ignore it. maria: well, he also tweets out an experiment that a local station did about mail-in ballots and they couldn't find any of them so he's got that in his twitter feed as well. we will follow this today and all day tomorrow. thanks to this great panel. see you then. have a great day. seize the day. "varney & company" begins right now. stu, take it away. stuart: i shall, maria. maria: i know you will have a lot to say about the president's tweet. stuart: i was just about to launch into that but i will delay a few seconds. good morning, maria. good morning, everyone. all right. let's start with this. what kind of a hit did the economy take when the virus shut everything down? here's the big number. between april and june, the economy contracted an annual rate of 32.9%. yeah, that is stunning but we knew it was coming. here's another number. first time jobless claims, 1.43 million. that is not good. for the second week in a row,

new claims actually rose. and 17 million people are still drawing unemployment benefits. i believe that's a negative for the overall market. get to that in a second. look at this. amazon, apple, google, facebook, the day after the top executives took a pounding from the politicians, these stocks went up during those hearings. they are down in premarket action this morning. hold on. all four of these giants will report their earnings later this afternoon. this is big tech's big day. my opinion, these companies need blowout numbers to sustain their very lofty stock prices. watch it unfold at 4:00 this afternoon on this network. overall, i got a lot of red ink to show you. the dow is looking for a loss of over 300 points, down maybe 40 for the s&p and off 131 on the nasdaq. here's one of the negatives that's hurting the market. emergency virus relief. it runs out in 24 hours. congress is divided over how to

replace it or extend it. investors want more stimulus but they're not sure they are going to get it. the federal reserve, however, will keep on stimulating. jay powell will keep interest rates close to zero for as long as the virus drags us down but the market is still way off this morning. later in the program today, jeff bezos in his own words on his american dream. we are going to show you a side of him that you probably have never seen before. and push back to the cancel culture. trader joe's stands tall, labeling food trader jose's or trader ming's is not racist. got that? "varney & company" is about to begin. ♪

stuart: perfect production there. "rocket man" is the song and you're looking at another example of american ingenuity. that was nasa's mars rover, called perseverance, launching earlier this morning. this is the first time nasa is going to mars with the intention of finding life. juxtapose that with those tech hearings yesterday. lawmakers absolutely slammed america's greatest innovators. what a contrast. mars and the politicians going at big tech. i've got a my take on that coming up in the 11:00 hour. let's stay on big tech because this is a big day for them. those four companies report earnings this afternoon, apple, amazon, facebook , google. drvme d.r. barton is here. what do you think to my opinion? i'm saying those companies need a blowout earnings report today to maintain those lofty stock

price levels. what say you? >> well, i think you're right. i think what we have seen netflix gave us a little glimpse of this earlier, as did microsoft. these companies have had their stock price run up so strongly in the near term, if they don't give us those blowout numbers you talk about, they do get a sell the news moment on earnings. who i believe, i believe amazon is going to come out with those blowout numbers. i think the other three are a little bit suspect and they are going to give us some downside after their earnings. stuart: okay. let me summarize. you think amazon, yes, will indeed have a blowout report this afternoon. i got that. okay. we hear you. how about facebook? >> yeah. i believe facebook is in a bit of a trouble from a revenue standpoint. they are only going to grow revenue in the low single digits year over year, stuart. i believe that that's going to be important but the number that's going to move them is what they are going to say about

the impact of the boycott, the july boycott on next quarter. if they say it's not that big an impact, we are handling it well, i think that could level off the stock price instead of having a selloff. stuart: we are all going to be glued to those earnings reports because this is the biggest of big days. d.r., thank you very much indeed. let me bring in susan. i want to talk about apple. they report this afternoon. what should we be looking for? susan: no guidance from apple last quarter but we do know iphone sales will be lower this time around than last year. the cheaper new iphone that they launched in the second quarter might actually help sales a little bit, especially in markets like china and india, where lower cost competitors were actually beating apple in the phone sales game. apple services also key as well with the covid lockdown, are more people watching apple tv plus, listening to apple music, maybe buying more storage on icloud as they work from home? this has hit a record last quarter, already a fortune 100 company on its own, now probably a fortune 50 company on its own

making up close to 20% of the company's overall sales. everyone is also looking ahead to the new 5g iphone this fall. but apple never gives guidance on device releases. we are looking to extrapolate and maybe predict from any production updates they give us this quarter. china recovery also key as well. indications are sales are picking up there once again in their second most important market and it's also important to note that america's biggest company, apple, has not missed on profit or sales the past two years. so very busy afternoon. i will speak to a few executives on some of those earnings reports. stuart: got it. we will all be glued. okay. want to go back to this. president trump tweeted this a few minutes ago. with universal mail-in voting, not absentee voting which is good, 2020 will be the most inaccurate and fraudulent election in history. it will be a great embarrassment to the usa. delay the election until people can properly securely and safely vote, question marks.

when that came out, the market moved south, specifically moved south. the president is calling for a delay in the election. that's big news indeed. we are down 300 on the futures at this moment. back to that really seriously negative number on economic growth. it wasn't growth. the economy shrank at an annual rate of 32.9% right in the middle of the lockdown. james freeman is here with the "wall street journal" editorial board. forget the second quarter number for a second. look to the third quarter. we get that number on october 29th, four days before the election. that's going to be a challenge for the president because i feel that people are not behaving economically the way they used to. we're not going to have quite the blowout recovery that we thought we were going to get. what say you? >> well, you will certainly see a big increase from the second quarter which as you mentioned was almost as bad as expected, worse since 1947, but i think

the key for the third quarter is we need to get back to a reopening mindset. we need to stop essentially robbing from our children and spending insane amounts of money to keep some parts of our economy locked down. obviously we want to do sensible things to keep people safe and to protect the vulnerable, but trillions of dollars in spending, trillions of dollars in new money creation from the federal reserve, this is a big debt. we're not really feeling it yet but it is going to be paid by our kids, and i think the key to that third quarter is to get back to the may and june idea that we have to reopen. stuart: absolutely right. it's a crucial number. got to get back to work. stay there, please. i'm going to deal with some other stocks which their companies have reported their earnings. first of all, ups. look at that. straight up, $10 higher. 8% up.

shipping demand jumped 21% with the biggest surge in rural areas. that's a pandemic winner. look at procter & gamble. sales up on increased demand for household cleaning and personal health products. again, another lockdown winner. big gain for a big stock. eastman kodak surging again. got a deal with the government to make pharmaceutical ingredients. it started off the week at what, $2 a share. now it's $40. we will have more on this unprecedented rise later this hour. then we have paypal. another pandemic winner. a huge surge in profit thanks to the lockdown. lauren, the ceo's talking about a permanent shift in the economy? lauren: the way we pay for things. digital payments not only online but in-store as well, clinching a deal recently with cvs to scan qr codes as payment in the store. so paypal is at the forefront of this changing economy. they did report a 22% increase

in revenue and adding over 21 million new accounts in the quarter. that's more than they usually add in an entire year. take a look at shares. they are trading at a new 52-week high at $192. stuart: there you go. that virus worked for some companies. all right. let's get, still on big tech, big day, listen to congressman jim jordan confront the google chief executive on political bias. roll tape. >> can you assure americans today you won't tailor your features to help joe biden in the upcoming election? >> we won't do any work, you know, to politically tilt anything one way or the other. it's against our core values. >> but you did it in 2016 despite of the fact you did it in '16, president trump won. i just want to make sure you're not going to do it again in 2020. >> you have my commitment. it's obviously true and we are continuing to conduct ourselves in a neutral way. stuart: there you have it. sundar pichai says no political tilt. james freeman, do you believe

him? >> well, you look at videos of the sad people at google after the 2016 election, it does make you wonder and certainly, there have been a lot of questions. i think tech, not just google but the other companies, could go a long way fending off further regulation of their businesses by making a real commitment not to be arbiters of political disputes in this country. i think you've seen facebook, mark zuckerberg has made some good statements in that direction but obviously getting a lot of pressure from his employees. i think for all of them to say this is not our job to be the gatekeepers of ideas in this country or to censor people up to and including the president, i think that would go a long way toward reassuring a lot of legislators certainly on the conservative side of things. stuart: yes, it would indeed. james freeman, thank you very

much indeed. google's stock is down 17 bucks this morning. look at futures, please. they took a turn to the south after a presidential tweet where he suggested delay the election until we can properly securely and safely vote. that's not gone down well. red ink across the board. oregon's democrat governor kate brown claiming that federal offices will leave portland today but that's not what homeland security say. watch this. >> absolutely not. we are not leaving portland until we are assured that that courthouse is safe and secure. stuart: so will the protesters really remain peaceful enough for the feds to leave? we will have the story for you. san francisco could soon have a new tax on companies that pay their ceos very high salaries. we will tell you what that tax looks like. and emergency unemployment benefits set to expire in 24 hours. will congress be able to get a deal done before that deadline? we're on it. "varney & company" continues

after this. ♪

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stuart: that tweet from president trump came out about 20, 30 minutes ago, really riling the markets and roiling politics. pay attention to the last sentence. delay the election until people can properly securely and safely vote. come in, please, senator john barrasso, republican from wyoming. delay the vote? what do you say, mr. senator? >> well, i think we're going to vote on election day and the leadup to election day, it will be a secure election and if i have anything to do with it, we will re-elect donald trump president of the united states. stuart: mr. senator, i do apologize for interrupting you,

but if we have mail-in balloting the way it's scheduled now, there is absolutely no way you will get an election result on election night or even in the first few days. that means confusion and endless challenges. that is a mess. what do you think? delay the election? >> no, we're not going to delay the election, stuart. we're going to have the election completed and voting completed by election day. it's going to take awhile to get all the votes counted, i am certain. we need to, though, continue to do this as we do state by state. you know, nancy pelosi in her bill dealing with coronavirus wants a complete federal takeover of the election and we cannot allow that and i won't allow it. stuart: you can't start counting mail-in ballots until the day of the election. in some places, you can't start counting until you've checked every mail-in ballot for the right postmark. i mean, it's a mess, senator.

>> well, there's a lot that's changed because of coronavirus. we have been focused and working on making sure elections are secure and we will get results, it's going to take awhile. i believe that it will. we may not know on election night. the balance of the house of representatives or the senate, or the presidency. but we will not delay the elections. stuart: well, the presidential tweet lhas really upset the markets and is the story of the morning in finance today. let me move on. you've got 24 hours to come up with a deal on a new sometime lis pla stimulus plan. that's all you've got. we going to get a deal? >> i don't suspect we will. i don't believe we will. the president has offered a temporary deal to -- on a short-term basis to extend unemployment insurance and deal with evictions. nancy pelosi once again playing politics has rejected that. she continues to live on fantasy island, wanting to continue to

pay people huge amounts of money, more to not work than to work. pay these unemployment bonuses. i'm not for that. that is hurting the economy. we need to get people back to work and kids back to school and the disease under control. the republican plan deals with all three of those. stuart: no deal in the next 24 hours. mr. senator, we do hear you. thanks for joining us this morning. very big day. we appreciate you being here. thank you. >> thank you, stuart. stuart: still red arrows across the board for the market. dow still looking down about 300. let's go to san francisco, the land of inflated home prices, failed social programs and absolutely rampant homelessness. guess what? they want another tax. it's called the overpaid executive tax. lauren, explain it to me, please. lauren: it sends the message that it might not be worth it to do business in san francisco so on november's ballot, the city will put a tax on executives who make more than $2.8 million a

year and 100 times more than their median workers do. the wider the gap, the higher the tax. it's expected to raise up to $140 million a year and san francisco could use that however they wish but do you think gap, visa, wells fargo, charles schwab will pay that or will they lay off staff and move out of san francisco entirely instead? i'm going with the latter. stuart: i think you're right. i do believe you're right. lauren: i mean. stuart: yeah. okay. okay. i just can't believe what goes on in san francisco. a tax on what they call overpaid executives? deary me. they can't even solve their homelessness problem. in fact, it always gets worse. all right. my head's exploding. going to move on. what about johnson & johnson? they've got news on their virus vaccine. the stock's way up. what's going on? susan: johnson & johnson, another contender when it comes to the coronavirus vaccine race. starting first human clinical trials of its single dose

vaccines in the u.s. and belgium. they say trials will include significant representation of communities of color, also the elderly, those who have been affected by the coronavirus disproportionately. 20 vaccine candidates in testing, moderna probably furthest ahead when it comes to development and starting the make-or-break phase 3 trials. president trump visiting novavax, pfizer as well in the race, astra-zeneca has the oxford vaccine in phase 3 trials and dr. anthony fauci has predicted a vaccine by year's end. stock market goes as vaccine development goes as well. stuart: thanks, susan. looking at johnson & johnson's stock, up a couple bucks, $148. i really have to get back to that presidential tweet again because this really did upset the market. as i said, it came out about a half hour ago and futures took another leg south right when they saw it. again, the important point is the last sentence. delay the election until people

can properly securely and safely vote. couple of question marks there. but the suggestion is there from the president, delay the election. dow is down about 300 points. more on that coming up after this. ♪ 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. in a highly-connected lexus vehicle at the golden opportunity sales event. lease the 2020 es 350 for $359 a month

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stuart: all right. lots of red arrows, i'm afraid. nasdaq's going to be down 100. the dow's going to be down about 300. some negatives here. first of all, the presidential tweet suggesting a delay for the election. secondly, gdp actually plunging. the economy really plunged in the second quarter but we knew that. but 1.4 million new jobless claims. that number up from last week. that doesn't tell you anything good about the economic recovery. look at the four big tech giants. they all report after the market closes this afternoon. everything hinges on these four earnings reports. better take a look at kodak again. my, oh, my. surging one more time. this is a 27% gain as of this

morning. tell me, lauren, do we know how many shares the ceo owns and how much he's made this week? lauren: yeah. he's made about $80 million this week based on the stock options which were basically worthless before this week, and the shares that he bought, he did buy an additional 100,000 shares of kodak during lockdown. so it's a nice windfall for mr. continenza. the share price was $2 on monday. it rose to about eight bucks on tuesday. $33 yesterday. that's a 1500% increase this week. but wait, stuart, it's rising again this morning and volume has spiked more than 17,000% in this time. so kodak is on a run thanks to its deal with the government to make drug ingredients. stuart: amazing, isn't it. okay. what's causing this crazy stock move, susan?

susan: -- that was extraordinary to watch. some have pointed to robinhood, that millenial trading app. looks like 79,000 of these robinhood traders piled into the stock. that's right, 15 times more than the number two most popular stock. in the options market, you saw volume trading on kodak up 6,000% from normal. i mean, that type of activity is something we haven't seen much of, including bankrupt hertz, remember that, that actually doubled after it filed for bankruptcy because of robinhood traders. there are no analysts that cover kodak stock, no price targets so you are flying blind. this company filed for bankruptcy in 2012, reemerging in 2013. guess what the peak was before $43? stuart: tell me. susan: $37. then we dipped to $2 this year and now, look at this crazy price swing. stuart: amazing. absolutely amazing. all right. we've got, what, 20 odd seconds to go and we will open this market this thursday morning. you're going to see a lot of red

from the get-go. that's because of presidential tweet about delaying the election. bad economic numbers on the economy and not very good numbers on jobless claims. there you have it. the bell is a'ringing. in three seconds we start trading. let's look for red ink because i think we will see it. leer we here we go, off and running. right from the start we have down 274 points. looking at about a 1% loss right from the start, with the vast majority of the dow 30 in the red this morning. the s&p 500 also on the do downside. that's a 1% loss there. how about the nasdaq? this is where all the big techs reside. they too are down about 1% in the early going. 10,400 is the level. i want to show you some winners. why not. paypal up 3%, $6 higher. lockdown winner. they added 21 million new users last quarter. that boosted revenue 22%.

the stock is way up this morning. next one, ups. a surge in deliveries. tell me more, lauren. lauren: yeah. ups has delivered more than 21 million packages a day in the quarter. that boosted revenue by 13%. look, most of those packages, they went to customers' homes and that's about three times more expensive for ups to do than dropping many packages off at a business, a store or warehouse. that actually hurt its operating profit but it's showing it has this unbelievable pricing power right now. it's raising rates and shares are surging, a new high at $137.77 each. stuart: thank you very much. ups is 14 bucks. 11%. nice rally, i've got to say. again, got to watch the big tech names. they are reporting after the bell this afternoon. susan, come into this, please. i have been saying this morning and for a long time, these four tech companies need absolute

blowout numbers this afternoon to stay at those lofty stock price levels. what say you? susan: priced to perfection. that's what we call it. microsoft was a cautionary tale, good, not great, it's not going to cut it this time around. we are expecting profits across the board today. yes, even for amazon, which has been spotty when it comes to making money each and every quarter, since they invest so much back into their business. for amazon, cloud, cost and marketplace will be key. for alphabet, it will also be cloud as well. if they are making any inroads in trying to catch up with amazon and microsoft when it comes to cloud computing and also advertising spending will be important for alphabet since they said last quarter march was significantly down when it comes to ad spending. and streaming when it comes to youtube. we know advertising also a big deal for facebook, making up nearly 90% of their sales. we will see if it actually held up despite the fact we saw advertiser boycotts and if facebook guides down for the rest of the year because of those advertising boycotts.

user growth always important for facebook. that's a very important metric. last quarter they had 2.6 billion around the world visit facebook properties including instagram each month and aup pp will be will services and iphone sales in china. stuart: wouldn't you like to time travel 24 hours into the future so we are sitting here friday morning reporting on what's happening on the market after last night's earnings report. i would love to be able to do that. you can make a ton of money. susan: let me tell you this. i don't think we can paint a broad brush across all four of these different tech companies, kind of like that capitol hill hearing yesterday, because they are all different and grappling with different issues. i think cash is king. we know all four of these are cashed up, $200 billion at apple, $100 billion at alphabet, 60 and 50 billion at face book and amazon. that will be important going forward in this coronavirus pandemic recovery. stuart: what have they got, half

a trillion, $434 billion i think was the final number of actual cash on hand which is an enormous amount of money. thanks, susan. got a couple indicators to look at for you. first of all, the ten-year treasury yield, look at that, .553%. lowest level since march 9th. the price of gold this morning is down, back to $1968. that's still a fairly lofty price level. how about bitcoin? it was $11,000 a coin yesterday. it's still $11,000 a coin, down a couple hundred bucks. the price of oil, let me guess, $40 a barrel. there you have it. and the big board, now we are down 280, 290 points. any comment on this, susan? susan: i think the election tweet exacerbated an already tense market. we have gdp shrinking by 32%, backwards looking, yes, for the second quarter. actually came in better than anticipated, than what economists forecast. then you had jobless claims going up for a second straight

week as well. there are concerns about the pandemic recovery and whether or not this election is going to take place as anticipated on that certain date. markets don't like uncertainty, right? so when you have this type of tweet coming through, it just adds another factor on to the board. stuart: but i just have to repeat, i don't think you are going to have a clean -- that's the wrong word to use. susan: i see what you're saying. stuart: i just don't think you will have an election result on election night. susan: right. stuart: i think it will be delayed for a very long time. i think you will see an army of lawyers invade the polling stations and voting booths and election boards challenging all kinds of things, delaying forever and making all kinds of political charges. against what's happening. that's chaos. susan: that is chaos. going back to 2000 we had a similar result as well. you think that impacted the markets? because some say that delay caused a lot of uncertainty, especially at lofty priced stocks which is fairly similar

to the complaints this year in 2020. you're right, it could actually magnify i guess some of the losses. stuart: yeah. i think it will. look, i can't remember the market action in the year 2000 when there was that recount that went on forever. i can't remember the market action. but it does not instill confidence in investors when you've got a delayed and contentious election result. lauren, why don't you come into this. what's your view on the dow down 300? lauren: speaking of confidence, in the past 19 weeks of the pandemic, we have 64 million americans filing for unemployment aid and congress has stalled on when the next relief package can come. so speaking of confidence and uncertainty, there you have it. people are struggling right now and the winners of this pandemic, they are in the limelight again today when they open their books for the latest quarter. apple, facebook, all of these names have such huge heft and market share but now they have a very long slog ahead of them. if you are an investor, you

might be saying well, antitrust probes, they could really eat into earnings and also innovation so maybe our star big wonderful profitable cash cow companies might, you know, feel the pinch of these investigations. stuart: well said. well said, everybody. dow is down 340. next case, joe biden may have exposed his pick for a running mate but how can kamala harris support him after roasting him during the primary debates? watch this again. >> you also worked with them to oppose bussing. two united states senators who built their reputations and career on the segregation in this country. do you agree today that you were wrong to oppose bussing in america then? stuart: there is more from that flashback coming up later on the show. the trump campaign is rather

quiet on the airwaves in michigan. is that a sign that they are giving up in that state? we'll ask rnc chair ronna mcdaniel about it. jeff bezos grilled on capitol hill over amazon's use of data from third party sellers to help benefit them. how did he explain that one? we will show you. ♪

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stuart: a lot of selling on wall street this morning, prompted by the following. a presidential tweet suggesting we delay the election. gdp numbers showing we really did fall off a cliff in the second quarter. and jobless claims, which went up again for the second week in a row. that's all negative and the dow is now down close to 400 points. take a look at facebook.

they report their profits or otherwise after the closing bell today. they are at $231 per share as we speak. jim anderson is with us this morning. he's the expert of the day on facebook. let me return to my theme here, jim. if facebook doesn't report a blowout quarter, they will not maintain that lofty stock price of $231. what say you? >> i think that's a great point, stuart. i mean, they do have a little bit of benefit just like all four tech ceos were testifying yesterday in a group. it's not often that a billionaire or near billionaire, you sort of get to hide in a crowd but today, facebook, amazon, google, apple, they all report earnings but you are exactly right, especially for the companies driven by advertising. facebook and google are almost exclusively ad-driven and we know the ad market has been a tough one. stuart: well, what are you expecting? will it be a blowout report? >> i say you bet against facebook at your peril, right? every quarter they seem to just sort of shrug off, susan talked about it, the teflon stock. they shrug off all manner of

controversy and a lot of the facebook ad boycott thing came very late in the quarter. remember, we are talking about q2, not july. i wouldn't be surprised at all if you see facebook just continue to churn along and generate revenue and not see any indication of ad slowdown. stuart: just one second. for the benefit of our radio listeners who may not be able to see what's going on here, the dow industrials are now down over 400 points. we are back to 26,132. all right, jim. zuckerberg has admitted, mark zuckerberg, facebook guy, has admitted that facebook has quote, adapted features from its competitors and used that for its own benefit. and you have tiktok, their ceo sending a letter accusing facebook of copying them. that's a feud and a half. do these people have a point? is facebook operating like that? >> yes. they do. now, i would say this. imitation is the sincerest form of flattery is the saying in the software business and technology in general, it's sort of rife

with copying good ideas. now there are the right ways and the wrong ways to do that. facebook has been accused of this before, specifically instagram copying snapchat and some of the best features of snapchat. this is not a new issue. i think there's a point there that they are copying things. i think the question is, is that really unfair. if you have a good idea and i sort of build on it and incorporate that good idea into my application, what's wrong with that? stuart: all right. what's wrong with that. fair enough. okay. jim, thank you very much indeed. facebook's at $231 as we speak. the dow is down 400. more fallout from the big tech hearings yesterday. jeff bezos grilled on amazon's use of data from third party sellers. to boost their own products. what did he say? what did bezos say about this? susan: he said he can't 100% guarantee that it didn't happen. listen. >> what i can tell you is we have a policy against using seller-specific data to aid our private label business but i

can't guarantee you that that policy has never been violated. susan: so that made headlines as amazon has been denying it for years, and by the way, it goes to the "wall street journal" report and that investigative piece that pointed to amazon employees harvesting data from third party sellers on the marketplace to better make amazon's own private label goods. that's a conflict of interest as amazon offering the marketplace, also a competitor and scraping sellers' data is a no-no so this was jeff bezos's first testimony on capitol hill and you could kind of see his inexperience. he actually backtracked on that exchange as well, seemed a bit more timid unlike zuckerberg, pichai and cook who are seasoned when it comes to taking political fire in these type of political hearings. zuckerberg and alphabet, pichai took the most questions in that five and a half hour grilling. bezos taking the second least. apple's cook facing the lowest number of questions yesterday. so all in all, as expected in that hearing, more theatrics,

lot of grandstanding by politicians more than anything concrete according to experts. you really didn't hear much new. it didn't really further the case for antitrust or breakups of these companies, but a few highlights that made the rounds, bezos couldn't unmute at one point and one senator mistook facebook for twitter, which zuckerberg had to correct. stuart: i think you're right. i saw a lot of politicians creating sound bites which they will use in their re-election campaigns in november. just like the barr hearing the day before. that's what i took out of it. susan: also on social media, they say the new clap-back in 2020 is to put on your mask. you heard that a lot during the hearing. put on your mask. so that might be the new saying this year. stuart: we'll see. thanks very much. trump, the president, tweeting again now. drug prices will soon be lowered massively. big pharma, drug companies, are advertising against me like crazy because lower prices mean less profit. when you watch a fake ad, just think lower drug prices.

okay. the president's twitter account is active this morning and it's affecting the markets, too. the nba's bubble protocol has been the talk of pro sports since its inception in may. would it be the recipe for success? is baseball struggling to survive? a live report on that in the 11:00 hour. summer is here and during the pandemic, people may be hitting the roads. my next guest says this is the cheapest summer gasoline we have had since 2004. i like that. we are watching those markets for you. lots of red ink today. back in a moment. ♪ hey, can i... hold on one second... sure. okay... okay! safe drivers save 40%!!! guys! guys! check it out. safe drivers save 40%!!! safe drivers save 40%! safe drivers save 40%!!!

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stuart: president trump went to the heart of texas oil country wednesday, talking about america's energy dominance. he was touring a gas rig. he signed a few permits, cutting the red tape on pipeline and railway construction on the southern border. that was wednesday. texas, the president. some analysts are now saying we're not going to see demand for oil get back to pre-virus levels until, what, 2022. couple of years hence, back to

normal in a couple years, maybe. look at this. the price of gasoline, the average national is now $2.19 per gallon. i say, look, we've got dirt-cheap gas. this is the driving season, and $2.19 is not expensive. gas buddy kind of guy patrick dehaan with is now. is that correct? this is the cheapest summer gasoline since 2004. that accurate? >> yes, stuart, i should maybe get out in the car here. i think it's been the best time of the last 16 years to hit the roads in the summer and still today, 13 states have their averages under $2 a gallon. i filled up for $1.99 just a few days ago here outside chicago. if you can hit the road, certainly not a bad time to do so. stuart: what about demand for gasoline? have you got a handle on that? is it up, down, going sideways? >> well, you know, after seeing a broad recovery in gasoline demand in may, june and for the

first few days of july, we have seen the increase, the recovering demand has abruptly stopped. we did see a little bit of backward movement there, but i just looked here moments ago and i did see that yesterday's gasoline consumption according to our pay with gas buddy data was up by about 2.4% from wednesday a week ago. so maybe we are starting to see the recovery again come back into play. stuart: all right. but longer term, do you think we are changing our habits in many aspects of life? and the longer this virus goes on and drags on in our society, the more profound is the change in our behavior? i'm referring specifically to the way we travel, how far we travel, what we do in our leisure time. do you see a profound change? >> well, you know, the change is going to be different amongst refined products. the gasoline diesel, look at the school buses that may be parked temporarily this fall, then you

look at the tremendous disruption in jet fuel demand. not each of these portions is treated equal. i think gasoline will maybe recover the quickest followed by distillate and jet fuel but i certainly do see we are making some changes that could be long term, especially when it comes to flying. so gasoline i think would, like i said, recover the quickest but jet fuel i think could be several years. stuart: we've got $2.19 is the national average for gas right now. do you think that national average could come down five, ten cents august? you think? >> i think that's possible, stuart, depending on what happens, where we go, will coronavirus cases continue to go up. i think then you have a very strong argument. stuart: all right. patrick, thank you very much for joining us. we will keep track of the gas price. i always do, very closely. patrick dehaan, everyone. thank you. straight ahead, i will ask rnc chair ronna mcdaniel about the president's tweet on delaying the election, because that is what brought the market down or certainly helped to bring it down. we are off nearly 500 points as we speak.

also, got to get a my take on trader joe's standing up for i think sanity and standing against the cancel culture. they will not relabel their product line. love that. more "varney" after this. ♪ . . . . robinhood believes now is the time to do money.

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stuart: well look out below! tons of red evening ink dow is down. first off, a presidential tweet suggesting a delate election. look at last sentence last there, delay the election until people can properly securely and safely vote. that came out an hour ago. market went straight south. economy contracted at april and june at 32.9%. horrendous but expected. 4.3 million people filed first time jobless claims. that is up from last week. that suggests the the economic n recovery is not as robust as we like. 1.43 million. look at paypal, that is a big reported a jump in profit in part because of the virus of course. their ceo says the digital

economy is here. paypal stock up 3 1/2%. today is big tech's big day. they all report "after the bell," after grilling day they received on capitol hill. i keep saying it. these tech companies have got to have blow out numbers to sustain their lofty stock price levels. that is the my take. trader's joe standing up to the cancel culture mob a little later this hour. right now, get the latest mortgage rates. susan the number. >> 2.99%. so we're below 3% once again. last week it ticked up to 3.01% but a lot of positive rhetoric coming from freddie mac today, saying it is groundhog day when it comes to the mortgage market. rates are near historic lows. that is driving a lost demand in housing and some bullish comments saying that real estate is one of the bright spots in the economy. strong demand, modest slow down

in home prices. heading into late summer where they see demand heading into these positive levels. stuart: that is positive story contracting with the stock market with a lot of red ink and we're going down. let's get back to the trump tweet. it came out an hour ago suggesting we delay the election. ronna mcdaniel, rnc chair is with us now. what is your response to this suggestion of a delay in the election? >> well the president obviously understands that is done by congress constitutionally but he is trying to highlight what many in the media are not paying attention to. we have a huge problem right now with mail-in voting across the country. in new york, they had a primary a month ago. we still don't have the results. we had an election in patterson new jersey where 20% of the mail-in ballots were thrown out because they were fraudulent. seeing democrats across the country, i know this, because i'm in 20, 30 different lawsuits across the country, where they

are working to systematically take away safeguards to election integrity, signature verification and expand mail voting. it's a system that is being deluged with these mail ballots but doesn't have the infrastructure on back end to support it. we need to get this fixed. it will cause problems in november if we don't pay attention now. stuart: ronna, what do you say to this, i guarranty problems in november. i guarranty they stay the same. there is no way you're getting any result own election night or even in the first week after the election, are you with me on this? >> i agree. what we're seeing in new york, not have primary result as month later because of this mail-in ballot push by democrats across this country. people want to vote in person. they want to have surety that their ballot is being delivered safely. absentee voting is fine. but in nevada and california they're sending people ballots out to people moved away inactive voter file. the rnc is engaged in so many

lawsuits very aware of this. mainstream media is not paying attention. look at patterson, new jersey, 20% of the votes thrown out because they're fraudulent. four people indicted for meddling in the election. we are inn uncertain times. we need to have certainty in the election. stuart: absolutely do. i want to bring in market watcher gary kaltbaum, what is your response to the trump delay the election tweet? >> i wish he wouldn't have done it. obviously the market wasn't thrilled. we have a history, we have elections during the civil war, world war ii. i remember hurricane sandy hit the northeast really, really bad right around the election. we got past gore versus bush. we'll have the election. it is up to congress. they will not change it. i wish the president would leave be on something like this. stuart: gary, i have to lay this on thick, there is no way you're going to get a result on

election night. there is every way you're going to get endless challenges. you won't get a result for a long time. that to me is election risk. your comment? >> i don't disagree. look, with mail in it will take some time but we're the united states. we will adapt. as long as it takes we'll, they will put the best foot forward get the job done. whoever wins will show it in the votes. i'm not so worried about that. stuart: gary, hold on a second. get back to you in a moment. want to go back to ronna, i want to talk polls and enthusiasm for a moment. you say enthusiasm for the president is higher now than it was in 2016. how do you know that? do you have evidence on that? >> yes. i see it through our volunteers that we activated already in 2016, three the whole cycle we had 750,000 activated. we're close to 2 million already. in voter registration, battle ground states we're outpacing

democrats. i see it with small dollar donations we're outpacing anything we ever did in 2016. i see it on the ground. i also see it traveling on country. i'm still on airplanes. i'm still all over the country. the enthusiasm is so my for this president. i don't see that for joe biden as he is hiding in his basement. i think he has a real enthusiasm issue. nobody is behind his candidacy and certainly he is not campaigning to win votes. he is just hiding hoping that i can coast. stuart: ronna mcdaniel. rnc chair. thanks for joining us. we'll see you real soon. we want to talk big tech, can't avoid. apple, amazon, google, facebook, report earnings later an this afternoon. gary kaltbaum come back in again. and i repeat pry e my premises, you're smiling, you know what is coming. if these companies don't report absolutely blowout numbers you can't maintain the lofty stock

price levels. what say you. >> normally i disagree but right now i agree. in the last few months these stocks are the default setting for any money going into the market. the separation between these names and so many other things in the market. all the cruise lines, airlines, financials, all the money came out of there and went into apple and amazon. so i think they're very overowned. i think they're very overloved and i think they're very overleveraged. if they don't hit a big number, that could be trouble. facebook is the most in trouble if they miss. everything you're hearing about the advertising. big stuff to watch. those four names are 34% of the nasdaq 100 and 15% of the s&p 500. so we're talking serious influence on the markets this afternoon. stuart: yeah, exactly. if any of them don't quite meet the mark, they take the whole market down because they're so important it the whole market. what was that statistic again.

35% of the nasdaq 100? >> those four names, microsoft is the other big one and they reported. market wasn't so thrilled with their numbers. look, if three of them report good and one bad, it is not going to hurt. two and two, not so bad. if you get one going up, and three getting hit hard that will influence the markets. more importantly influence the rest of the technology market which has been heeding up big time the last few months. stuart: does gary kaltbaum have any courage to buy four big tech stocks now? >> before earnings? heck no. i have owned them in the past. i don't own them right now. let's see what the numbers are. then i will take a look. there are other things in technology right now that i absolutely love like paypal and square that have accelerated numbers, that are benefiting what we're seeing from the pandemic. those are areas i'm looking at. stuart: gary, we'll look 4:00,

you as well. thank you very much, gary kaltbaum. let me show you apple. down three bucks, 377. arizona, looking into the company for slowing of older phones. susan what does that mean? susan: investigators are asking apple for data of unexpected shutdowns of iphones, throttling, slowing down devices to the apple software. reuters reporting obtaining documents showing multistate investigation being led by arizona, bipartisan investigation mind you across red and blue states. remember in 2017, apple admitted to slowing older iphones to save power, which led to unexpected shutdowns on older phones. this outraged users that long-held suspicions that apple slowed iphones to motivate people to buy and upgrade new phones. apple settled half a billion

dollars on battery issues. apple reported issues after the bell. iphone sales slower this year than last year owing to covid. services are key. how much will they spend on tv, iphone plus, music. we're looking for production updates which might give us a new iphone release. hopefully later on this year. stuart: i want to know about 5g. i keep hearing about it. susan: you want to know 5g, you will use that obviously because you know how to. stuart: sarcasm is a low for of wit, li. susan: i can't help it. i'm sorry. stuart: how about this, nasa mars perseverence rover. it launched this morning. look at it go. it is expected to reach mars by february much next year. the goal of this mission is to find signs of alien life and clues that could help us understand the impact of climate change on mars. that is a new thing. perseverance is equipped with

nuclear power source that will sustain it for 88 years. i call that an american technology success story. got it? president trump tells the suburbs we will not mandate low income housing in your neighborhoods. listen to this. >> there will be no more low-income housing forced into the suburbs. i abandoned and took away and just rescinded the rule. it has been going on for years. i've seen conflict for years. it has been hell. stuart: it has been hell. get more on that from housing and urban development secretary ben carson. he is coming up shortly. then we have the cancel culture mob, that tried to bring down a new york pizza shop owner because he is a trump supporter. now he is receiving an outpouring of support. you will hear his story coming up. you are going to get my take on the attempted take down of trader joe's. they too were subject to the cancel culture mob but they're standing up for themselves. about time in my opinion. the second hour of

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stuart: why is there so much red ink on your screen right now? everything is down and down sharply. i'll tell you why. president trump issued a tweet suggesting we delay the election. we have the number of new jobless claims rising for the second week in a row. that is not good news for the economic recovery. we've got an absolute plunge in gdp in the second quarter of the year, april threw june, we knew it was coming but we plunged 32% on an annual basis.

that is how much we contracted. look at the 10 year treasury yield. this is important because it is so low. .55%. that is the lowest we've seen since about march. now this. trader joe's is a grocery chain with 500 stores across the country. it has been around for what, 60 years. in those decades it labeled international foods as trader joses or trader mings. is that racist? is it an example of cultural appropriation? is it wrong to associate certain foods with ethnicity. trader joses, refers to food associated with hispanics and trader ming's with chinese. a california high school student started a petition. demanded that the trader joe's

change their packaging, that jose, or ming perpetuates harmful stereotypes. forgive me, i don't see tort till la or general chao's chicken harmful. i would object to trader brit's bangers and mash. i'm not making light of this. i just don't understand it. at first trader joe's took note of the petition. agreed to rebrand any variation on the basic trader joe's name. then they heard from their customers. they didn't see this astair yo typing, far from it. trader joe's said they were having fun with product marketing. this may seem like a very small thing but there is a lot of attempted shaming going on and that is what the petition tried to do, slime a company, make them change. it is really good to see trader joe's reject the argument.

they're not racist. their food marketing doesn't harm anyone. this is a win for sanity. i have got another win for sanity, my next guest a pizza shop owner. he was also the target of the cancel culture. the cancel culture mob i should say but people are now rallying to support him. guy is with us. the pad yo pizza owner on long island. guy, welcome to the program. >> thanks, stuart, so nice to be here. stuart: i understand that you flu the trump flag. now tell me what happened after that. >> a woman had come into my store on friday night to pick up and order and she asked my counter girl whose flag that was hanging in the back of the store. and she said it was the owner's flag. she took offense to that and said, that she was administrator of a facebook page and she was going to post it online and she was going to drive me out of business.

now -- stuart: whoa. then what happened? >> well i didn't think anything of it. i've been in business for 43 years and i've seen a lot. i just took it in stride. there is no way. i just ignored it basically. but then a short time later my phone started ringing, i started getting texts about this woman who had posted nasty things about me online and was asking the community to boycott patio pizza. i was like, look that is ridiculous. i still didn't think anything of it. my friends were calling me, texting, whatever. the next morning you know, i started getting people coming in from all over long island to say that they supported me. they supported our president, they support the flag that i had hanging in the back of my store. i have an american flag in the front. i have a trump flag in the back. i think he is a fantastic president. i think he has done a great job and i think it is my right to

support him and to show my support of him. but this woman took it upon herself to not knowing me, not knowing my family, not knowing my grandchildren, she took it upon herself because she saw a flag in the back to try to put me out of business. the community rallied behind me and i'm getting phone calls from all around the country. it is really wonderful. it is really humbling. stuart: let me get this right. you are the owner of patio pizza, correct. >> that's correct. stuart: which town on long island? >> it is in st. james. stuart: patio pizza, st. james, long island. flies the trump flag. enormous community support. i'm with you guy, i'm flat-out with you. free speech. free association. free politics. come on! you're a good man. you are a good man. i'm beginning to get upset here. you're a good man. glad to have you on the show.

>> thank you so much, stuart. stuart: come back soon. thank you. let's get back to the markets. we really have to because the dow is down 500 points. we're still 26,000. 500 point loss is near 2% down. it's a selloff but it is not catastrophic. we're down 519 as we speak. grubhub, food delivery service, saw 35% increase in active diners since last year. 55% increase in gross food sales. it is down despite those pretty good results i would say. yum brands, they own a variety of food chains, their same-store sales down 15% in the second quarter. the majority of their restaurants of course are closed flat-out. sales though they say are starting to stablize with the stores that are open. that is yum brands down 3%.

look at dunkin'. their revenue took a hit compared to last year because of the virus of course. the chain also says, here is the blockbuster news, they could close 800 stores permanently. maybe that is why the stock is down 6%. the company looks like it is going to shrink overall. the pandemic causing a surge of online shopping. we knew that. big delivery companies, ups, fedex, for example, we understand they're beginning to charge more. lauren, how much more? susan: well they can. there were reports of double-digit increases as they deal with so much volume. ups delivered more than 21 million packages a day. most of them to people's homes. so residential delivery for ups jumped almost 53%. that is three times more expensive than delivering to a business. so we see ups and fedex flexing their muscles and raising prices for some of their biggest customers by double digits according to "the wall street journal." fedex is also limiting the

number of, the amount some retailers like kohl's and bed, bath & beyond can ship from their stores as this pandemic changed how we shop, more online and how companies respond. where they ship and how much they charge to do it. stuart: if you have got price, the ability to raise prices you have got price, what is the word, i can't remember what the word is. lauren: power? stuart: pricing power, exactly. if you got pricing power and you're raising your prices, your stock goes up. fedex, ups goes up in -- lauren: record for ups in a down market by the way. stuart: ups is up about 11% i think right now. all right. here it comes. tropical storm isaias is drenching puerto rico, could be headed for florida and the east coast this weekend. janice dean, we need you to tell us where this thing is headed. go. >> well it's moving over puerto rico and then the mountains of hispaniola which

could disrupt the circulation which could be good news because it would weaken the storm. however if the system's core remains overwarm water we will deal with a stronger system. we have to get you there the next 12 to 24 hours to pinpoint how strong the storm is and where it is going to potentially make landfall along the east coast. i will tell you it is going to move into the bahamas on friday. florida really needs to watch this over the weekend and into next week. that cone of uncertainty gets wider as we go through time. moving very close to miami on saturday, as 70 mile-an-hour sustained windstorm. that is close to hurricane strength. some computer models actually encourage it as a hurricane but you know, all interests along the east coast from florida, up towards cape hatteras even new england to monitor this storm system into next week. stuart. back to you. stuart: we have been warned,

janice. thank you very much indeed. we'll take the warning under advisement as we say. now this, acting dhs secretary chad wolf, he is confirming that federal officers will not leave portland until it's safe. listen to him. >> absolutely not. we're not leaving portland until we are assured that that courthouse is safe and secure. we'll continue to keep law enforcement officers in the area to make sure that courthouse is secure at the end of the day. stuart: but will the protesters ever be peaceful enough for the feds to leave? i'm asking someone who is on the ground in portland in our next hour. he is going to set the scene for us right there. first, housing and urban development secretary ben carson, there is a lot of to go at with him, including billions of dollars of unpaid rent. who pays eventually? who takes the hit on that? a lot more to ask ben carson. and he will join us after this.

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stuart: we come back a little bit but not that much. the dow is down 458 as we speak. it had been down 500 points just a few moments ago. down across the board today. well the president's watching this show. he just tweeted his support for

patio pizza and its wonderful owner guy caligari. i should reed this. this is what the president's saying. support patio pizza and its wonderful owner guy, in st. james, long island. great pizza. "varney & company." we should definitely pass on support to guy who is a great guest on the show. president trump reversing a obama era housing rule that forced low-income housing into the suburbs. listen to what the president had to say about it. roll tape. president trump: i just ended the rule on suburbs. the suburbs people fight all of their lives to get into the suburbs and have a beautiful home. there will be no more low-income housing forced in to the suburbs. i abandoned and took away and just resined the rule. it has been going on for years. i've seen conflict for years. it's been hell. stuart: perfect timing on our guest, housing and urban

development secretary ben carson. mr. secretary, that, what the president is suggesting here would seem to hurt minorities, wouldn't it? >> well interestingly enough, first of all, the government no longer believes in building these large multifamily complex es with forethought, or afterthought, leaving them to deteriorate and become places for crime and prostitution, everything else. we're not doing that. we're talking about multifamily, mixed income, mixed use properties, much smaller that blend in. that is just not happening anymore. number two, when you're talking about minorities and the suburbs, a brookings institute study shows that demographically 35% of the suburban inhabitants are members of the minority groups. and if you look at

san francisco, las vegas, houston, and washington, d.c., more than 50% of the suburban inhabitants are minorities. so the people who are saying that you know, this is a way to keep minorities out of sub suburbs have no idea what they're talking about. they need to look at the facts. just understand we want to make sure we give the various municipalities some jurisdiction over how they do things. you know, we have our fheo, fair housing equal opportunity working with the fhap, working with the various groups and communities to make sure that there are no discriminatory practices going on and we are pursuing that at at least the same rate as the previous administration. have cut down the number of days by 26%, percentage of time, by 26% it takes to resolve these cases. so you just have to really look

the at facts. sometimes they get in the way of idealogical arguments but the facts are definitely in our favor. stuart: they certainly do. now we got a lot to go at with you today. here is top pick number two. $21.5 billion worth of rent is past due. it is owed. how does this play out? who is actually going to pay for this? >> well the president is very concerned about people being evicted on the streets. we obviously don't want that to happen. we're working hard on that. but, we have to distinguish, there are two groups of people. there are those who have been impacted by the covid-19 crisis who would otherwise be okay. we most definitely have to deal effectively with those cases. but there is another group of people who were in the process of being evicted because they didn't meet the criteria for

being taken care of in a rental situation and you know, they are a different group of people and that group of people has been accumulating because of the eviction moratorium. obviously we want to be fair and just to everybody and we want to do things that not only take care of the renters, but also take care of the landlords of the various servicers because if we allow one part of the civil to break down, the whole thing will break down eventually. so you have to take a holistic point of view and not just a point of view that, you know, we'll try to get you votes. stuart: can i raise what the president was talking and tweeting about this morning? he put out a tweet about an hour 1/2 ago and it roiled the markets about delaying the presidential election, delaying the elections in november of this year. that really roiled things on wall street. what do you make of it? >> well, first of all only

congress can do that. so you know, people sometimes, they get all excited and -- stuart: mr. secretary, he has got a point. i mean if you have mail-in balloting the way it is now planned there is no way you get an election result on election night. it is going to take weeks and weeks and it will be cantankerous, toxic, from everybody. it will be an upset election. >> the argument we should do this by mail-in ballot obviously is a silly argument. there is plenty of historical evidence that that does not work. and this is much too important an election to leave to something that we know can be tampered with, and is ineffective. come up with an mechanism that actually works. stuart: yes, sir. ben carson, health and human services secretary, thanks for

joining us. >> always a pleasure, stuart. stuart: thanks, sir. we're sad to pass along this news to you. herman cain, frequent guest, favorite guest on this program, he has passed away. herman was a presidential candidate in 2012. he ran godfather's pizza and was a member of the board of directors of the kansas city fed. herman recently contracted the coronavirus and had been battling it for several weeks. on a personal note, we always look forward to his appearances on this program. herman always came with a smile and a unique perspective whichever story we threw at him. our prayers go to his family. herman cain was 74.

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stuart: the president said delay the election. the job market looks pretty bad.

a rise in new jobless claims. the economy plunge in the second quarter. that is enough to take the dow down 400 points now. it was down 550 earlier. the virus keeps on affecting all kinds of different industries. we're calling it the reopening of america. the new industry which is getting enormous demand, recreational vehicles. last month, we, americans, bought over 40,000 of them. that is over 45% rise between may and june. craig kirby is back with us. he is the ceo of the rv industry association. big smile, craig. you shine, baby, you shine. >> travel trends, stuart, it is great to be on. stuart: it is great to see this trend. i'm told that you have got a new class of buyers for rvs, and that is younger people. by younger people, i take it you mean under 40?

tell me about it. >> that's correct. we're seeing a huge increase in the younger demographic that isn't really surprising because prior to the pandemic, that was the biggest segment that was moving for the industry and now since the pandemic, it is really taken off. 50 to 80% of the new purchases are first-time buyers. and the largest percentage of that is, are the younger demographic in the 25 to 40-year-old age group. so it is an exciting time. stuart: a couple of weeks ago on this program we brought news of a home office, 8500 bucks out the door. you wheel it into your backyard, you plug this thing in and you have got your home office, you work from home, in your backyard. it occurs to me that you can do the same thing with an rv? >> it is already happening, stuart. a lot of manufacturers are building products specifically for that use. i know people who buy units and they are using it for an office

right now. but the great part is, one minute, buy the house with the rv. the next minute you're working from yellowstone or you're working from the great smokey mountains. you work from anywhere you want in the country. that is a tremendous option. stuart: what is the most popular price range here? i know that some much your rvs go to 100,000 bucks or more. what is the popular range people buying it? >> the biggest demand in entry level travel trailers, and they are in the 20 to 30,000-dollar range. we're seeing camper vans are popular. they're up 40% for the year. they're probably in the 60 to 130,000-dollar range. stuart: what was the word you used trailer, the first part? >> there is a camper van. so that is a motor home on a van chassis. then there is the travel trailer. the travel trailer is the toable product. stuart: okay. that is what i think might be used as a home office.

craig, congratulations. you have of the per speck situation here. lockdown, cheap gas, work from home. can't beats it. rv association -- >> things are going well. we have an rv at every price point for every consumer. you can get into an rv as low as $6,000. motorized is starting at 50,000. stuart: i will charge you for that commercial. >> we'll get you into an rv, stuart. stuart: we'll see. craig, we'll see you later. thanks very much. >> all right. thanks, stuart. stuart: not out of the question. coming up we'll show you the technology that will be used to track the virus in our schools, when and if they reopen. talk about getting back to normal. mr. trump, pushing for energy dominance, paving the way for new pipelines. those details next. apps are used everywhere...

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stuart: coming back a bit. we still goat a sell-off. we're down 400 on the dow. we're down 73 on the nasdaq.

as for boeing, the ceo says he is confident the government will continue to support defense spending, of course they will whether joe biden or trump wins in 2020. that is another to go story. it is a dow stock so it is hurting the dow. delta now banning passengers wearing face masks that have exhaust valves. didn't know that. 17,000 delta employees have accepted early buyouts. gasoline, national average, $2.19 a gallon. here is what gas buddy's patrick dehaan had to say about it. >> not every portion is traded equal. i think gasoline recovers the quickest followed by distillate and jet fuel but i see we are making some changes that could be long term, especially when it comes to flying. gasoline i think, like i said recover the quickest but jet

fuel i think could be several years. stuart: we hear you, patrick. that is the price of gas, down. look at the price of oil. that's down. that is hurting shell. give me more how it is hurting shell please, lauren. lauren: we're traveling less. that is absolutely hurting demand for energy. royal deutch shell is dropping 84% in the quarter. it has the first quarterly loss since 2005. this is what they say about the future. this comes from the cfo, a lot of starting and stopping around the world. that impacts our assets and our supply chains. so when the economy opens and shuts down a little bit, it impacts how they produce to meet and match demands. they foresee low energy prices for the foreseeable future. stuart: thanks, lauren. let's go to susan. what have you got on the markets overall. susan? susan: headlines from secretary of state mike pompeo president

trump's tweet possibly delaying elections in november. looks like pompeo says that the justice department can make the legal call when it comes to an election delay. we've been hearing only congress and states can allow that. so there is a bit of a confusion. that is hurting sentiment as we head into the big earnings later on today, after the bell. i don't think you can discount the fact we have shrinkage in gdp in the economy in second quarter. those are backward looking numbers, coming in better than expected. jobless claims going up for the second straight week are hurting sentiment. people are taking money off the table, awaiting to see you who the big techs fare in the earnings reports after the bell. if done well pile back in with money at work. stuart: if they don't, look out below! for the whole market. because they play such a big role in the overall market. >> that is why they're taking money off the table for a hold right now to see how it plays out. stuart: i can understand it. we're down 460 on the dow. down 96 on the nasdaq.

we got reports, we got analysts saying that demand for oil has not returned for previrus levels for at least two years. that is a big deal. stephen schork is with us. he is the oil analyst that we talked to a lot. he is joining us on the phone today. now look, first of all, what do you think, stephen? is it two years before we return to normal oil demand and if so, why? >> yes, stuart, hi. no, i'm certain live not going to argue against a minimum of two years. we have to keep in mind that the oil industry globally is a twilight industry. so what we've seen now with the protocols, with covid-19 is aphastenning of demand destruction. in the short term we're looking at moribund economy. i don't think the gdp number, the weekly claims, that is going to continue. we're looking at weak demand through the end of this year into the new year. then of course now we have the

introduction of alternatives which will certainly quell any sort of resurgence in demand. i think a two year time frame before we return to demand precovid is accurate. stuart: stephen, you're buying into the theory, and i buy it into as well, that we are really changing our habits, what we do, where we do it, how we travel, where we travel. we really are charging our habits and the longer the virus drags on with us, the more profound are those changes. you're buying into that, aren't you? >> yeah, absolutely. certainly looking at the landscape, especially look at the younger generation, clearly there is a mind-set that wants to move in this direction but more importantly, stuart, in the here and the now, some of my clients are the biggest, largest oil and gas producing companies in the world. i'm listening to them as well. they're certainly in the transition phase, limited

exposure to oil. they still maintain it, but, clearly natural gas is the future of the hydrocarbon economy for the next generation. stuart: as i remember, before the virus hit world demand for oil was about 100 million barrels a day. i know it is way down from there now but is it at least two years to get back to 100 million barrels a day? will we ever get back to 100 million barrels a day? >> yeah. it's a great question, especially with some of the estimates now, new estimates came out with population growth. it is going to slow. certainly, it is, there are two trains on that collision course. it's a stagnation and population growth. it is the move away from oil into alternatives. so, yes, you know, never say never but i think minimum of two years before we get to pre-covid levels is a reasonable estimate in this demand scenario.

stuart: stephen schork, thanks for jumping on the phone with us at short notice. we'll see you soon. >> thank you, stuart. stuart: here is what is coming up on the show today. pete hegseth, what is making about accusations of anti-conservative bias among big tech? we have "wall street journal" guy dan heninger, 95 days from the election, and he says it will be a personality contest. he will make his case next. beg tick barked big tech bashed by both sides yesterday. what was the interested me was the humbling story of jeff bezos beginnings. the market is way down. ♪

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stuart: 11:00, here we go. the markets are down and down big. i will tell you why. first of all, president trump tweeting early this morning, suggesting a delay in the election until people can vote safely at the ballot. then secretary of state weighed in on that, mike pompeo. he says justice department can decide whether to delay an election. there's some dispute about who can actually organize a delay. the president and mr. pompeo say yeah, the feds can do it. the number on your screen represents a dismal report this morning, 1.43 million filed for

unemployment claims last week. that's the second week in a row that the number went up. not good for the recovery. and the economy contracted at an annual rate of 32.9%. that was in the second quarter. that's looking backward. we knew it was going to be bad and it was bad. all right. that gdp number, the contraction of the economy, 32.9% in the second quarter. the administration has been telling us now for months that they are optimistic on growth for the rest of the year. roll tape. >> we're going to have a fantastic third quarter and fourth quarter and going right into 2021 could be tremendous, tremendous comeback year. >> the american people are calling for a restoration of our economy. >> you're going to see june and july pick up but i think by august and september, you're going to see a big bounce back from what has been a very rocky period. stuart: a big bounce back.

there you have it. bring in acting chair of the council of economic advisers, tyler goodspeed. welcome to the program. good to see you, sir. >> thank you, stuart. stuart: now, we've got the second quarter gdp number, that's looking backwards. let's look forwards to the third quarter gdp number which emerges late october, four days before the election. you've got to be hoping that that's going to be a real blockbuster blowout number. will it be? >> yes, and first of all, i would like to note that the data today confirmed what we have been suspecting for months, which is that in the second quarter of this year, the u.s. and indeed global economies experienced an unprecedented adverse economic shock and -- but what we also saw in the data is that the response of the united states federal government to that shock was similarly unprecedented in scale and speed, and in particular, we saw that disposable personal income rose by just over 1.5 trillion

in the second quarter. in real terms that was a 45% increase, and the savings rate spiked to 45%. now, that certainly, to your question of third quarter expectations, does bode well because that suggests there's potentially pent-up consumer demand and let's just remember that consumer spending, household spending, is 70% of the u.s. economy. stuart: okay, but will you contest the view that the economic recovery is not stalled, but the rate of growth is slowing down? those were pretty bad jobless numbers this morning for the second week in a row, the number of jobless claims went up. that's not the trend you're looking for. so really, you're going to lay it on thick here, the v-shaped recovery is still intact? really? >> we were definitely disappointed to see what had been an unbroken streak in declining initial and continuing unemployment claims broken.

i think there are a few things to keep in mind with respect to the initial unemployment claims. one is that the seasonally unadjusted numbers continue to decline. it was a seasonally adjusted numbers that ticked up again and there are some questions about whether seasonal adjustment is appropriate when we are talking about levels of this scale. with regard to the continuing claims, that increase was certainly disappointing. we did see that driven by increases in a few particular states, notably california and texas, which have experienced large spikes in covid cases in recent weeks. so that's definitely something we're going to be keeping an eye on and obviously, it's a function of the public health response. stuart: all right. q3 numbers will be a very big deal, coming in late october. you say they're going to be strong. we'll see. tyler goodspeed, thank you, sir. appreciate you joining us today. >> thank you very much. stuart: thanks very much. all right. big companies on your screen, all of them have extended their

work-from-home policies. google, for instance, keeping workers at home until july of next year. i thought that was blockbuster news. market watcher heather zumarraga is with us. you know, i think -- i want to lay this on the line here. that was dramatic news. google keeping 200,000 people working from home until july of next year? this is the new economy, right? >> it really, really is. not just google but those other 14 companies, some of which you have up on the screen there, saying that regardless of when we get a vaccine, which i know it's very optimistic to expect one by the end of the year, but to put a blanket statement that we will not allow our employees to come back to the offices through july of 2021, i think is a mistake. it's compassionate showing that we care, we want people to stay home and not get sick, but i actually think it's a mistake. stuart: i think this economy has

been changed, i hate to say changed forever, but i think we're undergoing profound change. i'm having a hard time wrapping my arms around it. i'm not sure what it means for various industries. i'm not sure what it means for the overall economy. >> exactly. i mean, when you look at the data, productivity declines actually when you are working from home. can you imagine now schools shutting down in miami-dade county, for example, they are saying they're not going to reopen schools, and having employers say that employees can work from home again sounds compassionate but it enables this type of behavior. you have some companies like yahoo! who have pushed back and said it's very difficult to measure an employee's performance when they are working from home so managers can't see what you're doing, and some may say thank goodness because you've got your dogs and your family and your kids running around in the background. it makes it very difficult to focus on your work. stuart: it really does. quick story about the stimulus deal. there's a deadline coming, those

emergency payments run out within 24 hours. talks on a replacement for the deal are stalled. would you say that it's absolutely vital for the market that we get out there and spend at least a trillion dollars? >> one day left and the clock is ticking. i don't think it's absolutely vital that we come to a $1 trillion agreement. i think it's vital that congress does come to some agreement regardless of what that number is. democrats want to keep benefits at $600 per week and republicans want to incentivize people to go back to work like shielding small businesses from covid liability and maybe a return-to-work bonus and helping out with taxes, with employers when they re-hire people that were temporarily furloughed. i think that's very important. stuart: last time you were on, you picked up on my little caution about the stock market. i'm worried about the election, i'm worried about joe biden, i'm worried about a lot of things, and you said that's not like

you, stuart, that's not like you, you're normally gung-ho for a rally. what do you say now? >> well, i am very surprised but i think you're right to point out that we have a lot of weakness in the economy. look at the gdp report this morning and although it was bad and largely expected, personal income rose, why, because so many people are receiving benefits both from a fiscal standpoint, the government, and the fed, from a monetary standpoint. i'm not saying that shouldn't be. people do need help during the pandemic. but at some point in time, that will wear off and you're right to point out that if we don't get a stimulus plan, a deal reached or some type of package reached, that the markets will continue to decline. stuart: okay. we hear you. heather zumarraga, thanks very much. see you again soon. lots of companies reporting today. yum brands, taco bell, kfc and other chains. global sales down about 15%

because the virus, of course. they say traffic is slowly improving. however, the stock is down 3.6%. kelloggs, cereal people, another lockdown winners. shares are at the highest since october of 2018. sales up big in the quarter. schools are closed, kids love those sugary cereals, so i'm told. parents are going to buy them and the stock is up 2%. what about kraft heinz, another supermarket brand? same story there, boost in sales because of the virus but the stock is down sharply, 4% lower. procter & gamble, pandemic winner. sales of their cleaning products through the roof. people obviously sanitizing more. they are set to pay out $8 billion worth of dividends next year. the stock's up three bucks, 2.3%. let's stay on the food theme and talk grocers. jeff flock is in chicago. not at a kroger, not at a whole foods, but at an aldi. it's a german company making moves here.

reporter: exactly, stuart. grocery is the big winner because less people eating out, more people going to the grocery store. i got to put my mask on but i want to take you inside america's newest grocery store. as i do, i want to show you the numbers on online grocery sales. they have been going through the roof. last august, just over $1 billion in online grocery sales. april, $5 billion. june, $7 billion. people are buying more in the store. aldi, you mentioned, german company, actually two separate german companies. this is the real aldi experience. you will love this, stuart. you have to put a quarter in the cart, you get a cart for a quarter but when you return the cart you get your quarter back. this is the way they minimize, this is a discounter, this is the way they minimize people having to police the carts up, people stealing the carts and the rest. this is a store, look, this is a full supermarket and look how big it is. six aisles and they have everything that you could

possibly want but not a lot of, you know, different selections and that sort of thing. they have a lot of their own brands. for example, you want salad dressing, you want italian dressing, you got it, but you get their brand. now, but their brand is cheap. $1.65 for all this salad dressing. you would love this store. there you go. you get your quarter back, too, i'm sure. stuart: all right. okay. we hear you. america's newest supermarket. he's right in the middle of it, as usual. thanks, jeff. see you soon. thank you. move on to comcast. their new streaming service is a winner. susan, what, a boom in subscribers? numbers, please. susan: ten million. that sounds kind of boomish, right, for nbcu's new peacock streaming service. it looks like peacock was just made available nationally a few weeks ago. this is a number that they have now gotten, 30 to 35 million subscribers is what they are targeting by 2024 so let's compare it to other streaming

services. for instance, hbo max at at & t, attracting 4.1 million subs in the first month. we are also looking for an uptick when disney reports and whether or not they added to their 54 million subscribers at last count after six months of service. now, that is the future of media over the top streaming, less appointment viewing. in fact, comcast reported 477,000 cable subscribers cut the cord. the leader when it comes to streaming is netflix, over 72 million u.s. subscribers, 190 million worldwide. but look, you have to spend $13 billion to $15 billion to get those type of eyeballs and that's $13 billion to $15 billion a year. but that is the direction of media watching. stuart: i'm still a netflix addict. i still am. i was very pleased to see them sweep the emmy awards, not quite sweep, but they certainly did very well. my kind of company. susan: when did you actually become a netflix viewer? why don't you tell us that. stuart: tell you the truth, it was when the lockdown began. because all of us were spending a lot of time at home and i was

helping netflix become a lockdown winner. i discovered their great series which are really very watchable. susan: you are not an early adopter. that's what i wanted to get to. right? you still use dial-up from what i understand. stuart: that's not true but you're right. i'm not an early adopter. may i move on, please? thank you very much. all right. pencil, paper, thermal scanners? schools are beefing up technology, preparing to welcome students back. not sure when that's going to be. but they are beefing stuff up. got a live demonstration for you coming up. and the nba restarts its season today in the disney bubble. so far it's working. should other leagues follow suit? can they follow suit? first, though, big tech ceos accused of political discrimination. watch this. >> i'll just cut to the chase. big tech's out to get conservatives. that's not a suspicion, that's not a hunch. that's a fact. stuart: okay. we will get more on that. there was also an inspiring

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stuart: it was an equal opportunity pile-on. republicans went after censorship. democrats went after monopoly power. big tech was bashed by both sides. but what stood out for me was jeff bezos, amazon founder. he is now the richest person in the world. but where did he start? turns out he is totally self-made, a classic american story. i'm going to run a long sound bite from his opening statement.

bear with me. i bet you didn't know any of this before. watch it. >> my mom, jackie, had me when she was a 17-year-old high school student in albuquerque. the school tried to kick her out but she was allowed to finish. she couldn't have a locker, no extracurriculars and couldn't walk across the stage to get her diploma. she graduated and was determined to continue her education so she enrolled in night school, bringing me, her infant son, to class with her throughout. my dad's name is miguel. he adopted me when i was 4. he was 16 when he came to the u.s. from cuba by himself, shortly after castro took over. my dad didn't speak english and he did not have an easy path. what he did have was grit and determination. i was born into great wealth. not monetary wealth, but instead, the wealth of a loving family, a family that fostered my curiosity and encouraged me

to dream big. stuart: never heard that before, have you? what a story. jeff bezos is a striver. starts with nothing, comes up with a radical idea, uses his brains, drive and talent to build a world-beating enterprise and yes, he makes a fortune. he also said this about american freedom. the rest of the world would love even the tineiest sip of the elixir we have here. immigrants like my dad see what a treasure this country is. i will leave it at that. but you know, i was watching, brought tears to my eyes. i know just the person to respond to this. pete hegseth, "fox & friends weekend" cohost. what i found incredible is that story, i never knew he came from such humble background, i didn't know that his adoptive dad was an immigrant, yet i see people like him bashed constantly just because they have made it. i'm appalled, pete.

absolutely appalled. >> i agree. i had no idea. i often say that i'm a child of privilege as well because i had a loving family and parents who cared for me and gave me every opportunity, taught me to work hard. clearly his parents demonstrated that. it's a quintessentially american story and instead of demonizing success we should hold it up and any issue i have with amazon at this point has to do with how much they are actually viewing themselves as an international company, as an american company, how much of that is inside the ethos of the company that says we're not going to work on the cloud with the communist chinese, we will give the dod here in america a leg up on everything. when we make products that compete with those we sell on amazon, we don't have to do it with cheap chinese labor, we can bring those jobs back home here. so i salute the story of jeff bezos, quintessentially american and we love success. at the same time, remember those last words, that elixir of this country can't be ignored by the

people who built fortunes on it, but outsourced profits from it to countries that don't play by the same rules. i think some of that competitiveness in that hearing needed to be heard. stuart: absolutely it does. now, we dealt with bezos's story. but we did, of course, as you say, we saw some fireworks from jim jordan, for example, when congressman jordan looked at the ceos and talked about anti-conservative bias. let's watch this for a second. >> i'll just cut to the chase. big tech's out to get conservatives. that's not a suspicion. that's not a hunch. that's a fact. the power these companies have to impact what happens during the election, what people, what american citizens get to see prior to their voting is pretty darned important. stuart: do you think big tech, specifically google, is a threat to the election? >> yes. very much so. google, twitter, who didn't show up at the hearing, but certainly

google is a big content navigator there. listen, you only have to go back to the words of executives and others that have been uncovered from 2016, where they have a lot of regret that their platforms were used to enable the most sophisticated social media campaign we have ever seen in donald trump to elect someone that their elite class of people now loathes. this is their second go-around and there's plenty of evidence, anecdotal and direct, that conservatives, patriots, trump supporters, at google, on twitter, facebook has been a little better, instagram has been a little better, they're not trying to be arbiters of truth, they say, but when you determine hate speech with an algorithm, there's people behind that and they're not conservatives and they look -- they are going to decide what airs, what doesn't air, what people see, what gets suppressed, and that's scary when social media, especially a moment like this, is a primary means by which a lot of people consume media. jim jordan is right. the question is, what do you do about it and how do you really

hold them accountable? stuart: any comment on president trump's tweet this morning possibly delaying the election? >> i think he's trying to amplify the conversation about mail-in ballots which a lot of us have concerns about. i don't think there's a real serious conversation to be had around moving the election date. wisconsin showed you can do it responsibly and i think it's important that americans go to the polls on november 3rd but he has a knack for getting people all fired up and then reminding them there's a real issue here that people who believe in voter integrity hold very dear, which is that ballot's not secure, my vote may not be secure. hopefully that's the conversation we have. stuart: exactly. it's right to bring it up because i'm looking at chaos on election day. pete hegseth, thank you very much for joining us. see you again soon. >> you got it. stuart: next, market watchers are making predictions on where to put your money, depending on who wins the election. lauren, where do you put your money if joe biden were to win? lauren: all right.

this comes from rbc. they say technology and energy companies would be hurt by a democratic sweep. however, if president biden ensures that domestic companies produce our green energy like solar and wind, they say that could be a positive. utilities would also benefit. okay. now let's say trump gets a second term. that's good for small companies like the russell 2000, good for energy companies, for robotics and artificial intelligence, especially if they ought mate to be cost-effective but this is a negative, rbc says trump's attacks on china, that would hit commodities. china is a big buyer of our agriculture. and commodities, and it would hurt multi-nationals that profit from offshoring. i want to end on one thing i just pulled from this note. if the election is contested because of the mail-in voting concerns, stocks will drop, rbc says if you parallel that to the year 2000 when the election was -- took five weeks to settle between george w. bush and al

gore, the s&p 500 fell 12% between election day and the december low. so if there are question marks about the results, that could be very bad for the market. stuart: thank you for digging that up. that is very very important. lauren, thank you. thanks very much. look at this. what you're looking at is tear gas filling the air in portland as protesters take to the streets. this happening hours after state leaders said federal agents would soon leave the city. but the feds say they're not going anywhere until it's safe. we've got that story coming up for you. first, though, our next guest says the democrats are missing a huge problem in black communities. that is schools. the "wall street journal" henni presidency would be a disaster for education. he's 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. i'm an associate here at amazon. step onto the blue line, sir. this device is giving us an accurate temperature check. you're good to go. i have to take care of my coworkers. that's how i am. i have a son, and he said, "one day i'm gonna be like you, i'm gonna help people." you're good to go, ma'am. i hope so. this is my passion. if i can take of everyone who is sick out there, i would do it in a heartbeat.

stuart: it looks bad and it is, we are down 300, but we have come back 2200 points. at one stage we were down 550 earlier this morning. the fight over back-to-school rages on. kids who are headed back to the classroom this fall will see some new what we are calling virus tech when they get there. grady trimble, take me through virus tech.

reporter: yeah, the school districts want to bring kids back to the classrooms but they want to do so safely. this technology has a lot of different options for school systems like this one. >> your temperature is normal. please wear a mask. reporter: tells me my temperature is normal but i didn't have my mask on. i there thrwill throw that on. this looks like a metal detector but as i walk through it, it also tells me my temperature. once again, within the normal range. michael george is with this company, the founder of the company. tell me a little about how you are using this technology in schools. you have a lot of interest in school districts. >> yeah. one of the main things that we can measure with covid-19 is temperature, and they want to get their students back and their staff back as soon as possible so this helps them do that in a safe manner. reporter: as we are talking, i want to show a second camera, there's this camera back there and it can scan up to 50 people at a time and take 50 people's temperatures so if there's a lot of teachers and students

arriving at once, they can do that all at once. they have also got portable technology, something like this that you can just throw right on a school bus and every kid -- >> your temperature is normal. reporter: -- can get their temperature taken before getting on the bus. it's a way of getting kids back to the classrooms, give parents peace of mind and give teachers peace of mind as well. i'm the safest person to be around today because i just had my temperature taken four different times and i got the all-clear in every single instance. stuart: okay. we hear you and see you. grady trimble, thanks very much indeed. i would just ask our viewers if they are prepared to invest all the money that's required for that kind of virus tech. that's another story. 96 days to the november election. it's coming at you real fast. dan henninger is with us this morning. deputy editorial page editor of "wall street journal." dan, you say there's a really big issue which we should be focusing on right now. what is it? >> well, stuart, i think it's

the issue of black lives matter. as i write this week, let's focus a little bit on that issue. i think the black lives most at risk in the united states are the young black women and children, kids, who go to failing inner city schools. this has been from coast to coast. this has been a problem for decades. kids who attend these public schools score much lower than their counterparts outside the cities or white kids, and they are the ones who are most at risk. this is a problem that we have known about for years and yet these schools year after year after year underperform, the teachers' unions will not allow the teachers to be tested on their competency. i brought it up because joe biden and the biden/sanders task force says explicitly that they are going to try to suppress public schools competition. charter schools, he would give

the secretary of education authority to withhold funding for new charter schools or existing charter schools on a myriad of bureaucratic reasons, and they would explicitly defund school choice programs that gives parents scholarship money to send their children to private schools or catholic schools. they explicitly say they will defund the scholarship program in the district of columbia which is enormously popular with black parents. to me, stuart, this is the greatest moral issue, domestic moral issue in this country and joe biden has shown himself to be aligned with the status quo that i think most democrats, many serious democrats themselves, would be appalled to be aligned with. stuart: what about -- i want to talk to you about the vice presidential stake because that's going to be a very very important pick for joe biden. i will briefly show you, remind people about what happened back in the debates. i want to show you kamala harris

and her performance. watch this. >> but vice president biden, will you agree today, do you agree today that you were wrong to oppose bussing in america then? do you agree? >> i did not oppose bussing in america. what i opposed is bussing ordered by the department of education. that's what i opposed. i did not oppose -- >> -- integrate public schools in america. that's why we need to pass the equality act. that's why we need to pass the e.r.a. because there are moments in history where states fail to preserve the civil rights -- stuart: dan, how can she come back after that and possibly be joe biden's vice presidential pick? >> well, she can come back, because the democrats, joe biden and his team, are making these enormously complicated calculations about which running mate would most help him within

the confines he has established for himself. he initially said it would be a woman, and now after the past two months it has become obvious it is going to have to be a black woman. but everybody agrees, given joe biden's condition, he's probably going to be a one-term president, if that, so that makes this particular enormously consequential. it has to be someone voters might think of in presidential terms. on that level, kamala harris simply by being a former presidential candidate and u.s. senator, seems to be the one who fits that bill. the problem is she is a very divisive figure inside her own party. progressives have problems with her performance when she was attorney general of california. many people around joe biden himself think she's too opportunistic and wouldn't be loyal. then that means biden would have to default to somebody less well known like congresswoman val demings of florida who might be a good pick but the question is

would people think of her as qualified to become president of the united states. so he's in a tough spot. stuart: yes, he is. we await the decision. dan henninger, thanks, sir. see you again soon. i've got news on united airlines. they are warning their pilots union of more furloughs. the stock is down to $31 per share. got it. protests breaking out in portland for a 62nd night. state leaders say federal agents are on the way out. but the dhs secretary says not so fast. watch this. >> none of the dhs law enforcement that are there today that have been there for the past month or over a month at this point are leaving portland. we will remain there. stuart: well, obvious question. can the feds leave before controlling what i think is the threat of antifa? we will deal with that in a moment. ♪

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stuart: we're still down but not as much as we were, off 300 points. now, here's why. first of all, president trump tweeted this morning, suggesting we delay the november election until people can safely leave their homes to vote. that was followed up by mr. pompeo, secretary of state, who said yeah, the justice department can decide whether to delay a vote. and we heard from rnc chair ronna mcdaniel who told us the election date is not going to change. watch this. >> well, the president obviously understands that that's done by congress constitutionally, but he's trying to highlight what many in the media are not paying attention to. we have a huge problem right now with mail-in voting across the country. in new york right now, they had a primary a month ago. we still don't have the results. stuart: yeah.

that's my point. that's why i think it will be chaos on election day. you can't count all these mail-in ballots on time. you don't get a result at the end of the election -- of election night. it will be weeks. and you're going to have a lot of court challenges in between. it's like the year 2000, really. chaotic. president trump also tweeting about the city of portland. here's what he says. kate brown, governor of oregon, isn't doing her job. she must clear out and in some cases arrest the anarchists and agitators in portland. if she can't do it, the federal government will do it for her. we will not be leaving until there is safety. democrats insist, however, that the violence and antifa's role in it is a myth. here's jerrold nadler from earlier this week. roll tape. >> [ inaudible ] that's happening in portland right now? >> that's a myth that's being spread only in washington, d.c.

reporter: about antifa in portland? >> yes. reporter: sir, there's videos everywhere on line. there's fires and riots, they're throwing fireworks at federal officers, dhs is there. look online. stuart: there you have it. andy no is with us, a journalist who covered this story right from the very beginning. you are on the ground in portland. what do you say, antifa is a myth in portland? >> it's not a myth and i wish mr. nadler would come out here so he could see with his own eyes and hear the explosions that are being thrown by these violent extremists day after day now for more than two months. we're having people carry out daily protests and it's been getting worse, in that the weapons have been moving now to potentially kill or maim federal

officers. stuart: wait a minute. that's important stuff. you're on the ground. you are in portland. what's this about weapons? tell me more. >> so a lot of the weapons are intentionally designed to look innocuo innocuous, things like water balloons or water bottles or laser sticks. but as fox news has reported, these lasers are unregulated, they buy them through ebay or from china, other websites, and they're very high-powered and meant to actually blind and damage the eyes. i've had them directed at me in the course of my undercover work. you can't see anything when one is directed at you, much less a dozen of them. and the water balloons are filled with things such as paint, it's used to blind police and they remove the helmet or can't see and if they remove the helmet, somebody else will launch a ball bearing from a slingshot at them. this week there was some type of

ied that was thrown at the front of the portland federal courthouse, and explosion could actually be heard from blocks away. stuart: you are a guy who was beaten up by antifa some time ago. was anybody ever prosecuted, arrested, charged, anything in connection with that? >> unfortunately, no. that's been more than a year now. it happened outside the same area where the rioting is happening now. my warnings to local public officials, state officials, were not heeded. stuart: you are on the ground. have you seen anybody arrest an antifa person that you could identify as antifa? >> yes, actually. there has been one person who, if you read one of the affidavits, and this has not been really widely reported, the first name is amelia, i don't know how to pronounce the third name, but according to

[ inaudible ], this person is accused of felony arson and other attacks related to one of these riots. she communicated allegedly with her roommate and talked about how she was with a group of people, that she's part of antifa and it brought her a lot of thrill to be labeled a domestic terrorist and she was hoping her actions could kill or injure law enforcement. very plainly you see that's what they are trying to do day after day including just overnight. stuart: okay. andy ngo, thanks for joining us. thanks for being our reporter on the ground and telling us what's actually going on. we appreciate it. see you soon. thanks very much. different subject. let's get back to your money. we've got some stocks in the news and moving. ups hitting a record high. it reported a very big second quarter. shipping jumped 21%. the biggest jump, biggest surge came in rural areas. pandemic winner, ups. paypal profit surged 86%.

they added 21 million new users in the second quarter. their ceo says there is a permanent shift to digital payments and banking. he's backing up our theme here. our behavior is changing because of the virus. paypal is up 4.5%. the nba, they spent a whopping $170 million on their disney bubble to keep players safe during the pandemic. it seems to be working. more on that league's recipe for success after this break. ♪ (vo) the time is coming for us to get out and go again.

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stuart: basketball is back. the nba restarts the season at their disney world bubble as of today. kristina partsinevelos, tell me about this bubble strategy. what exactly is it? reporter: we are going to go into details. like you said, it's been five months and finally, the nba is back. they're not going to be playing the games behind me at madison square garden but instead from the bubble in orlando, florida. the $170 million spent on this bubble appears to be working, with strict isolation and

rigorous testing. out of the 344 nba players so far, none have tested positive for the coronavirus since july 13th. to answer your question, what does this bubble means, it means that players need to eat, sleep, drink, play, all from a bubble that is isolated from the public. this bubble is in orlando, florida. there's been 22 teams there since july 7th. early o there were two players that tested positive but since july 13th, there have been absolutely none. we know the success of this apparent nba bubble is intensifying the scrutiny around the mlb and nfl, since on the weekend, there's constant spread of the covid against the miami marlins continues to intensify the scrutiny there which is why we are hoping the nba bubble and everything goes off without any hiccups. two doubleheader games tonight. back to you. stuart: absolutely. we are hoping it works and keeps on working. good stuff. thank you very much indeed. ladies and gentlemen, we are sad to pass along this news to

you. herman cain, frequent and favorite guest on this program, has passed away. he recently contracted the virus and had been battling it for several weeks. on a personal note, we always looked forward to his appearances on this program and we want to share some of that with you. roll tape. >> my life is an american success story when you don't look for excuses. i didn't make any excuses. my parents didn't make any excuses. that's probably where i got my work ethic from. so if you don't look for excuses, you can succeed in this country. i was working at burger king as regional vice president and we put in salad bars. we thought that the salad bars were going to be the cat's meow. customers came in and looked at the salad bar and said that's nice, i'll take a double cheese whopper. stuart: he was a good man. he always had a smile. we'll miss him. herman cain was 74. starting to bounce back.

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♪. stuart: remind you tomorrow is "friday feedback." you still have time to send us your comments, suggestions, questions, call it what you will. will be short and to the point however. email us at varney viewers at foxbusiness.com. you can tweet us as well. you can send a video. we want to hear from you, please. markets have come back, not all the way back to neutral.

we're still down 300. we had been down 3550. look at that chart. that is an intraday chart of the dow industrials. we to the that got that for you. we're well off the session lows. all right, big night tonight at 4:00. so, susan, where are you going to be at 4:00 this afternoon? stuart: very, very busy. the nasdaq turned around. we're now in positive territory. 35% of the nasdaq will be reporting after of the bell today. i will speak to a few executives on the play-by-play in terms of what happened in the quarter. microsoft and netflix, you put in a quarter that is great. you need to be explosive to get the stock price. it looks like the bar is set pretty high to get numbers in. stuart: lauren what will be you doing at 4:00 this afternoon? lauren: breaking numbers on "after the bell" for facebook, alphabet and amazon and instant reaction. they had the take one yesterday

on the hill. and take two as they open books in the latest quarter. we need them to inknow straight. stuart: i hate to tell you both, you will be working. i will be at home watching fox business and the result as they come through and watching the stock price movements as they get the numbers. it will be fascinating. stuart, it is yours now. neil: checking your email can include video messages? stuart: yes, yes it can. neil: can you get my camera? no, i was just checking that. all right. we are going to be busy bees then. thank you, stuart, very, very much. we have it on right now. at the corner of wall and broad, as stuart indicated it it is not nearly as bad as it was. we're down well over 500 points. what got it going, the president's comments he might entertain delaying election of concern about voter fraud. a lot of people s