>> thank you so much for joining me this morning, great show, dagen mcdowell, have a great day, stuart varney is next, take it away with "varney & company". stuart: thank you very much indeed and good morning to you. good morning, everyone. you are watching financial history, and extraordinary five-month stock market rally and a series of record highs for the s&p and the nasdaq, the dow is back above 28000, that is 10000-point higher than marc march 23, a trillion dollar valuation for several tech companies, 2 trillion for apple. the market is looking at the other side of the virus. new cases down, vaccines and treatment on the way, election risk sideline for now in china

and the u.s. keep talking trade, we don't know when this thing ends or how much further it goes. sit back and enjoy the ride, today is august 25, the dow of 378, yesterday up another 150th opening bell today, the s&p record high close up some more this morning. the nasdaq looks like it's going to be down a few points. we're going to show you apple, premarket trading worth $2.15 trillion and there is speculation that there is iphone production to mexico, more of that in a moment. at the convention the republicans attacked the biden harris ticket as a looming disaster. dynamic speeches from tim scott and nikki haley and the president as surprise appearance and a vocal audience preview will see it. day two, melania speaks tonight, rand paul, eric and tiffany trump, you will see that too.

i gotta say this, our heart goes out to louisiana, mississippi, texas and neighboring states. marco faded but here comes laura. landfall probably tomorrow, could be a cat two or three storm the people of galveston have been told to evacuate now. a melted market, researching republicans, wait till you see the lineup today, "varney & company" is about to begin. >> bad things happened last time with this on our campaign. and that goes to biden and obama. biden the other day said no he would shut it down, he would listen to some guy say he would shut it down. we just broke a record on jobs pre-when it be a kick in the [bleep] if i lost and sleepy joe's president and this thing kicks in right about soon, biden

has done a great job, my drug prices went up 70%, what a great president he's been. and sleepy joe would say i thought about that. stuart: sorry but that was quite a speech, he kicked off the first day and republican national convention obviously slamming joe biden at every turn. we will have more on the rnc a little later. i bet you cannot wait. we have a big show for you, energy sector will tell us why california green energy plan does not work. hall of fame nfl star brett favre will weigh in on the football season and you don't want to missed this larry kudlow will be on the show, yesterday against accused him of being a liar for hire. i'm going to get his response. first of all take a look at hitting records across the board, google and facebook and apple closed at record highs yesterday and the market is just

moving up, apple moving above the 500-dollar mark. i'm going to show you apple right now, that is yesterday's close, right now $500 a share and there's some consideration of moving iphone production out of china. look who is back in sitting 6 feet away from me, susan lee welcome back. >> thank you the not movie production 6 feet away from you, what do you think of mexico. fox con and other apple asia suppliers might be looking at mexico and new factories including pico tron because of the ongoing u.s. trade war and maybe possibly a simile closer to the big u.s. market so they are reporting that they have plans to use their expanded mexican factories to assemble apple iphones and this is part of the nafta deal which would avoid tariffs at the import of the u.s. and morlock until likely india might be the next

tub to symbol iphones, we know foxconn is investing a billion dollars into india to symbol iphones, reports say the cheaper iphone sc was launched this year put together in india and that's around india's import duties, foxconn to make a final decision on mexico maybe later this year but they're not known to stick to the plans remember the 10 billion-dollar wisconsin panel factory, that did not live up to expectations. stuart: one more item, apple is opening more retail stores. susan: that's good news for the reopening of the u.s. economy and possibly 120 stores that were closed and reopened, closed again to covid, apple closed all of the 270 u.s. stores in march this year, slowly started the reopening in may behind to shut them again as cases rosen states including california and tim cook told me that 70 - 80% of global stores have been reopened from march to june but the u.s. is their biggest market and they want stores ready and open for

business when they relapse a new 5g iphone this october, store closures had a limited impact in the latest earnings, cook said impacting applecare sales which is the servicing of fixing of devices of apple sales. here's news from last night, he announces annual 5 million stock donation to a charity, apple has identified which charity he gave to that after this year's donation, he is still a rich man owning over 800,000 shares which is worth over $400 million in apple valley over the past week adding one and a half but wiens, that is $160,000,000,000.5 trading sessions. stuart: when you are away i sold by losing stock in boeing. i called it quits. >> so you're down 50% and that's it. stuart: i had enough i cannot take it anymore. look at that. susan: socially distantly. stuart: we have not seen that in five months.

stuart: i'm tempted to call a melted up situation for big tech. mike murphy is with the spring what do you say a melted up for big tech? >> good morning, i'll give you the melt up, a lot of money has come off the sidelines and a lot of money has moved into the five big names in tech, you seen a big move recently but i would caution that does not necessarily mean a bad thing, it does not mean that they cannot continue to go higher, for me i own a lot of the big tex, i own apple, microsoft, amazon, i am holding those, i don't think there's any time to sell them unless you get negative news. right now big tech is where you're getting the growth in the innovation, stick with what's working. stuart: you're an investor in uber, i know this because you told us about it for a long time now are you selling any of it? it has not performed very well for you. >> it has not performed, the short answer no, were not

selling uber and anything we would acquire more. we own the stock at cost basis in the high 20s so we sell up slightly but i think uber is a longer-term story and one that i look at and say we've had a massive recovery from the march low, one that has not recovered is uber, a lot of headline noise around the name but i think once coronavirus is over and it will be, you will see uber at a 500 billion-dollar market cap, that is ten times higher than words trading today. uber is a name that has not rallied, you can own it and there's a lot of upside in the company. stuart: watch out for uber if biden wins pre-but let's get a lot later. >> lookout for a lot if biden wins. starbucks, you like them, you're buying them? >> we own starbucks slightly below where it is now, similar story to uber and looking on the other side of the coronavirus, you're gonna see a lot of upside when people are going out and

spending money, the brand has held all their users so i don't think they lost much from coronavirus except for the lockdown, once the lockdown and people are back on the streets and i expect starbucks to move quickly to the upside. stuart: got it, mike murphy thank you very much indeed. take a look at the homebuilders. the case shiller home price report just came out this morning, a complex deal, pick out the main points for me lauren. lauren: prices rose three to half% in june from last june, we are seeing gains and prices moderate a bit from they, still the strongest gains are in phoenix, seattle in tampa in the left as well as the southeast of course the biggest issue for the market right now is there is not enough supplies that is pushing the price at home up, three and half% in june. stuart: that a sellers market. thank you. let's get to the gulf coast,

tropical storm varco faded before it hit louisiana but the golf state dodged part one of the two storm attack that they're going to get this week. laura is now a hurricane and may make landfall tomorrow. laura could be supercharged to three storm bringing 110-mile an hour winds and obviously heavy rain to texas, louisiana, alabama, laura on her way in from cuba in dominican republic leaving 11 people dead there. 80% of the gulf region oil production shut down, 80% shut down and that would include america's largest oil refinery, the price of oil is up this morning and some of the oil stocks are gaining a little more ground. here are the stocks that are going into the dow industrial average, here's a big change for the dow, salesforce, honeywell, as you can see these are premarket prices, they are all

up because index and fund managers now have to buy these stocks, here are the stocks that are coming out, exxon believe it or not, out of the dow, fisa, premarket, all of them down for obvious reasons. these changes are being made because of apple stock split, it's a very big change, it is not going to be the dow that your dad knew. or my grandfather. a big show ahead. what is football going to look like, miami dolphins have announced up to 13000 fans can attend home games in the fall. hall of famer quarterback brett favre coming up on that. the rnc kicks off in charlotte last night with the president making a surprise appearance, we have rnc chair ronald big donald with us coming up, what can we expect of the two. hold on a second, do you remember this from our program yesterday.

roll tape. >> i don't pay any attention to what kudlow says, no serious economists, by the way he is not an economist, there's a reason that the administration cannot hire a real economist because they only hire liars for hire. stuart: wow, how about that. larry kudlow will be on the program this morning and he's going to respond directly to that slam. of course were going after the market, stay with us, big show coming up were looking like a gain of a hundred for the dow industrials ♪ ♪ jean, did you know geico is now offering an extra 15% credit on car and motorcycle policies? that's great! that's 15% on top of what geico could already save you. so what are you waiting for? john stamos to knit you a scarf? all finished, jean. enjoy!

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stuart: the streaming companies on your screen right now, they did well in the pandemic didn't they, on into this, which made the most money. lauren: obviously netflix, when you're looking at the traditional media companies, to online video, hand down disney, they say disney will pull him $11 billion in streaming revenue alone but that is 19% of total revenue, the most of any media company netflix and 25 billion-dollar hall, lions gate and number two, 18% of overall revenue from streaming, amc are tied at 6% and you can see the others. one more thing on disney, this is going to help them, they teamed up with verizon. if you have an unlimited new verizon data plan, you can get access for free, not only to disney+ but hulu which disney

owns and espn plus which disney owns, why is that important, when they first did something like this in disney+ first came out, that promotion added 5 million new subscribers instantaneously pray this should give them another boost. stuart: that's a good one, 5 million extra immediately. i like that. thank you. we have major retailers reporting specifically where best buy, better profits, better revenue, the stock is down because on the call they said look we cannot maintain the current sales, the stock is down three and half percent. in the retail man of the hour. they cannot maintain the sales pace going forward. us as consumers, going forward that is a real problem going forward. >> they said they gave a spectacular report and said were

not sure about the future, we don't know about stimulus or coronavirus, they did know that in the wrong business because no one can know what is going to happen in the future. i like quality and best buy sells products that you need in your work, at home, when you play at home, video games, when you learn a home for the kids, cook at home, cleaning home, they're in the right place for the future and its representative a long-term shift away from apparel and mall-based apparel and towards a price that best buy sells, they have a market cap of $30 billion in their up 70% over the last year, this is a crisis of rising expectation, compared that $30 billion to nordstrom's evaluation, the best department store, they are worth 200, that is a wealth and great inequality in the value of these companies. stuart: 30 billion, 2 billion, best buy and nordstrom. why do you say nordstrom is aboubestapartment throughout th.

>> they did the best job, and fantastic internet business, class acting e-commerce and then department tours base. they differentiated their offering, their unique price, you can only get about nordstrom, them the best service, they stood for that forever, nordstrom service is spectacular, even people training online like disney on how to provide the nordstrom level of service. having said all that, they're selling closing need to dress up and that's the last thing any of us need to do is to dress up inside of her homes and strut around in high heels or whatever. stuart: speak for yourself. thank you so much for joining us this morning dress up for me next time. a couple of other retailers, i will start with children's place, revenue down 12% last quarter, store closures hurt them in a decrease to back-to-school shopping in the stock is down 13%. urban outfitters, they report

"after the bell" today, as you watch it up virtually no change to the stock. the gap, up yesterday and their up again this morning, up 5%, that's the gap reaching $16 a share. tapestry oi own coach and kate spade at premarket boost, that is a premarket price, 15 on tapestry. take a look at astrazeneca, we have been following their virus vaccine. they are making headlines for a particulapotential treatment, ve then, treatment now. ashley: good morning, this is working on antibody treatment and prevention for covid-19. they're making a protein in the lab that is produced normally by the body by the immune system. and they're trying to copy the protein to provide a treatment

and prevention of covid-19 and it's already on a phase long critical trial in the hope that this thing will move along quickly, as you mentioned the other vaccine with the university of oxford will go before the regulators this year. it's moving quickly. stuart: premarket astrazeneca up again. lots of news about treatment and vaccines and every time you get positive news, travel and leisure stocks go up, take me through. give me the winners. lauren: you're looking at some of them, the news this is the second game of news for the stocks. new reaching cruise lines, some are up 10% and the gains continuing today. most investors say were not out of the woods by far, expect turbulence ahead. that turbulence is coming this fall. why, for the airlines, most are planning deep cuts to staffing and capacity in october because that's when the federal agent is set to expire. the cruise line, you have the cdc knows the order through

september and some of the names like norwegian, canceled all their sailing through october. they are not in the clear. stuart: i would like to take a flight to florida. that is really depressing. >> precisely the problem. stuart: thank you. big changes coming to the dow on your screens, we are all over it and will take it to the opening bell right after this. ♪ this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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stuart: reporting higher for the dow and s&p in a little bit lower for the nasdaq, the opening bell is moments away, big changes as we told you coming for the dow, apple stocks that really change the dow landscape, three companies out, three companies in, susan break it down. susan: this is a big shakeup since 2013, coming into the index we have new technology plays but going now is exxon mobil which is the world's biggest company at one point in former giant fisa on the way out and income salesforce him jim and honeywell, was propped up by apple friday 441 stocks and will alter apple's market which is a $2 trillion but does cut the price of the stark it is just 100 bucks a share, the dowd

jones industrial is different, shares price we did not market cap. it apple will drop from having the most influence to now number 17 after the split, salesforce, and jim and the honeywell, they are based on the $200 stock price. exxon mobil is been on they're down for nearly a century since 1928, is spun off from rockefeller standard, that is why components like exxon mobil is the reason that in that some people say it's a better makeup and the reality of the u.s. economy. >> the way you look at me is the grandfather. >> just because you sit next to me doesn't mean you could get away. >> ray wang is with us founder of constellation research. you have some nuggets on salesforce.

>> i like salesforce, big oil to big data in the software world and that's what it means in the entry, creating innovation around digital transformation and big on the commerce side in sales, marketing, service software and a lot of customers have been investing for quite some time and they have been doing the club business model for the last 20 years. >> you mention the word cloud, that makes all the difference. you gotta be in the cloud and then you're doing okay. >> indeed, the cloud is worst that in the subscription business model makes it important in the third piece is having a lot of data in helping customers with the data. stuart: i got some work for you in a moment. 30 seconds away from the opening of the market, i will invite you to sit back and watch history being made. this is an extraordinary time for all of us, from below the march the 23rd to the high yesterday, we've gone up 10000 points on the dow industrial, and we've got up 14 trillion in total value.

the gain in value of all publicly traded stocks. that is history and inhabited a record short length of time, it's really an extraordinary thing. here we go, this tuesday morning, where will we end the session today, i have no clue, were gonna start on the upside, 930 eastern time, a very small modest gam game, now were up 80 points, will move on to the s&p 500 and the s&p 500 has opened higher, that is up seven points, that would put out a new high, i don't know if it's intraday or closing, it's a new high, the nasdaq composite is down, just a tiny fracture, .06%. start with apple for our overall coverage, ray wang is still with us. what is your price target on apple? >> to talk about how apple has

traded, is hitting about 35, one are they growing the number of units, the answer is yes, 75% of the ipod in the watch in new people buying have been in this invite new products. in other making you money per revenue per individual and per customer and growing the services business, they also have access to one point to billion customers in india and they just got the approval to sell online and that's going to make a difference. stuart: i missed your price target for apple. tell me again. >> 520. stuart: that's pretty modest. stay there. i want to talk tesla, elon musk says longer-lasting batteries with greater energy capacity maybe in the near future. once you are there, tell me what your price target for tesla.

>> 2500 pre-tesla valued at 700 for car companies to high but if you view it as the beginning of when you got into amazon and you said amazon is this doing commerce then you missed the boat, tesla's not doing the automobiles, it's electrification, logistics and data. stuart: susan, when is battery day. susan: that is on september 22 the same day is shareholder days, and whether or not we will get the million dollar battery and whether or not will have a longer charge than just 400 miles for tesla's and that would be again change or. stuart: september the 22nd, look at nvidia, should be one of the bigger tech companies because i think it's the biggest chip maker in the world, you say it's got more potential because the gaming business. it's the gaming business in the cloud data center and the artificial intelligence going the gp which is the chip of choice especially for handset manufacturers and cloud data center. stuart: once we have you, is

there any serious competition for zoom? >> microsoft is bundling the connective tissue that brings a lot of the cloud together microsoft and what they're doing is being able -- a lot of people purchased at a much lower price, zoom was an interesting situation because they can convert the consumers and they will have a good shot. zoom me and in zooming out and zonked me. stuart: what is that. >> you can get it on zoom. i should not of asked that question. but now i do know. [laughter] all right ali baba, i think it's rallying again, it was a nice game yesterday, can you tell me directly and briefly why. lauren: ali baba shares rallying again because of financial, their financial arm is also

controlled by the founder which is set to ipo on the hong kong and shanghai exchanges, that was the equivalent of j.p. morgan valued at $2.000000 in ali baba owns a 30% stake. this is a big deal, think of ali baba as a proxy plate to the chinese middle class and payments which we know have accelerated online since covid. stuart: when they go public, ali baba gets a piece of the action. >> is a way here in the u.s. >> what you make of ali baba. >> is a big play in especially in the financial peace, this is basically amazon of china and they done a really good job, 92%, they use we pay or allie pay, that is their model and they have little monetization. they're branching out among the financial side in terms of payment and insurance and other

products. stuart: i don't know whether you covered this or not, but i know you cover new issues. airbnb, that could be a big deal this year to get it out. >> they are a category, they filled out the whole model of the shared economy taken out ebr oh and the hotels, hotel travelers are down at the moment but you see only 30% down for june and a lot of people are choosing airbnb over chain hotels because they feel safer and less dense environments like houses on the coast in the suburbs and houses out in less dense areas. stuart: my family has some interest in the hotel business and airbnb killed us because their intense competition and the new boys on the block, they did a number on the hotel business, that is for sure. real fast, i don't know what it does but what do you think about it.

>> is in the big data space and helping customers figure out artificial intelligence, the challenges is the fact that they are mostly service allow software, a snowflake trying to figure out when they go out basically who took them public is now in charge and transforming the company. stuart: ray wang, thank you very much for joining us. we appreciate it. lauren: snowflake is an enterprise dealing with the cloud. stuart: a cloud company. lauren: we have to explain to sue entrance to. stuart: we have an interesting market situation. the dow industrials are down, the nasdaq is down, the s&p earlier is a new high. next, one week ago on this program we had james, the man who said new york city is dead, roll the tape. >> this is where millions of workers go to work in new york

city, why is empty, they're allowed to be open but most companies now are encouraging workers to be remote. we have 30 - 50% of the restaurants in new york city and there probably are ready out of business and they're not coming back. stuart: jerry seinfeld is responding to that and says new york city is not dead. when is the last time jerry took a stroll through times square, we will talk about this with brian kilmeade coming up later. we are also talking with dan, he says the markets in california are proof the democrat run energy policies do not work, he is on the show, big time market guy says he's worried about the election because the democrats want to break up big tech, stay with us, andrew is coming up next. loca♪

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stuart: ago nowhere market, down for they're down, down for the nasdaq, new high for the s&p, 3434. big tech, here we go, i think there is an election risk and big tech and andrew left to is with us now certainly agrees with me, welcome to the show, come back in again. election risk to me is about a chaotic election day in election month where we don't get a result. that is election risk to me or biden winning. what is the election risk to you? >> that is the election risk, any form of chaos or misunderstandings is also a major risk, leading up to it, you will see risk involved as a politician posture on different agendas, as are talking and one

is breaking up big tech and inflicting more powers with the cfpb, those will all become narratives leading up to november. stuart: you have not actually sold anything because you're worried about the election, you're not sold it yet have you? >> i have lightened up a little bit in the tech in the last few days just because it's got real hot, i always buy them back, i did that more as a traitor, i don't think there's any risk, with big tech anyone who questions the savings or wants to compare the standard of oil is foolish, google, microsoft, facebook, apple, amazon, these are the companies that have led us through this pandemic and a lot to live our lives, they have actually championed the smaller businesses and then give up platforms. we have to look at it with a new set of eyes, i cannot put the broad stroke that any company is about company. stuart: last time you were on

the show you said you are shorting tesla, you are betting that it would go down, what are you doing now. >> i still have it, small position, after respect the stock in the people who think is a bigger story 100% but if i'm looking for short exposure in my book, i would get shortage on tesla, i don't recommended for the weak of heart, i've been closely following the company for years, for 40380, i think it's a wonderful product, elon musk is a complete visionary but prices right here i am cautious so i have a small position. stuart: should i go out and buy apple? >> to think that they are going to split the stock, psychologically, there's a lot of people actually believe splitting stocks is allowing them to buy at a cheaper price, of course the price is cheaper but it's the same evaluation for the company.

historically your best buy net when they announce the split having a split and maybe selling a few days later, although apple has become more expensive of a company, higher evaluation and multiple but still compared to the rest of the nasdaq, not that bad, better than amazon, better than you see a salesforce, great market positioning, you cannot see their monopoly, they have a competition with them in their search business is growing, if you don't own apple and you never owned apple, is it too late, if your horizon is ten years, sure why not buy apple. stuart: i do not have a ten year horizon. one left, 22nd question for you, it's been a fantastic market since march the 23rd, have you made a lot of money in the last quarter? >> it depends on what a lot of money is, not as much as people

straightly owned apple, that would've been a much better trade. i've done well. i cannot complain about that but being a short seller in this market has been very rough but it has paid off nicely. yes it's been a good year but let's hope we get a great year. stuart: watch out for the wealth tax. >> i'm in california, i'm very aware. stuart: you better move son. thank you for joining us. i want the latest on tiktok because they are released for the first time the number of users i should say, how many have they got. susan: 100 million active users, 15 million active users and downloaded over 2 billion times. these are the metrics that were released in the lawsuit against president trump, let's compared to other social media plays if we can because of 50 million daily active viewers is more on twitter which only had 36 million less than the

90 million that snap had a much less than 2 million daily and facebook has nearly 3 billion users monthly across all of their platforms but how much is tiktok worth if you see these numbers, the journal reporting that venture capitalist gaining momentum and might value tiktok around $50 billion or so but larry ellison support from the white house might put him in pole position to buy up tiktok and buying out without the u.s., canada and new zealand. if you get a delay in the firesale, tiktok gets a win in delaying the sale because of the lawsuit, that helps the evaluation go up possibly to $50 billion, might be more, might be less. you hear some say it could be much less than $50 billion, however, i should put out the tiktok owner, bytedance, the owner and billionaire founder prefers microsoft because he

used to work at microsoft in years past according to the journal and he knows that they know how to handle social media. stuart: microsoft could buy outright with the cash that it's got, oracle would get some money and from venture capitalist and they would get it. susan: michael unterman get someone under 40 billion and oracle 40 billion. stuart: amazing amount of money sitting around. susan: that's why when you valued tech stock, you get free cash flow pre-cash flowing off of their services. stuart: good point. microsoft has 140 billion. susan: 140 billion. stuart: thank you. a lot of people in the audience have a decent amount of money in the stock market. when is the right time to take some of that money off the table. when is the right time to take some profit, we will dwell on that after this. ♪ i'm greg, i'm 68 years old.

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stuart: 22 minutes into the trading session, down for the dow, down for nasdaq and flight

down for the s&p. j.p. morgan take a look at that stock, i'm always intrigued at the company, major company changing its work from home policy, j.p. morgan has made a change what is it. lauren: hybrid system, work from home forever part of the time. we talk about new york city and all these big cities and what happens to them, wall street and the major banks are a major part of new york city and it's the biggest bank in the country saying forever, we see some of our employees come in, maybe once, twice, a week, month, whatever the rotation is, that's the new normal, they are not going to need big offices and workers will not need to live close to the bank anymore if this is the new set up. that is what j.p. morgan is saying and since a bank lock up with one another, we will see who else is going to follow.

stuart: that's a fascinating development into the future of new york city. thank you, good story. when do you take profit, a lot of arguers would've made some money in the last few months and last few years, when do you take some of off the table, greg smith is with us, evolution partners guide. give arguers some advice. i realize the situations may differ but most of them have made a little bit of money in the market, how do you decide when and how much to take off the table. >> good morning, i've been a raging bull since the depth of the crisis beginning back in april, lately i wake up every morning, i look at the equity futures and tech stocks making new highs and almost feels like christmas morning every morning, we know christmas morning cannot come 350 days a year. i would just urge people to look at what is going on in the environment, were in a complete risk and environment and seeing equity products working, ipos are working, stocks are coming at us like mad, one of the

hardest things to do is to know when to take profits. right now i'm advocating, i'm not saying i'm chicken little and yelling the sky is falling but look at your portfolio and know when to prune and it's okay to lock in and take profits. stuart: it's okay to do that but doesn't depend on your age, you have a different timeframe. >> i've a very different horizon for my two teenage kids, for them i am not shedding their account and try to be tax efficient, their account is high quality etf that i'm investing e buy-and-hold, for myself i'm a little bit older and i'm trading around my core positions, i'm not afraid to sell and i hope i'm wrong, to sell 5%, 10% on the way out, let me tell you when the music stops, nobody is going to tell you the music is going to stop, one day you will i continue to be able and i think were in the buy the dip environment, you hear me say the buyers are higher but it's very hard to know when to take profits.

stuart: it is true but i think the taken profits he comes not urgent but more intelligent the older that you get. you don't want the risk of holding through an election et cetera. >> is also an opportunity cost, were also going to put our capital if you look back the 70 years, the last time the s&p 500 division yields have the cyber ratio to treasury, equity outperforms. stuart: i'm sorry i gotta go, i'm out of time. coming up we do have joining the program asking him about what he thinks about joe biden threatening to shut down the economy all over again on the advice of a committee, were also talking to the head of the rnc, what to expect from the convention today. wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh.

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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: 30 minutes? , here is where we stand. not much price movement for stocks. dow is down. nasdaq is down. s&p up a fraction. we're getting consumer indicators. good morning, ashley, we've not seen you yet. how are you doing today, sir? ashley: i know. i've been enjoying the show at home. consumer confidence at 84.8 which is not a good number. we were looking for 93.

last month, in july it was 92.6. 93.3 in june. we were hoping something in the 90s. coming in at 84.8. that is a disappointing number on consumer confidence. stuart: we'll follow that up with the latest numbers on new home sales, repeat, new home sales. what have we got on that? susan: blowout. up 13.9% in july. we were only expecting a gain of 1.8%. 1900 new homes. coming off existing home sales which jumped 25% in july. best since december of 2006. stuart: i would have thought the consumer confidence number might have some impact on the market. but i don't think it did. i would hope some home sales numbers would impact the market, a blowout number, i don't think it did. susan: real estate accounts for

1/5 of the u.s. economy. stuart: that is a good point for the future. the dow is down 14 points as we speak and now this. monday, april 20th, brian kemp, the governor of georgia allow some businesses to reopen. the peach state led the way. immediately the governor, who was republican came in for harsh criticism. democrats called his action, reckless, premature, dangerous. in june there was significant increase in the number of new cases. uptrend continued continued in n georgia. governor kemp was harshly criticized. you opened too early. much of georgia stayed open. look at them now. according to "the wall street journal" new cases are down 30% since july the 26th. hospitalizations down 23%. and the unemployment rate just 7.6% in georgia in july. 10.2% nationally. georgia is not asking for a

taxpayer bailout. speaker pelosi want as trillion dollars. by comparison, georgia is looking good. governor kemp clearly has a backbone. he took the heat. imagine if joe biden were president. he says he has no problem shutting down the whole country again on the advice of a committee of scientists. democrat-run states, new york, illinois, new jersey, california, they're all wallowing in a shutdown recession. governor kemp defied the naysayers, stood up for the freedom to make a living. he displayed political courage, a commodity in very short supply these days in my opinion. gee, i wonder what scott shellady thinks about all this? he is fired up. ready to go. oh, you're shaking his head. do you disagree with me? >> i absolutely agree with you and the governor. i took flak in march, shutting down was not an option with me.

we're the crem day la crem. we threw it away too easily. sweden didn't do that. there were adults in the room, everybody was trying to speed us the fear, ultimately you can be controlled by fear. i say this to joe biden t wasn't an option the first time around. i don't know why he thinks shutting down the economy could be a option second time around. i'm in a building with a concourse, two or three different shops, the key shop, the sandwich shop. no one is in this building, stuart. those companies are never, those restaurants, those little things are never coming back, because everyone will work from home. number one, they're afraid. number two, they are going to be allowed to. i'm very frustrated we threw the thing everybody wanted in this world, economy to the wolves so quickly. we still think that might be an option. stuart: you are dead right, scott. you are dead right. i will move on to the economy and the markets.

there are some economists saying look, there is one in four chance of a double-dip recession in the immediate future. what do you say to that? >> well i tell you, i can see that. i mean there is a little bit of a worry there. let's talk about the v-shaped recovery which we absolutely had but we had it in the stock market right. took us 103 years, stuart to hit 10,000 on the dow. we hit that in five months. we see v-shaped, so many businesses rely on people and interaction that will lag. another thing i would like to get off my chest, real quick. like the governors are running economies 100 miles an hour in a brick wall. they locked up restauranttures in the hot strung of their car for 10 days. the restaurateurs, when they are let out, they hug the governor and kiss him, say thank you, when they should punch the governor in the face. the restaurant associations

should pass go ahead lines and open up, see what happens. the idea you're thankful for somebody allowing you to have 25, 50% of your revenue and 100% of your overhead is absolute lunacy to me. stuart: i'm your therapist, scott. you can get it off your chest to me and a couple million viewers. good luck. i will digress for a second. paul romer, joined me yesterday, economist, nobel prize winner. got into a bit of a fight. scott, and our viewers watch this please. roll tape. that's a bold statement, the core competency of this administration is, what did you call it? >> dishonesty. stuart: dishonesty. you can't believe something from somebody like larry kudlow, that is a hell of a slam, paul? >> i'm trying to tell you this is the way i operate. i don't pay any attention to what kudlow says. no serious economist, by the way kudlow isn't an economist. there is a reason the administration can't hire a real economist because they only hire

liars forehire. stuart: scott, i thought that was a deliberate, desgraceful personal insult against a guy i have known for 40 years. you want to weigh into it? get this off your chest, scott? >> i happened to be watching when that was happening. i was doing something, i saw it out of corner of my eye. i was absolutely appalled and thankful that that academic stepped out from behind that thinly-veiled curt table of neutrality, right? now we know where he stands. we know where his father stood as democratic governor of colorado. that shouldn't be a surprise to us all, you know what? pie in the sky, head in the clouds. believe it or not i was adjunct professor at depaul for short period of time. i have a lot of friend like that. they sit around an pontificate with ideas. stuart, when it comes to digging a post hole or hanging a door, those guys are nowhere to be seen. let them pontificate all he wants and let larry kudlow what he need to do. stuart: you're a good man,

scott. i don't care what they say. thank you, sir. see you soon. that's a promise. speaking of the man himself, larry kudlow will being coming on the show in the next hour. i will get his take what paul romer had to say. back to your money. quick check on earnings. hormel foods, meat processor. fair quarter, sales up around 20%. listen to this. they're giving free college education to the children of their workers. the stock is down a bit but smuckers, that's up, another big quarter for them. sales up 11%. they sold a lot of coffee. how about that? more to the point, they gave a rosy forecast for the rest of the year. the stock is up. quick check of apple. now it's down 8 bucks. but there is news. susan, you got the news, they bought another virtual reality company? susan: vr startup called spaces which created themed virtual environments. spaces was created back in 2016

by dreamworks animation veterans. some of the products include a zoom add-on, allows video virtual conferencing that allows us to use avatars not real people. they raised two million dollars according to protocol, a tech blog. apple paid $100 million for virtual reality next vr. they will help apple push into augmented and virtual reality. they are looking to push out vr headsets in 2021, also 2022. apple made seven acquisitions this year. testimony cook says they make small acquisitions every week to add to their technology. they rarely make big deals. the big one was for deet beat in 2014 when we paid $3 billion. they have no interest in acquisition of tiktok which will cost $50 billion. stuart: i never got over

seasickness when wearing goggles. susan: you tried them. stuart: i certainly am. susan: tech-savvy. that is the future. facebook has oculus. a lot of people are banking on that. stuart: apple is down, carrying the dow down with it. susan: yeah. stuart: most of the dow's loss accounted by apple. show me nintendo. yes you can. it is on the screen. lauren, they will make a big product upgrade. tell me more. lauren: sell the news i guess. it is an up graded switch console. that is coming out next year. nintendo switch will have more computing power, 4k graphics. why is 2021 launch significant? they're not going head-to-head with microsoft and sony this coming out with their new xbox and playstation for the holiday season. nintendo, hot new game, "animal

crossing." that is winner. more than 22 million copies were sold. we're sitting at home playing animal crossing. the shares during that time up 65% during the lockdown. all that video games. stuart: you're quite right, up 65%. next case, miami dolphins will have fans in the stands in the fall. opponents are unhappy about it. they say it is unfair. i'm asking hall of fame quarterback, i know this guy, brett favre. he is on the show today. susan: that is awesome. stuart: no joke here. multiple buildings on fire for a second night in kenosha, wisconsin. unrest there follows the police shooting after black man. we'll take you there shortly. first the rnc kicked off in charlotte last night. we have the highlights. rnc chair ronna mcdaniel, what

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>> democrats won't let you go to church but they will let you protest. democrats won't let you go to work but they will let you riot. democrats won't let you go to school, they will let you go loot. >> make no mistake, that joe biden, kamala harris, want a cultural revolution, a fundamentally different america. if we let them, they will turn our country into a socialist utopia. >> wouldn't it be a kick in the [bleep], if i lost and "sleepy" joe as president, this thing kicks in right about soon? stuart: he is engaging speaker,

is he not? the top gop brass coming out swinging against the democrats and joe biden that was night one of the rnc. look who is here. ronna mcdaniel, rnc chair to give us a preview of the night two at the rnc. i think i'm right in saying, you will have first lady melania speaking, rand paul, eric and tiffany trump. all of them speaking to night, i think. why don't you tell us what the surprise is going to be? >> [laughter] stuart, i can't do that, you have got to tune in. the theme tonight is the "land of opportunity." you will hear about law and order. we have an angel mom speaking tonight. mike pompeo speaking in his personal capacity. like you saw last night, we're presenting two very different visions of america. the president embraces the united states of america as the greatest nation on earth and he wants to say to the american

people, the best is yet to come, if you elect me for four more years. democrats are doom and gloom. they want to transform this country. i don't think anybody said it better last night than tim scott. stuart: i think he was the standout speech and as well as the president who was very engaging. i want to show you and our viewers a headline from the "new york times" this morning. it is about your convention from last night, quote, nominating trump, republicans rewrite his record, calling your defense of the president misleading and revisionist. you want to respond to the "times"? >> oh, just makes me so happy, stuart, we made them all mad last night. "the new york times," cnn i just woke up just giddy because they're so angry we're actually telling the truth for once. how we are rewriting history when we have gavin newsom and governor cuomo on tv saying how wonderful the president's leadership was during coronavirus.

how they got everything they needed. how are we telling revisionist history when you are hearing it from the words of people who are living in in real time, how president trump's policies has made their lives better. what we're actually doing is sharing the story that these media networks have refused to share because of their derangement and their hate of president trump. and their inability to give a balanced picture of america. so finally, finally, we are telling our story. it is a true story, it's a hopeful story. it is making the case as to why president trump absolutely deserves four more years. stuart: will he appear again tonight? >> of course. we're always going to see the president through this. it's a way to get people to tune in, because you are correct. there is nobody more engaging and fun to watch than president trump. i think last night, seeing him with these hostages that were released since he has been president. many americans didn't know that story. you will hear more and more about the things he has done but

also what he will do these next four years. stuart: ronna, you must be working 24 hours a day, but thank you very much for taking some time to be with us this morning. we do appreciate it. ronna mcdaniel. >> thanks for having me. stuart: check that market please, because we're down on the dow now. the reason for that is apple. we've been showing you that on the screens during our previous interview. apple is down seven or eight bucks. that is taking it out of the dow which is now down 72 points. raytheon which is coming out of the dow, that is also a losing dow stock. that is also contributing to the dow's overall loss. now difficult story. let'slet's go to kenosha, wisco. violent protest there is after a police shooting. they raged on for a second night. grady trimble is there. it looks to me like businesses are really taking a major hit, grady. reporter: this is a small business, an office furniture store that has been here more

than 30 years. they're trying to figure out why they were the target of a violent riots. i can see them now, there are still flames in this building right here. firefighters just arrived. you can see the hose turning on right now as they try to pet out the flames here, what's left of this small family business. what happened was, this started downtown last night. police dispersed the crowd from downtown but then they came up this street here, hit several businesses along here, knocked the windows out of those cars in the showroom of that auto sales lot. they kept coming up this way. hit this furniture store here. i don't know if you can see in the distance there. there are also firefighters battling a fire. that is wisconsin department of corrections administrative building that was hit last night. i talked to the owner here at the furniture store. he was just arriving this morning, when i met him and

surveying damage for himself for the first time but he actually watched the building burn on facebook live last night, along with his family. listen to what he had to say. >> he calls me says i think something is glowing inside. probably on fire. within minutes, it just, it got bigger and bigger, within 20 minutes the whole place was just engulfed in flames. probably 10. reporter: so this street now is filled with businesses and people who live in this area, stuart, just amazed at what is going on here. just heard a big bang. i'm not sure what that was. there is concerns that this could continue into another day and evening here in kenosha as these businesses are just trying to pick up the pieces after last night. stu? stuart: grady trimble. thank you very much indeed. good reporting. terrible video right there. i have to believe this will be an election issue. wisconsin is a key state. when that kind of thing going on, i think voters will react.

grady, thank you very much indeed, sir. thank you. show me tiffany please, the luxury guys. there is a transition, isn't it. here you go. susan: excited. stuart: the stock is down 2.8%. why? their proposed merger with louis vuitton worth $16 billion is being delayed. the new deadline is reportedly november the 24th. down goes the stock. you're laughing at my french pronunciation. susan: louis vuitton. just saying. stuart: one more check of hormel, please. i don't think we got the board up on the screen before. we got it now. down 1%. the news on hormel, not just so much the finances but they're offering a free college education to the children of their workers. it starts next year. the stock's down 1%. i got that. moving on. quick check of papa john's, the pizza people. out with new sales numbers. the stock is down, but, lauren, i have to believe we've been eating a lot of pizza during the

pandemic? lauren: pizza and the pandemic, they just go together. august sales at papa john's. they have good garlic dip by the way. sales up 24%. they're now the second best restaurant stock this year after wing stop. wing stop basically doubled this year for the share price. papa john's up 60%. why the success for papa john's? new menu items. really creative ones too. they bulked up digital. seven out of 10 orders coming online. they hired 30,000 workers to handle the rush. they're not alone. we've seen pandemic winners stock up. domino's, chipotle, pizza hut. now i'm hungry. stuart: not like pizza leftovers next morning. lauren: cold, perfect. susan: no, i'm good. i like it hot. stuart: you like it hot. there is a quote to live with.

tropical storm laura turning into a hurricane, barreling towards the gulf coast. we have a live report for you there. hundreds of wildfires still burning in california. conditions by the way are set to get worse. energy secretary dan brouliette is on the show next. he said the fires are a case study why renewable energy doesn't work. this is decision tech.

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stuart: the dow is down 90 points, 88 points. by the way,0 of those dow points are accounted for this stock, apple. it's a dow stock. it is down today. off $10. that has now cost the dow 80 points. if it wasn't for apple the dow would be dead flat. astrazeneca, they have announced they begun testing a new virus treatment, not a vaccine, a treatment. it uses antibodies to cure and prevent it. the stock is up a mere 13%. that is all astrazeneca is getting today. that is giving these names windham, norwegian cruise lines,

when you get positive news on the virus treatment. they tend to go up. windham up, norwegian is down. with all the lack of activity in the gulf of mexico you have oil moving up almost to $43 a barrel. i want to bring in now the energy sector, mr. dan brouliette. i'm bringing him in, because we got the wildfires raging in california. and, mr. secretary, i've editorialized on this program that those fires have a lot to do with the renewable energy mandates that california insists on. am i right? >> stuart, great to be with you. i think you're partially correct. part of what is happening in california there has been a rush to renewable power, generation power. they focused their investments there, rather than on things like transmission lines and distribution lines which in some cases may have caused some of these fires. but it is a case study, stuart, in how not to approach our

electricity grid and how not to approach the energy needs of this country. california's got a long history of getting it wrong on energy policy and i think we're seeing just the latest example of that. stuart: they insist x-amount of electric power must be supplied by renewables, solar and wind. unfortunately the sun doesn't always shine and the wind doesn't always blow. so when you need a lot of extra power, they don't individual, so you get blackouts. is there any sign that they would reverse their policy of insisting on the use of renewables? >> well they need to do so very quickly. i think that is made clear about it comments coming from their state utility commission, former chair, actually, of the state utility commission. they moved away from what is known as baseload power much too quickly and much too rapidly. their entire strategy was to go to 100% renewables wind and solar and import power from

neighboring states. rough equivalent i will not purchase a car because i'm environmentally sensitive, i will borrow my friend's car when i need one. that is fine until both need it at the same time. that is what happened here. it is not only in california but arizona and nevada. it is hot in other parts of the west. there is no power to send to california. so we're starting to see these brownouts. stuart: could you extend this to other states to other parts of the country? yes, you can have climate change mitigation, yes you can have renewable power mandates but no, you can't always have a regular supply of electricity? is it that simple? >> pretty much that simple, stuart. you just nailed it. i think it is important as we recognize, we move away from things like nuclear power. we move away from things like natural gas generation, baseload pow they're produces electricity 24/7 we make the energy security, we make it less secure for america. we make america less energy

secure. as a result we make america less secure nationally. it is very important that we pay attention to this example in california, and as we look down the road, perhaps anticipate what some of the next steps may be. there is some in congress who are arguing against technologies like fracking which you know, is producing enormous amounts of natural gas today. stuart: joe biden says he would end all fracking on federal lands but the left-wing of his party would go much, much further. aoc, bernie sanders, they don't want any fossil fuels at all. what do you think would be the impact on america if we stopped fracking? >> i can't speak to the biden campaign. i'm not allowed to do that. i will speak to some policies in congress that i've seen before. you can call it the green new deal, whatever you like but, stuart, the u.s. chamber of commerce if we get rid of this type of technology, which made us the number one oil and gas producer in the world, larger than saudi arabia, larger than russia, we will lose in america

19 million jobs. let that sink in, stuart. if we get rid of this technology, 19 million jobs are lost in the energy industry. stuart: that would be a rather large hit. mr. secretary, thank you very much indeed for joining us this morning. we appreciate it. good stuff. thank you, sir. >> thank you, stuart. stuart: throughout the interview, we've been showing you the market. in particular look at the dow industrials, they have taken a turn for the worse. they have headed south. the number one reason for that is apple. apple last count, last time i saw it, was down about $10. i think it is down almost 11 now, susan. that cost the dow 80 or 90 points? susan: 10 on each dollar so 70 points, 70 points. susan: raytheon is another drag. stuart: raytheon is down, coming out of dow. you sell it when it comes out. boeing is down this morning. i sold it last week.

it is down this morning that has cost the dow 27 points. so if you add up the loss from apple, from raytheon and boeing, that's why the dow is down 138 points. susan: we should explain why people are selling. index funds. so you manage a basket of stocks that mirror what is in the index f one stock is being kicked out of the dow, that means you don't need it anymore in your basket so you sell it off. stuart: right now the dow is down 136. the nasdaq down a mere two points. hardly a loss at all. the s&p is down two points as well. so it is the dow that is leading the market down, led by apple, raytheon, boeing. we need an update on the major storms that are indeed slamming the gulf coast. janice dean is with us. marco weakened, but oh, watch out for laura, right, janice? janice: marco was the pregame. laura will cause a lot of damage

unfortunately, southeastern texas and western louisiana. 75 mile-an-hour sustained wind makes it a hurricane t became a hurricane today. it is undergoing what we call rapid. it will strengthen right up until landfall. sometimes that can be more dangerous, if you got a strengthening storm coming onshore. not only heavy rainfall, upwards of 10 to 12-inches of rain, but maybe 10-foot storm surge in some of these vulnerable areas that are still trying to repair from hurricane harvey a couple of years ago. i just want to make mention that some of the computer models are showing the center of the storm moving more westward. so houston, you actually might come into play as of 11:00 a.m., the new advisory. as you can see with these tropical advisorieses right now. houston, galveston, you're into a tropical storm watch. hurricane watch for you in galveston. i think that will be endings tended westward, because the

commuter models are trending more to the west. when it comes to major hurricanes, looks like we'll have one, cat-3 or higher, 11 to 129 miles an hour. point of reference, hurricane katrina devastated parts of the gulf coast, when it made landfall it, was a cat-3. just because we don't have a 4 or 5, doesn't mean we won't see lots of damage. couple years ago with harvey we had quite a bit of damage from that storm they're trying to rebuild. this is not a good situation. you can see the some of the computer models moving toward the west. we get a new forecast cone from 11:00 a.m. we'll keep you updated if we move the track westward. there is the wind field. i mentioned, houston will probably come more into play as we get into this afternoon and this evening. not a lot of time to prepare and complete those preparations. stuart: real fast, janice, did they order people in galveston

to evacuate? >> yes, mandatory evacuations for galveston. stuart: janice, thank you very much indeed. the economy, paul romer stunned me yesterday when he called larry kudlow a liar for hire. listen to this. >> there is a reason the administration can't hire a real economist because they only hire liars for hire. i don't pay any attention to what kudlow says. stuart: larry kudlow will come on later in the next hour. we will get his response to that absolute insult next. we will be back. ♪

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in-person concerts not happening because of the pandemic. a streaming company is trying to

bring live music directly to you. they are streaming music from iconic venues. calvin lou is with us, the cofounder and ceo of in do the live. calvin, this is a terrific idea, you're more than just a normal streamer here. if i stream your service, i can request songs from individual musicians, i can applaud, i can say which camera i want to look at. the star can actually perform just for me as i understand it. have i got all of that lot right? >> stuart, thank you for having me on the show but you're 100% right. stuart: good. >> things that we looked at, the streaming environment and these challenging times was how do we bring a version of live that is very compelling but accentuating what digital can poe vied in-person can't provide. all the items you identify, clapping, actually engaging with the artist.

doing meet-and-greets virtually. private suites where the artist comes into the suite in the middle of the show, involve you in the show. are all elements what we're delivering live. on top of that we really want to make sure the sound quality was there. we spent a lot of time tuning the engine to deliver outstanding audio quality. stuart: calvin that cannot be cheap. if i invite say, bruce springsteen into my own private little niche into my stream, i have got to pay for that. how much do i have to pay? >> well you know, we're a plat form. so we empower artists and managers to set the price the way they want to set price. it is really up to the managers and artists to determine what experience they want to deliver and what they believe artists, fans will pay to do those types of events. those things can be augmented with great digital. just light the physical world,

the artist sets the price with their management team. stuart: have you started yet, on our screens, perhaps you can't see it, we have famous music venues all over the country. i know you will stream from the venues. when is the first one? >> we're launching publicly this thursday, august 27th, at gold-diggers in los angeles with a music industry event where we will demonstrate the platform designed for the entire music industry. we thought how we get americans back to work. it's a 55 billion-dollar music industry a year. over half of that comes from live music. we thought about how do we get venues involved, managers involved, stagehands involved. we'll actually bring the solution to the mobile streaming studio you see behind me to over 100 different venues across the country, covid-safe of course. we're demonstrate to them how they get up and running with a solution as soon as they can. first show is this thursday,

august 27th, and we have a series of great shows lined up the next month. stuart: calvin liu, in.live. fascinating. great stuff joining us. we wish you best of luck with the new enterprise. good stuff. >> thanks for having me, stuart. stuart: sure thing. brian kilmeade is coming up. he is fired up about the mayor of new york city, bill de blasio who says indoor dining might not return to new york city until next year. who cares about the 20,000 restaurants that will go under. we'll ask him about the viral headline from jerry seinfeld who says new york city is absolutely not dead. ♪ tara, did you know geico is now offering an extra 15% credit on car and motorcycle policies? >>wow...ok! that's 15% on top of what geico could already save you. so what are you waiting for? idina menzel to sing your own theme song? ♪ tara, tara, look at her go with a fresh cup of joe. ♪ gettin' down to work early!

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bucks. it just dropped ever so slightly below 2000 bucks. made a liar of me. now at 20001. back down to 1999. -- 2001. the dow is off 153 points, bang. it is exactly 10:51 eastern time. you know what that means? brian kilmeade is on the show. host of the "brian kilmeade show." you know this story. mayor de blasio says dining, indoor dining might not come back to new york until next year. just watch this, brian. roll tape. >> of course we'll be back. if folks miss the theater. about they miss, you know the indoor dining, those things will be back. they will be back next year at some point. that is overwhelmingly the case. stuart: what is he trying to do to the restaurant business and whole culture of new york city, brian? can you answer that? >> no. he is a guy that never, ever, ran a business before. he has no idea what it is like to meet a payroll.

he has no idea what is like to the landlord, i didn't make the business. i don't know what to pay you. can i go into a recenter. what do i do about the heating and plumbing. the bills come in. all you're asking for the right to compete. no reason for it, it is .6 something percent of in terms of positive tests. we are fine. the cdc on friday, said there is no longer reason to quarantine when you come to new york. when i see that, if that is true, this is what i do today, if i own a restaurant, okay, enough of the bills. here are the keys. i'm giving them back to the landlord. i'm not using ppp loan to pay my employees not to come to work because i can't pay you for the next five months not to come to a restaurant that is mothballed. and they're acting like it is about the customer. what about the owner and the waiters and waitresses and cooks? stuart: look, i agree with you 100%. but i don't understand why

bill de blasio is doing this. he is never run a business in his life. i understand the man is a socialist on the far left but that doesn't explain why as the mayor of new york city he appears to be deliberately running it into the ground. i don't know why he is doing this? >> lazy. they asked him to come up with a school plan, how to get kids back to school. he happened it to the governor. the governor said, this is barely an outline. he had six months to how to bring kids back to school. the unions say i can't believe this is what you came up with. you don't put arrows on the ground. there is no plan in place. he is a lazy guy being called out because you need somebody that cares, cares about a business, and when he told the billionaires and millionaires, if you don't come back we'll get others, they will come back, that shows me has no clue what a tax base is built on. stuart: no clue whatsoever. next one, comedian jerry seinfeld, roasting a hedge fund

manager james all toucher who appeared on a program saying new york city is dead forever. jerry seinfeld comes back and says new york city is not dead forever. what do you think, brian. >> he goes to an example. look at telemedicine, telecommuting. goldman sachs, big businesses financial district and others chase manhattan, going i don't really need my people here. i don't need to rent from the expensive businesses. i don't need the commercial real estate anymore. my people are effective working at home. seinfeld says, no, we need to meet people. we need to ininteract. we need that energy. that will happen again. i don't know. the other thing, silicon valley they continue to go to work even though they got great technology, they can do that from home. they come together to collaborate. that is seinfeld's argument. it is tough on me with seinfeld. my first job was from his dad. i never met him, he is little taller and funnier. jerry, witty, insightful as

hopeful as your column is, you're out in the hamptons. you are a business. he owns stand up new york where there is no business. he has got to rent, he has got to lease. he is looking around, everyone left the residents, and businesses are not there. he has never seen this before. that is what is expressed on interview. these people are not coming back. when i walk from 48th to 34th every day to get a train, i am the only one in a suit. i see mentally ill people and i see people just walking around with nothing to do. there is this city looks like it has never looked before. will it come back? i'm not nostradamus, but i will say this is not something we experienced before. that is what the business owner is saying to you, stuart. that was his point. stuart: glad you got it off your chest, brian. >> i feel better. stuart: i feel exactly the same way. i do. what a shame. brian, thanks for joining us always a pleasure. >> thank you, stuart. stuart: big show to come.

charles payne on the remarkable market performance. also in the next hour, hall of fame quarterback brett favre, what does he make about the dolphins allowing fans into the stands for home games but other teams are not doing that. of course, larry kudlow, he will respond to the economist paul romer who called him a liar. plus you will have my take on the contrast between joe biden and president trump. the third hour of "varney & company" comes on to you right after this. ♪ ... c'mon! hurry up!

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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: at precisely, on the dot , 11:00 right there the state of the market is this the dow way down off 140 points but we did have a new all-time high for the s&p 500 earlier. why is the dow down so much? look no further, on the left-hand side of your screen, apple is down $8 that really hurts the dow, because apple is a dow stock. i've got more on apple in just a moment for you. last hour we took the latest read on consumer confidence. it dipped a little last month. it just did. i don't think it had any immediate impact on the market. we'll have a question or two to larry kudlow whose coming up on the show, about what that means. that dip in confidence is that hurting the recovery and we're

keeping an eye on the gulf coast , hurricane laura strengthens to a cat 1 storm, could get stronger before making landfall tomorrow evening. watch out. and take a look at this video, air force hurricane hunters flying through the storm, to collect data, we're monitoring the hurricane closely obviously and we'll bring you any and all updates. now this. the first day of the republican convention had one central theme a biden presidency be a disaster i agree. this is a financial program. we deal with money, jobs, the economy, the american dream of climbing the ladder to prosperity. joe biden is bad news on all fronts. raise taxes by $3 trillion as we're coming out of a pandemic recession? that doesn't produce economic growth. kill fossil fuels? that is

the biden-harris-sanders- aoc pl an that would kill jobs by the million high paying jobs too and the oil & gas industry the average salary is $10 8,000 a year and we're asked to leave that joe would simply replace them all with high paid green jobs. put me down as a skeptic and how would you like to be re- regulated? the red tape makes a comeback with joe. how much energy does your house use? got to regulate that, is your building energy efficient? the government will inspect and you better get back into obamacare, because if you don't, joe biden will fine you if you regulators don't regulate away your private health insurance. how about a new national lock down? joe's on board if the science committee demands it. what do you think that would do to the economy and your money and your job and your locked down family? what a grim outlook. what the republicans did last night was to shine a light on the radicals, because it is the

radicals who really are in charge of the democrat party. trillion dollar tax hikes, the green new deal, crushing regulation and a stay-at-home order for 320 million americans? are you kidding? the republicans should keep it up. if it weren't for the media that somebody has to spell out how disastrous a biden presidency be hang on to your wallet, folks, don't take it from me, just listen to what biden himself said about taxes. roll that tape. >> will you raise taxes? >> i will raise taxes for anybody making over $400,000 let me tell you why i'm going to do it. it's about time they start paying a fair share of the economic responsibility we have. the very wealthy should pay a fair share. corporations should pay a fair share. stuart: if i hear those words, " fair share" one more time, my head will explain. charles payne, get me out of this. charles is with us he's the host of "making money" with charles payne. look, i'm saying a biden

presidency, for your money, the markets, your job, the economy, be a disaster. now do you think i'm going too far? charles: no, you're not going too far, and you know what really is amazing because i was listening to everything you were just saying is all of these are re-trends from when he ran for vice president when president obama and they haven't even changed the numbers. you remember back when they were going to create 5 million clean energy jobs? if you remember back then, their threshold for wealth was 400,000 and at the very least, stuart you would think they would adjust it for inflation. think about this for a moment. in november of 2008 when the election was held the median house cost 18 7,000 dollars and now it's worth $304,000. you can't even get , just taking some of his word $400,000 now is as wealthy as they were last time he was in the mix for the white house, it's just so non-sense it call. you'll hit a wider net of people

who by the way are moving up the ladder, that means they're creating opportunities. they're not some fat cat sitting on a fortune. you want people in this country to have upward mobility. we don't want to saw the ladder in half. it's a punitive action. it's not economic. and that's the most important thing to remember. these are punitive actions designed to punish people for achieving success in this country. stuart: now do you put any election risk into this market? because if joe biden wins and you and i are right in our opinions, that it's a disaster, that's called election risk. are you taking election risk? charles: not yet. not yet. i actually believe that the market is telling me, the way i interpret it that president trump is going to win, so right now, i'm not doing anything related to that. i will say you mentioned the consumer confidence number. it did knock this market down a little bit today and i think that's mid-term political risk that has to deal with whether or not congress is going to get

one more round of stimulus going. i've got mark green coming on later. i'll ask him about it but i think the american public is saying hey, we're going to play our cards closely to the vest if we can't get one more little push, so but as far as the white house is concerned, i haven't taken any action yet, based on that. there are little pockets of things, some of these alternative energy funds have done very well, but these are really small, really small niche investments that aren't reflective or a proxy for the greater stock market or economy. stuart: well what tells you, from the market, looking at the market, what tells you that trump is going to win? charles: it keeps going up. stuart: oh. will it keep going up? charles: [laughter] stuart: with we have 10 weeks until the election does it keep going up? charles: it keeps going up. we're within that three-month threshold, 100 day threshold is usually when the stock market tells you whose going to win. it's telling me that the smart believes president trump will

pull it out. stuart: okay last one you don't care much for the dow industrial average do you? now there's some changes being made. don't get too strong on this. do you think that the changes will improve the dow as an indicator? charles: i do think it will improve the dow as an indicator and you're right, i've been so, i'm upset that the financial media uses the dow as "the market" when it doesn't have amazon, it doesn't have google, facebook. now, mind you, it won't have those names also this round, but they will get rid of exxon-mobile, right? which you don't need exxon, chevron and dow chemical in there, so they are making some adjustments and of course, the thing is with the 4-to-1 split you need greater technology. i still leave they need one of these with so-called communication services names in there. you got to have it. our economy is built around, you know, the way we communicate. the way we do business, online,

so you get closer to salesforce .com, that's what they call a saas company, software as a service, it's a granddaddy of them all, that's a great entry but i'd like to see them get one more of these other names in there. ibm is not technology anymore. cisco is not technology. look at these last earnings reports so i still think they've got changes to do but finally, someone over there woke up, but they're still moving too slow. stuart: charles i'll be watching you i think it's 2:00 eastern time, this afternoon, on the fox business network. charles: yes. stuart: "making money" with charles payne. i trust you've done well charles because your advice has been pretty -- charles: doing okay. doing okay. stuart: you're teaming up with sports by dave portnoy answering viewer questions. that's an america invests together, town hall wednesday, september 2. is that right, charles? yes, it's right. charles: it is going to be absolutely phenomenonal. let me tell you stuart the

establishment is losing their minds because people are taking control of their own financial lives, and wall street hates it, the financial media hates it, and i love it. dave portnoy loves it. the problem is theres some learning curves and we want to help people avoid as many as possible but you take control of your life and don't keep handing your money over to people that maybe you just may know more than they do or you should be better away of what's going on. stuart: portnoy is not exactly happy with me i might add, charles but we'll forget about that. see you soon. charles: all right see you soon stuart: fox business alert, oh, here we go, news on, i'm using the word "massive layoffs" at american airlines? ashley: yeah, they've been threatening this for some time unless they get more federal help their payroll protection money runs out september 30. american says there's no extension of that aid money, 19,000 employees will have to be

involuntarily furloughed and they will have at least 40,000 fewer employees starting in october, than they did pre- pandemic. how bad is it? they are going to fly less than 50% of the airline in the fourth quarter, long-haul international flights will be cut down to 25%, and they say though over 12, 500 workers have accepted some sort of a buyout or early retirement. another 11,000 have offered to take a leave of absence at the beginning of october, so this is another call for help from the federal government from american airlines otherwise a lot of people are going to be out of work. stuart: you've got that right. thank you very much, ash. now, let's check apple. it is dragging on the dow. what's going on today specifically, susan? >> well dragging on the dow but pairing back from the losses that you see and also for the dow losses as well, so it's pretty much profit taking. we see five straight record days for the stock pushing past $500 and we know there's a 4-for-1

stock split taking place next monday and it's interesting that apple only joined the dow back in 2015 after its last stock split in 2014 and that was a 7- for-1 stock split, so apple will drop from having the most influence to now the 17th most influence on the dow after this 4-for-1 stock split and it's interesting the stock is down today, despite the cowen upgrade on its target price, street high 530 for the stock, morgan stanley reiterating it's 520 for the stock and you run up so much, you've added 1.5 over five sessions maybe it's time to take some profit here. stuart: if you'd bought all previous dips, if you bought the dip, you did well. here is a dip so do you do well if you buy the dip? >> the calculations include the raised dividends and share buybacks since 2006 you've made 3,400% on your money back. stuart: don't say it. stuart you missed it. >> i know you were going to say

it, but you know it's not too late to buy in. it's cheaper. stuart: that's true. brand new survey shows 20% of small businesses will close if the economy doesn't improve within the next six months. my goodness, me. are the democrats doing anything to help? we will discuss that. a new report claims president trump didn't build a great economy. he in hair ited inherited it from president obama, we'll ask larry kudlow what he thinks about that but first college football rankings are out and nine of the top 25 teams won't even play this year, is college football really dead? hall of fame quarterback brett f avre waves weighs in on that next. >> ♪ ♪ alike and customize your car insurance so you only pay for what you need. what do you think? i don't see it. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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stuart: good news for dolphin fans, the team will allow up to 13,000 fans at home games; however, that's got the coach of the buffalo bills trying foul. he says that is an unfair home advantage, especially since new york's governor cuomo is not allowing fans at the bills stadiums. let's bring in brett favre for this , and of course even i know that he's a hall of fame quarterback and he joins us right now. brett what do you make of this? is it an unfair advantage fans in some stadiums, no fans in others? >> [laughter] yeah, i would think so. i can't imagine lambeau field on a monday night game with zero fans watching in attendance. you know, home field advantage is a real thing, and you don't take that away from some teams,

but i'm curious to see how it all plays out. stuart: i don't know about you, but when i watch sporting events , i really need the crowd. the crowd gives me all kinds of good feelings about the game. they follow the game. they shout, they sing, they do all kinds of things. what i'm trying to say is big sporting events are not the same if the crowd isn't there. how do you feel? >> no, i agree. me personally, i think they should allow fans to attend as they wish and they can take the proper precautions and if you're fearful of catching this virus, then you stay home, but there's no question that the players feed off of the fans , especially at home, obviously. i think of all the sports in the

states at least, football certainly, i think, thrives and feeds off of the fans. so it's going to be interesting. stuart: i've got a feeling, brett favre that you are itching to speak your mind, but you are a diplomat so you don't quite speak your mind so let me move on to college football. we've got the top 25 football teams on the ap yesterday. seven of them, i'm sorry, nine of them, will not play this fall nine of them, not playing. you think college football is over for the year? >> no. i know my alma mater has 12 games they are in conference, which is certainly not sec, pack pac-10, et cetera, but they are planning on playing 12 games

and as long as the sec, which is the cream of the crop, plans on playing, then i think we will see college football. maybe not all the teams, but we'll see a fair amount. i hope so. stuart: okay, you're here today helping us out with cbd. you're an ambassador for a cbd company. i take it that you have used cbd can you tell us, you know, what did it do for you? >> i was pleasantly surprised when i first was approached by the spokesman for this product. i was just, to say the least, very leary because i assumed probably like most here in the states that it has thc in it , which you know, obviously is a drug. i was so wrong.

the hemp plant itself has very good healing qualities much like aloe vera, but it's completely drug-free, for daily aches and pains, certainly not for a broken leg or a torn acl or you know, fractured vertebra in your back. it's not for that but it's for daily aches and pains, tendonitis, you name it, we all have those , and i've tried the product. it worked, and here we are. stuart: green eagle cbd with brett. i'm out of time but thank you very much for joining us good stuff indeed. >> thanks for having me. stuart: sure thing thanks very much. check of the markets we are down 140 on the dow, up 44 on the nasdac, so i guess techs recovered to some degree.

boeing can you show me that, please? that's a shaving what, 30 points off the dow this morning, apple also is a drag on the dow. so is raytheon. if you add boeing and apple together that accounts for about half of the dow's losses at this point so there's a narrow loss and a couple of stocks on the dow that accounts for the 135 point decline. flip side of the coin, facebook, just hit another all-time high, do we have a reason susan? >> we've got a price target raise from ubs this morning saying it's worth $330 but also getting bigger in e-commerce and challenging amazon just announcing there's going to be a new shop tab on facebook the main platform itself that means you can go shopping and buy products from merchants on the facebook app itself and off instagram means they are launch ing this checkout ability, meaning all merchants can now, you can just shop on these merchant pages and buy items off those instagram pages, and

profiles itself. that's a big deal. think about the 3 billion people around the world that go on facebook, what's app and instagram each and every month. stuart: and would facebook get a piece of the action? you'd imagine so. stuart: they would have to. >> but the payment system because that's something they really want to get bigger on, we know about libra, and they tried to get complicated with cryptocurrency but we know the fintech and financial technology is something that facebook is definitely looking into. stuart: that's why facebook is up a full $7 as we speak, new high 2.78. >> record high. stuart: now let's turn to amazon i see a headline here, amazon is getting into luxury retail. what's that all about lauren? lauren: so stuart, amazon is likely the biggest clothing retailer out there, but it has so much trouble breaking into high end fashion because of fears of counterfeit. well wwd, which is women's wear daily, a fashion publication, they're reporting that amazon is going to let about a dozen

international luxury brands sell on their site starting in september, for the fashion shows so, these labels would have full control over their virtual stores on amazon, and they'd get access to amazon's vast reach and their delivery network here in the u.s.. what do they pay for this? well we're not sure, but it appears there's some sort of concession for a percentage of their sales so amazon going bigger into luxury where they've had a lot of headwinds. stuart: and the market likes it. i'm not sure whether that is a new all-time high but 3,351 is definitely getting up there. it's at $44 right now, thanks lauren. next, a quick earnings run-threw so to speak, hormel foods, meat process or, a fair quarter, sales up in america about 20% and they're going to give free college education to their workers starting next year nonetheless the stock is down $ 0.40. >> they make spam, right? stuart: yeah, you got to get that one. >> you grew up on that.

stuart: the americans sent that over to the brits to feed them afterworld war two. i was arriving in 1948 and i was brought up on spam. >> look at you now. [laughter] stuart: mixed bag there, best buy, sales up across-the-board, online sales more than tripled but they're warning investors that the sales pace cannot be maintained for the rest of the year. that's why it's down a sharp 5.5 %. children's place, some might call it a back-to-school retailer, taking a beating this morning, sales were down big last quarter, kids aren't going back-to-school, parents aren't shopping for new clothes that stocks down 15%. all right what's coming up? president trump kicks off his rnc speeches, a bold prediction about the economy last night. watch this , please. president trump: i used to say a v and people say well maybe not, i don't think so, some would say no way. >> super v. president trump: we have a super v you're right.

stuart: a super v, does larry kudlow think that is possible? we will certainly ask him, he joins us live, from the white house, after the break. >> ♪ ♪ how they gonna pay for this? they will, but with accident forgiveness allstate won't raise your rates just because of an accident. cut! is that good? no you were talking about allstate and... i just... when i... accident forgiveness from allstate. click or call for a quote today. i'm a delivery operations manager in san diego, california. we were one of the first stations to pilot a fleet of electric vehicles. we're striving to deliver a package with zero emissions into the air. i feel really proud of the impact that has on the environment.

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and there's a reason this administration can't hire a real economist is because they only hire liars for hire. you can't get credible people so i don't pay any attention to what custody lower class says. stuart: i don't think that you should do that. i don't think that you should do that. well i'll ask him. paul roma says you're a liar, okay? i'll ask him. i found that astonishing the gentleman on the right hand side of the screen is the accused. larry kudlow himself i thought that was most unfortunate and i'm very sorry it appeared on my show but i'd like you to respond , please. >> oh, heck you know, you can disagree on a forecast, or a policy. it's pretty rare you get personal. i never get personal. look, this fella, i don't know him. stuart: he's a nobel prize winner and the son of a former democrat governor of colorado, and he's the former world bank chief economist. >> well, i mean, it's not

real-world stuff. you know, fuzzy thinking, academic egg head. look let's go through. you can look at the congressional budget office, stu , they're close to 20% in the third quarter, the federal reserve bank of atlanta has a gdp now model and i think they're at 25%. one of wall street's best economists i think is at 30%, our forecast is actually really pretty much centered on what others institutionally and in the private sector is saying and here is the thing. the evidence is coming in very very clearly. point after point after point maybe you'll want to review it. stuart: okay one more response from you, please. a new nbc report says president trump, president trump did not build a great economy. he inherited it from president obama. respond to that, please. >> well, you know, i've heard

this before. first of all president obama had the slowest recovery since the great depression, everybody knows that. it barely got to 2% growth and president trump's first three years we nearly got to 3% growth the unemployment rate fell to 3.5%. that's a number that we're very proud of. the tax cuts worked, large and small business tax cuts individual tax cuts, the economy was booming. you could go across-the-board, african americans, asians, hispanics, women, lowest unemployment rates in history, just on the eve of the pandemic, i mean, this is tragic really. we were running in january and february of this year, at 3%, or better. i mean, president trump who rewards success, who cut taxes, and regulations and rejuvenated energy and cut good tough trade deals to help our exporters across the country, he

reinvigorated this economy, everybody knows that that's why his high marks and polling continue to go on. that argument by the other team frankly has just gotten silly. stuart: now president trump of the rnc last night made a bold prediction he was talking about a super v. not quite sure what a super v looks like but you were saying earlier you want to present the evidence of a very strong comeback for the economy. present it, please. >> yeah, look. may, june, july big gains in jobs over 9 million jobs in three months i think that's a record, big jobs and unemployment we have more work to do on that. i understand that it's still a lot of hardship, but still the numbers are coming in. there is a housing boom, no economist can deny the housing boom. there's an automobile boom, there's a consumer boom. you can't deny these things and you've had a very strong employment comeback.

that's why i say, after the dreadful contraction, it was a pandemic, it had nothing to do with our policies, we're going to come back roaring as i said some economists are at 30%. i'm staying around 20%. we'll get 20% probably in the fourth quarter. across-the-board, number after number is coming in. how can you possibly deny that? i just don't understand it really. stuart: well is it a 20% or 30% gain compared to the second quarter or it's surely not compared to the same period last year, so it's compared to the second quarter? >> no, no, that's correct. all i'm saying is when the president talks about a v- shaped recovery that's what you're getting is a sharp decline, one-quarter because of this pandemic, two quarters. i'll say the first and second quarter because of the pandemic, you know, it's like a natural catastrophe. now we're coming back. one reason we're coming back is the president led a tremendous

rescue package to help everybody individuals, unemployed, large and small business. another reason it came back is the economy was fundamentally sound. you know, he opened up the economy, liberated the economy. he rewarded success. he created tax incentives, regulatory incentives, as i said , rebuilt energy, a new trade posture, we have great trade deals on the board that will increase manufacturing. i'm sorry increase exports for manufacturing and agriculture and technology, and so forth. these things are undeniable, and i think if we get the right policy, mind you he's already started, he wants a payroll tax cut, that's a big increase in wages for the middle income people. we are still insisting unemployment but the president is looking into the future. he has a view. we can lower income taxes particularly for the middle class and reform the tax code probably take additional steps to help corporations let's give

incentives 100% appreciation if they want to onshore come back to america if you will. he would like to increase the capital gains tax for investment and productivity. the other team wants to double capital gains all these things. we want to provide school aid to get going. we have opportunity zones and the people rail against president trump on the issue of racial discrimination. look, there are bad apples out there there's no question but look what he's doing. opportunity zones i think that there are 9,000 of them to employ investment in distressed areas. why doesn't somebody give him credit for that? these are optimistic, growth- oriented policy. this is prosperity. this is economic health. give him some credit objectively , please. stuart: that was a pretty good response to paul roma and nba c and all the rest of it you've got your cander up i can see. real fast, we are almost in a cold war situation with china, and yet, that doesn't seem to

interfere with trade relationships or constructive discussions held the other day. we still going forward with trade? >> yes that is the case. obviously we have lots of complaints in other channels with china, won't go through them all here, but plenty of complaints, but on trade, ambassador lighthizer, secretary mnuchin met with china's top man and they reviewed the situation. china is implementing the deal, they're out there bying a lot of commodities. we'll now be focusing on intellectual property theft, things like that, forced transfer of technology and so forth and basic fairness and reciprocity but so far, so far, ambassador lighthizer is fine with it and the meeting went quite smoothly it was a normal review meeting so the china thing is very complicated. it has different lanes. we can be down on them for some lanes, but maybe keep the trade

going. the trade helps america jobs. that's the key point. stuart: larry i'll leave it there with a couple technical issues, but larry kudlow thank you very much for being with us and a forceful response. good stuff. thanks larry. >> thank you. stuart: as you heard from larry kudlow, the real estate market is indeed booming. new home sales surged 13.9% in july, is now the time to buy? where are people going to buy? we'll cover that, coming up for you, a brand new survey shows 10% of businesses will think they will never recover from the pandemic. will that number go up if the democrats take over? good question, up next. ♪ ♪

♪ ♪ ♪ ♪ ♪ there is an automobile boom, there's a consumer boom, you can't deny these things, and you've had a very strong

employment comeback. that's why i say, after the dreadful contraction it was a pandemic, it had nothing to do with our policies. we're going to come back roaring stuart: you heard him he was on this program just a few moments ago, come back roaring. he talks about the overall economy. joining us now, former administrator, lipped a welcome back to the show it's great to see you. >> thank you, stuart thanks for having me. stuart: the overall economy, i think is doing very well and larry kudlow confirmed it, but what about small business? you guys are really taking it on the chin. i'm wondering, what help would you really want, that would really help the most for small business? >> well, you know, as the former administrator of s ba, when i was on your shows i kept quoting stats that are still true today and that is that you have 50% of our gdp comes from small businesses.

two out of three net new jobs are created by small businesses so when the president being fully aware of that really pushed for ppe you know, there were over 5 million loans made, about $530 million went to small businesses, and about 70% of that money went to businesses with 10 employees or less. when you think about that, a lot of minority small businesses have eight employees or less, so we saw big help coming to small businesses. there are small businesses that are still being impacted, but many of those other small businesses are really starting to be able to come back, and of the new hires that are happening a lot of them are coming from small businesses. stuart: linda we just put up on the screen 20% of small businesses could close within six months. i guess they are crying out for more help, aren't they? >> they absolutely are crying out for more help and that's why the president is pushing so hard , and when he couldn't get congress to act, he put his

own executive orders and i think there are about 30 states right now that are starting to implement more of that unemployment insurance which is going to help those small businesses and clearly we need congress to come back. we need another shot in the arm for the stimulus for small businesses, but they have gotten a lot of help that they needed, and thanks to the president for being aware that we absolutely need to support small businesses who are the backbone of our economy, and they're the ones the entrepreneurs who get in there and go back at it, but you know, they do need more help. stuart: and they are our viewers too. linda, i'm sorry to cut it so short i do apologize for this but larry was long. >> well he stated the obvious and i'm glad he got more time to talk about the overall economy. see stated it incredibly well. stuart: he did indeed, thank you , linda we'll see you again soon. well take a lack at this , a brand new fox nation show, it takes you inside what is a beautiful hilltop mansion in san

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stuart: all right, on the right hand side of your screen is jeff flock and he's about to start a real estate block on this program. we're going to deal with location, location, location, and jeff, at the moment is in the location of gary, indiana. so, start with you, jeff, tell me about the real estate market in gary, indiana. >> reporter: you think gary, indiana is a bad place, right? new home sales reported earlier up big time today, 13.9% this is a new home under construction in gary, indiana, and one of the reasons new home sales are up is because in the midwest home sales, new home sales up almost 60%, a month over month, if you look year-over-year actually up 36% nationally, huge where are the hotspots? well gary might not be the hottest spot but take a lack at this map from the national association of realtors the hot

zip codes tend to be suburban areas places in commuting distance to big cities, places like colorado spring, melrose, massachusetts outside boston, south portland, maine. prices also on the rise. this is probably not good news for you stuart you kind of like to get a bargain. case schiller in their 20-city index today released about two hours ago up 3.5% in terms of prices in june led by phoenix, seattle and tampa, all of the cities in their 20-city index reporting were up. and i leave you with one final number. that's existing home sales i never bought a new home in my life but existing home sales, those up 24.7%, that's the largest monthly gain since 1968 and i leave you with a place you could buy in gary, indiana. did you ever want to live in gary, indiana stuart? stuart: just tell me the price, jeff. >> [laughter] >> reporter: i could get you a house here for $100,000. stuart: sold, baby, sold. >> reporter: not this house.

you haven't seen the house but that's fine. stuart: jeff you're all right thanks very much indeed. now i'm going to switch gears, completely switch gears showing lavish properties in california. take a look. >> if a disney princess design ed a bathroom this is what it would look like. i'd probably also do my makeup twice as fast in the morning because this natural light is priceless. this is fabulous, but as the story goes, behind this door, is a magical wonder land. stuart: i think we should bring in the host of the new fox nation show, casey macdonald, the lady on the right hand corner of the side of your screen, also in the video we just showed you. you know, casey i've got to tell you that watching the show, and i just watched it last night. it reminds me of the lifestyles of the rich and famous. is that what you're trying to do >> stuart, we're definitely taking our own fox nation twist on this. first of all thank you so much for having me. lifestyles of the rich and famous but i was an mtv cribs

kid growing up so that's what i watched and i just remember looking forward to it every week , and getting a glimpse behind these beautiful gates, this long driveway, and you know , it's very akin to window shopping. you can appreciate it, and i guess what's so much going on in terms of home improvement during this quarantine, get ideas. people are ripping off ideas already. i've gotten texts from some of my friends saying oh, i saw that i probably can't afford a $10,000 couch but i found it online for a better price. it's window shopping. it's seeing something. these homes they don't even let you through the front doors unless you're vetted, you have your finances checked, to even get an appointment to see them, and i'm writing fox nation coat tails all the way to get access but these homes are unlike anything i've ever seen before. stuart: now, mansion global, all i've seen so far is california homes. are you taking the show maybe around the world or other parts

of america? >> so this is all about america , baby. we're staying in america. this is my first fox nation series since i was brought on to the team, and it was seriously derailed like many other people 's lives and jobs and careers and plans when coronavirus hit. that was in february, i believe we were about to go actually everywhere in the continental u.s. , beside california. california was not a part of the plan, turns out that myself and my producer kyle were quarantining in california. be that what it is, and we put our heads together and we said we're so passionate about this project, we want to get it off the ground, we want to give the viewers something, and we're both out here so we said how can we do this safely, efficiently, in the state of california and we got it done. stuart: you do. i agree with you, the thing is, you give people ideas. they might not be able to afford that $10,000 couch, but one for a bit less that looks like it, might be appropriate.

where else, that we've seen the video from san diego, where else have you got in california? >> so coming up today, views, views, views, you were just talking about that with gary, indiana but you'll be in corona del mar, which is a beautiful beach town, and also this temple overlooking la. it looks like a church, it has absolutely beautiful and also i know they're having an awful time with all of the fires this was before that. you have your own vindicated yard and winery in your basement and a lot to offer in california but i promise we will go elsewhere. stuart: okay. come to new jersey. okay. kacie, that's a great show. i actually watched it and i'll be watching the rest of them too thanks for being with us today from fox nation. thank you. i'm moving from luxury houses to mobile homes, and internet company in salt lake city is paying people, paying them, to

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♪. stuart: you snowe we started out okay at 9:30 but then we headed south. we're down about70 170 points for the dow. why. apple, boeing, both dow stocks, down very sharply. the dow is being hurt by apple and boeing. neil, it's yours. neil: stuart, thank you very, very much. we're watching another development from the airline sector. when it rains it pourses. the airline said if we don't get aid very soon, we're looking layoffs. american airlines will cut 19,000 jobs when the aid expires november 1. delta pilots, negotiations essentially broken down with the airline. finnair across europe