the right direction. it's great news for the labor market. dagen: gianno, two seconds. >> two seconds. get out and vote. vote early. i think joe biden's going to lose, and i hope that he does. dagen: okay, this we go. gianno e and michael, thank you so much. tomorrow august jobs reports. right now, stuart varney. take it away. stuart: all right, i shall. good morning, everyone. we're in one of those rare moments, you know. you don't see a melt-up very often, but that's exactly where we are. investors everywhere are checking their accounts to see how much money they made. that's the way it is. when stocks go up, you look. when they go down, you look away. after a $14 trillion gain for stocks since march, take a look and smile. here's what you're going to see this morning. the dow closed above 29,000 yesterday, so perhaps a modest pullback is to be expected, and that's pretty much what we've got this thursday morning, down maybe 20 for the dow. the s&p, whoa, 74 of the 500 stocks in that index hit record

or highs just yesterday alone. bit of a pullback today. as for the nasdaq, yeah, it closed above 12,000. there was a massive runup in tech stocks again, a pullback is to be expected, and take a look at that, that's what we've got. got it. next, vaccine news. very positive. the centers for disease control is telling states to get ready for vaccine distribution on a large scale come november the 1st. which vaccine? don't know, but this is a firm date and, of course, it's right before the election. and it is exactly two months to the election, and the two campaigns are in high gear. joe biden has reversed himself. he will travel to kenosha today. he said he wouldn't go, now he is going to be the comforter in chief. what will he say to the burned-out business owners? president trump goes to pennsylvania. he'll speak at arnold palmer airport just east of pittsburgh. i've got a feeling he'll talk

about fracking. stay with us, please. you've got to say what speaker pelosi is saying about her break the rules visit to the hairdresser. can you believe she wants an apology from the salon? and we'll have a few more examples of joe biden's reversals. will the real joe biden please stand up? very gnu and company is about to -- "varney & company" is about to begin. ♪ ♪ stuart: you know, on a cay like this, you really have to start with money. a bit of a muted start to the markets today, but i want to focus on the huge positives that came out yesterday. susan is with us, as always -- [laughter] give me the highlights. >> i thought it was pretty good when, yeah, the dow crossing 29,000 once again. yeah, we haven't seen these levels in seven months. so microsoft, alphabet, paypal, amazon, invidia and, yes, even apple hit a new intraday record before selling off, 74 stocks in

total had brand new highs and a nice round number of 29,000. so, yes, there you go. stuart: no, no, no, i'm not, you're talking about new highs, and on the board we've got today's premarket prices and they're all down. that's the problem. >> well, look, we're still 2% away from record highs once again for the dow. here's the thing, as i was looking through the sector of performers and you adults, retail -- i mean, real estate and materials, these are stocks that perform well when there are concerns that the market will fall because they usually give out a lot of dividends and higher paying kind of stocks involved. so there might be some headline risk. stuart: so it wasn't just the big techs that we focus on. it was across the board -- >> that's right. stuart: new highs. >> broad rally, as we call it. stuart: a melt-up for big tech by -- but a broadly for the rest of us.

come in market watcher, brian wesbury. 32,500 on the dow by the end of the year, that is a remarkable prediction. back it up. [laughter] >> well, stuart, we already know the nasdaq and the s&p, i mean, you mentioned 74 stocks. i think it's 77 stocks. everybody has a little bit of a different number. i -- they've really been driving that. we know who they are, big techs, big box stores that were allowed to stay open. but i think this rally is going to broaden out, and there's really two reasons for that. one, you gave it. part of it is positive news on a vaccine. imagine what a vaccine does to airline stocks, to energy stocks, to banking stocks. we'll see the rally broaden out. but i also think that people, just forget the vaccine, they're starting to look at numbers, they're starting to look at data, they're looking at their a neighbors who have been traveling, they're looking at nancy pelosi who walks around a

salon with no mask on, and they're going, we're going to go out. and so what's happening is the rest of the economy, even without a vaccine, is beginning to grow. and that's why i think the dow will catch up with the nasdaq in and the s&p. stuart: okay, look, solid reasoning, but a 32,000 dow by the end of the year depends upon, surely, a donald trump win and, surely it depends upon reliable election results soon after election day. you've got to rely on those two things happening. >> i totally agree. and, look, my forecast of the dow is really about what it's worth, not necessarily what happens between now and the end of the year. so early this year we said the s&p would get to 3650, 3,650 by the end of this year. we went all the way down under 2,300 in april, and now we're almost back to that. so those kinds of things happen.

my view, if you want it, is that donald trump will win convincingly enough to not have a contested election on november 3rd. stuart: okay. >> so i do think we will get there, but i'm also optimistic about president trump getting a second term and not interrupting the policies that we've seen. stuart: all right. brian, you have been right before, and we hope you're right again and thanks for joining us this thursday morning. cheers, brian. >> hey, thank you, stuart. stuart: sure thing. let's get on to tesla. ouch, look at that, down $32, that's premarket. it was down yesterday as well what's going on? >> well, there's more stock available, yesterday we had tesla's largest outside shareholder, you might know them, they're a fund -- they moved their stake from 7% to 4.5. they can't hold an outsized position in one particular spot. you also had selling $5 billion worth of shares on tuesday as

well. so the value of everybody else's stock, when you sell for cheaper, the stock falls down. andal taking profits given that tesla has run up including that 12% rally after its stock split. but you had some positives overnight. elon musk is in germany visiting the site of his new giga factory. meeting with the german economy minister who apparently told musk he'll have everything in building it. 8,000 expected jobs there, it'll make batteries, power train and model ys, initially rolling out model 3s in the future. look how well they've done in china, you have to extrapolate that. stuart: tesla's down this morning. >> yeah. stuart: 7%. it's a volatile stock. now, another story for you and that's facebook. what are they doing, suspending political ads right before the election? >> limiting political ads for one week before the november 3rd vote and flagging any premature claims of victory by any

candidate. it takes a little bit longer this year, so facebook also taking down posts claiming voters will catch covid if they go to vote in person. they're learning the lesson from 2016. these moves were anticipated. social media, you know, fighting fake news around the world and making the announcement on his facebook page, mark zuckerberg saying i'm also worried with our nation so divided an election result potentially taking days or even weeks to be finalized, there could be an increased risk of civil unrest. but he does say that american democracy will prevail. zuckerberg has said political ads isn't really a big moneymaker, doesn't contribute much to the bottom line. twitter had already banned all political ads, and twitter has a much smaller audience than facebook. so i think only 186 million versus 3 billion on facebook. so, yes, facebook has a lot more influence when it comes to, i guess, trending --

stuart: yeah. well, i think it's a smart move because you want to avoid last minute hoaxes, last minute unprovable points that just crop up at the last minute designed to mess around with the election. that's not a bad idea. but the stock is down almost 2% right there. all right, we're hearing mumbles of a possible senate vote next week on a targeted stimulus package. remember, larry kudlow talked about this on the show yesterday. here is senator john barrasso, republican from wyoming. mr. senator, welcome back. >> great to be back with you, stuart. stuart: okay. listen to this, i put it to you. with two months until the election, there has to be a new spending deal. it's a political necessity. we're going to get something, aren't we? >> well, first, stuart, we are seeing the great american comeback happening right now. and the goal of the republicans in the senate is to, next week, move to the floor with a bill that's focused on specifically three things, and that is getting people back to work, getting kids back to school and getting the disease behind us,

in the rearview mirror. but i will make a prediction right now, and the prediction is that chuck schumer and nancy pelosi will continue to be a roadblock to relief and to recovery. when you look at what they're proposing, you can never outbid or outspend nancy pelosi and chuck schumer. they want $3 trillion, a trillion of it has nothing to do with coronavirus -- stuart: but isn't there, i mean, you've got to get -- it's a political necessity. isn't there a compromise coming here? republicans are okay with a trillion, speaker pelosi wants three trillion, you're going to have to compromise somewhere in the middle, aren't you? >> you need to find a way to get people back to work, kids back to school safely and the disease behind us. but what nancy and chuck want to do is direct payments to illegal immigrants, money for environmental justice, bailing out states that have been in problems for decades. republicans respect going to get

into that -- aren't going to get into that kind of a bidding war. we need to get people back to work, back to school, a path toward. joe riden talks about -- joe biden talks about shutting down the country again. we can never go backward. i'm in wyoming. people are back to work, there are help wanted signs up, people want to move forward. the country needs to move forward. you can see it in the markets, you can see the good numbers. we'll get more numbers out tomorrow in terms of employment. americans want the disease behind us, want to move forward. chuck and nancy want to spend much more money than is in any way realistic or responsible. stuart: i'll make a prediction, and we'll see probably next week, there will be a compromise, we will be spending some money, and you'll get together with the democrats somehow or other to come up with maybe a trillion and a half. i'll leave it at that, mr. senator. i may be completely wrong, and you're probably going to say, varney, you're wrong again, but we'll talk about it next week. mr. senator, thanks for joining

us. >> thank you. stuart: there's a lot of red ink on the screen right now. we're going to be down on the dow, the s&p and a huge drop for the nasdaq. the techs are really pulling back from yesterday's highs. take a look at the leftist rage mob and what they did to elvis presley's graceland. it's costing them -- graceland, that is -- $150,000 to clean that stuff up. we talk to the man in charge. he's going to join us in our next hour. speaker pelosi looks to bash the president over his virus handling, but apparently that same standard doesn't apply to her. watch this, you decide. >> leaders take responsibility, so he's a weak leader, he doesn't take responsibility. he places blame on others. i think that the salon owes me an apology for setting up. so i take responsibility for falling for a set-up. stuart: perhaps she doesn't know her own state's rules when she walked into a hairdresser or's

without a mask. we can't get enough of this. president trump's trade adviser, peter navarro, he's here. lots to talk about this morning, including bringing jobs back to america. navarro is next. ♪ look here, it's your very own all-in-one

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stuart: want to get back to all those ss that hit new highs yesterday, plenty of them, more than 70 in the s&p 500. now, not all of them were big tech names. not all of them. there were some utilities, there were some consumer goods companies and, yes, there were manufacturers. on that note, here is peter navarro. peter's with us this morning. peter, welcome to the program. good to see you again. >> been too long, my friend. good to see you.

stuart: i'm reading a headline from the leftist economic policy institute. trump has not brought manufacturing jobs back. you want to answer that? >> sure. we were able to go up over 500,000 manufacturing jobs when in the previous administration, joe biden and barack obama lost 200,000. you know, one of the things that really heartened me last week was the ism manufacturing index really popped up again. it's, i think it's around 56 now which is a very robust number, stuart. and i think that we are continuing to work hard to make sure that the men and women who work with their hands have good jobs at ooh good wages. -- at good wagings. that's a primary focus of president trump and mine. stuart: now, sometimes it seems to me that china is actually doing better than us i emerging from the virus. what's your comment on that? >> we are focused on defeating

the china virus. they are doing what they're doing. we we like our economy better than theirs. they have, obviously, a mercantilist, protectionist economy. ours is a free market, free trading economy. but what we're focused on right now, stuart, is getting folks back to work. i think some of the untold stories in this pandemic is how we're actually creating jobs and at the same time defeating the virus. if you look, for example, at the state of maine. you have in gilford, maine, a really big ramp up of the puritan company to make a swabs and scarborough, maine, one of my companies, abbott labs, they're tip of the spear for our virus testing. it was great news last week when abbott was able to announce the point of cower test, over 100 million point of care tests

we're going to be able to get into homes. so you see that and you see in rhode island, in arizona the n95 mask production. so what president donald j. trump loves to do besides do the mack -- macro stimulus is really go after the grassroots at the micro e level and create jobs whether it's shipyards in wisconsin or philadelphia or the panhandle of florida. stuart: what do you make of the cdc telling states, hey, get ready for vaccine contribution on a mass -- distribution on a mass scale november 1st, couple of days before the election? is that kind of a november surprise? it's a very aggressive timetable. >> so my role is the defense production act policy coordinator, it's pretty simple related to the vaccines. my role is to help make sure we have the delivery system for mass distribution of the vaccines whens it is ready.

so i'm focused on things like vials what thans like corning are making or injector systems that actually deliver the virus. that's all i know, and the one thing i know about this president is using the defense production act we have been able to engineer the fastest industrial mobilization, the biggest one since world war ii. and this vaccine development, if we're able to get to the finish line with it by the end of the year, it'll be done in the third of a usual time. and the way we're doing that is not cutting corners, it's simply doing this in a way where we're going through the trials but also preparing the mass delivery of the vaccines which would be very good news for the american people, stuart. stuart: i want to ask you about the house oversight panel that's investigating your cancellation of a ventilator contract with health and human services. can you give me an update on the status of that investigation? >> no, i can't.

i really have no comment on it. it's an investigation. the only thing i can tell you is that that contract was negotiated by health and human services, and they began investigating before anything that happened at the house. stuart: are you the tough guy in the economics department? [laughter] the economics section of the white house? [inaudible conversations] >> i'm a pussycat, stuart. here's the thing, i think of myself as a soldier for the greatest president in history, president donald j. trump. and particularly in this pandemic, my job is to do two things; to help this president save lives and help this president keep and create jobs. so that's what i focus on. and every day in my office we're doing, you know, 30 different things focused on that mission. and right now, for example, the strategic national stockpile, we call it 2.0, we've been able to

not only make it bigger and fill it, but also make it smarter. so as we fight this virus that's all i'm focused on. you know i'm a nice guy, stuart, just like you. stuart: you're a tough guy. we're going to leave it at that, navarro, no matter what you say. [laughter] >> not a bad thing to be in d.c. stuart: very true. all right, let's look at markets, here we go. this is pullback day. huge win yesterday, down 30 on the dow, ooh, a whopping loss, 180 down on the nasdaq. and, again, here is a deserted times square, new york city. ♪ ♪ introducing stocks by the slice from fidelity.

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♪ stuart: all right. futures again pointing southward, down 40 on the -- i'm sorry, the dow at 21, the s&p, 1ing 0 on the nasdaq. brian wesbury was talking about 32,500 on the dow by the end of the year. okay, that requires a trump win and requires an election result that's speedy, but what do you make of that prediction?

>> well, any kind of short-term prediction is going to be pretty difficult, and i respect brian for trying. and also i respect brian for being right an awful lot more than they're wrong. i mean, those guys have had a really good perspective, and this goes back to the financial crisis. they were calling for bullish outlook coming out of 2009, and they nailed that. here's the thing i find compelling about his forecast. the dow, until recently, had really lagged the other indexes that were doing better, and even now you have the equal weight s&p and a lot of the other ec is to haves that are -- sectors that are non-technology that have not participated to the same degree. so i think that you have plenty of opportunity to see other things that have been laggards still catch up. you still have half of the stocks in the s&p that are down, so seeing that continued improvement would not surprise me. but i'm not even sure, stuart, that it's just president trump winning, it's the republicans holding the senate. if there is some kind holdback

in the market around or the concerns of the corporate tax cuts going away and some of the other market unfriendly things that joe biden is threatening to do, all of that gets off the table if the republicans can just hold the senate. stuart: i just wonder if we're going to see anybody buying the big tech dip. huge runup in the last few days. a cup this morning. look at that, we've got on the screen this morning, all the big techs are down significantly premarket. i wonder, david, if people are going to be buying that dip. what do you think? >> stuart, i don't want you to get upset with me, but that's not a dip. [laughter] it has to be, like, 50% before it becomes viable. stuart: you're right. >> you think these things -- stuart: it's a pullback. >> it would rial have to be a significant dip to become compelling and buyable to the type of people that are bargain shoppers, dividend guys like me. stuart: that's right. [laughter] all right, dade, hold on a

second. we're going to open this market. let's see how we start things off. i know we're going to see some red ink right from the get go, but i am intrigued if anybody will come in and think that apple $3 lower is a bargain. we shall see. all right, here we go, 3, the, 1, it is 9:30 eastern time, it is a thursday morning and here we go. yep, we expected -- well, will you hook at that. [laughter] all of a sudden the dow goes up a few points. i expect to see that reverse but, hey, you never know, do you? maybe some people are buying that dip. look at this. now, in a couple of seconds' worth of business, we're up 19 points. dow's at 29,,000. where's the s&p? it's down a half percentage point, that's it. that's not much of a pullback. finish however, the nasdaq, i am convinced it is sharply lower, and i'm right, it is. it's down 1.5%, that's 188 points.

not quite a dip maybe, but certainly a pullback for the techs. here we're showing you the names of the main crag -- drags on the dow. those three combined cost the dow about 80 points. if it wasn't for them, the dow would be up. all right, tesla. can't ignore 'em, gotta keep covering 'em. down sharply in the early going, 7% lower. you got anything new on this? >> no, 3% down for apple is not a bargain to you, we're about 16% down for tesla since monday. that might be a bargain for some. post-split correction right now, down close to 16% from monday's record close. this would be the big three-day plunge for tesla since the middle of march when it lost over 33% of its value along with the rest of the stock market at the heights expect bottom of covid market. and you also saw stocks lower yesterday in the afternoon session when robin hood and the

sec investigation was leaked to the press. tesla la, by the way, is the most traded robin hood stock among retail investors. some might see this, as i said to you, 16% down from monday, it might be a bargain. stuart: you don't consider tesla a bargain when you're 72 years old -- [laughter] sorry about that. >> and a thousand when it comes price to earnings. stuart: i've got another one for you, intel, i believe they are out with their next generation of computer chips. the stock's not reacting that much. is it a big deal? >> well, look, apple's dumped intel after a 15 years dog, pulling the chips from their mac if, now making their own chip. look, intel needs a win here, and here's what you're missing, i think, they unveil the 11th generation of their flagship chip for laptops which will go with dells, samsungs and 50

other brands. they're the only chip company that manufactures and designs their own chips, right? if. stuart: okay. >> last one, by the way, this is what we call a unicorn in the u.s.st and they've ceded market shares to invidia and amd, no longer the world's biggest chipmaker. they need a win here. and the government also wants to keep them manufacturing because you want american innovation, technology, and you want to protect your intellectual property rights. this is important, but it also drags on delaying a lot of intel's chips. they're suffering as a result of it. stuart: well, intel is holding up, it's up two cents, whereas invidia is down $13 or 14. >> four straight days of records, so this is profit taking again. stuart: let's move away from tech, away from electric vehicles and go to costco. lauren, this is spectacular performance there. the stock's up. tell me the numbers. >> everyone's shopping.

another month of double-digit sales growth. for august sales at costco e 15% to $13.5 billion. in one month online sales up 101.9%. we're stocking up the pantry, stocking up the garage with everything you might need if you're stuck at home. take a look at the stock right now, yes, that is a record high for costco, it's up 22% this year. and the question now is can this momentum continue as businesses reopen and also as the stimulus, those checks from the government, taper a bit. so record high but only a half a percent gain today. stuart: i think it's a terrific company. it's a great store to go around in, and you can get free lunch every day. i mean, you've got it all at costco. [laughter] let's get serious though. campbell's soup, they're out with earnings. lauren, the stock's down. how did they do in the lockdown? >> this is such an interesting story. so they -- the maker of soup, right?

that's their main business. and they had problems getting the soup broths produced because of supply constraints. so because of that, the stock is down. they still had a good quarter, sales up 18%, $2.1 billion. and they expect demand to be elevated, they said, in the near term. finish other snack makers, pantry brands have said we do expect demand to fall off a little bit. campbell's soup didn't say that. they sell kettle chips and the goldfish crackers that the kids like? they had some issues with production and manufacturing there too, but they have address them. so, yes, this is a lockdown winner but not today. stuart: lockdown winner but not today. we've heard that been before. thanks very much, lauren. susan, got in another one for y. record on gun sales. what -- obviously, tell us why. >> viability protests -- violent protests. shootings and looting and gun sales jumping as a result, up 58% in the month of august from last year. highest number ever recorded for august.

1.8 million guns sold. but that's pretty much in line with the trend that we've seen all year long with august actually moderating from the early levels. so july saw more than a doubling, up 135%. june was even bigger, 145% jump. march, april, may, doubling from last year. now, of the more than 15 million guns sold so far this year, this is a very troubling and interesting statistic because one-third, 5 million, remain first-time buyers. stuart: why is that troubling? >> because it's obvious people do not feel safe, that's why. that's what it says to me. concerned about -- stuart: so you're not troubled by people taking safety into their own hands, you're troubled by the fact that they're unsafe in the first place. >> yes. stuart: that's a nice comeback. well done. [laughter] another lockdown winner, five below. the story, please, lauren. >> well, look at the stock, it's up 8%. they sell item for $a 5 or less,

so they're popular a because they're a discounter. they turn to profit, net income $29th 6 million. the current quarter is off to a good start and, get this, they're going to open up at least 110 new net stores by the end of this year, so that is encouraging investors, as you can see with that performance. stuart: all right. we're seven minutes in, and we have got a market that -- the dow has turned around, now we're up 31 points, but you've still got to be really big dip for the nasdaq and the tech stocks -- i'm just waiting to see a -- if anybody buys in. we shall see. the owner of the salon where nancy pelosi was caught breaking her own state's lockdown rules is speaking out. watch this. >> this isn't even political. it's the fact that she actually came in and didn't have a mask on. she's in there comfortably without a mask and feeling safe, then why are we shut down?

stuart: that owner has been part of the san francisco community for 12 years. now she's facing death threats. speaker pelosi says she, pelosi, deserves an apology. what a story. more on that coming up, for sure. a few weeks ago joe biden said he would listen to the science and shut down the economy again if the scientists tell him to but now another reversal. you'll hear all about that. it's another lockdown winner s and that is l e go. kids are at home, so no wonder sales are surging. we'll tell you just how much they are surging after this. ♪ ♪ so you're a small business,

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stuart: what is it, now, five, almost sx months that we're into this pandemic? there's a lot that do not know

and cannot tell when they're going to reopen and go back to work. lauren, tell me more about this. >> yeah. this is a conference board survey, and they find 35% of businesses have no idea when they're going to reopen. a lot of people said we're going to reopen after labor day. yeah, well, that's being pushed back. and, you know, if there's a vaccine available, will that change their minds? guess what, they don't really care about the availability of a vaccine. just 5% of buzzes say a -- businesses say a vaccine is guiding their reopening decisions. i find these findings pretty troubling. will companies, when they do open, be prepared? if you look further into this survey, not even half of have mans to do things like stagger the employee' shifts to maintain safe think. they haven't evened asked employees do you feel comfortable coming back, so i find this troubling and a sign of there's a long road ahead, stuart. stuart: i think there's the a liability problem here. you bring people back to work, somebody gets the virus and say

they you -- they say, you, the employer, you gave it to me, give me a million bucks. that is the problem here, no liability protection. >> and when there is a vaccine, will there be a corporate mandate that you must get the vaccine in order to return to that workplace. stuart: who knows? i mean, one simply does not know the answer, and we don't know when they're all -- >> you do know only 13% of businesses have been open during the pandemic. that's it. a tenth of businesses out there have stayed open. stuart: good lord. okay. not a good statistic, and that's a fact. >> moving on. stuart: yes, moving on here. [laughter] airbnb rejecting a plan from billionaire investor william ackman -- [laughter] >> formal. stuart: bill. >> yes, that's right. stuart: they are rejected his plan, why? >> we're talking about the hottest trend on wall street

this year, these are blank check companies that raise money and use it to invest in other companies which then takes the place on the stock market to trade. now, bill ackman has the biggest one on wall street, $5 billion, and airbnb, meantime, wants to ipo this year, so they want to raise money as well. ackman approached airbnb for a deal, they said it wasn't interested, it prefers the traditional a way which is sell stock to the public and raising cash and inning between. now, apparently, talks between airbnb and ackman took place before they filed for their confidential ipo papers. look, to pull off any type of ipo above $5 billion selling shares to the public, very few have been able to pull it off over the past decade. you can count them on one hand. you want to tell me? institute tooth no -- >> alibaba, uber and facebook

are the only three that have been able to successfully raise more than $5 billion in an ipo. and stocks are very popular this year. $30 billion has been raised just this summer. stuart: but airbnb says, no, we're not doing that. >> nikola and draft kings did,s and look how well they've done. stuart: very interested in airbnb. >> we use spac on the show now? stuart: i don't know, we might turn some viewers off. talk about the federal reserve and qe3. [laughter] we used to have a buzzer when anybody did that. thank you, susan. let's get to the investing app robin hood. they may be in some trouble with the sec. lauren, what kind of trouble? >> civil fraud investigate. investigators want to know if robin hoodies closed what is called payments for order flow, that's when a broker sells client orders to high-speed

trading firms. the practice actually made robin hood money and is responsible for half its revenue in 2017 and '18. but did customers know about it, that's the issue, because the practice is legal. was this disclosed? so robin hood could settle with regulators by paying a $10 million fine which is a slap on the wrist, but it's certainly another headache for the company. criticism it let these sophisticated high-speed traders exploit mom and pop, regular investors who are sitting at home during the pandemic trading on their phone. stuart: but it's mom and pop investors who get into this market and make some money. that's the way it happens. thanks, lauren. susan -- >> yeah. stuart: you've got another one here. i saw this headline. >> yeah. stuart: wait, wait, let me tell the audience, because i can't believe this. amazon drivers hanging smartphones in trees in order to get more work.

>> it's fascinating, isn't it? biggest high frequent su traders for -- trading for traders, but for am szob drivers. just a millisecond, that's all they're looking for. yes we, competition is that intense, in order to get a $15 delivery contract, we had bloomberg reporting several phones have been placed in trees located near where an amazon station and these deliveries originate in the chicago suburbs. so in order to take advantage of the proximity to the station, they combine it with software that constantly monitors amazon's dispatch network, and then they try to get the split second jump on competing drivers to get this order. i call this high-speed trading but for amazon drivers. stuart: they're competing with each other -- >> yeah. stuart: -- to get that $15. >> low tech. you don't have smartphones on the floor of the new york stock exchange to try to get the order first, but that's what you have to do. this has to do with the uber

program called amazon flex where uber drivers are then contract deliverers for amazon, and that's when they get these contracts, yeah, these freelance contracts. stuart: it's a whole new world to me. just -- >> that's how tough the jobs market is, right? people looking for work. stuart: or how intense competition is, the use of technology to give you a split second advantage. that's fascinating. >> it is. stuart: news on fedex. what, expanding sunday deliveries, holidays? >> which is necessary, right? especially as we are more, shopping more and more online and e-commerce. so look at their expanding their ground, at least fedex ground year round including sunday residential delivery to cover 95% of the u.s. population just ahead of the holiday season. you'll be getting a knock on your door on sundays. stuart: and the stock is up in an otherwise down market, certainly a nasdaq down market. fedex is up about

three-quarters of 1%. here we go, another pandemic winner we've found, and it is legos. their sales are surged. what's this? -- it's obviously a pandemic, the kids are at home, you buy them legos. it's a simple story, isn't it? >> yeah. but have you heard of a kidult? [laughter] it's a new demographic for l e gos. they also sell these channeling, expensive, complicated sets and9 adults are putting them together with the kids and, yes, that has helped, family play. lego sales up 14% in the first six months of the year. one more thing, stuart, get the buzzer ready. legos plans to sell four hand hour january sets to coincide with son two next month -- season two next month including a l e go baby yoda. stuart: no, or we buzz for qe3, we buzz for whatever else.

that poor old baby yoda, he gets too much -- >> he's so cute. stuart: okay, whatever you say. how about grandchildren? he's very cute. dud you see this? cnn business headline. the stock market thinks joe biden is going the beat donald trump. you know we're going to debate that, and we will after this. ♪ limu emu & doug you know limu, after all these years it's the ones that got away that haunt me the most. [ squawks ] 'cause you're not like everybody else. that's why liberty mutual customizes your car insurance, so you only pay for what you need. what? oh, i said... uh, this is my floor. nooo! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ [camera man] actually anyone 50 or over is at increased risk for shingles.

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stuart: i want to talk gas prices, and for that, we bring in the oil expert, and husband name stephen schork. i'm paying roughly $2.20 a gallon, and it's $2.23 nationwide. i call that dirt cheap. will we have dirt cheap forever? that's what i want to know. >> well, forever's a long time, but, yes, for the near future, we'll see cheap gas prices. we're now at the peak season with this monday's labor day holiday, that's the end of the peak season. september and october we always see a pullback in gasoline demand, historically around a 500,000-barrel a day pullback in demand. that's going to be exacerbated, of course, covid-19 mitigation protocols. also, stuart, when we get into september, october, we switch over to winter grade gasoline. that is cheaper to manufacture.

so we always get a discount through the fall. this discount's going to be greater than normal, and we're currently paying and will continue to pay gasoline prices at near 15-year lows. stuart: that's a wonderful thing. stephen schork, you've brightened up our day. wonderful stuff. thank you. >> thank you. stuart: come again soon, okay? i'll give you more time. if you've got a message like that. all right, still to come in the 11:00 hour, pete hegseth on biden's numerous policy reversals and "the wall street journal" or's khan henninger who says -- dan henninger who says the culture wars are back. speaker pelosi calling her visit to a shuttered salon without a mask a set-up. oh, we'll be back. ♪ for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today.

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installed by one expert technician, all in one day. we've been creating moments like these for 35 years, and we're here to help you get started. book your free virtual or in-home design consultation today. stuart: where do we stand after half hour's worth of business? plenty of red ink for the s&p and nasdaq down 200, the dow is up what, 54 points. individual stocks, look at these, boeing, jpmorgan, goldman sachs. they are three dow stocks all of them up. that is helping the dow. here are the stocks dragging it down, sales force, apple, microsoft, all of them way down. that costing the dow 100 points. without those three we would be up 150. not bad. services sector. we have the latest read. what do we have susan? susan: pretty good number.

56.9 pretty much in line what we were looking for in august of 50. anything above 50, this is way above 50, very important for services which makes up 3/4 of u.s. activity. stuart: no impact on the market. it stayed pretty stable with the 56-point reading on services. ashley is not here. he it used to be his favorite day of the week when he read out the mortgage rates, in lieu of ashley, lauren, what is the number. lauren: i will do my best. i will do my best. it is 2.93% for the 30 year rate up a tick from last week. it is historically low. last year at this time we were at 3 1/2%. freddie mac has a word of caution here. if you look at 10-year rate it is moderately moving up over the past month. that will make it tough for mortgage rates to continue to fall further. 2.93%, i'll take it. i don't have that, stuart. stuart: absolutely. as long as 3% or less, i'm a

happy camper that is a fact. a lot of green for the financials. the dow is to the tune of 37 points. now this. it is one of those restaurant incidents that pop up in politics. out of nowhere a bizarre incident grabs our attention. this time it is speaker pelosi's visit to the hairdresser. bizarre indeed. you've seen the video countless times. the salon was not supposed to be open. the speaker went any way. example of powerful people breaking the rules for everybody else. wait, it got worse. the speaker did not apologize. they didn't say she learned her lesson and would never do it again. no. she did the opposite. she says she was set-up. she says she wants an apology. the most powerful woman in politics, stamped on the woman who owns the salon, who by the

way has received death threats and hate mail. hell hath no fury like a speaker scorned this is priceless. a clear example of the high and mighty looking down on the rest of us. when found out, reacting with fury. it's a lesson in how not to respond when you're caught red-handed, doing something you've told others not to do. by the way speaker pelosi said president trump threatened peoples lives when he didn't wear a mask. my, what a turnaround. here is another lesson. we're fed up with your made-up rules that ruined society. if you can't obey them, neither should we. now listen to nancy pelosi playing the blame game. >> i take responsibility for trusting the word of a neighborhood salon that i have been to over the years many times. as it turns out it was a set-up. so i take responsibility for falling for a set-up. i think the, salon owes me an

apology for setting up. >> there is no way i could have set that up. i have had a camera system in there for five years. i mean i didn't go in there and turn cameras on as soon as she walked in to set her up. stuart: speaker pelosi threw the salon owner under a bus. we'll have more on the story coming up later. if you have not had enough already. big tech on a tear. big tech having a melt-up, not today. certainly in the recent past, melt-up. look who is here, gary kaltbaum, the man himself. bus the melt-up continue? >> i think so. i just think we have a near term changing of the guard. the technology stocks have just been going insane to the upside and i think apple and tesla splits may mark a near term high. the good news is, honeywell, 3m, even ibm, american express, all these dow names look like

they're starting up right now. i think the financials will play catchup. i think energy, industrials play catchup. i think the dow will outperform the nasdaq for a little bit of time. nasdaq is not done yet. a need to pull back probably 5%, then up again. stuart: that is very interesting, gary. earlier this morning on this show, brian wesbury, market predictor, he said, look 32,000 on the dow by the end of the year. let him say it in his own words. rolled tape. >> donald trump will win convincingly enough to not have a contested election on november 3rd. so i do think we will get there but i'm also optimistic about president trump getting a second term and not interrupting the policies that we've seen. stuart: gary, what do you make of 32,000 on the dow by the end of the year? >> you mean not 32,000 and 1? i think we're going higher.

i think we're going much higher. markets have momentum right now off of massive central bank intervention. i've been calling for the meltup two or three months. it continues. we'll play catchup. i would not be surprised if we go to 35,000 on the dow. not just 32,000. stuart: whoa. any advance on 35,000 he asks? >> i'm not a guy who gives targets but i know how things work in markets. i understand fear and greed and emotion and how much money is on the sidelines. and the central banks, with 20 trillion of printed money, calling for unlimited amounts going forward. you add them both together, you have a chance for climactic moves to the upside. i think you're seeing them in tech. i think other areas will get it now. stuart: fascinating. gary kaltbaum, you set us on fire. 35,000 on the dow. why not? gary, thanks for joining us. we'll see you soon. that's a promise.

let's get to tesla. today it is down 4%. the stock cooling off a bit of a getting a boost earlier in the week. 428 is the prison tesla. intel releasing a new laptop chip to counter apple in their feud. apple announced back in june they would stop using intel chips. apple is down three bucks. that has nothing to do with a fight with intel. that is pullback. the. >> >> 61 days out before the election. new polls show biden's lead over president trump is indeed narrowing. kiron skinner is here. you remind me of 1968, that is not a year you remember, back in those days, the silent majority was invoked by richard nixon and he won. you're invoking the silent majority in favor of trump is

that correct? >> yes, i am. and i must say, i was a child in 1968. i wasn't a voter, but i have written about that period. there are some powerful parallels. one, richard nixon was someone that many thought could not win in that year but he invoked law and order as a theme, as american cities were burning. they're burning again. but he also tried to broaden his reach, to black voters. and he talked about, it is not in vogue now, the idea of negro capitalism. we have ronald reagan later doing similar types of things but with donald trump, he is not using the rhetoric of race or identity politics but he is increasing his market share so to speak with black voters with, hispanic voters, in the context of talking about law and order and peace and security and

american cities. stuart: do you think he wins? >> i think he does and i think he wins perhaps by much more of a landslide than people would expect. maybe not a reagan landslide but african-americans and hispanics and other people of color and immigrants are very sophisticated voters but often they are look at that way by the democratic side which has taken them for granted for decade. donald trump is attempting to court those voters by providing opportunity, perhaps he could talk a little bit more about race. i would like to see that. i have said on your show that he can be the race president but if he does win, i think it is because he has delivered what people want, peace, security, opportunity. a sense of the future. a stake in the nation. stuart: okay. >> that is not really being

offered right now by the biden campaign. they're talking about covid-19 and trump's failure. but they haven't even given us a race policy. stuart: you brought up the issue of biden and a race policy. he is coming out of his basement. he is going to kenosha today, having said he would not go. he reversed that. now he is going. what do you make of that? >> i think he has to go and donald trump understood the importance of that moment for the nation, for that local community. and he went there, both as a president and as a presidential candidate. i don't think biden would have dared go to kenosha had trump not gone. so he is trailing behind. what will he say? when he visits there? you know, his vice-presidential candidate, kamala harris, only months ago declared joe biden a racist.

now he's not but they haven't figured out what they mean in that broad space where they expect voters to organize around them. let's watch kenosha very carefully what biden's visit. stuart: yes, indeed. we admire your analysis kyron. don't be a stranger. new york city deserted. governor cuomo blossomed president trump. >> president trump has been trying actively to kill new york city ever since he has been elected. stuart: he didn't stop there. governor cuomo also seemed to issue a veiled threat towards the president. "wall street journal" dan heninger here on that subject next hour. attorney general bill barr, protesters are traveling one city to another it incite violence. watch this. >> is that illegal what they're doing? >> crossing state lines to engage in rioting is.

federal offense. stuart: the president now says he is investigating this. we'll bring you the details. first though, americans for tax reform, grover norquist. he is here. he doug up jfk's stance on taxes to prove how far left the democrats have drifted with biden. you will hear it all after this. ♪ we love our new home. there's so much space. we have a guestroom now. but, we have aunts. you're slouching again, ted. expired, expired... expired. thanks, aunt bonnie. it's a lot of house. i hope you can keep it clean. at least geico makes bundling our home and car insurance easy. which helps us save a lot of money oh, teddy. did you get my friend request? uh, i'll have to check. (doorbell ringing) aunt joni's here!

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stuart: well joe biden is getting out and about leaving the basement and slamming the president over how he failed to help businesses during the pandemic. hillary vaughn has a report on

that. what exactly did joe biden say, hillary? reporter: good morning, stuart. what biden said yesterday the small business loan relief program aimed to help small businesses during the pandemic that remain shuttered did not actually help small business. >> look at money passed under the cares act for businesses. small businesses, able to stay open. you got tens of thousands of them going out of business, many of them permanently. why? because the money didn't get to small businesses. reporter: but the data doesn't agree with that. analysis of paycheck protection program oaf five million loans approved. average loan size $100,000. 87% of loans were $150,000 or less. not a big money bail out biden is saying to big business. biden is on the way to kenosha following in the footsteps of the president. biden accused of president trump

hoping angle dust firsts out looting and businesses rocked by riots and not doing anything to help them but president trump just this week pledged four million dollars in federal funds to help businesses in kenosha rebuild. biden also joked yesterday, stuart, that he want as fact checker on stage at the first presidential debate to fact check trump but it seems like that might also help him as well stuart: sarcasm is a low form of wit hillary, that was good. really like that one. thank you very much indeed. during this race, campaign and race, joe biden sometimes compared to other democrats including a comparison to john f. kennedy but i want you to listen to this to see if they sound at all similar. roll tape. >> such a bill will be presented to the congress for action next year. it will include an across the board, top to bottom cut in both corporate and personal income

taxes. >> guess what if you elect me you're not, taxes will be raised, not cut. >> corporate tax rates must also be cut to increase incentives and availability of investment capital. >> i would raise the corporate tax. stuart: i think you heard that. grover norquist is with us. seems like it froze. grover, welcome to the program. >> good to be with you. stuart: this is not a very -- democrats back then in the in the 19680s from the democrats in 2020. >> it is different, president kennedy made a point that the reason you cut the corporate income tax and income taxes across the board, no discussion of fairness or you know, who gets more or something. all about american competition and competitiveness in the united states and to get more

investment in to businesses to create more jobs. he made for his across the board tax cut the same arguments ronald reagan did, the same arguments trump did and biden spits at that history if it didn't exist. doesn't seem to understand how dramatically to the left the modern democratic party has gone and hostility they have towards the idea of more jobs in the private sector. stuart: look, i'm with all the way, grover. you cut taxes, you grow the economy. i think there is a fairly simple relationship between the two, but there is a fly in the ointment so to speak and i think that is the deficit. it will hit $3.3 trillion in this fiscal year. largest deficit since world war two. i believe that is setting up problem down the road, isn't it? >> spending is setting up the problem. it doesn't matter very much how

you pay for too much spending. whether you take it out of people's paychecks now or take it out of people's paychecks later, they're both destructive of growth. it is spending that is the ultimate cost of government. you can borrow some of it. you can take some of it by force today or later but it has gone from the private sector. not available to be invested or keeping jobs. we want to keep spending down. the reason the democrats talk about the deficit. they have a solution to the deficit, higher taxes. when you give them more money in taxes they spend more and increase the deficit rather than cut it. stuart: i think they're going to come up with a new monetary theory or whatever it's called where deficits don't matter. you just print the money. >> that is called keynesian. excuse to spend too much. this is another name for excuse to spend too much. the answer is no. stuart: grover, i'm sorry to cut this short. i have to get back to market

coverage. we've got, i will call this a plunge right now. look what is going on here. of the nasdaq is down 300%. that is down 2 1/2%. the s&p is down 47. susan, can we just call this profit-taking? susan: i think so. if you look where tesla is trading, we're down 1% in the last three sessions since record highs we saw on monday during the day post-split. also for apple as well. look how the stock is trading and the price action we're back down to the split levels. this is a bit of profit-taking. also rotation to value. i will get to the value plays in a bit. zoom video which helped a lot of work from home play, slacks, docusigns of the world but some profit-taking today. yesterday it was down close to seven, eight, 9% as well. zoom saw that surge, that was ridiculous one day rally of 45% on tuesday after blowout

earnings when it tripled its sales from last year but look, here is where growth is switching to value. you want some dividend-paying stocks, like at&t's which pays out healthy 6, 7%. jpm, pays 3 or 4%. stuart: i want to see if by the end of the day, you have buyers creeping in to big tech this is a significant decline a significant pullback. every other time when we've had these pullbacks before, you jumped in, you made money. will people do that today? will they make money? i don't know. i will not answer the question. susan: it is also narrowing the gap between the dow and nasdaq, the dow crossed 29,000, widest gap by the way going back to the '80s. stuart: we're still falling. nearly 200 down for the dow. nearly 300 for the nasdaq. let's talk match.com. why not? i think it's a winner, pandemic

winner. is that right, lauren? lauren: it is up 43% this year. singles are looking to connect more than ever. hard to do that in a covid world. they're doing that virtually. so there are reports that bumble, where the woman sends the first message, that they might ipo early next year, speaking of valuations, high as $8 billion. speaking of video dating, bumble's video dating surged 93% in the two weeks in march once the national emergency was declared. it is unbelievable. stuart: what is bumble again? bumble? lauren: it's an app. it's like tinder but the woman makes the first move. the woman approaches the man on the app. stuart: whatever you say. sends the first message. i will leave it right there. match.com. that is profit-taking after a

big run-up during the pandemic. joe biden get back to him. slamming president trump for shuttered schools. really? watch this. >> president trump and his administration had done their jobs early on with this crisis american schools would be open and be open safely. stuart: wait a minute, wait a minute. the president has been pushing to reopen the schools for months. i will talk to the rnc about that next hour. number for you, it is $40 billion. that is how much the commercial drone market will be worth come 2023. we have the maker of a fully all-american made drone on this show next. ♪

i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪ there's an art to listening. it's the ability to hear more than what's being said. to understand the meaning in every pause. and to be able to offer the answers that make someone feel truly heard. i understand, let's get started. that's what you get when you talk to a dell technologies advisor.

and then found the home of my dreams. but my home of my dreams needed some work sofi was the first lender that even offered a personal loan. i didn't even know that was an option. the personal loan let us renovate our single family house into a multi-unit home. and i get to live in this beautiful house with this beautiful kitchen and it's all thanks to sofi. stuart: let's be clear, ladies and gentlemen, that we are in selloff mode at the moment. no real surprises after the tremendous runup we had the day before and day before after that. in particular, look at nasdaq. that is the best part of 3%. no surprises, susan, nasdaq home of technology, technology did the best.

susan: let's extrapolate to look at individuals. tesla down 17% over the past three sessions since the record high monday post-split. 17% is the biggest three-day drop for tesla back to the march lows with the pandemic levels selloff. we're looking apple is down closer to their split levels than where we started monday as well. call this profit-taking. but you're still up big this year, up 70% on the gains for apple and for tesla, 400%. stuart: you're still up. you're still up. will anybody buy the dip? i keep asking that. apple down five bucks. google down 44. susan: 3%. stuart: okay. amazon is down 102. facebook is down 10. if i if i want own the stocks i want to know how many dollars i lost. i understand percentages give perspective, those are big drops. susan: let me make the point we pushed through dow 29,000 yesterday, first time in seven

months. some would way the dow is narrowing the gap with the s&p 500 which is widest since 1932. why? they had to rejig the index because apple has gone so big. they were going through the stock split. they threw in high-flyers, like amgens, sales force and threw out raytheons. that might be helping dow narrow performance this year with the tech-heavy nasdaq and s&p 500. stuart: thanks very much indeed. good tap dancing while i was talking with the producer. very good. let's look at example's soup, lockdown winner. two billion dollars worth of soup and a few other things they sold in just a quarter there. the stockdown 3%, in line with the overall market. costco, please, don't tell me that is down, it is, down a buck. .3%. their sales jumped 15% from that month in the previous year. they have sold 13 1/2 billion

dollars worth of stuff in one month. spectacular. they're down a buck. not too bad. some companies working on a virus, show me please. peter navarro was on the show last hour. we were talking to him about getting a virus distributed, i'm sorry, getting a vaccine distributed by november the 1st. here is what he said. roll it? >> one thing i know about this president is using the defense production act we have been able to engineer the fastest industrial mobilization, the biggest one since world war ii and this vaccine development, if we're able to get to the finish line with it, by the end of the year, it will be done in a third of the usual time. stuart: okay. speedy but by the end of the year. listen to this. dr. fauci just said that it is unlikely we will get a vaccine by the end of october. not impossible, but unlikely. that may have moved the market a little bit. the market went down more when

he said it. we'll see about that we're down 170 on the dow. a couple of retail giants really clashing, over delivery i think. walmart announced premium delivery subscription in direct competition with amazon. anything new on this. susan: you brought up costco. huge sales, blockbuster i would say for costco in the month of august that shows that retail is going online. you know costco doubled their online sales from last year, up over 100%. walmart and amazon, they're taking that even one step further with subscription delivery. so walmart plus was announced this week. compare them side by side. 98 bucks a year. cheaper than $119 for amazon prime. that works out 12 bucks a month for both. prime offers 30-day free trials. walmart 15 day. same day delivery on orders over $35. grocery on both. you get cheap gas on walmart, 5% cheaper at pump. it depends what is more

important to you. amazon prime is way, way ahead. 112 million subscribers at the end of last year. amazon prime was introduced in 2005. so they have a 15-year head start. is walmart big enough and are they innovative enough to try to make to narrow that difference after ceding a 15-year head start. stuart: i don't think of walmart or costco as online guys. susan: they're trying to change that. they're trying to change your mind-set how they're viewed. stuart: they're doing quite well, as you said, costco doubled online. they're doing well with that. much they're down a buck 83. susan: point out latest news on ticktock by the way, the reason why walmart joined the bid, we might get a deal next week. stuart: all good stuff. thank you, susan. late news there. the commercial drone market continues to grow. barclays says the industry as a whole worth $40 billion in sales come 2023. george mattis is back with us. the founder and ceo of teal.

he has an all-american made drone and you talked about that last time you were on the show because you have a contract with the pentagon. got it. now you want to use this drone, it is called the golden eagle i think for commercial delivery, do i have that right? >> that is exactly right. we are empowering american businesses with super capability abilities. golden eagle is better than chinese drones with software and military grade, made in america. it is a flying smartphone. stuart, promise you can fly the thing like a professional because it is so advanced. stuart: you've been listening to susan here. you know i'm not technologically advanced. saying even you, stuart varney can fly the drone. here is a serious question. can your drone, could it take off, make a delivery someplace, go back in the air and then make

another delivery someplace else? in other words multiple deliveries, can you see that happening? >> absolutely. that is able to happen right now. the future is here. stuart: oh. i see. there you go. straightening stuart varney out about technology here. but it is all american, made entirely in the united states? >> that's right. we were actually the first company to mass produce that category of drone domestically. today, you know, we work with government and fortune 500 companies with things like reconnaissance, public safety, infrastructure inspections. one thing i would like to quickly touch on, not many people know that chinese drones completely infiltrated our country, stealing critical data, sending them back to china. we basically funded chinese military by producing their drones and becoming dependent on them. we want to build the industrial base and keep america great. stuart: good man. we're with you on this one.

that is for sure. thanks for coming back to us, and seeing us again. we'll be back to you at some point in the future. >> thank you, stuart. stuart: air force one will be getting a big boost in speed. it is the president's plane, air force one. what are you telling me, lauren? it is going supersonic? susan: exactly. so the pentagon just awarded a research grant to a company called xo sonic. they're developing a low boom, quiet, muted, supersonic, this is a quote, executive transport aircraft that will allow leaders like the president of the united states to travel the world in half the time. no timeline when this would be ready. if president trump gets another four years i think he will have a lot more meetings with leaders in person. on supersonic air force one. stuart: i would actually guarranty in four more years, if the president is reelected, he will want a supersonic air force one. i absolutely guarranty that. he will not be outgunned on

air force one. susan: i'm with you. stuart: thanks, lauren. show the shot again. sixth avenue, new york city. not exactly busy is it? coming up we have a guest, bring the people back to the office. remote work she says is killing the trillion dollar economy. elvis presley's iconic graceland vandalized by protesters. the damage, extensive. i will ask the owner how much will it cost to repair that thing. mower varney after this. ♪ it's not "pretty good or nothing."

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stuart: yes. it is a selloff. you can tell from all the red ink we've got there. the dow is down 240. the its low was down 208. the nasdaq is down more than 3%. that is a loss of over 378

points. the loss here, especially for the nasdaq is concentrated in the big techs. can we show them please? yes, we can. apple is down six. amazon down 117. facebook is down $11. the big techs have run up like crazy recently. today they're selling off. i will repeat my question. what do you think, susan, by the end of the day will we see anybody coming in to buy this selloff in the big techs? susan: i think we lifted a little bit from the bottom, haven't we? maybe -- look it is end of week heading into a long weekend. that is whether people want to reduce holdings and risk. they don't want to hold it when you can't sell with markets closed. there is labor day impact as well. stuart: i think you're right. labor day weekend is something to watch out for. next case. something completely different here. i want to show you elvis presley's graceland, vandalized. it happened. covered in graffiti.

messages include, defund police, abolish i.c.e. blm. black lives matter. joe runs the elvis presley enterprises. joe, we're very sorry to see that kind of damage to your place. it will cost 150,000 bucks to fix it i believe. any idea why they picked on you? >> listen graceland is a worldwide mecca. there is nothing more american than graceland. i think it was done for the purpose to get publicity. it wasn't about grace lend. there were not any elvis or graceland graffiti t was a couple of people who are looking to cause trouble. stuart: okay. you've been open i think since may of this year. >> yes. stuart: how did you do? how is business? i think, do people have to walk around in masks? that would kind of put me off but how is business? >> you know, it, we've been working with the shelby county health authority. obviously there are less people

and certain restrictions. the experience is probably better than you have ever had. if you ever been to graceland, sometimes you have to wait for hours. people are going through the mansion very quickly. there are four or five, 600 people an hour going through the mansion. what i tell people, when george bush met, brought the prime minister of japan to graceland, they got a presidential tour, it is almost if everyone is getting a presidential tour. the business is actually faily good. it is within limitations. we're doing pretty good business. people are coming. it gives people an opportunity to see what's best about everything american. elvis, when you talk about america being great, elvis made america great. stuart: i just want to use you as an indicator for a second. do you get the impression we're opening up gradually. people are getting more confidence, getting out and about more, is that reflected in your business? >> i think it is. people for the first couple of

weeks, it was a little bit slow. now it is pretty much a percentage of the business that it was. you know, we just announced the miss usa pageant. the tickets sold out in a very few minutes. we have waiting lists five and six times as amount of tickets we were able to sell. we're seeing that people really do want to get out. they want to feel safe. you know what means something different to everyone. at grace land we have the responsibility to make people feel safe in the neighborhood with the experience. you know, having a little bit of distance. there is nothing wrong with that at this point. but people definitely want to get out. stuart: we hear you. joel, thank you for being on the show. dreadful graffiti. hope you can clean it up fast to get into business. >> it is already done. stuart: thank you very much indeed. good stuff. mr. joe biden's lead in battleground state in pennsylvania is shrinking. the president is headed back to that state later today.

our next guest is going to be with him. pennsylvania congressman dan muser. he will join me in the next hour. attorney general bill barr says protesters are traveling from city to city to incite violence. i'm asking congressman ken buck for evidence of that. he's next. right now, the worst place to be is stuck in-between. accelerate your investments or pull back? change the plan or stay the course? that's why northern trust is here. with specialized expertise... a history of success through every economic climate... and proven strategies rooted in data and analytics. giving you more control. clarity. and confidence. for now and whatever's next northern trust wealth management.

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>> we know people who are flying around the country. we know where they're going. we see some purchases they're making before the riots of weapons to use in those riots. so we are following them. >> is that illegal? is that illegal what they're doing? >> crossing state lines to engage in rioting is. >> in an interview -- >> federal offense. stuart: you heard it. that is the attorney general of the united states of america, bill barr. protesters traveling from city to city to engage in violence. that is a serious thing. a serious charge laid there by the attorney general of the united states. here is republican senator, sorry republican congressman colorado ken buck. ken, thank you very much for coming on the show. now the attorney general was laying out a serious charge

there. do you know of any evidence for that? >> well the attorney general has the evidence. the attorney general mentioned what it is. we have got an organized effort, individuals, more than half of the individuals who were arrested in kenosha were from out-of-state. many of them from the west expose. they traveled there. there was funding for them to travel there. and, i have full faith that the attorney general and the department of justice are going to find out who is behind these rights and investigate and hopefully prosecute those individuals. stuart: do you think we'll get some kind of an investigation decision bit election? -- by the election. >> i don't think we'll get it by the election. i think we will have it soon after the election. i do not know where we start charging people right before, used as democrats as some sort of, republican rps trying to play political games here. so i think that, what's necessary to do a full and

complete investigation, make sure it's fair, make sure the individuals who were charged that there is plenty of evidence to convict them. stuart: i just want know what you make of this move to relocate -- this is the mayor of washington, d.c., suggesting the relocation, i think that is the right word to use, the relocation of the washington monument and jefferson memorial? i know you have written about this, but i can't think after bizarre suggestion. what say you? >> absolutely crazy. a commission was formed and reported to the mayor of washington, d.c. and she accepted their recommendations and talked about, in favorable terms, enacting their recommendations but to take the washington monument out of washington d.c., is just crazy. would result in many fewer tourists being interested in going to washington, d.c. it really is the character of washington, d.c. stuart: what is really going on

here? this is going on across the country. the founding fathers are now being removed. what is this? is this an attempt to rewrite history or obliterate history? are we saying that america's a bad place because of our history, so get rid of history? is that what is going on here? >> well, i think what is going on is, that the far left, and i don't want to include democrats in this group. the far left. the fringe of the democrat party, is trying to rewrite history so they can enact a socialist agenda. you can't enact socialism in a country like america that has a constitution, as we do, and has a long history of free markets and capitalism. and in order to get that done, they have goat got to deny. slavery was evil and many of our founders engaged in an evil practice that doesn't mean they didn't create a magnificent

country with a brilliant structure. we should celebrate those things. stuart: ken buck, sorry to cut it short but we have a selloff in the market. thank you. >> thank you. stuart: it's a selloff. dow down 300 moments ago. nasdaq down 400 moments ago. the s&p is down as well. that is extraordinary selloff after an a runup this week. i want to look at wayfair, it was, it was a pandemic winner, but i got to say that looks like profit taking to me today. lauren: yeah, it's profit-taking. to say it was a pandemic winner was an understatement. the stock was over 200% on the year. it is down sharply now. it is down 15% in the past five days alone. look, the company said they added five million new customers. that is grate.

how many will be repeat customers or using wayfair where you can buy stuff for your home as a one-offer pandemic shopping experience? whereas you consistently go to walmart or amazon? this is profit-taking. investors questioning how long the gains for wayfair can less. stuart: fair question. fair question. down as you say, down 15% in the week. still to come. pete hegseth is fired up about a lot of things, including speaker pelosi and joe biden. he is really fired up. heather zumarriaga, market watcher, she says the entire stock market will sell off big-time if joe biden is elected. pennsylvania congressman dan meuser, will be with the president in pennsylvania on that campaign stop today. we'll be back with all of them 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: lots of red. that means we are in selloff mold. down 300 on the dow, down 400 on the nasdaq, down nearly 70 on the s&p. look at the tech stocks, very significant pullback there. all of them way, way down. that, of course, drags the nasdaq down. now, susan, we've been saying all morning that this is profit taking in tech, but it's across the board. >> it is across the board. right now we have technology, communications, consumer discretionary. the googles of the world and the amazon, those are the sectors leading the declines, and right now the nasdaq is on track for its worst day since june 11th,

the dow since i guess in july, july 23rd, to be exact, and the s&p since the end of june, so june 26th. stuart: what were you saying earlier about there's a three-day weekend coming up, and that may be why some people want to get out. >> monday will be a holiday, markets will be closed, and wall street doesn't want to hold this type of equity risk heading into a longer weekend when you can't trade out of the stock on a closed session like on monday. and especially especially in light, by the way, of the employment report. people are heading out today, maybe they want to cap some of the profits and close up their books with an unknown uncertainty around this employment report which should be good, by the way, because the economy probably added around 1.4 million jobs in the month. however, we did get jobless claims better than anticipated, less than expected at 881,000. and another bright spot, that's the u.s. economy is recovering, productivity growth in the

second quarter higher by 12%, the fastest we've seen since 1971. i mean, that's going back a lot of years. however, again, you've made some pretty good money especially after the stock splits of the apples and teslas on monday and zoom, that 45% rally in one single session. stuart: the nasdaq is down 437 points, session lows. if you start to see it come back to less of a loss -- >> yeah. stuart: -- that might mean that some people are dipping their toe back into the big tech waters and buying the dip. >> and we're seeing that, because we were down almost 5, 5.5%. so we've come back a little bit. stuart: yeah, we have. >> there's been a rotation from tech and hue will -- high-flyino growth sectors. boeing's up as well, and utilities where you get that constant paying dividend and a cash flow. stuart: all right, susan ors thank you very much, indeed. now this.

will the real joe biden please stand up. he's done so many reversals. he changes course frequently. he's a fine politician. here's a short list of recent changes. he said he would actively campaign after labor day. that's changed. his basement strategy was widely criticized, now he travels. he avoided talking about rioting and looting. now he's addressed it but only after the president goaded him into it. a week ago he told abc news that, yes, he would do another virus shutdown of the economy. well, he's walked that back. now he says he doesn't think that will be necessary. he has an aversion to answering questions. a couple of days ago, after a brief speech, he walked off the stage without answering reporters' questions. but the next day, after withering criticism, he answers questioned. during the democrats' debates, he agreed with bernie sanders,

and he sure seemed opposed to fracking. ah, but in pennsylvania, a big fracking state and a key electoral state, he walked that back a little. he will only ban it on federal land are. how far can he go with these reversals? who knows? but his campaign is heavily influenced and dependent on bearmy sanders, aoc, kamala harris, the squad, the far left. they won't let him backtrack on massive tax increases, the fantasy land of the green new deal and the return of maximum regulation. they won't let him change course there. he may want to change course on socialism, but the socialists won't let him. i wonder what pete hegseth thinks about all this? because he's here. it's thursday morning -- >> hey, stuart. stuart: look, he cannot reverse course on socialism, can he? because it's the socialists who are pushing him forward. >> of course. it's, you know, we've used the analogy of the trojan horse which is accurate but dated. it's more like a school bus, but he's not even the driver.

he's, like, in the front seat trying to tell the driver where to go but t not quite sure where it's going. bernie is there, and everyone in the back is actually dictating where they actually land are. here's the big difference, here's why you see the flip-flopping. joe biden is the quintessential politician. that's what we've had. that's what we've elected, and it's what we rejected in 2016. someone who looks around, takes the temperature, takes the pulse, reads the polls, looks back at his advisers and says should i say that? should i change that? what are people thinking? what are people saying? that's not leadership. and love him or hate him, donald trump has a perspective about how he reopen, about empowering individuals to make their choices and not national mandates that he doesn't bend from which they try to pin him down on, but you can't pin joe down when joe doesn't have a position. he used to be ad moderate, now he's a shell full of terrible leftist ideas, but he tries to

do the politician thing. in the digital age, you can't get away with that, stuart. stuart: got it. you know what's coming next, don't you, pete? you know what we're going to revisit -- >> hair. stuart: yeah. [laughter] speaker pelosi claims she was set up after being caught in a salon not wearing a mask. watch this. >> i take responsibility for trusting the word of the neighborhood salon that i've been to over the years many times. as it turns out, it was a set-up. so i take responsibility for falling for a set-up. i think the salon owes me an apology for setting up. stuart: what do you say to that, pete? [laughter] >> wow with. what an amazing turn-about. this is the perfect example of the ruling class believing that the rules, of course, don't apply e to them. and the most revealing thing about this is it shows the true belief of someone like nancy pelosi which is don't tell me

what to do. i know if i'm safe. i can make my own choices. which is all -- every hair salon owner and gym owner has been screaming from the rooftops, uma free person who can take my own protocols into play one person at a time, whatever it is. i don't know how she -- she's not going to get away with saying this is a set-up. it's the opposite of a set-up. she stumbled into being exposed. the hair salon owner's been very articulate about this, and this is the kind of stuff that enrages people, stuart, because they get it. listen, i had to open a salon in my garage. it's called clips and cuts. i call it that because you're going to get your hair clipped, but you might get cut because i'm not so good with the scissors. it's had a few oops, but i'm doing the best i can. stuart: you bring a smile to myself. well done, son. i don't know how you do that. >> thank you, sir. stuart: see you again soon.

>> you got it. stuart: that, i believe, is the low of the day for the dow, down 478, 480 points on the downside, 28,600 now. good time to bring in market watcher heather superrag georgia. look, for we go to -- we got a prediction that the dow's going to go to 32,000 by the end of the year. what do you think's going on in the market right now? >> look, i think you're seeing the selloff further increase because i think this is the first day i've been on in a long time where the market hasn't been up. so you have a lot of day traders in the market right now, a lot of that new money from apps like robin hood and other low commission, almost free trading platforms. and they are not buying retail investors. they've been waiting for the markets to sell off because they're going to take some profits, and you're going to see it have a domino effect, potentially, because they're in it just to make a quick buck,

and that's why you're seeing the selloff continue. stuart: just further down, this is the start of a new serious downside move, or is it just a one or two-day blip? which is it? >> look, i do think you'll see some more selling in the nasdaq, and whether this is long-lived or not depends on whether or not we get a rotation from the technology sector into -- out of growth, into value. so maybe financials and energy takes some leadership here, for example. but if you don't see that happen, frankly, to i've been waiting for a pullback because i missed it. so i really want the pullback to happen so i can get back in. stuart: okay. are you going to to buy this dip? if it's a pullback, and it is, are you buying? are you going to buy today? >> oh, absolutely. not today. i think it would make sense to wait over the weekend and look if people are looking ahead to biden and the election, biden is leading in the polls, and that impact on the market, what that may or may not have. i want to wait a little bit. stuart: okay.

we had on the show earlier this morning brian wesbury. he made a bold prediction, 32,500 i think it was on the dow industrials by the end of the year. -- notwithstanding today's selloff, that's where he thinks it's going. and he does say that means trump's got to win, and it's got to be a regular election with a firm result. if you get those two, he says 32,000 on the dow. what say you? >> oh, absolutely. look, on a day like today, you're not seeing that or feeling that type of optimism as the markets sell off, but if president trump wins re-election, he has made it very clear throughout his whole term that the stock market is very important to him. over half of americans own stocks either outright or through your retirement, a pension, 401(k), and i think he's going to keep the momentum going as best he can. stuart: totally separate subject. working from home. you say it is killing the office

economy, the trillion dollar office economy. i think you're right, heather. >> yeah. unfortunately, tens of millions of people that still kept their jobs in march are now working from home, and a lot of them aren't going back to work. whether you want to go back to work or not, twitter has said people could work from home permanently, facebook allowing half of their workers to work from home over the next decade. and, look, there are pieces of economy that suffer from that. you're not running to starbucks, you're not running to the dry clearances to clean your suits. you see j.crew and brooks brothers that are going bankrupt, and look at the effect that it's having on travel. over 60-70% of travel is business travel. so people aren't flying, and that's having a dramatic impact on the airliners as well as american and united have to lay off workers. stuart: heather, i think you're absolutely right on that one. the office economy is really

getting clobbered, and will be for a long time to come. >> i need to go back. yes, sir. stuart see you soon, thanks. take a look at facebook. i don't think -- look, there's a selloff going on in facebook, obviously, it's down 5%. they announced early this morning they won't allow new political ads on the site the week before the election. i don't think that's the reason for the selloff, i think facebook is just caught in -- you think -- >> no, i totally agree. yeah, don't forget, facebook i think the levels that we saw was above $300, at a record high. stuart: it was. now you're at 287, down $15. that's 5%. big drop there. fedex, show them, please. i think it's -- well, it was up earlier. got some positive news there. they're expanding sunday delivery service to about 95% of the country, and it starts next sunday. all in preparation for the holidays. the stock was up, that's good news for them, now it's down $3. call it caught up in the general selloff.

what in the devil's going on? norwegian cruise lines is up in a huge down market. can you explain this, lauren? >> okay. so a lot of the travel stocks, the cruise lines as well as the airlines, they are higher today in a dramatically lower market. i'm going to give you two reasons for this. for the cruise lines, carnival, their european branch, they're going to set sail this weekend. that is encouraging the entire industry. there's also rumors that we're coming into this three-day hold draw weekend -- holiday weekend, maybe we will see some sort of rescue package, second bailout if you want to call it for the travel industry ahead of the long weekend. it is just chatter, but we are seeing these transportation stocks that have been hit so hard rise on a day when most everything else is selling off. stuart: well, i could see selling -- talking some profit out of a big tech company, shooting it into a cruise line or an a airline on the off chance that you'll get a two-day 3% bounce, and you make some

serious money. i could see doing that if i were a day trader, which i'm not. [laughter] can't do that. all right. the feud between president trump and new york governor cuomo hitting a new level. watch this. >> president trump has actively been trying to kill new york city ever since he's been elected. stuart: actually got much worse from there. that response came after president trump threatened to pull funds from what he calls lawless cities. "wall street journal"'s dan henninger weighs in on the feud, coming up. and we have joe biden saying how schools are facing a national emergency, and he blamed it all on president trump. but hasn't the president been pushing to reopen the schools for months? we'll deal with that next. ♪

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stuart: i think at the low of the day. we're down 700 points on the dow, that's 2.5%. 28,373. on the phone, greg smith. first question, greg, is this the start of a big downside move that will last, or is it just a temporary selloff? which is it? >> well, good morning, stuart. i mean, we went from a situation in the last four weeks where we have the buyers are higher, people were buying every dip. as i said before, every morning we woke up it was like christmas with the futures bid up. today it seems like capitulated, blood in the streets, and the old axiom is you never buy the first rally. is so right now i think we see a big rotation out of technology into more defensive stocks, and there's really a buyers' strike.

you've seen stocks -- stuart: okay, prices so far down s and we're talking percentage losses here, would you buy any of these stocks, the big name tech stocks? would you buy any of them today on this big dip? >> i think you've got to wait. you don't buy the first rally. you've got to weight. you certainly have capitulation and blood in the streets right now, and i'd rather pay up. there's a little stability in the market, and i'd rather pay higher than trying to catch them at these prices. stuart: so you're not doing a thing until maybe next week? >> i'm sitting on my hands watching the action, waiting for prices to find a level and stabilize. and, again, i'd be much more comfortable paying up as opposed to trying to catch a falling dagger. big bottoms here. it's too hard to do. stuart: all right. solid information. we appreciate it, greg. hold on a second. do we have danielle demartino booth on the line?

do we have danielle? >> yes, we do, good morning, stu. stuart: we do have danielle, i think can hear you there. is this the start of a big downside move that will last, or is this just a short-term, temporary blip? can you tell which it is? >> i'm afraid i don't have a crystal ball right now, but your prior guest's point, it's very dangerous to get out in front of a falling knife. you don't want to be the first one out there given that we've had this extraordinary run, and we still have a huge cloud of uncertainty overhanging the mack to proeconomic concern macroeconomic backdrop. stuart: would you buy anything today at these super low -- i say super lower prices, i mean, the big selloff. would you buy this kip, danielle? -- dip, danielle? >> i might buy the long bond. [laughter] stuart: okay. well, that's different, isn't it? you wouldn't touch apple, facebook or microsoft? not today? >> no, not today.

again, not given the run that they've had. they're still up by extraordinary levels. stuart: okay. >> over the past few months. stuart: just hold on a second, everybody. susan's with me. and are you intimating, and i don't want you to predict the market -- [laughter] but are you suggesting that you, susan lee, would kip into an apple or a -- >> for someone who has a long time horizon until retirement, some people would be looking at this as a possible buying opportunity. apple shares were down close to 5% in the session, that's the worst day since march toth. you have to go -- 20th. you have to go back to those covid lows, down 20% in a matter of days and weeks. psalm price action that we're seeing for tesla, worst three days that we've seen for tesla going back to march when we hit those bottoms. stuart: i don't want to pin you down, but would susan lee buy the dip today? >> we can't give stock advice, but i would say a lot of people

are looking at these levels and thinking apple, is it, is it 5% cheaper? is it 5% worse? probably not. stuart: let me point out to danielle, look, every time we've had this kind of dip before -- just with the big techs -- every time they went south, if you bought theming you did well because they bounced right back again. do you think that could happen this time, that they will bounce back to former levels, or is this a permanent rotation out of big tech? >> oh, boy. stuart, permanent is a very big word. and you are absolutely correct, buying the dips has always worked. and we've seen just a vertical move in the top seven stocks in the nasdaq that now represent the entire economic output of some countries. so very treacherous to say that you'll never see another new high given the sheer momentum that we had building up for years now. stuart: for someone who's

younger and who has a long time frame, yearses and decades from retirement, susan lee, for example -- [laughter] i mean, it wouldn't be so bad -- look up, super, you're on -- to dip your toe in the water now and hold on for a few years? that's for you, danielle. >> oh. well -- yes, stuart. yes, for somebody as young as susan, absolutely. i'm not sure that i want to tack another couple decades on to my retirement plan, but, yes. for somebody very young, of course. of course this works. it always works long term, isn't that what we're told? stuart: it is. i'm going to have to wrap up this segment, and here's how i'm going to leave it: we've got a huge downside move in bug tech and -- big tech and other areas of the market. the dow industrials are down 700 points, the nasdaq's down a lot. i can't quite see it on the board right now, but very

significantly, the nasdaq. and the s&p's down. so, look, we're in selloff mode, and there'll be more "varney" 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.

stuart: with ongoing coverage of the selloff, i might point out that the dow has come back a

little. the low was a -808, now we're a -690. there's some comeback for the nasdaq as well. it's still down though 547 points. john allison is with us now. he's joining us on the phone. john, a question kind of off the wall. when you often get these kind of extreme moveses, we blame computer trading, the algorithms. is that a factor in the market today, john? >> well, stuart, the algorithms and computers represent 70% of the market. so, yes, almost by definition they're affected. but the real question is fundamentally are is there something going on here that is abnormal or normal, if that's part of your question, and ill say it's very normal -- i would say it's very normal. it's very normal because you've had, you have one of the great rallies of all times, you'ved

had technology stocks in particular spiking upward recently -- salesforce, docusign and so on, zoom, etc. and so it is absolutely normal for this kind of euphoric spiking up to be followed by some downdrafts. stuart: so this is normal, almost expected? it's profit taking in the extreme and not something to be really seriously worried about in the long term. is that okay with you, john? >> that's absolutely okay with me, and that's the whole point that, in fact, pointing back to something you said earlier in your segment, there is no stupider thing to do in investing than try to time the market. could this be worse than people think? sure, it could be. september's often a difficult month in the market. but if i you have any kind of a horizon that goes beyond the next few weeks, the next few

months, we have a buy. this is just part of normality. stuart: is it a buying opportunity for you, john? >> on a stock-by-stock bay is us, yes. there are always opportunities. stuart: okay. john, just hold on for me for a second. i want to bring in jeff sica. he's joining us on the phone, i think -- no, we don't have jeff yet. susan -- >> yeah. stuart: what's your latest -- >> so, look, i think the dow right now with, at its bottom, we're looking at the worst day since the end of march again, close e to those march bottoms that we saw after covid. the nasdaq on pace for its worst day since june 11th, not that far away, and the dow -- the s&p since the end of june. again, you have to factor in the fact that we have volatility and fear spiking not at its highest, the dollar index also went up as well, because that's usually where they run to, the a safety

of the dollar, gold, and as you mentioned treasury yields have come down because of the rush to safety. stuart: the money comes in, yield withs go down. >> yep. stuart: going to no-risk bonds. >> and utilities and also the, you know, banks and financials do well. those that pay off dividends. stuart: i would expect to see to at&t do okay today -- >> they're up. stuart: got a 5% dividend. morgan as well. up there as well in a hour reason dousely down -- horrendously down market. i think we do have jeff sica now, jeff, are you with us? >> yes. stuart: jeff, you've always been cautious. you've been on this show nor years. -- for years. you've always had your doubts especially about big tech and the massive rally we've seen recently. do you think that today's selloff is the start of something big or just a short-term blip? which do you think it is? >> i think at this point, as i

said on your show on monday, stuart, i mean, i've been in the market, but i have not been sleeping well at night. and primarily because this has been driven by technology, and as technology goes, so goes the market. and the problem i've had with technology is not that there is growth in technology, but that they, these stocks have been priced to perfection. so the slightest profit taking, you mentioned before to the other caller, any momentum shift will cause a great deal of traders to sell their positions, to take their gains. there's a lot of gains on the table, to take their gains and wait. and in a market like that, i think it's very dangerous for those people who are going to chase it to try to catch the top. stuart: so you are not buying anything today. >> no. and i think what's -- at this point i would say the prudent

thing to do is to wait and to let some of the frothy selling, some of the profits be taken and wait for a selloff because there's a high likelihood of chaos to evolve around the election or confusion around the election. i think we're going to get a lot of volatility, and i think there could be some opportunity at a later date, but we're way too -- we're in the stratosphere right now in terms of valuations. i think we're way too high to try to jump in and catch the next momentum wave up. stuart: jeff, i think you're quite right to rah raise the issue of a chaotic election. i would recommend to all our viewers that you read karl rove's piece in the "wall street journal" today. he lays occupant9 the case -- out the case that there is definitely chaos coming because of the different rules in different states that are counting mail-in ballots. and the signatures that are

required in mail-in ballots. he lays it all out very logically, and he's saying flat out chaos is coming, and this is virtually no way round it. all right. hold on to you for a second, jeff sica. let me turn to susan. what have we got on apple? >> down close to 7% here, and it's looking at its worst day since the end of march. stuart: coming back a bit. >> yes, a little bit. we're trading lower than what apple traded at to start off this week after splitting four for one. fifth stock split in the company's history, and people were saying apple's up some 30% after coming off a record june quarter, they were saying, look, if you look at the tesla and apple euphoria heading into the splits on monday, it was partying like it was 1999 once again. now, on apple and with apple's case, you actually have the earnings to back it up. we're also expecting that new iphone release next month.

there will be this upgrade to the new 5g super cycle, and apple's raised their dividend, still buying back a lot of stocks, have a lot of cash on the balance sheet. some say in this type of environment where you've had these momentum plays which apple is, maybe it's time to just take a bit of a breather. it's not the end of the world you're still up 60% on the end of the year. stuart: yeah. in your head you book the profit. you book apple at $130 a share. you've made it. that's money you've made. so when it comes down to 123 you think, oh, i've lost money. >> and i know we've been talking about robin hood with the stimulus checks and higher unemployment benefits but just, you know, some notable advice in this environment that a lot of people, warren buffett, the oracle of omaha, had suggested you want to be an investor. you don't want to be a trader meaning you don't go in and out of stocks unless you have the time and the real information and the education to do that.

stuart: that takes a lot of doing to make a profit on a long term, day trading -- >> very hard. stuart: all right, susan. excellent coverage of the selloff, and there'll be more of it after this. - hey, can i... - safe drivers save 40%!!! guys! guys! safe drivers save 40%!!! safe drivers save 40%! safe drivers save 40%!!! that's safe drivers save 40%. it is, that's safe drivers save 40%. - he's right there. - it's him! safe drivers do save 40%. click or call for a quote today.

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stuart: continuing coverage. of the selloff, now we're down 550 on the dow. that's a comeback because we were down just over 800 points. i'm not going to say this is people buying the dip and back we come, but that is a butt of a comeback for the -- bit of a comeback for the dow industrials. no idea how we're going to close out the day. i do know we've got ed yardeni joining us, and he's frequently been fairly optimistic about the future of the market, and he has been right when it came to the recent rally. what do you say to this selloff, ed? is this a long-term downside move or just a one-day wonder? which is it? >> stuart, i would actually be more concerned if the market that had just kept going straight up. i would not want to see a repeat

of 1999 all over again, so having some corrections along the way and what has been a month would actually be healthy for the markets. let's bring up what news that might explain this. we might have a vaccine before the end of the year, which would be an extraordinary development and does lead to the conclusion that we might be back to some sort of normal next year. and the market may just be taking some profits, and the companies that have benefited most from the lockdowns, from everybody working from home, watching films from their television, so i think we're just seeing some profit taking in stocks. the news has been phenomenal. sell on the good news, and that's what's happening. so we'red broadening to the downside today everybody said it was too narrow, right? but i think we're coming out of this pretty quickly and we'll see the money maybe coming out of some of these big cap names going into the market.

stuart: very interesting. you're calming down a lot of people out there, where are soothing words. i know that's not what you trying to do, but you're looking at the market historically -- >> yeah. and, look, i try not to get too emotional about the market on the way up and on the way down. as i said, i've been more concerned about it just going straight up and going sideways would be the ideal scenario, and maybe the market's final listening to me because i do think we need to go sideways to see how the economy is evolving especially if we're making progress on the health front. stuart: did i see your dog behind you on the couch? >> yes. i've got -- stuart: sleeping? >> that's max over there and next to him is bailey, and we've got three king charles. wonderful dogs. they're couch potato dogs, they sleep all day. [laughter] stuart: they don't seem to be terribly concerned about all the money that's being lost -- >> they keep me really calm.

[laughter] every time i get a little edgy, i just start going over there, we have a chat. yeah, they never seem too excited about anything, i have to say. stuart: i happen to have a dog named bailey. i should have him on the set to calm me down. >> absolutely. stuart: i also have a son named max, and i really object to people calling their dog max. good to have you on the show again. >> we also have chloe, but she's not here today. she's upstairs. stuart: calming words, we're pleased to receive them and hear them. sir, thanks for joining us. see you again soon. >> thank you. stuart: left-hand side of your screen, we are coming back a bit. not going to lay this on too thick, but we're down 530 on the dow instead of 808. nasdaq's down 470 instead of nearly 600. the s&p's down 90 instead of well over 100. it's a bit too early to call it a comeback though, isn't it? >> what do you think of the anthony a few comment where we night not -- anthony fauci

saying it's unlikely, he said that before but the administration did come out and say prepare for a vaccine just a few days before the november vote. pretty much something we've heard before. i'm just wondering9 if the algorithm ims read that because we know 70% of the market's now computer driven, unfortunately, in this 2020 world that we live in -- stuart: could be, could be. when you said that, dow goes read the headline, sell. that could build on itself. maybe we're seeing that today. >> and books closing for the long holiday. stuart: what have you got on square, lauren? tell me. >> yeah. this was certainly a winner. you know, they process payments for small businesses, and yesterday betold you they had that cash app? it's like an alternative form of banking. so popular, it would be worth about $40 billion, that portion of the business. but after this news, the stock fell yesterday, and it's down almost 6% today. there are reports that square is

investigating some logins being down and some delays not only with logging in, but also with payment. so that's the news on square as the stock sells off. stuart: all right. thanks, lauren. susan's waving at me. what you got? >> i want to check in on zoom and the work from home remote work stocks because we saw zoom go up a 45% in one session, giving back a lot of it today. we're down close to double digits, at etc. bottom was down 12, almost 15%. same thing for docusign, crowd strike as well. we've seen these stocks run up because investors were so shocked by the blowout earnings from zoom, in fact, they thought these companies probably made more from the covid lockdown than they had anticipated. these are what we call momentum plays and have gotten a lot of the investor dollars, so a bit of a giveback today. stuart: that is the faster and bigger they went up, the faster and further they fall. that's the story.

that's what you call momentum? >> yes. that's what we call momentum. stuart: i'm trying to learn this business. >> you're doing well. stuart: mark chandler is on the phone. mark, thanks for joining us on this interesting day. what do you think? is this start of a big selloff or just a one-day, two-day wonder? what is it? >> short-term momentum traders, you know, sort of like the late logs, and a little shakeout really took place over about a two hour period. and i think the only thing people try and come in and realize is that the momentum is doing some of the upside for the stock market despite the pick-up we're having today. stuart: more calming words from you. what do you think started this big selloff this morning? was it comments from anthony fauci? the algorithms picked up on it? or was it just people coming in and saying, look, i'm looking at a three-day weekend, don't trust these high prices, let me take some money off the table. >> i think you're right, i think

we're sort of in between two things, right? we're in between -- we got the weekly initial jobless claims today that showed that improvement, and partly that is that statistical adjustment, statistical seasonal adjustment. and on the other hand, tomorrow we get the employment data. and so i think people who want ahead of the long weekend, awe head of what typically is a volatile day where you get the jobs data, taking some money off the sidelines, and i think it caught a lot of people unaware. a few winners have been really leading higher. and most of the other stocks are illstst prminfoingggtl. w loww the the 200-d00-day00-d mog e. ithsisss as shoerm-t-t-tetbak rt:uart s-tho s-tmetba sbackback loloi okdolookdo ktnowno wwhe u'reyo a a ptu preic pic p gicir ltheoueeenn indidnduandua stoc guy,uy bhere tre a stotock ndndndndnd thatt'ssone way,nn and it's boupgain?ga ga >> -- regardless of what

happens in november, the u.s. manufacturing sector's going to come back. stuart: okay. mark, thanks for jumping on the line real fast. we do appreciate it. >> good luck. stuart: good luck, he says. we have got to take a commercial break. we will be back after this. an army family who is always at the ready. so when they got a little surprise... two!? ...they didn't panic. they got a bigger car for their soon-to-be-bigger family. after shopping around for insurance, they called usaa - who helped find the right coverage for them and even some much-needed savings. that was the easy part. usaa insurance is made the way liz and mike need it- easy.

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stuart: we have been searching for stocks that are actually going up in this market which is generally going down. we found a few. how about beyond meat? that, at the moment, is up -- oh, over 3%. why is out up over 3%? i'll tell you, there was an investment firm that says that stock is going to clash 160 a share -- $160 a share. it's up, 133 at the moment, it's up. next case, jpmorgan. lots of the financials are doing okay today. morgan is up 48 cents. why? because it pays a very reliable dividend of 3%. not bad at all. next one, boeing -- okay, we've got -- let's do tesla, why not. i'm looking for winners, but tesla ain't a winner today, down $28 a share -- >> it's lifted off the bottom, we were down 17% the last three

day, worst three-day stretch since the end of march heading into those covid march bottoms, right? stuart: got it. anthony chan joining us this morning. anthony, what is this? what's going on here? is this a short-term selloff, nothing to worry about, or is it something deeper going on here? what do you think? >> well, stuart, i actually don't think it's something to worry about. i think if the market is concern that somehow the momentum in the economy could face a little bit of a speed bump in the fourth calendar quarter, somehow democrats and republicans don't make a deal. i'm actually confident that they will make a deal soon and come up with some stimulus because the third quarter's already baked in. we're going to get good growth. in fact, we're going to get better growth than i thought even just a month ago when i thought gdp would be around 20%, now that number is probably going to be 5 or 6% above that. so we have good numbers in the third quarter, but in the fourth quarter, just like the third

quart was boosted by stimulus, if we don't get more, in the fourth quarter we're going to see a lot of negative growth headwinds, and that's what the market is worried about. stuart: but answer me, is the market really that connected to the economy? i mean, the market seems to have a life of its own. >> well, stu, i think that the economy something that the market can't ignore. i mean, just look at the numbers that came out today. you got the ism services still in expansion mode, but it gave up a little bit. you saw the trade deficit numbers. still decent but, again, coming off a little bit. all suggesting there is some downward pressure to the potential for growth. so the market doesn't ignore. it may discount some of those things, but it doesn't ignore if you get some headwinds on the data front. and that's what the market is reacting to. and another thing, stu, more importantly is that you saw the price earnings ratio even with the upward revisions that you're seeing out there in terms of forward s&p 500 earnings, those

s&p 500 price earnings ratio looking at forward earnings are still way above the historical averages. so you need to see better news on the economy and better news on earnings. stuart: all right, we hear you, anthony. thanks for scrimping on the line real -- jumping on the line real fast. we appreciate it. more "varney" after this. all with no commissions. stocks by the slice from fidelity. get your slice today. . period of time.e. 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. we have two daughters and i want to do everything i can to protect the environment so hopefully they can have a great future.

stuart: let me tell you about this, tomorrow vice president pence will be in this studio, not in this studio, certainly

not, but he will be on this show in the 9:00 hour. mike pence, vice president of the united states of america on "varney & company." time for us to leave but i'm sure neil will pick it up on the ongoing coverage of the selloff. neil, here you go. neil: stuart, thank you very, very much. we're looking at selloff on corner of wall and broad. as stuart pointed out 2% falloff, put it in perspective. we're up 55% from the lows back in march. so some sort of retreat is back in order here. these things never occur as planned. that is not the way markets work but we should point out here this is pretty much technology driven. in other words technology stocks are leading the way with apple taking it on the chin. some of latest entrants, sales