs working in the solar power industry. that was 12 years ago. those workers are still waiting for those jobs to appear. so natural gas, hydrocarbons are part of the solution. i'm not saying to step in front we cannot move to greener, and we are, we made tremendous strides over the past five years alone. that is just five years.

in 15 years we will get there. let market solve it. let natural goose. let the comparative advantage of it. we'll have a cleaner, greener world, 15 years hence. stuart: i hope you still have your job. stephen schork, thanks for joining us. appreciate it. good stuff. two trillion dollar green climate plan, there are some stocks that would actually benefit from that plan, if it were implemented. ash, i don't know whether you got the oil numbers yet. i don't really care. tell me about the stocks that benefit from the green new deal. ashley: build of 7 1/2 million barrels, which shows the demand apparently is not there. expecting a drawdown. a big build in oil which is negative for oil prices. but i move on because that is old news. yes, who benefits from joe biden's climate plan? well certainly green companies. you could argue that companies like tesla and nikola, the electric vehicle companies will do very well under this plan. also companies like nextera

energy which provides clean energy as opposed to fossil fuels. so who doesn't do well under joe biden's plan? it is old traditional fossil fuel plays. harley-davidson. ford, polaris. these are all combustion engine type products. coal producers, even nat-gas producers, natural gas would also fair pretty poorly. by the way natural gas was the number one source of electricity in the country last year and continues to be. only caveat to all of this, stu, joe biden is not opposed to fracking. that is what he says. that is what he claims. that will get his left-leaning colleagues very upset but he doesn't want to ban fracking. but when you look at this plan, really? come on. stuart: but he wouldn't allow any new fracking. certainly not on federal land. ashley: correct. stuart: he wouldn't allow that.

he wants to win pennsylvania. so he won't ban it. we'll see about that. ashley, thanks very much indeed. great news on oil. very good. nice timing. ashley: thank you very much. stuart: you're welcome. four cities in california are refusing orders to closeout door dining. one of those cities is dublin. it is in the bay area. we'll hear from the mayor of dublin california, in our next hour. president trump unhappy with los angeles starting the school year online. watch this. >> i would tell parents and teachers that you should find yourself a new person, whoever is in charge of that decision because it's a terrible decision because children and parents are dying from that trauma too. stuart: well, we have the california school board association guy a little bit later. can they macon line learning really work? i've got my doubts. let's see what he has got to say. we'll be back with more in a

moment. 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 for when it matters most and that's just one of the many ways we're here to help the military community find out more at usaa.com

stuart: schools in los angeles and san diego will stay closed. students will continue to learn online. no they won't. according to the orange county school board, online learning has been quote, an utter failure, it is going to continue. depriving the heavily hispanic student body of an education for the year. who is thinking of the parents? juggling work and homeschooling. who is looking out for the children who can't learn or socialize? or businesses going bankrupt because their workers are at home with the kids? oh, i feel strongly about it. that was me from yesterday in the editorial, my take. we did this yesterday. let's bring in troy flint.

he is with the california school board association. troy, i'm mincing no word here. i think that is a terrible thing. i think you're depriving children of the an education for the rest of this year. your response, please. >> my response is that school districts are faced with two bad options. schools are eager to resume on campus instruction. teachers and other educators desperately want to be on campus with students but not at any cost. they want to resume on campus instruction when it is safe to do so and right now the conditions are not in place because schools do not have the resources, to implement measures that can safeguard the health and safety of student staff and community. stuart: the orange county school board said that online learning has been quote, quoting now, an utter failure. and they want to go back to the

classroom teaching without social distancing, and without masks. what's wrong with that? >> there are certain districts which may have the means in place but that is not the case generally. so within california each local school district is going to look at its circumstance, what it can do to safeguard its children, consult with parents, with students and staff about what makes sense for them. as well as consulting their local health officer to see if they can put everything in place for a safe return to campus. and those districts that judge they can't meet that standard will resort to distance learning. not because they want to do that because the alternative is far worse. when you have two conflicting principles, health and safety and human life, needs to take precedence. stuart: teachers union in los angeles said publicly they don't want to go back into the

classroom unless the defund the police and unless you get "medicare for all," and unless you pay out more money, money to illegals. what do you say to that? >> what the teachers union is trying to do is address that this is a large, sprawling issue which impacts all factors of society. we are focused primarily on the school setting what we can do to resume instruction safely and effectively for children. certainly there are infrastructure problems in this country which are impacting our ability to navigate this crisis because people feel the need to go back to work because it is difficult to educate students online if they don't have broadband access and that is our fault as a society for not investing in the infrastructure before there was a time of crisis. now covid-19 is exacerbating

these problems, revealing the cracks in our society but as an education organization we are focused on what we can do within the walls of k-12 schools to support students. that means getting them back on campus safely, if you can do so and if not, pouring all your efforts into distance learning, to make it as effective as possible. now we know distance learn something not an appropriate substitute for in-person instruction. we want to get back to that as soon as we can but when you have guidance which is constantly changing, when schools don't have the proper ppe, when they don't have the sanitation, when they don't have the staffing, the transportation, to import these safety standards that local, state and community government have been advocating it would be irresponsible to throw children into the breach to try to achieve some other economic or political end. stuart: okay. i think we will agree to differ. troy flint, thank you very much for being on the show. we'll see you again soon.

all right. different subject, former college football coach tommy tuberville claiming victory, he won the alabama gop senate runoff. watch this. >> democrat doug jones is running for re-election with a slogan of one alabama. well, you can make no mistake about it, what doug really means is one liberal alabama. stuart: i'm going to call his win a win for president trump, who backed tommy tuberville, by the way, tommy tuberville will join us on the program very shortly. what's next? let me tell you. we have the dow industrials on the upside. we'll talk about renaming the redskins and here's what lou holds said about it. i'm sorry, more "varney" after this

but we're all going at our own speed. at enterprise, peace-of-mind starts with our complete clean pledge, curbside rentals and low-touch transactions. with so many vehicles of so many kinds, you can count on us to help you get everywhere you want to go... again. whenever you're ready, we're ready for you. enterprise.

simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. touchdown! only mahomes. the big events are back

and xfinity is your home for the return of live sports.

stuart: tommy tuberville, former auburn university football coach, he beat former attorney general jeff sessions in alabama's gop primary runoff. it was a big win, 60-39. tommy tuberville joins us now. tommy, welcome back to the program. good to see you again, sir. great stuff. >> good to see you again,

stuart, hadn't talked to you for a while. good to see you. stuart: you can still understand my accent, i can understand yours. in november you're going up against a democrat, doug jones, who currently holds one of the senate seats in alabama, for the democrats, if you beat him, if you win, that completely ends any chance that the democrats retaking the senate. you're backed by president trump. you're looking good, aren't you? >> well, we are today and we've got three months, stuart. it is kind of a short running period because we extended our runoff because of this pandemic but, president trump jumped aboard. this election was as much as about president trump, the referendum on how strong he is in alabama and in the south. i'm just as proud for him but as you said, we have got to keep the senate. we can't turn the senate over to these lunatics on the left. doug jones, he doesn't stand for anything that people of alabama believe in, the majority of us,

and so, i've got a good agenda for the next three months. i will run hard. they will throw millions of dollars at us. they raised money from all over the world. it is amazing. i'm excited about it. i'm doing it for -- i worked awfully hard to get to this point. stuart: the margin of victory was really big. you won by 21 points. when you expecting such a big victory? what were your internal polls telling you? >> well two weeks ago we had 20 point lead in most of the polls. then this past week it went down to 8 to 10. it started getting a little bit negative. you know, we held in there. we were positive. jeff sessions is a good guy. i want to thank him for his service, for the state of alabama. he called me last night and jumped on our team, coach, we have to beat doug jones. he is all in. the big thing is i'm an outsider. i don't need a job. i told you this before, stuart. i want this job.

i have had a job 40 years dealing with education, businesses, people, and i understand this country and i'm going to be a big asset for the state of alabama and -- president trump in washington, d.c. stuart: now you're going to be thrown into the political arena. let me ask you a slightly political question. what do you think of the changing of the name of the washington redskins? >> well, you know, it is a private enterprise. to me, you do what you want to do. it is not, it's all owned by individual people. now, at the -- if that is what you feel like you need to do to keep your program going, to have success, i mean i was a football coach for a long time. you look for every avenue for success and making your program grow. if you think that is the right thing to do, fine. but you shouldn't be forced to do it. i do not believe that. stuart: okay. e cleveland indians, atlanta braves, kansas city chiefs, you think they will change their names. >> well, kind of like florida

state seminoles. a few years ago the florida state seminoles did a survey with the seminole tribe in florida and they were excited about continuing that name in florida, at florida state. so i think these teams need to do the same thing. again, this is a private entity. you can do what you want. this is a free country. i mean, you are not governed by the united states government to tell you what to do and so, you should be able to do what you want to do, when you want to do it, until we become a communist country like the left is trying to get us to become, do what you want to do, whether you think it is right or wrong, you make your own decision. the government should not make it for you. stuart: glad to have you back on the program, coach, really glad to have you back. congratulations on a very big win last night. tommy tuberville. appreciate it. >> thank you. stuart: move on to joe biden. he wants to spend two trillion dollars on green energy. looks to me like this guy is a

tax-and-spend guy on steroids. i'll give you my take on that coming up. environmentalist bjorn lonborg he case environmental ideas is unrealistic third hour of "varney" coming at you right after this. i've always been fascinated by about what's next. and still going for my best. even though i live with a higher risk of stroke due to afib... ...not caused by a heart valve problem. so if there's a better treatment than warfarin, i want that too. eliquis. eliquis is proven to reduce stroke risk better than warfarin. plus has significantly less major bleeding than warfarin. eliquis is fda-approved and has both.

what's next? reeling in a nice one. don't stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. eliquis can cause serious and in rare cases fatal bleeding. don't take eliquis if you have an artificial heart valve or abnormal bleeding. while taking eliquis, you may bruise more easily- -and it may take longer than usual for any bleeding to stop. seek immediate medical care for sudden signs of bleeding, like unusual bruising. eliquis may increase your bleeding risk if you take certain medicines. tell your doctor about all planned medical or dental procedures. ask your doctor about eliquis. and if your ability to afford... ...your medication has changed, we want to help. it was 1961 when nellie young lost her devoted husband. without him, things were tough. her last option was to sell her home, but... her home meant everything to her. her husband had been a high school football coach and it turned out, one of his former players came up with an answer. a loan, created just for older homeowners.

and pretty soon, nellie young had one of the first reverse mortgages. discover if a reverse mortgage loan is right for you. use it to eliminate monthly mortgage payments and increase cashflow, create an emergency fund, preserve retirement savings and more. call now for your free information kit. that first reverse mortgage loan meant nellie could stay in the home she loved so much, with memories that meant even more. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan... and it's tax-free cash just when you need it. it's about making your retirement better. call today and find out more in aag's free, no-obligation reverse mortgage loan guide. access tax-free cash and stay in the home you love. of course, you can use it to pay some bills, cover medical costs, update or repair your home. but best of all,

it eliminates those monthly mortgage payments so you get more cash in your pocket, every month. learn how you can use a reverse mortgage loan to cover your expenses, pay for healthcare, preserve retirement savings, and so much more. a lots changed since 1961... since then over a million older americans have used a reverse mortgage loan to finance their retirements. it meant so much to nellie, maybe it could mean as much to you... call now and get your free infokit stuart: the rally holds. it's 11:00 here in new york city

and i'm seeing an awful lot of green, up 330 for the dow industrials, up 70 odd points for the nasdaq, 33 for the s&p. that's a rally. this is why or partially why. big news from moderna. they say their vaccine is ready for its final phase of testing and results from moderna's vaccine thus far, very positive. we could hear some more positive news about a vaccine from astra-zeneca. both stocks up, especially moderna, up 11%. earlier this morning, more good news. industrial production surged 5.4% in june. we are really coming out of that hole from mid-march. that is the largest monthly increase since december 1959. happening now, president trump getting a law enforcement briefing on the ms-13 gang. it's closed to the press but we will bring you any headlines. now this.

joe biden has been a washington politician for nearly a half century. he's always been a tax and spend kind of guy. now he's a tax and spend guy on steroids. he's released his economic plan. you be the judge. joe would raise the corporate tax from 21% to 28%. he would raise income taxes. he would raise the payroll tax. he would raise the capital gains tax. when you're dead and gone, if you've got anything left, he will raise your estate tax bill, too. that we are told is fairness. on the spending side, joe will spend really big on green energy. he wants emissions-free power generation by 2035 and will spend $2 trillion to do it. four million buildings will get a green energy upgrade in four years, all government vehicles will have to go electric, and there will be a new bureaucracy,

oh, please, a new office called the office of climate and environmental justice. told you. this really is tax and spend on steroids. let's have a little fun. we are going to split the screen and do a point/counterpoint with joe biden and president trump. watch this. >> i see american manufacturing, american workers racing to dominate the global market. >> america lost nearly 10,000 factories while joe biden was vice president. >> one in five miles of our highways are still in quote, poor condition according to american engineers. >> why didn't he fix them? he was there for eight years with president obama. why didn't they fix them? stuart: it went on from there. it was really entertaining. look, we have the election standoff right there in that point/counterpoint. the election is 111 days away. it's on november 3rd. the economic choice is clear.

tax and spend like you have never seen before or tax cuts and growth like we saw in the first three years of the trump presidency. i'm for growth. always have been, always will be, because growth brings prosperity and prosperity is the glue that binds this diverse society together. let's move right along to the markets. having had my little rant right there, we bring in jason katz, who says this is the most hated rally of our time. most hated rally? that's strong stuff there, jason. make your case. >> good morning, stuart. you think about how hated it is because it's counterintuitive. we are making new highs, yet we see suffering with respect to the virus curve and unemployment, et cetera, and there are many people that feel that it's immoral to profit in times of adversity. and the professional investment community has had to eat humble

pie. many of them have underperformed by a pretty significant margin and now they have performance anxiety. they have to play catch-up. individual investors have largely benefited from this because they sat on their hands but for those that are underinvested, they too have the fear of missing out. lastly, add to that that money supply year over year is up 25%. it's a recipe for what's been a very meaningful rally off the bottom. stuart: it does seem like this vaccine news from moderna, that really gave the market a shot in the arm this morning and it opens up all kinds of possibilities if we really do have a viable vaccine. so the vaccine news is a big part of today's rally, right? >> it's a big part of the rally over the last few days. what we have seen in terms of treatment protocol, what we have seen with respect to vaccine progress, is really encouraging. we have over 100 shots on goal and it's not moderna, it's pfizer.

it's not pfizer, it's johnson & johnson. many of these companies are seeing a lot of progress. so what you are beginning to see is that in spite of the fact the accelerator has been pressed down to the floor has been digitization and a lot of mega-techs have and justifiably should have runup, you are starting to see a broadening out in some of the more select cyclicals begin to participate. that's why you are seeing the dow and other indices that are more value tilted begin to creep up here. stuart: i understand the st. louis fed says the economy's really going to rebound nicely the second half of the year, and you might get unemployment down to 4.5%. 4.5% by the end of the year from the st. louis fed. that's quite a remarkable prediction. that's kind of bullish for the market as well, isn't it? >> clearly, to be in double digit unemployment now and see that drop in half would portend a very meaningful rebound in the economy and would justify current valuations and perhaps even more upside.

it seems a little bit ambitious here, some of the recent numbers have been really strong but it doesn't take into account some of the setback we have had in self-imposed lockdowns and rollbacks. i do believe that with the progress as far as the medical front is concerned, unemployment will continue to come down. perhaps not to the extent that bullard has outlined. stuart: you manage the money of very wealthy people. are they happy? >> i mean, look, if you fell asleep and missed the 37% odd decline and woke up to a 40% plus rally, of course you're happy. what you're not happy about is that your friends and family and colleagues have had a setback because the stock market is not exactly indicative of the economy at large. it's a disproportionate amount of mega-tech that account for all the performance or at least a lot of it. the nasdaq alone, 45% of the rally is attributable to six or seven of the names we know and

love. so i think they are going to really be happy when we start to see progress on the virus curve. stuart: they will indeed. jason, thanks very much, sir. see you again real soon. thank you. >> thanks, stu. stuart: let's talk back-to-school. this is a very very important subject. as colleges shift to online classes, many students will consider taking the next semester off. that would be my opinion. take a look at this. new study from the new york federal reserve claims that delaying a year of college can cost you up to $90,000 in lost wages over the course of your career. brian brenberg is with us from the kings college in manhattan. look, forget what the new york fed's saying about a gap year, whether to take it or not. frankly i find that utterly irrelevant to this particular situation. i'm interested in talking about online classes. what's the point of going to college, staying at home and doing it on your computer?

i just don't see the point frankly. i don't. >> well, you don't and a lot of students and parents don't see it either, stuart. they're right to think that. this is a moment where you should be thinking about a gap year. i'm with you on that fed study. i don't buy it for a second because some of the best students i have had in college are the ones who have taken a gap year. they've got that maturity. they've been out in the world and learned something. i love it if you can find a good experience but right now we are in that moment where a lot of schools are having to fight for the opportunity to be in person. the kings college in new york city is fighting for the opportunity to do on-campus education and we are working as hard as we can to do it. some students are going to have to have that online bridge and i think that's okay, but it's only okay if you're talking about a school that's really committed to the in-person experience because that's irreplaceable. right now i'm seeing a lot of colleges who seem all too willing to abandon that, because it's convenient to go online.

but that's not serving students the way students ought to be served if they are investing in a college education. stuart: does the price go down if you are online learning? >> yeah, i think in most schools it's going to go down because the indirect costs of living and housing and food and all those things are going to disappear. but i think that's really the wrong equation, wrong part of the equation to be focusing on. students should be focusing on value. parents should be focusing on value, what are they getting out of the education. you can get a lot of value from remote learning but you are going to get the most value being together with your professors and classmates. if your school is committed to that, that's great. if it isn't, you should be looking at all tern titernative now. stuart: my education when i went to college, it's 50 years ago for heaven's sake, but my education was not in the classroom. it was the conversation that you had with your fellow students, you are rubbing your brain up against somebody else's very good brain, you are hammering things out constantly, that was

my education. not what i got so much in the classroom from the professor. i'm pretty sure it's the same with you. >> look, it's both, stuart. you have great professors who cause you to think and ask good questions, that spurs the conversation out of the classroom. it's also about where you are. if you are in a place where there's great working professionals, where there's mentors, people you can learn from, you are going to grow exponentially in terms of your capacity. but all those things have to be in place. if you are at home on a screen, just getting content, that's not the same thing. i think a lot of schools are trying to pretend that it is. please understand it's not. you've got to be at a place where you are rubbing shoulders, as you said, where it's iron sharpening iron. that happens in person. it does not happen when it's mediated by a screen. stuart: do you realize i went to college before you were born? >> stuart, i can tell that every day because you are so wise. only a man who has been to college that long ago could bring that kind of wisdom to

this conversation. how's that for an answer? stuart: game, set and match to you, son. that's a fact. brian, you're all right. we hope you come back soon. see you soon. >> you bet. stuart: i've got some stocks that are moving the market today. look at facebook. facebook at the moment is up just 40 odd cents. it was up more than that earlier. they will take on youtube from google. they are introducing licensed music videos on the facebook platform next month. that's according to tech crunch. the stock is only up 30 cents. surprised at that. tesla, they are getting tax breaks to build a truck factory in texas. travis county offering $14.7 million in tax breaks over the next ten years. there's a whole lot more than that as well. look at nissan, rolling out their new electric suv. it's their first all new global car in five years. the stock is up nearly 7%.

edward lawrence is with us. he's been checking out the secretary of state's press conference about china. what did he have to say? reporter: yeah. we heard from the secretary of state mike pompeo. now we are hearing from the chinese. a spokesperson for the chinese foreign ministry responding to the president signing the hong kong autonomous act or autonomy act, saying they first of all had called the u.s. ambassador in to talk with the u.s. ambassador in beijing. also, the chinese saying that they firmly oppose the move by the u.s., the chinese foreign ministry spokesperson going on to say that china defending its law, the national security law, saying it's fully consistent with the agreement that they have made, also saying it provides legal safeguards. the chinese foreign ministry spokesperson says they will defend their legitimate interests and says china will take the necessary response to possibly sanction individuals as well as entities in the united states for the signing of this

act. as i say, they urged the u.s. to correct its mistakes. according to the chinese foreign ministry spokesperson from this so-called hong kong autonomy act. now we heard from secretary of state mike pompeo. increasing hardening the language against china, telling them to follow through with the actions, not just nice words. now we are hearing back from the chinese and they are also increasing their rhetoric. we will see if action comes behind that. back to you. stuart: it's cold war two, looks like it at this moment, i've got to say. thanks very much indeed. now, google is facing a new privacy lawsuit. susan, is this absolutely brand new or is this something that's regurgitated? susan: a new lawsuit but the second class action lawsuit in as many months. this lawsuit contends that google still records what you are doing on hundreds of thousands of apps, even when you follow the settings to opt out of it. they track what users are looking at when it comes to news, ride hailing apps and many, many more. it's through its fire based software which is popular among active developers and makers for

storing data, delivering notifications and ads but also tracking glitches and clicks and fire base typically operates on apps invisible to consumers but it's also the way google tracks you according to this plaintiff suit. in that, by the way, tracking even when you turn off the web and app activity, tracking on your privacy controls. they say this violates federal wiretap and california privacy laws. the first lawsuit that was launched last month claimed google's chrome browser continues to track you even when you are in privacy mode. google has a lot of problems on its hands because they might be facing a doj antitrust lawsuit later on this summer according to numerous reports, because it has way too much control over advertising and search. if you look at the tech stocks today, they are coming off, i just want to note amazon has come below 3,000 now and also apple has pared back some of their gains already. stuart: i noticed that. but i would also notice that google is still worth just over $1 trillion even though it's pulled back a little this morning. you're right, susan, some of the

big techs are pulling off the upside moves they had earlier on today. but the dow still up 250. look at the right-hand side now. the president is getting ready, a briefing on the ms-13 gang. just a few hours, he's heading to atlanta to give a speech on rebuilding infrastructure. meanwhile, his rival joe biden laser focused on the environment. watch this. >> when donald trump thinks about climate change, the only word he can muster is hoax. when i think about climate change, the word i think of is jobs. stuart: that climate change plan from mr. biden comes with a $2 trillion price tag. we will find out if it's worth it. growing fears of a second shutdown as virus cases skyrocket. our next guest says it would put the economy on life support. we'll be right back. ♪

- hey, can i... - safe drivers save 40%!!! guys! guys! safe drivers save 40%!!! safe drivers save 40%! safe drivers save 40%!!! that's safe drivers save 40%. it is, that's safe drivers save 40%. - he's right there. - it's him! safe drivers do save 40%. click or call for a quote today. [camera man] actually anyone 50 or over is at increased risk for shingles. the pain, the burning! my husband had to do everything for weeks. and the thing is, there's nothing you can do about it! [camera man] well, shingles can be prevented. shingles can be whaaat? [camera man] prevented. you can get vaccinated. frank! they have shingles vaccines!

-whaaat? -that's what i said. we're taking you to the doctor. not going through that again. [camera man] you can also get it from your pharmacist! talk to your doctor or pharmacist about getting vaccinated.

talk to your doctor or pharmacist 49i found you! good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. xfinity. the future of awesome.

open everything now isn't a strategy for success. it's barely a slogan. quit pushing the false choice between protecting our health and protecting our economy. stuart: all right. there you have it. joe biden slamming president trump's virus response. let's bring in john barrasso, republican senator from the state of wyoming. senator, there's a lot of talk in some parts of the country that we need a second shutdown,

a retreat from the reopening that we've had recently. what do you think would happen to this economy if we did have a round of new closures all over again? >> there's no need to go there. we're not going to shut down the economy again, stuart. there's no need to push the panic button which we are now seeing certain governors doing and certain school superintendents. the first shutdown cost us 40 million jobs in america. that can never happen again. we need to do it responsibly. that's why next week when congress gets together, i have key points to any kind of reopening bill that we do to make sure we focus on getting people back to work, getting kids in school, making sure that we save lives and you have that great news today about a vaccine but also more testing, better treatments, and then we need to guarantee that there's liability protection for our health care workers, for our schools as well

as for the mom and pop businesses. that's the way all of them can more safely open. stuart: they are going to come right at you and say you are sacrificing the safety of american workers and american children in the name of economic growth. that's what they're going to say to you. >> they have been saying that for a long time and they are wrong on that. there are huge costs to us as a nation, as a society, by not having kids in school, by not having people in work. i have written about that extensively about the cost of -- to the american public of being locked down and to our economy and locking us down. we cannot go back there. nancy pelosi wants to pay bonuses for people and states that go back to another shutdown. that's their whole approach. pay more if you don't come back to work. that's going to be the big fight in congress next week, when we get together again to have this discussion, this debate, and that's why i have the key points that have to be any kind of piece of legislation as we move

forward, keeping the country open and doing it safely and smartly. stuart: i know it's not your call, but would you consider relaxing some of the social distancing rules, especially for going back to school? because if you've got to stay six feet apart in the office or at school, you really can't go back to where you were previously. would you consider relaxing social distance? >> look, we need to do the things that we know work. to me, that's wearing a mafssk d the president has done that now and calls for others to do it. it's hygiene and it is a level of distance. in schools for young people, it may be less than six feet. but we need to do the things that we know are important to help protect all of us in our society. those are the things that i focus on. we need to keep the country moving forward. i still believe our best days are ahead of us, stuart. we will get the disease ultimately behind us and the more we pull together and do it in the right way, the quicker

that will be. stuart: senator, the republicans are reportedly planning on holding next month's convention outside because of the surge in virus cases in florida. would that make it a safe event? >> well, i believe it will. they are taking every possible precaution to make sure that it's a safe event in florida. i will tell you it will be a great event and a great celebration for the president. you know, stuart, i chaired the platform committee four years ago for the republican national committee and for the convention and we are going to continue with that platform at this point. the delegates from wyoming are looking very much forward to being there to celebrate the president and i can tell you it is going to be a great show with lots of energy and lots of enthusiasm. stuart: will you be there, mr. senator? >> well, i'm not going to be a delegate this year as i was four years ago, so it's still six weeks away. time will tell. stuart: got it. >> either way i will celebrate

and it will be a great show. i'm looking forward to watching the president that night. stuart: i hope you watch us and our coverage of what's going on in florida next month. thank you, mr. senator. always a pleasure. see you again real soon, sir. >> thanks, stuart. stuart: a new lawsuit just filed against uber and lyft. oh, no. susan, who is suing now? susan: massachusetts following california's lead after california passed the worker bill known as ab-5. they are trying to force uber and lyft to reclassify their drivers as employees instead of independent contractors. so massachusetts also believes drivers should be paid minimum wage, benefits and vacation as employees. uber says they will fight this suit which comes at a really tough employment time and this bill will put many out of work in the state. lyft says 50,000 jobs could be hurt in massachusetts and drivers want to stay as independent contractors by a gap of four to one. massachusetts like california claims uber and lyft are trying to pass the buck of paying benefits on to the state and the reason why the stock, by the

way, has underperformed, still trading way below their ipo offer price, is because of the regulatory overhang over the business model going forward. stuart: i think it's just terrible. i really do. what about all those people who just want to work a little part-time here, four hours here, four hours there. retired people, students. they can't do that now. susan: extra money on the side as well. stuart: of course. of course. what's wrong with that? i'm surprised that california, the innovation capital of the planet, should be cutting down on this kind of innovative business. deary me. i think i've had my little rant. all right. we've got the markets up nearly 200 points now. we have lost a bit of the rally. three months after the feds pushed it back, tax day is here. it's today. be prepared to pay a lot more next year if joe biden makes it to the oval office. we will tell you all about his big tax plans shortly. biden has also got big plans for the environment. he's unveiled a $2 trillion

proposal for green energy. is that realistic? we will deal with it next. ♪ as a caricature artist, i appreciate what makes each person unique. that's why i like liberty mutual. they get that no two people are alike and customize your car insurance so you only pay for what you need. almost done. what do you think? i don't see it. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

i'm an associate here at amazon. come on christian, step onto the blue line. good! stay safe, man. this device is giving us an accurate temperature check. you're good to go. have a good day. the safety of amazon community is very important. you're good to go, sir. thank you! if i can take care of everyone who is sick out there, i would do it in a heartbeat. step onto the blue line, sir. i have to take care of my coworkers. that's how i am. this is my passion. have a good day. i have a son who is 10 years old. i say, "you know, mommy loves to help people." and he said, "wow, one day i'm gonna be like you too. i'm gonna be a doctor." he make me cry. have a good day out there, okay?

stuart: we are going to hear from the president momentarily. right now he's getting a law enforcement briefing on ms-13. we should see him shortly. when we do, you are going to see him along with us because i think he's made some kind of statement to the media that's there. while we wait, check the markets. weave a sti've still got that r going, up 250 on the dow. this is largely because of good bank earnings and news on the virus vaccine from moderna. they are making really strong progress there. that's really helped the market. look at this. retractible technologies. they make syringes and needles, which you need to give people virus shots. that stock is up 13%. now, we spent some time today talking about joe biden's green bill, green energy plan. we bring you now the author of

the book "false alarm." bjorn lomborg is with us, the sensible environmentalist and frequent guest on this program. welcome back. good to see you again. >> good to be back. stuart: now, joe biden wants to go to emissions-free power sector by 2035. can he do that? is that realistic? >> well, you can do almost anything if you are willing to pay for it. but the reality is we know that this is going to be phenomenally expensive so he's also promising to go net zero by 2050. if you want to do that, there's just one country that's estimated how much this is going to cost. that's new zealand. they found it's going to cost you 16% of gdp every year. so this is not a $2 trillion plan. that's $5 trillion and that's every year you have to pay that. very clearly, that's a very poor deal. you are going to end up spending

16% to cut a bad problem back a little less than 2%. not a good idea. stuart: now, you are an environmentalist. you believe that human beings have a lot to do with the changing of the climate. that's where you are coming from. you have been coming from that direction for years and years and years. what is it about the biden plan and about the green new deal that makes it just out of the question? i mean, how would you fix it? how would you combat climate change, if you don't like all these ideas we are getting from everybody else? >> well, we are certainly getting some bad ideas that are basically about spending lots of resources and achieving almost nothing. but biden also suggested and that's actually how we can fix climate change, to dramatically ramp up investment in green energy r & d. look, the fundamental problem is right now, green energy is too expensive so a few countries like rich america will subsidize a little bit too feel good about themselves but you will never

get everyone to switch. if we could innovate the price of green energy, that could be nuclear, that could be solar and wind with storage, there are lots and lots of other options, if we could just get one of those technologies to be cheaper than fossil fuels, everyone would switch. so we should focus on the smart technologies, the smart policies, but not the policies that are just going to cause immense amounts of resources and not actually fix very much of the problem. do some of the smart stuff that biden said. don't do the stupid and very very expensive stuff. stuart: do you think the whole thing revolves around new technology, specifically battery technology, specifically storing of the electricity, the wind power creates so you can send it out whenever you want to send it out? it's technology that's the heart of all of this. >> well, technology certainly is but i don't know if it's exactly battery technology. if i knew, i would be a lot richer than i am. but the reality is right now, people talk a lot about battery

but just to give you a sense of proportion, the u.s. has enough battery storage and other storage for its electricity to cover 17 seconds of its electricity consumption. so no, we are nowhere near being able to deal with the battery storage needed. that's why you either need backup power or you need some base load power like for instance nuclear can provide or an other way to do this. there are lots of different technologies. let's not pick winners. let's invest in research and development because that's what's really going to fix this problem. we need to get out of this. it's the end of the world sense and start thinking about it like we do everything else, this is a problem that ingenuity fixes. stuart: got it. bjorn, thanks for joining us again. see you again soon. thank you. president trump taking shots at joe biden, saying he will kill the markets and your 401(k). joe biden says he's going to help the economy by creating jobs.

lauren, what's a safe buy right now? lauren: picking up on the $2 trillion climate change plan of joe biden, that's good for the green and ev investments, tesla, nikola, and the auto parts maker. stay away from ford, harley davidson, coal stocks and even natural gas, stuart. but you have to remember that biden would likely ease tariffs, ease the relationship with china. that's good for procter & gamble, nike, 3m and dupont but those are stocks. what about taxes, what about your wallet? well, a repeal of the trump tax cuts and a higher federal minimum wage that would slam businesses. look what the tax foundation estimates. biden al biden's policies will slash 585,000 full-time jobs. what about individuals? give you two quick examples. a married couple filing jointly would see their marginal tax rate double to 25%. the estate tax exemption would be cut in half.

and the top capital gains tax would be restored to 39.6%. that's all assuming that biden wins. another four years of trump would likely further boost health care and technology stocks. let's show you some of those names. tesla is up 661% since the 2016 election. eli lily up 123%. stuart: i take your point. all right, thanks, lauren. dr. fauci blaming young people for the spreading of the virus. you better watch this. >> it may not matter to you because you're probably not going to get any symptoms. not only are you propagating the outbreak, but you are actually putting other people in danger. stuart: all right. obvious question, can you really control youngsters? we will discuss it. first, today is tax day. we will take a look at what joe biden's tax plan looks like for your family and your business. you might not like what you see. we'll be right back. ♪

in neighborhoods across the country, you'll see gratitude. communities showing support in their own way. our way is massmutual healthbridge, a free life insurance program just for healthcare workers fighting covid-19. ♪ so to all the healthcare workers on the front lines, thank you. ♪

the volatility. the ambiguity. this moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years of successfully navigating economic turbulence. giving you new clarity. inspiring confidence. northern trust. wealth management.

stuart: we are waiting for the president. right now he's getting that law enforcement briefing on the gang, ms-13. we should be seeing some tape from him shortly but i believe right now, i think you've got headlines from this meeting? ashley: i do. the president talking about firstly, he says with regard to ms-13, we are eliminating them by the thousands even though the radical left wants to open borders, i stand for law and order, says the president. he also talks about the -- i don't have it anymore. the main thrust of this was ms13

but he also talks about those open borders and also how poorly run the radical left cities are. he said i would expect them to ask for help but he says perhaps they're too proud. he also talked about a potential announcement next week from attorney general barr but yeah, little jab at the radical left and problems in cities run by democrats but also saying the campaign against ms-13 gang has in the president's words been very successful up to now. stuart: you know, you really are good. earlier, you didn't have the oil numbers and you tap-danced brilliantly like fred astaire. now your screen goes blank with mike pompeo and you are still smiling, still giving us the headlines. son, you're pretty good. well done, lad. ashley: life is good. thank you. stuart: look at the markets. by the way, we have lost some of the rally. we started to lose the rally right around 11:00 this morning eastern time.

that was when the two sides, china and america, were hardening up their relationship. i don't think the market took it real well. we were up well over 300. now we are up 153. yes, this is july 15th. that means it is tax day. take a look at intuit. today is the big day for all the accountants. the stock is at $287. still on taxes, next year might look different if joe biden wins the oval office. according to americans for tax reform, a family of four earning the median income, $73,000 a year, they would see a $2,000 tax increase each year if joe biden's in the white house. and he gets his policies through. grover norquist is with us, the founder and president of americans for tax reform. we've got -- joe biden wants to raise income taxes, estate taxes, corporate taxes and payroll taxes, and he says all

those tax increases are going to be hitting the rich. but the example we just gave from your operation is he comes down and he taxes the middle class. have i got that right from that example we just used? >> yes. that's only one of many examples a single mother or father with one child earning $40,000 a year would pay $1300 more each year, $1300 more. five million americans would be hit again by that obamacare penalty tax, the one they couldn't decide if it was a tax or penalty but it takes $700 from you as an individual or $2,000 from the family not to get obamacare but to hurt you, to penalize you because you failed to buy obamacare. five million americans were hit by that before the republicans repealed that. they took that number to zero. they took that number to zero. he wants to put it back up again. that's five million lower income

people who would be badly hurt by the changes. he wants an energy tax. he hasn't been completely clear about how high that could go, meaning there is no limit as to how high that could go. and that would raise the cost of gasoline, be a gas tax plus home heating oil, air conditioning, everything you buy would get more expensive because it travels on trucks and rail. and he wants to take the capital gains tax up to about 40%. that is the highest it's been since for a brief period in 1977 under carter it got that high, and that was so bad that a democratic house and democratic senate forced him to cut it about in half. the president wanted -- carter, president carter wanted to take it up. the democrats in the house and senate said this is crazy, you're killing us, you're killing the middle class, these people are getting hit and that rate was taken down. biden wants to go back to jimmy

carter stupid, not just obama stupid. stuart: i've got just 20 seconds left but i will put it to you like this. raising taxes on the rich is very popular. it's called income inequality. that's seen as a huge problem today. i put it to you that voters might just go for it. give me 20 seconds on that. >> the good news is that people understand that it's not just going to be hitting rich people. it will be hitting them. that the corporate rate hurts all jobs, not just rich people. and with 80 million americans with a 401(k) or i.r.a., 80 million households with a 401(k) or i.r.a., they see the damage of taxing businesses when the value of their life savings goes down. that's what biden would do. stuart: shareholder stock, 401(k) people, they got to realize what's going on in this election. grover norquist, thanks for joining us. see you again soon. promise. all right. we are crossing the pond. that means we are going to england.

ashley, over there, our old home country, they are fighting about mask mandates? tell me more. ashley: yes. starting from july 24th, a week from friday, you have to wear a mask or some sort of face covering when you go into stores in england. scotland already has this in place. the government believes that that will give people, at least they hope it will give people more confidence to go out, spend money, try and get the economy back on track or at least give it a help. failure to comply, not wearing a mask in stores in england, could lead up to a fine of 100 pounds, about $125. if you pay within 14 days, that amount is cut in half. i've got to tell you, the reaction has not been positive among certain people. the police are not happy about it because they don't want to have to respond to everyone who is not wearing a mask. they say they have bigger issues to deal with. and shop owners, businesses,

very concerned about the number of confrontations this is going to create and also enforcement. so interesting development but you know, as you mentioned earlier, walmart beginning this starting on july 20th. stuart: happening here. you have to wear a mask in walmart starting july 20th. that's quite a movement there. ashley, thanks very much indeed. by the way, indoor and outdoor dining now banned in one california county. some cities in that county are really pushing back to keep their restaurants in business. we've got that full story for you after this break. ♪ it's pretty inspiring the way families

redefined the word 'school' this year. it's why, at xfinity, we're committed to helping kids keep learning through the summer. and help college students studying at home stay connected through our university program. we're providing affordable internet access to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education.

-- announcement next week, the attorney general, the fbi and others concerning our cities, because the left wing group of people that are running our cities are not doing the job that they're supposed to be doing and it's not a very tough job to do, if they knew what they were doing, so we'll be talking about that next week and probably have an announcement as to what we're planning to do to help them. they're supposed to be asking for help and they don't want to ask so maybe they're proud or maybe they think it's bad politically but we can't have happen what's happening but

we're here today to provide an update on my administration's all-out campaign to destroy ms-13, a vile and evil gang of people. we have just concluded an historic operation leading to the arrest and indictment of dozens of savage ms-13 members and leaders all across the country so this is something that's taken place over the last few days. i want to thank attorney general barr for doing a great job in many ways, many ways, not just here. acting secretary of homeland security wolf and fbi director wray for joining us today and we'll be discussing a little bit about what we did and where we're going but ms-13 has been a problem for our country for a long time. we've taken them out by the thousands. while radical left wing politicians have fought to open borders and welfare for illegal aliens, my administration has fought for safe streets, we want security for our people, we want the rule of law, we want law and

order. in the last three years, i.c.e. has deported over 16,000 gang members and arrested over 2,000 members of ms-13. think of those numbers. 16,000 and arrested over 2,000 members of ms-13. we've also deported a lot of the ms-13s out of our country. this week's actions by the joint task force is the most recent offense to -- really, this has been a big offensive in my administration's war on foreign gangs of which we came into this administration and we said what's going on, we had gangs from countries that you wouldn't believe. more than 20 of the criminals we indicted and arrested in the past seven days were illegal aliens. yesterday for the first time ever, the eastern district of virginia, thank you very much, indicted ms-13 leaders on charges of terrorism so we have the ms-13 leader on charges of terrorism and that's a first.

is that correct? terrorism, which gives us extra strength. in new york and nevada, 21ms-13 members and leaders have been indicted or charged including murder, kidnapping and drug trafficking. the doj has also announced that it will seek the death penalty for a blood-thirsty ms-13 leader responsible for the despicable killing of . over the past few days the doj and dhs have made several arrests at high, high levels. in these cases including several immigration arrests. i want to thank chad wolf working along with the fbi and the attorney general. they worked closely together at the border. the border as you know is setting new records for allowing people that are allowed to come in, allowing people in legally. we believe the monsters who murder children should be put to death. we seem to have quite good

agreement on that. these people murder children and do it as slowly viciously as possible. we will not allow these animals to infill freight our communities. we've gone a great job with ms-13. now we're stepping it up to a higher level. this has never happened before. there has never been a move like this before. much already has taken place or we wouldn't talk about. so when biden and radical left want open borders for ms-13 and others we want strong borders. we want, as i have said we want borders. without borders you don't have a country and have a great country. it is coming back stronger than ever with jobs number, every other number. it is coming back stronger than ever before. we'll have a great third quarter. we'll have a great fourth quarter. next year will be one of've ever

i will ask ag barr to say a few words about the ms-13. what we've done and where we plan to go. next week i think we'll have exciting news conference. we'll talk about some of these cities where the democrats running them have lost control of the cities. that will be very interesting. bill, please. >> when i came into the department as attorney general the president made it clear that one of his top priorities to reduce violent crime in the united states was to destroy ms-13 in the united states. and what we've been in here discussing with the president, part of that effort, which is a project vulcan or task force vulcan which is targeting the higher level players in the ms-13 operations in the united states. ms-13 is somewhat unique in this sense. they have the street savagery you would see in a gang. it is not driven by commercial interests the way, for example,

the mafia traditionally was. it is about honor of being the most savage, bloodthirsty person you can be, building up a reputation as a killer. this is in some ways is a death cult. they use the terror that they cause by their savagery to extort. they have gotten increasingly into human trafficking and now narcotics trafficking. that is a sidelight to some extent to their basic purpose which is violence, terrorizing people. also, unlike a street gang they're highlyorg niced as a transnational organization. they operate with hierarchy, programs. they call them programs. think of it as a crime family essentially. and then under each program they have different cliques. they have programs and cliquiers operating in the united states. their center of gravity is in central america. thousand of them have on into

the united states illegally. they're virtually all illegal aliens. it is harder to get across the border. traditionally they come across the border into houston and fan out across the united states into different centers of activity. today we were talking with the president about three actions we took. mel gar ditch. az was indicted in the eastern district of virginia. first time we've used terrorism charges against a member of ms-13. he was responsible for activities in 13 states, 20 cliques in the united states. he was also the person who would green light assassinations in the united states. the orders come from el salvador, the requests to assassinate people go down to el salvador, and he would green light the hit. we also took down, this was a