impact on commercial real estate which it hasn't happened yet but if we go out that far, less demand for office space. dagen: mitch, thank you so much, sir. and lee carter and john lonski, more with you guys next time. thank you for being here. "varney & company" is up now. stuart, take it away. stuart: i do agree, i think that news from google this morning about extending work-from-home until next year, that is a very big deal with all kinds of implications. you jumped on that real well there. thanks very much indeed. dagen: thank you, sir. stuart: you're welcome. good morning, dagen. good morning, everyone. look, there's just so much going on today and this week that i'm going to go through it in rapid fire. no summer doldrums here what stovewha whatsoever. moderna gets $470 million from the government for production and research. their vaccine goes to phase 3 trials today. it is a huge broad-based trial. 30,000 patients.

investors are increasingly pinning their hopes to a virus recovery on the vaccine so moderna's news is helping the market this monday morning. and its own stock, of course. the dow industrials, probably going to go up a few points, maybe 70. s&p up about 12. the nasdaq, up 85 points. green this monday morning. next headline, gold. the price is now at an all-time high, closing in on $2,000 an ounce. a weak dollar plus the fear of a post-virus bout of inflation, plus the u.s./china escalation, all pushing the price to, what, $1956 per ounce as of right now. we're expecting the republicans to detail their trillion dollar stimulus plan perhaps today. $1200 checks, liability protection for business extended but reduced emergency unemployment bonuses. larry kudlow on that later on today's program right here. now, look at big tech.

top executives from four of them virtually testify to congress later this week. this is important. what are we going to do with the crown jewels of america's business? tax them? regulate them? break them up? leave them alone entirely? we will find out. thursday, the motherlode of tech earnings, apple, amazon and google, all report that one day. also this week, let me go on here, the federal reserve meets and we all want to know how long interest rates will stay at rock bottom. plus, a look at the performance of the economy in the april through june quarter. we are going to find out just how bad it was in the depths of the virus lockdown when business came to a grinding halt. if you want to add all this up, this is a very big week for you and your money. here we go. "varney & company" is about to begin. stuart: i just want to tell you

about this news, this breaking news which i think is real significant. google is going to allow its employees, telling its employees, you are going to keep working from home all the way through until july of next year. so the next year, they will be working at home. this applies to 200,000 full-time contract workers, all the way through july of next year. this could have major implications for big cities like new york. after all, if google workers work from home, they can work from home anywhere. same thing applies to a manhattan office worker. if they stay home, they can stay home from anywhere. serious implications. google's stock this morning is up 11 bucks, $1520. let's get to the vaccine news. very important stuff. moderna starting phase 3 trials today. dr. marc siegel is with us. look, doctor, you know about moderna's vaccine and you know how it works.

is it realistic to expect that vaccine to be in use by election day, november 3rd? >> yes, it is, provided, this is the big if, that this next stage of trials, 100 centers around the country, 30,000 people as you said, that's starting now. the immunity that it causes seems extremely promising but here's where it really goes forward and we see how it works in the real world with a lot of people that maybe encounter the virus. we want to see how much protection it gives. seems safe, seems to cause immunity. let's see how it works with the big numbers and then you might see it by november emerging. they are already ready to gear up and make the doses needed. nih is very involved in this and health and human services as well. stuart: let's straighten this out. if we do get to reliable vaccine in the very near future, we cannot mandate that everybody takes it, can we? >> no, we cannot, and we already

have surveys that show that 30,000 people are reluctant to take it and i think that's unwise because from my view, if this virus emerges, i would be much more afraid -- if this vaccine emerges i would be much more afraid of the virus than of the vaccine. as you know, the president of the united states has said he's going to stand there with me and take it. hopefully that leadership will cause compliance. if this works, and if it's safe and if it emerges in the fall, we need the country to get on board and everybody to take it. stuart: got it. come back on the show a little later on in this hour, please, doctor. i'm moving on to the price of gold right now because look at it go. $1957 an ounce, up 32 bucks today, all-time high. market watcher keith fitz-gerald joins us now. gold close to 2,000 bucks an ounce. what does that tell you? >> it tells me that fear is running high, the flight to safety is alive and well. china is an issue, currency devaluing. there's a whole host of indicators here. what it also tells me is if it

goes much higher, we will have a lot more serious problems to worry about. it's an inverse indicator. stuart: is it now the alternative investment to stocks along with, say, real estate? >> you know, you would think it is, but that's never been the case. it doesn't produce income, it just sits there. lot of people like it because at a time like this, it can appear to provide a hedge. but the reality of the situation is long term, that doesn't work out so great. stuart: okay. we hear you. back to you in a second. i want to keep -- the news just keeps on coming this monday morning. let me move on to the gop. the republican party expected to unveil its stimulus bill today. listen to treasury secretary steven mnuchin. roll tape. >> this is all about kids and jobs. this is our focus. we want to make sure something gets passed quickly so that we deal with the unemployment and all the other issues, paycheck protection plan, tax credits to rehire people and money for schools. stuart: kids and schools, kids and jobs, as you heard there.

lauren, what else do you think or do we know is going to be in this virus bill? lauren: it includes another round of those $1200 payments so if you got it the first time, you will likely get it this time. the $600 weekly unemployment checks, they would be trimmed under the republican plan to 70% of pre-pandemic income. look, that would entice people to go back to work but it's also complicated to figure out. plus, $15 billion for virus testing, $105 billion to open the schools, a five-year shield for businesses and schools against frivolous lawsuits, then extending the federal ban on evictions. the cost, $1 trillion. it's going to be tough to pass because we have seen about half of the senators, republican senators, say they will vote no on any package but the deadline here, august 5th. stuart: $105 billion for the schools. lauren, i bet you are cheering that on. because you've got two youngsters at home, i think.

lauren: you know, i have been thinking about this for a long time. one will go to school if it opens. the other, i'm keeping home. every parent is saying what's best for my individual child. we will accept risks for one but not for the other. stuart: i think you've got a full report on this coming up a little later on the program. good stuff. i have seen it already. lauren, we will be back to you again shortly. come back in again, mr. fitz, keith fitz. stumbling around your name. okay. does the market depend on a new stimulus package? in other words, if we don't get anything or we don't get much in this new stimulus package, will the market sell off? >> tell you what, stuart, i think the answer to that is yes but it's not necessarily the stimulus itself. to me, it's the psychology of the stimulus, because if you provide a look forward, if you provide hope, if you provide an incentive to return to normal, no matter what the dollar amount is, the market will react positively to that. my fear is that we miss the golden opportunity here. this is a national emergency.

it is being politicized so people are starting to fight about the amounts or the way it's going forward. the reality is, this nation is hurting and it's got to go back to work. that's where the argument, that's where the agenda, that's where the money should be going. stuart: but there's no doubt at all that something will be passed. look, three months to an election, you got to spend some money and everybody knows it, right? >> yeah, you know, you know that even absent the virus, in election years, people tend to spend money. politics, that's the way it works. you buy votes. i hate to be so crass, but that's really the way the system works. so i see this as being no different but this has got the added incentive of the coronavirus sitting there. stuart: telling it how it is. let's go to susan. big week for earnings reports from big tech. i think thursday's the big day. susan: amazon, apple, google, all reporting on thursday. then we also have facebook reporting on wednesday as well. you see that populated earnings board right on your screen. yes, it's very busy this week. now, on wednesday, we're not

sure yet if zuckerberg will actually join the earnings call after facebook reports because he will be busy participating in that blockbuster tech ceo congressional hearing that was rescheduled from today. it was supposed to happen today, monday, but now it's been shifted to wednesday so zuckerberg will be joining cook, bezos, pichai and the house judiciary committee hearing on tech antitrust. first time, by the way, for the planet's richest man, jeff bezos, to be giving testimony on the hill so it should be rather interesting. we have all that firepower in just one room. other earnings to watch this week, mcdonald's, starbucks, visa, boeing, paypal. we will get a pretty good read from different sectors on how the u.s. economy is faring through this coronavirus recovery. i should point out this will be a virtual hearing that will take place but still, all four of those bigwigs in one single hearing. stuart: got to watch that. keith, back to you. do you have your eye on any particular big tech stock this morning? >> i do. i think this is a make or break

moment for the rally because if tech cannot demonstrate the leadership it needs and all the concentration reminds me of a bubble as opposed to the start of a new bull. i'm watching apple very carefully. i think watching facebook because that's an anti-indicator to me. those are the two really big ones that i care about. amazon, come and go, don't care. apple is very very significant to me. stuart: sorry, i was interrupting you there, keith. facebook will now report their earnings on thursday. that just came to us. got that. thursday on facebook. go ahead. quick word. >> i was going to say, that's par for the course, that's betting on a horse race after you know the result. they don't want to be the one, the odd stock out if everybody else is coming on thursday. to me, they are playing games, that makes me deeply suspicious first glance. i got to look and see what drove that decision. stuart: thanks very much, keith. see you again later. look at walgreens. the ceo is stepping down and will become the executive chair of the board. current executive james skinner will step down but remain on the

board. no response to walgreens stock. it's still -- it's up 18 cents. there you go. overall, i'm seeing plenty of green this monday morning. dow is up, s&p is up, nasdaq up nicely. a gain of 94 points. then there's this. squad members alexandria ocasio-cortez and rashida tlaib are calling for those opportunity zones to be defunded. is that really what you want to do with cities right now? top democrat congressman jerrold nadler claims antifa violence in portland is a myth. watch this. >> [ inaudible ]. >> that's a myth that's being spread only in washington, d.c. reporter: about antifa in portland? >> yes. stuart: all right. his comments come as unrest is all across the country. we will show it to you as well. how about those airlines, crushed by the pandemic. yes, indeed. one of them says they are not planning to lay off or furlough

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stuart: fox business alert. yes, the news is coming thick and fast. we are hearing reports that national security adviser robert o'brien has tested positive for the virus. don't know where he got it or how much time he spent around the president. that man has tested positive. as you look at the oil stocks, consider the impact of hurricane hannah on texas. lauren, is it affecting production? lauren: it has not. it's the first hurricane of the season, now downgraded to a tropical depression.

it did down power lines and flooded streets in parts of texas, but it did not affect gulf of mexico oil and gas production. energy companies did not evacuate workers or shut down rigs. however, oil prices are up today -- they might have just turned lower if we can get a fresh quote. they were higher because of these ongoing tensions with china and a weaker dollar, of course. stuart: still got $40, $41 a barrel on oil this monday morning despite it all, so to speak. look at southwest airlines. big pledge from their ceo. jeff flock, come in, please. what did the ceo say? reporter: he says you're not going to get laid off if you work at southwest. so perhaps we see some happy southwest employees. we can't tell you if they are smiling because of course, inside the terminal here they have to have their masks on, as do we, inside the terminal here at midway airport in chicago. but here's the quote from gary kelley in a letter to employees. he says i want you all to know that we will not furlough or lay

off any southwest employees on october 1st, unlike our major competitors. as you know, united and american have said probably layoffs could be coming. i will tell you, i'm a convert to southwest. i have been flying every week since the pandemic began and on southwest. the first flight i took back in march had six people on a 737. every week that i have taken a flight since then, the numbers have increased, more people out there. one of the reasons, i think, is because southwest is one of the few airlines that guarantees you an open middle seat. you don't have to sit next to someone, unless of course it's your wife or somebody and you probably have to, but they guarantee that middle seat. that has been a big boost to them. they have lost less money than their competitors. stuart: jeff, thank you very much indeed. i'm staying on travel for a moment. lauren, what's the development

at ryan air? that's the super discount airline based in ireland, i think. lauren: yeah. you would imagine that discount carriers would do well right now, but that's not happening with ryan air. you can see the stock is down almost 6%. they said that lockdown caused a 99% drop in flying passengers in the first quarter. 99% drop. so the question is, when can they get that back? well, their prediction for the number of people flying in 2020 is 60 million for the year versus 150 million last year. that just paints the picture that it's going to take a long time for stocks like this to recover. also quickly wanted to talk about trip adviser as well as carnival cruise lines. those stocks are also down today. you know this. the uk imposed a 14-day quarantine on passengers coming from spain because spain has been hard-hit again from the virus. stuart: i think that stranded a lot of people trying to get back to england. okay. got you. thanks very much, lauren.

domestic violence soaring in new york city during the lockdown. new cases more than doubling during april, may and june. come back in again, dr. marc siegel, because this is the hidden cost of a lockdown, the mental cost, isn't it? >> yeah, stuart, we have been talking about this for months now. it's the collateral damage. sanctuary for families and family violence program, this is a grisly story, i warn your viewers. two to three times the amount of domestic violence that they usually see occurred during march and april. why? because people were locked up together that weren't used to be. why? because people were out of work. guess what was happening? people that got covid-19 were angry, they got shamed by people that didn't get it in their household. personal protective equipment was being withheld. there was a lot of anger bubbling over and a lot of times it led to violence. very disturbing for me as a physician to see that it

actually affected the care of covid-19 patients in addition to the violence itself. stuart: heaven forbid there's another lockdown order. heaven forbid. it's bad enough that the kids can't go back to school to in-classroom learning but another lockdown, another stay-at-home order, i think it's catastroph catastrophic. last word to you. >> i agree with that. the whole idea of across the board roping around an area is not wisely considered from a public health point of view. we need surgical approaches to this. close the bars, open the schools. things like that. that's how we have to look at it. how can we best get control of this. you can spread it during protests, i believe. there's more and more evidence of that coming out of the west coast right now. not proven but that's how we have to look at this. how are we spreading this virus. stuart: bring on that vaccine soonest, please. dr. siegel, thanks for being with us this monday morning. >> we're working on it. you got it. we're getting there. stuart: glad to hear it. i see green on the left-hand side of the screen. that means the dow, the s&p, the

nasdaq, all of them on the way up modestly this monday morning. back in a moment. ♪

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stuart: three minutes to the opening bell. we are going up. lot of green on the left-hand side of the screen. look at the big tech names, always in the news. where are they going this morning? most of them heading higher when the market opens. look at e-trade. a huge rise in the number -- in their client base. that's the best way to put it. susan, give me the numbers on people doing day trading from home. susan: a lot of them. some would argue retail investing has been driving the stock market rally from the covid-19 deaths and we are talking about a lot of individual participation, more than 260,000e-trade accounts were opened in the month of march alone, in one single month. that single month was more than any full year on record for e-trade. trades by individual investors more than double the normal level we have seen and also, they are pretty formidable. small investors now account for

more than a fifth, that's 20% of the stock market action and even up to a quarter, that's 25%, during the busiest sessions according to citadel securities which is a market maker. they are not doing badly as well. according to goldman sachs, they are even outperforming the highly paid professional traders and that means do you need to pay somebody 2 and 20 in the future? stuart: you are supposed to start selling stocks when the little guy gets into the market big-time. we will see about that. oh, is twitter involved in this, lauren? lauren: yeah. twitter and another social media platform called discord, they have become virtual trading desks because people are bored, they are out of work and looking to make a quick buck. trading online, commission-free, and now some brokerages are pushing incentives to get users, off inexperienced, to trade their riskier products, also for free. if you look at robinhood they logged a record three million accounts in the first quarter but they also experienced site outages because of the surge in volume.

outages can exacerbate losses and gains, too, because skilled traders know it's a matter of minutes, that equals so much money on the line. the little guy, the inexperienced guy, could get hurt here and in some cases, they are. stuart: do you remember last week, i was saying some people say that when you start getting stock tips from your cab driver, that's the time to sell. i went out and said you know, this guy portnoy from barstool sports, he's offering investment advice and i happened to say you know, when portnoy's offering investment advice it's time to sell. i understand that portnoy is very angry at me because i compared him to a cab driver. there's that going on in the background, folks. lauren: he could come on the show. stuart: he could. i hope he does. open invitation. susan? susan: i get offended when there's something called dumb money versus smart money because there is no such thing as smart money anymore as proven by the

trades and the money that individual investors have made this year. these people don't have schooling, they are just getting into it in the march and april time because they are out of work and just have stimulus checks to play and have actually outperformed those that get those percentage brokerage fees. stuart: case closed. well said. the bell's a'ringing. 9:30 on monday morning and we are off and running. i almost said off to the races. that's not true. the dow actually opened with a small loss. i don't see that many of the dow 30 stocks on the upside. futures pointed to the upside. reality, we have opened trading and we are on the down side. just 30 points lower for the dow industrials. how about the s&p 500? how is that shaping up? that is up a tiny fraction fraction, .07%. the nasdaq, this will tell you about the techs, that's up nicely, 61 points higher. here's a big mover. moderna, big news there. vaccine, phase 3 of their vaccine trial is under way. 30,000 patients in the trial.

the stock's up big. and by the way, they just received an extra $470 million in funding from the government. the stock is up 8.7%. google, this is a big story, keeping employees home all the way through next july. susan, i think this is a big deal. how about you? susan: it's a big deal when it comes to real estate pricing, especially in very high-priced expensive cities like san francisco and new york. we have heard from other companies like for instance facebook that says if you can, you can work from home forever. at least that's the trend for the next five to ten years. we have heard it from square and twitter, helmed by jack dorsey. microsoft ahead of other big titans in silicon valley like apple and salesforce. according to "wall street journal" reporting, looks like sandar pichai made this call himself in a meeting last week among google heads. the reason he did this is the sympathy he feels for those who can't get their children back into school, which makes a lot

of sense. this has been delayed until july. initially they said most people would return to work in january this year. it's a seven-month delay. there's a lot of wiggle room depending on whether or not we get a vaccine. stuart: yes, but it also means that if you are working from home, working for big tech, you can actually go and live anywhere actually in the world. susan: for the time being. i would say for the time being. stuart: then again, if you were a google worker in california, you are paying california taxes and federal taxes and all the rest of it, but if you were working from home for google, you don't have to live in california. you can go and live in texas. susan: barbados. stuart: anywhere you like. susan: you are saying this is going to be a budgetsary issue for a lot of the individual counties, cities, states, right? stuart: yes. yes. susan: how they make up for it is to raise taxes which some people say is fairly likely, especially here in new york state in terms of what we have seen over the past few years. yeah. stuart: i think it will increase

the tax exodus story. that's where i think it's going here. google's stock is up six bucks on that news. stuart: let's talk tech in general. nasdaq down two weeks in a row. what do you think, susan? the time has come and gone for the big tech rally? susan: you are so bearish this morning. i say temporarily. the nasdaq is only off 4% from its record highs. last thursday, the friday-thursday back-to-back losing days was the longest stretch for the nasdaq without a back-to-back losing session in 41 years. call it finally a bit of a breather for these mega-cap tech stocks. they are so concentrated with so much investor money. that doesn't mean the end of the winning streak because we are looking at record low short interest in technology names. that means very few people are betting that these stocks will fall and btig, a brokerage research house, point out the nasdaq 100 has outperformed the s&p 500 each of the nine months through to june but the only other time they did this was actually back in march 2000,

yes, heading into the dot-com bubble peak. but there is still so much money on the sidelines, there's still a lot of enthusiasm and the federal reserve is still printing a lot of money. stuart: you're right, i am a little bearish, because i'm worried about chaos coming to the election with this mail-in ballot problem which i will get into more later in the show. i'm a little bit worried that the economic recovery is clearly slowing down. all of that worries me. with the market at such lofty levels and big tech in particular, you're right, i am a little bearish. haven't sold yet, though. susan: there you go. stuart: amazon, lauren, tell me why this is the -- one of the -- look at it, up nearly 50 bucks today. it's a bright spot in big tech. lauren: analysts don't seem to be bearish when it comes to amazon. wells fargo, $3600 price target this morning. bank of america, $3280. both above where the stock is trading now, with a gain of $50 this morning.

look, amazon has its hand in everything. it is the second biggest private employer behind walmart. so when you think about it, yes, bezos will testify this week. yes, they are accused of stealing some third party and smaller company secrets and the like. but this is a behemoth. the stock price is up about 50% this year and analysts continue to be bullish on amazon. they have their hand in everything. stuart: okay. sorry, i was just concentrating on my little phone here for a second. just checking out a couple of stocks. i'm looking at the dow industrials right now, on the down side to the tune of nine points. seven points. fractional loss. i thought we were going to go up at the opening bell. we have gone down for the dow. trying to figure out why. i was looking at boeing. that stock actually is only down a fraction. that's not the culprit here. we will figure out what's going on with the dow in a moment. check the ten-year treasury yield. .58%. back to gold, very close to the $2,000 per ounce level, $1959 as

we speak. all-time high, left-hand side of the screen. bitcoin, where's that in the age of the gold rally? $10,300 an ounce, up $765, nearly 8% up. flight to safety, maybe. oil down a little bit at $40 a barrel. look at under armour, down big this morning. this is about an s.e.c. investigation? lauren: okay. now the stock, it was down much more moments ago, it's now down only 1%. i think investors are saying we knew about this investigation beforehand. the latest news is that the executive chairman and founder of the company plus the chief financial officer received notices from the s.e.c. related to the accounting of 2015 and 2016. what the notice essentially means is that the s.e.c. intends to file an enforcement action against the company having to do with the two executives allegedly pulling forward sales

just to make the balance sheet look better but the company and investors knew about the investigation and i think that's why the stock has come back a little bit. stuart: you're right, it's only down 10 or 12 cents as we speak. thanks, lauren. hasbro, the toy maker, reported profits this morning. sales down big in the last quarter. down 5%. anything to add to that, lauren? lauren: yeah. yeah. so kids are obviously playing with more toys at home, but the virus is hurting production of the toys for hasbro. that's affecting them. their film and tv division also closed -- hurt by theaters being closed and also delayed movie releases. they reported a loss of nearly $34 million in the quarter. i do want to end on a positive. those are the bright spots for the company, jenga, connect 4, twister, game sales up 11%. those are all family friendly games a lot of people have right now. stuart: twister. i remember it well. lauren: remember that? stuart: i do. i do. i do, yeah.

i'm not agile enough to do it any longer. still to come on this program today, national economic council director larry kudlow. if you don't reopen the schools, then there's no v-shaped economic recovery. what will he say to that? first, it was elon musk announcing that tesla is heading to texas. now joe rogen says he's leaving california for the lone star state. you will hear why shortly. check those streaming stocks. thriving during the pandemic. what does this mean for the future much tof the box office? we're on it. good story, next. ♪

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stuart: here we go. another breaking story for you. this time it's from baseball.

lauren, the first game canceled? tell me why? lauren: yeah. so the miami marlins, their home opener was tonight versus the baltimore orioles but it has been canceled, according to fox sports' ken rosenthal, and the reason is eight more players and two coaches on that team tested positive for covid-19. so now at least 14 players have the coronavirus. that is considered an outbreak. the team right now is in philadelphia because they played the phillies over the weekend. you can't fly them, transport them to miami because they are in quarantine. so the game, their home opener, canceled tonight. stuart: extraordinary. that is a mess and a half. there's no way around it. lauren: i know. stuart: let's go to susan with another pandemic winner. this is a winner, virgin galactic? susan: that's right. this is the definition of a moonshot stock. the company looking to be at the forefront when it comes to space tourism and inching ahead of its rivals when it comes to the new

private space race by unveiling the interior cabin of its spaceship. the company has a backlog of 600 customer reservations, the majority of which the tickets sold for between $200,000 to $250,000 per person. that's a lot of money. the company also says they have over 400 deposits of $1,000 each, taking a first step in february towards reopening ticket sales. that's a lot of money. virgin galactic also has a new ceo. they just hired away disney executive michael colglazer, who hints that virgin galactic might be months away from starting commercial service. that will be exciting. stuart: actually, it is. look at that, the stock is up another 4%, $25 a share on virgin. it's done very well recently. more pandemic winners. as in streaming. since most movie studios have delayed their blockbusters even further down the road, our next guest says look, the box office is dead.

the movie places are turning to streaming. jeff sica, hey, make your case that with the box office, cinemas dead, the movie companies transfer their blockbusters to streaming. is that what's going on? >> that's exactly what's going on. there's been two major death blows. the first is quarantine, obviously social distancing, theaters took it on the chin, and the second is that you have companies like apple who put out a film, they put out a film with tom hanks, world war ii film called "greyhound." apple hasn't released the numbers but what they are saying is that this film, this release, streaming release, reached the same audience as a summer blockbuster so now you have the theaters who were once summer releases were once a big thing, now that theaters have to take a back seat to what's becoming the new model and i don't think the old model is going to come back. i don't think theaters are going to disappear completely but i

think they are going to be greatly, greatly underinfluenced in the world of entertainment. stuart: streaming is by subscription service. do you make more or less money releasing a movie on the streaming service than you did if you release it in the cinema and get ticket prices? >> you make infinitely more money if you release it streaming because first off, it costs less to make. second, you don't have to -- you don't have to deal with all the advertising that normally has to be done for theater release, and you -- and you don't have to carry it for so long. so the producers are really loving this format, the actors are loving this format. you are able to get it out quicker which costs less, and the profits are higher so why not try it. then if you have a flop on your hands, you're not going to take as big of a hit as if you put it out for a full feature release in the theater.

stuart: jeff, show me the price of gold. i believe it's approaching $2,000 an ounce. you called it. you were on the show recently saying it's going to go to $2,000. it's nearly there. you still buying more of it? >> i'm buying more of it. i'm buying more physical gold. here's the reason. you mentioned it before, stuart. there is so much chaos in the world right now that people need something tangible and the governments are throwing this avalanche of liquidity at the financial markets, devaluing currency which makes gold more attractive. so we have seen a 27% move up, almost 35% in the last 52 weeks. gold is going to reach $2,000 because what i see is the chaos in september going towards the election, with everything that's going on, with all these concerns about covid, it's just going to accelerate and gold is

going to ride the wave with that wave of chaos. stuart: fascinating. jeff sica, thanks for joining us. we will check the price of gold every day. that's a promise. all right. i want to look at boeing. susan, i'm seeing reports that they are going to delay, what is it, the 777-x, the huge plane, delay production of it? susan: another year delay for the boeing 777s which is already one year behind schedule. so that's two years behind schedule in total. this will likely be boeing's biggest new aircraft that we will see over the next decade. given covid conditions and grounding passengers and flights and no one wants to fly internationally, there's not a whole lot of demand for the super jumbo 747s or airbus a-380s. the "wall street journal" this morning, more bad news for boeing and airbus because both are stuck with planes that were ordered but never picked up. boeing, 20 aircraft this quarter, the lowest quarterly delivery number since 1963.

you have to go back 57 years. meantime, the 737 max looks likely to be grounded until at least the end of this year and boeing by the way reporting results later on this week. we will see what their update is in terms of what they expect to get the 737 max back into the skies. stuart: thank you very much, susan. democrat congresswoman val demings says president trump is ready to quote, cheat to win in november. watch this. >> we are talking about a president who has already demonstrated that he will cheat to win. stuart: cheat to win. now, she's on the list of potential running mates with joe biden. what does the trump campaign have to say about this cheat to win statement? we will ask the campaign. spotify, big pandemic winner. my next guest says they are going to be the next netflix. he's on the show, joins me after this. ♪ as a caricature artist,

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stuart: look at apple, please. nice gain there, $7 a share. $377 is the price. it is a dow stock. that $7 gain is contributing 45 points to the dow industrials which are now up 80 in total.

i'm going to put some names on your screen. netflix and spotify. both of them have clearly been winners in the past few months. let me concentrate on spotify for a second. our next guest says, drama please, he says spotify is the next netflix. gregg smith is a venture capitalist. he's the one who's saying this. make your case, gregg smith. >> good morning, stuart. yes, i think spotify can become the next netflix in becoming a cult stock. i think we are in the middle of a tectoniy shift in their business model and how wall street will perceive and value them. as you know, anyone with $100 million can show up and start a music streaming service but i really think spotify does it better than anyone else. they are consistently rated higher than apple and i think they do a really great job. stuart: are they going to branch out above and beyond music streaming? i think they've got the podcast, haven't they, with joe rogen? what else are they going to do? >> i think we will start to see them take a page from netflix's

playbook in terms of creating proprietary content. podcasts are growing. they are bringing on rogen amongst a lot of other people. they will drive users and more user engagement. they already touched 250 million monthly users around the world which is way higher than what netflix touches. you know, look, at the end of the day, last week, they signed a very significant deal with universal and i think we are witnessing them transition from what was once a sleepy streaming company that was almost considered the bad boy, you know, industry in terms of pirating music that was going to take down music companies, to now becoming a very valuable data analytics company. as you see universal and maybe some of the other music companies start to partner and embrace spotify, and use their data because they know their consumer better than anyone else, that to me implies higher margins and higher trading multiples. i think as that business model plays out, i think spotify's stock will head a lot higher. stuart: you said on this program previously that it goes to $400 a share.

so far, you have been right about it going straight up. we will keep that in mind. 400 bucks a share, says gregg smith on spotify. we shall see. thanks, gregg. >> thank you. stuart: still to come, charles payne is on the show, talking about election risk. i say that election risk is real bad news for the market. let's see what charles has to say. erin perrine is with the trump 2020 campaign. we will ask about the campaign itself. no convention for the republicans. that might be a big deal. and also larry kudlow. what's in the next stimulus bill? he will tell us. look at this. joe rogen, the $100 million podcast guy, he's had enough of los angeles, packing his bags and going to texas. we are going to tell you why he's moving. introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today.

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stuart: here we go, 10:00 eastern time and here's where we stand. i'm seeing a lot of nice green on the left-hand side. the dow's up 100 points. nasdaq up 136. big day here. now look at google. big news there, they're going to keep workers working from home, 200,000 of them all the way through next july. that is a very big deal for the work at home people. look at the baseball team from fox sports, they report eight more players and coaches on the miami marlins team have tested positive for the virus. the team is still in philadelphia.

their open open tonight has been canceled. big blow to baseball and all sports if you ask me. live look at capitol hill, left side of the screen. we're expecting the gop to outline roughly a trillion dollar stimulus plan later on today. i want all the details on this thing and i'm asking top white house economist gary, sorry, larry kudlow for them. i want details on this. he is coming up own the show around 11:30 this morning. all right? now this. joe rogan, he runs a very successful podcast. it is called the joe rogan experience. he got a 100 million-dollar deal from spotify for it. that is serious money. when he announced he is leaving california and moving to texas, i figured it was all about taxes but apparently that's not the main reason, no. joe rogan has had it with big city problems. listen to this. >> i'm out of here. >> when do you leave? >> soon.

>> texas. >> going toe texas. just want to go center of the country. easier to travel to both places. somewhere you have a little bit more freedom. stuart: he was ranting about the homelessness problem in los angeles and inability to do anything about it. he, rogan is not coming from a political point of view. he is not complaining about democrats or republicans. he is joining exodus from cities, period. urban problems are out of control. with the virus lockdown things are getting worse. he is getting out of los angeles with its chronic homeless problem. they have an education problem too. no classroom learning for l.a. kids until next year. they're cutting the police budget while crime is rising. does anyone doubt that california will be raising taxes? people are voting with their feet. joe rogan i think is the tip of the iceberg. he is a high-profile refugee from the urban mess. one more time.

look out the window from this studio. look out at midtown manhattan own a monday morning. it should be bustling but it's not. joe rogan is leaving los angeles. there are plenty of others leaving america's cities which in my opinion are in deep, deep crisis. get straight at it, bring in steve moore, freedom works economist. welcome back to the problem. i think this is big city high tax exodus is in full swing. it is a very big deal. >> you're right, stuart. it's a big deal. away from the crime, havoc and mayhem of these big cities, frankly shutdowns of their economy and lack of law and order. but there is a bigger factor here, something going on for two or three decades. americans are fleeing from high-taxed, heavy regulation, prounion blue states and they're moving to red states. what is happening do you, what you're describing is that movement is becoming a stampede.

you're seeing states like new york, connecticut, illinois, maine, michigan, pennsylvania, losing more and more of their people to states like texas, tennessee, and florida. by the way, when i talk to some of my liberal friends, that is because of the weather, they're going where the weather is nice. that doesn't make any sense, stuart. guess what other people are leaving the state from in droves? california. california has the best weather in the country. stuart: see the news from google this morning? 200,000 workers can work all the way at home through next july. you don't have to live in california. you're working from home. you live in texas or florida. this will exacerbate the exodus i think. >> no. i give you some data i think will confirm what you're talking about. looked this up last night in preparation for your show, stuart. united van lines which is the moving company, if you want to rent one of their vans and move

from los angeles to texas, to say, austin that will cost you about $4,000, stuart. $4,000 for four-days to move your furniture from los angeles to austin. if you want to move from austin to los angeles it will cost you $800. you know why? because nobody is moving from austin to los angeles. they're moving in the opposite direction. van lines have to give you incentive to move in the other direction, all the vans are going to move up to these places. this is serious issue, stuart, blue states are losing their businesses, they're losing their investors, they're losing their families. it's, it's a drip, drip now becoming like a fire hose of people leaving. stuart: talk to me about the new stimulus plan. we're supposed to get the details from the gop. we're not going to have the payroll tax cut, not going to happen. >> stop right there. hold on. stuart. we are not giving up i know you

will be talking to my buddy larry kudlow, in an hour. you tell him, steve moore, steve forbes, art laffer, we're not giving up on the payroll tax cut. we're not giving up. it is central pro-growth piece of legislation in that proposal. we are not giving up on it. republicans in congress are not giving up on it. i heard all weekend but i tell you, i still think this thing is alive and well because it is the most important growth element in the whole package earnings i stuart: i agree with you, we'll not get in this go-round, however, we are getting some spending, looks like a trillion dollars. do you think that helps or hurts the economic recovery? >> there is no question, government spending hurts the economy. i milton friedman last night, there is mythology when government takes money from one person to gives it to another that somehow stimulates the economy. stuart, this is a gut check

moment for the republicans. they have to set the restart button on these negotiations. they're not well. everything they're talking about, is more government spending, more unemployment insurance, all things hurting economy. we think republicans have to start over again, do what pelosi did, loaded up their bill with their ideas. republicans should say what we're for. we're for limited unemployment benefits. voucherses. we're foreliability reform. let the american people see side by side what republicans are for and trump is for versus the democrats. because, stuart, the republicans haven't even started negotiating with pelosi yet, it is a crappy bill. stuart: can you win an election if you don't three months before the election, not just spending money, buying votes? that is it what the democrats

are going to do. you can't, they will win if there is nothing coming forward from the republicanses. >> no, i disagree with that stuart, i very rarely disagree with you, i think republicans would be smart to stand on principle here, look, we know how to rebuild the economy. it is with tax cuts. it is with deregulation, promoting american energy, all the things that nancy pelosi and joe biden are against. look, if you just try to flood the zone with massive trillions of dollars of spending, not only will that be bad for the economy, but i hope mitch mcconnell is listen, i hope mccarthy is listening, that is going to split the republican base of voters. they're going to be very discouraged if they see that going up 4 or $5 trillion. terrible politics, terrible policy. get back back to basics what trump did to rebuild economy. stuart: larry kudlow is on the show shortly. i will pass on your comments.

>> payroll tax too. we're not giving up. stuart: senator bernie sanders lashing out at tesla's elon musk. calling him a hypocrite. what is this all about, susan? susan: starts with elon musk on friday, another government stimulus package might not be the best idea. bernie sanders calling elon musk is hypocrite. that elon musk received millions in corporate welfare, he stops 30 million americans who lost jobs receiving 600 bucks a week in unemployment benefits while his wealth has gone up $46.7 billion over the past fourth months. pathetic he says. we went through the numbers. the brain room came up, looks like musk's electric car company received total subsidies of $2.4 billion in federal, state, local grants. half a billion dollars comes to federal loans. as for space x's, musk's private

venture, $5 million in subsidies, but close to five billion dollars from funding in nasa, contracts, research development. there could even be more, spacex and elon musk venture starlink, provides broadband for rural areas is looking to compete for $16 billion in government broadband subsidies. tesla's 300% rally made musk a very rich man. in fact the 5th richest on the planet. stuart: that is what senator sanders objections to, a man worth 80 approximately dollars. tesla up another 43 bucks. rich guy. thanks. workhorse group, they make electric cars and trucks and planes, they're up 400% this year. is there a decent explanation for that, lauren? lauren: unbelievable. they have a lot of paying customers, ups, postal service and ryder systems.

they're looking to upgrade their fleets as online orders spike to deliver items to their homes. workhorse is added to the russell 3,000, it is more widely owned. there is a lot of enthusiasm behind green trucks, green vans and workforce is a big player in the space. stuart: got it. thanks very much indeed, lauren. look at market overall. we have a triple-digit gain for the dow industrials. a solid gain for the nasdaq, nice move up for s&p 500. a lot of green. hasbro, toy-maker, not so rosie earnings forecast. they say demand with story closures. that is hasbro, toy-maker. moderna are today beginning the phase three trial. 30,000 patients involved. i think that is the biggest trial of them all. moderna received additional

$472 million in government funding. the stock is up 5%, 7bucks a share, solid vaccine news. walgreens ceo is stepping down. he will become the executive chair of the board. not much of a response on the stock. it is down 2 1/2%. that's walgreen's boots alliance chaotic, violent weekend in many democrat run cities. listen how dhs head chad wolf describe what is going on in portland, oregon. roll tape. okay. sorry about that. we've lost the sound bite there from mr. wolf, but nonetheless he was talking about the violence in cities. i want to bring this to your attention. in aurora, colorado, a protester was shot, a car drove through a car of demonstrators. what will take a turn these cities around? they're surely in a mess right now.

i'm asking congressman ken buck, republican from colorado, coming up. i will ask the question. how do you turn this around? president trump declaring a state of emergency from texas as hurricane hannah left a trail of destruction. hawaii is on alert for hurricane douglas. we're tracking both of them for you. ♪ look, this isn't my first rodeo

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just say "summer camp" into your xfinity voice remote to join. >> antifa, happening in portland right now. >> that's a myth that is being spreadonly in washington, d.c. >> about antifa and portland? >> yes. stuart: repeat that. congressman jerrold nadler calling antifa's role in the riots in portland a myth.

we got more about that later? h. home land security, federal forces, are little involved in seattle, other than we have a large standby team in case of emergency. the media is calling that one wrong. also in portland, we are protecting federal property including the courthouse which wouldn't last a day. lauren, take us through clashes we've seen over the weekend. lauren. let's start with portland there have been 60 straight nights unrest there. misfinding a bag stuffed with ammunition and molotov cocktails as they responded to reports of gunfire last night. two people were taken into custody. one person taken to the hospital with gunshot wounds. so that is portland. what about seattle? protests peaceful a day after violent clashes when police were hit by rocks and explosives. 59 were injured, 47 were

arrested. some would say the presence of federal troops is galvanizing the violence, but if you ask the president or the justice department, it is needed because there is violence in some u.s. cities right now. stuart: there is indeed. violence, evidence of that violence all across the country this past weekend. lauren: across the country. stuart: just not good. next we have this. have we got here? there's a car has driven through a crowd of protesters, you can see that. that was in a record can, colorado. another protester was shot. look, lots of events going on there in colorado over the weekend. congressman ken buck, republican from colorado is with us right now. sir, this is shaping up as a clash between local democrat authorities and federal authorities. those are the two sides here. seems like impossible to bring them together. >> i think it is very difficult

to bring them together. one thing people have to understand is, when folks are protesting peacefully, we've got to respect that distance, we got to respect that voice. when they commit crimes it is job of police officers whether they're property crimes or crimes against people. jobs of police officers to make sure folks are arrest and brought to justice. stuart: what is going on, congressman, we have pitched battles on the streets all across america and no sign it will end. >> i think that is terribly sad. what is going on is simple this is country where there is free speech. people can exercise the free speech. we should allow people to protest. in colorado, we had a protest in support of the police and they were, protesters, the conservatives who were trying to support the police were attacked for doing so. that can't happen in this country. stuart: just wonder when it will

end? what is the politics of this? middle america is looking at what is going on in the cities. they see pitched battles all over the place. our cities are in flames. what is the politics of this? >> well i think it plays to two sides. on the right i think people are very frustrated and i think president trump is gaining quiet support as result of the anarchists and their tactics. on the left, people understand, appreciate, wrongfully appreciate the fact while there are some social issues in this country that need to be addressed, the violence is getting out of hand. i think while the left appreciates action on important issues, i think they are also frustrated that there is violence. stuart: want to ask you about leader of the big tech companies who will be virtually appearing on capitol hill later this week. i want to ask your opinion. do you want to break up these big tech companies? do you want to tax them some

more? do you want to in some way regulate them? do you want to inhibit, what i call crown jewels of american business or leave them alone? what do you want to do with big tech in america? >> i don't want to do any of the above, none of the things that you described are something that i advocate. congress' role to create laws and update laws that apply to these tech companies and can be used by regulators to make sure there is no anti-competitive behavior. that is the role of congress. i don't think congress can walk in and say we want to break up these companies or not. congress job to make sure laws are not antiquated that laws that don't apply in this situation are applicable to where technology has gone. stuart: congressman ken buck, colorado, thank you for joining us. >> thank you. stuart: check the markets. it is monday morning.

we've been open for 52 minutes right now. we're on the upside across the board. dow up 120. nasdaq up 112. boeing announced there is another delay of the 777-x, one of the big planes later this year. demand for the big jets continues to fall. down a buck at 172. southwest airlines the ceo pledging no layoffs, no, furloughs on october the 1st. that stock is up 18 cents. $31 a share. president trump declaring a federal emergency in texas. hurricane hannah hitting the gulf coast. janice dean on the storm hitting texas. tell us about the one hitting july, janice. >> here we go. hurricane douglas. they were so lucky. we came this close to a hurricane impacting hawaiian islands moved north. the core of strong winds moving

north of the i've lands. getting strong surf obviously. some flooding concerns, some storm surge but otherwise they dodged proverbial bullet with the storm. it was quite incredible, at one point, it was a category 4, got downgrade. still category 1, 90 mile-per-hour winds. looks like hawaii will fare much better than we first thought. texas, where we had hurricane hannah make landfall. potential for heavy rainfall for parts of south texas and mexico. we're watching this tropical wave, stuart. this will probably become the next named storm, the "i" storm. it will move closer to the caribbean. watch the computer models further out in time. yesterday looked like florida will take a direct hit. right now it will curve off the east coast. we still have a few days to watch this. i have want to show you, stuart. we're not even into peak season,

already close to eight named storms in the atlantic. so it has been record breaking season already. we still have quite a few weeks to go. i will keep you up to date, my friend. back to you. stuart: what was the name of the latest storm again? >> isaiah. stuart: i will try to remember that. >> i practiced all weekend. stuart: thanks very much indeed, janice. >> easy for me to say. stuart: joe biden's potential vice-presidential pick val demmingss laying into president trump. watch this. >> donald trump's america is the scariest america i've seen in my lifetime. we're talking about a president who already demonstrated that he will cheat to win. stuart: cheat to win. the trump campaign is here to respond to it that in our next hour. major news from baseball. a game canceled because of the virus. a dozen members of the members

marlins tested positive. there are concerns about tonight's yankees fillies name as well. we'll -- does that make real estate a good investment? you tell me? we'll certainly be asking that question. we'll be back. ♪ ♪ ♪ ♪

♪

stuart: here is a pace ball update, not good. a game is canceled because of the virus. new york yankees are concerned about a game. lauren, explain it all please. lauren: yankees were supposed to be on the way to philadelphia to play the phillies tonight, but they're concerned about staying in the same visiting clubhouse where the miami marlins did where 14 team members to get the virus. marlins canceled their home opener versus the baltimore orioles tonight. what will happen the yankees game tonight? will they play the phillies or will that be canceled as well? this is the worst-case scenario for baseball. with all these players and coaches testing positives was

that clubhouse the incubator for more infections? how do you contain it? what happens to the season. stuart: worst-case scenario for all sports. if you ask me. thanks, lauren. markets showing plenty of green on the upside pretty much across the board. show you 10-year treasury yield which sill at way down, it is actually up a little bit this little morning. 4.95% is exceptionally low. the price of gold hit an all-time high earlier. that is being helped by a lower dollar. we're up 38 bucks an ounce at 1963. silver joining the rally as well. the highest point since september of 2013. silver up 7% today, $24 an ounce. of the bitcoin up above 10,000 bucks a coin, best level since june. 10,300 to be precise. our next guest says with historic low rates, it is a borrowers paradise.

got that. mark grant, br riley. mark, you're telling me that super low interest rates are here to stay. why do you say that? >> one, stuart, it is not just exceptionally low interest rates. it is all-time record low interest rates on the five and 10-year treasury. and, two, the fed is in in ways which we've never seen in the history of the federal reserve. they're in not only buying treasurys, mortgages, agency bonds they're buying corporate bonds high-yield bonds municipal bonds. what the fed is trying to do in my opinion keep the borrowing costs for the country as low as possible, which they should be doing as central bank of the united states. they're accomplishing that goal. so, the positive is as you pointed out, positive it is a

borrower's paradise. the negative it is fixed income hell. stuart: if we have super low interest rates as far as the eye can see, what are the implications of that? do we end up with inflation because the fed is chucking so much money out there? >> no, i don't think so. as a matter of fact i think, stuart we're in deflationary environment because of the coronavirus and what's going on in the general economy. i think we're in for years of very, very low interest rates and it is a positive as i said for like the united states but for banks, for pension funds, for seniors, retirees, for people that are typically in businesses that are typically fixed income investors, they're just in a world of hurt right now, which by the way i think is also driving the equity markets to a good degree, money rolls off of fixed income, they have to put it in equities because they can't get any return or have their lifestyle or keep their business afloat if they're

in fixed income. stuart: why is gold up so much at an all-time high? >> i think that is a totally different reason, stuart. i think that has to do with fear and the coronavirus what is going on with china. then our general economy that people are quite concerned about, how fast it is going to come back and regardless of statements made by some politicians, i think this is going to be a process that is going to take a number of years. stuart: surely tell you one area which is benefiting from super low interest rates and that's real estate. when i say real estate, i mean single family homes. it is a real bonanza for that particular part of the economy, isn't it? >> it's a bonanza some of the reits invested in single family homes or apartments. commercial property is whole another realm however. there is of course a couple of closed end funds that pay monthly have a lot of real estate, that have double-digit yields i think are attractive.

yeah, you have got to differ renter eight between residential real estate and commercial real estate because so many people are not going back to their offices. stuart: this is so different from the 80s and 90s, early part of the century, i was talking about the interest rates on the rise t was 13% on the three-month bill in the early 1980s. what a complete reversal that is. i didn't see it coming, did you? >> well, we saw a reversal, the first reversal of, recent times was in the 08-09 financial crisis. then things started to normalize again. then after we had this covid-19 we saw the fed do what i congratulate the fed do, do the appropriate thing, which was to lower interest rates across the board as much as possible

because that keeps borrowing costs down for corporations, the government and so forth. which is a real positive because you not only the amount of money you're borrowing but the interest rate that you have to pay on that amount of money that is two critical factors. stuart: get out there, borrow some money, why not? do it cheap. thanks very much, mark grant. we'll see you real soon. >> thank you. stuart: new york gyms, gyms in new york city, left out of the reopening plans and no guidance when they can reopen. kristina partsinevelos is near two gyms just minutes from each other. one is in new york. one is in connecticut. so are new yorkers crossing the line heading to the connecticut for the gym? reporter: you know it. of course they are. the fitness buffs want to get the workout in. it has been six weeks, four phases of reopening in new york, it is very different. i'm at a gym in port chester which is closed but we were let

inside. governor complaining that the media is pushing reopening process too soon. on sunday he complained to reporters, and i quote, this is from cuomo, governor cuomo, "wall street journal," "new york post," they continue to beat a horse that is dead. we should reopen the economy faster in new york. the infection rate is low. reopen faster. but unfortunately a lot of new yorkers are angry at the arbitrary process which is why we came to crunch location in port chester, as you mentioned, stu. it is very close to another location in connecticut. that is ex it away. less than ten minutes. people are going over there, this place remains closed, even denight the fact that they're taking all the precautions. every second machine is closed with signage. you can see the machine over there i talked to the ceo who operates this franchise about the hit to the business. listen in. >> our numbers will go to connect cut and will go there instead of coming here where

money would remain in new york. reporter: stu, like you mentioned, you have indoor venues, restaurants that have some type of guidance what will be happening in the near future but gyms are left completely in limbo. for now they have to remain closed. stuart: closed they are, thank you very much indeed, right from the gym. $1.8 billion. that is how much money big 10 alone generated from college football last school year. that revenue stream is clearly in jeopardy if there is no football season. details on that for you coming up. 99 days to the general election, and this year's will be like no other. there will be no conventions, no rallies, reaching voters is a whole new ballgame. we have never seen anything quite like this, 99 days to go. more "varney" after this.

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stuart: we're going to hear more about the republican stimulus plan a little later on today, maybe tomorrow. that is helping the market so too is positive vaccine news from mow dern n. green across the board. the market likes positive vaccine news. look at tesla, they're higher up 48 bucks, despite bmw will offer fully electric version of the five series car. tesla powering up at 1465. we're less than 100 days from the election. the pandemic forced both campaigns to change how they reach voters. doug wead is with us, presidential historian and author. doug, is there any election in the past that compares or similar to this one? i think it is unique. what say you? >> it's unique, it's unique, but mark twain says history doesn't repeat itself but it does rhyme.

there were some moments in the civil war where half the country couldn't vote. there was the time of the corrupt bargain where the whigs ran five or six presidential candidates from different regions to try to throw it in the house. we've had odd moments. you're right, stuart, this is unique. stuart: i think the big deal this year is going to be this mail-in balloting and difficulty of counting those ballots on time and validating those ballots on time. i think it is going to be chaos, doug. what say you? >> yeah. i'm very nervous about that and media already trying to set this up like you can't deny us this one. i will say this, i'm a bit of an agnostic about the polls, stuart. i work for george h.w. bush, at this same time, maybe a week difference in the 1988 cycle, governor michael dukakis was

polling 53%, george h.w. bush was polling 38% and yet he won in a landslide. fasten your seatbelts. this thing is not over the. stuart: before we close, doug, i want you to listen to what market watcher bob doll on the show last week. this is what he had to say about the election. watch this priest. >> in january, donald trump was shoo-in for re-election. in april, not so much. 16 presidents, stuart, have run for a second term since the year 1900. the 10 that ran without a recession were all reelected. the six that ran that had a recession, only one was reelected. five went down to defeat. that is why we've changed our tune on the election. we think it is uphill battle -- stuart: you heard that, doug. what do you say about trying to run for re-election in middle of a recession. >> it could be true. this is an unusual recession. back to bush, i remember in 1989

he polled, sorry, 1991 he polled 89% approval rating, the highest in history ever before or since. and yet he lost the election the next year. so, and i remember ronald reagan, they didn't expect him to win. i had an exclusive interview with ronald reagan. i went to my agent in new york, i said i think that i have got the book for reagan if you want it. he checked with the publishers, no. most of the publishers here in new york don't think reagan will make it through iowa. i said i think he is going to win iowa. he is very close to ambassador bush. you don't understand what we mean. we don't think he is going to live through iowa. stuart: doug, thanks for joining us this morning. hope you come back soon before the election in 99 days. thanks, doug. >> thanks, stuart. stuart: by the way in our next hour i will be asking the trump 2021 campaign, does the u.s. need a vaccine for mr. trump to win in november?

pretty good question. are we headed for a military clash with china? tensions escalating clearly. i'm asking that question to a china expert after this

stuart: watch out, breaking news. comes to us from ken rose then thal from fox sports says tonight's yankees-phillies game is canceled. a dozen members of the marlins team tested positive for the virus. so two games scheduled for tonight, both canceled. not good news for sports. check that market, we still got plenty of green. good vaccine news, probability of a new stimulus plan. that is it why you're seeing some green this morning. a man who admits to being an agent of the chinese government says he used linkedin to find a new american sources. take me through this, susan. tell me more. susan: thanks to linkedin relentless algorithms to find new contacts for users and batches of u.s. government

contracts and military were provided to agent. he pled guilty this month to being illegal agent for china. acquiring nonpublic information for beijing. his daily search on contact for linkedin, sounds like almost addiction. he was getting popping up. contacts are sometimes paid $1000 or $2000 to write reports for his think tank, includes f-35 fighter jets for japan and information on u.s. china trade wars. these reports were fun felled on to beijing. a linkedin is prime hunting ground for chinese spice are so spies are sew active. stuart: that is how he did it. just -- people on linked in. so extraordinary. so easy. susan: doesn't feel very james bond-like, right? stuart: no, doesn't. exact opposite, for sure.

obviously tensions between the u.s. and china are escalating. you're looking at the dismantling of the u.s. consulate over the weekened in chen liu, china. gordon chang is with us, our resident china expert. gordon i think we acknowledge there ask a new cold war in progress. are we taking eight step further? is there a likelihood of a military clash in the future? >> there is always that possibility, stuart. chinese general officers and some civilians just want to kill, they have a bloodlous. they were successful on the night of june 15th in the himalayas, in premeditated act killed 20 indian soldiers. also we've seen the very disturbing, boat bumming and other incidents in china's peripheral waters against six other nations. constant threats to invade taiwan and increased tempo of dangerous intercepts of u.s. navy in the global commons. when a militant power wants to

kill in great numbers it usually succeeds. stuart: this is kind of new to see, chinese generals with a bloodlust? a talking about aggressive regime in beijing? has it come on strong all of a sudden? why didn't we know about this years ago? >> they have been engaged in some very dangerous activities especially against the u.s. navy and the air force. 2018, for instance, they lasered a usc 130 in djibouti. when you try to blinder pilots of an american plane, you're trying to bring it down to kill the crew. there have been sonic attacks of u.s. diplomats at the consulate about the same time causing brain injuries. we've seen all sorts of incidents around china's periphery. it is very new in a sense but also very old. this is 1930s japan. stuart: do they think they can beat president trump like this? >> i think they probably believe that they can. at least we know they're trying.

they have engaged in the malicious disinformation campaign on the coronavirus. another one on the george floyd protests. we believe, although this this unconfirmed, that houston consulate that closed down had links with u.s. protest groups. we've seen china try to bring into the u.s. items which would be very useful for protest movement. we don't know for sure but there is a lot that needs to be investigated stuart. stuart: i'm sure it will be investigated. gordon chang, startling news. thanks for joining us. we appreciate it. >> thanks, stuart. stuart: total change of subject for a second. we have the dow industrials up 130 and target is join walmart and will stay closed for thanksgiving because of the pandemic. also they will start rolling out deals in october to avoid big crowds at the stores during the holiday period. walmart up, target down. look at papa john's. continuing its hiring spree with

a pledge to hire 10,000 more workers. pizza is a big business these days. the stock is up just a fraction. got a big show coming up for you. the big guest? larry kudlow on the stimulus and yes, the recovery. and this, aoc wants the military to stop using esports as a recruiting tool. she calls it irresponsible. i don't get it. we'll try to figure out why she says that. the third hour of "varney & company" starts next 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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stuart: 11:00 eastern time. if you're just joining us, news is green from several different directions on the big board, the nasdaq and the s&p. we are starting out monday morning with a very modest rally. how about moderna. it is up today. the ceo just announced that they could get an emergency use authorization and begin vaccinating people against the virus this year. by the way, they began a huge phase 3 clinical trial, 30,000 patients, they started that today. that's positive virus news. i think that's helping the market. here is joint base andrews, maryland, where the remains of congressman john lewis will arrive at any moment. a motorcade will then carry his casket to the capitol building,

where he will lie in state. lewis will be laid to rest on thursday in atlanta. now this. just a few hundred yards from here in new york city, the board of elections is counting mail-in ballots from a primary election that was held five weeks ago. right there, you can tell where i'm going with this. election chaos. mail-in balloting is a flat-out nightmare and it's hard to see any solution. at this moment, there are two election board members on one side of the table, separated by a plexiglass sneeze guard from representatives of the two candidates, caroline maloney and suraj patel. election officials open the envelope, hold up the ballot in front of the flex glass and show it to the candidates. they all write down which way that ballot went. painfully slow. it's been going on for weeks and

it will continue for weeks. bear in mind that one in five of the mail-in ballots for that election has already been disqualified, thrown out. no signature, no postmark, a late postmark, all reasons to invalidate a ballot. a large percentage of the ballots were cast in heavily minority areas. again, you can see the chaos coming. no result on presidential election night, court challenges forever, allegations of voter suppression. the virus is to blame for this. this is a mess and the virus is to blame. in a normal election year, the vast majority of votes are cast at the ballot box. but the virus has changed that. this time around, the majority will almost certainly be mailed in, and the rules on counting and accepting those mail-ins vary from state to state. chaos. you can see it coming. a close race in swing states with no result on election night and big fights on which ballots are counted and which are thrown

out, it's hard to imagine the stock market reacting positively to an election that's not decided by christmas. that is entirely possible. it's hard to imagine the economy just humming along when future economic policy is unknown. today is july 27th. 34 days since that new york primary. they are still counting. heaven forbid this mess is repeated in november, but it sure looks like the coming election will be one more virus victim. terrible. the third hour of "varney & company" is about to begin. stuart: now, we talked about election risk before, the election risk being that president trump loses. this is a new election risk, in my opinion. the gentleman on the far side of the right screen there, mr. charles payne, is with me now.

charles, i say there's no way around this election chaos because of this mail-in balloting. i don't think that's good for the market. how about you? charles: i agree 1,000%. if we are really smart and start to really examine it now, pay close attention, weigh the pros and cons, we might be able to get it in place by 2024 but otherwise, stuart, it would be an unmitigated disaster, a nightmare, and i mean, again, you took a sampling of this in one city. imagine the entire nation. this would make hanging chads look like a walk through the park. the irony, of course, is we want a smooth transition of power or we want the president to be, you know, to know that he's reelected. you've got those two things, they have to happen quickly, you know. it's what we're all about as a nation. you start to interrupt that, and you are inviting all kinds of other chaos. it's a nightmare. stuart: you think it's worth

selling some stock now because people like me are predicting election chaos? charles: i have been getting that call now for four weeks and i have been saying no, not yet. most of it is just not centered on the mail as much as centered on polls. we know about polls and so i will not make that move, although i would say that as we get closer, there's a sense that biden, if these poll numbers hold up, you have to do something smart because when they look at these presidential, when they say the market does better under democrats than republicans and that kind of stuff, they never look at the day after election day. i haven't had the chance to do it but i would love to do it because i look at the day after election day when clinton won, the markets went down for the next couple months until inauguration. the market crashed literally, i know there's going to be some progressive media outlets that will come at me for saying that, but when president obama was

elected, not saying it was only him but the stock market was down considerably, that's when you start to measure the market. the market will react immediately. when trump was elected the market immediately rallied higher. in fact, it surged higher because of anticipation of, you know, pro-business policies. you don't want to hang around but i don't want people to panic. it's way too early to panic. stuart: okay. i will bear that in mind. thank you very much. what's a free market guy like you being in favor of a lot more government spending with this next stimulus package? you are in favor of a big stimulus package, just didn't associate that with you. i thought you would be more free market. charles: well, if we were in a free market. how many people are locked down in their homes? how many restaurant owners are locked out of their business? how many retailers are locked out of their business? how many day care operators are locked out of their business? it's not free. we're not in a free economy, we're not in a free market.

you know, this is an unusual circumstance. you know, last time we had something like this was the spanish flu 100 years ago, a century ago. people have to survive so that we can get back to that economic backdrop that allowed everyone to prosper and we're not going to get back there if we allow a worst case scenario. this is not like calling for the bailout of the banks in the great recession. i was all for letting them melt down and taking the collateral damage but this is something entirely different. people are being impacted and it had nothing to do with irresponsibility on their part, nothing to do with laziness on their part, had nothing to do with them at all. i don't know that we should allow americans to suffer when we can keep that bridge going until they can get back on their feet. stuart: fair point. talk to me, please, about congresswoman alexandria ocasio-cortez and rashida tlaib. they want to defund the president's opportunity zone program. they say it only helps the

wealthy. what's your response? charles: i'm trying to wonder what their game plan is. is it to make black and hispanic people as poor as possible and then say we've got answers? like we don't want amazon, we don't want this, we don't want that. think about this. president obama had those promise zones and you know, listen, there's one thing i would be concerned about and i put it to ben carson and i asked a whole lot of other folks in the administration. are there safeguards to make sure wall street doesn't swoop in and suck up all the benefits. because that can be a possibility. but the notion of building out businesses with tax incentives in neighborhoods that have never had a chance that could see a spark, listen, i remember the summer school program giving me a spark as a kid, you know, as a teenager mostly but even before then. so a spark in a neighborhood, jobs, training, are you kidding me? for them to be against this. here's the irony. ten years ago, nancy pelosi

bragged about the multiplier effect of food stamps. she said hey, let's give as many food stamps out as possible because when you give out a dollar in food stamps you get back $1.74 in spending. most of that spending went to the wealthy. if we are concerned about how the wealthy are going to make out, the nation is going to sink and the wealthy will still be wealthy. stuart: they will always be with us. charles, i think you are on this network at 2:00 this afternoon, is that correct?all pumped up. got so many great things to talk about, including the breakout in gold and silver and where the market goes from here. there's a lot of money making opportunities, my friend. stuart: the breakout in gold is a very big deal. close to 2,000 bucks an ounce. charles, thanks very much. i shall be watching. got it. i'm going to put google's stock on the screen. this is a story that's not really going to affect the stock

price but it's fascinating. the "wall street journal" says google will keep almost all of their near 200,000 employees at home, working from home, until at least july of next year. that's a full year away. by the way, they come up with their earnings report on thursday. but the idea that you are going to keep them all working from home for the next year, that is quite a stunner, with big implications for all kinds of industries and locations, too. next, we have garmin, gps people. their services are slowing -- slowly coming back online from a ransomware attack that kept users in the dark for a few days. now we are hearing that a russian hacking group may have been responsible. the stock is back up three bucks, $99 per share. virgin galactic. it was a gain there. now it's slipped to the negative column. they are set to unveil the interior cabin of their spaceship 2 tomorrow. that will be live streamed on youtube. what's the cabin look like?

you will find out at 1:00 eastern tomorrow. check those big tech names, please. all of them on the upside today. susan, has their rally, well, i was inclined to say their rally went out to pasture. looks like they are coming back. susan: we are 3% away from record highs and you are looking at a rebound once again today. we were up about 1%. last week, thursday and friday, back-to-back losses. that was the first back-to-back loss in 49 days. that's the longest stretch without one of these back-to-back losses for the nasdaq in almost 41 years. let's take a breather here. it's all okay. the nasdaq is heavily concentrated in just six stocks, apple, amazon, microsoft, tesla, google and they make up 40% of the entire index. when they fall, they take along the broader index with them. microsoft's earnings last week also was a good prover, good, not explosive, which is kind of where we are with these stocks. they are priced to perfection so earnings all concentrated this

week on thursday, apple, amazon, now facebook joining along with the likes of google, saying they will announce results, that's thursday and yes, we do have to put in some pretty good numbers because that's kind of where these tech companies are priced at. also, we have that blockbuster tech ceo antitrust house hearing on wednesday which will be closely watched as well. i would say we are going to get a lot of new information from that tech hearing, probably more theatrics than anything concrete but it will be interesting since it's the first time we will hear from jeff bezos testifying on the hill. stuart: sooner or later we will find out just how high big tech stocks can actually go. they have had an extraordinary run-up. in fact, correct me if i'm wrong, susan, but i think they now dominate the market more than any other five or six stocks in the history of wall street. susan: i wouldn't say history. we were at, what, 22, 24, closing in at 25% s&p 500, close to a two decade high. but there is so much concentration in these megacap

big tech names. as they go, so do the broader markets. stuart: anybody who's got any money in the market has some money in the big tech stocks. whether you like it or not. that's what you've got. susan, thank you very much indeed. video games and e-sports. big recruitment tool for the military. one lawmaker wants to pull the plug. why she says, aoc, it is, says it's irresponsible to enlist young people online. why is it irresponsible? i would like to know. schools around the country weighing whether or not to reopen this fall. i say that decision is crucial to making a v-shaped recovery. i will ask larry kudlow about it. he's coming up on the show very shortly. but first, 99 days to the election. could president trump clinch a second term without a vaccine? we will discuss next. ♪

stuart: look at draftkings, down nearly 10% on news that two ever tonight's major league baseball games have been canceled. it was going to be the marlins versus the orioles and the yankees versus the phillies but about a dozen members of the marlins team have gotten the virus, they tested positive. they are in philly. the yankees didn't want to travel to philadelphia because they have to use the same clubhouse. both games, off. bad news for sports in general. this broke earlier this morning. national security adviser robert o'brien tested positive for the virus. he's the highest ranking white house official known to be

affected. not clear when he last met with the president. in just a few hours, president trump will leave for north carolina, where he will tour a biotech plant that's helping novavax develop their vaccine. edward lawrence, how close is novavax to a final product? do you know? reporter: you know, they have got a product they're working with that is going to start phase 3 trials in the fall. they are tweaking that product now and will get it to the manufacturing plant to produce. the agreement with this manufacturing plant is it will produce all of the phase 3 trials for them. so they are hoping that this works. now they just need to test the product that they have. the name of the company is a mouthful. the president will have to wear a mask in the facility. that is required in this facility. when he goes there. now, novavax again on track for a final approval of vaccine in january, barring any emergency orders related to that.

this is the first deal signed by novavax with the federal government money, the money that the federal government injected, $1.6 billion in that company. also, the president's going to highlight the other vaccines, moderna entering phase 3 trials today. they are also getting an infusion of $472 million from over the weekend, the federal government adding that amount to moderna as their phase 3 trial starts here. astra-zeneca looks like it may be first related to a vaccine in october, then pfizer, by the end of the year, is expected to have a vaccine. they start their phase 3 trials soon. stuart: it's clear, it's all hands on deck to get that vaccine soonest. that's a fact. that's what's happening. staying on the vaccine race, because we are less than 100 days, actually 99 days to the election. let's bring in erin perrine, trump 2020 director of press communications. erin, look, do you think that

the president needs a vaccine before november in order to win? >> the american people need a vaccine for the health and safety of our country as a whole, and thanks to president trump's leadership specifically with operation warp speed we are seeing a vaccine development at a pace that has never been seen before. president trump is working with a public/private partnership to make sure that vaccines are being developed quickly, safely and that their efficacy remains a top priority. thanks to president trump's leadership on this, we will have 600 million doses of a vaccine available from pfizer when they finish and free to the american public. that's the kind of leadership this country needs. stuart: i understand entirely, but you know, if you don't have a vaccine that's usable, tested, in place, in use, by november, the democrats will say you failed, you put all this money into it, you failed and the

economy's not doing very well either. i think if you don't have the vaccine by november, maybe you've got a problem, erin. >> democrats are ones to speak about failure when it comes to addressing vaccines and pandemics. let's look at the obama/biden administration and their lack of producing and successfully launching a vaccine to combat the swine flu. let's also remember we don't have to guess what a pandemic would look like under joe biden. we know that when they had the swine flu here in the united states, they stopped testing and reporting new cases. can you imagine the heads exploding on national network television if president trump stopped testing? no, he's surging testing. he's surging capabilities. he's surging resources and has brought forth the largest public/private partnership this country has ever seen to be able to combat the crisis with an america first approach. the american people are seeing that and whether or not the fake news wants to try and hide that

fact we are out here loudly being able to share that success. stuart: let me raise two more potential problems for the president. there's not going to be a face-to-face in-person convention for the republicans and the president's not going to be able to hold these huge rallies which he's very good at and which were really good campaign events. what's he going to do, it's a problem surely if you can't do those two things. >> the biggest asset this campaign has is president trump. why? because enthusiasm remains sky-high for the president because of his successful record. joe biden could only hope one day to ever have the level of enthusiasm president trump has, let alone now that we're 99 days out from election day. let's just look at what happened over the weekend. we had a national weekend of action where we managed to deploy tens of thousands of volunteers across the country, recruit thousands more, make 1.8 million voter contacts, bringing

our totals to five million doors knocked this cycle, and 61 million phone calls made. that's a direct reflection of the president. whether or not we are able to hold rallies, we are out there. we are aggressive. our nightly broadcasts have reached over one billion views. that's the enthusiasm that we are going to be able to tap into to secure four more years. stuart: that's how you will communicate. got that. now, one of joe biden's potential vice presidential picks, congresswoman val demings, claims the president is willing to cheat in order to win. just watch this, please. >> donald trump's america is the scariest america i've seen in my lifetime. we're talking about a president who's already demonstrated that he will cheat to win, that he will sow disinformation and does not mind inviting foreign powers to interfere in our election. stuart: willing to cheat was the operative expression there. your response, please. >> it's really rich that val

demings would sit there and make any level of accusation against the president. she has already shown her willingness to cheat. she was a manager on the hoax impeachment of president trump. she was the one sowing disinformation about whether or not the trump campaign colluded with the russians which has been proven to be false and we saw under the obama/biden administration they knew that foreign actors were trying to interfere in our elections and did not stand up to fight. val demings makes a weak argument and is acting like an absolute hypocrite. president trump has stood firm against foreign actors trying to interfere in our election. we have seen thoo bidthat bidend obama did not and val demings is pedz wi pedaling dling in falseloads a democrats do. stuart: thanks, erin.

a new relief package expected to be released today, maybe tomorrow. is there a new round of stimulus checks coming your way, unemployment benefits and funding for schools? one big proposal did not make the cut. watch this. >> i would have preferred a payroll tax cut on top of that check but be that as it may politically it doesn't work. stuart: that man, national economic council director larry kudlow, he's going to join me next. ♪ it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile-

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stuart: we're all set to hear about the new stimulus deal later on today, but one provision that will not be part of that is a payroll tax cut. so now we know. seems like a good time to bring in larry kudlow. larry, welcome to the program. good to see you, sir. >> thanks, stu. stuart: we are told that we are going to get 70% wage protection in this next plan, that we are going to get liability protection, that we're going to get $1200 checks and that we're going to get a moratorium on evictions. what else is in this thing that you can tell us about?

>> just one clarification. moratorium on evictions, that's for federally financed, you know, fannie mae, fha homes. they are forbearing. they will continue forbearing. there will be no evictions in that sense. on the other side, on the rental side, we are still looking at that. we are still working through that. but one important point, the $1200 checks will, of course, help people avoid eviction so federally financed single families, absolutely no evictions. they are still in the forbearance stage. as far as multi-families, we are looking into that. but the $1200 checks will provide relief. that's what i was trying to say yesterday. stuart: is there anything else in this proposal that we should know about? >> no, i'm just thinking through. you've talked about the wages, talked about the checks. there will be increased business

deductions for meals and entertainment. the liability restrictions are an absolute must. 70% wage cap will be in there. that's an absolute must. there are probably a lot of details, there may be a buy america provision in there, there may be some other things in there. you know, look, the president was disappointed he didn't get the payroll tax for political reasons. i'm disappointed. i will just say this as a bit of an editorial coming from me. you know, at some point, the white house and the republicans, congress, senate and house, have got to put some investment incentive, tax rate incentive and regulatory reduction incentive for long-term economic growth. the checks may be essential but the fact is you can't spend your way into long-term prosperity and i'm hoping over time this summer, maybe there will be

additional bills and certainly the president's re-election campaign, we simply must talk about investment incentives for entrepreneurs large and small businesses and more regulatory rollback which the president himself is very very keen on. i just wanted to put that in there. we're not the democratic party and you know, fdr's treasury secretary in 1939, after ten years of spending, testified before congress and he said, he admitted all the spending we've done hasn't made anything better. so there's a bit of a lesson there. stuart: but the democrats have enormous leverage here. you're going into an election in three months, you want to secure a win for president trump, that might mean you've got to spend some more money, and the democrats really want you to spend a lot more than $1 trillion. they've got the leverage here to push that through. >> well, you know, they have a

lot of asks, interest group asks, more teachers spending money asks, i don't want to go through their litany. that's not my intent today. i would just say this. $3.5 trillion increase doesn't make any sense to me. most reasonable people, these are things that the democrats have been asking for for many years, and certainly for -- the stuff that was rejected in march, i don't think they will get that. there has to be some prudence but the most important thing, look, we want to keep the schools open, we want to keep the businesses open, okay. let me just dwell on that for a second. we want to create jobs. the whole point here is kids and jobs, all right. kids and jobs. now, with safety and health guidelines, right, the masking, the distancing, the testing and the hygiene, that is going to be the key to opening up the schools and the businesses,

okay, and the businesses. so health comes first and safety comes first, and it's integrated with the economic story. i'm just saying that my v-shaped recovery forecast which is still intact needs some help on the safety part but it also needs some help on the investment part. we have to signal to large and small businesses that we will reward you for investment and we should signal the work force, the heroes who have been working as well as those moving in that there will be incentives and we do have the retention credit for incentives and we do have reemployment credit for incentives to go back to work. stuart: can i put it like this. if you don't get classroom based teaching, you don't get a v-shaped recovery. >> well, the classroom teaching thing, look, i don't fundamentally i agree with the thrust of what you're saying.

i don't know whether that affects the economy this fall or not. i think it might. i think it's a fair point. i think, you know, besides the psychology and besides the education of teaching kids in school, which is very important, and pediatricians, everyone, almost everyone's saying that, there's an economic component here. if the kids stay home, the parents may have to stay home. if parents may have to stay home, they won't go back to work. that is also a prime consideration. look, if you are in a hot spot, you may have to defer the opening of the school. the president has said that. sure. but by and large, in the next 12 months, as this virus passes through as it will, we've got to get the kids to school, we've got to keep businesses open and so far, i might add, the economic numbers with some small exceptions from the southwest, economic numbers are still pretty good. i was hoping you would ask me about that, stu. stuart: well, why don't you tell us about those economic numbers

that you really want to el the t tell us about. go ahead. >> i will, before i wilt in this 95 degree weather. i will just say this. so far, what we know, there's a huge housing boom, there's a retailing boom, there's an automobile boom, trucking is still very strong. you saw the equipment numbers, the manufacturing equipment numbers up the chart, beating all expectation. we have had a jobs boom so far. contrary to some poor reading, unemployment claims and continuing claims are falling rapidly and the july jobs number on unemployment and job increases i think's going to look pretty good. i'm not going to make forecasts but looks pretty good. now, i will concede because of what's happened in texas and california and florida, much less so, arizona looks better, but those big states, we have seen restaurants go down, okay, the mobility index, apple travel

index has flattened out, it's not falling, but restaurants have gone down and i think that is affected by these three economic states. let us not forget that the entire northeast is wide open and recovering, opening businesses and most of the midwest and especially the factory production and manufacturing plants are reopening so we're looking carefully at any moderation in the story. i get that. there will be some in july. but i think the v-shaped recovery and the 20% second half growth is still very much intact. stuart: i will leave it at that. the v-shaped recovery is very much intact. larry kudlow, as always, thanks for joining us. i know you are wilting in 95 degree weather. get into the air conditioning soon, young man. >> thank you, stu. stuart: sure thing. thanks, larry. totally different story, separate case here. we are talking about the city of portland, oregon. it looks more like a war zone, sounds like it, too. watch this.

the people causing the chaos are not the ones under fire. instead, it's the federal agents sent in to protect federal property. they have become the enemy. marine corps veteran joey jones on that, next. ♪ it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. this moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics...

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as long as he or she accepts medicare patients. and three: these are the only medicare supplement plans endorsed by aarp. learn more about why you should choose an aarp medicare supplement plan. call today for a free guide. they're coming armed with rocks, bottles, baseball bats, power tools, commercial grade fireworks. we see city leadership there has fostered an environment that allows these criminals to do this throughout the night, untouched. absolutely untouched. it's time for portland to join other responsible cities around this country working with

federal law enforcement to address this violence. stuart: fair point. riots and chaos hit several cities this weekend. but it is the federal agents sent in to defend federal property in portland, they're the ones, the federal agents, they're the ones under fire. i've got some headlines for you. "new york times," in portland, so-called war stozone, it's the troops who provide the menace. an opinion piece in the "l.a. times" reads trump's troops in portland are a constitutional outrage. joey jones is back with us, a fox news contributor and marine corps veteran. how is it, how come the federal agents protecting federal property have become the enemy? how did this happen? >> well, it's all part of a bigger narrative. if you want to call conservatives or right wing people nazis, then the best way to do that is to start by adhering federal agents trying to do their job to being somehow

in this trump silo like they're his personal gestapo. it's really important for local political leaders and a little less surprisingly, media are trying to paint federal agents going in and trying to keep these communities from really tipping over to the point that it's going to be absolutely terrible, they are trying to paint them in a way that allows these rioters who are throwing molotov cocktails and fireworks at federal officers and federal buildings, trying to paint them in a better light. really, the opportunity they are missing -- go ahead, i'm sore. stuart: no, no, it seems to me it's all about just being -- hating president trump. essentially it's -- >> that's the problem. stuart: -- it's local officials, largely democrats, in our big liberal cities, lining up against president trump and using federal agents to become the enemy. it's all about anti-trump to me. >> well, i know these men and women that serve as federal air

marshals and federal agents and border patrol agents. they come from all over this country and are patriotic amazing americans. most importantly, they are americans who want to see these cities not tip over to a place where they are completely unsavable. one opportunity that these local leaders are missing, it's right in front of their face, president trump is actually providing them the opportunity that people can point their maybe angst towards federal agents and they should have their local police there immediately trying to heal some of these wounds because when the federal agents pull out and these brats that are causing the riots get tired and move on, it's going to be nothing but a broken community and the police that live there trying to put it back together. so one good thing that can come from this is these local leaders should be doubling their efforts to have community engagement with their police to stop these riots from becoming riots every day at nightfall and to actually start dialogues that could allow this to quiet down and you wouldn't need federal law enforcement there anymore. but when your police are standing to the podium in some of these cities saying we can't

use pepper spray, the only thing left is deadly force, you need to do something, that shows you a complete breakdown in communication from these leaders to even their own police officers. it's not just the fact president trump has sent in the feds. it's the fact these local leaders have completely abdic e abdicated their own responsibility and not leading from any angle. stuart: how do you think this plays out in the presidential election in november? >> i think the presidential election is driving a lot of it. i think the angst from coronavirus and shutting down has driven a lot of the energy. but i think now it's a little more strategic. i really do believe election is part of this, a part of why some of these leaders are responding the way they are. you know, as far as how it plays out in the election, it just depends on who shows up at the polls. i don't think there are a lot of undecided voters anymore because in the age of team politics you are staunchly on one side or the other. it really depends where the energy is and if this is still what's happening, i think there will be a lot of people energized to save their city and community and state from these

riots and the people allowing them to happen. stuart: joey jones, as always, thank you for your service, sir. thank you very much for being on the show today. appreciate it. >> thank you. stuart: all right. i'm going to check a chip maker, tsmc. they are up because of problems at intel. when i say they're up, they are up 10%. that's a big deal. taiwan semiconductor. explain it, susan. susan: intel's demise means tsmc's gain. last week we heard from intel saying its next generation chip is delayed but even more importantly, they might start outsourcing chip production for the very first time in the company's history. tsmc stands for taiwan semiconductor. they manufacture chips for companies like apple which design their own chip, then put these chips into their iphones. if intel follows through and ends production of its chip, this is a big deal because silicon valley is called silicon valley because of chip makers like intel. what does that mean for u.s. technology innovation? mark cuban, "shark tank" and

dallas mavericks owner, sounding the alarm as well, warning if intel outsources manufacturing, the lack of domestic chip manufacturing could be the greatest threat he says to our technological and military future, and this is ceding some control to other countries like china. stuart: i think i got that, just about. okay. susan, i got it. thank you. look at facebook. how many clients stopped ad spending this month, lauren? lauren: well, digiday says 56%. more than half of clients paused their advertising on facebook. they are pressuring facebook to do more about hate speech on its platform. what is the damage to facebook here? one estimate is that the boycott cost them $200 million in lost sales in july alone, but that's like 1% of overall revenue. therefore, this is considered a blip for earnings, at least for now. we'll see if the advertisers do come back. or if facebook makes changes.

stuart: a blip. that's all it is. thanks, lauren. here's the negative sports news. the miami marlins have postponed their home opener. a dozen members of the team tested positive for the virus. this outbreak happened days into the baseball season. we are going to have more on that disaster for sports, next. ♪ businesses are starting to bounce back. but what if you could do better than that? like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but bounce forward. that's why we're helping you stay ahead and adapt with a network you can count on, 24/7 support and flexible solutions that work wherever you are. call or go online today.

stuart: we've got very tough news on sports to go at today. look at draftkings sports betting site. way, way down. why? first off, it was the marlins versus the orioles. that was a game scheduled for tonight, canceled. now it's the yankees versus the phillies, canceled. tell me more, lauren. what's going on with this? lauren: because 14 members of the miami marlins tested positive for coronavirus when they were playing in philadelphia. now the yankees who were supposed to play the phillies tonight don't want to expose themselves. that game has been postponed. the marlins/orioles game has been postponed as well. just a few days into the season, and two games canceled for

tonight. stuart: well, isn't this the nightmare that was worrying all sports, a member of the team gets the virus, has to go into quarantine, teammates have to go into quarantine, the team can't play. that's what it's all about, isn't it, really. that's it. lauren: yeah. now they have to do additional testing. they were testing every other day. now they have to test every day. you have to pass two negative tests in a row within 24 hours. there's all these rules. it's very difficult to comply with and yes, this was the risk and worst case scenario. it happened. stuart: then there's this, too. big sports news. the big ten, limiting their football season to just conference games. i want to bring in grady trimble on this. they are going to lose a lot of money, right? reporter: they are. it's the big ten and the other conferences for college sports were taking any cues from the mlb, this is not great news. northwestern part of the big ten. they stand to lose $1.8 billion collectively in licensing deals,

in ticket sales and the like. ohio state also part of the big ten. they are one of the most lucrative college sports programs in the country. a new economic report says that $210 million or a good chunk of it is at stake if sports don't happen this fall. the big ten going conference only but the ivy league canceling sports all together for the fall semester. we will see how things shake out as cases are on the increase in some midwestern states, could affect college sports this fall. stuart? stuart: ouch. not good. grady trimble, thank you very much indeed. more "varney" after this. as you get older, staying sharp is more important than ever. where's my tablet? you have to remember the names of your grandkids, pets, your son-in-law. favorite son-in-law. and the eternal question, . . it's safe and is shown to be effective in multiple human clinical trials. six letter word for head? noggin.

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susan: here a lot about the crisis of the cities on our program today. you're looking at sixth avenue. it is deserted. that is the crisis of new york city. you hear a lot about programs still to come. david asman in for neil. it is yours. david: thank you, stuart, i'm david asman in for neil cavuto on "cavuto: coast to coast." "wall street journal" claiming those two media outlets pushed those reopenings too soon. carol markowitz from the "new york post" is here to react. in seattle, city's police chief warning residents and bus