dagen: thank you one and all. "varney & co." is right now. take it away. >> thank you and good morning. stuart will be back next week took the big story of the day, 1.37 million jobs added in august and unemployment rate dropping well below at-- estimates. it's down now to 8.4%, single digits. of the rock-- market response positive with the tao will be up at the open. the nasdaq has improved. later this hour we have vice president mike pence joining us on the jobs report in the race for a vaccine with a new

report in the atlantic that says president trump called wounded veterans losers we will talk to the vice president, but let's talk more about the nasdaq with the tech selloff continuing. some of the big names we follow closely, tesla is down after a 9% drop yesterday and today it's down about 2% in pre-market activity. the chip maker also about 9% yesterday and it also looks to open down by almost 4% today. that is free market activity as well. zoom after a big day earlier in the week seeing major prophet taking in the last two days down almost 2% and apple surging on its stock split monday but then down another about 7% yesterday down to about one and a quarter% in premarket activity after an 8% drop yesterday. we are less than two months until election day and joe biden is out and about.

he made another .-dot this could be why the democrats want him to stay in the basement. we will play that a little later. we may hear from president trump as he meets with leaders of serbia and kos about later this morning, willing to bet he will have something to say about today's of jobs report which again is better than expected at least on the unemployment numbers and what better way to send you into the three-day holiday weekend van with your own comments as its feedback friday, our favorite of the week. i'm in force stuart varney and the company is about to begin. >> first things first. the jobs number, 1.37 million jobs added in august, but the big news is the unemployment rate, falling below 9%,

that's much better than estimates. let's bring in market watcher brian. it looks like we are on the mend; no? >> we really are in the key things, 1.35 million , but again the biggest surprise as you have stated this morning is this dip below 10%, it's pretty remarkable especially considering all you hear in the press is that the economy is slowing and you can't get a job. we are adding jobs and that's the tone of what people should take away is that out of every recession and every bear market we transition from despair to hope and hope is a rising and i think that will continue. >> we have recovered about half the jobs lost as a result of the nationwide lockdown. is it about on pace or is it better than what was expected by you? >> well, from our great

economic team is about on pace and from consensus in february and march the projections were much more dire and i think when you look at unemployment in particular as you know the long-term watcher of the market is a lagging indicator and also that companies front end load their layoffs, so they layoff everyone aggressively and now they will be slow to add people back, but the pace of the job growth we have an even the summer months august is typically slow and you have to be encouraging about what we saw. >> you have been very bullish on tech as it has been suffering over the last couple of days. are you buying on the dip? >> we continue to own attack across the board and the key thing is we run seven portfolios for our clients and six of them outperform so we are proud to see that. seems like apple, amazon, microsoft are among the star core holdings like bank of america so we are well diversified and we

continue to think the start of the second half of the bull market began in march. >> brian, what you to stay right there if you can, please. i would like to focus on some of the big market movers after thursday's selloff. lauren, what are you watching? >> i am trying to be optimistic to show you some green that came from the cruise lines as they wore rose four and 5% yesterday and they are up again this morning. look at that. a quarter% for carnival. they say their italian brand will resell this weekend, but we also saw a rotation out of the popular tech names with the momentum names that got beaten down and my into the travel sector. want to talk about tesla monday the stock hit a record $490. it's sold off everyday since, down 21% in the

past four days, so could tesla be in a bear market? yes, the price to watch is 39865, one more quickly and that is zoom let's look at how stock is moving out because it's up 460% this year with a revenue of 350%. the pandemic set up this digital transformation as corporate america, but it is also weighing on corporate america's bottom line in their pocketbooks as we could see job cuts and project delays which could offset some of the tremendous gains these digital stocks have seen >> think you. christine is also with us. what do you have for us? >> i'm going to follow lauren's lead and talk about tech specifically apple as it has a 2 trillion-dollar valuation, that it also hit another record with the largest market drop in history.

it lost about 8% yesterday so that means loss of roughly $179 billion equating to 470 companies. 470 companies on the s&p 500 as a whole was stock prices a bit down this morning as well. we switch over to chip makers and a lot of the negative movement in that sector as well. chip maker fell over 9% yesterday. it was unfortunately the worst performer on s&p 500 and also advanced micro devices shedding roughly about 6%, but going to end on a bright spot and that is beyond me too, not a tech company i admit i eat their products and shares climbed higher yesterday because of one analyst putting out a report saying he believes the stock will continue to outperform with the price of $160, still 20% higher above where it is now, but we know competition is

ramping up from impossible foods which is privately held to tyson food and even nestlé. it's coming out with a plant -based tuna. >> my goodness. i prefer their chocolate. we will be back to you, but president trump two minutes ago tweeted the following about the jobs number: great job number, 1.37 million jobs added in august. unemployment rate falling to a .4%. remember the estimates were 9.8%. better than expected. broke the 10% level faster and deeper than that possible. no doubt we will hear more from the president and reminder, the vice president will be with us in this hour, so stay tuned for that. we will hear from vice president mike pence in a moment to talk about the jobs numbers. christina, thank you. brian, let me bring you back in. the president does have some bragging rights here, does any?

>> he really does and the other thing you have not mentioned is wages of slightly went up and remember even when we had unemployment well below 4% we did not see wage inflation i think the feds signal that's what they are looking for, some sort of inflation, but especially with respect to unemployment. the way jobs have come back even in the face of no new stimulus bill, i think it bodes well against heading into the fall for the president. >> this is great news for employers specifically. we talk a lot about businesses here on fox business, which we should, but we are concerned about wage earners and for them to get an increase of wages right now is particularly important, particularly since a lot of the unemployment benefits are phasing out. >> very much so and if you walk around the cities of america, you see a lot of help-wanted signs and we believe those help-wanted signs will be filled especially as we have a new restaurant and industrial concepts and

also as we crank up employment really in the fourth quarter, especially in september and october, i think the numbers will only get better. >> i just wish we would see more of a crank up in new york city and other big cities. not so as of yet. brian belski, great to see you. hear some positive news as well with president trump hinting a vaccine could be delivered next month. you did this while speaking at a rally thursday. roll tape. >> will be delivered before, in my opinion, before the end of the year, but it might even be delivered before the end of october. how do you like that cracks wouldn't that be nice? not because of the election, but because we want to say that people. >> check those vaccine makers on the news. it's kind of a mixed figure for those, but that may change during the course of the day and again this is activity.

check the futures. we are up on the dow jones by about 1501 points in free market, the nasdaq is navigated and coming up this hour vice president mike pence with his reaction to this morning's jobs report. joe biden picking an unfortunate choice of words while trying to explain his tax plan. roll tape. >> that want to punish anyone, but they should pay their fair share. not going to lay it out now because they will shoot me. >> what does tammy bruce have to say about that? i will ask her in the next hour and twitter is once again slapping a warning on president trump streets with facebook blocking political ads a week before the election. is that an opportunity for another company? we have the ceo of parlor the social media site priding itself on free speech, chances are they will run ads up and tell and through the election without ceo joining us next, states

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>> take a quick check on facebook. it's down about a percentage point and we now know they will block new political ads on their site the week before the election. that's a week when they usually bring a lot of revenue as a result of these political ads particularly so in 2016. let's bring in john mace, ceo of parlor, a popular new social media site that prides itself on free speech and zero censorship. john, i would think it's a great opportunity for you.

there's a lot of political money on social media and it won't have any place to go except parlor the week before the election >> yeah, thank you for having me. exactly. the last week before the election and many voters are still undecided there are ads that need to be run because things change so fast, so this is really another form of, in my opinion, election interference of twitter and facebook. they shouldn't. they should remain neutral. it's an unsustainable tactic and that's why we allow political ads and don't discriminate based on time period or how it may or may not influence the election. >> let's be honest, another reason is to make money. you are not a charity. have you quantified or thought about exactly how much money you could make if all those political ads meant for facebook come to you? >> yeah, it's very nice

number if they all came our way and-- >> have you added up, john? forgive me for pressing you on this. do you have it figured? >> i haven't added it up, but i know as week go closer to the election we have more space available to sell for political ads and since we last spoke last time i was on we added about 3 million users and now, we have about 4 million users, that's a big boost to our potential ad revenue as you can see there, huge. >> i also want your thoughts on another issue involving both twitter and facebook, throwing a warning label on the president's posts particularly on the voting issue suggesting people can vote in person and through the mail or at least that's what-- that's the way the media defined it. what you think about these warning labels that twitter and facebook put on? >> i mean, they are ridiculous.

how far they going to take it? they have to work hire employees to do this and maintain this. it hurts their brand. users are fleeing to sites like ours and we actually just launched a website to kind of promote the idea that this is wrong and it only took facebook five minutes to mark ours as fake news and ban it from facebook, so you know these people-- it's not really a sustainable business model and frankly i'm it's wrong. who is going to believe facebook over the president or who's going to believe twitter or the president? i mean, it's not helping anyone. >> john, to be clear, you are taking all political ads up to and including the election even if you can sense that there is something in those ads that's not true whether it's democrat or republican; correct? >> yes. we don't fact check anything because we

believe people should determine that on their own. people are smart and can figure it out. >> i'm wondering in the history of politics in america how many promises have been paved before an election that are true by any party. john, parlor ceo, good luck to you. >> thank you. >> let's put google up on the screen. lauren, we aren't hearing new reports that the doj may file antitrust charges against them. stocks not-- not down much today, but it could affect them long-term. >> in the "new york times" they are reporting the charges could come down as soon as this month so this doj investigation began last june, it prompted to areas of google's business, their search dominance and advertising. the time this is most of the attorneys that have been working on the case feel it's incomplete and that ag, bill barr, is rushing its.

he wants to hand the president a winning issue when americans go to the polls in november and it's a bipartisan issue as most americans are critical of big tech dominance, so the allegation is bill barr is trying to get from a winning hand. nonetheless, they have been working on this since last june. >> thank you and staying on big cat-- big tech, apple is putting out an update that would change the way ads can give you targeted ads on their phone to require they doing this? >> they are postponing this until 2021. it's a controversial new privacy rule that would force developers to prompt you, so a pop up on your phone asking do you allow this app to track you throughout your phone so for example if you pick up your iphone and google lighter fluid and then maybe you get an advertisement for a new barbecue on instagram or on facebook. so, now apple has said don't worry with the new operating system 14 developers won't have to

put this pop up requesting this from users. we will give you time to work it out because we have some big companies like facebook that getting great apple is imposing this so quickly so now apple said we will delay this privacy rule until 2021 as part of a bigger push from apple to show that apple iphone are all about privacy even their latest ad that came out yesterday promoting their new foam-- phone from the fall focuses solely on privacy and it is part of the bigger picture with privacy protection. right now you won't get as many pop-ups, but they are still tracking you. >> too many updates. i am fed up with updates on my iphone. >> i can hear you. >> thank you. we will hear more from christina and lauren in a moment and of course we have the vice president as well. futures are still basically up. one index is stubbornly down, but it is improving. of the nasdaq is down, but only about a third

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>> another check of the futures as they look up almost all the way through except the nasdaq is stubbornly in the red. let's bring in mark. the jobs report really turned things around. it hasn't quite yet happened on nasdaq but a lot of folks are going into this market today thinking the jobs report needs to buy in the debt. are you? >> absolutely. thank you for having me on, david. when we look at what's going on in the market, yesterday not a big deal, i mean, the market has gone up over 50% off its low and sometimes it needs a breather. the way we position ourselves now is that pullbacks are viable so whenever the market is in a strong uptrend and poor that it means positive 50 moving day

average of sloping 200 day average, pullbacks are viable so what investors should be doing and what we are doing is identifying best stocks that we really like and may be missed out on an art identifying price where we buy. >> one of those i understand is stamps, doesn't it rely on the u.s. postal service and isn't it a bit of a risk right now? >> i don't think they do any business with the post office anymore, but kind of the old school thought process on stamps.com. and most people think the same thing as i'm sitting at my comes-- computer and i decide to print stamps rather than go to the post office, but really what it has positioned themselves to do is they are in e-commerce player. they help both large businesses, the specifically small businesses compete in today's age where e-commerce can essentially the 100% business so stamps.com.

provides a slope-- logistics solution to the small companies. awesome company, great quarter. we would be buying that one if it falls back down to a doubt to it are dollars. >> what about the nasdaq as a whole? it went so much up over the last couple my to do think not enough to get back in. >> let's take apple specifically. over the course of the like last 20 months the stock has more than tripled in the have not grown earnings one bit so it's a forward multiple at the beginning of 20 was like 11 and it's up in the 35 or 40 range now so it's gone vertical with the fundamentals really not justifying all of that move. i'm not saying apple should have traded 11 times forward earnings, issued a probably been somewhere between now and where it is today, but i think the entire tech factor has gone very far quickly with

lots of stocks up 30, 40, 50% this year so i think it has to pull back a bit further. >> we are about 10 seconds away from the opening bell in the stock market. do you think it hangs onto the games we now have i think motivated by the jobs report? we can hear the opening bell. >> i hope so. my concern is that if investors have a risk off appetite after yesterday's selloff that not a lot of investors will want to go into a three-day weekend having excessive risk. there is the potential that it's selling towards the end of the day, but i'm not concerned about it. >> as we see the dow jones industrial average is up about half of a percentage of. of the nasdaq is still negative. mostly green on the dow jones industrial average with about one fourth of the numbers in the red. let's look at the s&p took the s&p disappointed yesterday as well. it's up by less of a percentage, up about .2%

less of a percentage gain than the dow jones industrial. nasdaq again it was way down premarket activity until the jobs report came in. it came off of its lows and it looks like it's still coming up off its lows down about a quarter of a percent. let's look at tesla. lauren, today it could be a big day for them with a decision on their listing on the s&p. >> today could be the day or not, but yes the s&p index committee will decide perhaps to add tesla. the quarterly rebalance doesn't take place for another two weeks, but typically firms are notified beforehand. why is it significant? trillions of dollars are induce and it would include wider ownership of tesla so considering tesla is 50% up since announcing its slit less than a month ago you could argue these gains

have been priced in. regardless, these are the concerns were s&p inclusion. volatility as well as waiting. overall weighting would be one in%, so the criticism is that further concentrates the s&p intech and if it's given a sector it would be industrial's and have a 20% weighting they are. >> it's important to note that it did turnaround and it's positive up over a percentage of.possibly as a result of the jobs numbers. and other stock is up his fedex. christina, they are going on a holiday hiring spree. >> david, i don't want to be the bearer of bad news that christmas is 112 days away and so fedex believes it will be the busiest holiday season ever, which is why they are hiring 70000 seasonal workers and to put that in perspective it's a 27% increase compared to last year during the holiday season. we are all at home all

the time, cooped up and buying everything online so that's the reason why they are hiring so many workers. we see this in second-quarter results for a lot of retailers. for example, walmart that online sales jump 97% year-over-year peer target, almost 200%. we are doing a lot of shopping online and one more piece of news out of fedex, they said they will be extending their ground service sundays to 95% of the us residential population. >> christina, thank you. mark temper, we only have about 30 seconds as we have a special guest coming up, but would you buy despite the fact we are going into a three-day weekend now? >> yes, i would be buying it now. look, i continue to the buy if the market continues to pull back. there will be good support in the s&p. there will be some support around 3290, the 50 day moving average so yes i would be buying.

we are long-term investors and i think the market goes up from here. >> thank you. christina, thank you. we have a special guest coming up and he will be talking about the following, president trump blasting speaker pelosi after she was caught red-handed getting her hair done at a shuttered salon without a mask. listen to the president. >> she said, i was set up i was set up by the salon owner. i was set up. i said tell me she didn't say that. if that she was set up, then she shouldn't be leading the house of representatives. >> vessel monitor is responding to the president and we will tell you what she thinks about his proposal that she run for congress against nancy pelosi. still to come, the vice president of the united states mike pence is here and there is a lot to talk about with him. keep it right here on in

"varney & co."

>> we just talked about fedex adding jobs now at amazon's turn. lauren, how many jobs have the added? >> 10000, david. they are coming to major office building in bellevue, so adding 2 million square feet there, phase two and 10000 more jobs so that's good news for the stock, up 80% this year. >> they are also buying corporate real estate in manhattan which is a good sign for manhattan. lauren, moulin debuted on disney plus spirit we have been talking a lot about this movie and its cost. >> $30 if you want to watch it today on disney plus. it's a lie that action remake of "mulan", but if you wait three months

you can watch it for free in december if you subscribe to disney plus. the pandemic has been blockbuster for disney. there is a much more new player that we were doubting in a way, peacock, hbo max and they are like brand-new and they have 10 and 4 million customers respectively and nielsen says up to a quarter of adults have added new service in that past few months and i guess it makes sense as there is little to these days so you watch tv. >> areas, but i refuse to buy that hbo plus because i already pay for hbo and i don't want to pay more for hbo plus. i don't think i have two i really object to that. >> it does get ridiculous. >> it does. thank you. mcdonald's and travis scott the wrapper are teaming up. >> i know you listen to travis scott all the time. it's his first collaboration for mcdonald's with a celebrity and 30 years

in the last time was in 1992 with michael jordan. this time around you have travis scott, also the founder of the record company pick this new 6-dollar mcdonald's meal is supposedly travis scott's favorite meal and it's available through october 4, quarter pounder with cheese, bacon, lettuce, fries and barbecue sauce there's also rumors travis scott will make t-shirts for the employees and i guarantee you those will be put up on e-mail-- ebay and sold for a lot of money. >> coming up in just a few moments, the vice president of the united states mike pence. we will be talking about the jobs report, november surprise and violence in america's cities. what is he think of democrats attempt to pin it on donald trump? that's next ♪ limu emu & doug

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>> we have news on google. christina, they are giving their employees the day off. what's up about that? >> i don't know, viewers watching feel a little burned out? if you are working for

google, you don't have to work today. hopefully you are watching fox business instead. a google is doing this because they don't want you to burn out and they are giving you an extra day this holiday weekend saying it's part of a collective well-being. this is a greater lauren google as they try to help people remark-- working remotely. they won't go back to the office until at least mid- 2021, but going back to the burnout statement, i know we feel we always check e-mails more often and there's research to prove we are indeed working longer now that we are at home throughout this pandemic. research is coming out from the national bureau of economic research in the number of minutes extra, 48.5 minutes per day and these are researchers from harvard and nyu that found out it's almost an extra hour a day. >> i feel it also. i believe we are ready. are we ready with the vice president? not quite yet. virgin atlantic is the

latest airline to announce job cuts. christina, how many? >> i-- >> oh, lauren. go ahead, lauren. >> sky news is reporting virgin atlantic will cut at least 1000 jobs as soon as today. you can expect that job announcement today. transatlantic basically dead. they did get a private loan helping, but still their workforce will be half of what it was before the pandemic. >> thank you. now, we have the vice president of the united states of america, mike pence. mr. vice president, great to see you and thank you so much for being here. we appreciate it. >> u2, david. great day for america. great jobs report today, 1.4 million jobs and a huge decline in unemployment down to 8.4.

testament to the resilience of the american people and the strong foundation of president donald trump. the american comeback is happening all across america. >> we still have a lot of people unemployed. we have made up about half the numbers of people that lost their jobs as a result of the locked down earlier and that is encouraging that we have made up so much in so little of the time , but is still leaves over 10 million people and we have the expiration of the federal unemployment benefits. now, there is this executive order the president put out extending those benefits with less money but expanding to 300 or $400 it stays put in $100 a week on that. what is the status with that executive order? >> you make a great point, first. at the height of the pandemic our economy had lost 22 million jobs, but because of that foundation that president trump put

forward of less taxes, less regulation, mork american energy, free and fair trade we have literally added back 10 million jobs, but to your point we have a ways to go and that's why as congress has continued to refuse to reach an agreement to extend the paycheck protection program and unemployment insurance president trump to the executive action and at this point we have roughly 40 states who have been approved of that 300-dollar unemployment extension. states can add another $100 to that, but i want to assure your viewers that we will continue to work closely with the leaders in congress in both political parties. no one wants to send more direct relief to american families, another check to american families more than president donald trump. we want to continue the paycheck protection program, we want to address and implement benefits through that relief package, but the

other thing is we will continue to take our case all across this country, david, that we need four more years of the kind of policies that laid a foundation for this recovery that is happening all across america, i mean, it's remarkable to think that joe biden actually was bragging yesterday about his plan to raise taxes on american businesses in the midst of a global pandemic. when you look at joe biden in the democrat party and their radical left agenda, higher taxes, more regulation, climate change addenda. they want to stifle american energy per day went to to abolish fossil fuels and go back to the kind of economic surrender that resulted in half of our trade deficit being with china alone when we took office. it's a clear choice, so we will continue to support this recovery. the president will take executive action. we will work with congress to provide additional relief to put americans back to work, but the other thing we

will do over the next 60 days is make sure we get four more years of a president who has created nearly 7 million jobs in our first three years and will bring this economy all the way back and then some in the next four years. >> mr. vice president, the president was talking about having the possibility of a vaccine by october. it now, are suggesting that we may be sidestepping some of the safety precautions of rolling out a vaccine in order for the president to have an election boost. how do you respond to that charge? >> it's remarkable, from the outset of this pandemic where democrats, if you remember in january and february democrats in congress were focused on trying to impeach the president's. president donald trump suspended all travel from china. we have the coronavirus task force and lesser known as the first week of february when we first received at the coding for the coronavirus we went straight to work on a vaccine and from a very

early on president trump sat down with our major research companies and said we need medicines, therapeutics and in a record time. he told the fda that we want you to clear a way of unnecessary red tape for the development of medicines that literally save lives, but to think we have at least three different vaccines already in phase three clinical trials is a testament to the energy this president has brought to it, the incredible innovation of american research companies, but make no mistake about it, we aren't going to cut corners in the development of a vaccine , but at the same time through operation warp speed the president made it clear that we want a safe and effective vaccine available to the american people absolutely as soon as is possible to have. that's why with operation warp speed we are manufacturing several of these promising vaccines now so the moment the fda

says it's safe and effective we will have tens of millions of doses to be able to administer to the american people and all of our best scientists tell us it's not if, but when. we believe we will have a vaccine before the end of this year, but the sooner the better, david >> i just want to move on-- >> people are out there talking down our vaccine , but it is an example of the credible american innovation. >> mr. vice president, forgive me for jumping in. there is a long delay so forgive me if i do that again, but i want to ask about another politician who's been throwing barbs at the president and the administration and that's governor cuomo from new york who actually in the beginning of this pandemic when the president worked with governors to get all of the respirators to the

states that couldn't get them, to open a possible beds. governor cuomo had been very appreciative of the president's efforts to work with the state of new york, now he is singing a different tune and i want to play a tape and get your reaction to play governor cuomo. >> he can't come back to new york. he can't. he's going to walk down the street of new york? forget bodyguards, he better have an army if he thinks he's going to walk down the street in new york. he is persona non grata in new york city and i think he knows that and he will never come back to new york because new yorkers will never forget how gratuitously mean he has been. >> mr. vice president, that is a 180-degree change from the way he was in april and may when he was appreciative of what the president is doing. your take on that? >> the people of new york know that president

donald trump was they are in darkest hour. we surged millions of personal protective supplies, we produced a ventilators, we sailed a navy ship into the harbor, we built hospitals, we saw new york through that challenging time, and shortly after that governor cuomo said that it was phenomenal what the president and his administration had it done. i think the people of new york c to all of this kind of rhetoric between the heartbreaking thing is that today we have lost more than 180,000 of our countrymen, but one out of six of the americans that died in the coronavirus died in the state of new york and many of them died because of the bad decisions that governor cuomo and mayor defazio made. they were late in responding to the needs for a lockdown and we all know that governor cuomo ignored the clear

guidance from the cdc and our task force and literally returned thousands of seniors who were positive for the coronavirus back to nursing homes. i grieve it for the loss of life and the families looking on no, you will always be in our hearts and prayers, but to have governor cuomo just playing politics with this rhetoric. look, the people of america know better. the people of new york know better and i will tell you what, no army required, karen penson i will looking forward being in new york city on 911 next week because nothing could keep us away from remembering our falling and honoring our for wrote person-- first responders as we remember september 11. president donald trump, i know, loves the city of new york and the people of new york know what this president has done and will always do for that great city. >> it's going to be quite an anniversary.

19 years since 911 hit us. mr. vice president, i want your response to a headline in the atlantic , frankly a nasty piece, all anonymous sources i'm a but those anonymous sources of course the mainstream media is running this all over, says americans who died in wars are losers and suckers. without going into too much detail about an anonymously sourced article, tell us exactly what the president has done for the wounded vets that he has charged here for having insulted >> will, david, first off let me tell you i spoke to the president that day when he was in paris and i know how disappointed he was that they had a bad weather call and he was able to go to remember our fallen on the zero patient of that anniversary. any suggestion that otherwise is absolutely absurd.

as you suggested, not just because of what we have done for our military, you know after years under the last administration when joe biden was vice president we inherited a hollowed out military. the va literally had people dying on waiting list because they couldn't get to a doctor in time through the va and it was a scandal riddled agency and from the first of this administration demonstrating his love and respect for our armed forces and veterans, we rebuild our military, restoring the arsenal of democracy with the largest investments in our national defense since the days of ronald reagan and that va totally transformed with reform, literally has a 95% approval rating among veterans today. we ended the era of the scandals at veteran's choice is every veteran, so the record really speaks for itself. lets me be more personal than that, david, and

tell you any suggestion that this president doesn't love and respect the men and women of our armed forces and their families is absurd on its face, to me because i have walked the ground of arlington national cemetery side-by-side with president donald trump. i have gone to dover air force base and stood with him as he consoled grieving families on the day that their loved ones came back to america in the soil, and i must tell you that i have never known anyone in public life who respects or reveres the men and women who serve in our armed forces, their families or our veterans van president donald trump. >> mr. vice president heads, we thank you very much for joining us and we look forward to seeing you here in new york on the memorial next week the 19th memorial of the terror

attack against the united states that hit new york very hard. thank you very much for being here and save travels on the campaign trail. appreciate it. >> thank you, david. great day for america. >> thank you and of course referring to the jobs figure there . we just heard from the vice president of the united states about the big story of the day which is 1.37 million jobs added in august and the really big number, though, is unemployment rate dropping well below estimates into the single digits, 8.4%. it was expected to be 9.8%, so a huge beat on that unemployment rate. vice president pence had the following to say about that unemployment figure moments ago. >> we literally have added back 10 million jobs, but to your point, we have a ways to go and that's why as congress has just continued to refuse to reach an

agreement to extend the paycheck protection program or unemployment insurance, president trump took executive action and at this point we have roughly 40 states who have haven approved for that -- that 300-dollar unemployment extension. >> come in jonathan honey, jonathan, despite what the vice president is saying in very good job numbers, you're not bargain hunting today, why not? jonathan: i think probably market-moving interview with the vice president. we are off the laws but the market has enjoyed the really historic and almost uninterrupted rise, david. look, it's forward-looking and i see buy the rumor, sell the fact. the job's number, fundamentals are getting good but that

doesn't change the fact and the market is extremely overvalued and optimism out there, david, we have seen a lot of call buying, amateur investors getting in the game here. the irony of the market is just as the fundamentals were very bad at the markets were going up, this could be dangerous business but this is not a dip i would be buying david: david we have had besides the jobs numbers, we've had very positive economic numbers as well. durable goods orders doubled what were expected about a week ago, so i mean, there are really good solid economic indicators, are there not. >> look, apple is $120 a share this morning. it was 75 in april. tesla, it hasn't really corrected, david, it's $400.

it was 100 in april. how come the market doesn't jive with fundamentals, because markets are forward-looking. it moves in anticipation of better economic data david: david some things that the market cannot foretell and one of those things is who is going to win in november. we know that vice president biden should he win is going to increase taxes enormously particularly on corporations, a lot of whom have come back from the united states with a lower tax rates from -- from trump. are you worried, if there's a biden win, would you be selling off even more than you are? jonathan: david i'm what they call a technician. i really try to focus on price and price alone. look, a lot of people made dire prediction

-- david: the idiots. not smart folks. jonathan: you should focus on the money. that's what i'm focused on. when we are talking about the market now we are talking about facebook, apple, microsoft, amazon, that's what led us on the way up and that's what i fear. very good company but overvalued stocks could hit us on the way down as well. david: all right, the day after the election i bought a lot of stocks because i knew tax cuts were going to bring in revenue and boost our economy. jonathan, thank you very much, jonathan honig. where do they say the s&p is going? lauren: 32.50. that's about 200 points from where we are now but it is 350 points higher to the press target and i love the title of

the report, the new abnormal which is totally where we are, right. that's the 32.50 target. 3 reasons for upward revision, low rates here to stay, cyclical and now they have a small composition in the s&p and the third reason is the tech strength but comes with a warning and that is the second wave of the virus, that could push the s&p down to 2200, but look, here is the positive. you get a vaccine and you get another round of fiscal stimulus for bonus 4,000. david: the new abnormal, thank you very much. take a look at google. the department of justice is planning to file antitrust charges against alphabet, the parent company of google. according to report attorney general bill barr wants to have the case filed as soon as the end of this month. alphabet stock is trading down now about 2% and it has not been a good work for tesla as well.

3 straight days of losses. it's down ant 2 and a half percent right now. it's having its worst losing streak since march and ends the day in the red. right now at $394 and 40 cents for one share of stock and check apple, it has the largest one-day market cap for any u.s. company ever yesterday. it is still, however, holding onto its 2 trillion-dollar market cap value but the stock is down about 3 and a quarter percent. 116.95 a share. well, lockdown winner for today, michaels, the draft -- craft company getting good news. lauren, are we getting more crafty during quarantine? lauren: yes, we are getting a little bit of everything during quarantine. let's take a like at michaels, kids doing activities at home, everybody doing something at home, right? their online sales, david, quadrupled from last year even though michaels reported net

loss of $8 million in the third quarter and lock up 6 and a half percent. they got a 15-dollar price tag from credit sweeps. 10 and change. david: joe biden left the basement and went to kenosha, wisconsin but caused unforced error. take a listen. >> so much we can do, so much we can do and we can do it just by eliminating the tax cuts for the top tenth of 1%, $1,350,000,000,000 that's done nothing to help anybody. 19 corporations making the billion dollars a piece, don't pay a single penny in taxes. i don't want to punish anybody but i want them to pay fair share. i will not lay out now because they will shoot me. david: there we go again.

tammy, i think this adds more ammunition to those who want to pull him off of the debate stage, what do you think? tammy: well, clearly there's a problem when he does go off script and that was a confession that they are telling him to not provide any details, to not go beyond the talking points they've given him. now, if he can't be trusted in a small gathering during his campaign or be trusted by his own team how can we trust this person with world leaders. these are the questions that americans are asking. this is one of the points to have campaign and even at the primaries. americans want to see how you're going to behave in stressful situations when you're asked a question you don't expect, when you're in front of a crowd or in front of a camera. these are auditions and this is like a man auditioning, you know, for broadway but won't come over to the theater. just thinking that you'll just take him anyway.

we obviously can't operate in that fashion, but it's unfortunate because the details of policy, americans have gotten used to that with donald trump, he ran on issues and policies, the first time in a campaigning history where a candidate did not change his approach from the primaries to the general. that was in 2016, clearly you're seeing the same thing this year, but americans are now used to be taken seriously to learning about the details of policy and i think americans finding it insulting and questionable that his team doesn't want to tell people the details of what he's expecting to do, maybe because they don't have the details, i don't know. david: tammy, i'm anxious to get to the next one. the owner to have salon where speaker pelosi had infamous blowout, she says, quote, the house i'm focused on right now

is the house with two little girls under ten with social-distant learning but i appreciate the sentiment. what are your thoughts of the whole affair, tammy? tammy: well, look, it speaks to the average american is still suffering because of rules that are set by politicians like in california, new york, oregon, all the blue shutdown cities and states that by the way with the great unemployment number they have not been able to depress the return, the recovery. it is an election year but women like that, business owners, entrepreneurs, single parents are being punished and are suffering, pushed into poverty and then we see politicians, whether it's nancy pelosi or the mayor of philadelphia who left his state to go have indoor dining when he banned it in his own city, nancy pelosi who thinks that the rules are made for the little people and she's showing, they're lecturing us

about wearing masks, but the larger issue, david, is that this exposes what appears to be politicians themselves not believing what it is they're telling us, that she felt comfortable. ruth bader ginsburg was at a wedding without a mask on. you have the really vulnerable individuals, elderly women in environments where they seem to appear comfortable and not worried at all so this -- this lockdown, it must end. we've got to be able to continue to move on with people's lives because that woman's business is being destroyed and her ability to raise her family is being seriously impaired by the arrogance of politicians who don't care about us at this point. david: arrogance of politician who still dare to call themselves public servants when they are acting like royals, it's so infuriating. tammy bruce. i knew you'd have a lot to say about that, thank you very much. speaking of nancy pelosi, the mayor of san francisco denying

that speaker pelosi violated the city's health orders when asked by reporters, watch this. >> so, look, nancy pelosi has done so much for this city and even this country in the midst to have pandemic and all the stuff that's happening around the election, she's in washington, d.c. fighting against a tyrant every single day. david: yeah. the question is who are the tyrants. steve hilton, go-to guy, he's in the show in next hour. you don't want to miss steve. also the ceo of octa, workplace management company and have had amazing runup this year with everyone working from home and first i'm talking to the young veteran walking for congress in minnesota. he says he's running because he's fed up with the violence in our cities and the lack of leadership, the second hour of varney & company just getting started.

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david: remember we are going into holiday week and a lot of folks, the market are not too crazy holding stock in 3-day weekend and maybe why all of the indexes despite great job's number are down now. nasdaq down 2 and a half percent. the tech crisis continues at least for the time being. it looked like it was recovering about an hour ago after the markets opened but it has tumbled severely, now down again 2 and a half percent on the nasdaq. we will follow all of this very closely. meanwhile the eruption of violence in minneapolis, that's

really where it started and inspired a one man to make change in home state. tyler is marine special ops veteran and joins me, tyler, great too see you, has the violence spreading in our cities taken over as primary issue of your campaign? >> it's one to have primary issues. i mean, a lot of people especially in the suburbs of my district want to have that safety and security but i mean, the main issue is the economy and making sure that we rebuild it back to the prosperity that we had back in january, just like this president helped build. david: but, you know, it was minneapolis where a lot of the violence began or at least the impetus for some of the radicals out on the streets. the antifa folks and so forth. what do you think of the democrats' attempt to turn it around, it's clear that all of the violence took place in cities run by democrats and the democrats are saying it's president trump's fault. do you think the public is going

to buy that? >> absolutely not. i mean, people remember as the riots were happening and the cities were burning, the democrats were out there on the streets with them supporting these movements and encouraging people to get out there. now when they see the polling going opposite against them, they are out there trying to say that this is trump's fault. it's a common tactic but what we need to do is not start blaming each other. we need to approach this with civility and have the conversation to address the issues to make sure we get this economy back up and keep our communities safe. david: you're running against first-termer, craig and claims to be moderate and running away from the progressive label, what do you say to voters about that -- that self-description? >> i mean, it's hard to say you're a moderate when you vote with your party 97% to have time and then go as as far to join this progressive extreme, socialist caucus instead of joining some sort of caucus

that's more there to solve issues and work with both sides of the party. david: taylor, anybody who know it is marine corps especially the special forces realized the important role that you played and now nasty story of president trump allegedly disparaging wounded vets, the vice president talked about the story, let me play a sound bite from that and get your reaction, roll tape. >> any suggestion that this president doesn't love and respect men and women of our armed forces and their families is absurd on its face to me because i have walked the grounds of arlington national cemetery side by side with president donald trump. i have gone to dov everything r air force base and stood with him as he consoled grieving families.

david: taylor as a marine vet, i would like to hear your response. >> as member which can speak confidently on this, i served under two administrations, both obama and trump administration. i can tell you with experience that president trump is the one who helped increase the funding for the military, helped us the capabilities to stand up to russia and china and the like to make sure we have strong capability and increased veteran affairs to make sure we are taking care of veterans under they served and under the obama administration we weren't getting that, our budget was cut, limited resources to effectively carry out our job and veterans affairs was the worst it had ever been. i stand with the president and everything he's continuing to do for our military day in and day out. david: taylor, great to see you. absolutely. let get another check in the markets, the dow is continuing to go down, the nasdaq is one to watch there. it is down about 3% and all

heading south now. lauren, what strikes you, it's hard to ignore the 3% dow movement on the nasdaq. lauren: yeah, it's technology, again, i was just look agent the biggest losers on the s&p 500 as well as the dow. big-tech names, paypal is down more than 7%, nvidia, apple and sales force also the weakest on the dow jones industrial average today, so this has been a wild week, so many reasons but not one main reason for the selling that we are seeing, just the fact that momentum tech stocks have come up so much, we are seeing a rotation out of them under beaten down areas, some retailers and some travel companies as a result, so a little bit of rotation an a little bit of, yeah, we are going into a long weekend and taking money off the table and historically suspect is the worst month of the year for the stock market.

so coming off the best of august since 1980's for the market, maybe investors are taking some properties now. david: kristina, are you surprised surprised that the downward move is coming in the shadow of the very good, very positive job's numbers? >> kristina: no, given the guest that you had on the show including jonathan honeg, the companies that have sky-high stock prices and some aren't making money. what we are seeing the job's report. definitely better than expected and that is to be cheered right now and one chief market strategist from lpl strategy, 8% unemployment is still 8% unemployment and let's not get too excited and take this as an improvement but nonetheless it's still 8%. we are talking about some of the movers, you had lauren talk aboutless lea down 2%, apple

down 3%, tech heavy. be what about docu sign, a big one too, one of the top loser right now. down almost 12% at the moment. docu sign allows you to electronically sign documents and we will be talking about this later on in the show but it's big tech that is the highlight that we are seeing right now bringing down, slamming the major averages and pretty offsetting any type of optimism as we head into the longer weekend, september is a very, very volatile month so it's -- i know that we had another guest too that he said he will continue to buy on the dip. we will see the movement especially in the last 30 minutes of this friday holiday heading into the holiday weekend. david: yeah, by the way, sales force, microsoft and apple shaving what about 100 points off of the dow, is that right, producer? 180 points off the dow. we would actually be in positive territory were it not for those 3 companies. and, again, lauren, we should emphasize jonathan has been a bear for a while and there are

other people that are thinking that after we go through 3-day weekend they will go back in and buy if it stays down like this. lauren: yeah, i think people look at it certainly especially if you see tesla and apple, they are so expensive and got cheaper. this is a buying opportunity for a lot of people but you have to remember, you have the election in november and things might look really good right before the election but what happens after that and what happens if we don't have a clear winner. i think volatility is an understatement and is going to last probably until january until we see option's trades and hedging. just reading a note from bank of america, they actually see before the election s&p going up 100 or so points and after that they are concerned. investors are taking money out of the market and putting into bond and gold funds.

david: here is a bright sign, rv surging in decades. the year of great american road trip. i will be asking the ceo of how he's keeping up with demand. next blue-collar jobs with gaa roofing, they are offering training and guaranteed job placement for those who hire on, we like the sound of that, we will tell you how that works next introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity.

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americans unemployed. and, of course, we are doing our best to find jobs for all of them. construction adding 16,000 new jobs in august, let's bring in brian cornelius, program director of gaf roofing academy and brian, you are certainly doing your best to employ americans. you provide tuition-free training and help with job placement for those who are interested, right? >> that's correct. david, thanks for having me. we are training new talent to the roofing industry. there's a major job -- labor shortage in roofing industry and we are trying to solve that. david: so you have not enough applicants that is you can fill all of the applicants that you have and still call out for more? >> right, according to national roofing contractor association, 90% of roofing contractors are facing a labor shortage today so as gaf is being, you know, the

largest roofing manufacturer in north america we find ourselves in unique position to solve the problem. yeah, that sounds about right. the roofing city is projected to outspace construction job growth, 12% growth in the next 10 years is what's anticipated, so the job shortage is not going away any time soon so we need to play our part and help solve the labor problem. david: what's the opening salary for a roofer? >> you know, entry-level roofer that graduates from roofing academy, $20 an hour. a lot of people don't think about it but there's a lot of money to be done in roofing. david: $20 an hour, when you add up all of the unemployment benefits that are offered to people they could be making a thousand dollars a week just

collecting unemployment checks where the federal government and state governments. was that a disincentive for those who -- those people you are looking for? >> you know, it could be viewed as that but the roofing industry, it takes hard work to succeed in the roofing industry and the students and the graduates that we are looking to recruit it are in it for the long haul and looking for stability and hasn't been an issue for us recruiting students, all of our classes are full. we have waiting list on classes. david: all the best to you. this is wonderful, wonderful that you're doing and we appreciate your work and we hope more people sign up. brian, gaf roofing is your name if you're looking for a job or know somebody who is. best of luck. let's get another check in the market. again, it took a tumble, it reacted very positively to the job's number, but then it went down like a rock, lauren, you

have a little nugget on what could have moved the market south, what is it? lauren: so larry kudlow is speaking on bloomberg and he said there are wide areas of disagreement over the size and the scope of the next fiscal stimulus package. that's the big wild card in all of this. we got a blowout job's report for the month of august this morning with the unemployment rate going down to 8.4%. what a beat. that sends the message to me are we too pessimistic about the job market right now but when you hear the comments from kudlow and you consider the wild cards which is what's going on with stimulus, for instance, or the airlines getting another bailout package, relief bill, where exactly are we headed so i think it's comments like that and i hate to use the word uncertainty but that's exactly what it is that's making investors jitter.

david: there's another question here, though, what happens with executive orders bypassing congress and congress threatened to sue that would extend unemployment benefits or allow reductions, they haven't done so yet, so there's a question of whether or not the president will take action around congress, maybe that is what larry kudlow was talking about. meanwhile amazon giving a big boost to smaller businesses, lauren, what's going on there? lauren: yes, so amazon, they are gearing up for prime day in the holiday season, so they want their third-party sellers which are basically small and medium-size businesses to sell more so all in this year they would have invested $18 billion to help them grow.

take advantage of prime day and also take advantage of the christmas season. by the way, more than 7 billion in sales last prime day. david: kristina, you we wanted to get in here, go ahead. >> kristina: yeah, how are you going to take job's report and congress will perceive it. unemployment has decreased an improved numbers for brack americans which has been stagnant for a little while or congress is going to see this, hey, this is a positive and we don't need to give as much in terms of benefits, so i feel like there's two ways to look at it right now and i'm sure as to what politicians are going to do, are they going to see this as a good thing and americans don't need as much help and this show that is you do need to help americans and that a lot of the jobs did come from government openings as well, seasonal work too. david: bottom line is it really came from the economy itself opening up and -- and the sooner the better for -- for all of the statistics that we are looking for for the economy to open up

to create jobs in the private sector. that's what it's all about. check the markets right now. we are looking, by the way, at 3 stocks, apple and microsoft, those 3 stocks alone are shaving 180 points off of the dow. the dow right now, let's see what the dow is, we have -- i believe it would be in positive territory. not so, of course, in the nasdaq, the dow is -- dow is down 442 points, forgive me. it's down about 1 and a half percent. big, big drop, again it dropped like a stone as soon as those comments from larry kudlow came out. lauren, kristina, thank you very much. by the way two kinds of violence going on right now, the anarchists and organized crime and the one thing that connects the two, but we will tell you about it. the democrat-run cities, that's what. we will bring you the evidence of that in our next hour, but first i'm going to be talking to the ceo of workplace management company okta, they are a work

from home winner in all of this, but what happens when we eventually go back to the office? will they lose some of their gains? i will be asking that question, more varney right after this. these days, businesses are adapting to new ways of working. and innovation is at the heart of it. verizon 5g ultra wideband is the fastest 5g in the world, with speeds up to 25 times today's 4g networks. its massive capacity and ultra-low lag time is already available in parts of select cities around the country.

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david: check the markets which are continuing to drop like a stone. look at the nasdaq, first of all, by the way, below 11,000. it was august 6th, the first time the nasdaq closed at 11,000 or above. it has been on a roll ever since except beginning in the middle of this week when it took a tumble yesterday, big time. it is continuing the tumble, nasdaq now down below 11,000 trading at 10,962, on the dow, 3 stocks that are really dragging the dow down, sales force, apple and microsoft, it's now down 477

points but about half of that is caused by the drag of 3 stocks, apple is down over 7% right now, down to $112 a share. microsoft is down almost 5%, sales force down almost 7%, quick check on facebook, by the way. they are going to block new political ads on their site, that means a loss of a lot of revenue. that's one week before the election, that's when most of the money that political parties spend on facebook would be going in. we have the ceo of parlor on the show last week, their social media site sort of pride themselves on free speech and he says what facebook is doing is wrong and he will take advantage of it, roll tape. >> it's not really a sustainable business model and frankly it's going and who is going to believe facebook over the president or who is going to believe twitter over the president? that's a political thing.

i mean, it's not helping anybody. david: well, certainly not helping facebook right now which is down about 6 and a half percent as a result of what's happening on the nasdaq in general. next case is okta, this is a work from home winner, total revenue surging -- hold on a second. okay. we are -- we are going to hear from larry kudlow and he's talking to reporters at the white house. let's listen in. [inaudible conversations] >> all right. we have a couple minutes. >> how essential is it on -- do you have any update on this? >> i'm not focused on that today. >> another round of stimulus payments for americans -- >> i just -- i'm sorry.

[laughter] >> come on. how confident are you that the united states at this point is over the hump given the numbers today? >> well, look, i think we are in a self-sustaining recovery. i think you've got blooming housing sector, booming, auto sector and consumer spending is very strong, you have collapse of inventories last quarter so that's a classic business cycle situation. you are going to rebuild your inventories, restock them, that picks up manufacturing and construction, a big job creator and that feeds into higher wages and incomes, so i think the recovery probably started maybe late april, may or something like that. i think we are in a v-shape recovery. i think the second half is 20%

growth and next year another big blowout year under the right policies. i like where we are. what i don't like is the fact that there's still too many people not working. we've got back half of the jobs we lost but there's still the other half and there's a lot of hardship out there, so, hence, i would love to see support for the ppp program which is a big priority. i think the president's payroll tax deferral would be extremely helpful. it's a big wage increase to over 140 million americans, so that's a big plus. we get that done and forgive -- forgive the deferral, and we are certainly better than we were last winter which were the dark days, but there's a lot of work to be done, a lot of folks to help, take care of, create opportunities and incentives. we are working on it. appreciate it. i will be back later and who knows what the day will bring.

david: all right, larry kudlow, the chief economic adviser for the president, talking about his hope for the economy and also his concerns about the people who are still unemployed and the businesses that are still having serious troubles as a result of the lockdowns across the country, suggesting that we still need a payroll deduction holiday, something that the president has been pushing for and said he's going push through with an executive order, we still have details uncertain about that and whether or not congress would sue him if -- if, indeed, that goes into action. also kudlow wants continuation of paycheck protection program, so-called ppp, adding more money to that, helping businesses and their employees survive continued lockdowns in certain areas of the country. it was larry kudlow's comments earlier that are what turned these markets around. as you can see the nasdaq is still down about 4 and a half

percent. dow jones industrial down about 1 and two-thirds percent and s&p down 2 and a half percent, huge losses on all of the indexes. again, we are going into a three-day weekend, that clearly has a lot to do with this particularly when you consider what happened yesterday with all of the stock indexes but there are concerns that perhaps the white house maybe getting fed up with what's happening with congress in terms of another addition of the coronavirus bailouts that have been going on. meanwhile check carnival cruise lines. carnival use is up a little today. that's a positive. let's check southwest airlines. they are adding routes to miami, palm springs, california, that's for this summer. the stock is up -- well, delta is down about 1%, southwest is down a fraction.

jetblue is actually up a fraction. lauren, what more news do you have for us on the airlines? lauren: kudlow also said that the administration will unveil aid, another round of stimulus and relief for the airlines in a matter of weeks. so we know come october 1st, we are going to see steep, steep losses for the airlines and, yes, the airlines are down today, but not as bad as some of the other stocks in the sectors. >> david: indeed, lauren, thank you very much. we are following the markets very closely as they continue their slide. the nasdaq is down below 11,000. remember it was august 6th when they first crossed 11,000 and closed at 11,000. it's now below that crucial number. again, we are going into a three-day holiday but we will be following markets closely when we come back, stay with us

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david: despite negative figures okta is a home from home winner, surging 43% from the prior year to 200.4 million. let's bring in todd, ceo and cofounder of okta.

todd, i have to start with what's happening in the stock market right now. your stock is taking a hit, down 7 and 8% right now. are you concerned? >> well, when we look at the market we really think that thee long-term prospects for okta are quite strong. we are being really driving on 3 big ideas, one is that companies are going to use more cloud, modern technology whether it's microsoft, office 365 and second they will want to connect with customers over mobile apps and websites and thirdly they want to do it securely and we are confident in long secular multiyear trends so we have a lot of positive growth in the future. that are positive about okta and we should mention by the way that fox uses okta for some of our security needs as well, full disclosure, but does seem that right now you're getting sucked in downward vortex going on with

tech stocks. >> yeah, stocks go up and stocks go down and we keep focusing on making sure that customers have -- this is really important, they want to have choice in technology, customers don't want to be locked for a certain vender for different types of technology and we are like the front door, we let them in to any technology they want to in a flexible and secure way and that's really appealing to people especially in this covid-19 world where they've gotten this taste of freedom where they can work from anywhere, they can have flexibility, they can go to the websites and mobile apps they want and we enable them to do that with choice and flexibility of freedom and that's really appealing now and for approval. david: we we have a taste for freedom and we have a fear of vultures out there who are looking to capitalize and steal information from people working at home. do you secure that? do you have guaranties, quickly? >> it's a big issue, right, everyone tries to take advantage of the flexibility. the bad guys are out there and one thing we do is we are a stable platform that helps the

company build solid security structure and not only okta but we partner with 6,500 other websites and apps and services to make sure it's all integrated and all secure so it's quite a strong foundation to start from. david: we have a big selloff going on as you can see and a big name market watcher is coming up. bob coming up. also we are waiting for president trump, we are told that the president is about to make a, quote, significant announcement from the oval office. hour 3 is coming right up. stay tune stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online.

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asked. david: it is 11 a.m. on the east coast, and the markets are way off. the dow jones industrials is down about 1.5%, nasdaq is really taking it on the chin, down about 3.5%, although it has improved a bit. hi, everybody, i'm david asman in for stuart varney. salesforce, apple and microsoft, they are all parts of the dow, salesforce is a new addition to it. they are all three dragging it down. but moments ago we heard from larry kudlow who said he still thinks we are in a v-shapedded recovery. we did get 1.37 million jobs added in august, but unemployment rate dramatically

beating expectations, falling below 9%, 8.4. we heard from the vice president earlier as well talking about those jobs numbers and how it will eventually pay off in the marketplace. i want to get back to the nasdaq selloff though, and let's brick in bob doll. bob, is have you ever seen a move like this in two days? >> yeah, we have in the past, i'm sure. the amazing part is not this pullback, david, it's how far things went up without a pause, without even a breath of fresh air. david: right. >> so the pullback is not a surprise to me. that it took this this long to n and we got to this level is the amazing part. these stocks are still up year to date, as you know. david: i don't want to micromanage what's happened in the market, but with we did have positive it, nasdaq was the only downer, and then it dropped like a stone. was that because of what larry

kudlow said or something else? what do you think? >> i think it's just the market's tired, in need of a rest, got ahead of itself, so much momentum and hot money chasing those big stocks. they just need a pause. you know, as i came in, the dow was down almost 500, but three companies you've herald of, citicorp, bank of america, jpmorgan are all up. so there's a rotation going on within the market as people are selling the high-flying, high-pe nasdaq type of stocks and saying what's lagged in the market that's going to be okay. and we get some pick-up in interest rates, the employment report has if pushed them up some, that's good news for the banks. david: by the way, we also had good news that wages are up. of course, that does give us some inflation pressure. could that have something to do with the skittishness in the market today? >> i think an eventual increase in inflation is worth worrying

about, but i don't see the market paying a whole lot of attention. again, the 10-year yield up 5 basis points, but it's still below three-quarters of 1%, so hardly a concern. i come back to the market is just tired. but you're right, i mean, the employment report was pretty awe amazing across the board, and as you already pointed occupant, the amazing number was the unemployment number. david: incredible. >> 8.4%. a lot of people didn't think it could get down to 10 e by the end of the year, so the economy's making gooding progress. david: why is that? some people say while the overall number your post-electin

prediction, you had a pre-prediction saying that the president was going to win re-election. what do you think now after the two conventions? >> well, i think the, it's still an uphill battle for the president, but the momentum is in his direction as we speak. the economy, which we just talked about, and coronavirus, two things that are pretty much out of control. they will determine who's the next occupant of the white house. the economy keeps going at this pace, we'll likely have a third quarter gdp that's 25% growth or more and as coronavirus continues to failed, his chances will continue to improve. david: he has talked a lot about the stock market and taken some bragging rights with regard to this huge rise.

if it continues to fall and there's no telling, you suggest that maybe it was just overdone and had to calm down a little bit and then it'll find a nice level, but if it goes further down, could that be something that, unfortunately, he's linked himself to that could prevent his re-election? >> you know, that would be a bit of a pop for him, but i think -- problem for him, but with i think he'd pivot very quickly and talk more about the economy and less about the stock market if the stock market keeps selling off because the economy is, where most people live and the fact that there's so many new jobs, look, the unemployment rate for -- i was just looking at it, for people 18-24 years old has dropped from 25 down to 12%. i mean, you know, you get -- and quickly. we've, yes, the resession was hard -- recession was hard and it was quick, but this recovery the same. he has to hope and pray, continue to nurture.

i'd like to see some sort of stimulus package agreed upon. i think that would give the market a little more room to move to the upside as well. so lots of variables but lots of time, 60 days to go. david: you know, i personally am less interested in another stimulus package than i am in more openings around the country. what do you think about that? >> i'll vote for that too. totally agree with you there. we need to find ways to do more opening. we've got to get away from the politics of it. david: right. >> schools, businesses, yeah. with caution and with care, but let's not just shut out down until we have a vaccine. that's not necessary. david: america's genius comes from the private sector, not from government bailouts, and i think we both agree on that. bob doll, great to see you, my friend. thank you very much. >> all the best. david: lauren, you have some news on moderna. >> the stock's down 6%. they told "the wall street journal" that they are slowing enrollment in their phase three

trial which began in late july. they have about 20,000, want 30,000, but they're slowing it because they want more minorities included. that could affect the timing of a vaccine when it hits the market. as you know, we're looking to do so very soon, by the election. david: indeed. lauren, thank you very much. it is time to bring in steve hilton. of course, he is the host of "the next revolution." steve, thank you for coming in. let me talk about the selloff, first. a lot of our viewers are quite concerned about that. do you think that's about the stimulus, or is there something else going on? >> i think what you were just discussing is exactly right, you and bob nailed it. i think that it does reflect that short-term reaction to perhaps something that larry kudlow said. but i think what we're seeing is what's really important in terms of the election looking ahead which is the fundamentals, the real economy. i couldn't agree more with what you just said, which is the best stimulus we can see right now is

to open things up. and if you think about that in connection to the economy, look what's going on around the country. because it's those key states that are going to determine the election outcome. if you look at the places that are most shut down, it's actually places like california where i'm speaking to you from, new york -- which, frankly, are going to vote democratic in the presidential election anyway. if you look at other parts of the country, a story i just heard this morning really encouraging in kentucky, a town which is a perfect if example of a v-shaped recovery, their unemployment rate is now lower than what it was before the pandemic. why? because there's a lot of manufacturing in that place. manufacturing has gotten a real boost. and so if you want to look further ahead, the most important stimulus we can get for the economy e is actually president trump being reelected, because he's got an agenda that will support the creation of jobs. not just the tax cuts and the deregulation that we know, there'll be more of that, but specific plans to boost manufacturing.

that is going to be the key. david: yeah. >> we're already seeing it work in the country today. that's what we need more of. david: steve, it is ironic that you and i are both in states that are not doing what we both recommend the country should do, which is to open up. i mean, we just had news from mayor de blasio, our sandinista mayor here in new york, that, in fact, the restaurants would be closed until next june, which is crazy. but i -- you hear a lot about people moving out of new york and moving out of los angeles and moving out of these so-called blue states. i, i'm planning on staying even if it wasn't for my work. a lot of people in new york, even the liberal democrats are saying we're going to stay and fight because we know new york can do better. i hear it from california people, you know california can do better if you get the right people in office. do you notice more people leaving or more people staying who want to fight it out? >> there are more people leaving because it's not just the

reaction to the insane and pseudo-scientific claptrap the democrats who are in charge of this state, one-part rule, have put out in terms of the shutdown. there's a new color-coded system for opening county by county that literally no one can understand. the whole thing is made up. you've got all of that. secondly, you've got the response to the protests. mayor garcetti in los angeles, for example, completely kaying to the demands to undermine -- caving to the demands to undermine the police department. you're seeing people actually don't want that kind of urban squalor that you see in the streets of san francisco where you had the mayor just the other day getting behind nancy pelosi over merry dick louse hi pock i city over the hour salon. this mayor is presiding over public squalor, homelessness everywhere, the streets are disgusting. she's the highest paid america in the whole of america -- mayor in the whole of america. i'm going to stay and fight, i

use that word just like you do, because i think at some point this state is going to say we've had enough of this nonsense, and we want proper policies that actually help working people who have been hit hardest by what you've gotten from the democrats. david: i can remember when ronald reagan was the above of your state, and i can remember when mayor giuliani was the mayor of this city, turned it around. it's amazing, that took about 20 years to turn around new york and to make it what a wonderful with city it was up until mayor de blasio came in. how quickly you can destroy what took so long to build, right? >> exactly. i'll just give you one -- david: quickly, because we do have to go. >> -- indicator. we're going to have a very hot weekend here in california, we've been told what do you hear from the democrat geniuses? don't use electricity between 3 p.m. and 9 p.m. because there'll be power cuts. it's like a third world country. that's what joe biden wants for the whole of america. david: bingo.

sunday at 9 p.m., steve, on fox news. have a great weekend. and let's take a quick look at facebook and apple. apple has now delayed an update on their u phones that would make it harder for apps -- iphones -- like facebook to send you targeted ads. they now expect to roll that out early next year. apple is down about 5%. and tesla are on track for its fourth straight day in the red. they are now down about 6.25%. that is, by the way, the longest losing streak for the stock since the middle of march, right a around when the pandemic really started to hammer the markets. that stock, again, now down about 6%. next one, big work from home stock we're watching docusign. kris tine that -- kristina, they have really benefited from this remote work. >> yeah, and yesterday beating analyst expectations. people are wondering why is the

stock down almost 13% today? could be some profit taking, news coming out of the company. docusign is used to sign electronic documents so you don't actually have to go in person, but they are promoting the new cfo of their company, cynthia gaylord, she chairs the audit committee, so that's the latest news we're hearing. and maybe part of the stock you do have some bearses on this stock, deutsche bank putting a reduction on their rating to a hold from a buy we've seen across the board various analysts saying the stock is well worth $270 and above, so it's just a lot of back and forth. nonetheless, docusign still down quite drastically, almost 13%. david: 12.5%. big day for your money. a live look at the white house. we are expected to hear a big announcement from the president this hour. the news coming thick and fast today both on the financial front and the political front. keep it right here on "varney."

we'll be right back. needles.

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♪ ♪ >> you see what's happening, jobs numbers, retail sales numbers are all in records. it's happening very fast. it's actually happening in a super v. [applause] you're going to have an incredible economic year next year. your stocks are going up, your 401(k)s are through the roof. david: well, you may not be happy looking at your 401(k)s right now. look at the markets, they are down bigtime. come in casey smedley, rnc deputy communications director:. casey, how do the president's remarks square with a market where you had nasdaq moments ago in correction territory or close

to it? >> yeah, but you also have to square that with what's happening in communities across the country, a huge jobs report today that outdid expectations, as you well know. that's not just 1.4 million jobs this past month, but over 10 million jobs have been returned to our economy since the pandemic began. huge numbers. and that's because president trump laid a foundation right away in the beginning of his first term to empower the strongest american economy in modern history, and he's doing it again. while that's good news for american businesses, american workers, we know that democrats -- this is a bad day for them. they are the insisting, hoping, crossing their fingers and toes that the american people will continue to suffer because then they will get, they think that'll help their electoral process, but we know that president trump is fighting for american workers and that's refrequented yet -- reflected yet again in another jobs report.

david: i'm with you in standing behind american workers, on the other hand the president himself has linked himself on so many occasions, including the one that we just played, to the market progress. if the market does not progress, is that a political liability for him, something that the democrats will jump on? >> well, as a loyal audience member of this program, i know that we play the long game on the market, right? we don't go to the whims of what happens in the day-to-day. and what we've seen despite all odds and having a worldwide pandemic, your market is actually still very strong. numbers are still very good and even despite an off day here to or there, we're still posting some great numbers and playing the long game. which is what the american people are doing as well. again, from our perspective here at the rnc, what drives people to go vote? we know, you know, it's the economy. and to have president trump who from minute one was fighting to bring back a strong economy, a

economy that for sure went away during the obama/biden administration, he laid that strong foundation, brought unprecedented low unemployment numbers, unprecedented activity with people actually going to work and engaging in the economy. and we're seeing that bounce back again with this great american comeback. that's something that you could only get by voting for president trump and republicans who want to empower you to keep more of your hard-earned money and live a full life with your family. david: cassie, we know what we're going to get now, or at least one thing we know we're going to get if joe biden becomes president, that is higher taxes. how much of that will be emphasized by the trump re-election campaign? >> yeah. they're already talking about it, and we know that'll continualingly be something that, a conversation that we have on the trail because that makes a big difference. the fact that joe biden at every turn thinks that the answer is not only more government, but government spending more of your hard-earned money at every single turn whether that's

health care, whether that's the green new deal, these are all things that aren possible in joe biden's america with your money. and to see that contrast between president trump who has said right away we're going to deregulate, and we're going to put through a tax cut, that's going to lay -- that's the foundation i keep talking about, the foundation for a strong economy because it allows you to keep more of your money and allows you to be in control of the decisions of how you spend your money. that's a very stark contrast from what joe biden and the democratses are offering, and people aren't going to forget that -- dade it's going to be a contrast that will be emphasized in the debates, if the debates happen. we are coming into debate season. do you think joe biden will follow through on his promise to do three debates? >> well, if he listens to nancy pelosi, who knows? because she, of course, thinks he shouldn't debate. i think that's a a mark that the democrats are not confident in their own candidate. they know that he is weak. they know that next to president

trump -- not just president trump who is just a great person because he's been out there speaking in public, he doesn't need a teleprompter or scripted questions, but also because he does have this record of results, that that is a liability for joe biden to go up against that. but i want you to think about this: by the time the first do bait occurs, 16 states, voters in 16 states will have the opportunity to cast their vote. and to think they'ring that vote based on basically not having seen joe biden out on the campaign trail. yes, he's starting to shadow president trump around the country because he knows the poll numbers falling, but the fact that the american people really have not gotten a fair chance to see the democrat nominee out in public without unscripted questions is something that everybody should take note of and take that into consideration. david: we are taking note of it, cast su. in fact, you laud out our next -- laid out our next segment very well. thank you very much.

joe biden is set to lay out his plan for jobs and the future of the what he calls the pandemic economy in about an hour from now. hillary vaughn is with us now to give us a preview. hi, hillary. >> reporter: hi, dade. well, in about an hour, democratic nominee joe biden will give a speech on the economy, and part of his plan is trying to capitalize are on covid-19 slowing down the economy. one big topic he will touch on is the jobs report that president trump says he's happy with. here's what president trump tweeted today: great jobs numbers, 1.37 million added in august. unemployment rate falls to 8.4%. wow, much better than expected, broke the 10% level faster than thought possible. biden will also attack the trump overall on the economy, and last night he specifically talked about president trump's record on a trade, tweeting this: in 2016 president trump promised to reduce the trade deficit and said you see a drop like you've never seen before. the reality? it's the highest it's been in 12

years, american workers can't afford another four years of his failed leadership. part of the drop in demand for u.s. products also has to do with the pandemic because other countries that were hit hard by covid-19 are buying less u.s. goods at the moment. but biden bringing up trade, david, does put his own record in the spotlight. he supported nafta which shipped thousands of jobs overseas, a lot of those in key battleground states like pennsylvania. david? david: good to see you, hillary, thank you very much. let's take a live look at the white house. we are expecting to hear momentarily a big announcement, as he's calling it, from the president this hour. we're told it's an economic agreement between serbia and kosovo. history unholding right here on "varney & company." we'll be right back. this is decision tech. find a stock based on your interests

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david: check the markets, they're not getting any better. they're not getting any worse, for that matter, but they're not getting any better. you see the nasdaq really taking the brunt of today's negative market activity, down over 4%, below that 11,000 mark. it's been hanging around that level for the past hour. all the other indexes down over 2% as well. time to talk to art laffer, we usually talk about politics and economic policy, but i want to get some market advice from you.

what do you think is going on here? is this just taking a breather from this predominant upward movement of the markets over the past couple of weeks? >> well, let me just say, there's no money-back guarantees, and the advice probably is worth no more than you're paying for it. yes, i do believe it's just a breather. if you look at the nasdaq over the past year, it's just been a skyrocket. look at tesla, all those other companies, invidia, just a bunch of them that have gone way, way up, and it looks like just a correction. it's feel not even down 10% from its high, and that 10% -- that high was, i mean, just recently. there's been this skyrocket. i would guess that that's just a correction, ors although god knows i've been wrong a lot of times in my life, david. i don't think i am in this cause. david: well, market activity ultimately, from day-to-day it differs, but ultimately, market activity is based on how the economy is doing. and this morning we got this extraordinary news that the unemployment rate came down much

more than what was expected. i think it was due to come down to 9.3%, it's come down -- 9.8%, it's come down to 8.4%. this has to be eventually reflected in the market, no? >> of course it is. but when you're talking about the nasdaq, you're talking about a group of very specialized stocks in technology and medicine and that type of stuff, david. and, you know, when these guys come down, it doesn't necessarily affect gdp, employment and other things like that. so i would not read too much into the nasdaq decline and the precipitous decline in the other indexes which i think are basically caused by the nasdaq coming down and nasdaq components in the s&p and the dow. i wouldn't take this too seriously at present. now, if it lasts for a while, then we've got to do, look for another answer. but right now i think it's just correcting the hyperbolic runup in the nasdaq. david: here's the one thing that

happened which gives me pause which is the markets were up with the exception of the nasdaq, although it was down just a fraction of a percent. until we heard news from larry kudlow that perhaps there wasn't going to be a deal. he was, he didn't say exactly that, but a deal on another covid bailout package. is that necessary now, or is the economy gaining the momentum so that it may not need another bailout package? >> yeah. let me just say there's no deal worse than a bad deal. and i think so far the proposals by the legislature, by the house and the senate, have been bad deals. and i have supported the president's resistance because of larry kudlow to a large extent, resistance to making a bad deal with congress just to have a deal of some form. so i don't think this voting down a deal and not having one is bad news at all. i think it's really bullish news. the market may not respect, respond to that immediately, but

believe me when i tell you a bad deal is spending trillions more, it's not going to help -- david: but, larry -- excuse me. but, art, forgive me, i called you larry -- >> that's okay. my best friend. david: -- we do have 10 million americans who are out of work as a result of the lockdowns. we have the expiration of of that federal bonus in their unemployment check which is really going to hurt them. does that mean now we will get this executive eau order from the president into place where they at least get that $300-400 in continuation of their federal unemployment benefit? >> i totally expect that to be the case. the president, i believe, and i'm not speaking for the president. larry does that. but i believe the president wants that 300, $400 instead of 600 which is a major improvement, and i believe the president also wants a waiver of the payroll tax, and i believe his executive order defers the

payroll tax in the anticipation that when that deferral ends, no one will want to retroactively raise taxes on all payrolls. and i believe that's the case, and i think that's the right things to do. anything more than that, i think, is just garnish and not correct. david: i've got to ask you a political question, art, and i know that economic policies is your forte, but politically speaking if the democrats resist a movement by the president to enforce his executive order, extending unemployment benefits on the federal level, wouldn't that be a big negative for democrats on economic policy? >> oh, i think everything they're doing is a big negative. you look at the polls, and you see it there in every aspect of the political structure. i just can't imagine, i mean, if i were still a democrat, i would be, i would be pushing for rational policy choices, but they're not. they're making every beginner's mistake there is. so i don't know why they're doing what they're doing, but they're doing out.

david: and the president, you think the president will follow through and carry out his executive order. >> i sure hope so. you know, look, i don't speak for the president, david, as you know, but i think he will. he's a very principled man, he really understands what's going on. you remember he is a businessman himself. he understands the powerful disincentive effect of the payroll tax on jobs. he also understands the powerful disincentive effect of excessive add-ons to the unemployment benefits. so he understands those, and i think he's making the correct choices here. and they will inure enormously to the benefit of the u.s. economy and just by chance also to his election chances. but, david -- david: go ahead, quickly. >> today's numbers are great news. and no one should take these numbers as being pessimistic. they're great news. david: art laffer, great to talk to you. thank you very much. >> thank you, david. bye, now. david: next up, mobile payment apps, paypal and square, are

their names, they're down bigtime. lauren, what's going on there? >> well, they're disrupters, and they've had nice performance during the pandemic. at points their market cap was bigger than goldman sachs as well as bank of america and basically every other traditional bank out there except for the biggest, jpmorgan. so these are fin-tech stocks, they define the digital payments boom, and they could signify the changing of the guard, right? from the traditional banks to the alternative banks. now, this is interesting told because what is the best performing sector? it is the financials. it was one of the best performers yesterday because of this small move up in rates that we saw which higher rates are good for banks, and we saw that on the heels of the jobs report. david: somebody's doing okay today. lauren are, thank you very much. kristina, more news on apple. go ahead. >> oh, apple, we've got to talk about this given the drop yesterday, over 8%, wiping $180 billion in market cap. that is literally the accumlaughs of 470 s&p 500 firms

altogether, so this is a huge drop for apple. nonetheless, it's still up over 55% for the year. right now it's trading a little bit lower, about 4.5% lower. it's still, you know, in the trillion dollar club when we're talking about how much it's worth in terms of valuations. we know that the stock just recently split as well. but i want the talk about big picture. the tech sector as a whole taking down the market over the last 24 hours. there is one report now that softbank could have been -- this is a japanese conglomerate -- could have been behind a lot of that movement. softbank invested heavily, billions of dollars in u.s. equity, and supposedly that move caused quite a bit of a rally just over, i guess, midweek. and then it resulted in the selloff that we're seeing. so that's some of the talk that we're seeing on social media today. but i'd like to point out, and we're talking about markets as a whole, energy a little negative, still stable, and financial still stable. this could signal that people are just rotating money especially heading into the long weekend and we know that

september is volatile. david: i think you're absolutely right. kristina, thank you very much. let's take a live look at the white house. we are expecting to hear a big announcement, their words, from the president at any moment. we're told it's an economic agreement between two european countries. we'll be right back with the very latest. stay with us.

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northern trust. wealth management. david: we want to let you know that the president is in the oval office with the leaders of serbia and kosovo right now. they are signing an agreement each committed to economic normalization, those two european countries. the president calling it a major breakthrough on economic cooperation. also saying that kosovo and israel have agreed to normalization of ties, an establishment of diplomat you can relations and that serbia has committed to move its embassy to jerusalem in july. that's very interesting news. meanwhile, the markets, again, they seem to be stabilized around this point, if you can use that word on a day when the

nasdaq is down another 3.25%. dow jones is now down a little under 2%. s&p is down two and a third percent. come in keith fitzgerald. keith, it ain't pretty, but perhaps there are some opportunitieses in a downward move like this going into a three-day weekend. what do you think? >> absolutely no question about it. chaos always creates opportunity. and, in fact, we're already seeing that today. we're seeing some of the financials on the move, one of my favor faves, longtime holding, jpmorgan s a bright green spot. and i love that. even with apple, microsoft and many of the tech companies getting shellackedded, they're going to make a difference in our future. one day does not a bear market make, david. dade dade what about the nasdaq? any interest in tech right now? >> absolutely. as a matter of fact, i've been going after that all morning and intend to as soon as the selling abates a little bit. i think looking back channels

there's a major tech fund, some holding somewhere that either let go or is in serious trouble because you don't normally see this kind of selling. from there, the computers take it and beat it to smithereens. in the moon time, i'm drooling, frankly. david: are you putting your money where your drool is, if you'll forgive the expression? [laughter] >> absolutely. you know me, i don't talk about anything that aisle not doing personally. so, yes, absolutely. i'm going after more microsoft, after more apple today. i rewent, i went after visa hoping if i can get that, i'm technically using a strategy called selling puts. david: what do you think happens on tuesday when markets reopen from the long weekend? >> you know, it's too early to tell. if we get a little bit of buying pressure in here and there's no major headlines over the weekend, then i think we have a shot at stabilizing. but, again, you know, the last thing you want to do is try to anticipate the markets. what you want to do is deal with expectations.

expectations are that ceos have a great business case for moving this country and our world forward. once you focus on those, you're going to be okay over the long term. dafd david you have to focus on politicians too though, unfortunately, and the politicians still can't seem to get their act together whether it's a covid relief package or the question of how you open the economy. >> you know, that enrages me because they have a very simple job, and it's to be custodians of the trust the american people place in them. i don't care what side of the aisle they're on, the fact that they are not in there burning the midnight oil helping millions of american families who have been deeply hurt or brought to the brink of financial ruin, that is inexcusable to me, and i don't care what party they're from. david: i agree with you. great to see you, keith. happy hunting on finding those stocks of value. meanwhile, some news from united. lauren, what's the news? >> they're adding capacity gradually, and they plan in october to fly 40% of the routes

that they did last october. i suppose that's good news. i was just crunching some numbers, david, and before all this united had about 95,000 employees. with the 16,000 involuntary cuts plus the voluntary ones and the extended leave, they shed almost half of their work force. sign of the times. stock down 1.6%. david: wish them the very best, those unemployed workers. there's still 10 million of them in the united states. kristina, you're watching tesla la. what's the news there? >> tesla's dropping into bear market territory, that's 20% off of its most recent peak. i'm sure a lot of investors are disappointed, especially everybody that got into the stock prior to the five to one stock split on monday. we saw i that massive rally are just over the last little while, i'm sure some of them aren't too happy, and right now wall street is talking to analyst, at the

moment you're seeing more sell reports than buy reports going forward. and there's some other news too. elon musk has a younger brother, his name is kimball, and he appears to have just made about $8 million because he sold his tesla shares on tuesday, 6.5 times what he bought them. so that set him back -- or actually gave him at least $8 million more. so some bearish calls on the stock given that it's rallied over 500% just this year alone. four days straight of straight losses for the stock right now. we'll see if it falls into that bear market territory, it's down right now. david: but, again, it's had a great runup. listen, folks, with we know there is a selloff, but there is always time for friday feedback. you've been sending questions and suggestions. we might read yours. and we have a surprise you'll never see coming right after the break. look here, it's your very own all-in-one

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executive producer, justin. he is leaving. these are a few moments we remember of his stay here. finish with -- kristina and lauren, you've certainly had something to say about the departure of justin. go ahead. >> i do, should i go first? >> he can sleep in. yeah, go -- david: hold on a second. we have some sound of justin. stuart: we want to know why he did that, jumped out of a plane. his name is justin. he is the executive producer of "varney & company." he's a great guy. explain yourself. >> i'm a great guy? [laughter] stuart: con graph layings, justin. you're a fine reporter. fine executive producer. >> i created and also run the show. [laughter] stuart: penelope, when your dad gets home after producing, he's the executive producer of the show, what does he say? >> a lot of weird things about

work. stuart: really. okay. does he enjoy it, do you think? what does your dad do? justin is the executive producer of the show, what does he do at ten past four in the afternoon when we all get the ratings on our little phones? >> if he loses, he curses. when he wins, he gets excited. stuart: i'm going to keep this short, sharp and to the point, exactly the way we do the show. first of all, you know, you really are a terrific producer. you're really good. you know what's news. you know what is not news, and you know how to communicate it. a rare talent in anybody, and you've got it. but secondly, i think you're a real good guy. i think you're a really good man. i've known you for ten years, and i know who you are, i know what kind of person you are, and i think you're all right. i'm going to miss you, but i know that you will do well in

whatever you do in the future. best of luck, justin. david: wow. that is high praise, indeed, coming from stuart varney. lauren, kristina -- oh, look who's there! surprise -- [laughter] he wasn't told about this, ladies and gentlemen. this was all done by the producers working usually under justin mannato. justin, it's going to be -- it won't be the same without you, really won't. you are an extraordinary producer. the little time that i've spent with you indicates that you are one of the best. clearly, you will do well wherever you go. lauren and kristina, i'm sure you want to chime in here. go ahead. >> i know justin, it's not easy, it's not easy doing a three-hour show, and justin is definitely like stuart said, he's on the ball with absolutely everything. but at the same time, he knows how to communicate and how to get in your ear and crack some jokes too when he wants to liven

things up. that's difficult to do in live tv. so i just want to thank him for all the work and the time. it's been great. a lot of fun. david: kristina, you've got -- excuse me, lauren, go ahead. >> a i've known justin a very long time. i think he jumped out of the plane for his 40th birthday -- [laughter] and i know he is going to do extremely well in whatever he undertakes next. and i think he's going to sleep in for starters, because nine in the morning means you're getting up in the middle of the night to prepare. david: absolutely. and the one thing i would add is that the key to good producing is listening, listening to what the audience wants and listening to what the anchor wants, putting it all together with what you have and coming up with the secret sauce, and he has created that secret sauce for telephone years. congratulations. best of luck wherever you go, justin. thank you very much. more "varney" right after this. ♪ this is decision tech.

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>> we are monitoring president trump's twitter account pics for nothing specific about justin manado. he's talking about the markets, which we talk to the vice president about, but we will have to wait and see what he says about justin. meanwhile the markets are improving somewhat if you can

call it an improvement to say the nasdaq is down to end a third percentage. it's well above 11000 and we will see if it stays that way. neil cavuto is here to take it away. all your? neil: thank you. you didn't even notice when stuart had a chance to say something about justin, it was nice, i mean, i have never heard him-- >> but he could not do it in person. neil: no, he takes the day off. i hope justin didn't take it personally took i would, justin. best of luck to you, my friend. people will e-mail me-- look, they already are. the dow jones is down, the nasdaq is down, with apple all down, we will follow the same drill yesterday if you indulge as. we will blitz you with a lot of data that may or may not r