maria: welcome back. we are expecting a decline at the start of trading now. things have completely reversed course on the heels of those jobless claims. dow industrials poised to open down about 40 points. thanks to this great panel. dagen, mark gianna. great to see you all. >> thank you. maria: have a great day, everybody. seize the day. "varney & company" begins right now. stu, take it away. stuart: i'm going to try. good morning to you. good morning, everyone. tesla going up again. microsoft going down. another riot in portland oregon. federal agents heading to chicago. a fugitive holed up in the chinese consulate in san francisco. and the market looks like it's going down a little certainly for the dow industrials. we've got it all. big day. look at this. 1.41 million new claims for jobless benefits. now, that breaks the 15-week down trend. that's not good. that suggests the economic recovery may be stalling.

ah but have a look at tesla. it made a profit. it's opening a factory in texas. it hopes to sell a half million vehicles this year and the stock is up again this morning. elon musk now leads, i'm going to say he leads the technology economy. the stock's up 64 bucks now. microsoft down. why's that? i'm told it's because their cloud business only grew 47%. first time the growth rate's been below 50%. well, sell that thing. the stock's down nearly four bucks. t>>he>ri> cnhe tin in po rt landrtla oregonor a44th offf inriing. th ayor or jtl jedostl bedy b b pst at th supporsupp the anarc ahinast anast anaaken ne inne t ihen thehe"neworkork ity i nows theshehe wororst pl ac businebuness retairsrsrsrsrs sarsy. now, tnohaw,tw,w,s a is.. th e new cold war, china and andhe s. a a fitivs researcher linked to china's military is

reportedly holed up in the chinese consulate in san francisco. the president's considering closing that consulate just like the one in houston. and now look what's lapping on happening on the markets. we were going up then we got the jobless numbers. the dow will be down about 20 points. fractional loss for the s&p. look at that nasdaq. up again. a 50-point gain 10,800 level for the nasdaq. one of these days the news will slow down but not today. "varney & company" is about to begin. stuart: i really have to start with tesla. now up 69 bucks, that's premarket this morning, rallying again. all right, susan, come on in. why are they up again? susan: surprise profits and near guaranteed inclusion in the s&p 500, also reaffirming 500,000 deliveries for the full year and

choosing austin texas for its next giga factory where they will build model 3, model y and trucks. that's a $1.1 billion factory likely to come with 5,000 jobs to austin. one concern going through this earnings report nearly half of tesla's sales in the quarter were accounted for by regulatory credit revenues and those are credits that tesla sells to other car companies so they can meet emissions regulations. we're not sure how sustainable that is going forward as the gms and fords also ramping up their own electric car lineup. still, tesla, now the 12th biggest company in america and adding to it today. stuart: astonishing. i will be back to you in a second. i've got another big winner for you, and it is twitter. lauren twitter is up 3.6% $38 a share. tell me why. lauren: record user growth up 34% over the past year to 186

daily active users. that means engagement. there are head winds like ad spending which has plummeted but twitter says it is coming back especially in recent weeks. the company is spending a lot of money to deal with the aftermath of that data security breach as you know and it does expect expenses to grow at least 10% in the current quarter. stuart: long time since i saw twitter at $36, $37 a share but there you have it. all right. back to susan and microsoft. they are down this morning, $3.80. tell me why. susan: growth in cloud, not as fast as previous years. it's crazy to think azure was a disappointment but wall street has gotten used to 50%, 60% growth also the closing of microsoft stores cutting into earnings as well. that's the reason guidance was a little lighter than anticipated for this current quarter that we are in. a bright spot though gaming. xbox sales surging, up 65% during the covid lockdowns with people playing more games and

spending. they also talk about the surge in microsoft teams usage and teams is the company's answer to slack and zoom. but no new updates on users. last quarter they told us the daily active users jumped 70% to 75 million daily users, but not this time around. no new numbers for us. stuart: okay. got that. thanks very much susan. let's move to the latest on yeah the virus. president trump says he would be among the first to take the vaccine. roll tape. >> you know the way it works. if i'm the first one they'll say he's so selfish he wanted to get the vaccine first. then other people would say hey, that's a very brave thing to do. i would absolutely if they wanted me to if they thought it was right, i would take it first or i would take it last. you do know if i take it first, i will be -- either way i lose on that one, right? if i take it first and if i take it -- if i don't take it they will say he doesn't believe in the program. >> i will make you a deal. i'll take it -- >> we'll take it together. stuart: you saw him right there. dr. marc siegel exclusively

with the president there in a one-on-one interview and he's with us now. okay. we got it doctor you are going to take the vaccine with him when it's available but i want to know what are the other major vaccine headlines you walked away with from that interview. >> well he's actually very excited about the vaccines that are in the pipeline right now. we talked about the pfizer vaccine, about how biontech/pfizer vaccine is being brought into operation warp speed in the sense that $2 billion from the federal government is going to buy 100 million doses in preparation if the phase 3 trials show that it works as well as it seems to have been working. so they have several candidates there and the president is very excited about it and as you heard, he's willing to be at the front of the line and he and i are going to take it together and i'm going to add you to that. i want you to take it. this is going to be historic. you are going to take that vaccine right out of the chute. stuart: yes, i am as a matter of fact. i think it's a responsible thing to do. if the vaccine is available, i

shall take it with you and the president if that's possible. but wait a second. strictly speaking as a medical guy, doctor when do we get this vaccine tested tried, distributed, in place? when will that day come? >> well you know we talked about the oxford university as tra sen astra-zeneca vaccine the other day. that's already in phase 3 trials. it's going to be late fall where they know the results on that. that one might be a month or two ahead. i think one or more of these is going to emerge by the end of the year or early 2021. that's what we're talking about here. that's very exciting. now, the president also said in the meantime, he's excited about all the focus on therapeutics. the idea that we are using dexamethasone in the hospital now, a steroid, we are using remdesivir earlier on in hospitalizations. he thinks that's making a big difference and several other drugs are being tested for early

use in patients when they get into the hospital with covid. stuart: got it. all right. great interview, doctor. i watched it all the way through. thank you very much for being with us this morning. doc siegel right there. now let's bring in market watcher d.r. barton. let's talk vaccines. lot of positive news here on vaccines. is that part of what's driving this market? >> yeah, absolutely. you know we have seen as the news has come out, we can go back a month with moderna, then we can see pfizer then astra-zeneca all these times where we get that come in we are seeing a real punch as the headlines come out. so investors and traders are certainly watching this news and i think we can't discount that therapeutic end, either. while the number of cases is going up we are not seeing the mortality rate the death rate click up nearly as much and i think those therapeutics are helping us a lot as well. stuart: we need them d.r. we really need them for all kinds of reasons, obviously, but we got that jobs number this

morning which really wasn't very promising. the rate of growth of the economy's beginning to slow down. the recovery's stalling. not good for stocks, d.r. >> no and i think the big numbers out of virginia of all places my home state where i grew up and california i think are showing that we are getting some impact but i think the silver lining is that continuing claim, how many people continue to ask. remember that number is first-time ask. the continuing claims number has continued to drop. a little bit of a silver lining. i think that's why we're not getting a much bigger market reaction. stuart: got it. thanks for joining us this morning. appreciate it. look at that nasdaq go again, up 50 points at the opening bell this morning. we've got some big companies reporting earnings. first thing today, american airlines they've got more than $16 billion cash on hand. they were burning through $30 million a day in the month of june. the stock is down a tiny

fraction. southwest, they burned through $23 million a day last quarter, but they got that down to an $18 million per day burn in july. i guess that's a positive sign. they say limited demand until there's a vaccine, and they are re-evaluating their august and september schedules. that implies not so many flights. the stock is down. travelers, insurance company, they are a dow stock, they reported a bigger loss than expected but they are up because they are charging higher premiums. the stock is opening up 30 cents, there. check futures, still down a little tiny bit on the dow industrials, down 19. fractional loss for the s&p. big gain for the nasdaq and technology. it is a big payday the los angeles dodgers' mookie betts is getting $365 million extension. looks like the baseball season isn't struggling for money after all. the dodger play -- the dodgers

play for real tonight. by the way, it is opening day. here's a headline. new york city is now the worst place to do business. i couldn't agree more. i say america's big cities are in crisis especially the big apple. you will hear more about that on my take later in the program. joe biden says he's only going to tax the rich if he's elected president. nonsense says grover norquist. he will reach down and tax the middle class, too. grover is on the show. more "varney" after this. ♪ let's instead stop looking at the investments 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. (groans) hmph... (food grunting menacingly)

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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: fox business alert. negotiations for phase 4 of the virus stimulus are ongoing,

happening now. ashley what is secretary ashley: very interesting, he says he's focused on getting payments out as quickly as possible. $1 trillion coronavirus relief bill he says but it will not include, says the treasury secretary, a payroll tax cut. something the president has been calling for. he says that takes too long to get into the system. he prefers direct payment. well you know the $600 extra a week in unemployment benefits runs out the end of this month, july 31st. he was asked well how much more you going to send out. he says we don't want to pay people more to stay at home but he's looking at somewhere around 70% of wage replacement. unclear how that is going to be structured. but he says he's looking at that benefit that will be indeed about a 70% wage replacement. you know this is about $1 trillion. he said he's reached a fundamental agreement, he's going to meet with mitch

mcconnell this morning, but of course we know they've got to get in agreement with the democrats who say this is way less than is needed. stuart: but it is important in the sense that he's committed to getting more money out there into the economy. ashley: absolutely. stuart: into people's pockets. that's i think the important point there. okay. thanks ash. couple of stocks we want to check for you. auto nation reported a big jump in profits while they cut their expenses 14%. that's good. their revenue got a boost from their investment in the used car company vroom. the stock is up 8%. dow chemical profits down 24% compared to last year. they are going to cut 6% of their work force because of the pandemic. the stock's down about 2% almost. yelp released their second quarter report. lauren didn't they have a grim forecast for store closures? lauren: yeah closing forever. they find businesses are closing their doors for good. 60% of the 26,000 restaurants on

the site that were temporarily closed are now permanently closed. that's almost 16,000 restaurants, stuart. the numbers are even higher for bars and for nightclubs. cities where the most businesses are calling it quits, honolulu san francisco and vegas. yelp stock up. stuart: what was that again, 60% of those restaurants that have closed temporarily will in fact close permanently and how many was that again? how many restaurants? lauren: about 15,700. so about 16,000 restaurants closed forever. stuart: that's just -- that is extraordinary. lauren: think about it. not all restaurants, not all menus are catered for takeout and not every restaurant has the luxury of big outdoor seating. there are so many challenges the restaurant industry is facing. we are four months into the pandemic. we are talking about getting more money to these small businesses but if you can't operate at near full capacity, sometimes you can't stay in business. stuart: 15,700 at latest count.

extraordinary. thank you, lauren. joe biden has got big ideas, big plans for the country if he wins the election. he will spend a total, he says of about $8 trillion if you add up all of his plans. that includes trillions for climate change billions on buying american and billions more on housing. who pays? he says he will tax the rich. they will pay for it. grover norquist is with us founder and president of americans for tax reform. i know you say that's nonsense so why don't you spell out how the middle class will have to pay up under biden's plan. >> well one example is just recently he said he would definitely bring back the obama care tax, the tax on people who decide not to buy obamacare, $700 for a single individual, three-quarters of the people hit by that tax make less than $50,000 a year and you don't get health care for that by the way. that's the punishment for your

not buying obamacare. $700 per person $2,000 for a family of four. that's one of his tax increases. he also wants to have a carbon tax, energy tax. that's just a gasoline tax which clearly hits the middle class, plus on your home heating oil and your energy used in your house and everything you buy. it's a massive value added tax on the energy part of all purchases. stuart: i saw his phase 3 or part 3 of his plan where he's going to spend about $775 billion and he will pay for that with an increase in real estate taxes. what exactly does he mean by that? >> well everything from property taxes to getting rid of 1031 which allows small businesses to have like a small hotel to then buy a bigger hotel and keep growing that way, or a restaurant or farmers, you know some land and then more land as long as you are buying the same

thing, like product, you don't pay capital gains tax until you sell your very large building. so it's how people in real estate operate. they have a small building sell it make some money to get a bigger building and keep growing to have more buildings or more businesses or more cars larger cars for your fleet of businesses. this is a way of delaying the gains tax until you cash out. it allows you to keep money inside a business to grow. it doesn't hurt rich people. it does hurt people who are trying to get rich who are just starting in life and moving from owning a small building to wanting a larger one. stuart: i'm sorry i'm out of time. it drives me up the wall to hear strivers people who want to get ahead of the game climb the food chain, constantly batted down. we will punish you. >> all his taxes hit those people. not people who -- stuart: exactly. i'm sorry, we don't have more

time. come back again soon. i want more on this, please. grover norquist. streaming names, going to put them up on the screen. there they are. at & t, comcast, we have new subscriber numbers for both of them. first, at & t say their hbo max platform had three million paying users one month after launch. then we've got comcast, not sure i've got the numbers on that. facebook says -- that's a separate story. i don't have the numbers on comcast for you. but i will tell you this. the stocks of both of them are dead flat. facebook says introducing new feature to broadcast live to facebook from messenger rooms. haven't a clue what that means. the stock is down 8 cents. got that? ad lib futures, so the script says. i will do that for you. dow will be down about 40. s&p down 1 but look at that nasdaq. looks like technology's okay, up 42 points. back after this. ♪

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stuart: all eyes on the two big companies that reported late yesterday, that would be tesla and microsoft.

come on in ray wang ray, first of all, start with tesla. you say it's going to $1800 a share? make your case. >> yeah. if you view tesla as a car company, it's totally overvalued at $700 a share but if you view it as a digital car company, it's definitely undervalued at $1800. it's everything from the ability to sell insurance, the ability to be in the energy market and the battery market but once you get to the full self-driving mode you can see logistics, you can see food delivery you can see mapping technologies and a whole bunch of other things that are going to be spawned out from the fact that they've got the cars running and they will take out uber they will take out hertz, they will take out all these other companies along the way. that's what the retail investors are betting on. stuart: you have been right before and now you are saying 1800 bucks a share on tesla which is now at $1663. we will keep an eye on it. move on to microsoft. this morning, premarket, they are down over four bucks a share. but you think it's going to --

it's now $207. ray, you think it's going to $220? make that case. >> yeah. so we saw a lot of growth which is interesting, xbox grew 49%, azure grew 47%. these two areas are important. the cloud computing wars are just at the beginning. they are going after amazon going after google and that's a market that's going to continue to grow. they have benefited from the work from home remote work environment with teams, and they are actually gaining traction in those areas as well as gaining traction of younger developers which is the important battle right now in the enterprise. stuart: going to break away in a moment to look at the opening bell on wall street but while i've still got you sitting there, ray, you are still big on big tech. you like them all, don't you? >> i do. we are seeing some interesting developments. if you look at what facebook and google did over the last couple weeks, they made some big bets in india and that's very important because that's an access to almost 300 to 400 million users that they couldn't

get into plus it's also part of the u.s. versus china war, where you can access china but now a lot of funds are going for direct funds and investment into india, and amazon is making a similar investment from what i hear in the next couple weeks, or it may have been announced today. stuart: one minute to the opening bell. while i've still got you, ray, is there anything that will stop big tech just going up and up and up? what stops it? >> i think it's going to be regulation it's going to be when the regulators decide that the big tech companies are too big, they are digital giants and digital business models are encroaching everywhere from advertising to services to all the other monetization models around memberships and subscriptions. if we see the breakup of big tech in maybe the next two to three years, that's what's going to stop them. stuart: stay there ray. i want your expertise on the vaccine companies in a moment. right now, i'm going to segue to the opening of the market. we are about 15 seconds away. i'm looking at some red ink for the dow and s&p. nothing major, by the way.

i'm looking at some green for the nasdaq composite. that implies big tech's going to do okay. the bell's a'ringing. we are about to start trading on this thursday morning. here we go off and running, 9:30 eastern time. right from the start we are on the down side for the dow. again, this is not a huge selloff by any means. i might add that microsoft, which is down it is a dow stock, that accounts for most of the loss on the dow industrials. we are down .18%. the s&p 500 that too, i believe, is down but a tiny tiny fraction. .15%. that's nothing. as for the nasdaq composite, i think it's green. no it's not. it's on the down side. we are losing 25 points on the nasdaq, about .25%. got a couple airlines want to show you them. american and southwest. they reported earlier today. they are burning through tens of millions of dollars a day and they say they are going -- they

are looking at a slowdown in the increase in air travel as of right now. so the takeoff in airline traffic has stalled. that's what they're reporting. both stocks down. again, microsoft has opened on the down side loss of about four bucks. tesla, look eight goat it go up another 70 bucks. $1665. twitter, there's an interesting case for you. $38 a share, up almost 4%. there's a big jump in what's called monetizable daily active users. come back in again, ray. let me talk to you about, please the vaccine makers. i want to start with moderna because you've got expertise in this area. you've got a degree in public health, as i recall. moderna, you say it's going to $100 a share. it's at $81 now. what's so big about moderna? >> this is the darling of

vaccines and what they have been able to do is show a really positive phase 1 trial and as you have seen dr. siegel said so as well if you have seen what's happening it's really ability to get an immunoresponse. they are about to enter phase 3 trial. if you think in the pharma business you get to phase 3 trial, that's the closest step to approval. that trial starts in a couple days. so because of that and because of their advance in mrna vaccines they are actually one of the leaders in the market along with astra-zeneca. stuart: okay. moderna goes to 100. i've got inovio on the screen another vaccine company. you say they are going to $32. that would be about a 30% increase from where they are now. what's so good about inovio? >> inovio has an immunotherapy out there. it's a longer shot to get there. it's behind moderna and astra-zeneca at the moment but they have been able to recover very quickly to switch to a vaccine. people are betting, they have never taken anything to market so that's the risk but people

are still hoping they have a shot there. that's why it's going to 32. stuart: i always think of you as a big tech watcher and that's basically what you are. let me get back to big tech. i want your price targets first of all on facebook. where's it going? >> facebook is going to about $250 and part of the challenge with facebook is really all the regulatory pressure. once facebook gets to monetization in terms of more commerce once it starts going deeper into what happens with the integration between insta, it's actually a great advertising model. in terms of membership ads -- go ahead. stuart: no i'm trying to listen here. you think all of them are going up? you think facebook's going to 250. you think apple is going to, what, 410, i think? >> apple is going to 410. we are in refreshment cycle. the apple services business is doing really well. you will see more ads there. so when the new iphone comes out, you see a lot of the features from the apple developer conference in ios14

that give them a leg up then when you look at something like amazon they just came off their alexa live conference. if you look at the partnerships where people are using voice and alexa, it's been pretty powerful to see what type of companies are using voice as the way to actually engage more users and more customers. stuart: okay. give me a price target on amazon. where do you think it's going? >> $3300. stuart: $3300. we are going to wrap it up, ray. you have had a big chunk of air time because in the past you have been right about big tech. congratulations. thanks for being with us again. >> thanks a lot. stuart: he thinks they're all still going up. just extraordinary stuff here. next i want to look at chipotle. they reported yesterday. this morning they are down 33 bucks a share. but you know ash, come into this because i thought they sort of reorganized their company to be more dynamic in the future but the stock's down. what's going on? ashley: well you know whatnews/bad news. digital sales surging 216%. that's the good news. but the bad news is of course

they had to shut down their dining rooms because of the pandemic and that means earnings are down 90% year over year. the revenue, though interestingly, coming in at 1.36 billion, actually beat estimates, but net sales, as you can see, down nearly 5%. what's interesting, very quickly, is that those same store sales, down overall 10% but they were down 24% in april, down only 7% in may and they turned positive in june. so they are heading in the right direction. but you know the virus took its toll. stuart: let's not forget the stock is at $1100 a share, on the screen now, up $600 since mid-march. it's had a pretty good run at chipotle. thanks ash. how about whirlpool, the appliance maker, of course. they reported as well and the stock's up nine bucks. lauren is this another pandemic success story? lauren: absolutely. the stock's about 6% away from a 52-week high. recently very successful

consumers are upgrading their kitchens buying new homes, and whirlpool does not expect damage from the pandemic to be as bad as they first thought. so they are certainly seeing improvements. they also said the recent increase in virus infections has not hurt demand for its appliances. however, the ceo is cautious because these stimulus programs may start to taper off, that hurts consumer spending and he also noted this is a pre-election time. it's usually not consumer confidence. so cautious going forward but the report was better. stuart: and the stock is up 7% which is a very healthy thing. thanks lauren. check all the markets. first of all, the dow that's it. minor leagues loss to get things going this thursday morning. the ten-year treasury yield, i'm intrigued at that .57%. keeps on edging down. how about the price of gold? usually edging up. okay. i will go to bitcoin. why not. bitcoin's up $110 a coin

$9,533. have we got gold? did we just do it in the wrong order? we've got gold. $1869 per ounce. i think that's another nine-year high. lots of money going in there. price of oil, that's sort of an economic indicator. $41 a share this morning. now this. remember this scene from the chinese consulate in houston, burning papers burning documents after the u.s. ordered that consulate to close. first responders on the scene say they were not allowed inside. what's really going on in there? we are trying to find out for you. tesla picks austin texas for its second plant in america. we have the mayor of austin here on the show. he offered some pretty big tax breaks. how's that going down? next the college experience kind of a thing of the past under the pandemic because students get ready to go back to school online. is it worth it? is college online worth it? we will ask the question.

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stuart: i'm going to put a stock on your screen. it's called 2u. that's how you pronounce it. it's an online learning company. it partners with universities to offer remote classes and help learning online via the cloud, of course. i should tell you that that stock's been up what 260% since it hit lows in mid-march. that is quite a rally. look who's here. the co-founder and ceo of 2u. all right, chip without getting into too many details here i hear a lot of people say that online college just isn't worth it. convince me, if you can, that it is. >> so we released a study with gallup a little while ago that showed that 92% of our students

said they would do it all over again, and stuart i will tell you that online education when done well is not just as good as the campaign it actually can be better and what we all experienced this past spring was not that. it was this forced wave of remote instruction. so to imply that that means that permanently it's not going to be good it's just totally wrong. i graduated from one of our programs mba unc, a top 20mba program with university of north carolina chapel hill and it was awesome. not kind of awesome, stuart. like really good. stuart: so help me if i take a course online i'm studying for a degree online you help me get that degree. is that what you do? >> yeah. we partner with great universities all over the world to power an entire system for them behind the scenes. we call it 2u-os. the first step is you are flipping the classroom so you

are allowing instead of having a 90-minute zoom lecture where somebody is just talking to you, you create a curated path of high quality content for students to consume on their own time then when people get to class, you are in like a really robust discussion with an incredibly diverse set of classmates because when you go online you actually get much broader diversity in the programs. so it's not just a win for the university. one of our slogans internally is when the students win, the university wins and 2u wins. it can be really exceptional. we've got the proof for it. we have been doing this for 12 years and i would say on some the world thinks we all just discovered the internet in higher ed and that it's all new. no, it's not new. stuart: but i hate to say this but the pandemic was really good for you, obviously. but is there a cost involved here? >> sure. it is expensive to do it really well if you are a great institution. part of our business model is we share tuition revenue with the university over a very long time period and we do the investment to get the program not just up

and running but to get the program really succeeding over time. that includes telling the world about it. so our business model is to stand behind the great university. now, it is a full degree from say berkeley or northwestern or syracuse or chapel hill. it's not a 2u degree. it really is the real thing. if you talk with the students that are in them or even the faculty teaching them when done this way, the outcomes are stellar, the feedback from the students are stellar and i would also say you really become part of the university community in a way that we didn't see here in the spring. we have had a real partnership internally. stuart: you are very well placed. glad you're on the show today to explain that to me. very interesting indeed. chip paucek 2u cofounder. thanks chip. see you again soon. >> thank you, stuart. stuart: here's a head line for you. here's a statement. one-third of new york city's small businesses may never come back. now, that is a crisis. i don't think city life or

businesses across the country will ever be quite the same city crisis. that's my take in the 11:00 hour airlines enforcing stricter rules on wearing masks. i don't think that encourages travel and i think you are seeing travel level off because of it in part because of it. we will deal with that in a moment. ♪ ta-da! did you know liberty mutual customizes your car insurance so you only pay for what you need? given my unique lifestyle, that'd be perfect! let me grab a pen and some paper. know what? i'm gonna switch now. just need my desk... my chair... and my phone. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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stuart: i'm going to show you the airline stocks, all of them down today. probably because we've got new numbers from the tsa, in other words, how many security checks there were at the airports. well it was 570,000. that was yesterday. yeah that is way above the low, which came in the middle of april, 14th of april, when it was only 87,000 passengers. so clearly, we are going up. of course we are a far cry away from last year at this time when it was 2.5 million a day. nonetheless, it does seem like the increase in security checks is beginning to slow down. 570,000 yesterday. still on the airlines ash, can you give me an update on the mask policy? what is it? ashley: yeah. well it depends on the airline,

but they are all getting pretty tough. no stricter than southwest airlines. it requires all passengers to wear a mask. it is the strictest of all the u.s. carriers. only exception would be children under the age of 2, but southwest says this. if a customer is unable to wear a face covering or mask for any reason southwest regrets that we will be unable to transport that individual. that's tough. delta's instituted this clearance to fly screening process. it can take up to an hour by the way and if passengers refuse to wear a mask then they can be denied boarding. as of yesterday, more than 100 people had their flying privileges revoked for any future delta flights. pretty strong. very quickly, united is requiring face masks on its flights. also at ticket counters also in the airport lounges, or you could be banned from flying if you refuse. children under 2, not required nor passengers with medical

conditions that doesn't enable them to wear a mask. but you can see, the way this is going, you have to wear a mask and a number of airlines now will ban you from future flights if you refuse. stuart: it seems to me that that is a disincentive to get on a plane for vacation with your family. that's the way i see it. brian kelly is with us. i'm going to call him our travel guru. he's been on the show before. welcome back to the show. >> thanks for having me. stuart: this mask policy is a real -- it's good for staft,afety, i got that but it's a huge disincentive to travel. is it hurting passenger levels right now? >> you know what the biggest thing hurting passenger levels are these state quarantines. you know the state of new york now is basically saying residents of over 30 states have to have atwo-week mandatory quarantine which is really depressing travel to our most popu populous city in the country.

until the virus gets under control, that's really going to suppress. even in the u.s. you can't go a lot of places without mandatory quarantine. we have to get the virus under control so people don't have to stay in an apartment for two weeks if they want to go visit a friend in new york like to have one of my relatives come up from florida. if she gets here she's going to do 14 days quarantine. can't have that. but do you think business travel that's a key sector for the airlines i mean people spend a lot of money on business travel i don't think it's going to return to what you might call normal for many, many years. you agree? >> i totally agree. that spells huge trouble for the airlines. you know we have seen an uptick in leisure travelers. there definitely is a pent-up demand for people to get the heck out, especially people who have been locked up for months but business travel now, especially with these quarantines, if you send an employee and they have to quarantine for weeks in their home to go on a business trip all of a sudden it becomes all of these different scenarios that come up that make it really tricky and also the liability,

you know if that employee does catch covid while traveling, businesses could be liable you know and potentially be put out of business. there are a lot of roadblocks to getting business travelers back on the road. stuart: one after another, these roadblocks. last one, international travel. what i'm talking about here is tourists coming to america. i can look outside in new york city right now, the streets are just deserted. there's no tourists. i mean look at it now. that's a live shot from new york's sixth avenue totally empty, no tourists. when do you think they may be coming back? >> not for awhile. i'm in new york and it's wild you can drive your car, park anywhere you want. you can drive to times square and find a parking spot which is just wild. but that's really going to as you mentioned earlier, just really hurt new york city businesses and even for americans wanting to travel abroad there are a handful of countries that will allow you to go you know tahiti opened its borders. i have a friend who was just denied boarding last night

because she didn't have the right type of test and often, you need to have a test within two or three days of departure and we know the testing backlog is now over a week. even for americans who want to take that risk and go to the landful of countries, it is a logistical nightmare. not good for business. stuart: no. it's a nightmare for the airlines. that's a fact. look brian, thanks for being with us. i'm sorry it's such a negative outlook in your area but you tell it how it is and we appreciate it. brian kelly, everyone. we call him the points guy. he will be back. the markets right now, you've got some red ink around. i've got a bunch of winners for you and losers. first of all, i just saw the -- okay overall, dow industrials down 40. but the s&p has managed to scrape out a install gain.small gain. the nasdaq scraping out a very small gain. let me see winners and losers. dow winners, pfizer they are a vaccine story. procter & gamble and nike all on the upside but not that much except for pfizer. more nasdaq winners, cintas

a uniform company, western digital, micron they are the winners there. and we have some more winners for you. the pulte group, home builders very important, up 10%. real estate boom. we keep on it on this program. there is a real estate boom and they are benefiting. whirlpool, good results, they are a pandemic winner. losers on the dow, dow incorporated travelers boeing on the down side. still to come on this program, lisa booth on the state of the 2020 election. morgan ortegas on the cold war with china. we've got developments. . .

stuart: got to say, pretty much a mixed market. no serious moves in either direction. the dow is down. the s&p is up. the nasdaq is up a tiny fraction it's thursday. 10:00 eastern time. going to give you mortgage rates in just a moment. i will tell you this at the moment. latest read on jobless claims. 4.1 million. that is up from last week. that means the 15-week downtrend, fewer and fewer jobless claims that has come to an end. that implies that the recovery is stalling to some degree. not good news for this economy. look at microsoft. it's down about two bucks now. that is taking roughly 20 points out of the dow industrials. without microsoft, the dow would be down about 20. they're down because the cloud

business only grew 47%. first time the cloud growth has been less than 50%. interesting. i think we got mortgage rates. big smile ashley. what have you got? ashley: i do. we had a bit of upward movement, stu. coming in at 3.01%. of course last week it dropped below 3% to 2.98. just a slight uptick higher. housing demand continues to grow but the most recent consumer spending data shows a pause. you mentioned economic activity. that is a fear that unemployment stays reasonably high. all of that plays in. although the housing market is coming back. we do have the record rates. the economic uncertainty not helping overall. stuart: got it. 3.01. ashley: 3.01. stuart: thanks so much. i want to bring in gary kaltbaum market watcher. gary i want you to return to

this theme. i think real estate is an interesting alternative to the stock market right now. i think you're on board with. that i think you like housing-related stocks, right? >> housing-related stocks and housing stocks are acting great. home depot lowe's, whirlpool anything you put into the homes i am all in there. as far as real estate itself selectivity. i'm not so sure i would be buying office build national new york city right now or apartments. i would probably be in the suburbs. the same goes for chicago and minneapolis. very selective at this juncture. no doubt with mortgages under 3%, you get some pretty decent loans. almost like free money for real estate. stuart: would you move any money out of stocks into single family homes, for example? >> no. i think market is going higher. i think we're in a pretty good rotation out of tech right now into the rest of the market. that is bullish at this point. good stuff is it pulling back.

new stuff is showing up. i have no problem with the market here. stuart: stay there please. i will get more on the market in just a couple minutes. right now the dow industrials are down 50 points. that is it this thursday morning at 10:03 eastern. now this. you know you could say that we live in the age of fear. the fear of offending someone. we don't want to be rude or insensitive so we moderate our language. we must be super sensitive. okay. but what does that do to our sense of free speech? my answer is that it restrains free speech and cuts debate short. this is not good. look at this. to out of three of us say political climate these days prevents them, us, from saying things we believe because others may find it offensive 62% two out of three. this is a study by the cato institute. that is a free market think

tank. we are self-censoring. we are withdrawing from the debate, most of us, anyway. however, there is one group that feels no constraint at all the people who cato describes as staunch liberals. nearly 60% of that group does not self-sensor. whoa they speak freely. you know why? it is liberals who are super sensitive and they lay down the law on what is acceptable speech and what is not. that is just not right. cato found that it is conservatives who hold their tongue. nearly out of 10 self-sensor. that is conservatives. this study shows what many of us have been feeling a long time. anyone outside of the far left feels censored ex-excluded. we walk away, limiting our speech. in my opinion it is the trump haters brought us to this. they are so venomous. they occupy such prominent positions in the media and

universities that they have crushed the debate. what a shame. you can't solve any problem if free speech is denied. but don't despair. the ballot is still secret. you don't have to tell anyone who or what you are voting for. ain't that right lisa booth? who we bring into the show right now. look i just find this incredible, 62% of us are afraid to share our political beliefs. we don't want to be we don't want to be nasty. so we self-center. i find that absolutely astonishing. what do you make of it? >> well i think it is just out of fear, we look at at least what has been reported, michigan teacher who looks like he was potentially fired for tweeting out that, that trump is president which is just factually true statement. look at people who are injured walking around wearing maga hats. i think a lot of vitriol is pointed in the direction of trump supporters.

the irony here, the left tries to act like they're so tolerant, that they want equality, they end up being the most bigoted intolerant of all. you know, look at even the fact it was hillary clinton during 2016 who denny denigrated 63 million americans, deplorables. racist sexist. jemele hill tweeted out that anyone supports president trump is racist. she previously admitted that her mom voted for president trump. that is pretty terrible statement to make about your own one never-trumper that tweeted that the trump supporters should be marched out into the jungle like in world war ii. this is theory this is america today. stuart: how does this relate to the 2020 election? has it got something to do with

people's real voting intentions are suppressed and kept secret because they don't want to tell anybody that they might vote for president trump and get out there with their views? so there is a relationship to the election i think? >> i mean i think there is in the fact that i think a lot of people in polling that support the president don't want to to say out out loud, fear how their own family treats them. the society that blanket intolerance going around particular any in the direction of people that support the president. there is an element of that. however if you're the trump campaign you have to run the election despite that and try to improve the numbers that we're seeing in polling. but i absolutely do think there is an element to. that i even just experienced that in new york city as a conservative of the way that you get treated sometimes just simply for your political beliefs. as you said previously, we're self-censoring.

this is what we're inflicting upon our own society. we leave in the freist country in the world. people literally risk their lives to come to the united states. you have men and women who laid down their lives to keep this country free, this is what we're doing to ourselves and to our neighbors, mind you. it is really, really sad. we're living in a time it needs to be called out and it is wrong. stuart: well-said it is wrong. call it out. lisa booth. thanks for joining us. good stuff. >> thank you stuart. appreciate it. stuart: sure thing. i will look at tesla. they moved to the downside. they had a pretty good profit report late yesterday. they went straight up. now they're down. 3 bucks. 1588. i want to look at another aspect of elon's business, the ng

company. susan: that is not that boring. they're doing that in the las vegas strip. elon musk said this will zip passengers from one side of the vegas convention center to the other in two minutes. this rendering this new vegas loop system will transport up to 4400 people per hour at speeds of up to 150 miles per hour. 62 tesla cars, that will hold up to 16 passengers at a time. it is 52 1/2 million dollar project, set to debut january next year. meantime elon musk has spacex but his main money maker is tesla, squeaking through with that profit. a near certain inclusion in the s&p 500. big news, you will talk to austin's mayor later this hour, that is the home of the next gigafactory. reaffirming those 500,000 cars will be delivered this year as well. this is elon's world and we just live in it, stu? stuart: i take my hat off to him. i was wrong about the guy. i thought he was just a showman.

i was completely wrong. he has spacex, the boring company, the world's most valuable car company. i'm still astonished by the whole thing. susan: stock was $200 a year ago. stuart: i didn't see that coming. few people did. gary kaltbaum, come back in, you're smiling i don't know why, what do you think about tesla? give me your opinion on tesla why don't you? >> rocket ship. that is the best way i can put it. the short sellers are jumping off buildings. all i can tell you whatever mechanism the stock has has been working. i would just tell you near term it has gone up too far too fast and probably going to sit around here. i'm not sure i would be a new buyer. stuart: tell me about gold. we had a lot of people on the pr money into gold, gld easy way to invest. are you in that camp? >> yeah.

two or three weeks ago on this show telling you we bought gold stocks on june 30th. 15% of my company's assets is in gold stocks right now. it is up 15, 20% going forward. i'm not sure near term if i would buy it here but it will go up over time. you have money printing over central banks around the globe. jay powell is leading the way. markets love that. our dollar getting hit because of it. gold rallied because of it. we have a big theme here and it goes higher. stuart: we'll follow it. gary kaltbaum, thank you. we'll see you soon. big show coming up including bob doll when does see the economy picking up significant steam also "wall street journal" guy dan heninger talks about the chaos in democrat-run cities. more from him. tomi lahren joins us. we will get into cancel culture. she is fired up about that.

all of that coming on the show. elon musk saying howdy to texas confirming a texas gigafactory will be built in austin. we ask the mayor steve adler what hison c that kind of tax break for a multibillionaire like elon musk. democrats were not happy when amazon tried to open in new york city. remember aoc tried to kick them out? mayor of austin coming up later this hour. tensions between the u.s. and china are escalating after the order to close the houston consulate. the fbi now says a chinese fugitive is hiding out in the san francisco consulate. we're in a cold war obviously. are we closing down the san francisco consulate? morgan ortegas from the state department will join us shortly. ♪

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♪. stuart: the fbi says a scientist a chinese scientist suspected of having a connection to china's military, he is a fugitive and we believe he is holed up in the chinese consulate in san francisco. now the president has already closed the chinese consulate in houston. will he close the one in san francisco? state department spokesperson morgan ortegas is back with us today. morgan i don't know whether you can predict this or not but it sure looks likely the president will close the san francisco consulate. what say you? >> well today we're just focused on closing of the houston consulate the houston chinese consulate. no further policy actions to announce there but it is important to note that at the state department we called houston the epicenter of research theft for the chinese

communist party in the united states. you can look back to fbi directorway's speech on july 7th and attorney general barr's speech as well, both of them, especially directorway detailed how we have seen a billion dollars. we're talking about research. we're talking about american intellectual property. we're talking about this comes out of universities. this comes out of energy companies, technology companies and so at the state department, mike pompeo, under leadership of president trump said enough. enough of stealing our jobs. enough of stealing our research. enough of stealing our technology. you have got to get out. stuart: i'm sure you're aware of this morgan stanley an investment firm in new york city has cut off access to its organization from outside of the united states by young chinese people. they cut them off. thte a move actually. do you want to see other companies follow suit? >> what we want american companies who now operate as global companies to do is to put

their values first. they nee that we have places like shinzhen china where we have at least one million muslims in forced labor camps. the department of commerce came out recently, just this week came out with a is are of companies now on the list for making your products in these forced labor camps. some in the think tank community pointed out some very prominent american companies yourll online, use products from these companies. american ceos who have business overseas need to be diligent. they need to make sure their materials are not being produced from forced labor camps in china. you need to put ethics first you need to put values first and realize who we're dealing with a communist regime, puts people in camps, worst stuff since world war ii, simply for their faith. stuart: this afternoon secretary of state mike pompeo will make a major speech. will it outline the new cold war, aning a agressive up

front, dynamic challenge to china, is that what we're going to see? >> thank you for the question, stuart. secretary pompeo is flying to california. he is there now. he will be at the knicks on library as you pointed out. we saw nixon to go to china. we saw for republican and democrat administrations 40 or 50 years we tried appeasement we tried engagement. we tried everything to get the chinese communist party to join international organizations to join the rules based order that america put in place with our allies after world war ii. what we're seeing under general secretary and chairman of the chinese communist party xi, it is blatant, they no longer care about democracy freedom values about anything related to the rules-based order. so pompeo will get what i think one of the most monumental and most consequential speeches as his time as secretary of state. we will talk about how president donald trump changed how the

world viewed china over the past five years. we'll expect coming forward. that means distrust and verify. that means demanding reciprocity in our relationship with china. in our previous administration we were told we were to accept a world where the chinese communist party would rise, overtake america and they would be the new world leaders and we would try to mitigate the inevitable rise. president trump and second pompeo said we're not taking that inevitability. thank you stuart. stuart: we turned south. maybe hard-line speech coming up from secretary pompeo about china. maybe that is affecting the market a little. maybe this is true. treasury secretary steve mnuchin says there will not be a payroll tax cut in the phase four stimulus program. market not taking that well either.

down 160 on the dow. but twitter we got more information on the cyberattack. apparently this is about or it involved direct messages, from one person to another. susan, would that kind of message hacked? susan: they're supposed to be private. twitter says 36 out of the 136 hacked accounts had their direct messages accessed with only one elected official in the netherlands they say being impacted. that means obama and biden are safe. that is only elected officials. notice there was no mention much the other famous accounts like musks, kanye wests and jeff bezos that came up in this. it brings up questions who exactly the hackers were. what was it they were after? was bitcoin? the fbi is investigating. "new york times" says it was a group of four young hackers one called turk as its ringleader, so many questions still. still got earnings this morning from twitter. i was on the earnings call in the past hourliesenning to jack

dorsey ceo of twitter talking about improving security guards after embarrassing hack of the platform. something market positive, that they are exploring a possible subscription service for twitter. they say the bar is pretty high to get there, to get users to pay. the stock is up today despite profit and sales falling because twitter reporting record yearly growth and users. they have to keep them safe, right? stuart: absolutely. that is well and good. surely helping the stock up over 4% but the fact is a bunch of kids according to "the new york times" could be reading the private person-to-person twitter messages of some very major celebrities and politicians sues zoos implication is it may not be just a bunch of kids. that they weren't just after bitcoin. if they were looking for very prominent people and politicians to hack. stuart: think of what the damage what damage could have

been done. terrifying. twitter up 38 bucks right now. up $1.81. now this is what we're hearing, some american investors are trying to buy tiktok from its chinese owner. what do you have on this, ashe? ashley: interesting development. "the financial times" says a group of american investors could look to buy tiktok. that group could include sequoia capital out of silicon valley. they're trying to eliminate any trace of chinese control of tiktok bite dance out of beijing. the investors would take a majority stake but bite dance would take a minority stake but have no representation on the board. how much, tiktok valued at close to $40 billion by some estimates. the idea here to eventually take tiktok public. but interesting development. will this be enough to keep

regulators and the administration off the back of tiktok? we'll see. stuart: would it stop china spying on my kids? that's the question. ashley: that's the question. stuart: there you go. tesla, they have been on quite a year. what a tear they have been on. right now they're 20 cents 1592 a someone is selling that stock short. he thinks it is going down. we'll let him make his case. we'll take you live to nationals park in washington, d.c., where preparations are underway for baseball's big return. it is today you know. ♪ oh, we love our new home. neighborhood's great. amazing school district. the hoa has been very involved. these shrubs aren't boar d approved. yo

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stuart: call it competition among the titans. google taking direct shot at amazon. retailers selling on google's marketplace will have more third party options for payment like paypal or shopify. that's what puts google in direct competition with amazon and amazon's down and google's down right now. as for the overall markets we're off 112 points for the dow industrials, down on s&p and nasdaq is down as well. a little red ink for you.

look at 2u, a company that helps colleges with virtual learningthe stock is up today and way up since mid-march. listen to what the com ceo told us last hour. roll tape. >> online education when done well is not just as good as the campus it actually can be better. what we all experienced this past spring was not that. it was forced wave of remote instruction. to imply that that means when permanently it is not going to be good is just totally wrong. stuart: well i we're staying on on line education. you can say rosetta stone is an online education company. the stock is up nicely up over 5%. we're joined now by a big fan of rosetta stone. he is andrew left. back with us from the citron research. why do you -- rosetta stone teaches you languages right on line. why do you like them. >> that a big misconception.

part of their business is the teach you language with the yellow kiosk in the maul. another part of their business is nexia. that is probably their best product. the guest from 2u there is difference between a good education and great education. nexia should be incorporated in every elementary school and middle school online for next five or seven years in every single school system. stuart: what do you mean it teaches literacy? what is that? >> we teach kids a certain way. imagine if we incorporated artificial intelligence a computer program where we reached out to teachers shows which kid needs help in which different area? already about been incorporated by many different school systemses to teach kids through their computers, a better way learning how to read. literacy is number one place we spend our money in education

k-12. i think rosetta stone could double this year no problem. once people see the trajectory of the company it is not going anywhere. happened with the flaks of the world. saw what happened with zooms. anything with work at home. we have to learn about educating at home. we saw 2u. k-12 and rosetta stone. stuart: the stock is up nearly 8% this morning. >> it can go much higher. stuart: tesla you're talking about shorting it, betting against it, betting it is going down. a lot of people lost their shirt doing that andrew. >> i ordered elon musk short short as couple weeks ago. every time i am on the show don't short tesla you can't own it or can't short it. today i actually shorted some tesla i have to say. not because i don't like the company. not because i don't think he is doing anything wrong. but at some point it's a stock. stocks don't have one path but

going up. without any commentary on the quarter. just a commentary on the nature of the market, the bubbles short issue low. retail shares are at a high, i'm watching it. i'm not going to let it get away from me on the short side but yes i shorted tesla today. stuart: betting against it will go down. last question, how come tesla is worth more than gm, ford, fiat chrysler and honda combined? how did it get to that position? >> come on, this is new world we live in. those are car companies. this is technology company don't you know? the way it is positioned. people want to own it. that is what make markets markets, stuart. people don't want to own ford or gm. they look tesla as company on the future for alternative energy that happens to make cars, makes great electric cars at that. with tremendous, someone at the lead who just has captured the imagination of the american people of the world for that matter. look at the chinese, their

fascination with tesla. i'm not commenting is it a car company or technology company if you look at the stock at $1600 a share. see where it was three weeks ago or four weeks ago is it any better company than four weeks ago? should this company be moving 30 40% in a month. that is retail frenzy what we see. stuart: fair point andrew. you may have opened the floodgates on the downside. andrew left. i'm sure we see you real soon. quick program note. the mayor of austin, texas will join us shortly. tesla will launch their new gig gigafactory in austin, texas. he is on here later in the show. baseball outfielder mookky betts is getting a big pay day from the los angeles dodgers. how much ash? ashley: it's a lot. you will love it, 365 million 12 year contract extension

guaranteed. not bad. second largest in major league history behind mike trout's 430 million contract with the angels. betts four-time gold glove winner. star outfielder. it is 60-game season. see if he pays back that season to get dodgers in the world series. the guaranteed amount is five million more than mike trout. he is 27 years old. he will be 39 when the contract runs out. stuart: it is guaranteed. my goodness me. thanks ash. tonight the nationals host the yankees. hillary vaughn is there at nationals park. hillary, based on what we just heard there is no shortage of money in baseball, is there? reporter: no there is not. there might be this season. about half of mlb revenue comes from ticket sales concessions ad sales that happen inside of the stadium and inside the ballpark but opening day during

a pandemic with no fans in the stands. things look a lot different for the players and also the stands. there are new rules for the game that fans will notice from home. coaches are required to wear masks. also players or non-players in the dugout and bullpen also have to wear maskings. no hugs, high-fives, fist bumps to celebrate a good play. any ball touched by multiple players will have to be replaced. the players will notice there are no fans in the stands and that does mean a billion dollar loss for major league baseball. last year they bought in $10.5 billion. 3.2 what they brought in gait receipts alone. 925 million what they got from other stadium revenue but fans today, stuart, will have a way to cheer on from home because mlb is launching a feature on the website that lets fans virtually cheer clap or boo. and then there are going to be sound engineers inside of the

stadium tonight that are then going to broadcast those cheers, those cheers, claps boos. they will on saturday, fox sports is doing something interesting. they're putting virtual stands in the fans. so peach watching at home look like they're watching the game where the stadium is full of people but they're virtual digital fans, colors. you notice cheers, boos, being broadcast through the game as well. you will even see the virtual fans do the wave. stuart? stuart: trying to make it as normal as possible even when it's not. hillary, thank you very much indeed. let's bring ash into this, bluejays toronto bluejays, they don't have a stadium to play in, do they? ashley: it is a sadder to. they can't find anywhere to play. the canadian government said you won't play in toronto the home stadium, because you cross the u.s. border back and forth. they do not want to do that

because of the virus. they were reportedly set to play in pittsburgh, pcn park. the pennsylvania legislature and health department said nope, you're not playing here. first home game scheduled for blah h bluejays, july 29th around the corner, they're a team without a home. stuart: no the same without the fans in the stands, is it. not the same. ashley: nope. stuart: there is the schedule for fox tv. ashley: quadruple header. stuart: quadruple header. not seen that for a long time. president trump continues his push. reopen the schools. roll tape. president trump: there are great statistics on young people and safety. we want to see schools open. we want the economy to open. stuart: he wants the classroom to open. but, 31% of u are not ready to have our children back in the classroom, 31%. about a third. rachel campos duffy. she is on the show. she has got nine children. is she ready to send them back

to school? we'll ask her. she is coming up in the next hour. look back at tesla again setting up shop in texas. its new gilling gigafactory in austin. we'll ask the mayor about the tax incentives to attract them. we'll be back. instead of trying to decide “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

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stuart: tesla will indeed build the next gigafactory in austin, texas. look who is here, the mayor of austin texas stephen adler. welcome to the show. good to see you a. >> good to see you. stuart: congratulations as well. when amazon tried to move into new york city the left didn't like it, new york city give them a lot of tax breaks. i know that travis county has given tax break tesla to move to your area. what do the local people think about tax breaks for a huge company, a very rich guy like elon musk? >> i think there are a lot of

reservations with a lot of people about the concept of incentives. we weigh that against the workforce development goals of our city in austin, in particular, where we're policed and lucky to have a lot of high paying jobs. we're deficient in this community for middle school jobs. we're looking to invest our money in as many different ways we can to try to get our local manufacturers to increase middle school opportunities and this fits with that program. it is the jobs that we need in this city right now. they are in a part of our town that needs an economic engine. and frankly having a tech manufacturing link in a city like austin, texas is particularly good fit. stuart: i take it the low level of taxes generally in the great state of texas that was also a major attraction too? >> i'm sure that it is. it is for businesses that come

here. my sense is that the ultimately, these decisions are made based on the quality of life and on the workforce that exists. and right now in austin we think we're pretty strong in both those categories. stuart: when do you break ground? >> you know i think that they're out there reclaiming this land as it exists right now. it is an old mining site. so it looks like the surface of the moon. so it is going to be a wonderful project for the city in that regard as well. it is on a river. it will have parks. it will open up access to the community in ways that didn't exist. stuart: well, like to say congratulations, steve adler your honor a coup 1/2. 5000 jobs, all that money. thanks for being on the show today. >> thanks for the invite.

stuart: next, senator schumer he ripped into the republicans over the new virus relief watch this. >> it is in the middle of the week and the republican party is so disorganized, kay at ticker and unprepared they can barely cobble together a partisan bill in their own conference. stuart: will republicans end up having to accept some democrat demands because they are split? senator mike rounds, he is a republican senator from south dakota. i will ask him the question. he is in our next hour. next though, treasury secretary steve mnuchin says there will not be a payroll tax cut in the latest stimulus bill. we'll play that for you. tell you all about it, ask art laffer. he will be very disappointed. he is next. ♪

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>> will there be a payroll tax cut in the bill? >> not in this. we'll come back again. there may be a cares 5.0. the president again is focused on money in american workers and american pockets right now. stuart: okay. there you have it, no payroll tax cut. that's the treasury secretary

saying it. art laffer is with us. art, i know you're disappointed. you really wanted a payroll tax cut. what you will get instead is probably a trillion dollars worth of money going out into individuals pockets. is that good enough for you? is that what you want to see? >> no, it is not what i think is it good for the country. what you want to do, stuart, is incentivize people to work. the lowest income groups pay the most payroll taxes as share of total taxes. what you want to do is make them much more attractive to be hired by employers and much more anxious to work because of their payroll tax cut. this is a real incentive for people to work and for people to employ and to increase the growth of the country. paying out checks to people who don't work -- okay, that is not my problem. that is the country's problem. that is the economy's problem. i just tell you what the best advice i have. stuart: i understand. i'm sorry to interrupt you art

but look -- >> that's okay. stuart: what we're going to get instead of a payroll tax cut is more money flowing into people's pockets. maybe a trillion dollars worth. do you oppose that? >> i really do really oppose that in general. now specifically i don't know how it is going to be distributed but when you pay people not to work or not for working, you're taking those resources from workers and producers and it is going to slow the economy down. now if people are d money stuart, of course that is the humanitarian, that is redistribution. as far as a stimulus to the economy, 1200 bucks in people's pockets is not going to stimulate the economy. it is going to slow the economy down. but it is humanitarian and people need it badly it is worth of the slowdown to put that money in their hands but i don't think in this case where it is being decided on the floors of the senate or halls of whatever it may be, these people are really looking at the need very carefully.

they haven't been historically. stuart: now look, i see signs that the economic recovery is beginning, not exactly stalling but the recovery is slowing down. you see the same thing? >> of course, yes i do. that this last week new unemployment claims were up a little bit. you know it is not down like the way it should be. it is not roaring like the way i thought it could be or should be. why i think the payroll tax waiver would really be good. but i think when you talk about a payroll tax waiver, look at elections of kennedy versus nixon, look at election much reagan versus jimmy carter and versus mondale. the election of clinton the re-election of clinton it is tax cuts are a very good political thing for the in power president. i just hope the president runs on cutting tax rates rather than on paying out welfare checks to people. it is not good politics and surely not good economics either. stuart: we hear you art laffer.

we hear you. >> it is n i elected a lot of these people myself and peopler people deserve the governments they get. this is the classic case in point. stuart: yes, it is. >> i hope the economy recovers nicely. this will slow it down. stuart: we hear you. art, thank you very much indeed. we hear you loud and clear. >> tha you stuart. stuart: see you soon. thank you. >> thanks. my pleasure. stuart: got a new study. it finds that the paycheck protection program saved using the right word here, millions of jobs saved them. lauren the numbers please. lauren: that is correct and this comes from the fed mit and adp. they say that program saved between 1.4 and 3.2 million jobs through may. so let's dot average. two million jobs distributing $5,780,000,000,000 to many small and medium. meaning each job saved costs $124,000. there is discussion about new business loans and funds for out

of work americans as 600-dollar checks expire this weekend. we expect senate republicans to unveil their plan. the treasury secretary says another round of loans for still drug link businesses is still coming. stuart: so the money is going out there so we believe. lauren, thank you. turns out moist americans most of us, think the cancel culture has gone too far. 46% of registered voters agree with that premise. tomi lahren is here. oh is she fired up about this. she will be on the show very shortly. the ongoing chaos in democrat-run cities is holding back stores, restaurants from reopening. in new york city, retailers say this is the worst place to do business. i've got more on the crisis in the cities coming up in "my take" shortly. i put it to bob doll, how can the economy recover if businesses and cities can't reopen because they're overrun

with fear of crime and differ consult bringing people back to work? how do you get an economy rebounding sharply with the crisis in our cities? look at sixth avenue. deserted. we'll be back ♪ we could never do what they do. but what we can do it be a partner that never quits. verizon is the most reliable network in america. built for interoperability and puts first responders first, giving their calls priority, 24/7. we do what we do best so they can too.

stuart: 11:00 eastern time here we are. state of the markets is down pretty much red ink across the board. the dow is off 140 points. it looks like the economic recovery is stalling. i say that because 1.41 million

people filed for unemployment claims last week. that breaks the 15-week down trend. that is not good. i'll repeat that suggests the economic recovery may be stalling. all right. now this. starbucks has reopened most of its stores but not in new york city. they're still almost all of them closed. macy's their giant store in manhattan, that has reopened but foot traffic is a tiny fraction of what it used to be. lids have 1200 cap stores around the country. their top executive says doing business in new york city is quote, not an economically viable situation. the "new york post" spells it out. new york city is now the worst place to do business. they're spelling it out clearly. this is the crisis of the cities. it doesn't make things any better for another riot in

portland oregon. 56 nights in a row. the mayor, democrat ted wheeler, had to be protected from demonstrators who he supports. how will that city recover after its takeover by anarchists? chicago, mayor ilorilori lightfoot grudgingly accepts collaborative help from federal agents sent in by president trump but she's really lost control of her city. why should office workers return to the office towers there, keep social distance and ignore the threat of rising crime? chicago's in trouble. los angeles, no classroom teaching this year. oh no. you think parents can go back to work and leave the kids at home to learn online? besides, mayor garcetti is considering another stay-at-home dramatic stay-at-home lockdown order. it's the same problem all over. office workers can't come back to their cubicles mass transit cannot cope with social

distance the tourists are gone commuters are scared of rising crime, retailers, restaurants and bars all of this changes the look feel and future of america's cities. it is a crisis and i don't think city life or business will ever be quite the same again. the third lour of "varney & company" is about to begin. stuart: all right. the crisis in the cities. i really think it has an effect on our economic recovery. let's see if bob doll who is the nuveen chief equity strategist is with us now. bob, do i have a point here? this economic rebound will slow because the cities remain locked down? what do you say? >> absolutely agree with you, stuart. they are big pockets of gdp and therefore, if they're not functioning, the economy won't function. it's exactly the reason why we

think a v is unlikely. we have seen a couple of months may and june where it's looked like the v but things are getting a little more murky. we are still on the uptrend but not at the same pace and it's going to be you know two steps forward, one step back. cities and coronavirus upsurge are the two reasons why. stuart: i'm going to play a little tape from you earlier this year was it late last year in which you predicted donald trump will win the election. okay. hold on a second. roll that tape. >> prediction number one, trump wins in 2020. why? >> incumbent presidents as you know run for re-election and don't have signi challengers or a recession almost always win. stuart: okay. let's be fair. that was in january. who could possibly have seen the virus coming or the depression

coming? obviously you couldn't see that coming. so why don't you give us a prediction for the november election now, late july. >> so there's a first time in the 30 years i have been doing predictions that i put a second set out in april. we thought in january donald trump was a shoe-in for re-election. in april, not so much. 16 presidents stuart have run for a second term since the year 1900. the ten t without a recession were all re-elected. the six that ran that had a recession, only one was re-elected. five went down to defeat. that's why election. we think it's an uplittle bathill battle for donald trump. stuart: does that mean investors face election risk the risk being that president trump loses and that's a negative fo >> i would agree that's the case especially if the republicans don't hold on to the senate. if it's a democratic sweep which the probabilities seem to be rising we will be faced with

higher taxes and more regulation and markets tend not to like both those things. stuart: bob, hold on for a second please. i just want to break in. i've got -- we now know the trump administration is is closing the chinese consulate in houston. i think we knew that already. because of threats to energy firms. threat to energy firms. what's that about, ashley? ashley: yeah. that's the new twist on this. why this particular consulate, of all the chinese political outposts and consulate outposts in the u.s. well multiple intelligence sources telling fox news it's because intelligence believes the communist party was carrying out threats and intimidation against u.s. energy firms operating in the south china sea and a large percentage of that was being carried out from the houston consulate. that adds to the state department's line yesterday where it says there was increased espionage activity at that particular consulate. now we know what they were talking about.

threats and intimidation tactics targeting u.s. energy firms in the south china sea, mostly from that houston consulate. stuart: thanks ashley. that's a very important news update. got it. bob doll, still with us. you know this market used to react to china and trade news and it generally acted positively. now we look like we're in a new cold war with china, but the market's still holding on to significant gains. what do you make of this? >> yeah i think the cold war with china which i think we are clearly in china has moved from competitor status to adversary status that's not good news long-term for the planet when the number one and number two powers are kind of sparring with one another. let's hope it stays cold. eventually some of those things will weigh on the market. i think the market's giving it a pass now because of the economic

recovery despite the city thing we talked about a minute ago. stuart: got to tell you, i would not want to be an equity strategist moving significant amounts of money around in this year 2020. i don't envy you your job. that's a fact. last word to you. >> the uncertainty is always with us but there's extra uncertainty. there's no playbook. i agree with you, it's a tougher slog in this environment. stuart: there's just no playbook out there. there simply isn't. never seen anything like this before. bob doll good stuff. thank you very much, sir. see you again soon. i'm going to -- couple of stocks to check. first, microsoft. yes, it is down today, down about four bucks. why is it down? because its cloud business only grew 47%. that's the first time that cloud growth was below 50%. the market doesn't like it. we are down four bucks on microsoft. a winner twitter, up big-time. just posted record growth in

daily active users, up 34% from last year. that's sending the stock up a couple bucks. 5% up there, $38 a share on twitter. turning now to the virus. drug makers rushing to get the vaccine out by the end of the year. once that vaccine is out, how will we actually get it? edward lawrence, can you answer that question for me? reporter: yeah that's the big question here. in fact the coronavirus task force is having those discussions now on how to distribute the vaccine. i can tell you a senior administration officials tells me this. quote, our goal is to ensure that every american has easy access to a vaccine once available, whether it's at their doctor's office retail pharmacy federally qualified health center or even a hospital. thousands of outlets will be available so no one has to travel very far to be vaccinated. i'm told they will likely distribute this through the normal distribution network for pharmaceuticals.

discussions are lappinghappening about what role the department of defense will play in all of this. it could be department of defense transports for various surge areas, areas they are seeing a lot of demand or rural areas, or they may not need to be used at all because the current network can handle the load. they are having those discussions now. bottom line no one will need to go far to be vaccinated. back to you. stuart: interesting. edward thank you very much indeed. thank you. now, in my opinion, one of the biggest issues facing us today is reopening the schools. literally reopening the classrooms in schools. look at that on your screens now. only 31% of us are not ready to send the kids back to in-classroom learning. about a third of the people don't want to go back into the schools. bring in rachel campos duffy, old friend of this program, and fox news contributor. you've got nine children rachel. give me a personal view on this. what do you think about back-to-school classroom education? i want it for my grandkids.

do you want it for your nine? >> absolutely. i saw over the course of the three months that we had to deal with it when covid broke out, my kids who are self-directed managed fine with online learning but they're not all alike and those who aren't really suffered and i think frankly didn't learn very much. what's interesting to me is the science is all pointing toward this is not a dangerous thing for kids to do. they can go to school it can be done safely and we now have data from european countries showing that nothing happens, they're not in danger. i do worry about teachers but there are solutions for that. i frankly think they should put plexiglass right in front of the desk protect the teachers. but there's no reason not to send kids back to school except a political agenda. your last guest talked about it. it's an -- you keep kids home our economy depends on parents who are able to work. keeping kids o you are putting anchor on this economy and frankly, no one will convince me that that is not what the teachers unions are

doing right here. stuart: i don't think that a split schedule works, like they go to classroom learning two days a week three days a week back at home. that doesn't work for anybody, i don't think. how about you? >> no. it's not going to work. it's not going to bring the kind of certainty that parents and employers and workers need to be effective but i will say this. there is an opportunity here. the opportunity is if your school by the way, my public schools closed down i'm moving those kids i had in public scho catholic school where some of the other kids are because i had some in public and some in private so they are all going to the private catholic school which is opening. but even still, if your school says they are not going to open this is an opportunity because i think a lot of parents have woken up to the fact that our schools are indoctrinating our kids are full of marxist influences. if you are staying home petition your school and say my kid's going to take this online history class but i'm going to pick this class and there are plenty of options online that

don't turn our heroes our american history heroes like george washington into villains and that actually impart a little bit of patriotism which is not a bad thing. stuart: no. let's read the constitution too. that's not a bad thing, in my opinion. rachel great to see you again. don't be a stranger. come back soon. >> any time. stuart: four months after the season was supposed to begin, baseball is back. no fans in the stands of course but a new survey shows they don't want to come. i can't believe that. more on that coming up. that's a promise. desperate plea from chicago's police. watch this. >> put your guns down. it ends when someone has -- when someone who has been hurt doesn't reach for a gun. stuart: now business owners are getting tough on crime. we will explain and talk about that too.

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it's in the middle of the week and the republican party is so disorganized chaotic and unprepared that they can barely cobble together a partisan bill in their own conference. stuart: that's senator schumer going after the republicans over what he calls their indecisiveness when it comes to a virus relief package. senator mike rounds republican south dakota joins us now. sir, you're smiling but with respect, mr. senator, your party

is split right down the middle on a new package. therefore, it's my opinion, say what you like but you will have to accept some democrats' demands to get anything passed and that's not good. what do you say? >> i think i would disagree with the first part that we are totally divided down the middle. we've got lots of different ideas and the more of those ideas that you look through, the better your final result can be. look we've got very bright people here in the party. they've got different points of view but we're not yelling and screaming at each other. we are actually working through and coming up with good ideas. to have senator schumer suggest that is kind of like the pot calling the kettle black.is is a case of where you want people to have interaction. we have had great discussions in our meetings at noon lunches and you know yeah we've got some differing points of view but when we get together on it and we will we will have enough votes to have a consensus put together and then remember this has all got to be worked out our colleagues across on the other side of the aisle so

we've got a ways to go but we are moving in the right direction and we are getting some things done. stuart: republicans want an extra trillion dollars as a stimulus package. democrats are looking more at $3 trillion. you going to come down somewhere in the middle? >> i'm not sure if the middle. i think the one trillion is pretty hard and fast for a lot of our members. what we are trying to do here isol as safely as possible. we want to get businesses open but to do it as safely as possible. we want to provide liability protections for universities schools, hospitals and businesses. that will be a part of any particular offer. there's also a very good piece of legislation called the trust legislation that senator romney is the lead on. i'm one of his original co-sponsors on it that recognizes the biggest part of the exposure we have for our l budget is the 70% of the budget that we don't even vote on.topilot medicare the highway trust fund or medicaid -- medicare

and social security and those items included in this legislation is finally the completion or the creation of committees that actually start to look at how we protect those trust accounts long-term. that means both revenue but it also means expenditures out of them. we don't want those trust accounts to go broke. i think senator romney's legislation is a great step in the right direction. that's included in our proposal at this point. stuart: let's talk china. you and some of your colleagues you want to be able to sue ordinary people should be able to sue the government of china about the virus. i put it to you, sir, that's symbolic because i don't believe individuals can sue foreign governments, but is that the way -- it's basically symbolic? >> if it was only symbolic i probably wouldn't have an interest in it. the reason why i've joined on because we've modeled this after the legislation that was provided for the terrorist

organizations, and look to begin with we know that the communist government in china hasbe. second of all, what this would do it would freeze assets the chinese government has in the united states. it would put those assets at risk. it would also strip their sovereign immunity in the united states when it comes to their willful negligence in failing to respond and advise the rest of the world about what was going on in china. look, they actually stopped transportation of individuals back and forth within their own borders, yet they allowedhem to leave china and go out into the rest of the world. then when the wto came to them they misled the wto. they could have helped to have stopped the loss of thousands of lives in the world. they intentionally decided that they would cover this up. that was wrong and they have to be held accountable. stuart: you are right, mr. senator, i do apologize for my statement here it worked with

iran. we did freeze iranian assets and froze them for a couple of decades, as i recall. so it worked in that instance. let's see if it works with china. mr. senator, thanks for joining us. always appreciate it. >> thank you. stuart: look at align, they make medical devices fors including those invisalign clear braces. you seen those? the stock is down 2.5% today. dental practices shut their doors because of the business. we are told that most have now reopened. not helping the stock. still down eight bucks. align technology. google takinat amazon. retailers who are selling on google's marketplace will now have more third party options paypal or shopify. that puts google in direct comp amazon. google is down just a fraction. unilever a consumer giant,

consumer goods absolute giant, they have reported their profits. they are up 7% on the stock. lauren i guess this is another stay-at-home winner? lauren: well just check your freezer. i think you have unilever products in there. breyer's ice cream, magnum ice cream bars, klondike hellmann's mayonnaise all the products we have stocked up on. as for the food products that stay-at-home bingeing they have helped unilever overcome restaurants and other venues being closed. sales did fall slightly in the quarter but this overall report much stronger and the bottom line is companies are shifting and navigating this shifting consumer behavior. you don't go out for ice cream as much anymore. you eat it at in your backyard. stuart: you know you go into most supermarkets all the products about a third of them are from procter & gamble. they absolutely dominate the supermarket. that's a fact. got it. thanks lauren. football lost more than a

million fans, so we are told when national anthem protests started in this year players are expected to protest in a new way. we will tell you all about it and ask the question will fans stick around this time. and there were more than 28,000 violent crimes in los angeles last year but that county l.a. county could soont enforcement budget. another crisis in another city, los angeles. we will deal with it next. ♪ xj this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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♪ what comes around goes around. ♪ for bundling made easy go to geico.com stuart: look check the markets. all of them down. not a lot, but down. maybe it's because secretary of state pompeo is now urging the people of china to change the communist party in china. very strong criticism of xi jinping for his totalitarian ideology. this is a very strongly worded speech. it looks like we are indeed in a cold war china. markets responding a little negatively. i think it's time we took another look at sixth avenue. yeah as usual, totally empty. what do you know dan is here. he's got a new piece in the "wall street journal" on how progressive leadership is killing the cities. dan, are you blaming progressive politicians entirely for this mess that we've got here?

>> well, progressive politicians did not create the coronavirus pandem sure. but we had this perfect storm of the pandemic hitting in early march, leading to lockdowns as we know and the lockdown continues in new york city and new york state, to a great extent. slow openings. on top of that then we had the protests that began after the killing of george floyd, all over the country. so you've had a situation in many big cities such as portland minneapolis, chicago, new york where the combination of people living in isolation because of the pandemic and then the endless protests which have really a sense of violence almost dread, i think is reluctance of progressive governors and mayors to take control of their cities i we watch it every night, i think that combination is certainly draining the vitality and spirit

out of some great cities like new york. those of us who live here in new york city can just see, the city is dead at night. people are afraid to go out. it's something that is ess core of these big american cities i think is being killed by progressive policies and we are now seeing the consequences of those policies. stuart: the cities just feel and they look totally differently. i want to bring to your attention los angeles. they've got a ballot initiative that would redistribute $170 million and take itw enforcement and put it into what are called underserved communities. but the crime numbers, 250 murders last year 28 violent crimes. that's last year in los angeles. don't these places need more police protection, dan? >> they need more policeprotection and the people living in the most neighborhoods know they need more police protection stuart. i argue in the column that i

think there's a new political division taking place in the united states. we knew that in the 2016 election donald trump identified lower middle class white workers, pennsylvania michigan and wisconsin, but i think what's ghere the real forgotten men and women of this period are the working class people inside these cities whether they neighborhoods with all these the shootings or the store owners whose storefronts have been smashed and looted and left behind. i think a lot of these people many of them who consider othemselves liberal, stuart are we cannot live with the progressive politics that are gornverning our cities and i think they are looking for an alternative. it isn't clear yet what that alternative's going to be. i'm not suggesting they are all going to go out and vote for donald trump. but i think they are fed up with what they have seen the last four or five months happening to their great cities. stuart: i agree 100%. thanks for coming on the show today. always appreciate it. thank you. i'm going to turn now to chicago.

crimes out of control. 15 people shot outside a funeral home this week. 15. now some businesses taking matters into their o to try to stop the violence i guess. grady trimble is in chicago. what are the business people doing? reporter: well stuart they have created a coalition, several business owners putting up thousan money will serve as a reward for people who come forward with information that leads to charges in happened recently particularly killings of two innocent children 1 and 3 years old. we are at a rally right now and these people oppose the federal intervention that president trp announced yesterday. that of course includes fbi agents u.s. marshals atf agents coming into the city of chicago as well as kansas city missouri and albuquerqu new mexico. chicago also getting $3.5 million from federal government in order to help local police here with things like overtime equipment and other resources. here's what those business owners say about why they are

stepping up and trying to get involved in the solution to the gun violence problem in chicago. >> stop the no snitching code. can't have that. you can't have a 1-year-old get killed and no one's going to say anything and there's 20 people watching. >> feel like our business owners need to step up. i feel like our business owners need to get more engaged in the community. our business owners need to stop putting more dollars as it relates to the gun violence.porter: like these people some of the business leaders disagree that we don't need federal intervention right now. they say the local police and local government should handle it but of course not everybody feels that way. the murder rate in chicago is up 48% year over year so many people welcome that help from the federal government. stuart: but you're speaking to what dan henninger was just talking about, there's maybe a new political realignment. don't know what shape it's going to take but it is shaping up as we speak. grady, thanks very much. good stuff.

i want to draw your attention to a company called technologies. b-y-r-n-a. know what they do? make tear gas. lauren people want tear gas for their own homes now? lauren: that is exactly right. typically, police departments and the military buy byrna technologies' products but now people are buying them to protect themselves as protests that we are seeing in many parts of the country turn violent. demand has been so big for some of the devices they sell shipping is delayed at least two months. some of their pistols and launchers they have that fire off pepper spray and tear gas in many differe illegal in cities including new york city portland washington, d.c. but there is big demand for some of these products and look the stock is only a dollar but it's up today and it's up in the past couple of months by a big percentage. stuart: i never heard of them now. they make tear gas and homeowners actually want to buy

it. fascinating stuff. great story. thank you very much indeed. las vegas sands revenue down 97% in the second quarter. that paints a grim picture for the whole casino industry. they are going to consider furloughs.ch ones are considering furloughs. got that coming up for you. cancel culture taking aim at everything from statues to paw patrol. a new poll says most voters think the cancel movement has just gone far too far. tomi lahren weighs in on that next. ♪ looks like they picked the wrong getaway driver. they're going to be paying for this for a long time. they will,

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we're also very excited to announce that we're going to be building our next giga factory in texas. it's going to be right near austin. >> they're in part of our town that needs an economic engine and having a tech manufacturing link in a city like austin texas is a

particularly good fit. stuart: there you have it. i think elon musk sounded rather subdued as he's choosing austin over mayor of austin who is kind of happy that the factory is going to now, let's gets more on tesla. susan, hold on a minute susan, i'm hearing the words double listing. look what is a double listing? why should i care? susan: well you should care if you are a tesla stockholder because that means the stock goes up with near certain inclusion in the broader s&p 500. this is after tesla reported its year of profit and that was one of the main criteria remember for s&p 500 inclusion. it's important because now a indexed to the s&p 500, meaning you have the same makeup of the index, including the stocks in it now you have to buy tesla's stock which drives up the price. elon musk gets a big paybay i know you like this type of information so i got this for you. not like he needs the money since he's worth around $72 billion, the fifth richest man on the planet according to forbes but this is also based on that massive compensation

package. remember he has an eye-watering $50 billion pay package which allows him to buy tesla shares at a cheaper rate than it is that privilege is triggered by tesla's market value, which currently sits at $300 billion, twelfth biggest company in america, and the second tranche which is worth about $2.1 billion, he is activated once it's above $150 billion and is solidified by this earnings report so in total, he's $4.2 billion, right, not bad. especially given how bad things look and dire after that funding secure tweet just a few years ago. stuart: he might get into the s&p 500, tesla stock, almost certainly will. susan: almost certainly will. stuart: that puts the stock up. as the stock goes up he's eligible for even more billion dollar payouts in the future. that's it? susan: that's right. when the stock goes he gets to buy at a cheaper rate then gets to sell it off that profit in between. that's a lot of money for the guy that doesn't really need it. stua: comes out of nowhere.

he only started tesla in 2003. 17 years ago. susan: yeah. it's only been listed for ten years. back then when it was listed it was only $15 or $14. stuart: both of us continue to be amazed at musk and tesla. that's a fact. thanks susan. got that cancel culture poll. most voters say it's gone much too far. and there's this from the cato institute. 62% of us are afraid to share our political beliefs. we might offend somebody. can you believe it? tomi lahren fortunately is with us to straighten everything out. do you think the cancel culture movement is coming to an end? >> i think it's time to cancel cancel culture. when you just said people are afraid to share their political beliefs, i don't know if i agree with that. liberals are more than happy to share their political beliefs. they just don't like it when conservatives or independents have beliefs of their own and then comesd6 the cancel kelculture.

stuart: let me jump in for a second. more on that poll. there's only one group of people that does not self-center, does not watch its mouth, so to speak. that is committed liberals staunch 58% of them say oh, no, we can say what we like. that tells me that it is far left politics that dominate the debate and the rest of us can't get in. >> well absolutely but we elected donald trump so we have the silent majority we have the numbers. but it's not enough just to go to the ballot box. we are afraid to speak our mind we are afraid to support the police but it's okay to say de fund the police up is down down is up. we have ourselves to blame because conservatives for too long have hid in the corner we have cowered, we have let the left set the narrative and the agenda and apologized and we sh apologized. that's why we have rampant culture that right now is a culture of canceling. stuart: nobody wants to have nasty words thrown at them oh,

you're a racist you're a sexist you're a whatever it is. nobody likes that. but you know that's exactly what's going to happen to you if you express in public a conservative opinion. >> well the left is gaslightin they're doing. they call us racists bigots intolerant all the things i think quite frankly many in the left probably feel in their own soul they project that on to conservatives and then we apologize for things we should never apologize for. we are not racists, we are not bigot, we are not intolerant. we want a secure border we want to put americans first, we wanet the country back to work and we believe in supporting the police. if that's radical, then i guess we're radicals. stuart: forgive me for getting personal for a second but i have a large family. in my family there are three races, caucasian, asian, and african. there are two religions, cristianity, judaism. there are seven ethc nationalities. that's my family a very

american family, in my opinion. it drives me up the wall to have people say you're some kind of racist or sexist. it drives me crazy. has this happened to you? have you been called these n and lost friends because of it? >> stuart, look at my twitter fe. it's minute by minute second by second people call me names. the thing about it is the reason i'm sitting with you on fox business today and the reason i have the career that i have is because i refuse to cower, i refuse to apologize for for such as my support for police and my belief this is the greatest nation on the face of the earth and if it offends people too bad. i will not cower. i will not apologize. and i'm really trying to teach young people to do the same. the liberals they got it down. they are very proud of themselves but conservatives and even independents they staunch in their positions and their beliefs and never back down. stuart: thank you for that tomi lahren. thank you very much indeed. i'm watching you on fox nation. i just like what i see. got to tell you. come back to this show any time you like, okay?

>> it's my f i hope to be back soon. stuart: flattery is the mother's milk of television. thanks very much for that. we appreciate it. see you again real soon. going to get to sports. new poll yeah another poll for you, it asks are americans ready to go back to sporting events. look at this. 47% say no not ready to go back to the stands. only 30% would feel comfortable actually going to a game. now, suppose everyone was wearing a mask. the numbers hardly change at all. ashley you and i follow sports closely. do you think this is because people are genuinely to go out in our habits months have completel changed? which is it? ashley: little bit of both. look from my perspective, i'm not a youngster and diabetes runs in the family. i'm saddled with that. i would probably watch unless it was brighton/hovion at

home in the english premier league. then i would probably throw caution to theind and be there. stuart: i would be there immediately if i could go to an english premier league soccer game i would be there. if i could go to a football game or baseball game i would be there. absolutely i would be there. ashley: very good. older than you and i'm in a risk group. ashley: not that much. stuart: i will drag you with me lad. thanks ash. fu don't want to wear a face mask don't plan on boarding a plane. one airline banning more than 100 people for life for not following the rules. we've got the story next. ♪

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stuart: look at this. elon musk is building that kind of tunnel in las vegas. it's underneath the vegas convention center i believe. this is his boring company. that's that side of the tesla business. he just tweeted out that rendition of what the tunnel will eventually look like. now, let's bring in susan here. i understand that dr. birx who i think of in terms of the virus and medicine she's warning las vegas about something? what's she saying?

susan: in a private phone call with local leaders in 11 major cities and yes, that does include birx is advocating aggressive steps. she says to try to slow down the new coronavirus outbreak and that extends to las vegas but also baltimore, cleveland, miami, new orleans, minneapolis, pittsburgh and other big cities as well especially with this surge in new coronavirus cases, and that means less travel fewer people are heading to the vegas strip. so roughly 350,000 visitors actually went to clark county and those are the casinos which include las vegas on saturday that's theowest saturday count since casinos reopened at the start of june june 4th according to jpmorgan. compare that to the more than half a million vegas casinos over the july 4th independence as a result of this falling traveler numbers, wynn resorts now furloughing employees once again starting this week and shutting down some of their operations. wynn declined to say how many of these employees are being furloughed but he said that look we paid out around a quarter of a billion dollars to 15,000 employees for their wages, tips and benefits through

the 78-day shutdown in the spring but we are doing it again. you know we had nearly 40 million visitors last year in las vegas. not even close this year. stuart: yeah. so action on the strip is slowing down. that's a big deal. alert, alert, alert.ts alert? yes, we do. ashley what's this about mike tyson returning to boxing? ashley: iron mike is back 53 years young. apparently he's going to have an eight-round exhibition match with roy jones jr. september california. he's talked about doing this before. there's been some video of him hitting a punching bag with a gray beard but he looks good. he says the gods of war have reawakened him and reignited his ego. stuart: he does look a lot better than he certainly used to look. got it. ashley thanks very much. we're not done yet. more "varney" after this. ♪ ♪ ♪ ♪

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♪. stuart: "friday feedback" is tomorrow. we have come to enjoy this. you still have time to send us comments, questions, email us. send us a video. email us at varney viewers @foxbusiness.com. you can tweet us. please keep it short. keep it to the point. keep it pithy. you might get on the air. my time is up. david asman is waiting in the wings

david: stuart, you should write a book. i'm david asman in for neil cavuto. this is cavuto coast to coast. the next frame work of the next phase of the coronavirus legislation. president trump saying the violence in chicago is out of control. announcing a surge of federal officers will be sent to deal with the crime. then to