maria: thank you so much for joining us this morning. please come back soon. great to see you. have a great day, everybody. "varney & company" begins right now. stu, take it away. stuart: good morning, maria. good morning, everyone. ladies and gentlemen, we're looking at the fastest recovery in stock market history. it took six years to recover from the financial crisis. it's taken just six months to recover from the virus. the federal reserve is printing dollars by the trillion, income is strong, jobs are coming back, and if trump wins, we will get tax cuts and more growth. that's why your 401(k) looks so good. in my opinion, all bets are off if the biden/harris/sanders ticket wins. look at this. right now the dow industrials at

the 27,700 level. remember, it was 18,000 on march 23rd. the s&p, what, nearly 3400. new all-time high. the nasdaq well over the 11,000 mark. who would have thought of that. add it all up and yes, we are now in a brand new bull market. here's another reason for the rally. terrific performance from major retailers, target, out today with a blowout report. online sales nearly tripled. it was target's best overall growth rate ever. that stock is going straight up. add this to the numbers from walmart, home depot and it's clear the major retailers won big by staying open in the lockdown. really, though, kind of tough on the smaller operators. got to get to it. the convention, boring in my judgment. tv ratings way down. where's the excitement? everything is on tape and the whole thing lacks the

spontaneity of a live crowd. the performance of the old guard, bill clinton, john kerry and a grim chuck schumer. the bright spot was aoc's one-minute appearance. she nominated bernie sanders. the democrats say we are in an economic crisis. all right. watch this show. check the market. check those stellar retail numbers. check mortgage applications. you be the judge. "varney & company" is about to begin. our party is united and offering you a very different choice. a go-to-work president. a down-to-earth, get the job done guy. our choice is joe biden. >> the movement that realizes the unsustainable brutality of an economy that rewards

explosive inequalities of wealth for the few at the expense of long-term stability for the many. i hereby second the nomination of senator bernard sanders of vermont for president of the united states of america. stuart: the brutality of the economy. well, look, the divide within the democrats on full display last night. former president bill clinton endorsed joe biden, aoc, she got 60 seconds to talk, didn't mention biden's name. she says she still supports bernie sanders, doesn't support anyone who isn't a radical, who isn't a socialist and in her words, she doesn't support an economy that rewards the explosive inequalities of wealth. that's why she nominated bernie sanders. joe biden is still in his basement. we will get back to all of that later throughout the show but we won't make you suffer too much. look at target. on pace to open at an all-time high for the stock, 148. susan, it was a blowout.

susan: definitely. the strongest quarterly growth in target's history, online sales nearly tripling in the quarter and target's ceo says the government stimulus checks and extra unemployment benefits meant more shopping being done at target. also benefiting from small businesses being shut during the lockdown and that meant shoppers had less choice and less places to shop at. also bullish, we had target saying that sales are up some low double digits so far in august. still up in this month, whereas walmart said that sales were slowing down and stagnating as stimulus checks ran out. pretty big numbers there. stuart: terrific numbers. an absolute blowout stock, up 11 bucks as of now. we've got another big retailer with very big numbers. that would be lowe's. look at the stock. ash, spell it out, please. ashley: yeah. let's use that word blowout again. second quarter revenue surging 30% to 27.3 billion. the estimates were also much better than the dreaded

expectations. same store sales in the u.s. up 35.1%. in fact, lowe's says in all regions across the united states, comp sales were up at least 30%, meaning even in the hardest hit areas, they still showed strong sales at their stores. by the way, sales on their website up 135%. they are also hoping to expand their same day deliveries, just like so many other companies that have benefited from the pandemic, you know, unemployment benefits, stimulus checks and sitting around and looking at your home and saying you know what, i can fix that, or i'm going to add something to that and going down to lowe's or home depot, for that matter, and buying the materials to do it. stuart: you're right. look at lowe's r, target, walma, home depot, terrific performance. that shows we have a strong economic recovery. however, it's a different story at tjx. lauren, they did not do so well.

lauren: i'm going to rain on the parade. unlike the big box stores, the discounters are struggling. net loss, $214 million. same store sales that were open down 3% and the stock is down 5.5%. what's really hurting it right now is their prediction that sales will drop another 10% to 20% in this current quarter. but to ashley's point, what sold well for tjx last quarter, home goods. the chain, where sales rose 20% and also the home departments in their other stores like tj maxx and marshall's. stuart: that stock down 5% as we speak. look at the markets overall. we are in a new bull market. look at this. up 50% on the dow and the s&p. up more than 60% on the nasdaq. that's just since the lows of march 23rd. what a performance. brian brenberg's here, fox news contributor. all right. let's go at it. will the bull market continue? >> well, you got to answer this

question for me. will elizabeth warren be secretary of treasury in 2021? i mean, you know this, i know this. i have every confidence in the american consumer, in employers. they have shown us they want to bounce back. if that were the only question, then this bull market has a lot of room to run. but the truth is, we are talking about whether aoc's 60-second speech last night is what's coming in 2021. you know, some people on wall street want to believe that that's just show, that's just a unity play, but it's not. that's the substance. that 60 seconds is the substance of what's coming. if that's what's coming, then a bull market doesn't stand a chance. in 2021 and 2022. stuart: okay. that's maybe. we don't know what the election result's going to be. what we do know is that the federal reserve is printing dollars by the trillions and has no reason to stop and no reason to raise interest rates from zero for years to come. that surely is what's propping

up this bull market. >> it's what's propping it up but that doesn't give me a lot of confidence if the basis of our economy going forward is how much money the fed can print, then i'm not excited. in fact, i'm worried. that's what happened during the obama recovery. the fed was printing money and we still got 2% growth. we still took almost eight years to get back to pre-recession employment levels. i'm not interested in that again. frankly, i don't think this country can handle another run like that. we have too many issues right now that relate to people having jobs and having hope about a livelihood. we need a faster recovery. you're not going to get that with anything that looks like the obama/biden recovery that we saw over the past few years. stuart: to sum it up, you are saying yes, the bull market can run still further if donald trump wins re-election. right? >> yeah, it's really about donald trump's pro-growth policies. what i'm interested in is taxes and regulation. biden has pledged to take those

things up in growth-killing ways. if that happens, the bull market can't run. donald trump is prioritized those things and it's helped people, everybody. it's reduced inequality. we need more of that right now. but it's really, it's in the dock right now. we have the choice, voters have the choice. 2020 will decide if we get more of it or turn around and go the wrong direction. stuart: we hear you. hold on for me, please. i've got another issue for you in just a moment. i want to talk about housing. clearly on a tear this year. new mortgage application numbers just out moments ago. lauren, what do we have? lauren: we had a slowdown. take a look at mortgage applications, they did rise 1% last week. refinances fell 5%. here's the reason. mortgage rates did creep higher. they are still under 3%, however. i want to show you the annual numbers because they show the market remains strong. applications up 27% on the year, refis up 38%. it's particularly strong when you look at mortgage applications for newly built homes. if the current supply on the

market isn't working for you, there's not enough of it, it doesn't have a home gym, that home, or enough space to do whatever, you are building a new home and those applications are up. stuart: understood. lauren, thank you very much indeed. let's get to this issue. two more schools, big schools, reversing their in-class teaching. notre dame, michigan state. they joined the university of north carolina and several others, actually, on your screens right now. lots of them reversing in class, sending the kids home. brian brenberg, you teach at the kings college in manhattan and you plan, your school plans to reopen for in-person classes this fall. can you get through a whole semester without sending the kids home? >> well, we are going to do everything we can to make that happen, stu. you can only control what you can control. the key is to be smart. you look at some of these schools that have had to reverse course, so many of them are doing it because students off campus are attending parties, there's a million people there and it's crowded and somebody's

got the virus and somebody else gets it and before long it's spreading on campus. if you want to be on campus, if you want to learn, you've got to be smart. you've got to do the right thing. you can put all the plans in place but if people don't commit to that, it's not going to happen. we are asking our students, our staff, our faculty, commit to it. the reason you are paying this money, the reason you are here is to learn. let's focus on that and make that happen on campus and get as much value out of this as we can. i think we can do it. we are a small community. but that's what it comes down to. stuart: okay. we are with you, brian. i just don't envy the idea of trying to control youngsters and their social lives. >> it's not controlling them. it's asking them to be adults and responsible, to care about people in their community. i don't think that's control. that's self-governance. that's what this country is built on. if college students can't do that, then woe to us. we have hard times coming. stuart: i just remember my own student days, brian. we will move on. mr. brenberg, professor, thank

you. see you again real soon. now, we've got another big retailer who reports after the bell today, l brands, owner of victoria's secret, bath & body work, et cetera. they have, by the way, announced layoffs of more than 800 workers. the market's not expecting a great report there. a tech giant will report, nvidia. they are having a terrific year. they are expected to have big quarterly numbers. the stock right now is at $491. very close to an all-time high. more on nvidia later this hour. overall, yeah, we are going up a little bit for the dow, a little bit for the s&p, down a little bit for the nasdaq when we open up this wednesday morning. the> d temocraemaral .oert foror joe b jidoeen b.oeen h this.... ica,e bideden. nlynlyenenan make make ameraericd licikde l aikmeeriik. reoe biden b w b b be bee presie il aillll all tudo tosalutesa.sa joeoe ben will .o. build bd bbetter

but sbuquad memberembe on your s right nonono alexandria ocasio-cortez, taking a different path. she backs bernie sanders. you know, i've got to say, it really does sound like a split party to me. that's my judgment. maybe you differ. we will discuss it after this. ♪

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stuart: well, well, look at tesla. it's actually down today 1%, $19 lower. let's focus on another elon musk company, spacex. they completed another successful launch yesterday and susan, i believe they brought in a whole lot of money. how much? susan: yeah. raising nearly $2 billion worth. that's the largest round of fund-raising for spacex so far in its history. there were a lot of people

interested in giving spacex its money. spacex capitalizing also on the success of its first manned space launch this year. now boosting its value to over $46 billion according to bloomberg numbers and also reta retailing landing a $300 million plus contract with the government. they are revolutionizing the space industry, launching and landing a falcon 9 rocket that has been reused now six times which is a brand new record. elon musk swinging out the reusable rocket's return to earth this morning saying welcome back, aloha. it was used to launch satellites from the starlink initiative, providing internet coverage for rural areas. that's what satellites in this starlink does. think about it, tesla, spacex, starlink, these are the reasons why people call musk the real-life tony stark. stuart: tony stark? susan: ironman? marvel comics? stuart: of course.

of course. i knew that. susan: i'm sure you did. stuart: we just went to bars and tones there. cover my embarrassment. thanks, susan. next case. general motors. lauren, they are -- how do we put this? they are extending their line of electric cars big-time? is that it? lauren: they are betting on an electric future in china particularly. executives are telling reuters that a luxury electric cadillac, a bigger electric chevy buick and cheaper microvans are all coming as gm overhauls their lineup in china which is important because that's a fifth of their overall profits. in china, they are rapidly losing market share to other u.s. companies doing business in china and local chinese companies. a problem they have, this is interesting because they have a lot of different brands in china that compete with each other and they can cannibalize each other's sales. analysts are warning look, you have to manage this. the pr message has to be more clear. otherwise you will see some

brands die off in china as a result. stuart: look, if it's electric cars, it's tesla versus gm, i mean, tesla's got to be a hands down winner at this point. they are the leaders in electric car manufacturing. seems to me. look at general motors stock. it's under $30 a share still. unbelievable. lauren: i know. stuart: got to move. go. go. say your piece. go ahead. lauren: there are tons of new competitors coming into the market, trying to sort of repeat the tesla fame and that's taking away from the detroit big three, if you will. nio, the new names. stuart: now we will move on to uber. this is a big deal. uber says they may actually shut down in california this week. susan, i hope they do. susan: you do? what about the hundreds of thousands of drivers and customers that will be left without transport? isn't that a bad thing for them? stuart: if california gets its

way, they are screwing a brand new industry, uber and lyft. they are screwing, they have drivers and everybody else. don't let them get away with it. susan: first of all, you have been reaping the benefits of passing the buck on to the state coffers instead of paying your employees benefits. that goes to the taxpayer in california. stuart: that misunderstands the whole nature of the gig economy and what uber and lyft are doing for those people who want to work four or five hours a day, maybe. [ speaking simultaneously ] susan: let's see how it plays out. we have this appeal taking place in the courts. uber and lyft are warning their customers they may have to shut down their services in california, possibly as early as thursday night. that's if they lose this california court injunction and that would force both to immediately reclassify their drivers as employees with benefits instead. that means as i mentioned to you, hundreds of thousands of drivers could be without a job, a paycheck, riders without transport. uber already warning their

customers here are the screen grabs that we have from the uber app forewarning a possible shutdown, also uber eats, uber said they will continue to deliver food. they can't drive people. the california shutdown might only be temporary because we have uber, lyft and other gig economy companies like door dash trying to push through this new legislation and ballot in the fall to exempt them from having to reclassify their workers as employees. also, the "new york times" says if that fails, uber and lyft might explore a franchise model where people still use the app but their drivers will be fleets operated by small companies instead. stuart: got you. thanks very much indeed. let's get to the convention, back to the convention. day two saw another round of big names. two former presidents, bill clinton, jimmy carter, and perhaps the new democrat party influencer, congresswoman alexandria ocasio-cortez. holland hill is with us. seems to me there's a split in two ways, an idealogical split in the party and an age split. what do you make of it? >> well, i think that's true.

there has been a civil war raging within the democratic party in the same way there was one within the republican party in 2016. we have seen a pretty dramatic shift over the last few weeks in the democratic party's messaging. they are trying to downplay black lives matter, trying to downplay socialized medicine to a great degree, trying to downplay additional taxes. what we saw last night was that there's this shift, that they are going to take far left voters for granted. two dead republicans actually, mccain, john mccain and dick luger got more air time than far left progressives than aoc. aoc is fighting back. in the two minutes she was given on air as required by the bernie sanders campaign, aoc never mentioned joe biden's name once, not once. so there's this struggle within the party to define what the future looks like. i think mainstream democrats know that if they kowtow to the far left, they can't win in november, that it's going to scare off people, particularly

in the suburbs that are worried about conflict and violence hitting their streets. they are worried about paying their taxes. they are worried about putting food on the table. if they don't move to the middle to cater to those voters and instead, they cater to the far left fringe like aoc, they're not going to win. stuart: i think they've got a boring problem. it's very hard to put on, you know, a virtual convention, all tape, no surprises. will you watch tonight? give me 20 seconds. >> yeah, listen, i'm going to watch tonight. i call this the democratic national zoom call. you know what i mean? it's really really awful. the celebration after joe biden officially accepted the nomination last night was so anti-climactic. i think they made some real mistakes. this was great for republicans. this is great. we are watching democrats make all these mistakes this week and we will recalibrate. i know we will do a better job at the rnc. stuart: leave it at that. let's see if you can do a better job next week at the rnc. thank you, sir.

see you again real soon. quick check of the market before we open it up. we will be up for the dow, up for the s&p, down slightly on the nasdaq. back in a moment. ♪ turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪

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stuart: the postmaster general louis dejoy says postal service reforms will be delayed until after the election. by the way, he will appear before the senate on friday. i want to bring in ashley and lauren and susan if she's there. i want to know what happens to the market if we don't get an election result in november? ash, first. ashley: you know, that is a horrible situation. markets as we know famously hate uncertainty. these are uncertain times. that would be the icing on the cake. i think what investors really fear, assuming we do get a result and don't rely on all mail-in ballots, is a democrat sweep. there have been some reports recently that that could be good for the markets but i say no. if you look at the options market, the fear level or the downside risks are at the highest level right now since the financial crisis. more regulation, higher taxes will slow corporations down and

either way as their bottom line, their margins and i think if the democrats take both houses of congress and the oval office, not good news. stuart: ashley, watch the opening of the market. there's the bell ringing. lauren, quickly, what happens to the market if we don't get an election result in november? lauren: the volatility spikes. we already saw earlier this year an all-time high for the vix index, for instance, rbc capital markets says buy bullish options that go into january so they expect this uncertainty to last. one more thing. president obama campaigned on hope and change and right now, the democrats are campaigning on no hope. there is no optimism and what change. the change would be a reversion to the old ways of like ashley said, taxation and regulation. what does that mean to investors in a market that's forward-looking? stuart: i agree entirely. i do believe if you've got election chaos in the month of november, the market goes down. just like it did in 2000. when we had the bush/gore recount and all the rest of it.

we have opened up. we are literally up, 40 points higher for the dow and about half of the dow 30 are in the green. how about the s&p 500? which is a record high. looks like we are up again. yep, a fraction of 1% but 3394 is where we are. the nasdaq composite, home of the technology companies, 11,200. how about that. target and lowe's, they have just opened. i believe both of them have opened at all-time highs. have we got that? i believe we do. both at all-time highs. got it. there you go. okay. let's go to apple. they are approaching a big milestone, right, $463. susan? susan: four bucks away from $2 trillion in market cap. they need to cross $467.76 to be specific to be the first american company to get past $2 trillion. saudi aramco briefly broke through $2 trillion after its ipo last year but never closed above that level. apple's ascent has been

explosive. they only crossed $1 trillion in the summer of 2018 so two years to double and the stock is up over 50% during a pandemic. we have a four-for-one stock split at the end of this month that's causing a lot of excitement. also new 5g iphones expected this fall which many say will juice this 5g super cycle and all this, by the way, under tim cook's watch. the stock has kwquintupled sinc he took over for steve jobs in 2011. remember when steve jobs passed the baton, critics said innovation is dead at apple, so is the stock? apparently not the case. stuart: not the case. let me see nvidia. down a little bit this morning. susan, they report after the bell today. i think people are expecting some really big news. susan: well, for the world's biggest chip maker, wovrth over $300 billion. nvidia forecasting, and they are

forecasted to put in some pretty strong numbers this afternoon with chip sales for data centers. think cloud computing, stu. now bigger than chips for graphics and gaming for the very first time in nvidia's history. covid has meant more companies are now shipping to the cloud with customers and employees working remotely, staying home instead. gaming sales are also at record so that's still a boom for nvidia. nvidia is a frontrunner to buy up arm holdings, the chip designer that apple and virtually every other phone maker uses to make their chip. that's a reason bmo has slapped a street high target forecast on the stock, $565 for the stock. the stock has doubled so far this year. stuart: look at that chart. you can see it. it's straight up with a slight dip in march and now it's back off to the races at near 500 bucks a share. what a company. florida residents can save some big bucks at disney and universal. that's news. lauren, tell me. lauren: all right. so florida's disney world and universal studios are luring

locals with really deep discounts. take a look here at disney packages, as cheap as $49 a day. if you are a resident of florida. at universal, $154 gets you an unlimited pass that's good through december 24th. the goal is boost attendance, interstate travel is down, international travel is virtually gone. so floridians, they might be tempted to visit as the weather does turn cooler after august. but look, if floridians don't go, disney and universal might broaden these deep discounts for everyone. do you think they would do that to encourage attendance? stuart: yeah, they have to do anything they can to get people in. people don't seem to want to go with a face mask and temperature checks and all the rest of it. i wish them well, i do. i would love to see them come back strong. we are now four and a half minutes into the session. i see some green out there. i see the dow up just 25 points but look at that level, 27,800.

it was 18,000 in march. the ten-year treasury yield this morning, down significantly. .65% is your number. bitcoin, this is interesting. it was $12,000 a coin yesterday. $11,800 today. oil, about $42 per barrel. been holding right about there. the price of gold now, let's see, $2,000 exactly. it's been doing well, ashley. ashley: it certainly has. one of the better performing assets this year, stu. why? i was looking back. why is gold doing so well? well, ultra-easy monetary policy for one. massive federal spending. a weak dollar. and the perception, we have been saying this for years, of inflation down the road. hasn't materialized yet, but it is definitely there. what's interesting is credit suisse just raised its price target on gold to $2600 saying that gold is in the middle of a

perfect storm. in other words, it's an asset that more and more people are going to be, you know, guided toward because of all of those factors i mentioned before. but the only fly in the ointment on gold is b of a does a fund manager survey. 30% in the latest one said gold is overvalued. the number of people who said that in the previous month's survey was 0%. there is a sense out there that gold has got ahead of itself but there are many other analysts who say good investment right now. stuart: on the one hand, then on the other hand. quickly, show me the boards. we have an all-time high for the s&p at 3395. we've got an all-time high for the nasdaq at 11,227. all-time highs as we are coming out of a virus, recovering on the economy and we are facing an election. this is the kind of extraordinary situation you don't very often see on the

stock market because we are now witnessing the fastest market recovery in the history of wall street. ain't that something. next, you listen to the democrats at their virtual convention, you would think the economy is about to collapse. i say that grim assessment is not justified. i will tell you why in my 11:00 my take. meanwhile, president trump's hitting the campaign trail again, taking shots at joe biden's immigration plan. watch this. >> biden's plan is the most radical extreme reckless dangerous and deadly immigration plan ever put forward by a major party candidate and it will be defeated on november 3rd. stuart: congressman andy biggs was with the president in arizona which of course is a border state. he's going to join me next hour. we have seen some stellar data from housing. is it emerging as the bright spot in the economy? we will discuss that, next. ♪ this is decision tech.

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stuart: bear market's over. we are now in a new bull market. look at that. the s&p and the nasdaq are both actually nasdaq almost at all-time record highs. perfect moment to bring in ace market watcher, mark tepper, the man with the energy and the great smile. that's a great introduction for you there. that was generous, i think. right. explain to me and to our viewers why we have such an extraordinary six-month bull run. >> this has been absolutely remarkable, this stock market recovery. it's the fastest recovery ever from a 30% drop. it took us six years to regain the october 2007 highs during the great recession. it's taken us six months this time and it's all because of the quick response from the government and the fed.

now, the good thing is that typically, all-time highs lead to higher highs because fundamentals are strong and momentum is on your side. i do think the market continues to go higher, but we still think there's better value in individual stocks right now than in just buying the index. stuart: okay. how important is the housing market? seems to me that housing is a really bright spot. how bright is it? >> housing has been on fire. if you think about it, people were locked in their houses and made decisions that if they were going to be locked in their houses, they wanted to make sure their houses were nicer. look, existing homes are flying off the market. inventory's down 14% year over year because people are buying them up quickly. housing starts, up 22% to fill that demand and then you've got home improvement retailers like home depot and lowe's. they just had blowout quarters because people stayed home and they opted for doing some diy projects around their houses. stuart: well, is housing market leading the whole economy forward?

>> i wouldn't say it's leading the whole economy forward, but you know, look, there's been a lot of money received in the form of stimulus payments, whether it's the $1200 or the $600 a week of unemployment benefits that have since expired. that led to an increase in personal income, 7% year over year. you would expect during a crisis that income comes down but with more discretionary income, people are definitely going to a lot of these home improvement retailers and buying new homes as well. stuart: i have to throw this out. i'm really worried about the election and the impact on the market from an election which isn't called until maybe the end of november, or an election which sees a biden win and elizabeth warren treasury secretary. that worries me about the election. how about you? >> i think that scares everyone, stu. look, you know, obviously the market has liked president trump's pro-growth, pro-business

policies. i mean, that's why the stock market is up 15% annualized since he was elected. if suddenly we start to go in the opposite direction, if taxes skyrocket, the market's going to sell off and it's going to sell off pretty quickly. i think it makes sense to really make sure you're positioned -- stuart: how do you do that? how do you do that? how do you position yourself now for a possible election chaos in november? >> so here's really the best thing to watch, stu. here's kind of how you can get some insight as to who the market believes is going to win. you look at the performance of the s&p 500 from the beginning of august all the way until the election. whenever that performance is positive, 87% of the time, the incumbent party stays in office. whenever that performance is negative, you have a regime change. so that is the most important thing to watch right now. so that you can position yourself and be in the right

sectors. stuart: so watch the s&p 500 and its performance from august 1st until close to the election, if it's going up, positive, stay in it, stay in the market because it looks like trump wins. if it starts to go negative, get out, leave dodge quickly, bail, and away you go. you wouldn't sell everything, would you? if you thought biden was going to win? >> no. no, no, no. but we would definitely reposition, right. you know, the whole biden camp right now is about clean energy, right, so you might want to pick up some positions in clean energy, right. cannabis, that space, which not a lot of people own any stocks in that space. that would do better under a biden presidency. i don't expect it to happen, i do expect that there's a silent majority that will come out and will support president trump and i do think trump remains in office for another four years. stuart: you are a brave man, mark tepper. you really are a brave guy.

a man in the financial industry saying i'm not worried, i think trump's going to win. interesting. tepper, come back soon, okay? thanks very much. i'm sure you're looking at the market there. we are now up 80 on the dow. 27,860. i've got the home builders on the screen right now. lauren, we know people are moving out of the cities. tell me which suburbs are the most popular. lauren: well, the ones in the northeast but first let me tell you the two hottest zip codes. this is according to realtor.com. colorado springs is number one, about 90 minutes from denver. get this. homes on the market are selling in under two weeks. then you have rennelsburg, ohio. where is that? close to columbus. families can get a home there for $200,000. you are looking at the map with the remaining zip codes. they are mostly suburbs and mostly in the northeast. it supports the urban exodus theme we have been talking about. also, the affordability theme.

realtors credit the northeast with keeping homes as affordable as possible by building more of them and that is why you have these examples. rochester, new york, $152,000 is the median home price. melrose, massachusetts, south portland, maine, hudson, new hampshire and worcester, massachusetts. stuart: all of those areas you just mentioned have a median price of about $200,000 or less for a family home. that's pretty good, i've got to say. lauren: close to the big city. stuart: very important. thanks, lauren. ratings down for the dnc, down 27% compared to 2016, the first night of the democrat convention then. martha maccallum has to sit through all of this. she's on fox news. at least she's getting paid to do it, though. she will join us in our 11:00 hour. oracle, president trump says he would be okay with them buying tiktok. you will hear more about that in a moment. oracle has gone up again. we'll be right back. ♪

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-- a great company and i think its owner is a tremendous

guy, tremendous person. i think that oracle would be certainly somebody that could handle it. tiktok. i guess microsoft wants it and so does oracle and probably so do other people but they also have to make sure the united states is well compensated. stuart: well compensated indeed. he wants his piece. president trump there talking about who's going to buy tiktok. susan, oracle seems to have the inside track but what's the issue here? susan: some say larry ellison's closeness to president trump and the white house might be an edge for oracle. we know ellison threw a fund-raiser for the president earlier at his own house while the ceo and her husband have both donated to mr. trump's re-election campaign. however, microsoft has been negotiating longer with tiktok's owners and microsoft has more money, $140 billion in cash. oracle has less than $40 billion. tiktok might also be a better fit for microsoft since it does at least have some consumer

facing products including linkedin and surface tablets where oracle seems to be all business and enterprise software. we know a deal has to be announced by september 15th. you have 90 days to close it but it's very complicated since both microsoft and oracle say they only want the u.s., canada, new zealand and australia and to carve out just certain segments and geographies, especially the code and programming involved, it's a complex deal. stuart: okay. we get lots of backwards and forwards movement for the next couple months, i'm sure. show me big tech, please. we haven't looked at that as a whole board for a long time. we should, because that's where the money is and most of them are down today, except apple which is up $1.78. i want to ask ashley first, and lauren, how do you think big tech will do on the stock market if joe biden wins? ash? ashley: that's an interesting question. i think as mentioned before, we know regulation, taxes, all of that will go up. i think the calls for breaking

up some of these big tech companies will grow under a progressive agenda and i think you are going to see a lot more of that. the companies themselves will continue to operate as they have. they have just been carrying so much of the weight on the markets and they will continue to do well in that sense. but i think from a regulatory sense, they could be under a lot more pressure. stuart: looks like it. how about you, lauren? lauren: especially if elizabeth warren or bernie sanders are in the administration because they have called very loudly for the breakup of big tech. so if they are in the cabinet, you can expect these big names to be perhaps broken up. stuart: especially amazon. all right. thank you, lauren. still ahead, liz peek, who says the democrat convention is good for president trump. arizona congressman andy biggs, he was at the border with the president and of course, martha maccallum on the divided democrats. all of that coming up for you. my take, i think it's clear that joe biden's team is keeping

him in the basement, under wraps. how long are voters going to put up with that? that is the question which i will answer on my take, next. ♪

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♪. stuart: state of the market is? dow is up 130. the s&p is up 1 1/2 points. the nasdaq is down 36. now here are the big movers we're watching this morning, target, loews, and apple. all three hit all-time highs earlier today. we got blowout earnings from loews lowe's and target. what a day for earnings reports. now this. it is clear that joe biden's handlers are keeping him in his basement. it is deliberate, it is strategy and it is necessary. the people running his campaign have to keep him under wraps. one senior moment could run his candidacy into a ditch. that's a gamble. how long will the country put up with a virtual candidate? if he can't handle the media before the election, how can he handle the world's tough guys if he became president?

it is hard to imagine a biden-chichi ping negotiation or biden putin negotiation. they will demand that joe get gt out of house to face rough-and-tumble after campaign. this is how we decide who is fit and able to lead our country. what a contrast with our president. he lives on the campaign trail. four states in two days. he rarely missing a chance to spar with the media. he is dynamic, always focused. he is not going to lighten up. hoe to be a fly on the at the biden campaign headquarters. they must have been desperate to get him out of the interview with card by b. within minutes he promised free college and free health care. they did let him loose yesterday. he went to a school near his house. he spoke very briefly but managed to seem hesitant about which day they would be seeing him again. thursday, joe.

at the moment, his wife, jill who is out front for the campaign. it is bernie sanders who is out front on policy. and it is kamala harris who is out front with identity. 10 weeks to the election and joe is still under wraps. he is the virtual candidate. imagine if he is elected, conducting the nation's affairs from the white house basement. i just don't see it. let's bring in liz peek. see what she sees. fox news contributor. liz, welcome back. how much longer can the biden campaign keep him in the basement? >> stuart, i don't know. it is like democrats are trying to hoodwink the american people into thinking they have a real candidate when they do not. what we see is his wife. by the way the convention is not about joe biden. they're betting, basically putting the convention all about donald trump bashing donald trump, is going to basically run turnout, get people to vote and it is going to work in their favor.

i think that is totally wrong. if you look at the betting odds right now, and also the polling, there has been a distinct tightening of the race in the last couple weeks, here is why. the campaign is underway, as you have said and joe biden is nowhere. i imagine most people thought once he nominates kamala harris to be his running mate, once the campaign really starts up, once the convention underway he has to show up but he hasn't. to answer your question i don't think it can go on much longer. this is the most preposterous thing i have ever seen. really the test, it is not working. stuart: looking at the convention as a whole, apart from joe biden in the basement, look at the convention as a whole, why do you think it is working in president trump's favor? >> well again, first of all, when i wrote that i hadn't watched nights one and two. now i know it is working in his

favor because it is an immense news fest. it is an issue, all the old-timers, democrat chestnuts if you will showing up. a lot is defense. bill clinton in the me too era? john kerry, donald trump just closed the biggest deal in the middle east in a decade. these people are running through, not addressing by the way the big elephant in the room which is the crime wave in democrat-controlled cities. they're trying to ignore the things that are going wrong that they're in charge of and counter what are clearly going to be attacks from president trump. but more importantly, look what is happening outside of those dreary convention virtual halls. the economy is roaring back. there is simply no denying it. a v-shaped recovery what we're looking at now. the third quarter, fourth quarter will be gangbusters. earnings are doing very well.

the stock market as you pointed out is on a tear. housing is extremely strong. covid cases are declining. look all this works to president trump's favor. if joe biden can't meet with the press, if he has no policy and no accomplishments. that the convention nominating him are willing to talk about, boy, what a contrast as you said. stuart: liz peek, good stuff. thank you, liz, see you again real soon. promise. >> pleasure. thank you. stuart: going to get back to your money and zero in on the s&p. this morning it closed, it didn't close, it hit another record high. yesterday it closed at a record high, first time in six months we've seen that. i will run through some of the s&p winners. how about this? halliburton. that stock has almost quadrupled since those march lows. who knew, halliburton, quadrupled. who knew that? here is a shocker, l brands, another retailer, parent company of victoria secret up more than

200%. this is since the lows of march, march 23rd to be precise. by the way they report after the bell today. whirlpool, who figured this one out? another pandemic success. they're at the highest point in three years i should say, whirlpool. people are staying in, working from their homes. they're buying new appliances. they're buying new appliances. investors love it, stock is up 184% since march. how about that? lowe's and home depot, home improvement companies, both reported gangbuster earnings and lowe's hitting an all-time high, that is the stock price, an all-time high. 159 there. do we have more on this, ashley? ashley: we do. we talk a lot about home depot but turns out lowe's has a lot to boast about as well. going into the pandemic there is no doubt that home depot was the darling of growth but pretty soon things turned around. obviously during the lockdown it

was tough for everybody but in late march debit card transactions show that it was actually lowe's who led the way in growth up some 10% year-over-year while in that late march period home depot's sales growth turned slightly negative. by early may, lowe's was outpacing home depot by some 20% in the growth of sales. why? well it is a little unclear although you could point out that home depot very aggressive limited the amount of customers it would allow in its stores at any one time whereas lowe's was a lot more laid-back. they had all sorts of signage in the stores. they didn't limit the number of people. that may have made a difference. from march 20 second to may 24th lowe's stock was rewarded up 82% while home depot was up 47%. although the spending trend has kind of equaled out a little

bit? the last two weeks. lowe's had a good shall we say covid-19 session. they did very well. stuart: in part because they were open. smaller competitors had to close. no, lowe's, home depot, walmart, target, they're vital, they stayed open and they did extremely well. ash, thanks very much. one quick check of the market because i see the dow still up over 100 points. still a very small loss for the nasdaq. how about target? at an all-time high. absolutely huge quarter just reported. again online sales, i believe they almost tripled for target, compared to last year. tripled. that is something else. that doesn't even touch on how well their curbside business did, curbside pickup, get this, up 700%. nothing stopping that stock today. keeps going up. now it is up $15 at 152. walmart, as you know they reported a blowout earnings

session yesterday. online sales up 97%. the ceo, doug mcmillan is now focusing on its china business. he spoke with maria earlier about that. watch this. >> it is our hope that these countries will work together, thissed administration and in the years to come to find ways to have a collaborative relationship where we should. we want to be able to do business in china and i know a lot of american businesses and farmers and others want to as well. stuart: all right. next case, amazon, their prime day, delayed because of the virus. susan, now all the back to school uncertainty, that's hitting retailers, isn't it? susan: definitely. this time of year when you get the end of summer and back to school promotions but not in 2020 because of the pandemic. that is having entire retail calendar out of whack which makes it hard to make comparisons of earnings. prime day shifted from the summer to sometime last three months of this year.

we don't have an exact date yet. this competes with the holiday shopping period, think black friday and christmas. we're not sure when schools will reopen and exactly for how long. as for prime dates, amazon brought in over $7 billion in the two days of sales. that is it equivalent to all sales on black friday. a shift to the fourth quarter might mean there is more pent up spending in the final three months of this year but it also might take away sales from the traditional cyber mondays, traditional christmas holiday shopping period and black fridays. walmart and target are shut for thanksgiving this year. stuart: they are. do we have a prime day date yet. susan: no. but with will take place in the final three months. year. stuart: thank you, susan. apple is real close to a two trillion dollar valuation. if it goes up one more dollar it

hits two trillion dollars. i believe we have a special graphic for that. maybe we'll get one anyway. two trillion bucks. my producer says i think we do have a special graphic. we'll not run it just yet. we're bringing you the the great histories an misses from the dnc convention day two. we look forward to the rnc convention, it will be held largely virtually. i'm asking the rnc next hour, what to expect? can they do better than the democrats. the tire geese. stuart: goodyear facing zero tolerance policy that bans wearing maga hats. republican congressman andy biggs is on the show. he met with the president on the border to talk immigration. we'll bring all the updates on that in a moment. ♪ rty mutual customizes your car insurance,

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stuart: we are just dying to use that fancy for when apple, if apple reaches the magic number to be worth two trillion dollars. susan what stock price do they have to hit? susan: 467.76. we're just about a buck away from that milestone where apple would be the first american company to break through that threshold, that milestone. we know saudi aramco did it briefly after the ipo last year. never closed above that level. it will be interesting to see if apple can close above 467.76 to the close. 3 1/2% in one single week. that is constant by the way. it is also up 20% from its earnings at the end of july. we have four for one stock split

expected at the end of this month which will make it cheaper, so it is $100 instead of $450 that means more people can afford to buy it. that is why they're doing it. always a bullish sign when you split the stock. we've seen five in apple's history. this stock, by the way, this company has been putting in record numbers and record june quarter in the middle of a pandemic. because people are buying more ipads and phones and working from home and schooling from home. so you can never count out apple. a lot of people said oh, the pandemic, many people will be more tight with the wallet and spending. not the case when it comes to technology. especially coming to apple services as well. stuart: 467.76. we're just dying to flash that graphic up there. come on, buy some of it, somebody. i want to use the graphic. let's get to president trump who was back in washington. he had a quick visit to border country, yuma, arizona.

he took aim at joe biden's immigration plan. he was on the border. roll tape. >> president trump: you don't hear about the wall, because we won. if you win, if you're us you never hear about it again. biden's plan is most reckless dangerous, immigration plan put forward by a major party candidate. it must be defeated and it will be defeated on november 3rd. stuart: congressman andy bigs joins us. he is an arizona republican. he was with the president yesterday. congressman, welcome to the show. am i right in saying that bernie sanders wants to abolish immigration enforcement? i can't wait to hear what you think about that? >> yes. that is exactly what he wants to do. he wants to get rid of immigration enforcement. away goes i.c.e. put handcuffs back on the cpb. tear down the wall. no deportations. provide incentives to come in here illegally, like free

medical care, free education. allow people toe work immediately if you're here illegally. competing with our people working here. yeah, he wants to tear it down. stuart: you're own the border. you were with the president. is the border wall and the other enforcement measures, is it working? have you cut the flow of illegals coming from mexico and central america into arizona? >> yeah. yes, we have. the fence is going up. it is still -- i wouldn't be surprised if you see another 50 miles going up in the next couple of months. but yeah, it is really slowed it. what it also has done it channeled it so that the cpb agents can be at the right location where people are cog across so that allows them to apprehend. the other things, the programs that are in place where we're sending them back immediately, all these programs are working to reduce the illegal crossings. the problem is the incentives, if you put incentives back in

place there will be a big flow coming back. stuart: what do the people of arizona what do they think about this? if you halted or slowed down the flow, you built a portion of wall, how do they feel about that? >> they're excited about that. that is what they want to have happen. they want to control, we're for legal migration as you know. we want to have control of the borders. the real problem most of the cross-border traffic is drug trafficking and human trafficking. we got to get a handle on that. that is basically inhumane. stuart: how did you do it? i believe residents of your state will be the first to the get the extra $300 unemployment benefit? how did you figure that one out? >> well, i'm kind of amazed about that but reality is my employers all over the state are telling me please don't do anything, having trouble getting employees to come back. so that's, you have got that interesting dichotomy right now. stuart: yes you do. i thought i was going to

congratulate but apparently not. congressman andy biggs, thanks for joining us, sir, we always appreciate it. thanks so much. >> thanks, stuart. stuart: i closed that out a little early because we got a presidential tweet coming right at us. here it is. with what i am doing in the fight with the drug companies, drug prices will be coming down 50, 60, even 70%. the democrats are fighting hard to stop me with big ad buys, plus, likewise, big pharma, favored nations and rebates are bringing prices down now. we will win. all right. i want, one more item here, talking about drugs, johnson & johnson, they have announced that they are buying momenta, that is another company that specializes in dealing with autoimmune diseases.

i got to believe that is connected with the virus. the stock is up 69%. blackstone is it buying a japanese pharmaceutical company. tell me more, susan. susan: according to the news in the japan they're in the final stages to off-load the over-the-counter business to blackstone. the deal could be worth as much as $3 billion. takeda is teaming up with novavax to get a coronavirus vaccine in japan. deal-making is alive and well. stuart: it is alive and well. look what is going on now. thanks, susan. news from goodyear, the tire people. what is this about maga hats? maga hats? tell me more. ashley: this is really interesting story. goodyear employees saying zero tolerance policy of goodyear in

akron, ohio is discriminatory. a training session held at a plant in topeka, kansas, the person brought up a slide, they told them what was acceptable or unacceptable. under the acceptable list, "black lives matter," lesbian, gay, bisexual, transgender pride. under unacceptable blew lives matter, all lives matter, maga attire, politically affiliated slogans or material. now the person giving that lecture said all of these rules came from the headquarters of goodyear. goodyear said in part we do allow associates express their support on racial injustice and other equity issues but ask they refrain from workplace expressions, verbal or otherwise in support of political campaigning. so that has caused a bit of a rift among some of the employees. stuart: yes it has. thanks, ash.

ashley: you're welcome. stuart: if apple gets to 467.76, then apple is worth two trillion dollars. it is close. it edge ad bit backwards. it is now 466.04. got it. colleges across the country reversing plans to hold in-person class this is fall. notre dame the latest school to delay in-person learning. what about the college experience? actually being on campus? the kids are missing out. elite schools here in america, forced to teach chinese studies in secret over concerns that students and faculty could be prosecuted. details on that story after this ♪.

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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. stuart: okay, markets, okay, apple of course, 467.76 is what we want to see. gets to there, it gets to a trillion, two trillion dollar valuation. the markets overall, we're seeing 100 point gain for the dow. as for the nasdaq, it's up. s&p up. record highs for the s&p and the nasdaq. uber and lyft, show them to me please, they're getting ready to shut down completely in california this week.

that's if a ruling goes against them. they're now considering taking the licensing route, that would let independent cab companies buy up rights to use their brands. that would let them avoid the whole drivers as employees model. both stocks are up ever so slightly. lyft is up 2.7%. back to school, some colleges now reversing course, closing down their campuses in favor of online, remote learning. notre dame, the latest domino to fall. grady trimble is there. what made notre dame reverse course, grady? reporter: well, unfortunately stuart, a rise in cases. students now essentially being asked to quarantine for the next two weeks while they shift to online learning to see if they can ride this then out. what prompted this, 147 positive cases of coronavirus on campus among students and people who live off campus and go to school

here. that is almost a 16% positivity rate. some of it was blamed on students who went to an off-campus party. you talked about college students missing out on that college experience but in some cases at n.c. state, university of tennessee, here at notre dame, college experience parties is partly to blame for coronavirus cases on the rise. here is the president of notre dame explaining this decision to delay things for the next two weeks. >> the virus is a formidable soul. for the past week it has been winning. let us, as the fighting irish join together to contain it. reporter: and there are some financial incentives for colleges to keep students on campus. for one, those lucrative room and board fees. just the appeal of living on campus is enough to get students to go to your university but a recent survey from inside higher

education indicates that there is going to be fallout from this with more than a third of higher education chief business officers saying they will have to lay off faculty, staff, and even cut academic programs because of what is going on with the coronavirus pandemic. one more update here at notre dame, stuart, practices for athletics still going on. as of right now the football season is still a go. stuart: thank you for that. thank you very much, grady. staying on this subject i want to bring the chief operating officer at dmg investments. they operate student housing complexes across the country. jeff, you say some students are staying on campus even though their classes have gone remote. i guess they want the university experience, right? >> that is true. i guess -- staying home. it is a bit daunting. they want to be close to their university.

they want to take advantage of the facilities still available at university and many universities are still having a large percentage of classes that are life. whether it is 20% or 40%, they're still active classes at most of the universities. stuart: the trouble is living in your student housing complexes they're throwing parties and they're spreading the virus. i hate to say it but you may be part of the campus problem? >> no, we don't see it that way at all. we keep a tight rein. security is high at all of our facilities regardless whether it is covid or not. we have a sit of strict guidelines and rules that -- problems where students are partying or doing anything at the facility. we think it is the opposite. we're creating a safe bubble where students are living safely. -- university.

stuart: can you tell me -- >> curiously enough not as high as last year because of covid. we're still in the 80s and higher given the circumstance is remarkable. students indicate they want to be close to the universities. still have that -- stuart: i'm sorry. we're breaking up here. i want to get this in. you've got an 80% occupancy rate in your student housing complexes. is that true of all of the complexes that you run on all of the campuses across the country, 80% occupancy? >> no. it varies by location. some locations are slightly lower. some locations for example in ithaca is 97%. it is adjacent to cornell. it's a regional issue more than anything else. the industry fluctuates depending on location. stuart: i'm sorry, we're breaking up with the audio. thanks for being on the show,

jeff. i find it fascinating you have 80% of occupancy in some student occupancy in housing complexes. that is high saying some classes are on-line. thank you, jeff. apple, we're keeping a close eye on this. 467.76 is the price which apple valuation hits two trillion dollars. we're on it. the bottom right-hand corner of your screen. now it is 467.14. we have word that china's controversial security law made its way to ivy league classrooms. susan what is it about chinese studies going on in secret? why? susan: harvard, princeton, some elite colleges are taking precautions protecting students oceans away from hong kong's new security law. it says a warning that may cover material politically sensitive by china. they're looking for ways to conceal the identity of students

and faculty so they can't be identified. for instance, we have students in princeton and chinese politics classes. they will use code names instead of their real names. harvard business school will excuse any students who are worried about the risk of discussing anything political sensitive. amherst college have anonymous chat rooms for people to speak freely. if you're wondering why colleges are going out of their way to do this, because the chinese and hong kong contingent make up a about a third of all foreign students in the u.s. this september semester will be taught online through video links. some are concerned. they fear these classes could be taped and end up in the hands of beijing. which might result in some retaliation. stuart: what a rotten situation. thanks, susan. by the way, we're looking at apple closely obvious. every penny that apple goes up, everyone penny that they the stock price goes up, that is worth an extra $42.8 million of

valuation on apple. so it goes up one penny. its valuation rises by 42.8 million bucks. it is 467.25. a little shy of two trillion valuation. oil inventories, how much oil in storage, how much we use. ashley, the number. ashley: draw down of 1.26 million barrels. not as much as expected. we were looking in the 1.62 area. we had a big you are drawdown of 1.45 million barrels. i'm not sure how much a proxy for the overall economy and theory as demand goes up on oil the economy is revving up. so based on that theory, there may be the economy not drawing as much on oil as it has but again, a drawdown, at least it is not building of

1.6 million barrels. stuart: got it. oil at $42 per barrel. >> >> back to apple. stock of the day. what is that new high, what, apple? okay. okay. got it. now, susan, am i right in saying that apple's stock is probably the most widely-held stock of any in the world? susan: on the planet, yes, that is absolutely true. also the most influential on the s&p 500 since going back to 1980. so it is worth around five, 6% of the index and no other stock has had this type of influence in 40 years. now apple, we know that, look, iphone sales, yes they have peaked but more of the services and what apple's doing around the ecosystem that is drawn back in kept users on the iphone and apple's services and other devices as well. we know that they get 80% of revenue still from all the high-priced devices like iphones, watch, ipads. it also become a cash cow in

recent years. they have raised their dividend every year since 2012. they have been buying back around $50 billion of stock in the last few years using that cash pile in order to do some financial engineering as iphone sales have peaked. stuart: shall we say it again? i missed it. my kids told me to buy apple. my kids told me to buy apple when it was $57 a share. i thought, it had its run. susan: well, it is up 3400% since 2006, including those dividend raises. yeah you would have made pretty good money. you can still get it cheaper at the end of this month when it splits from into four stocks. four for one. stuart: i think that is big deal, split four for one. bring the price down, more people buy into it. that part current rally. 467.50. susan: can i note, back in 2011, steve jobs passed away and passing the baton on to tim cook

who was not a product guy, okay, innovation is done at apple, the stock has done, quintupled under tim cook's leadership during that time. two trillion dollars. let's put that into context. that is larger than the economies of russia, spain and canada. this is also a banner for american innovation and technology leadership. stuart: yeah absolutely it is. it's, it came within seven cents of the two trillion dollar valuation. it actually got to 467.69. so it is backwards and forwards. it is hedging around just below the two trillion dollar valuation. susan: doubling in two years time. it cross ad trillion in september of 2018. this is probably the fastest one trillion and doubling that probably has been made in history, right? stuart: yes. i think so. company of this size, i mean, you get lots of small companies which can double very, very

quickly. i mean that is par for the course. they have got a good idea, good product, whatever, up they go. but a company the size of apples which doubles in a very short period of time. add as trillion dollars worth of value just like that. that is a sensation. susan: during a pandemic too, right? stuart: during a pandemic. i don't think apple was really negatively affected by the pandemic. the retail stores closed. that probably hit them a little bit. but we're using their services because we're all at home. susan: that's right. services doubled since 2016. it is now around 45, 49 billion-dollar revenue run each and over year. services is also the achilles' heel because there is lot of debate over the app store and commissions they charge. they're in this battle royale with epic games, the "fortnite" maker. some of the commissions that

they charge some say is unfair. google and android phones you have other options, third parties to get your apps instead whereas on apple and the iphone, it is contained ecosystem end to end controlled by apple. you don't have any other choice except going through the app store. but i would argue steve job's mantra was correct. he wanted to control everything from the operating system, to the hardware, everything inside of it and that has been a real moneymaker. stuart: what about 5g? you're the expert on apple here. when are they coming out with a 5g phone, however you want to phrase it? susan: it will be a few weeks late as we heard from the cfo on the earnings call the end of july. now weeks late. introduction in october instead of the usual september. that is not a big deal. we had iphones delayed before, iphone 10 or the x as it is called. as long as it gets out before the holiday shopping period

because that is when people buy their new iphones. this is start of super cycle. install base, number of iphones used around the world, running a billion around the world. a billion iphones in use. a lot of people say that 25, maybe even 35% of these iphones will upgrade to this 5g super cycle. can you imagine the dollar amounts apple will bring in if they're charging $1000 per phone with 200, 300 million-dollar sales, 300 million unit sales? stuart: stunning. absolutely stunning. one more quick question, supposing joe biden wins the election. susan: yeah. stuart: you've got a democrat in the white house, maybe a democrat congress. just suppose. would apple be vulnerable in any way, shape or form? susan: so we know taxing will likely go up from 21% for the business tax up to 28%. so yes, i assume their bottom line will be impacted by that. since we know that a lot of the heavy lifting in the rally that

we've seen in the stocks price since 2016 has been because of the in taxes. companies hold on more to the money that they make. they spend it or they put it back on the balance sheet. so yes, i would imagine that apple will be impacted. not by a lot. don't forget this company holds around $200 billion in cash and cash is king in this environment. how they have been giving it back it shareholders also one reason why the stock has run up close to these, at these record levels and close to passing through two trillion dollars. stuart: we'll stay on this, because you may see history made, if it reaches 467.73. it has come within three cents of that. got real, right up there. makes a new high, bounces off. makes a new high, bounces off. we'll keep on this theme. we'll take a commercial break. i do hope it does not hit 467.76 while we're in commercial break, because we'll have to break right out of it and lose some

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stuart: we're staying on apple. the price is 46.19, 25, 24. you're a few cents away from

2 trillion-dollar valuation. i want to bring in mike murphy, following big tech for a long, long time. do you see would trillion dollars coming on apple? be honest now, murphy? >> i'm not only going to be honest, say go to the videotape. we talked about it live on the show, apple being the first two trillion dollar company and the funny thing is, like roger banister once they break that two trillion dollar level there is a lot of companies, look at amazon, microsoft, they will be biting on their heels. they will get there too. stuart: for the benefit of our viewers who may not remember the early 1950s, roger banister was the first person to run a mile in four minutes or left. what murphy is saying, once apple hits two trillion dollars, it opens the floodgates for others to go in that direction. what about the market? we have record highs for the s&p. record high for the nasdaq. fastest stock market recovery in

history from the lows of march? are we going higher from here? , murphy? >> we are, stuart. for viewers of the "varney & company" show we talked about it for a long time now. tech is leading the way. tech is going to continue to lead the way. as long as we keep president trump in office. as long as that continuing, you will see the market hit new highs. big tech is infloat straighting. changing some things in our lives. it was just a few years ago, stuart, you and i talked about the first trillion dollar company. here we are the first two trillion dollar company. apple, amazon, microsoft, they're changing the way we live for the better. that is why people want to own the names. keep holding them. they have a lot of room to go. stuart: is there a second-tier of technology stocks, primed to move into the first tier? i don't have any names in mind? do you? >> you could look at a company like zoom. that is six months ago, very few of us knew what zoom was. now it's a verb in the english

language. we all do our zoom meetings. we go zoom with people. that is one you can look at. but for me, stuart, i see so much innovation coming out of the megacap tex i'm not looking at the seconds here. stuart: i'm breaking in. i'm sorry. we hit it, mike. we actually hit it. 467.80, i think it was. there you go. now we spent a for the unon those balloons. let me tell you. it was worth it. it is history when an american company goes to a two trillion dollar valuation. thatthat is a remarkable thing indeed. so it is backed off a little bit from 467.76. but it made it. it hit it, albeit briefly. let's see where it goes from here. what do you think, murph? could it go to $500 a share? >> absolutely. stuart, not only can it go to

500, i believe wholeheartedly it will. the split they announced is really helping. people being introduced to the stock market, the younger generation, they would rather buy a lower priced stock. you're seeing tesla doing their split, apple doing their split. it will be more to come. a lot of upside for apple. they're innovating in a lot of ways we don't even know about yet. the story is not a late story in apple. it is still a growth story. it still could trade a lot higher than 500. stuart: susan, our expert on iphones and apple, all the rest of it. in your judgment, i'm asking for judgment, susan, in your judgment is the apple iphone the best smartphone on the market regardless of price? susan: regardless of price. depends whether you're an android addict or iphone addict. i think it is pretty much split. i personally use an apple iphone. it is not just the iphone that has been driving the stock.

don't forget wearables are fortune 140 company on its own. talking about the airpods and watches. they have been innovating in different ways, maybe not the iphone anymore when it comes to where the growth is, but if you think about it, 80% of revenue comes from very high-priced devices. includes the ipad and new mac they announced for this year. super cycle upcoming for 5g in october. stuart: wearables, that is the airpods? susan: airpods and watches. stuart: and watches. is there anything else in the wearables category from apple? susan: those are primary the wearables in that category. as i said to you, they're selling, fortune 140 company each. so about $6 billion at a revenue run rate each and every quarter. times that by four. that is $25 billion in sales just from the airpods and these watches and it is the services, right? they also upgrade with their software as well since we have this worldwide developers conference each and every year,

they come up with innovative stuff. when people say apple innovative. they have ideas and services coming your way. for instance your phone, can now be the car key in the future. i found that very impressive. they continue to make these advancements. can they spend more and research and development? i read a note yesterday from person steen and tony sacanag. they have the cash, they need to spend more in that way, but they think giving back to shareholders as well. why warren buffett owns $100 billion worth of apple stock. stuart: back to mike murphy, another election question, i asked this to susan earlier, i will ask you to you, now, mike, if joe biden wins and it's a democrat congress, does apple suffer? is apple vulnerable to a left-wing take over of our government? >> they are, stuart and they're not alone.

every publicly-traded company, every company that is doing business in the united states of america has downside if we have an extreme left-wing government because an extreme left-wing in my estimation equals negative for big business. anyone doing business in this country, when socialism takes over, it is going to be bad. apple wouldn't be excluded from that. stuart: okay. keith fitz, another market watcher, almost freak, permanent guest on the program now, thanks for jumping on board like that. we appreciate it. apple, 467.31 at the moment. two trillion dollar valuation. where to from here apple, keith fitz? >> straight up, stuart. this company for all the reasons you and susan were discussing has a very bright future. one of the things you didn't talk about with regard to wearables and utility of data, pivot to medical you and i have been talking about for a while. that potentially is worth two,

maybe even 3-x the iphone sales worldwide. stuart: are you worried that five american companies so dominate the stock market and so dominate the economy that they have achieved a level of power almost unrivaled, therefore dangerous? what do you say to that? >> that is a fair criticism but i think it is absolutely misplaced. because in the old days, it was about harming the consumer. it is very hard to argue that is in fact happening today. these companies are digitizing our lives. now for better or for worse, i don't like the fact everybody will be watching what i'm doing. i don't like the fact if i eat an extra doughnut my insurance premiums go up in the afternoon. i do like the fact, made for cheap every goods, faster service, better health. better records. those things will change our world. that is why the money is concentrating on the best companies at the top of the pile. stuart: the best countries are the five american technology companies. >> yep.

stuart: i i want to thank mike murphy and keith fitz jumping in. susan, thank you for the expertise. all good stuff. still to come on the show, we have the apple bull himself, dan ives. he is coming up. we hit a two trillion dollar valuation. where to from here? dan ives has a couple of ideas on that. big show coming up for you. martha maccallum, want her reaction to the dnc convention. i thought it was boring. you will have my take on the contrast between the good and grim economy depending who you is. third hour of "varney & company" right after this. ♪

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stuart: 11:00 and i hope you saw history being made just moments ago. apple reached the $2 trillion valuation mark. it really was history. no other american company has ever hit a $2 trillion valuation. i think i'm right. susan, it's the first $2 trillion american company, isn't it? susan: yeah. if we close above these levels, it will be the first $2 trillion company in the world to actually close above that valuation. $2 trillion, if you think about it, that's larger than the economies of russia, spain and canada. it was even larger than china before it entered the wto in the early 2000s. this is a monstrous number. it's been explosive in the

doubling, crossing $2 trillion. it only crossed $1 trillion two years ago in the summer of 2018. if you think about it, there's been so much growth, there's been a lot of cash and this company generates it and again, a banner for american innovation and technology leadership. stuart: keith fitz still with us. question for you. have you ever seen any stock gain a trillion dollars in value in two years? >> never before that i'm aware of in market history has something like this happened. i certainly have never seen it and boy, i have seen a lot. stuart: do you have any other big tech names which are even close to $2 trillion? i'm wondering about google, maybe, or even amazon. >> it depends on how you define close. i could see microsoft getting there very easily. i could see amazon getting there. but now that apple is here, the question is what happens to the rest of them. i think they are going to follow along. microsoft is the next contender

in my book. amazon is certainly right in that running. i wouldn't want to abandon either of those holdings at the moment. stuart: you think apple is definitely going to $500 and more fairly soon? right? >> well, let's put it this way. i think apple doubles again maybe as soon as the next 24 months from now. stuart: would you like to repeat that? apple doubles again in the next 24 months? >> yeah. i have even had my coffee this morning. i just ran the numbers again. i do not think it's inconceivable that apple doubles again within the next 24 months. i will place an outside bet, max, 36 months from now. stuart: okay, keith. we hear you. we are very excited by that. anybody here who holds apple stock is absolutely salivating, as they say. thanks very much. next case. gregg smith, venture capitalist guy, he joins us now. do you have any idea what is the next apple?

>> i don't know what the next apple is but stuart, we continue to see the market melt up and i think you know what my favorite expression is for the last four months since april. i continue to tell you the buyers are higher. it just feels like with record low interest rates, there's really a scarcity of places to be in investing your money other than equities. it really seems the best place to be. stuart: almost on a political level, gregg, you have seen an extraordinary power of these five big american technology companies. i mean, they sit on top of the stock market, they sit on top of the global economy. they are stunning. isn't that going to bring a political reaction against them simply because of the power that they hold? >> i think that's been a common theme we have heard certainly amongst the democrats and i think it will be interesting to see what happens post-november if biden does get elected. but look, it has been a market of haves and have-nots. you got five stocks in the s&p 500, five big tech names that are probably added $1.5 or $2

trillion in market cap and the other 495 names have lost an equal amount. but again, with record low interest rates, with the unprecedented amount of liquidity that's come into the system from the government, i think that supports asset prices now and i think it will have a prolonged positive effect on both real asset and liquid assets in the year to come. stuart: okay. >> so i think tech has incredible fundamentals and that's really where the action has been at. stuart: gregg, please stay there. with apple at $468.37, everyone, now this. if you listen to the democrats at their virtual convention, you would think the economy is about to collapse. the word crisis pops up all the time. sure, there's a lot of politics in this, the party out of power always tries to bad-mouth the performance of the party in power. but is their grim assessment of the economy justified? no. in my opinion, no, it's not.

just consider the financial news which we bring you every day. jobs are coming back much faster than the pundits predicted. personal income is actually up 7% this year because of the government stimulus checks. and we are spending that money. look at the sales numbers from walmart, home depot, target and others. the housing market is booming. mortgage rates at record lows. the stock market has just recorded the fastest recovery in history. if the economy were truly in crisis, that would not be happening. so what would the biden/harris bernie sanders ticket do? ruin the economic recovery. that's what. does anyone really believe that you get out of a crisis with a $4 trillion tax increase? does anyone really believe that socialism creates prosperity? don't get me started. of course we have economic problems. we are in a pandemic. but the suggestion that we are in a grave crisis is just politics as usual in an election

year. tonight, senator elizabeth warren speaks to the convention. she's sure to beat up capitalism. nancy pelosi speaks. sure to highlight the economic crisis. then there will be former president obama hankering after the good old days. a very slow economic recovery. take it all with a grain of salt unless, of course, biden, harris, sanders win, in which case we will have a real economic crisis on our hands. gregg smith still with us. you want to get into this? what do you think? what do you think? >> sure. look, i think the polls, we all know, are garbage. i really look at the betting market, if you look at predict it.org it looks like biden might have peaked in terms of his popularity in the betting market. he's trading at about 63 cents on july 24th. he's starting to fall in the polls down to 57 cents. we are seeing trump move up. i question that, i think there's a lot of closet trump voters out there that are afraid to speak up and share their views with regard to trump because they

might be bullied but i think that, you know, it's going to look like biden and trump might start to equal out here in the next bunch of weeks. and again, i think there are so many great fundamentals that are speaking to equities. my personal hope is i would love to see the market pull back by 5%. i think there's so much cash on the sidelines, i think there's a lot of people waiting for a pullback but i question are we waiting for godot. i don't know if we will see that pullback but i have a shopping list ready if it happens. stuart: hold on a second. i want to take a look at spotify. you have recommended it. you like this stock. where is it now? let's see. didn't you look for it to go to 300 or 400? >> it did. i have a price target of $400. it did trade up to $300 a few weeks ago. it's backed off a little bit. i love spotify. i talked about peloton before. it's in my other big core positions, amazon and facebook. i think they are all great companies, they have all

benefited certainly from the pandemic and they will continue to work higher. stuart: full disclosure, do you own spotify or does your family own spotify? >> i do. i own those names myself and for my family. yes. stuart: move on to peloton. they have had a terrific run. now it's at $68 a share. i remember it in the low 20s some time ago. again, where do you see that one going? i know you like it. >> i could see this trading well over 100. they have such a massive addressable market opportunity. peloton is the best connected fitness company out there today. they only touch probably 1.6 million members that they have on their platform. there's tens of millions of gym members in this country and in their addressable international markets around the world. i think they are going to continue to take share. it's very sticky. they have low churn. i love subscription businesses like peloton. i own that and i put that away and i think it works higher. stuart: fair enough, gregg smith. thanks very much for being with us. appreciate it.

thank you. trump tweet. here it is. don't buy goodyear tires. they announced a ban on maga hats. get better tires for far less. this is what the radical left democrats do. two can play at that game. we have to start playing it now. this was a reference to goodyear's zero tolerance policy which said it was unacceptable to wear maga hats among other items. shares of the tire company initially dropped 4% on that tweet. now they are down 2%. some of the big movers. here we go. start with delta airlines. they have announced they are adding two weekly flights between china and the u.s. that starts on monday. the stock is up 2%. lowe's, a big pandemic quarter for them. hit an all-time high this morning. total sales up 30% over last year. of course, their online sales is what we are really paying attention to, up 135% at lowe's. target also hit an all-time

high today. big winners, online and curbside pickup. curbside pickup up 700% for target. get that. how about this. profits at target almost doubled. $1.7 billion total. how about that. a different story at tjx. that's another retailer. we saw a quick pop in sales early in the quarter, when sales began to reopen, but the company says that is slowing down. it's looking like it's staying that way. investors wary, however you want to pronounce it. the stock is down 6%. got it. we've got our eyes on the s&p. shaking off losses from the virus. give me some of the big s&p winners, please, lauren. lauren: apache has gained 253%. yes, this is an energy producer, it's gotten beaten up badly so it's coming back but investors encouraged that it's growing its overseas exposure which they

like. check out halliburton. they provide services to the energy industry. also up 213%. it's pivoting, this is interesting, during the pandemic it's doing remote drilling work because the workers are working from home like so many people. they can't be on the ground. l brands up 207%. the owner of victoria's secret, they are expected to report a loss today, laid off over 800 workers. guess how much apple is up since their march lows? do you know? 106%. stuart: really? lauren: yeah. more than doubled since the march low. stuart: that's extraordinary. march 23rd i think was the low. you are telling me they have doubled? in six months? lauren: um-hum. stuart: how about that. i did not know that. all right. as we said earlier today, literally moments ago, apple has hit a $2 trillion valuation. it did that earlier today. apple bull dan ives will weigh in on this one. where is apple going to from

here? he's going to tell us. he's on the show. dnc speakers use their platform to attack the president. nothing new there. let's have a look at it. roll tape. >> at a time like this, the oval office should be a command center. instead, it's a storm center. there's only chaos. stuart: all right. despite the strong words, their ratings are tanking. who is to blame? we will deal with it next. ♪ you doing okay?

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courage. >> donald trump has divided our country, diminished our greatness. >> we need a president with dignity, integrity. >> a man with a mission to take responsibility, not just the blame. concentrate, not distract. unite, not divide. >> leadership to reimagine what our nation will be. that's joe. stuart: all right. last night at the dnc, not a lot of policy talk. a lot of trump bashing and biden touting. look who's here. martha maccallum, host of "the story" on the fox news channel. the ratings for the first night at least of the dnc took a real hit. in your opinion, is that because it's a virtual convention or because of rather weak speakers? which is it? >> i think it's a combination of both, really, stuart. over the years, we have seen the convention process contract, it's gotten short over the years and now's the even shorter than it's ever been. there used to be speakers all throughout the afternoon. most people never saw most of them.

a lot of that happened in a vacu vacuum. now it's been contracted into this two-hour period in the evening. i think it's a combination. i also think that when you look at the field of what was there, right, you look at pete buttigieg and elizabeth warren and all of the folks that were in this in the beginning, and the fact that joe biden is the nominee, he's someone people are very familiar with. he's been around for 30 years on capitol hill. so the excitement factor may be a little bit lower. i think adding kamala harris to the ticket, we will see her tonight, i think is one of the things that people will be watching very closely for. we will see if it gets a little more intense as we get closer to the big night which is tonight, really, and tomorrow night. stuart: okay. we are going to put up on the screen for our viewers a list of who's on deck to speak tonight. speaker pelosi, hillary clinton, senator warren, all the way down the line until you get to former president barack obama. he's got the keynote tonight. any idea what to expect from him tonight? >> you know, it's very

interesting to look back at two relationships, joe biden/president obama relationship and the obama/trump relationship. i think you will hear a lot about both of those tonight. when i think back over the comments that have been made and the stories that have been written about whether or not president obama really ever wanted joe biden to run for president, he discouraged him the last time around and sort of pushed forward the notion of hillary clinton as the nominee, last time around, remember the quote, you know, you don't have to do this, joe, i think that it is an interesting situation that they find themselves in that now joe biden after trying three times is finally the nominee of the democrat party. so no doubt the obamas will support him. remember when michelle obama spoke the other night, it took her a very long time to even get around to talking about joe biden. i think you are going to once again feel the thrust of the comments coming from the former president really centered around, you know, the strong feelings against president trump and you know, the feeling is mutual on the trump side as well

about what he feels the obama administration did to him really trying to handicap him coming into this whole presidency, so there's no love lost there, and i think you will hear sort of classic obama oratory, strong, decisive, high road type stuff that they are going to be bringing out tonight when president obama takes the stage. stuart: you know, i really admire you because it must be really tough anchoring network coverage of a virtual convention. there's no balloons, there's no r razmatazz. nothing surprising happens. it's all on tape. must be tough for you guys. >> i think back to some of the really amazing dynamic moments that we felt on the floor the first time i ever covered a convention in 2004, i spent the whole time on the floor jockeying for the best camera spot for where we were going to be, kind of digging in for hours waiting for that big speech in the evening. so it is so different, stuart. and i like you prefer, you know, face-to-face, that kind of way

of doing things. i really think that even with this process, you are going to end up in the next cycle, no covid, hopefully, and you are going to see that some of it stays virtual and some of it will be live. you are going to get a hybrid version i think going forward and a shorter version. i think they will stick to that. stuart: martha, thanks for joining us this morning. i know you are busy. >> great to see you. stuart: watch martha on "the story" at 7:00 eastern on the fox news channel. you will find continuing coverage of the back half of the democrat convention. keep it on fox. what a great team we've got working for us right there. let's get back to money. we will start with the price of oil. $42 a barrel this morning. the price of gas, i find this interesting, $2.17 is your national average. it's been right at that level for some time. gas at $2.17, in my opinion, gas is really cheap. that, however, is not stopping general motors from doubling down on their electric car push in china. they are focusing on building a

bigger but electric cadillac. the chinese electric car market is the biggest market for electric cars in the world. look at gm's stock, languishing at $29 a share. let's get back to the fight over uber. they may shut down entirely in california this week. susan, i hope they do. let's not do that argument again. susan: so it happens possibly as early as thursday night. i won't fight with you again. this is only if uber and lyft lose their appeal of the california court injunction which would force both to immediately reclassify their drivers as employees, paid with benefits instead of just independent contractors. that means hundreds of thousands of drivers could be without a job and riders without transport. uber already warning their customers here are the screen grabs from the uber app warning of a possible shutdown and also an uber eats as well. uber says they will continue to deliver food but they can't drive people. the california shutdown might

only be temporary, though, which is good news. uber and lyft and other gig economy players like door dash are trying to push through new legislation in a fresh ballot in the fall that would exempt them from having to reclassify their workers as employees. also, the "new york times" says that uber and lyft might also explore this franchising model where people still use the app so that drivers will be fleet operated by small companies who then pay the drivers as employees instead. stuart: i won't pick a fight. i will not do that. i'm not going to go there again. but i hope california, i hope they shut down. anyway, let's move on. susan, let's get to apple. why not. we are not going to fight about that. what's the latest? susan: i want to bring you back to the $2 trillion mark because it took 42 years for apple to cross $1 trillion and two years after that to cross $2 trillion. first american company of course to breach that milestone and they made this $1 trillion in 21 weeks after the market bottomed during march. remember that?

this is another feather in the cap for ceo tim cook. most of the stock's advance has come under his leadership. the stock has quintupled since he took over from steve jobs in 2011. we have the stock split at the end of this month, four for one, and of course, the upcoming 5g super cycle. lot of people are anticipating, are very excited about. stuart: absolutely. thanks, susan. you saw it right here. apple did indeed hit the $2 trillion valuation mark. what an extraordinary thing for an american company. what a performance. apple's bull dan ives will join us shortly. a warning to college freshmen as they arrive on campus. do not party, do not spread the virus. teenagers, are they going to heed a warning like that? man, they are tough to control. i know for a fact. we'll be right back. ♪

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find a stock basedtech. on your interests accident forgiveness from allstate. 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. stuart: i'm laughing, i don't own apple, i should own apple. i'm laughing at something else. okay. just ignore me for a second. moments ago, they hit the $2 trillion valuation level. only the second company ever to hit that mark. look who's here.

top apple analyst, the man himself, dan ives. dan, make the case that apple keeps on going up beyond $500 a share. >> yeah. to me, this is really a super cycle. i think it's a once in a decade opportunity for apple. 350 million of 950 million iphones worldwide are in a window of an upgrade opportunity here. i think the super cycle with 5g plus services, we have a bull case at $600 and i think this is just more of a re-rating by the street in terms of what we are seeing with cook. stuart: scares me to death, the idea of buying a stock that's been on such a run, doubling, gaining a trillion dollars in value in two years. i'm not alone, surely. there are a lot of people with very cold feet about jumping in now. >> no doubt. but you have these opportunities. u.s./china headlines, these stocks are down, knee-jerk reactions after quarters. you've had the opportunities. that's why i think look at the

forest through the trees. this is a company right here, i think it's starting to deserve the multiple it gets. you look at the super cycle ahead, what cook's done here with back against the wall is really fascinating. i just still look at this as i think in the middle innings of this re-rating because what we will see on the iphone and that super cycle along with the services business, just massive. stuart: look, you explain apple very well indeed. now can you explain tesla for me? it's been on an absolute tear. musk is now the fourth richest man in the world. where does tesla go from here? $1893 is the price now. where to from here? >> $2500. you go back to even where smartphones were a decade ago, look at ev. 3% to 4% penetration globally. right now, the ev market, it's tesla's world and everyone else is paying rent. you look at china, that would be

150,000 units, first year out of the gate with a profitable company. i think this is one where [ inaudible ] the appetite for ev, i think $2500. remember, battery day next month, september 22nd. i expect a million mile battery, another catalyst for the stock. stuart: are you absolutely sure the electric vehicle market is going to really explode? i mean, look, why should it explode when you've got gas at $2 a gallon and combustion engines using fossil fuel, they worked out how to make them really well. >> we don't -- if you just look at the numbers, we are talking 3% penetration going to 10% in the next call it five, six years. you're not expecting to go to 25%. but if you get that in terms of the overall opportunity, what we are seeing around the globe, especially in china, as well as what we are seeing in the u.s. and europe, right now tesla miles ahead of the competition in terms of ev market.

there are of course other players out there. gm has significant battery technology. i do think we are still in the early innings of just an ev transformation led by tesla. stuart: all right, dan, you explain it well. you make your case very well. we thank you for being on the show so consistently and being right. dan ives, everybody. that man's right. thank you, sir. all right. apple right now is $467.65. just about $2 trillion. now this. the villanova basketball coach gives a grave warning to students arriving on campus. watch this. >> we love to party. nobody does it better. but not this semester. we have to get through this pandemic together. stuart: jay wright telling students do not party. let's bring in todd piro, "fox & friends" correspondent. you were a college kid once. would you have listened to a warning like that? because i would not. how about you? >> this is less of a sports hit and more of a look into the mind of the late adolescent. the answer is no, sort of,

stuart. i think you really have to look at the individuals involved and if you are somebody who is going to college for the career after college and that's your only reason, whether you are an athlete or whether you are a student, yes, you may listen to that. on the at lhletic side, you hav guys like trevor lawrence, quarterback at clemson, he's engaged. he's going to go number one in the draft and has millions upon millions of reasons next year not to party. those are called money. if you take the rank and file college student and rank and file athlete who is not going to go pro, they are looking at this and saying i've got four years max of a college experience, i'm young. i've heard that i can't get this thing even though that's incorrect. you are going to take risks because that's what you do in that day and age when you are that young adolescent, 18 to 22. stuart: apart from the stars who would lose a fortune if they did indeed get covid-19, apart from

them, the other students, the other athletes, they are not really facing death, are they? they are facing a nasty case of the flu. i know i'm going to get criticized for saying that but let's keep a sense of proportion here. you are asking kids no partying, get out of town, leave the campus experience because you might get a nasty case of the flu. that's not a particularly good equation, todd. >> stuart, that is why you are seeing pushback. regardless of how you interpret the numbers, the numbers do say if you are in that age group, you are less likely to die than if you are a senior citizen. that is strictly a fact. but take a step back. it really comes down to the risk aversion of people in that age group and the way you started this, stuart, if you are in that age group, i don't care whether it's covid or whether it's getting in a car with too many people or whether it's other stupid activities, you are more inclined to take a risk. if this is considered a risky

behavior, you are more inclined to do it if you are in that 18 to 22 because you only live once, you are not going to have these opportunities again and so no, no matter how jay wright is in his suits there in villanova, my gut tells me people are not going to listen in that age group. my age group, i'm an old man, 42 years old. i'm listening because i've got responsibilities. i'm a risk-averse guy. not a college kid. stuart: 42. my dear fellow. we are going to move on, todd. we will really move on fast. thanks very much. good stuff, man. we are staying on campus. i will bring in susan here. the state department wants colleges and universities to cut ties with china. tell me more. susan: divest out of chinese stocks. u.s. colleges are the richest in the world. harvard has $40 billion in their endowment fund, yale over $30 billion, texas third with $25 billion plus universities invest the money in order to grow the

cash pile. according the a letter seen by bloomberg, the state department is warning these elite colleges about the upcoming de-listing of some of these chinese stocks which would be a risk to their portfolios. this is the latest salvo in a rising u.s./china tensions. we had huawei, tiktok, bytedance, now the s.e.c. is imposing more stringent accounting standards for chinese companies which might result in some of these removals from the stock market, but as long as the phase one trade deal holds, that's all wall street cares about right now after we get through this election. stuart: got it. susan, thank you very much. stel stella, the beer company, a new five-star hotel with celebrity staffers like eva longoria and andy cohen. we will tell you how to score a free reservation plus a fully stocked mini bar. we got it all for you, believe me. first, this may have been the most exciting moment of the dnc so far. watch this. >> i am honored to cast

connecticut's 75 votes for our next president, joe biden. >> 192 votes for our next president, joe biden. >> 35 for our next president, joe biden. stuart: that was kind of a cute roll call. how will republicans, how do they plan to make their virtual convention more interesting than the democrats'? we will deal with it. ♪ ♪ ♪ ♪

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stuart: i see quite a bit of green on the markets this morning. dow, s&p, nasdaq, all of them higher. look at apple. the news of the day, hope you didn't miss it, history was made. 45 minutes ago, apple reached the $2 trillion valuation and it's still real close to it right now. then we have this.

timothy dolan, new york cardinal, will give the opening prayer at the republican convention monday night. the cardinal has been close to the president, giving the prayer at his inauguration in 2016 and participating in a telemeeting with the president and other catholic leaders during the pandemic to discuss the needs of catholic schools. okay. he's going to be at the convention. or virtually, i guess. looks like the virtual democrat convention's popularity slipping. about just under 19 million viewers total for the first night, down almost 27% from the same night in 2016. that's quite a drop. cassie smedley is with us, deputy communications director for the republican party. how are you going to do it better? because your convention is mostly virtual. how will you keep people interested where the democrats failed? >> that's right. well, we are having a combination of virtual and in-person so we are not going to try and fabricate this very glossy hollywood produced convention. it's going to be real people rgs

not just our nominee, president trump and vice president pence, but you are going to hear stories from their own living rooms of people across the country about how this administration and republicans have positively impacted their lives. the democrat convention has been so negative without much vision for how they might do it better other than cost you trillions of dollars in tax dollars, but on the republican side, we are going to talk about the positive, what happens when you empower the american people just as president trump and vice president pence have done. i would make one other note in terms of why people are tuning in, we know there's great enthusiasm for our president and party unlike the democrats. we have also been talking with people for years. president trump has been engaging with voters, he hasn't stopped frankly since he was a candidate, so any given time that we turn on our programming every night, the campaign does it, they get a million people just show up, just because the light turned on. so we know there's great enthusiasm and interest in our party and in our candidates and in our message and how we are

fighting for the american people. stuart: you've got to make a big deal out of the contrast between joe biden stuck in his basement even though there's still, what, ten weeks to go to the election, a very short time frame and he's still in his basement but the president is out and about, what is it, four states in two days, i think it is. you've got -- >> quite notably, the president has been in wisconsin, the vice president will be in wisconsin today. but no joe biden in wisconsin. yet again, missing out on this great state, it's beautiful this time of year and joe biden and the democrats can't be bothered to set foot in it. that's a metaphor for how they are approaching the entire country. they think they can do this from their corner of the world and their bubble of the world and so goes the rules of their bubble in their world. versus president trump and vice president pence and republicans understand that the real work gets done throughout our country and it's important to engage with all americans on the issues that are important to all of us.

that's what we have seen over the last four years. that's the reason why quite frankly not only did president trump build the strongest economy since world war ii but aus no as you noted on your show, it's happening again because the foundation is there and the american people believe what is happening in this white house under president trump's leadership. stuart: i don't think your convention has yet announced a list of speakers. i don't think you made the formal announcement. i believe we are looking at the possibility, there are some rumors here like ambassador nikki haley, house minority leader kevin mccarthy, south dakota governor kristi noem, senators tim scott, joni ernst. can you give me any kind of preview? can you tell me one big name, apart from the president and vice president, who will definitely be speaking? >> you took my answer. you will definitely hear from the president and vice president. but let me put it to you this way. you will hear from people you know. but you will hear stories that resonate with you as well. you are going to hear the perk

of having to do it in this form and format is you get to hear from hard-working americans and how this administration has impacted them. this isn't going to be four days of negativity. this isn't going to be four days of booing the democrats. this is going to be four days of lifting up americans. so yes, you will recognize a lot of names but you are also going to learn a lot of names and a lot of stories and it's going to be something that resembles the world in which we are living in, not the world in which the democrats are living in from joe biden's basement. stuart: we will be watching. thanks for joining us. see you soon. thank you very much. we've got some drug company news for you. connected to the virus. giants regeneron and roche teaming up to create a virus drug. regeneron's initial trial is on target to end in september. they didn't think they could meet global demand without a partner so they teamed up with roche which will triple their manufacturing capacity. both stocks up nicely. look at sorrento

therapeutics. drug company. they fired their cfo. the stock down nearly 10%. they rare engaged with trying t come up with a virus test, a saliva test and antibody cocktail. cfo's gone. stock's down 10%. facebook, tell me, ashley, they have problems with virus misinformation? ashley: yes, this was according to a report done over a year's period by an activist group that said that a lot of misinformation about health issues including covid-19. in fact, they say an estimated 3.8 billion views in the past year viewed bogus health information. they say that those health claims drew more traffic by a large margin than those from reputable sources. in april alone they say misleading health news generated nearly half a billion views. then they went on to attack

facebook saying they are not doing enough to alert viewers that this information is very questionable at best, and they should be doing more to steer people to more reputable, you know, sources of information. facebook says no, you are ignoring the steps we have taken to do just that. but it is a problem. stuart: it is, and look at the stock. up nearly five bucks, $267 on facebook. i'm not sure of the all-time high but that's got to be pretty close. now we have netflix on the screen. they were, of course, a big pandemic winner because we are all locked down. lauren, i understand, i would like to know more about this because i'm a netflix addict, they have a new feature. what is it? lauren: yeah. they are testing the shuffle feature. that essentially recommends shows or movies that netflix thinks you will like. they are trying to keep viewers engaged as life starts to return to normal and we are not going to be sitting in front of the tv as much. look, they completely have been a pandemic winner.

their global subscribers, 193 million. the stock is up 52% this year. but unlike you, stuart, i have been a netflix fan for awhile and i'm currently out of things to watch. i will take the feature. give me something. i'm done with everything i thought i wanted to see. stuart: you must have been watching a lot of netflix because they have got ae non enormous amount of content available for viewing. lauren: i have. i'm guilty. stuart: okay. fair enough. so am i, probably. thank you, lauren. susan, come in, please. what's the news on the shutdown of uber in california? susan: looks fairly likely it will take place on friday morning. just after midnight on thursday. this is because right now they are waiting for an appeal to be heard and a judge to rule on that and whether or not they have to immediately reclassify their drivers as employees with benefits instead of just independent contractors. now, this court hearing on the injunction and appeal will

likely result possibly, according to a lot of sources, that will mean no motions will be made at all, meaning the judge will make no order and service will be suspended because this injunction will have to go through until uber and lyft can maybe push through this ballot in the fall where they can be exempt from this ab-5, this assembly bill 5 that went into effect on january, and forcing these big economy players like uber and lyft and even door dash to reclassify their workers as employees instead. stuart: shut it down. i will leave it at that, susan. travel restrictions. there are some travel restrictions, if you are traveling inside america. if you are willing to leave the country, you can take a vacation that will -- and work from home at the same time from the comfort of a pool cabana. we will tell you where to do that, after this. ♪ find your keys.

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they set up the pool area with total connectivity so you can actually do work from the pool. happy hour, tequila tastings there, too. most people say what i miss most about the office is happy hour. after work, with friends. stuart: i think we just did a commercial for that particular hotel. lauren: we did. we're not going but we can dream. stuart: we can indeed. next, the beer guys at anheuser busch are getting into the hotel business. what is that, ashley? beer and hotels? ashley: it's all virtual. yeah, it's all virtual. the belgian beer brand stella artois launching artois at home. you can maybe snag a reservation. you have to go to their website. what do you get? well, it includes a personalized itinerary on a tablet. this is all delivered to you, by the way, a mini fridge filled with beers -- beer and snacks, a nice big fluffy robe and slippers, always love those. there are also celebs involved. you get a wakeup call from liv

descri schreiber, eva longoria will chat with you. there you go. stuart: it's not just the same. more "varney" after this. t lostn the economic uncertainty. the volatility. the ambiguity. the moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years of successfully navigating economic turbulence. giving you clarity. inspiring confidence. and helping you uncover new paths forward. . . 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. stuart: another look at apple. big story of the day. though hit the 2 trillion-dollar valuation. did you know that they are twice the value of google which is only just over one trillion? we have microsoft at

1.6 trillion. amazon, 1.6 trillion. facebook, a mere $762 million. and we have alibaba, the chinese amazon,hundred billion dollars. apple, way out front. all right. my time's up. but, neil, sir, it is yours. neil: it is amazing, stuart, if you think about it, it took 38 years for apple to hit a trillion dollar market cap, right? less than two years to get to two trillion. remarkable. you're a hard act to follow, my friend. we'll do our best. we're following the apple drama, the world's first two trillion dollar company. i do want to let you in on news regarding the u.s.-china trade deal. you know that is on again, off again. we ignore each other. shout at each other. apparently right now we're learning that the two sides plan to discuss by video in the coming days about fulfilling