comments about being willing to shut down, that needs to continue because it's critical for millions and millions of americans are now. >> the other big story of the morning is a massive selloff in technology. tech stocks are plummeting but don't feel sorry too much because the stocks are soaring heavy move so much so quickly in the last year. that will do it for us, great day today, dagen and brian have a great day. "varney & company" begins right now, ashley webster is in first through this morning. actually take it away. ashley: thank you and good morning, everyone. stuart is out today but as always we have a jampacked show for you. i am ashley webster. here are the big stories we are following for you. the future is down as we start the new week, shorten week because of labor day, the s&p and nasdaq snapping a five-week winning streak and nasdaq set to take a big hit at the open and the dow marking the worst week since late june. is this a much-needed correction

or is something else to play. we will get into it but as i can see the major indexes down in the nasdaq up 3%. following reports of the november surprise on a vaccine bio pharmacy ceo pledged to take the over speed when it comes to treatment. tesla feeling a little dented this morning after getting snubbed by the s&p 500 despite four straight quarters of profit the benchmark index says no thank you very much, we will discuss the implications of that. in washington congress returns as a stimulus stalemate continues, white house chief of staff mark meadows kelli maria bartiromo in the last hour he thinks the deal will get done and soon. we are 56 days away from the election for the battle of the swing state and definitely heating up. president trump touting a rebounding economy as a hits florida and north carolina today and we will see him leave later

this morning. the president is threatening to cut ties with china and issues of stock morning if joe biden wins. and how about this, the hit that everyone is talking about, top rank novak djokovic disqualified from the u.s. open tennis tournament after accidentally hitting a line judge with the ball and by the way it is cost him millions and prize money as well. you get it all, sports, money, politics for the price of one. "varney & company" begins right now. ♪. ashley: we celebrate the american worker and in the midst of the fastest economic recovery in u.s. history, we are rebounding much more quickly from the pandemic, is a v-shaped, probably is supervened and biden in his liberal running mate most liberal person in congress, not a confident person

in my opinion and he will destroy this country in this economy. ashley: there you have it from the president himself the economic recovery in the history of our country. let's bring in market watcher mike murphy, good morning to you, the president mentioned a super v recovery that is a capital v, do you think that's on the horizon? >> in morning to you, i do. as supervened i'm not sure how you define the economic recovery taking place right now is something that a lot of people were betting against just six month ago when we were going to the pandemic. were already getting jobs back and people back to work i am in new york city this morning and things are looking aside from the mass, things are looking a lot more normal than i would've expected. the economy is recovering and it's a super b meaning a fast recovery but not with president

trump, here we come. ashley: is the pace picking up, it seems to be very selective in those parts of the economy so they're doing better than others. >> a lot of times what were looking at, the economy was going along, things were going great, unemployment was at historic growth in historic low levels across the board and then we got blindsided by a pandemic. you had a huge drop in the lot of people trying to pin that on president trump which is not fair to do. as we get past the pandemic that we talked about a lot, now were back to the economy as it was preprinted on it. that is growth, we are seeing jobs being replaced and they may come in different sectors of the economy but american workers are going to be going back to work and they will put their money to work. we will be back in my opinion before the end of this year and

it's a booming economy in the united states. ashley: very quickly, i gotta move on, the markets itself, is this a healthy correction or something more sinister. >> whenever you pull it back into healthy correction but i think the market had a huge rally and we went up very quickly, very far, very fast. if we correct 3%, 5% or 10%, i think that's completely normal and to people at home who have been watching apple and tesla and sell those pullback, pick your number and pick your entry spot if you want to get in because you're getting an opportunity. ashley: that's a very good point, thank you very much, i appreciate your time and as you mentioned, another story of the morning, tesla taking on the chin. the spring and soothingly, what is the deal with tesla. susan: tesla will not be included in the s&p 500 after

all. many thought it was a certainty that tesla especially after tesla posted first full business era profit, that is four straight quarters and that's the main criteria to get listed on a brighter index and the market cap above a billion dollars which tesla easily beats over $400 billion surpassing these seventh largest company in the u.s. tesla gets snubbed by the s&p 500 for more than much smaller companies like the sc, the paradise and the scratcher for someone on wall street and is sold all of the $5 billion in new stock that offered last week. a few factors in the s&p snubbed in the surprising news that gm taken 11% stake in it made pretty good money so far this year. >> were not gonna cry over the

losses right now. you did mention gm steak, what is the story behind that. susan: take a look at the stock price we were up as much as 45% for nikolai this morning, gm was up as much as 9% in gm is paying $2 billion for the 11% stake in nikolai, nikola has never sold or delivered an electric truck but it does have $10 billion worth of deposit, they own future orders in gm stepping with cash, expertise and building nikola cell power and pickup truck called the badger will be released in two years time and we know electric cars are the future, big growth opportunity, hot on the stock market and the gm partnership gm can scale and tesla and nio should be concerned with this competition. ashley: interesting to see the badger. finally what about apple, certainly in the red this morning. susan: we have news that apple will start production of the

first 5g iphones in mid-september according to japan asian review. the analyst is pretty bullish, i was with a note last night that i read the channel check and apples asian suppliers confirm there is an uptick in production and the new 5g iphone will hit shelves next month and october, not that much of a delay, applecart of the big truck that have run up so much this year end some apples run up along with the other big tech names processed by weird activity in the market as i'm sure you've heard about. in the big bets into options but the tech names like apple will continue to go up and that's why some people blamed the current volatility on the softbank. ashley: finally, you mentioned softbank spending billions, what stocks do they buy into.

susan: amazon, microsoft and netflix, tesla the regulatory filing, official word but no specific when it comes to the options of trade you don't have to disclose that to the fcc, many think that the big five tech names, the apple, facebook and google along with the other ones are part of the auction trade, this is what we call and unwind in the market, capping those trades and taking money and pulling money out of the stock market because of you think about it soft market has $4 billion in option trade and that could be leveraged up to $50 billion in. stocks, traders think options were the weird movements for the last week and the spike in sales force of 26% of one day after the earnings and they presume it rocketed up 50% last week on tuesday and the emergence of the robin hood factors as well in the online trading up in the army of traders access option trade which has had an effect on the ups and downs of the stock market so far this year.

ashley: great stuff, explained the volatility. another big week for earnings. come in lauren simonetti. you're watching lululemon. lauren: good morning welcome back. they have a 50 billion-dollar market cap, that may be the highly valued specialty retail brand out there, huge. they mere in fitness and it's only added to the evaluation. take a look at the stock, up 56% since january, 86% over the past 12 months, the question right now as they report tonight, enough is enough or is there room to grow, some analysts say they're in a sweet spot, they've got online, casual wear which everyone is wearing right now and they got connected fitness but others say they are carrying a high level of inventory and they could be overvalued at this point and they are saying it might be reason to sell or not buy anymore at 352 a pop.

ashley: half-full or half-empty depends how you look at it. susan what you got your eye on this week. susan: i'm checking out slack, they reported earnings today after the market closed, work from home winter during the pandemic and the markets are hoping for an update on slack users because we know the end of march they said they had 12 at half million users and that number has shot up since then in those months in their hunting for the next zoom and apparently slack is a big contender to be the next zoom. ashley: very interesting. good stuff. thank you very much. let's take a look at the futures of reset a lot of red on the screen, the nasdaq done 350 points, right about 3%, the s&p gone more than a third, overall is down 235-point but still less than down 1% in the premarket, possible foods expanded into canada, how did they stand out

against all the other meatless competitions. i will also committee cfo later this hour. could the debate tell president trump when reelection, new poll suggests that 47% of voters think that is possible. we will debate that ourselves coming up. democratic vp nominee kamala harris said she would not trust president trump on any vaccine release before the election. rotate. >> let's just say there is a vaccine that is approved and even distributed before the election, would you get it? >> i will say that i would not trust donald trump. ashley: all right, let's see what doctor marc siegel has to say about that. i will be asking him next. ♪ stay restless

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ashley: welcome back everybody. a quick check on the vaccine makers, president trump offering new optimism on a vaccine timeline. let's see what the president had to say. rotate. >> the vaccine will be very safe and very effective and it will be delivered real soon, if we could have a very big surprise coming up. what i said by the end of the year that i think it could be sooner than that, it could be during the month of october actually. ashley: the month of october, that would be quick, next month but not surprisingly kamala harris not on board with the presidents prediction. but take a listen to that tape. >> let's say there is a vaccine that is approved and even distributed before the election would you get it?

>> i think that's going to be an issue for all of us, i will say that i would not trust donald trump, i will not take his word for it. ashley: we just got word either way with response to although this that nine big pharma ceos have pledged to put safety over speed when it comes to these vaccines. it's a good time to bring in doctor marc siegel fox news medical contributor. good morning to you, do you think this vaccine will be november surprise, possibly october says the president. >> it might very well be, actually the ceo of pfizer announced on the today show this morning that he expects to have an answer on the pfizer vaccine which is one of the messenger rna brand-new technology vaccines, he says pfizer will have an answer by the end of october. there you have it with pfizer, the two other vaccines in the works with operation warp speed in phase three trials, you have

the oxford astrazeneca vaccine and the moderna vaccine, those three other ones were looking at most closely right now. ashley: very quickly on the political side we have, the hearsay and i would not take it because it's been rushed through, just a job at the president, not at the medical community. this vaccine is available will your confidence be safe? >> i'm going to take it and i'll tell you something else, that is a disgraceful comment because were talking about science all the way along here, phase i, phase ii trials it showed robust response and safety and we have a data safety board that works in the united states to see from hhs whether these things are safe and effective, there is no way that a vaccine emerges without really careful study and were talking about 30000 people that are studying phase three trials. no reason to make this

political. we have enough era vaccines in this country and we need to be afraid of the virus, not the vaccine to conquer it. ashley: well said. very quickly i gotta ask about labor day weekend. lots of people gathering beautiful weather on the east coast, people going to the beach, do you expect a spike in cases? >> i'm keeping an eye on that i'm concerned about it, so far we have not seen over the weekend and the numbers are down and that does not mean they won't rebound. i don't like that we can get a consistent policy across the country where people physically distant and wash their hands and wear a mask especially for in the closed areas. outdoors less of a risk than indoors. if we get past the next. and can keep the numbers down, hospitalizations have been down and were heading in the right direction. especially with fall coming, get your flu shot. ashley: get that in at the end. thank you very much for joining us this morning, i know stu will not get the flu shot but that's

another story. all right, i'm sure you will. good news for the airlines all spring back in susan, morgan stanley is now bullish on the airlines. susan: i think stu might get a flu shot if we convince him this year. they think that air travel demand is growing faster than anticipated and there started the coverage on industry calling u.s. airlines a tractive. the recommended southwest, jetblue and delta in particular prefer these airlines were domestic and u.s. air travel they say in a loyalty program, morgan analyst say while recovery will be bumpy from coronavirus and there are potential pitfalls ahead, passengers are likely to return to the air once a vaccine is available in demand could reach precode level by late next year, that sounds pretty bullish, that's about two years ahead of other forecasts. ashley: very bullish indeed but will have to wait and see.

staying on the airline, united more good news. lauren added more roots to the october schedule which is for optimism. lauren: that's important october is a slow month, after summary before the holidays. the fact that they are adding, 46% of the 2019 schedule is a good sign, their restoring service on 50 roots and train routes. they will adjust them and fly when there's consumer demand. people are not going as much during the week and they will add flights to popular weekend getaways. but this is in what susan just reported, morgan stanley the ceo of united says he does not expect demand to hit 50% of pre-virus levels until there is a vaccine. if there is a vaccine at the end of the year, maybe we will see that revenge travel with people who postponed their dream vacation planning them again.

i don't know, i hope we get the travel industry back, i think people are sick of doing nothing. ashley: i think you are right, very quickly wi-fi usage surging, do you want to get into that. lauren: we always talk about changes in the pit them in. we are seeing in-flight wi-fi for the few people that are flying at all-time highs meaning when you do fly you want to stay connected the entire type. ashley: very quickly before we head to the break, senate majority leader mitch mcconnell says he will move the boat on the republican coronavirus a bill as soon as this week and of course we will be watching that, the democrats and republicans way upon what the stimulus or package will be but there you go it's a sign of progress but the opening bell is next and it looks like a down start to the new week. ♪ so you're a small business,

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visit findingtruepeace.com to find a voice that will never let you down. again, that's findingtruepeace.com. ashley: all right just a couple of minutes from the open as you can see back to volatility that we see among the big tech titans and the big tech support are so

far a little bump in the road. a managing director at rbc. what are you telling your clients right now about big tech. what is the advice. >> the set up in the facts, we had a very volatile upmarket in july and august and nasdaq was up about 20% and it looks like given the premarket moves that were going to give about half of that back and were almost off 7% last thursday and friday will give up a couple more percent. in this environment we want to stick with the best high-quality names in the group and i don't see fundamental reasons for this correction and we also thought that was an aggressive move and we had upwards estimates for the last quarter and the best thing is recovery play and we believe uber, facebook and booking and you previously were talking about travel trends, booking would be a good way to play that and uber will play out mobility but a slow gradual recovery for anything travel and anything

evaluations are interesting if your patients investor we think you'll make money buying those three names. ashley: we have another analyst on the show gary, he says about the tech sector is over loved and over owned and overleveraged. he says between the big tech stocks and the rest of the market will start to narrow but which of those stocks, is this a sector that said it's way too frothy anyway and the correction is a healthy thing? >> i'm sure your other speaker is very knowledgeable except on the overleveraged, there is no debt in this space. these are some of the cleanest balance sheets you have seen, there is a reason the market likes facebook amazon, netflix google, apple and microsoft almost all of the companies have benefited fortunately or unfortunately have benefited from the covid pandemic since beginning of the year, we see no

acceleration in the demand and the stocks have moved up accordingly, we have not seen a dramatic in the stocks and fundamentals. ashley: very good. thank you for joining us, we are now cranking away on the tuesday, thank you mark as we get ready for the opening on wall street we had a rough couple of days last week as we saw the bears come out. we are expecting a start to the downside, let's put it that way especially on the nasdaq and the big tech stocks but we will start with the dow as you can see down 334 points, down about one and a quarter percent. we do have some green on there, johnson & johnson, verizon, walt disney but as you can see at the bottom, the big tech companies, microsoft, salesforce, apple all loggers, let's take a look at the s&p if we can as well to get a sense of what the s&p is doing, we know it's going to be down by what level, down 2% another 71-point, the s&p at

3355. let's take a look at the nasdaq, we see the biggest drags so far in the last two or three days and there you have it, down 3.6% the start the day nasdaq down 410 points under 11000, 10998. there you go, the dow also down more than 400 points. were also showing you the vaccine makers that we can, president trump optimistic on a timeline could have one ready and out the door by the end of october the president says, those stocks are mixed, johnson & johnson higher and pfizer is optimistic about getting a vaccine out maybe by the end of the year. apple let's get a quick check on apple if we can, we know it is down today part of the big tech

wider slide, there you have it, apple down $5.23 and apple at 115 more than a 4% drop, mike murphy said earlier you got a look at this, find the entry point if you're selling you may want to jump back in without stock is at a certain point, apple down to 115. next tesla firmly in the red, it got rejected by the s&p 500 and the entry on the index. as you can see tesla down more than 60 bucks at 358 good for 14% drop and also they meant to the 5 billion-dollar offering an additional stocks that went through and susan pointed out, you get a selloff down 15% on tesla. flipside of the coin, their rival for tesla nikola having a much better day, positively surging, up as you can see 32%, were very close to 4691. gm just announced an 11% stake in the company, they will be building niclas electric pickup

due out by the end of 2022, i believe it is called the badger, i wonder if it's going to be black and white. we will have to wait and see. let's move on why don't we. let's take a look at the nasdaq, let's take a look at the recent losers, also the year's biggest winners we should point out. lauren: big moderna the stock is up 220% this year, they were one of the first companies out with a vaccine that looks promising now you have a lot of competition, it's down 10.5%, one analyst said he is cutting wood moderna and he said the stock price could fall by a third amid all the competition in the vaccine space. that is a big deal and i want you to look at doc you sign up almost 200% this year, the problem right now our evaluation, that's a?

in sustainability with the latest revenue rising 45%, can they keep the growth continuing as people return to the office eventually? ashley: that is a very good question, one to ponder but will have to wait and see. thank you. let's take another look at tesla, what else you got this is been a rough start to the week for tesla. susan: there are three factors they sold $5 billion worth and that was finished by last week until the market today the volatility in the option market, we no soft bank publicly disclosed that they took a stake in tesla and will be interesting if they have held onto their stake with this price action and jam nikola news, you can imagine with this type of competition gm investing $12 billion in the truck maker and their releasing badger with gm expertise in two years. i think that also represents the pretty significant competition

and the snub which was shocking to see a near guarantee with tesla in the seventh biggest company in america with over $400 billion they posted four straight quarters of profit and they were in and i took the market by surprise. ashley: i think it did in the entry was to the price, word seeing a big selloff on tesla's morning. thank you, take a look at facebook, they reportedly paying some users to delete their accounts before the election. susan: 10 - $20 a week, that's part of the research project that facebook is launching so they're looking at 200 - 400000 voluntary participants across facebook, and instagram to deactivate their account, facebook in the research project to see how facebook activity could in fact or not impact voter decisions heading into

november 3 and we had facebook banning all new political ads one week before the election and preventing any candidate from claiming victory too soon since this year is different from that other years, more absentee ballots in previous cycles and all of these are looking to prevent a repeat of 2016 when russia looked to sway the vote, using this information campaign, they are trying everything to prevent a repeat of 2016. ashley: indeed, thank you very much. as we head to the break take a look at the crazy video, black lives matter protesters harassing diners in pittsburgh, there they are, aren't this just dividing us further, are asked charles payne what he thinks at the top of the 11:00 o'clock hour. drastic changes coming to disney world today, four of the three parks, what does this say about the rollout to reopen during a pandemic. we are on and we will talk about

it. possible foods, really making its mark in th restaurant indusy like the product of the impossible whopper but what is next for them, especially with so much meatless competition. the company cfo joined me next. ♪ this is decision tech.

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ashley: welcome back let's take a look at the markets for you, as we get the new week underway a short week because of labor day but not a great start, the nasdaq down three to half% more than 2.5% down on the s&p and the dow closed to be down 2% down 500 on the dow. let's move on and talk about impossible foods, it is expanding into canada the company's first international

expansion outside of asia, a good time to bring in david lee the chief financial officer at impossible foods, great to have you this morning. there is no doubt that the competition is certainly heating up, how do you stand out in the crowd? >> impossible foods has always stood out in the crowd by having meat eaters craver product the most. canadians consume something like 25 kilograms of beef per year per person, it is a great market for the impossible burger which we've seen here in asia and the united states take off with meat eaters, nine out of every ten of our consumers are self found carnivores which is why were so excited about canada. ashley: i wanted to ask how's the pandemic affected your business, we did have a big meat shortage early on in my fear,

did that not help your business because you had the potential for new customers, they cannot get a hold of meat and were tempted to try the impossible burger perhaps? >> it is interesting for us at impossible foods that we have been racing to increase the supply given the demand we have seen since we launched the business with david chang back in 2016. we have been years underway to prepare for the launch in your hearing about this year. this global pandemic has really affected the way meat eaters are buying and consuming meat. and we supported our food customers were hard-hit during the shelter in place. by giving them ability to create meal kits and provide their consumers shipped to homes, the impossible burger and innovating with them through the drive-through's and other means to withstand the impact of the pandemic. it has had a big impact on many of our customers and were

excited to support them and were excited to see where me eaters are going which is direct to consumer, th impossible food business and we've increased over 10000 grocery locations here in the united states up from 150 at the beginning of the year. ashley: david, thank you so much for joining us. we will have to leave you there, good success to you in the impossible whopper which i like to say. thank you very much. moving on, peloton is launching a less expensive version of its most popular equipment because it is not cheap, what is the new price tag. lauren: it is still not cheap but under $1900 for peloton main bike. so there expanding what they offer and they will offer cheaper treadmill, that will be $3000 instead of $4300 and i just told you the main bike is

$1900, that has a price cut of 24% because they're also offering a premium bike $2245, the bike is available to order tomorrow in the treadmill and the new year, those of the different price points but the question is are people returning to jim's, will they go back or is working out at home the new normal. i went to an outside in person yoga class yesterday and it was packed, everybody was craving the physical contact. looking at somebody else. it remains to be seen, it is convenient and we might be used to working out at home but do we still want to? ashley: that is a good question, if i tried yoga you have to call the paramedics for five seconds because i'm not exactly limber. i'll leave it there pretty thank you very much. very impressive by the way. take a big check at the big board.

this is what it looks like on the early going of this tuesday, the dow off 575 points, 550 thereabout, you get the picture down about 2% continuing on the selloff from the end of last week. take a look at the ten year yield, down for nap basis points, down a .676 which means more money coming out of the stocks and going into treasuries, i'm being screamed at, high taxes and citywide homelessness has celebrities fleeing places like los angeles, actor antonio as part of that movement, he recently moved to florida. much cheaper, i'll ask him if he has regrets when he joins me in the 11:00 o'clock hour in disney's mulan leading to a 60% spike in disney+ download over the weekend. but not everyone is on board, will tell you why some fans are skipping the new film next. ♪ this piece is talking to me. yeah? so what do you see?

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ashley: welcome back everybody disney milan proving to be a winner this weekend despite the 30-dollar price tag, a little steep, how well did it do.

lauren: i was too cheap to buy it, there was a 68% surge in the subscription over the weekend, can you believe it customers are willing to pay the extra 30 bucks to stream it they sell total downloads grow 890,000. for disney+ we are talking well over 60 million customers worldwide, the latest digital first release proves unlike me, customers are willing to pay for premium content, i guess you have to think of it like the mulan will be the babysitter for the kids and mom and dad can go do something so it's like $30 for a baby for two hours. i don't know. ashley: it could be well worth it, especially after the lockdown, anyway thank you. not all good news for disney, there has been boycott surrounding the movie. >> the chinese actress who plays

it she posted for the hong kong protest, that did not go over well in hong kong, angry backlash from pro-democracy activists in hong kong and repeatedly accused police of using excessive force. the # boycott mulan started trending after that in democracy leader joshua said they were betrayed the values the hollywood stands for. from a business perspective china is to surpass the biggest movie market this year, $22 billion in ticket sales in five years according to estimate and mulan is a 200 million-dollar blockbuster from the biggest chinese stars on the planet to skip the big screen going to streaming instead and you have 7 million potential moviegoers in hong kong and compare that to 1.3 billion in china so i think she is just making the calculation. ashley: interesting, thank you very much. good time to bring in bernie of rosenblatt security. good morning to you, disney charging 30 bucks for mulan.

but approved obviously popular judging by the number of downloads. are you surprised by the nevers customer. >> we take it with a grain of salt, those are mostly mobile subscriptions, a similar increase for hamilton. the way that we are engaging success of mulan at the loewen we think they need 12 million global downloads to offset the production cost of the pna, the prints and ads, at the high they need 30 million transactions to be as profitable and another successful remake of allotted. billy taken a step back, we think this is a valuable experiment for the company that they would not be able to do and a normal scenario, also this is them showing their hitting the accelerator on streaming which is the reason to own shares and bullish on the company and were focused on the potential investor data coming up and we hope to hear by year end. ashley: very good, is this the

trend with the future in the big-screen theaters still struggling to get going and co-would still with us, is this the way forward to have movies released like this. >> i think it's a valuable experiment and they had two options with mulan, experiment with the box office and people's willingness to go back, it appears $20 million through sunday which is not what they would expect in a normal box office or they could experiment with the new window which is streaming and where the company is heading. i certainly think were going to see all studios trying in last year we were talking about advertising video on demand with the likes of pluto and that was a mainstream in media and the theme in media is about the premium access window. ashley: very good i got asking about the parks cutting back hours employees that claim disney is hiding the number of

covid cases at the disneyland park, is this going to be a problem? >> we think it's going to be a couple years with the same level of revenue and profitability for the parks and it's a supply about flight issue. i think the company should take a slow and steady approach to getting back. the main thing customers and families need to be willing to know that disney is safe and i think short-term pain for long-term gain is prudent by the company. ashley: we will have to wait and see how it plays out. certainly doing battles with not only giddy people in the park but the number of their employees and of course the union as well. thank you so much as always for joining us to talk disney. thank you. let's head to the break, lost angeles mayor eric garcetti facing major backlash after

suggesting the residents use fans and not run their air-conditioning during a heat wave. 120 degrees in the san fernando valley, a fan is not going to do and that is not all, the tweet that has him in hot water this morning. still to come this tuesday brian kilmeade, lisa, charles payne and antonio sabato junior. we are just getting started, keep it right here on bernie enterevarney.♪ ♪ . .

the amazon vans have a decal that says, "shipment zero." we're striving to deliver a package with zero emissions in to the air. i feel really proud of the impact that has on the environment. but we're always striving to be better. i love being outdoors, running in nature. we have two daughters. i want to do everything i can to protect the environment to make sure they see the same beauty i've seen in nature. my goal is to lead projects that affect the world. i know that to be great requires hard work.

ashley: welcome back. everybody. coming up to 10:00 a.m. on the east coast. i'm ashley webster in for stuart varney today. we'll get a look at the markets. not a great start of the week. picking up where we ended up last week. we had a three-day holiday weekend. if you look at numb percent on the screen there is a lot of red. dow off 457 points. certainly off the morning lows but still down significantly. the s&p off 1.75%. nasdaq down 2 1/2% or thereabouts. the big tech stocks names proving again to be a drag. we'll look at the stocks weighing on the dow if we can. salesforce.com for sure. microsoft and apple, as you can see, those stocks, apple down 3% to 117. it was down to 115 about 20

minutes ago. sales force down 2 1/2%. i will be asking market watcher ask the shellady shortly, whether september is a traditionally a weak month for stocks, whether he think's that is a factor in all of this. but we'll talk to scott in just a few minutes. let's begin with politics. campaigns pitching into high gear as we're believe it or not, 56 days away from the election. it is about the battle for the swing states. president trump back out on the campaign trail today. he leaves for florida in the next hour. if he says anything of course we'll bring that to you. we'll be stopping in north carolina later this afternoon. joe biden slated to head to michigan tomorrow. he is out of the basement. wray in katy shields, former rnc chief of staff. katy, biden coming out of the statement as i alluded to, looking to spend more in the battleground states this is a different tactic to hillary

clinton and her strategy in 2016. the polls in those battleground states are tight. does it worry you that joe biden is actually getting out on the trail, something that hillary clinton didn't do? >> you know it doesn't. i think there is two big things you mentioned, florida, north carolina i would like to specifically talk to because i think they're really good examples of 2016. florida specifically in the 2018 midterm as well, governor desantis was polling behind andrew gillum the entire cycle, just a week before the election "real clear politics" had him up four points, the other had gillem up four points. polling as is always a must win. recently 2018 the florida voters went republican for governor desantis and senator scott. i think the president will do

very well in the home state. north carolina is another example. just as early as late july, recently as late july, the rnc talked about over 3 million voter contacts n comparison biden is just hiring a state director in north carolina in early august. i think that is a stark comparison. when you have close races where it matters with voter contact, the trump campaign will blow the biden campaign on voter contact. ashley: president trump saying more tax cuts are coming. i want you to listen to the sound bite and i will get your comment. >> we'll return to unprecedented pros parity through pro-american policies. we'll pass new tax cuts to increase take-home pay. we'll cut taxes substantially. we'll get it back through growth. ashley: that is a positive message, is it not, katy, enough to win votes because we know on the other side democrats are talking about raising tax.

>> vice president biden first vow was to repeal the president's tax cuts. that is crazy. something voters across the country are not in favor of. poll after poll, that the voting population trusts president trump on the economy. for biden will come out to repeal trump tax cuts is crazy. another good stat to talk about in this is our august job growth numbers. the august numbers were 2 1/2 times better than any month under obama-biden. getting people back to work and coronavirus vaccine, we're trying to get people back to their jobs, the president knows how to do that. joe biden had eight years under barack obama to show how to do that and he didn't get it done. ashley: want to ask you this question finally. a new poll from "usa today" and suffolk university shows 47% of voters that president trump will beat joe biden in the presidential debates.

however, 37% of those surveyed said that trump's rnc speeches made them less likely to support the president in november. it is kind of a pro and con kind of thing. you think we need to see a different side of the president at the debates? >> the president is best spokesman, no question about it. the difference between a convention and debate in my opinion, you will see a contrast. when a voter goes football lot box, they have to vote for either president trump or vice president biden. the debate will show a direct contrast on that. the american public will see stark differences regarding the economy, regarding how to deal with law and order in this country. so the president i think will shine and have four years of accomplishments behind him to talk about. vice president biden will stand up there i guess to try to talk about his record under president obama which really wasn't that great. how he will raise taxes as we

talked about. i don't know what he will talk about. i think the president will get up there to talk about tax cuts, law and order and et cetera. the president will shine in that medium. ashley: we'll have to leave it there. katy walsh. thanks for joining us talking about the campaign trail. 56 days to go before the election. katie, thank you very much. aswe've been saying since the open bell we knew we would be down and we are indeed down. the dow down 614 points. that is 2% down. the nasdaq continuing its slide down nearly 3%. s&p also down two 1/4%. it has been that kind of a start to the week. september by the way is historically a weak month for stocks. not the worst but certainly not a great one. let's bring in scott shellady, the cow guy but scott's been a great friend of the show. scott, i'm going to ask you, is this going to be another bad september? is this a much-needed correction

to get some frothtiness as they like to say out of the market? >> well, for sure investors will have to run the gauntlet because what is in front of them is very, very difficult. number one, we definitely have a v-shaped recovery, ashley, it is not stock market, not the economy. the stock market is doing a v-shaped recovery. the economy not so much. inside of those two issues you have winners and losers. you have things that have done well in the stock market versus a lot of things that haven't. things in the economy that have done well against a lot of things that haven't done that. you can be on the right side of something and get wrong stock or right side of the economy or bank on the wrong business. so that will be very difficult we're feeling our way through dark clouds. i think this will take longer than people think. our economy is like the gym lights, when you left friday

afternoon, you shut them off they go out very quickly but when you come back on saturday for practice, it takes five minutes for them to start up. we have issues promised before been highlighted going into the pandemic. it will be an interesting month, yes. investors will have to run the gauntlet. ashley: do you think this will be the story, scott, heading into the election? we're 56 days away. the markets have to ponder who is going to win and what that implications that has for the corporations and those and the economy as a whole. so we have that. we have the tensions with china. oh, by the way we're still trying to find a vaccine for covid. there is a lot of big issues that investors have to deal with so is this going to be the way we'll kind of tread and stumble a little bit for the next several weeks and months? >> i think well have opportunity. i don't think the vaccine will be the panacea it will be right?

we have visual protection makes people comfortable. when you take off the mask, do you have the vaccine or don't have the vaccine? we'll have to go through reeducation front. you know what caused, we don't need anymore of stimulus packages, ashley. stop spending the money and open the economy up. we have the governors still legislating 25% of 50% of customers base being allowed in the restaurant. 25, 50% of your revenues but you have to pay 100% of the overhead. i don't know why they let the businesses sink slower, go out of business slower. we need governors on board. spending money, takes time anyway, and sooner we do that anyway. ashley: that is a greatism imagine, scott, flip the gym lights on. stick with me. scott shellady. thanks for joining us this morning. flip the light on. let's move on, motor company

nikola, a bright spot today in a sea of red. look at this, it is up 34%, getting a boost earlier today after announcing a new partnership with general motors. susan li. give us the details. susan: up as much as 45% this morning in the premarket. general motors was up as much as 9%. still holding on to their gains a little bit. general motors paying two billion dollars for the 11% stake in nikola, which is the electric truck maker. nikola has never sold or delivered a electric truck but they do have $10 billion worth of deposits on future orders. gm stepping up with cash but also expertise in building, nikola's marquee, high troh again powered badger that will be released in 2022. electric trucks are the future. big growth opportunity. nikola can scale more quickly. tesla sass, nios, the workhorses of this world they

are pretty concerned i'm sure. ashley: tesla took a number of shots this morning. now bill gates taking a jab voicing concerns over some of tesla's new products. what is that all about? susan: tesla is down 15% at the session lows. we have a long-running dispute between the two billionaire might not helping things. bill gates casting doubt on tesla's plan to get into long haul trucking. gates writing in a blog, batteries are big and heavy, even break through with electric vehicles will probably never be a practical solution for things like 18 wheelers, cargo ships and passenger jets. biofuels are better instead as a possible solution to commercial trucks. musk wants to ramp up production of the tesla semis a commercial truck with a range of 500 miles. he already has big companies lining up for the tesla semis, pepsi, fedex, walmart, cisco,

ups. we know the two billionaires don't always see eye-to-eye. that includes on the coronavirus with musk calling the panic overblown. gates warned about the possibility of a world-changing pandemic for several years. musk also trolled bill gates on twitter calling him underwhelming saying that the rumors of a relationship between the two are not true. ashley: ah-ha. i can see is goes on and on. susan, thank you. talk about covid. the drugmakers banding together to insure the safety of whatever covid vaccine comes out. lauren what are they pledging? lauren: let me read you a statement from this pledge, that statement reads, this is very rare moves where nine ceo's ban together. saying in the interest of public health we pledge to always make sure the safety and well-being of vac vaccinated individuals is our top priority. they're trying to reassure the

public speed will not compromise safety in the rush to mass vaccinate. here is dr. marc siegel earlier. >> because we're talking about science all the way along here. phase one, phase two trials. it showed robust response. it showed safety. we have a data safety board that looks in the united states to see from hhs whether these things are safe and whether they are effective. there is no way that a vaccine emerges without really careful study. lauren: he said he will get one of those vaccines. one point, innovember yo, the shares are down. they inked a manufacturing deal with thermofisher. whenever their vaccine gets regulatory approval, each year they can produce 100 million doses, ash. ashley: wow. thank you very much. lauren. let's head to the break. how about a california family set off a smoke bomb for a gender reveal party and sparked a massive wildfire.

they might have to foot the bill for the blaze. that could be millions. it comes as the state battles rolling blackouts. the chaos doesn't stop in california, does it not? we have larry elder to sound off on it next hour. gop headquarters vandalized with anti-police slurs. caps off a weekend of viiv lent protesting in some of our biggest cities, that's for sure. brian kilmeade is fired up about this one. ask coming up later this hour. college students missing out on the college learning experience are pushing for a remote discount. we'll fine out if that works. he was a never-trumper in 2016. he changed his tune big time. we'll talk to him next. the second hour of "varney & company" just getting started. ♪.

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ashley: welcome back, everybody. let's take a look at the markets for you. yes, it has been a down start to the week but maybe we're trying to come back. the nasdaq is down 200 points. good for 2% loss exactly at 11,086. we're off lows on all three major markets. the s&p down more than 1 1/2% and the dow also off 473 points. if i'm not mistaken wasn't it down nearly 600 points? so we are coming back. it is not great but at least we're starting to make some progress. a little bit of buying instead of selling. let's turn to politics. president trump winning over

people who basically swore him off entirely in 2016. just take a look at this "wall street journal" op-ed title. it says, i was never trump, not anymore. well the man behind that piece joins me now. come in michael krauss, professorrer emeritus at george mason university. professor, great to see you this morning. i guess the obvious question is what made you change your mind? >> well you know i try to tell my law students not to be dogmatic. to look at matters when they think they were wrong, change their mind, admit it. i admit i was wrong now. the president has tried to keep as many promises as he can. it has been refreshingly different than prior presidencies. his foreign policy has been generally good. i think there are still problems but in comparison with his opposition, really no question that he deserves support. ashley: that is really interesting. what reaction have you had to

that op-ed? >> well, you know, my email address was not indicated in "the wall street journal" article. so people had to do a little research to find it. i received about 200 emails. about 80% of them extremely positive. most of the other 20% were vial and orb seen things that i could never repeat. really quite disappointing. ashley: that shows the level of division in this country. this president can't do anything right. he has the majority of the media against him. no matter what he does they have no regard for him. is that accurate, do you think? >> i think that's right. you can tell people assumed to know everything about my personality. i was called, a couple of people called me a nazi, for example, for supporting him. even though of course i'm jewish and far from being a nazi. ashley: well, you're a law professor and listen, there is no greater bastion of liberalism

is on college campuses. what really annoys me, i think many others is, okay, you're not a conservative. you're a, you know, at college but surely you must be able to listen to somebody else's point of view without trying to shout them down or become violent with them? >> ashley, i don't know why one would become a university professor or law professor if one wasn't interested in search for the truth. the search for the truth is incompatable with shouting people down, cussing them out and cancel culture. it is incompatable why one becomes an academic. ashley: are there other friends of yours who maybe feel the same way as but have not had the courage to come out to so speak? >> i have got some new friends. 80% of these emails were positive. i received an email from a circuit judge, circuit court of appeals judge i feel exactly the same way as you. i received emails from

professorses in the midwest, professor of labor economics but i can't speak out so i feel exactly the same way. i feel there are such people, yeah. ashley: how sad is it in this country of alleged freedom that no one can speak out on their own opinion. anyway, i digress. michael krauss, thanks for joining us this morning. >> my pleasure. ashley: staying on college campuses, susan, are classes back in session but again most of it online but some people believe, they may be overpaying because online is not the same as in person. susan: exactly. given that college debt is sitting over a trillion dollars, and covid this year mean's you're not getting the full college experience, dozens of student petitions are calling for reduction in high tuition fees. why should we pay for this not getting the full experience. despite all that the four richest universities in the u.s. are hiking tuition fees this

year. harvard, texas, yale, stanford. the four wealthiest colleges i should remind with the largest endowment funds all four going with tuition hike this is year, despite most classes are going online. some universities are cutting tuition, princeton, johns hopkins, georgetown but they're in the minority. 35% of colleges are freezing tuition. mit, pennsylvania, california, duke. no cuts, no hike. going to college is very expense system. it is up over 160% over the past 30 years. the student petitions are calling for reduction if we're going on line instead. ashley: wow. you can understand the frustration. susan, thanks very much. staying on campuses, many are now, well basically getting remote education. those students are pushing for a

discount. let's bring in grady trimble. how much of a discount are we talking? reporter: it will be the 10% for the fall quarter here at northwestern university. this comes after the university at the very last minute decided not to welcome freshmen and sophomores back on campus. that discount amounts, that discount amounts to a couple thousand dollars. so not a whole lot but it is more than as susan mentioned, a lot of college campuses are doing. this last minute decision just nine days before switching over comes as cases rise on other campuses, looking at other campuses. more than 35,000 coronavirus cases at 100 of the top universities in the country. 7200 of those at the big 10 universities. so they're trying to avoid a lawsuit like many colleges are facing, ashley, and offer this discount. ashley: all right. grady trimble, thank you very much. you can understand why they want a discount.

grady, thanks. president trump promising the fastest economic recovery in u.s. history this labor day this weekend there is a disconnect between the economy and markets, right? charles payne discusses that. ban on tiktok and wechat are expected to begin this month. is this the end of chinese apps in america? the question will be asked. more "varney" after this introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. every curve, every innovation, every feeling. a product of mastery. lease the 2020 es 350 for $359 a month for 36 months.

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ashley: we are underway on this tuesday after a three-day labor day weekend. there you have it. the dow off 432 points. we were down as close as 600 points a short while ago. so we are recovering a little bit. the s&p down 1 1/2%, and nasdaq too was under 11,000 for a while this morning, coming back a little bit. still down 200 points, close to 2%. walmart, also just announced they will be providing flu shots at their store pharmacies nationwide. so we look at look at that stock, in adown market it is still up 1 1/2%. walmart at 140. we should mention it will be a busy day for president trump. he is expected to leave washington shortly. he is going to campaign at an event in jupiter, florida.

after that he will be heading to winston-salem, north carolina for a rally later this evening. of course if he speaks to the reporters, he might do, he is in campaign mode, of course we'll bring those comments to you. he is expected to leave in the next hour or so, or thereabouts. secretary of state mike pompeo announcing the clean network initiative earlier this month. it is really an attempt to keep more private information out of the hands of the chinese government. at least that's the theory. joining me now is keith krach. he is the undersecretary of state for economic growth, energy, and environment. keith, great to speak with you this morning. it this just another way to stay tough on china? i guess that's the first part of this. and secondly, how effective will it be? >> ashley, thanks so much for having me back. so the clean network, secretary

pompeo announced a little while ago is rooted in internationally accepted digital trust standards which include things like transparency, reciprocity, rule of law, and protection of the intellectual property. and it has been, it has gotten great reception. if you look at it, what it is, it is enduring strategy that addresses data privacy, security, trust and collaboration and human rights and what it has done, it has set off a chain reaction where 30 countries have joined the clean network. over 40 telcos have joined it and it's really about, you know, america's free market system versus the chinese, chinese communist party's authoritarian model. ashley: how can you be sure that

any chinese product in this field is not going in some way to lead back to beijing? so i guess what is the prospect for a chinese app available in the u.s.? i mean, you know, i get the feeling that every app is looked at suspiciously. is that fair? >> ashley, the fact of the matter is you can't be sure. because china has their national intelligence law that requires any chinese companies, state-owned or otherwise, also any chinese citizen, to turn over any information, proprietary technology, intellectual property, or data upon request to the chinese communist party, to the pla, and if that doesn't happen, they have to suffer the consequences. so this is, this is a really a big issue. what we've seen is, you know, the great one way china firewall

is being extended outside of china. and that great one-way firewall where all the data can come in and none can come out. reciprocally from the propaganda standpoint all can come in, all can go out but the truth can't come in. this has been a big issue and i think this is something where, we are protecting our physical borders. the trump administration, we're protecting our physical borders. we have to protect our cyber borders. i think the world is waking up to the ccps three-prong strategy, concealment, cooption and coercion. citizens of the world are realizing that. they don't like it and given the political will to government leaders and to ceo's around the world to stand up to china's maligned practices. ashley: very good. we'll have to leave it there,

but keith krach, thanks for joining us. thank you very much. >> thank you. ashley: let's go to italy now. why? because the country's competition authority says pesky eu companies opening a probe into apple, google and dropbox. of susan, what are they looking into? susan: i will go to italy anytime. this has to do with cloud storage services run by the companies after hearing several complaints about allegedly unfair commercial practices they say. the company's competition and market authority, launched sir, total investigations into google drive services, apple's icloud and dropbox, if the three companies failed to properly indicate how their services will collect and use consumer data for commercial purposes. in dropbox's case, italy investigating whether dropbox failed to provide clear and accessible instructions how they can get out of the dropbox

contracts. local officials raided offices of amazon and apple in july. that is participate of a probe. a purported leak of apple event badges set for september 28th. anticipation is building that we will get the 5g iphone launch before the end of this month, the flue 5g iphones set to go on sale next month. i'm so excited i think i'm sweatings. ashley: i can tell. hang on susan. it is almost here. susan: yes. ashley: anytime we go to italy it's a good thing. switching gears, we go from italy to sweden. swedish furniture retailer, ikea, that makes those legos is taking on malls. lauren: yeah. i have two big boxes i haven't put together yet. ikea's sister company is buying

a vacant maul in san francisco. it gives life to the mall that has been vacant for five years. as you know, ikea sells affordable home goods. you put them together yourself for the most part. this is the first u.s. mall slated to open next year. in away i ikea is competing with simon property group of and westfield and factory outlets but they do things very differently. they are very popular in the u.s. we'll see how the mall does. ashley: every time i put something together, it becomes assembly required, i get four bolts, six screws and 28 allen wrenches. it is perfect, these are just spares. lauren: you do what i do, you blame the company, they didn't give me the right parts that i needed. there is not enough screws. they missed. or call someone to do it for you. ashley: well there is that, but it is male pride, whatever.

interesting stuff. move on, president trump says he could have a virus vaccine as soon as october but kamala harris not buying it. listen to this. >> let's just say there is a vaccine that is approved and even distributed before the election. would you get it? >> well i think that is going to be an issue for all of us. i will say that i would not trust donald trump. i will not take his word for it. ashley: all the medical community who would have had to approve that vaccine. she is making the vaccine political, there is no doubt about it but is it really a very good strategy. of the well i will ask that question. we're talking to the mayor of mountain view, california. yep, google wants to build a new tech hub there. will this be a welcome move or will they be chased out like amazon was in new york city? i don't think so.

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ashley: all right. how about this story? google is proposing a new town-like tech hub in mountain view, california. good time to bring in margaret kogus. she is the mayor of that city. may, thank you for joining us. >> morning. ashley: good morning. those on the west coast, familiar with amazon that was planning a massive expansion into the new york city area before they were chased out, i would imagine that is not going to be the case with google and how many jobs does this overall project create for your city? >> yes. sos a you know, google has been a long-time resident of our city of mountain view. they are expecting to build a total of about a little over a

million area feet. so i believe that will be around 5000 or more jobs and part of the development is housing which is very much needed in the bay area and so this is going to be a great mixed use development i believe where you can have that work life balance and it should be a welcome addition to the neighborhood we have in that area. ashley: so they have been a good neighbor. obviously you're in the heart of the tech hub in silicon valley and one of the biggest criticisms is the cost of housing. these workers, even the workers themselves have to travel quite a long way to commute because they can't afford the skyrocketing prices of homes. this you believe will address some of that problem? >> yes. so we have been dealing with a

housing shortage for many, many years in the bay area and so as a city we have been planning for, allowing office and development but insuring that there is housing also available for the new workers. and so it has been part of our requirement now as a city for new office developments in this area to also build housing. ashley: very good. we'll have to leave it right there. i'm sorry it is so short. but we have to move on and may, thank you for joining us. congratulations on continue i had growth for your city. obviously things going on. >> thank you very much. ashley: thank you. heat wave, high taxes, homelessness, driving hollywood stars out of l.a. actor antonio sabato, jr., fled to florida to escape california. cheap taxes, no state income tax. he will talk about that in the next hour.

but up next, brian kilmeade. he is always fired up. he is really fired up this time about the ongoing violence in our cities. we'll let him have at it right after this. ♪.

ashley: all right. let's take a look at these markets for you. we have been down and there is no doubt about it, quite big for the opening of the market but trying to come back ever so slightly. you see the dow, the s&p and nasdaq all are off by significant amount but we are coming back. that is for sure. we were down nearly 600 points on the dow. we're trying to turn things around. as you can see the nasdaq down 300 points but still above the 11,000 mark. the stocks dragging us down, salesforce.com, apple and google. these are the titans, certainly apple, google, others leading markets for so long. now of course they are now selling off. apple was down to 115 earlier in the session. still off nearly 4% at 116. microsoft at 208.

salesforce.com at 249, 250. quick check on oil. oil is down close to 6%. down to 37 bucks on weakening demand. it is down 8.6%. lack of demand is the problem for oil. and that is being reflected in the price today. three-month low. >> >> it is 10:51 on the dot. you know what that means. brian kilmeade is with us, host of "the brian kilmeade show." brian works 21 hours a day. for the other three hours i don't know what he does, but my god he works hard. brian, look at that, that is exactly as you wrote it to me, we've seen over 100 days of protests in portland. it has been another weekend of violent protests in seattle. the michigan gop headquarters building was vandalized with anti-police statements. i want to know, it becomes increasingly frustrating, when does this end? >> when the cops who are in power to stop it.

when a mayor, will go to use resources of the federal government to help stop it. when we start convincing these antifa, law enforcement officials to not let the antifa individuals go. sit there, lock them up. interrogate them, almost like you would al qaeda because they are undermining our country the same way islamist extremists were doing it. we were dead sear with us about that. we're not dead serious about. seattle 100 days, portland 100 days, rochester, new york, with outlandish out of towners coming in creating chaos. ashley: you know, it is weak mayors and weak governors. do you think voters, any voters that are towards the left will wake up, you know what? it is not a coincidence is happening in cities run by weak politicians who pander to the left? >> i don't think there is any question. the same people say this is

donald trump's america, same ones that said he is dictator. really, he is dictator? he gave powers to task, gave governors who know their state the best to find out how to best to treat the pandemic. he says i'm staying within the constitution, backing governors and mayors, doing it the right way, now you're saying trump's america. no question, ashley, here is the answer to your question, why i know it is hurting democrats because 10 days early before he was supposed to come out with much more vigorous schedule, joe biden's competing and he is talking about the violence in the cities and talking about protesters and rioters. being pushed to do it but still doing it. ashley: the other disturbing thing, i see more and more videos on social media, brian, these groups, mobs, verbally and in some cases physically accosting people doing nothing but sitting outside of a restaurant having something to eat and drink, and they get

absolutely pilloried by these groups. i find it very disturbing and, an escalation that could really, really get out of hand. >> think about this in the battle ground state of pittsburgh, battleground state of wisconsin. it is happening in rochester in particular. not a battleground state, but i wonder who is left in new york to vote for joe biden anyway. ashley, it's a ghost town here. ashley: yeah. >> here is the thing. you see that video if you're in that area, you see that video roll on it, because it is clear who the bad guy and by the way a lot of them are woman, are. people eating are not a threat. people eating are not a problem. you know what i think about, maybe because we're on the business channel, i think about what the restaurant owners have to go through, whether a diner or four-star place. they have to go go through trying to live in this environment, go by code in the covid era. maybe allowed to go indoors, only 25%. now they have to get security

for the perimeter of this building trying to protect people who just want to have lunch. they're not winning people over to their cause by harassing. that is not what this is about. we are 100% firsting the message finding a way to level the playing field for all races, giving the most opportunity to be success stories on your channel and your show. ashley: amen. as always, succinctly put. brian kilmeade. thanks for joining us on the business channel. appreciate it. >> go get them, ashley. ashley: you too, brian. president trump vowing to end our dependence on china. he is threatening to decouple our economy from beijing all together. we'll tell you what that would look like exactly. is that a good idea? we have a big lineup of guests for you, starting with charles payne. i want to know are we still on track for what the president calls a super "v" recovery? stephen moore is coming up. i will ask him what it will take for congress to strike a new stimulus bill.

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one welcome back everybody it is coming up to 11:00 a.m. on the east coast i am ashley webster and for stuart varney. let's take a look at the markets, not starting off the new week with a bang, we are

literally picking up where we left off last thursday and friday, as you can see the dow off 500 points, that is good for one and three-quarter% drop, the nasdaq which is been a big logger, down 2.3% and the s&p down close to 2%, it's been the kind of morning. take alive look at the white house minutes president trump will be heading out to campaign events in florida and north carolina, that is today and of course if he speaks, sometimes he likes to especially in the campaign mode, we will bring that to you live, we will wait and see the president wants to speak or not. normally he does we will see. let's get straight to tesla, we can call it a huge fall from grace this morning, it is because they did not get an invite to the s&p index. susan: will call and unwind as we were down to 16% and s&p 500

snub was built into the 400% tesla rally meaning that most investors saw as a sure thing that tesla would be included in the s&p 500 especially after reporting its first full year of profit, that was a disappointment for stockholders but you had tesla selling $5 billion more stock last week which will suppress the price which there's more supply available and throw in the options trade, that rally big tech names including tesla but then oneself enclose their position leveraging of the $4 billion in auction to $50 billion in stocks, that has a big effect on the stock market and we take that money and that amount out of the stock market and this morning you have gm pain $2 billion for 11% and electric truck maker nikola and gm bringing its cash and expertise to roll out the badger

in 2022, this is what's happening in the stock market and for tesla stock which is bringing up a big unwind but of 400% this year. ashley: that is true, we are not crying but certainly a slew of bad headlines for tesla this morning, thank you very much, let's get back to the campaign trail as we say 66 days to go to the election, will they go quickly or does each day feel like a week, it depends on how you view it, president trump once again counting the economic recovery during his labor day press conference take a listen. >> you're gonna see some very big numbers, third-quarter numbers are coming out for a special day november 3. you have a good third-quarter number coming out and i think it's going to be hard for even the media to disparage that number. ashley: even the media cannot disparage that number. charles payne is with us the host of making money, it's great

to see you this morning, markets absolutely tumbling last week. some would argue it is okay it is healthy to have a little bit of a correction and maybe the stocks are overboard, regardless is this a tough time to talk about the super v recovery. >> i don't think so, i look at every single economic report and it's unfortunate they don't get the press or publicity that they would if they were the inverse of what we seen. we pretty see not a v shape with so many critical economic metrics that we value, we see a check markets on what of them, elastic manufacturing was stronger and factory orders were stronger, productivity through the roof, these are the things if we can keep them going to long-term we will certainly be able to recover a lot faster than anyone thought that we could in the fact that the matter is everything that i look

at has done much better than the experts told us they would march, april may, even the most recent data including the job number on friday was substantially better than anyone thought so, we are experiencing of the but i would say the va is slowing down a little bit and a lot has to do with congress and i really believe and i've said a million times there making a gargantuan mistake in a political mistake that's going to cost them any goodwill that they were able to get for the swift actions at the beginning of the pandemic. ashley: that's why we call them so-called experts. i have to get your reaction to this video if we can, black lies matters protesters harassing diners in pittsburgh this weekend and we see this in d.c. as well and i spoke about this with brian kilmeade, doesn't actions like this turn more

people against them, this is not a very positive thing to do and is quite cringe worthy video you feel sorry for the diners who are surrounded by an angry mob. >> there are so many videos like that, one that i saw that i thought was worse was at a mcdonald's and again, here's the thing all the people that are working, they were black the manager was black and the protesters, with the bullhorns and screaming at people and the guys asking them to leave, they may threaten to beat them up, i give them credit for standing the ground and i was really afraid a guy like that could have easily been beaten up by these folks in this part of it i do not get, you public opinion on your side and you got momentum use it wisely, listen i can be honest with you, i understand anger i really do as a black man my age and the things that i've seen personally

and the things i remember walking in alabama in the 1960s and the probable fear of black men having to walk with her head lowered and society is so stinging and it never leaves you per se but i was raised by my mom and my grandmother who lived through worse conditions in that and we always look forward, you look to the past to make sure you do not make those mistakes but you look to the future an optimistic manner because i gotta tell you human beings are not perfect anywhere in the world and that's what makes america so amazing, we come in a short period of time i don't care what anyone says, were the best country in the world and we are seeing a quick move toward a greater and racial society and people understanding settle racism or settle things that could hurt somebody else's

feelings. people are just being introspective right now, it is really not smart to be quite frank and we will squander. >> that is great perspective. thank you for that. when can we see. >> check me out today at 2:00 o'clock, you really have to check me out, we are going over these because there is a lot of pullback that i don't want anyone to be afraid, i am salivating but i have some of my best folks on today, some of the best market folks to talk about this, where could the lows be for this pullback and when that does happen, what should you be buying? >> very good, every time i speak to you i feel so better yet so much positivity. thank you for that. we will see you later today. thank you very much. i want to check boeing ragging on the dow, what is going on

with boeing? >> we have the 737 max but the dreamliner the 77 might be flying up problems, is says there might be production problems when it comes to the dreamliner, they found issue with the horizontal stabilizer in this type of plane and quality problems are slowing 77 deliveries according to the company, we know the faa review relaxes in the story 19 hours ago says there is no immediate safety threat that exist on flying on dreamliner's but there are positives because we had boeing reporting the deliveries and also their orders in for the first time this year, they have sold a 737 max to poland air with two more jets and another unnamed airline also buying three of the 737 max is.

ashley: a little bit of big news mixed in with more bad. thank you very much. i want to get back to the president, he's been optimistic as ever about saying we can have a new vaccine by the end of october but i'm surprised kamala harris is not too hot on it. roll tape. >> let's say there's a vaccine that is approved in distributive over the election, would you get it? >> i think that's going to be an issue for all of us. i will say that i would not trust donald trump, i would not take his word for it. >> let's disparage the vaccine. that is so bad for this country in the world to even say that. ashley: i think the president is right, lisa is with us fox news contributor. it is a dangerous thing to play politics. it is almost like kamala harris is basically saying the president is releasing the vaccine so get the medical community who would not let it

out if you hadn't had all the proper safety checks at least that's what you would imagine and i have no reason to doubt that, why play politics with this. >> unfortunately that is where we are today in american politics, this is what it's come down to where you have a vice presidential nominee in the democratic party and would undermine a lifesaving vaccine for political purposes. kamala harris doesn't want to vaccine in october, that would boost americans confidence in president trump's ability to lead and to lead on what is an important issue for a lot of voters and she would rather undermine that space and getting a vaccine and to help joe biden politically and it is sad but i think everybody objectively paying attention to where we are today in american politics would not be that surprised.

ashley: 56 days to go to the election, the president on campaign trail today and guess what joe biden out of the basement tomorrow, how do you see this playing out, what will the debates due to the defining moment or not? >> i think they're gonna be really important. but again i worry the media is missing the selection just like they did in 2016 and the problem is if you look at what's going on in the state pulling, it looks a lot different than what's going on at the national polling and also president trump had already been able to cut joe biden's lead and a lot of the key battleground states, i think once again we are missing what is happening on the ground and so many of these states. regarding the coronavirus, i would not be surprised if you have the media start talking about coronavirus heading up the election and talking about the increase in cases to try to damage the president politically

because we seen then in the coverage alone. look at the discussions around college campuses, daniel horowitz a conservative review looked at the data and of 11000 cases, he looked a at a 17 state universities, this was your hospitalization. what's the most important best enter metric the case numbers or hospitalizations. this is the way the media has been covering the coronavirus as well. there's a lot of dishonesty across the board in terms of political coverage. ashley: very good point, lisa boothe, thank you for joining us this morning, we do appreciate it. we're taken alive look at the white house in just a few minutes president trump will leave for an event in south florida and is also headed to north carolina and as we've been saying if the president speaks we will bring it to you. also progress, they returned to washington but does that mean

were any closer to a stimulus bill, senate majority leader mitch mcconnell says we could see a vote this week, we have more on that coming up. but first high taxes, homelessness and even politics driving celebrities out of los angeles and actor antonio sabato is a proud resident of florida and he joins us next. ♪ ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done.

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ashley: we love to follow the

big-city stories on this program, look at this moments ago president trump tweeting this, he says suburban voters are pouring into the republican party because of the violence and democrat run cities and states. if biden gets in, this is coming to the suburbs and fast, you could say goodbye to your american dream, that from donald trump we've been talking about this morning because as we get word now suburban schools are being flooded with admissions application and city families looking for in person education for the children instead of online. christina is here, what kind of numbers are we talking? >> we are talking big numbers, yup school districts across the country that are offering very, very limited in person learning which is why families are scrambling to make sure their kids don't have a semester on zoom, some families, those that can afford it are uprooting

their entire family to suburban areas or to areas where they have second homes so they can get in person learning, based off of research from education week, a survey 73% of the largest school districts in the country are offering only remote learning, that will affect 8 million students across the country, why schools are trying to cater for those who want them person learning. i met a private school in chelsea, they are opening up a satellite campus in the hamptons to cater to all those families that are based over there, fox business with an administrator saying families value in person learning and in florida too, you have the private school called the palm beach day school, they're operating completely in person, they spoke to two administrators who said they seen a major influx and applications especially from families in the northeast.

>> 77% are coming from the northeast in our enrollment numbers will be increased 18% from this time to last year. and the prices have gone down important but were waiting for something to give them a last push and that was covid-19 for many of them. >> of three major issues, the fact is with health first, the health and safety of educators and kids and childcare issues being second and third the quality of education could get a lot worse especially if you stay remote for the rest of the semester. back to you. ashley: kids do better in person, no doubt. we are breaking news from apple. >> it is comforts september 15 will be the launch event for the new 5g iphone, digital only event in the covid world that we live in an apple typically

unveils the new iphone during an event at its headquarters in september but this year it is been delayed a few weeks and we knew that there was tell us traded by the company at the end of july when they reported the june quarter, the six exciting because were expecting the new revolution of 5g phones and some say you get four models and three different types of screens and this is where people will upgrade, he sees a 35% of the 1 billion iphone in the market and potentially could upgrade to the new 5g super cycle which is been priced into the rally that we seen, apple is worth 2.2 trillion dollars and were down to 10% in the last few sessions but this is what investors have been anticipating. ashley: very good, more than a little excited about that. thank you very much. i want to get back to the big-city expert is different can and focus on los angeles, celebrities are, some have had

enough with high taxes, homelessness, out-of-control and looking somewhere else to find for their home in the good times are bringing antonio sabato junior, one of the l.a. celebrities that just picked up and moved in he chose florida. good morning to you, why florida? >> i was offered a job from the company and i do construction and producing and i have a book that will help you with socialism and things are happening me and my family. this company is done by a good friend of mine and they stood up with me too give me a good job and they blacklisted me, so i moved for my family my children and found out that i should've moved to 40 years ago because southpoint is unlivable and it's sad what they've done to the beautiful beautiful state and it's all done in sacramento and by the far left democrats who will completely destroy any city that they run on the city level

or federal level. ashley: what kind of support have you had from others in the industry, i know it's tough being a conservative in hollywood but what kind of support do you have? >> i've a lot of support i talk about in my book i talk about my friends in the industry and being in the industry for 30 some years and all of a sudden because my affiliation of my political views are different than the crazy liberal world in california they just saw what to do, they start to drop you a presentation in commercial major agencies. i was not afraid to talk about it and that should never be happening in this country and it did happen and it's happening now. the future is going to be a tough one but we will make it through. ashley: your launching a conservative movie studio which i find fascinating, what does that mean and have you had any

contact with people who say i am in. >> i have a lot of people, friends of mine in hollywood who are conservative and want to get away because they cannot speak their mind, they cannot wear a hat that says i love america or i can't wear my cross if i want to represent or if you want to make movies about police officers, they will not allow that to happen, i'm creating this to make movies about america and our patriotism for a flag in our country. ashley: we wish you the very best of luck in your new home in florida and also with your project and we hope that we can check back in with you from time to time but we do appreciate you. antonios a bottle junior, god bless you to. there is no tolerance at all in hollywood that some people literally are forced out. let's get it quick check on dunkin' donuts. they have a new contactless payment system in one of the

california locations, sort of like the amazon ghost stories, you walk and grab what you need, walk out no waiting in line and you've already packed in whatever you go, what about the arrival, duncan is completely flat, 75.88. what about the rival starbucks adding items to their menus throughout asia, they think that is an area of growth this month from companies like all meets an impossible food, starbucks up one at a quarter of nearly 7% in a tough market. we hope with the chief finance guy with impossible foods and here's what he had to say about the company's growth this year. roll the tape. >> the global pandemic has affected the way mediators are buying and consuming meat and where meat eaters are going which is direct to consumer an

impossible food business and grocery where we increased to over 10000 grocery locations here in the united states up from 150. >> there you have it impossible foods doing really well, not publicly traded. let's take a look at this, jumbo jim dropping a bright red powder to try and stop the wildfires from spreading in california. i've seen another one of those once and covering the fire in montana and boy it is not great, more than 2 million acres burned across the state suffering california reading thousands without power in the middle of a heat wave, 120 in some places. so is climate change to blame for all of this, we will discuss in a new survey shows one quarter of americans say their finances have improved under president trump but were in the middle of a pandemic, is it fair to blame the president if your bank account has not grown. that is next. ♪

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ashley: welcome back everybody let's check the market for you, it's been a down start to the session but were trying to come back a little bit there is no doubt about it but the selloff that we saw last friday and last thursday and friday is continuing today, let's take a look at uber and bring in lauren simonetti, they have a big push to go green around the world, what does that mean. lauren: by the year 2040 they want to be a 0 emission company in the path to get there is transitioning hundreds of thousands of vehicles to be electric vehicles by the year 2025 and then in the year 2030 all vehicles operating in the u.s., canada and europe will be 0 emissions as well and investors might like this because in the market the stock is up three and half percent and is up 16% this year. ashley: pretty good in today's

environment. let's take a live look at capitol hill, congress returns to washington, can they get anything done, that is the biggest question, the president wasted no time in trying to get the new stimulus package passed, he wants 300 billion in unused virus funding to go to another round of checks. it's a good time to bring in steve, economic recovery task force member, good to see you this morning. what is it going to take to get a stimulus bill done and passed. >> that's a great question, right now the clock is ticking, were in the beginning of september and after labor day, this is something donald trump wanted to get done a month ago but the deal is nancy pelosi is saying give me everything that i want or else we will not have any stimulus at all, you mentioned $111,200 checks that would give about $3000 per family, that is something that republicans and democrats want

to do in nancy pelosi is holding up those checks because she wants the big blue state bailout that can woul could equal $1 trn in trump correctly said that is too much, we saw those numbers that came out the reported on about the massive increase in the national debt. another trillion dollars to blue states is not exactly what the doctor ordered in terms of an economic recovery. >> i want to talk about financ finances, we have some new numbers out, one quarter of americans say their finances are actually better now then when president obama was in office, what happens if the president gets elected, reelected i should say. >> did you say one quarter say their finances are better? ashley: yes, one quarter. >> if you would've done the pool nine months ago it would've been about 70%, we all took a big

hit, i know i did i cannot speak for you, my income is going to be down about 60 or 70%, this is been a terrible year for the economy because we have the lockdown and americans understand that, donald trump did not cause the virus so the good news is the direction is very good, you sell the block buster job came out on friday were now ten and a half million jobs created in four months. were starting to see in that report there is not enough attention paid to the wage iss issue, really big nice robust wage gains for workers in that report and it gets to the family finance issue. obviously we've all taken a hit but the direction is positive and i think that is ultimately what trump will be over the goal line here. ashley: i also wanted to mention quickly, president trump talking about the potential for decoupling from china, how is that possible, seems that were integrated and also what would it look like?

>> we are in a cold war with china, i don't think there's any question about it, it's interesting i was looking over the weekend at a whole slew of poll results of what americans are feeling about all sorts of issues and there is a huge divide on everything from coronavirus to the finance of the economy and all of those things, but the one thing that almost all americans agree on whether democrats, independents or republicans that china is a big problem for the united states and they have been involved in sinister behavior in their building of the military, they did a horrific job in terms of dealing with the coronavirus and frankly people are very worried about the predatory trade practices. i will predict to you that there is going to be a frosty relationship, especially if donald trump is reelected with china the american people want to get tough with china policy and i know that donald trump

supports that, i cannot tell you where joe biden is on that. ashley: we will have to leave it there, stephen moore, thank you for joining us, good stuff. talking to china, go back to susan if we can, tiktok we understand is now giving out bonuses. susan: pain a rare half month salary by tiktok. company to 60000 global employees and the payout will come with september salary to any full-time or who has worked 26 days of summer and this is trying to calm and retain staff the tiktok ceo kevin mayor quit two weeks ago and talks with microsoft, walmart continue to drag on, the deadline to sell is officially september 20 and that is when president trump has executive orders to be on and effectively goes into effect but microsoft has said they will get a deal done by september 15, we know there might be a delay in their reporting there might be a

50 day retreat by the trump administration if we get past the september 15, september 20 deadline but the price tag is run 20 - $40 billion and is for the four regions of the u.s., canada, australia and new zealand but it's very complicated given that china wants to say improving any deal, this may drag on for a while. >> it could but trying to pay cash to keep the employees might work. thank you very much. how about this, wear a mask or never fly again. coming up will tell you the shocking number of people who have now been banned from airlines for refusing to follow the rules. first 21000 people forced to evacuate from the el dorado fire in california as we learn this fire started at agenda reveal party. the question is will that family have to put them bill for damages and it will run into the millions. also the mayor of los angeles urging people to conserve ener

energy, he says turn off the reply and so's and use fans instead of air-conditioners. it is 120 out there, california voice of reason larry elder is next. ♪

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ashley: we are back with a fox business alert, 21000 people have now been evacuated from the el dorado fire that is spreading across 10000 acres and telling california overnight, lauren, this fire we understand is ignited by agenda reveal party of all things. lauren: the smoke devices that blue smoke, it's a boy in a pink

smoke comes out as a girl, that's what caused this fire that burned more than 10500 acres, only 16% contained as of this morning, this year we've seen a record 2 million acres scorched in california, the biggest fire season yet. ashley: it is been rough indeed. thank you. as california deals with the wildfires, they are facing scorching temperature, and the western san fernando valley hit 121 and on top of that you have rolling blackouts, the mayor of l.a. urging to conserve energy throughout this by turning off your appliances and using fans instead of air-conditioners. there is his tweets, let's bring in larry elder our resident los angeles expert. the mayor getting mocked online for this, people are calling him tone deaf, let's say you. >> i agree with that, it's really hot out here and not a whole lot anybody can do about the heat and not a whole lot anybody can do about the drought but is first forge force management, donald trump who simplifies the most conflict

issues says clean your floors, clean your floors, clean your floors, he's talking about all the trees that have taken place over the last several years in anti-regulation and anti-force laws regulations that make it uneconomical to move the trees and when it gets hot like this and fires take place to have a lot more combustion than they otherwise would have, you cannot do much about the weather but you can do something about the fuel that the fires feed upon them makes them so intense and so serious. ashley: have you suffered rolling blackouts? >> i have, people living in l.a. have in the idea is to have the brownouts to conserve power, this is a state that is adamant in fighting climate change and resources are being used for that that would otherwise be used for normal electric powe powerful people, it is ridiculous in a human made problem that does not have to be this way. ashley: it does not, the story

that we do a lot of and have done with you in the past is expertness, we seen out of new york and new jersey and connecticut into florida certainly but there also, we have actor antonio sabato junior who left california because of his conservative views and hard for them to find work but is it tough state to live in, high taxes, high regulation, does the fact that people moving out of california, does not get a lot of attention in california or do they just ignore? >> it really does not, the feeling is wealthy people love the climate and the resources and love the entertainment industry and even if you raise the taxes they will stay in their thinking about raising the taxes again, we have the highest marginal income tax in the nation at 13.3% and they want to raise it to 16% and they want to have a tax on net worth every single year.

if there is an expertness of wealthy people living in california, i predict that these laws go into effect there will be. ashley: what are you leaving larry, stuart asked you a lot a lot, i know you're a lifelong californian, can you see yourself leaving. >> ait's been getting these close, 13.3%, i'm doing okay, document to 16% and a net work tax, that's a bit much and even bill maher complained about the high taxes in california and when bill maher is complaining, it is time to wake up. ashley: you know that is the tipping point right there. we appreciate the fact that your reporting one of the few same people in your reporting from the west coast. larry elder, as always thank you very much. let's take another look at oil we rushed through that because we were tight on time, it is plunging to the lowest level since june on the oil, as you can see well below 37 bucks,

down to 36 up nearly 8.6% down to $3.45. that is a big selloff in oil and as you can see as we take the picture, this is a joint base andrews, that is the president car, he is off campaigning today and he's going to jupiter, florida, he's in west palm and later to north carolina, he's coming over to the reporters and they're not going to take this live i'm assuming but are we taping and rolling. there is. [no audio] , we can just imagine what he saying but the president is in full campaign mode of course because as i say he's going to be down in jupiter for talking about the environment and then he'll be in winston-salem north carolina later on today. he is hitting some of the swing states, let's take a break and if we get anything more from the

president we'll be right back. stay with us. look here, it's your very own all-in-one

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ashley: welcome back everybody, there is a picture of air force one at joint base andrews the president briefly talking to reporters we saw the picture we had. [no audio] my lip reading skills are mill

he will head to ford and north carolina later today and one headline said he would spend his own money on his campaign if he needed to, the president off on the campaign trail. senate majority leader mitch mcconnell set to unveil the gop virus relief bill soon, whatever that means as in later today maybe. edward lawrence following this, what else you have on this. >> resources telling me that soon we will see text of the bill, the coronavirus relief, mark meadows is saying this will be a targeted bill for kids in jobs and the goal is to get the folks back to work, it will include some unemployment extra insurance in the ppp, the payroll protection program related to that as well as money for schools to possibly reopen, blake burman asked the white house economic advisor larry kudlow is this is the

$500 million -- billion dollar or the $1.3 billion version that was forwarded by the chief of staff last week, he would not say which. i can tell you we have a statement for house speaker nancy pelosi related to the bill even though the text is not an amount yet, now months after action they realizing the damages done to the nation's health as they scribble to make up for the historic mistake and senate republicans appeared dead set on another bill which does not come close to addressing the problems and is headed nowhere, again we have not gotten the text but there it is on the screen, we do have a statement from the house speaker apparently this bill will not go anywhere in the house. back to you. >> the stalemate goes on, edward lawrence, thank you very much for the latest on that. this story is interesting, heading back to school or work, it could look very different very soon, chicago company is unveiling what they call a

sanitation booth, it disinfects people in a matter of seconds, this is the world we are living in, jeff flock is live in berman hills illinois, show us how it works. >> ten seconds as a matter of fact. this is it and i guarantee you probably not seen this before first on fox and fox business, is called the intelligent disinfection door in its design so if you're coming into work or large venue for sports or entertainment that you don't bring any virus on you into that location, i've got the team that has developed this and why don't you take the microphone for a second and describe the thing as a show actually what it looks like when you go through it. what is this first. >> say this read your body temperature. if you put your face in the frame. normal temperature, i go into this. >> i going i'm not a symptom addict. if you lift your arms and take a slow turn about 6 - 8 seconds

and what you've got is ozone overhead. >> ozone coming down. that is correct, yet far ubc and you've also got anna mize disinfectant, the trifecta of these three technologies disinfecting you as you go through, you are bringing down the microlevel, you are destroying the rna before you can into into the venue. >> this is not harmful, the disaffected coming in. the itemized disinfectant is epa approved, it's a derivative of corn. >> this is the first time this is ever been combined, all of the factors to come together to disinfectant multiple ways. >> this is already in use at work. >> in las vegas and the venetian and we will install them this weekend. >> we will have more later in the day. ashley: absolutely fascinating.

a newly sanitized jeff flock, the cleanest reporter as we speak right now. great stuff as always, we will have a sanitized varney more after this. ♪ . . . introducing stocks by the slice from fidelity.

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ashley: all right. as we just finish out the show you can take a look at the markets today and, yes, they are down. there is no doubt about it, but trying to recover, you know, just a little bit. we've seen the most, again,

nasdaq down. big tech stocks losing some ground. tesla especially because it did not get the place on the s&p index that had been so much expected, so much for that. but that ask the way it has been, picking up from what we saw last thursday and friday. all right. our time is up. thanks to susan lauren. david asman take it away. david: thank you, ash. i'm david asman in for neil cavuto and this is "coast to coast." nasdaq is plunging again after the worst week since march. to fox news contributor jonathan hoenig and agora market strategist alan knuckman. gentlemen, great to see you. alan, let me go to you first. the pullback, it is not a great surprise. that is no secret. everybody saw the high levels