the economy is really fueling the drivers of growth, and to be sure, software is a big driver of economic activity, and i think that's underappreciated, and this is a good example of the effectiveness of what the fed has done. maria: yeah. a lot ofly quid ity out there, dagen. >> undeed. maria: have a great day, you guys. great to see you. right to stuart we go, and "varney & company" guns right now. stu, take it away. stuart: good morning, everyone. it was a monumental event. snowflake, that's the name of the hotst new soft war company ever. it is down premarket today, but it shook wall street when it went public wednesday. early investor mike spizer edged the day with $11 billion. what snowflake showed was a huge appetite for next generation technology companies. snow flawk uses artificial intelligence to manage big data. more on that coming up. i'm not going to call this a

selloff, but stocks will open lower this morning. disappointing housing numbers really not helping, the dow's looking for a loss of 370 points. that's quite a drop right there. s&p down 58, nasdaq down 288. a lot of red ink on the left-hand side of the screen. by the way, 860,000 jobless claims this week, that's the lowest number since march the 14th. all right, there is a mask and vaccine fought. president trump saws we'll have 100,000 next doses. that will be super fast. the cdc says, hold on, you'll have to wait until the middle of next year, and joe biden says he doesn't trust trump, he trusts science. college sports, yeah, making a comeback. ncaa basketball returns in november, big ten football in october. and sally, ouch. that storm has dumped more than a foot of run in some pluses and, get this, a storm named teddy is forming. could go up the eastern seaboard. big show, of course.

aoc wants even more implements for the social u.s.es. fomo, fear of mussing out -- missing out, have retail investors got a bad case? we're going to cover it all. very gnu and company is about -- "varney & company" is about to gun. ♪ ♪ stuart: all right. better take another look at those futures because it's not a pretty picture. we're down 370 for the dow, 295 on the nasdaq. looks like big tech is taking it on the chin all over again. brian wesbury joins us, heist an economist -- he's an economist, for heaven sake. housing starts, not great. the market's heading south. is the recovery slowing down? >> well, technically, it is, because we bounced -- we were at such a low, stuart, that we had to come back and make up for lost ground. so we should expect some of this

data to be a little slower in the next couple of months, but that does not mean that the recovery is over. all right? so we're going to grow 25-30% in the third quarter, and then we're going to probably grow another 5% in the fourth quarter and probably 5% next year, and so, yes, little slower than the third quarter, but still a growth trajectory. so i just -- this is just a correction. stuart: isn't the problem here, one of the big problems for the overall economy, the fact that the big population states -- and i'm thinking new york, new york city, new jersey, california, illinois -- >> yep. stuart: -- they've not fully opened up. they're not even close finish. >> right. stuart: -- and that surely affects the economy overall. >> oh, stuart, i've done the math on this. we have -- just california and new york combined, because of those two states not opening up,

we have 1.3 million people unemployed that wouldn't be if they followed the national average. in other words, the unemployment rate would be a full percent lower if california and new york weren't still shut down. so this is all a shutdown story. and as we gun to open up, so the good news is you saw it in your opening -- said it in your opening, the big ten is i playing football. that's -- they didn't want, kevin warren, the commissioner of the bug ten, dud not want to play football. but when the acc and notre dame play, they were forced to go that way. so my belief is that competition among people, among schools and football, among states, among companies, it's going to push this economy to open as the day that on the virus get better. and that's what's happening right in front of our faces. stuart: got it. bruin, thanks for joining us.

see you again real soon. >> all right, stuart. stuart: let's talk about snowflake. we've got to talk snowflake. it went public yesterday. lauren sum netty is here today -- simonetti is here today. i see the stock down, not doing well today, is it? >> no. they're giving back some of the outsized gains that they saw yesterday. we saw showers more than double to $253. that gave them a valuation of $70 billion, stuart, that's two twitters. warren buffett, who tip clue shuns ipos? $800 million. investors of all sizes are seeking growth right now. there is no alternative to the big five technology companies. snowflake is a cloud company. they're debuting in a world where big data is trying to figure out how big it can be, and investors, they believe in it. makes no money yet, been around for ought years.

stuart: we should point out that the early investors, a lot of them are locked in. they can't sell their stock this morning no matter how much they're worth. they're locked for about 180 days. so any selling you see now is the day traders and the institutions who bought yesterday, talk their profit this morning. see how that ends the day. all right, next, new numbers from the census, and they reveal median household income gained almost 7% last year. that was 2019. and the poverty rate, it actually went down 10.5%, down over 1% compared to 2018. hey, brian brenberg, he's the finance chief at -- college manhattan. you know, i think these numbers are being ignored. we don't hear about it now. >> stuart, you've got to shout these numbers from the rooftops. of we saw the highest median income in this country we've ever seen, poverty rates at a

60-year low, and the gains were fastest for minorities and women both on income and on the poverty rate are. we have to talk about this because in this country the social justice conversation is dominated by people who want to grow the government. people who want to undercut the very things that are driving these gains, stuart. you're right, the media's not covering it. it's not convenient to the narrative they want to push right now, but if we care about recovery, we've got to talk about what got us to 2019 because it's there waiting again if we don't give it up because of the pandemic. stuart: is the recovery showing signs of slowing down? >> look, are the numbers slowing down? yes, because you can't keep up the numbers you had immediately after the bounceback. but that doesn't mean the recovery's dead. there is a ton of strength here, stuart, and you can see it across sectors.

consumers are still spending, employers are still suring, people are still buying houses, but they're asking are we going to get somebody in office in 2021 who is going to keep this recovery going, or are we going to get somebody who's going to focus on inequality, on taxing the rich, on spending, on new green energy boondoggles. if we're going to get the latter, then you know this is going to slow down because we saw it during the obama/biden administration. if you want to know what's going to happen under biden, look at 2009, all the way through until the beginning of the trump administration, that's what's on people's minds right now. stuart: you know, brian brenberg, i am astonished you've still got a job in academia -- [laughter] coming out with that kind of individual liberty kind of talk -- >> come on, stuart. stuart: almost pro-trumpian, i'm astonished you can still walk back onto the campus. >> stuart, i'm talking about the day that. you and i started this conversation on the data.

real income, we're talking about poverty rates, i'm leaning on that to make my case, stuart. wherever that data goes, i'm going to go. stuart: you know what i'm up to here, brian -- >> i know what you're up to, stuart, i know. [laughter] stuart: you come back and see us -- >> i'm all about that, stuart. i will, stuart. stuart: thank you very much, brian. good luck to you. see you soon. thank you. we really need to get the latest on sally. it is now a tropical depression. the first death has been reported. and, by the way, there's another storm perhaps headed to the east coast. janice dean is with us. janice, please start with the rainfall from sally and then tell us about the new storm teddy. janice: okay, will do. let's take a look at it. they gave the last advisory on sally this morning, the national hurricane center. it was category two when it made landfall, and the storm's totals are impressoff. they verified over 30 inches of

runfall along the coast, historic for a lot of areas across alabama and the florida panhandle and, of course, wind gusts in excess of 90 miles per hour, very widespread for a number of hours. so here's the latest track. again, this is the last one we're going to get. it's going to be sweeped out to sea by a cold front, but the potential for more heavy rainfall from georgia toward the carolinas, flash flood warnings in effect for central georgia in towards western south carolina, and that's going to continue for the next 12-48 hours. 4-6 inches on top of what we have received. 30 inches, that is really impressive for a storm. before i get to teddy, i want to show you this area, unstress 90 -- invess 90, wilfred would be the last name on the list and then the greek alphabet. 90% chance this is going to become a storm, so the gulf coast needs to watch this over the next couple of days.

there's hurricane teddy, very impressive, it's going to become a major hurricane. moving towards bear knew i da next -- bermuda next week monday and tuesday, and the east coast is going to have to watch this. maybe the canadian maritimes, but the euro model, one of our most reliable forecast models, has it coming very close to new england. we will monitor that. that's the rest of your forecast, by the way. i know you've probably been covering the wildfires off the west? look at the smoke, stuart, that's moving into the central u.s. all the way up towards the northeast. in new i don't recall -- new york is because of the fires and the smoke coming our way, if you can believe it. stuart: i understand that the smoke is even evident in europe. is that accurate? >> yes. yes. some of the winds are picking up the smoke, and it is actually traveling towards europe. it's very, it's unbelievably -- it's hard to wrap your head

around it, but these winds in the upper levels are bringing some of these particles to europe. stuart: astonishing. janice: it's unbelievable. stuart: good report, janusz, see you later. check the futures, overnight lows, we're down 370. look at the nasdaq, down nearly 3% on the nasdaq. congresswoman alexandria ocasio-cortez is confident that she and other democratic socialists can push joe biden to the far left. watch this. >> i think overall we can likely push vice president in a more productive direction across policy issues. stuart: news. all right, so who's really leading the biden campaign? i'm going to ask the question. hollywood taking a day off from facebook and instagram. they're protesting hate speech. did it work? we'll have the story for you next. ♪

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stuart: all right. the latest on the oracle deal for tiktok. i know you can't wait. [laughter] the president's not quite ready to sign a deal, so roll that tape. >> i'm not prepared to sign off on anything. i have to see the deal. we need security, especially after what we've seen with respect to china and what's going on, we want security. so i'll let you know. they're going to be reporting to me tomorrow morning, and we'll let you know. stuart: okay, now, that will be today. susan, what are the security -- >> good morning, stu. american users' data in the hands of beijing, those are the security concerns, and that was really the point of this

pressured sale of tiktok. but it's not really a sale, more of a partnership proposed by orr can cl where they'd -- oracle where they'd with a watchdog. this may not be good enough though for the administration and the administration officials. the treasury secretary few knew chin and others, they want u.s. ownership well above 50%, and the idea is that they want all of tiktok to be held under a new company with oracle, possibly even wal-mart getting in and other venture capital groups owning most of this entity. as for the covid deal, remember that commission that the president wanted? he said that at the press conference yesterday that he was told the it wasn't really legal. but, you know, maybe the 20,000 jobs that tiktok promises to bring to the u.s. might be the cut or the commission that the treasury gets. stuart: it's all kinds of ways of getting your cut in a deal, and 20,000 jobs in america, that's a news piece of action. >> yeah.

stuart: but the big question is who we retains the data taken from all our talkers and youngsters. >> that's the point. stuart: that's it, isn't it? that's the whole ball of wax here. according to few knew chin. >> everybody. -- my knew country. stuart: celebrities froozing their facebook and instagram accounts for 24 hours. they're protesting hate speech. kim kardashian west, mark ruffalo, katie perry and others, 24 hour freeze. and we've got this for you as well on a similar line of argument. twitter labeled a tweet from the president as manipulated mode -- media for changing the music on the desposito video of biden. but when the campaign asked twitter to label similarly in the same withdraw a biden video, they refused. john hands is with us, ceo of parlor, a social media site. there's no censorship, and he's

back on the show. is this, a, double standard and, b, the flat out censorship of conservative speech? >> hi. yes, thanks for having me again. and, yes, it is. it is a double standard. they've made it very clear, you know? they don't want trump reelected, them and their employees, and they're taking these weird, you know, double actions, you know, basically two-pseudod actions to kind of make hum look bad. and it extends further than just the example you said about manipulated media. there are times when biden has mistakenly seen, last week he said michigan's death rate were actually the military death rates from covid, and he's mixing these up, and he's not getting fact-checked. it's very one-sided. stuart: doesn't this encourage the view that they're got to be reinedded in or in some way made to play fair through legislation of some kind? i mean, this adds the legislative pressure on the facebooks and twitters of this

world, doesn't it? >> it certainly doesn't look good in that field because, i mean, they're basically participating in this weird middle ground where they claim to be a social platform which means that they are not liable for anything, yet at the same time they're censoring people like an editor, they're editorial using everything, right? and things like what kim kardashian are doing, she has 200 million instagram followers, and although it's really nice that she's standing up for her principles, she's doing it in a manner which is pressuring facebook to ban conservatives even more because what they consider hateful content is essential through the content of anybody that supports trump. and so really if people want to solve these problems, they need to get together and have a parlay and a conversation and debate what's going on. that'll solve the partisan problems. stuart: john, or you're a competitor to facebook, twitter. twitter especially. have you seen a bug increase in

the number of people using your platform recently? >> we do every time this kind of stuff happens, right? so on one hand, you know, i'm very -- if kim kardashian wants to promote more censorship over conservatives and they start banning, you know, president trump supporters or censoring his content, yeah, we do see a large influx in users which is excellent for us but not excellent for this country. people need to have conversations, and they can't be interfering in an election labeling only one candidate's content as fake news while not looking at the other. stuart: well said, john matze. thanks for joining us again. >> thank you very much. stuart: a couple of weeks ago, as i recall, facebook hit $300 a share. i'm looking at them now, and they're at 257. hey, lauren, what happened? >> yeah. the ios 304, they're caving to pressure that's coming from all

sides. you know that presidential anti trust -- potential antitrust lawsuit, you have that the star-studded boycott you were just talking about and, wait, there's more. climate change activists. facebook has now answered to them. they've added the science-based information hub to answer to create you cans who say they put out a lot of miss information on global warming on this suit. they've done something similar with election disinformation as well. all of these moves they appease the critics, the regulators, even the lawmakers. i'm calling it a position shift so they can protect their bottom line because they know whether it's a biden or a trump administration, it's not going to be a hands-off approach anymore. stuart: 257 on facebook as of right now. thank you, lauren. overall it is a downside market, down 300 on the dow. look at the nasdaq. that's down 310 points. more on that after this. ♪

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find a stock basedtech. on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. stuart: we're going to check the big snowflake ipo the day after. this morning it's down $17, that's 7%, but it's still at 236

which is approximately double the number offering price. greg smith's with us. all right, greg. to me, the interest in snowflake represents the retail investor just dying to pile into brand new industries. did you see this coming? >> good morning, stuart. well, it's certainly snowing in september. the upo market's been on tour, and every day we're seeing more and more unicorns go to market that are getting ready the either ipo or tomorrow's acquisition targets like draft king. i don't think anybody saw this coming. this is incredible performance from an upo, almost two good to be true, and i have to wonder if a lot of the private venture-backed companies are sitting there wondering are they doing a good job at pricing these deals. the underwriters for snowflake left almost $4 billion on the table in terms of pricing. stuart: yeah, that's a good point. all right, got that. you've invested in this company

called unity. they make a product, i believe, that lets you design video e games and a whole lot more, going public soon. you're in it. what's so special? is this another new technology, new industry company? >> so, of course, it's a great company. it's expected to ipo this week. i can't comment, i have no idea how it'll perform. all the recent ipos have been performing as an asset class incredibly well. we have seen after-market performance enough from 50 up to as much as 400%. so again, it's been a very, very strong product as an asset class. but again today all these venture-backed companies have more and more options available to them, and this year with a hundred stacks in producing the markets, they've almost like a belly button, everybody has one. so i think that's to going to benefit whetherst it's unifew or, you know, the next class,

robin hood or into the grade, all these companies -- or sweet grade, all these companies are going to have more options coming to them. stuart: we can hear the bell ring, that means we're about to start running. you're going to see a lot of red all across your screens. here we go, i 9:30, and already we're off 1%, that's 270, 290 points on the downside. and virtual lu all of the dow 30 are in the red. i see one, top left, i think that's verizon. that's the only winner thus far, is that right? >> good eyes. stuart: i've got new eyes, by the way, they really work. [laughter] verizon the only winner, down 300 on the dow, just over 1%. the s&p 500, what's the percentage loss there? 1.5%. in other words, the loss there is bigger than the nasdaq -- i'm sorry, bigger than the dow. and the nasdaq, i can't wait, it's down 2.19%. that means tech is taking it on the chin this morning.

down 240 points. quick look at snowflake now that the market has opened. it's down 9.5%, an even bigger loss than premarket. now it's down 10%. real pullback there. big tech names gotta follow 'em, i'm sure they're just red across the board, and they are. apple's down 3, facebook down 4, alphabet down 29. i think microsoft not on that lust there but getting real close to $200 a shower. >> below 200. stuart: that's news. all right. tesla getting two price targets, price target hikes, i should say. now, that's ahead of battery week. what's these new price targets? >> they're looking for $400. you would still call this contained for a momentum play like tesla that has run up 400%, and don't forget their frankfurt

shares also slid 4% last night. deutsche bank and credit suisse both upgrading their produce targets to $400 a shower. in fact, credit suisse is slapping a -- of 6.30 apiece, and they're saying batterieses are the future e key. tesla's battery technology could be worth $100 billion on its own, and they predict that tesla will sell its batteries to other electric car companies in the future. that will be a business one day. battery day next tuesday where elon musk has teased some exciting things to come. he's a great salesman, great showman, and the market does tend to listen. but just to get back to the broader market selloff that we're seeing, and as i said, with this type of explosive performance in these ipos where people are rushing to buy in the stocks, these institutional investors, you have to sell off something in order to raise cash and money to buy into these ipos, so that might be a reason whew we're seeing some of these declines

today. stuart: that might be why some of the big tech companies, or the stocks,ish say, are down. because the institutions have to sell that to get into snowflake. >> and institutions drive most of the markets. stuart: oh, they sure do. california theme parks, they want governor newsom to let 'em open, reopen fast. how is he responding, lauren? what's he saying? >> well, he's under pressure. he's saying theme parks, amusement parks, listen up, because guidelines are coming very, very short lu. so the theme parks are saying give us the rules, and we're realize to roll. that's what the -- ready to roll. if you ask the anaheim mayor, he says they've been decimated in the area. the unemployment rate is 15%. so why can't disneyland reopen safely at limited capacity when the gyms, the movie theaters, the shopping malls are all open? why can't the theme parks? so the pressure's on gavin newsom. we should get an announcement.

stuart: i think it's part of the demand to open up faster e, and i think it's spreading all across the country. let's see what happens with newsom and diss gnu. we'll see. american airlines and a half dozen unions pleading with washington for more government help, please. ash lu, what do they want? >> well, they want an, tension of that payroll protection program, another $25 billion. but we should note, stu, that right now we've found out that airline executives are at the white house meeting with the president. were some headlines from that. chief of staff meadows says that the airlines just don't understand why there isn't a willingness to create a stand-alone bill to help them. meadows saying, look, if nancy pelosi was willing to move a bill that supports the airline workers and prevents all these massive layoffs that could come october the 1st, he says president trump would support it. meanwhile, the airlines have isn't a letter to the white

house trying to make their cause. american airlines alone saying, look, we're going to have to furlough or lay off 20,000 workers at the end of this month when the program runs out. we're also going to have to cut service to some of our smaller cities in the network. some 700 flights would have to be canceled. so the clock is tucking. the air laurens are taking -- airlines a are making a last dutch effort and if we get new more headlines, we'll bring them to you. stuart: we now feature the nasdaq because it's down so sharp lu. we usually put the dow right there. today we've got the nasdaq up 200 points. let's talk hotels now. across the country they're facing a wave of permanent closures. that's pretty bad, susan. >> oh, it is. so, you know, the entire industry has lost $124 billion so far this year and counting owing to covid, worst year on

record, worse even than the great depression. 1.6 million hotel the workers are out of work and these jobs may not be coming back or even the hotels, and that's because nearly a quarter are 30 days or more behind on their debt payments, that's the highest level ever, and the greatest delinquencies as a result in the cities of houston, chicago, new york, seattle and austin. and we know u.s. hotel occupy occupancy hit the lowest in march. it went up to 50% in august, but it's stalling a little bit in september. we did see stock wise some comebacks and recovery in the hyatts and the mauer yachts and the hospitality and please offgroups today. well, for the month. stuart: restaurants, bars, aroundlines, hotels, cruise lines, any form of travel -- >> airlines. and just to get back to the round numbers, amazon below 3,000, microsoft below 200 and apple below 110.

stuart: and that's why we've got the nasdaq down 197 points. next case. the virus continues to -- here we're talking about the cruise industry. it's still getting hit but the virus, obviously. carnival, lauren, they're coming out with some mored bad news, is that right? >> yeah. they're canceling another four voyages. some canceled until june of 2021. they're also selling two older ships more than 20 years old, the fascination and the imagination, divesting 18 ships in total. it makes sense, they need the money. they're warning of a third quarter loss of about $3 billion. we're six months into a pandemic. carnival's the world's largest cruise line. they are currently sailing one shut up. it's in utley. i think that -- italy. i think that paints the picture. they've been decimated. my opinion here for the entire travel industry is we need more testing. if you can test everybody instant lu that goes on a cruise

ship, then you can actually sail it. and then you can live your life freely while you're on the ship or wherever you are. stuart: i think you're right, i think the testing, a rapid, solid test, immediate results, that has more to gain, that's better than -- it's more important than a vaccine which, you know, who knows how effective that's going to be and who's going to have to take the it. anyway, i'll move on. we dud want to remind you we're one day away from friday feedback, so send us your questions, comments and, yes, please, send us some videos. why not? for our radio listeners, that is varney viewers@foxbusiness.com. for all of you, that's how you get to us, okay? varneyviewers@foxbusiness.com. love to put you on the air. according to yelp, 60% of business closures due to the virus are now permanent closures. we're going to kill into

those -- dig into those numbers, they're dramatic. ncaa basketball coming back the day before thanksgiving. brian kilmeade, what's he think about this return of college sports? speaking of sports, no way around it, ratings have plummeted for the nfl and other sports too. the nfl trying to spun it9. former nfl star tiki barber, he's coming up in the 11:00 hour of this show. we'll be back. ♪ ♪ looks like they picked the wrong getaway driver. they're going to be paying for this for a long time. they will, but with accident forgiveness

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stuart: there is a report from yelp, ans bad news for those businesses which were shut down during the pandemic. maybe not all of them are coming back. what's the report say, ashley? >> yeah, these are some pretty sobering numbers, stu. at the end of august, 163,735

businesses reported being closed. that's actually down from 180,000 that we saw at the start of the pandemic. but it also shows that the number of closures has actually increased 23% since mid july. now, here's the really sad number, and you mentioned this, the number of buzzes that have closed -- businesses that have closed permanently now stands at just under 98,000. that is 60% of all the current closed businesses. throughout the past six months, restaurants, bars and night life venues have been hit the hardest. just over 32,000 restaurants are closed. 61% of those permanently. as for retail, 30,000 buzzes close -- businesses closed, 58% of those closed permanently. very interestingly for locations, los angeles and new have reported the highest number of closures. los angeles has seen, what have we seen here, 15,000 closures. half of which are permanent.

new york has seen 11,000 closures, 63% reported as permanent. these are some very, very harsh numbers. stuart: cities in deep, deep trouble. [laughter] that's the way it is. all right. thanks, ash. check the markets again, please. we've got red across the board. down 35 on the dow and the -- 350 on the dow and the nasdaq down 215 points. ed, this is interesting, you're talking about forget about buying the dip, buy this decade. all right, make your case. >> well, look, if you remember, history shows that in the 1920s we actually started out with a pandemic in 1918, 1919. there was the spanish flu. and it killed a lot more people on a per capita basis, on a population basis than this one has so far.

this one's terrible as was the spanish slue, but the splish flu was then -- spanish flu was then followed but a terrible recession in 1920s, and then we had the roaring '20s because of technological unvexes that were not expected. this time around we don't have to guess, with know there's a lot of technologies that are being implemented today that are going to have a radical impact on our economy, and i think to a large extent it'll increase productivity and increase prosperity. so i think the market's already kind of figured that out, in some ways we're having our melt-up at the beginning of the roaring 2020s, and back in the 1920s the melt-up occurred later in the decade. but i think the economy's going to get better after this, and that'll support the higher stock prices for the decade. stuart: you know, surely, ed, it

would take a strong symptom the act -- strong stomach, it would take a will of iron that nub, especially for someone of my age, for example, to jump into the stock market now before the election or even after the election with stock prices at almost all-time record highs. >> right. stuart: you've got to be real tough to do this, right? >> well, i'm not telling anybody to jump in, that they've completely missed this bull market. i've been bullish since 2009, so i'm just really telling those who have been invested, who have been long-term investors to stick with it. you know, generally speaking the economy tends to grow, recessions don't last very long, and there aren't that many of them. and bull markets last a lot longer than bear markets, and bear markets are often buying opportunities. look, we could have a correction here coming into the election, for example. and you would view that as a

buying opportunity. stuart: but here you've got all these ipos coming on stream, a lot of them are in brand new industries, artificial intelligence, the cloud, etc., etc. >> right. stuart: is the technology that you're talking about that's going to carry us through the roaring '20s, is that what it's all about? >> exact e lu. this is not the dot.com -- ended with a party like it's 1999. it was a heck of a meltup, and a lot of the earnings really weren't there back then. this time around the companies that have done well have earnings. a lot of the ipos are substantial companies with some very neat technologies that i think are going to be very important in prosperity and productivity. they go hand in hand during the

2020s. stuart: ed, you've been right since 2009 because we've gone up and up and up and we sincerely hope you're right about this. thanks for joining us, mr. yardeni. see you soon. do you remember the minneapolis city council, they moved to defund the police? you remember that, sure lu. they're now alarmed by the crime surge in their city, and they're asking the police chief what he's going to do about it. the nerve. it's coming up. joe bind's handlers let him take a few questions wednesday, and here's how that went. roll tape. >> i'd be happy to take some questions now if that's okayment of i mean, my list here. stuart: looking at a list. does he have the questions ahead of time on husband little list? the first debate is less than two weeks away. there ain't no list of questions for that. we'll be back.

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stuart: all right. we're still seeing an awful lot of red, although the nasdaq's come back a bit.

we were down way over 200 points, now we're down 155. i guess that's some kind of improvement here. next, draft kings has made a big announcement about an exclusive deal with the new giants. all right, susan -- new york giants. i've got a question. you make a deal between draft kings and the giants. what does the giants get out off this, what does draft kings get out of it? >> you would imagine the fans that have signed up, they might get a fee, possibly a cut of some of the bets that are placed on draft kings. now, it's not just the giants, because they've also signed a deal with the patriots and the dallas cowboys, and draft kings has been on this deal spree. remember michael jordan joining on as a special adviser, an exclusive partnership with espn as well. draft kings is a great stock to feature because u.s. sports betting still could bring in about $1.5 billion this year and

actually go up to $9 billion in five years, so think of the growth rates there. stuart: these sports betting companies have done very well with the publicity. i can see the point. >> yep. stuart: we're watching a sports betting etf, round hill sports betting. ash lu, what are they doing so right? i know they've surged. >> well, they have. we're talking about the etf betz, it's about a basket of 36 stocks, it's done very well, assets have surpassed more than $100 million in just the last three months. why? because sports betting, gambling is coming back. the planets have truly aligned, to be honest. the nhl and nba playoffs are being pushed to september due to the pandemic, the first time ever that these two sports, along with the u.s. open tennis finals, overlapped with week one of the nfl season. it was a cornucopia of gambling

opportunities. fanduel recorded one of its biggest weekends of the year, and draft kings saw record engagement on all of its platforms. getting back to betz, it has grown. we've seen the number of sports actually being played start to grow, so they go hand in hand. stuart: a cornucopia of betting opportunities. big words there, ash. >> i'm being lyrical. stuart: you are, indeed. [laughter] relax. still to come on this show today, brian kilmeade, pete hegseth, tu key barber, we'll be back with it all in a moment -- tiki, barber. ♪ get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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to finance their retirements. it meant so much to nellie, maybe it could mean as much to you... call now and get your free infokit stuart: precisely 10:00, there is a lot of red ink still there. down 230 on the dow. down 150 on the nasdaq. you're back to 10,900 on the nasdaq. big tech, that is the big problem today. all of them down sharply. microsoft struggled back to $200 a zare. alphabet down 22. all of them on the downside. the nasdaq we're showing on the right-hand corner of your screen. negotiations on the next stimulus bill are at a stalemate but white house economist larry kudlow says that the economy can recover without it.

roll tape. >> i don't think the recovery is contingent on this package. the president wants an insurance policy. he would like to see more cash out there. it sure beats raising taxes. stuart: it sure does. i'm convinced we'll get some kind of extra spending before the election. only time will tell. you know how that goes. ashley, this is your day, the latest read on mortgage rates. what have you got? ashley: every thursday, maybe it is payday why i'm excited. anyway, came in at 2.87% for a 30-year fixed mortgage. what is that compared to last week. it is up tiny. last week it was 2.86. this week 2.87. i should point out in the meant of august first-time home buyer activity was up in 19% from july and the highest level ever seen by freddie mac. so these low rates are finally drawing in these first-time homebuyers, which is good

obviously for the economy. good for the overall housing market. stuart: that is an excellent addition to the housing story, first-time homebuyers are really in there big time. ashley, thanks for that. good stuff. staying on housing. we did see building permits dip about 1% to 1.47 million. that is permits. housing starts, where they actually started building, that is down around 5% to 1.4 million units. that is in august. okay. they're down. mitch rochelle back with us, pwc development leader. mitch. those numbers on permits and starts don't seem to be that encouraging for a v-shaped recovery. what say you? >> yeah. i think you got to look at the demand side stu. i think the actives there, what ash talked about, first-time home buyers. first-time home buyers has been the story for the past decade how they weren't in the market. so i think it is key that we're

seeing that activity kick up. i think you have to look at housing starts over time as opposed to month to month. i think when you look at it over time. you will see that the homebuilders that are incredibly confident homebuilders are building at a pace that we haven't seen in many years. stuart: you have no problem saying we still got a sharp, dynamic recovery in the housing market? no problem saying that whatsoever, right? >> no problem because the demand side is there. that is what drives the housing market. people wanting to buy homes. stuart: here is something that just surfaced. lumber prices up 177% since mid-april. is that -- lumber stock on the left-hand side of the screen which is going up some more. is the price of lumber really holding the housing market back at all? >> yeah. i do think so. one of the things i talked about on this show, three ls, house, land, lumber, labor.

lumber is the key component. number one raw material building a single-family home. in fact what is going on right now is sort of a perfect storm. you have outpaced demand. you have the wildfires not just in the united states but in canada. you have the tariffs. on top of that you have the pine beetle in western canada that has destroyed 15 years of supply of lumber. that is enough to have built nine million homes. so we're seeing spikes, probably continue to see spikes in that precious commodity of lumber. that is going to be a bit of a headwind. that could be part of the calculus why housing starts are a little slow in august. stuart: that is fascinating. who would have thought the price of lumber could go up so much for those reasons that you stated, actually interfere with building new homes. that is fascinating. mitch, as always, thanks for joining us. see you later. >> you bet, stu. stuart: now this. what is the most important and

powerful group within the democrat party? unions? not these days. blue dog conservatives, democrats? conservative democrats? they have all but disappeared. moderates like nancy pelosi? i don't think she is all that moderate. no. people increasingly calling the shoeses are socialists. mere is alexandria ocasio-cortez. >> right now what is most important to insure a democratic victory in november. that we have continue to push vice president biden on issues from marijuana to climate change to foreign policy. i think overall, you can likely push vice president biden in a more progressive direction across policy issues. stuart: aoc will push a harris -- i'm sorry, abide

biden-harris administration. he says this. joe biden will become the most progressive president since franklin delano roosevelt. that in this moment is what we need. he is pushing to the left as well. much what is happening here, is the far left seizing an opportunity. the polls are tightening in mr. trump's favor. they, the socialist, they blame what they see as biden's moderation. they think the way to win is to pound the income inequality theme. well, with jeff bezos worth around $200 billion, one man, michael speiser making 11 billion on snowflake, they think blasting billionaires is a winner. socialism made bernie in standout in the primaries. soakism got aoc elected in the first place. socialism allowed the squad to expand. i don't think this would help joe biden. that is my opinion. i think it would hurt him. either way you're looking at a sea change in the democrat party.

six months ago we had a world beating economy with incomes rising dramatically across the board and unemployment at record lows for every racial ethnic group in the country. who would have thought that the democrats would coupler that with socialism. that is my opinion. let's bring in the man who novembers politics inside and out. his name is karl rove, senior advisor previously to bush 43. karl, do you think that if they really did push full on socialism, do you think that is an election winner? >> no, i don't. in fact it has been mystifying to me why joe biden who won the nomination being the traditional democrat, the non-socialist. remember during the debates he disagreed with bernie on "medicare for all." he did not endorse full-throated way the green new deal. won the nomination. he was the most traditional of the democrats who were at the top of that heap. since then he has moved left, starting with you know, he went out of his way to appoint a

unity commission of five, a bunch of panels, five people he nominated, three who bernie nominated and a co-chairman from each. aoc was co-chairman of the climate panel. you read the 130 page document of the recommendations, in essence the democratic platform it is full of things from start to finish. start the on page one and finishes on page 130. since then he has gone more left. he was for "medicare for all." he endorsed in essence "medicare for all" that takes a little bit longer to put in place. he endorsed the green new deal virtually every aspect. there are moments where he sort of realizes that he has gone too far. he endorsed a end to fracking. then went to pennsylvania i'm not against fracking on private lands. there are some moments where he has come back. by and large it has been a pretty steady march to the left. i don't see it as a winning strategy. stuart: one last one here. we're told that the polls are tightening.

there are polls all over the place from all different places. bring it all together. is it accurate, karl rove, to say the polls are tightening in mr. trump's favor. >> that is accurate. it may be sort of of the natural dynamic of the election. to bring it to victory strikes me, next 40 some odd days focused disciplined drawing a contrast between him and joe biden. that is only partly by describing what is biden is for. a lot of time has to be devoted what donald trump is for in a second term. he started to do that at the convention. he needs to find the balance here is what i intend to do. incidentally it is better than what that guy has to do. stuart: next time, would you bring the whiteboard? >> i had one ready if we got into the right subject i was ready. i will not show you it. i will show you the back. there it is quite quickly. stuart: i will take a freeze frame of that shot, find out what you really wanted to talk about. mr. rove, see you soon. >> thank you, mr. varney.

stuart: thank you. back to the market. we got to check it. we have a selloff, not huge by any means. we're down only 157. we were down close to 400. the nasdaq has come back to a minus 126. all right, snowflake, we have to get back to that. it's a cloud startup, went public yesterday. down today after a huge first day of trading but it is pared today's loss. it is now down just 6%. it had been down 10%. stay on tech. here is another. jfrog, another software start up went public yesterday. lauren, why don't you tell me what jfrog does. lauren: so they're an israeli company and they maintain apps for customers including netflix and google. so they're constantly updating the app infrastructure. ipo yesterday on day one, yeah, shares climbed 47%. now they're down a bit. they're at 64 and change. but their ipo price was $44.

still up this week. huge for ipos hitting the tape today. these stocks have not started trading yet. you had a telehealth company amwell priced above the range and cloud management company, sumo logic stronger than expected. we're talking another at least 8 1/2 billion dollars will be raised in ipos. this year? 40 billion. this is a strong part of the market. investors are hungry for growth and alternatives. stuart: demand is very strong. people want to get into the brand new industries and technologies. these ipos give them a way in. thank you, lauren. susan. susan: yeah? stuart: you've been digging into the ipos. what is on deck? susan: we heard lauren tell about sumo logic. unity software getting into the game, priced well above their indicated range and how well snowflake has done and jfrog doing pretty well. we'll look at the upcoming

ipos we are anticipating. that does include peter thiel's palantir possibly next week. that is big one. facebook founder dustin moscovitz, a lot of buzz around this one. it organizes work flows, emails, spreadsheets, chats. both are expected to do a direct listing. they don't raise any new cash. to let the early investors get out and cash in on the companies. good rx to raise a billion dollars later this month. airbnb, that is a big question mark. that is a big unicorn that was out there anticipated earlier this year. they had to shelf the listing and covid, how it decimated the travel industry. they had to take in emergency cash. stuart: all the companies on the screen are futuristic companies, new industries. susan: disruptors. stuart: disruptors. airbnb is certainly a disruptor. i think the public wants in. an opportunity to get into the new industries.

susan: i want to get you into the controversy about the pricing of this ipo given snowflake ran up 112% yesterday. bill gurley, one of the venture capitalist saying maybe there is a lot of mispricing in the market right now. i would argue, what is wrong with leaving money on the table for investors to get into, right? he argues, maybe best way to do it go through the spacs, the blank check companies. also the very small amount of people getting stock in the ipos. means the rich are getting richer. not retail average, mom-and-pop investors. stuart: that is true. if you have a chunk of money you can get in at the ipo price. if you know the broker, you can get in. okay. leave that up to you. let's move on to joe biden. he says americans can't trust trump on a virus vaccine. watch this. >> let me be clear, i trust vaccines. i trust scientists. but i don't trust donald trump.

at this moment the american people can't either. stuart: sorry. i jumped the gun there. what will pete hegseth have to say about this? well he is on the show the next hour. >> big 10 back. the season will return late october but it will look very different. tiki barber on that coming up. president trump blasting the nfl for their falling ratings. brian kilmeade is here on that. first we're taking you live to ford's dearborn truck plant in michigan. they're committing to american jobs and the f-150. the second hour of "varney" just rolling along. ♪ still your best friend.

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stuart: dare i say the market is coming back a bit? yes i say it. at one point the dow was down way over 300. now we're down 126. nasdaq still on the downside but just 147 lower. quick check of snowflake, the stock yesterday. down 7% this morning. that too coming back a little. how about deutsche bank? ashley, are they bringing some people back to work, back to their offices? ashley: well, yes and no, not like jpmorgan. at a town hall meeting deutsche bank told the u.s. employees, guess what, you don't have to return to the office until july of next year. now many of the workers apparently had asked for a clear policy, what are you going to have us do and the bank acknowledged that workers have, quote, understandable concerns about public transportation, cleanliness, security and other quality of life issues.

now the bank also noted that, well, many of the employees didn't want to return to their wall street headquarters. they're moving to columbus circle next summer anyway. all in stork contrast to jpmorgan who told senior trading sales, employees and their teams they should return to the office by september 21st. that is next monday. as for other banks, ubs reportedly told some senior employees, yeah, we're not going to follow the lead of jpmorgan. meanwhile bank of america expects the first wave of workers to return by the end of october but adding that employees can opt out if they just don't feel comfortable or have a health condition. no one exactly following jpmorgan who said some of these folks have to be back by next monday. stuart: that's the liability issue, isn't it. if you push them back, they can sue you because you pushed them back, you spot covid. that is the baseline problem here. ash, thank you very much indeed.

move on to ford motor company. they're hiring for production of the new f-150 truck at the plant in dearborn michigan. the truck is back to $7 a share. we have formed's international marketing president. welcome back to the show. good to see you, sir. >> good to see you. stuart: the f-150, is it still the best-selling vehicle in america? >> it absolutely is. it has been for 43 years, something we're very proud of. stuart: okay, the new f-150, is it electric model? >> so we're launching the 21 model year right now today here at. it comes with a hybrid power train but we're also announcing we're making a 700 million-dollar investment here at the complex to bill and all-electric f-150 which will come to the market in about two years, in the middle of 2022.

stuart: i am told that the electric f-150 is the most powerful version of the f-150 yet. i find that strange because i didn't think electric cars, give you more power, acceleration, yes, but power not necessarily. what is your answer? >> absolutely. it will be the most powerful f-150 we've ever built. it will have more torque than any f-150 we ever built. of course because of the electric motor how that torque comes on, gets transferred tote road is almost instantaneous. so great truck. a lot of fun to drive but more importantly our customers are really looking for trucks that can do the job they need to do. this truck will do that. stuart: i am told that building an electric vehicle is very complex, very difficult and it, you really have to be high-tech for this. why are you doing production here in america?

how many jobs are you going to bring with it? >> so we as a company always have been and still are very committed to the american manufacturing. we think a strong manufacturing base in america is very important to the economy. it goes all the way back to the 5-dollar a day that our company started. it's a complex industry, a complex product to make but we make more vehicles in this country than any other automaker. we employ more hourly workers in this country than any other automaker. here we are today at the historic complex which is a iconic industrial complex in the entire world. we'll build the all new f-150 battery electric right here. stuart: kumar, thanks for joining us. congratulations on the new production of the f-150. thank you, sir. see you soon. next let's talk about elon musk boring company.

they make tunnels. they're building the vegas tunnel. almost complete. when will it be finished? susan: slated january next year, 2021. just in time for ces, the consumer electronics show. however that huge event has been canceled next year because of covid. the tunnel underneath the vegas convention center is almost done according to elon musk, seems well ahead of schedule, don't you think? it will connect the convention center and take you two minutes. the trip with regular traffic, 15 minutes at least. the loop will move 4,000 people across per hour in a is a right of tesla cars according to elon musk. any city that allows for tunnel depth that is deeper than their tallest buildings would work for one much these tunnels. think new york, beijing in the future. stuart: i got that guy wrong. susan: a lot of people did. stuart: i thought he was a showman. he is not just, he is show man,

but he is a genius. tesla, boring company, spacex. susan: neurolink. stuart: what a guy. susan: why he is the third richest own the planet. stuart: works for me. susan, thank you. let's get to minneapolis. businesses there still trying to pick up the pieces after the riot after the damage. one liquor store reported losing a million bucks in stolen property. how will that play with minnesota voters in we're on it. >> california democrats blame game on wildfires, all because of climate change according to them. nothing to do with for rest city management. we'll discuss. introducing stocks by the slice from fidelity.

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it's made for this guy a veteran who honorably served and it's made for her she's serving now we made it for all branches and all ranks whether they served one tour or made a career of it. we also made usaa for military spouses and their kids usaa is easy to work with and can save you money on auto, home and renters insurance. become a member today. get an insurance quote at usaa.com/quote usaa. what you're made of we're made for stuart: all right. got to give it to you. sally catastrophic flooding following that storm. now there is another storm headed towards the east coast. janice, let's start with sally again and then go to teddy. what you got? >> okay. sounds good. here is sally, what's left of sally after bringing hurricane

force winds for many hours along florida and alabama, up towards the southeast now. this is the latest tropical depression sally. they issued the last advisory on this, but still bringing quite a bit of rainfall across the southeast and mid-atlantic and threat for tornadoes. a tornado watch has been issued for parts of the carolinas, up towards virginia. we have a tornado-born storm southeast of columbia. we'll continue to watch that with the tropical systems. we see weak tornadoes and with that the potential for structural advisories. flash flood warnings for parts of georgia, south carolina as the system continues to move north, eastward. potential for four to six additional inches of rainfall, that is swept off the coast by a cold front. here is teddy. that will become a major hurricane within the next day or so, perhaps making a beeline

towards bermuda. one. reliable forecast models, the euro model shows it moving across bermuda. what happens, it looks it comes close to maine heading into tuesday next week. watching teddy. if i could, this is another disturbance we think will get a name. the name will be wilfred. it will be last on our list by the way, until we go to the greek alphabet. here are the models, looks like my kids took a coloring marker to this. we don't know yet know where it will go. it potentially could be issue for the gulf coast later next week. to show you, we go to wil fred and go back to the greek alpha belt. that happened one time. 2005. stuart: you you have your work t out for you. >> got hit.

stuart: we have to check the waffle house index how many locations close down. it i was an indicator. lauren, sally did a number this time, didn't it? lauren: she did. she left 50 waffle houses without power and therefore closed in florida and alabama basally just drenched the area. so right now they're monitoring about 109 locations but 50 cannot operate. that means this storm was bad. if you go back a few weeks to laura, 20 waffle houses closed then. it is an economic indicator because they do whatever they can to open, even if that means a limited menu when they close. the index flashes red. you know the storm was bad, stuart. stuart: it is another bad indicator, isn't it? lauren: i know. at least it is temporary of the. stuart: exactly. well-said. how about the price of oil because of the storm in the gulf? about a quarter of gulf oil production has been shut down. still in the dark by the way.

$40 a barrel as we speak. a couple days before the storm you're back at 36, 37. now you're up 40. wildfires, california, the governor there, gavin newsom, he is trying to fund raise off the wildfire briefing with the president. he claims he is standing up to climate deniers. then there is nancy pelosi releasing an ad saying california is burning because mother earth is ainge rip. listen to this. >> mother earth is angry. she's telling us whether, she is telling us with hurricanes on the gulf coast, fires in the west, that climate crisis is real and has an impact. stuart: joe biden's pick for vice president kamala harris, saying the destruction caused by the fires is utterly predictable. roll at that tape. >> the governor and i have visited these same spots many times. sadly these wildfires and the devastation they cause are

utterly predictable. stuart: jessica milan patterson joins us, gop chair for california. welcome to the program. good to see you. what do you say, going into the november election what are you saying about climate change and the fires? >> well i think you can certainly say that climate change exists as well as the fact that our forest management here in california has been absolutely horrendous. when senator harris says that is utterly predictable, it really is. currently we have 17,000 firefighters that are fighting about 25 major fires here. over 4200 structures have been destroyed. that is people's homes. that is people's businesses and we need to get to a place where we're working together. we were hopeful when we saw our governor and the president come together on monday that we were getting to a place. then similarly to how our governor reacts on many

situations, he said one thing on monday and on tuesday does another. stuart: jessica, you are i believe the first women and latina chair of the california republican party in the california republican party's history. having said that, what do you make of joe biden playing "despacito" to the hispanic community? any comment? >> i think that it was certainly an interesting rollout and interesting choice in the song. "despacito" means slow. i think any type of business recovery with joe biden would be slow and any type of recovery that we have will be slow. we've seen him very slow to move out of his basement. i think that is the perfect song to roll out his latino coalition. what i will say is that here in california, you know, california republicans, we worked really hard to engage in latino communities and many communities

around our state that have been neglected by our party over the years. this is something we stay focused on. stuart: can i just bring this up? i have got limited time. been on the air for 10 years. almost every year i have said there is no way on god's green earth in my lifetime we will see a republican elected to statewide office in california. are you going to say i'm wrong? >> i'm happy to take that -- first time you said it to me. i think that we're at a turning point in california and 2020 is about setting the table. 2022 is about recruiting candidate that can run and win for governor in california. that is republican. stuart: fair enough. jessica milan patterson, thank you very much for being with us. come again real soon. love to see you again. >> thanks. stuart: thank you. check that market. we're following closely off course. still in the red but nowhere near as bad as it was. nasdaq down 150. dow down 120.

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>> the crime is actually spreading out. >> what people want to know is mpd's response. >> residents are asking where are the police? that is the only public safety option they have at the moment. >> we have officers on the street telling people they're not enforcing crime. what do we do? >> i know it is not only the police department but that is who people are looking to right now. stuart: well, well, well. that is the minneapolis city

council members expressing concern over rising crime despite the move to defund their police force. how many businesses in minneapolis are trying to recover? i will tell you. 1500 businesses were damaged. one liquor store lost a million dollars worth after stolen property. they lost a million dollars worth of liquor. put it like that. ashley, do we have the dollar number on the damage from these riots? ashley: initially 55 million, stu. there are projections that number could ultimately rise to $229 million when you consider more than 1000 insurance claims. there you have it. 46 million has already been paid. that is only 20%. clearly a long way to go. as you mentioned, the number of reported violent crimes in minneapolis, assaults, robberies, homicides, way up over 2019. same story for property crimes, burglary, auto theft. incidents of arson up 55% over

the same point this time last year. interestingly, more than, well, about 100 officers have either left the department or taken leave. that is much more, practically double what the usual number at this point in the year. can you be is sure priced as the city council moved to defund the department. city council members arguing they're on the streets not doing their job trying to make us look bad. can you blame the officers in minneapolis to be honest with you? how will this play out in a swing state like minnesota. very interesting, sad summation of what we've seen in minneapolis. stuart: i think the minnesota could swing to trump because of what is going on in minneapolis. hillary vaughn is in minneapolis reporting to us in our next hour. ashley. thanks very much indeed.

let's get to new york city restaurants. they can charge customers a new fee. that should entice customers back, shouldn't it? lauren, how much? lauren: so it is 10%. the city council approving this surcharge on diners bills to offset any financial hardship been caused by covid. this is actually a big deal. this is the first surcharge in the city in over four decades. it can only be used by small restaurants. what does that mean? you have to have less than 15 locations. only from until 90 days after indoor dining is allowed to resume in the city at the end of the month. i'm kind of fascinated by this, stuart. it was introduced by a republican joe borelli. he has been on the show many times. what the democrats want to do, add a provision, an amendment, only restaurants that pay workers 15 bucks an hour can apply. they want to do that before de blasio signs it. some restaurants are calling this a bailout.

they say they don't want it. others say why doesn't de blasio focus on increasing the indoor dining numbers to let us really survive, then we won't snead this? do you think new yorkers will pay extra 10% to support their neighborhood restaurants? stuart: no, i don't think they will. they will be reluctant to pay it. i think it will be a drag getting people back into restaurants in new york city. lauren, i have more on new york city. just coming to us right now, breaking now. mayor de blasio just said new york city schools will delay inperson instruction for a second time. not sure when it was supposed to resume. it will not resume when he said so. it is delayed again. more bad news for new york city. got a big number for you $3.4 trillion. that is how much joe biden would raise from new taxes if elected. i got to tell you. it is the rich that will be paying most of that and some middle class people will pay up as well. president trump blasting the nfl for its falling ratings.

he says people will not put up with the game being disrupted by politics. brian kilmeade on that. ♪. i'm a performer. -always have been. -and always will be. never letting anything get in my way. not the doubts, distractions, or voice in my head. and certainly not arthritis. new voltaren provides powerful arthritis pain relief to help me keep moving. and it can help you too. feel the joy of movement with voltaren.

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♪. stuart: you know, maybe we're coming back a bit here. the nasdaq is only down 109. the dow is only down 68. that is a comeback. let's check big tech. way, way down earlier. still down but not as bad. microsoft down just a buck. apple is down a buck 30. quickly snowflake, got to take a look. has that come back? yes it has. it was down 10% earlier. now down 7%. you can call that something of a comeback. susan and i were discussing dukes the commercial break, both of us think we may, may end the day higher. susan: we've come back from 3% down. people buying risk assets. oil is well. stuart: risk assets? we utessed to have a buzzer for jar gone. susan: oil. there is no panic on the market. i'll tell you that. stuart: no panic. down 100 on the nasdaq. still down on a big tech. they have come back significantly.

susan: that's right. stuart: i want to see how snowflake closes. i can't wait to see that one. we're about 10 seconds away being precisely 10:51 eastern time. that is when we're allowed to go to brian kilmeade who will join us from his radio show. three, two, one. here he is. 10:51 eastern time. here is brian kilmeade joining us this morning. brian, big 10 football is coming back. ncaa basketball coming back late november. seems reich college sports making a comeback. what do you say? >> i think it is great. presidents, players, parents got together. they saw the acc, the sec, yeah, we know the risks. we know some of the finest athletes, fittest athletes in the country are playing. it is not just about the opportunity to gopro. these once in a lifetime opportunities to be with teammates. to compete. we would love to have fans. stu, you guys know about the bottom line. you get no broadcast rights if

you have no game. stuart: did you say the president was instrumental bringing back the big 10? >> no question. some the parents reached out to him. players reached out to them. instead of saying what do you need? five weeks they decided not to play that the testing, the protocals have gone up. they learned more. they think they got a system to make it work. if i'm to believe that i like the fact he did it behind closed doors. didn't say this is a bad guy, they better play. he gave the word out to the pac 12 on the west coast. they bailed right away. i know they're dealing with fires. they got a lot of challenges with civil unrest but now the pac 12 commissioner and the governor said, i'm not standing in their way if they want to play. stuart: interesting. so the president was instrumental. that is good. what do you need? that is good stuff. the president actually slamming the nfl for having its ratings crater. ratings have indeed plummeted compared to games last year at the same time. how much has this got to do with

politics in sport? what's your opinion on this? >> i can't even go to the game and talk to the fans as they leave because there's no fans. i will say this, the ratings are great. they have a high level to go to. over 20 million is fantastic. beats the academy awards. compare it to last year, you have the giant game on the first game of "monday night football" was off 1%. tennessee, denver, really good game. off 28%. 12% miami new england. and chargers and bengals, 12%, the ratings were off. the only place we saw an increase was on fox. tampa bay against new orleans was up% but you had tom brady and drew brees playing. it has to be somewhat of a concern while still saying football is the king of all sports. they got to be worried about it though. stuart: seemed to me watching the games over the weekend, it seemed the networks were doing their best to focus entirely on the game and not letting

activision, activism creep into the game itself. if you just watched the game you were not aware of all the protests going on around the outside. i think networks did, the networks actually shielded the nfl. that is my opinion. >> no question. i had to read the next day to find out a bun. of giants kneeled. the dolphins didn't come out. locker room. when they played the so-called black national anthem and players did not come out. what is the point playing the black national anthem if -- my personal anecdotes. i'm used to hate mail. i guess sadly maybe some people don't like you, i don't know how. i'm not used to people saying i watch you every day and i listen to you every day and i have never been so disappointed for you not condemning the protests and the kneeling on the national anthem. people are outraged that i interviewed troy aikman last week and dave wannestedt and others, i talked about the game. how dare you watch. people are still incensed about

the disrespect for the flag while not saying we don't need to make games on racial justice. stuart: we have something on this program called "friday feedback." we're seeing if i get any hate mail there. >> do you pick any bad ones? stuart: i do. i do. >> you do? stuart: people are critical of me i will put it on the air. if it is reasonable. >> is anybody critical of susan when she is there? you probably tell you she can hear you. susan: never, never. >> six feet apart. i love that. stuart: very popular. so is lauren. so is ashley. we're doing all right. brian, thanks for joining us. we'll see you again soon. >> all right. stuart. see you in the halls. make sure you wear jeans. stuart: giving it away. amazon, let's talk that. they have taken a shot at spotify, with what? susan: podcast. stuart: what is going on? susan: they're trying to draw new listeners with 70,000 new titles originals from d.j. khalid and i know you're a fan

of and will smith as well. this will be free across amazon's music subscriptions and ad supported tiers. they're playing catchup, number three behind apple and spotify. spotify spent $100 million for a deal with joe rowing again. one hundred million. stuart: i'm in the wrong business. coming up in our next hour, tiki barber i will ask him to pick a super bowl winner. why not if he is on the show? my take on joe biden who would okay mandatory mask wearing nationwide. we'll discuss that for sure. third hour of "varney" right ahead. apps are used everywhere...

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♪ ♪ stuart: 11:00, and the markets are coming back, yes, they are. it might look like a sea of red ink, and it is, but we're only down 67 on the dow. nasdaq's down 128, and the s&p down 22, but all of those indicators were much lower earlier in the day. i will call it a comeback of sorts. and now this. wearing a mask has become a political flashpoint. on masking, joe biden and president trump see things very differently. let's say biden takes the hard line. under questioning wednesday he said if he had the authority, he would order a nationwide

mandate, mask up, everybody. he would do that if the scientists say that's required. think about this, please. on the advice of an unelected committee, a biden presidency would tell you what to wear all on the grounds of safety and following the science. with the anti-mask movement growing, imagine the divisions in our already divided society. if 320 million americans were told mask up or else, what do you think the division would be after that? now, president trump, he's on the opposite side of the masking fence. he's not wild about it. he doesn't agree with the cdc guy who says a mask is better protection than the vaccine shot. and the mideast agreement signing with 800 quests on the white house launch -- guests on the white house lawn, masks were optional, and few of the guests wore them. the left went apoplectic about

the maskless crowd. is this a medical safety issue? a constitutional issue is? in my opinion, it's become a political issue. biden's looking for votes appealing to safety. he would force us to mask up. trump sees it as a freedom issue, and he sees going maskless as encouragement to return to something like normal. my opinion, this is america. freedom beats the dubious claim of enforced safety every day. that's my take. okay, that is my opinion. now, i want you to listen to what joe biden said about the rush for a vaccine. roll tape. >> let me be clear, i trust vaccines, i trust scientists, but i don't trust donald trump. stuart: look who's here, "fox & friends" weekend cohost pete hegseth. first of all, pete, let's deal with the mask issue.

>> sure. stuart: i think i'm right in saying that there is a clear political division here. i just don't see america going for a mask mandate. i just don't see 320 million americans taking it calmly when they're told we're going to tell you what to wear. what do you say? >> i agree with you. it flies in the face of common sense which is all too uncommon, unfortunately. and that's, i think, the difference between joe biden and donald trump. joe biden says i'm going to virtue field. i'm going to wear a mask in a field even though i'm socially distanced from everybody. i'm going to tell you to wear a mask no matter what and make it look like i'm with the scientists, i'm the one who wants to protect you versus donald trump who says i think you should apply common sense. i'm the most tested man in america, i'm surrounded by people who are tested. if i need to, i'll put on a mask, otherwise i'm going to let you choose, i think you should be free to choose. and you talked about the balance between free come and enforced

security? -- freedom? that's been the balance since 1775 when the first shots were fired. we could have been under the cloak and the comfort of the british crown forever if we wanted, but we wanted to live free, and that comes with risk. each person makes their own calculation. that's the point the president is making. stuart: that's so important, risk. your assessment of risk for yourself is a powerful force. >> correct. stuart: now, as a military guy, i always think of you as a military guy, i want to get your take on abc swore respondent jon carl telling the national journal that covering an indoor trump rally is, quote, like you are taking your family with you to fallujah. have at it, pete, what are you going to say? >> ah, he's a fool. i've never actually walked the streets of fallujah. i know many fellow soldiers of who have. i've work -- walked similar

streets in baghdad, and it's dangerous. but, of course, we've chosen to be there as someone who's chosen to put our life on the lewin. it's absurd, i mean, it's the height of absurdity to pretend that's what it means -- again, virtue signaling. i'm so good that i'm going to -- [audio difficulty] compare it to war as i wear my mask and tweet and text about all these angry, terrible, deplorable people who would actually take their risk calculation and go to see the president that they love. so it's more absurdity and, again, shows you how detached these the reporters are in real life and never having having walked the streets of fallujah, boy, i would not want jonathan karl in my squad, i'll tell you that. [laughter] if i could pick a guy, it wouldn't be jon karl. stuart: it probably wouldn't be me either. >> stuart, don't count yourself out. susan, you too, i think you both

would be pretty darn good. [laughter] stuart: i do come from the a military family, that's another story. >> and you shoot straight. stuart: pete, you're all right. we welcome you back anytime you like. >> you got it, brother. stuart: let's get back to those markets. just a second ago we saw the dow turn positive. down 300 around 9:30, and then it went up a few points. now down 6, just as i was saying that, it goes up again. >> all you, it's all you. stuart: it might be right, you know, we might see the market end higher today. >> i think so. we've come back a long way. stuart: would you say the same about snowflake? that was the big winner yesterday. >> wow. stuart: opened this morning with a 10% drop, now it's only down 6%. it shook wall street when it went public wednesday. look at it now, down only 6%. amazing. look who's here, heather

zumarraga. heather, i think that was an absolute, just a real shock to wall street, what happened with snowflake. but i welcome it, because i think it's saying that retail investors, people like you and i, for example, we want to get into these brand new industries that are burgeoning and which are the industries of the future. i think this is a wonderful thing. what do you say? >> well, it is a wonderful thing. i think the underwriters are going to have some questioning as to how it was so vastly undervalued. but looking great for the retail investor at the end of the day. it shows that there's -- [audio difficulty] tech-heavy names, facebook, google, amazon have had a tremendous run. this is the largest software ipo ever in history. and before the ipo, i have to admit, i didn't know much about snowflake, i hadn't heard of it. i heard about it but in a different sense, the word snowflake itself. this is a raging success story,

and i just think it speaks to confidence in the marketplace right now. stuart: i must say i really would like to know how they got that name -- >> yeah. [laughter] before the p.c., yeah. stuart: well, they picked it and did well. let's talk about the federal reserve. look, in my opinion, the federal reserve sounds like they're going to keep interest rates at near zero way into the future, and that will put a floor under the stock market. where am i going wrong? >> well, you would think it would, but they also expressed some uncertainty about the future. they highlighted the accomplishments of having half of the americans that were laid off go back to work, still 13 million though unemployed. but this is a lower for longer story, interest rates near zero through 2023. and for the first time ever, the fed actually said we're going to let inflation heat up above 2% and maybe keep it there for a little while. remember, we always had this 2%

inflation target. they're going to let inflation run in and when it -- if and when it ever does heat up, and i think with all the stimulus, the cares act and the fed's monetary support, which is more support than we had during the 2008 financial recession, i think they're going to keep it going for some time. stuart: i see a little disappointment on the jobless claim numbers and the housing numbers, a little disappointment. >> yeah. stuart: do you think the recovery is slowing down a bit? >> yeah. so the data is softening. it was in line, the jobs data, we lost another 860,000 jobs this week, in line with expectation, but it is somewhat worrisome because as we're i reopening the economy, you do want to see that number come down. the fed did note that their unemployment forecast is that things are getting better, moving in the right direction saying, look, the recovery has been faster. [audio difficulty] there are -- we're still

shopping and spending, but in different areas online versus restaurants and bars, for example. stuart: still in good shape except for the election that's coming up. >> yes. stuart: thanks very much, indeed. >> yes, sir. stuart: thanks, heather. all right. a couple of stories on the airlines. southwest, they are grounding about 130 of their boeing 737 jets. weight discrepancies, is the reason. i'm not sure i understand that one. and southwest is one of a lot of different airlines on your screen now with their chief executive at the white house today. those airline chiefs, they're at the white house. they're talking with chief of staff mark meadows. they're talking about a clean extension of their ppp loans. they want more money. will they get it? the market's pointing them up just a little at the moment. the latest on oracle's deal for tiktok, the president's not quite ready to sign a deal. give us the latest, susan. >> bloomberg just came out with a headline saying oracle has

excessive revised treasury terms on tiktok. we don't know exactly what that looks like right now, but earlier reports say that wal-mart will be partnering with oracle, and oracle will take a 20% stake in tiktok, and wal-mart's ceo also taking up four seats of the newly-formed board of directors for tiktok's u.s. board of operations. 20,000 new jobs headquartered now in the u.s., president trump revealing the deal today and likely to make a decision before the september 20th deadline which is this sunday. so this scenario means that china's parent still keeps majority ownership of the social media app, oracle now the watchdog over the data. and remember this is not an outright sale of tiktok, it's a tech partnership, and the president said he wanted a full sale of tiktok. so is this enough to get through the china hawks like the peter navarros and the mike pompeos, is this enough to get president

trump to sign on to it. stuart: that's what they're dissing at the moment, is that enough. >> yes -- discussing at the moment. all right, the nfl's ratings plunged tiki barber's going to join us later this hour -- [audio difficulty] super bowl pick. i mean, why not? football's back. and nearly half of new york city's top earners, you know, if you make more than $100,000 a year, you're a top earner in new york, they've reportedly considered leaving. is that a point that the city's not coming back? first though, a new report claims joe biden's platform would raise taxes $3.4 trillion. big number. tax guy grover norquist joins us next. ♪ ♪

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♪ ♪ stuart: 1500 businesses were damaged in the aftermath of the george floyd protests in the minneapolis, and the city is now seeing a surge in crime. people are left wondering if it's worth it to stay. hillary vaughn is live in minneapolis, and this has got to be a hot topic for voters there. >> reporter: stuart, it is. in fact, we talked to several undecided voters that say that that issue is something they are thinking about before they head to the ballot boxes in november. i want to point out what is behind me. this used to be bling bling beauty supplies. they were hit very hard. their inventory was gutted, and if you look across the street here, this used to be home to

several retailers. they were looted and torches including a t-mobile and a flip-flopper. now there is nothing left. a lot of the businesses months later still have been sitting vacant over the summer and are still in rubble. so far just 20% of insurance claims have been paid out to businesses here in the twin cities. for a commercial property, 46 million in payments are gone out, but that's really just a fraction of what's expected to be paid out, over $229 million in damages need to be covered. just down the street from here is a book shop that specializes in sci-fi, they had over 100,000 rare books, collectors' items, comics. we talked to the owner yesterday, wallace crane was finally getting to clear the rubble from their business. he told us that he is worried about opening back up again because he's worried about his businesses being burned down again. >> going to wait until after the trial for four policemen because

if the mob does not like the decision of the jury, we could is have rioting again, and i don't want to be burned out a second time. >> reporter: stuart, another hurdle that businesses have encountered here and part of the reason why you still see piles of rubble on what used to be business storefronts is because of a state law that requires that all property tax it is be fully paid before a business can clear their lot, and a lot of these businesses were struggling because of covid before the riots came through and torched their businesses, and they can't get rid of the rubble because they can't afford to pay the property taxes on their businesses that don't exist any longer. stuart? stuart: that is absolutely ridiculous, but that's just my opinion. of hillary, thank you very much, indeed. unbelievable. a new study shows the biden platform would raise taxes by, what, $3.4 trillion. and his spending plan, by the way, that costs more than double hillary clinton's proposal back in 2016.

grover norquist is with us, founder of americans for tax reform. grover, if i were to, if i were to ask you who's going to pay most of this extra tax, the answer would have to be the rich. i mean, that would be the honest answer, wouldn't it? i know that middle class people are going to have to pay some, but most of this burden falls on the rich, correct? >> well, unless you consider losing your job or not getting a job to be a confiscatory tax. the damage will be on all americans. biden says he's only going to tax people who make more than $400,000 a year. the problem is that he said something very similar when he and obama came in, they were only going to tax people who made more than $250,000. but they immediately launched a series of attacks on middle income americans. biden is going to increase the capital gains tax as he has said on video again and again on every single american up to 40%.

40% capital gains tax. that's a tax on getting rich, not a tax on being rich. he also wants an energy tax. all of us use energy. that's not a tax just on rich people, that's on everybody. he does have huge taxes on the death tax, not allowing a step-up in basis, another 40% tax on capital gains when you die. i mean, he's really going after the ability of being able to hand money off to a child, a family. stuart: and your point would be that if you raise estate taxes, income taxes, business taxes, capital gains taxes, no matter who you take that money off, it results in a severe downside move for the economy which means more unemployment. that's your bottom line here. >> you take a look at what trump's and the republican tax cuts did, it cut corporate income taxes under what china charges. biden wants to raise the

corporate income tax higher than communist china at 25. you'd have to go to 28 or 35 depending on the day of the week, but always higher than china's, always higher than germany, canada or britain's. that's where you lose money if investors don't go to the united states for tax reasons, they go elsewhere. that's what happened during the obama years. that was not helpful. the republicans took the corporate rate down, money flowed into both american money, but also foreign investors. the biggest tax is killing your job, and what republicans did is wage increases at rather dramatic a rates compared to what obama and bidenned had done. but everyone will be shelling out money. a carbon tax and energy tax is just a gasoline tax on everything. stuart: keep plugging away there, grover, because we like to hear it. >> we'll win. [laughter] stuart: famous last word. that's pretty good.

thanks very much. now listen to this on a similar theme. the governor of new jersey, phil murphy, he struck a deal to raise the millionaires' tax. lauren, break this one down. >> yeah. it was his third time trying to do it, and he did it. if you make between $1-5 million a year, your income tax rate goes up to 10.75%. so if you take $2 million a year, you're paying $18,000 additional in taxes every year. 35,000 people would be affected. the tax could raise $390 million. that would pay for a rebate check going to the middle class in the state, these $500 checks for every household with income under $150,000 with at least one child. you know the argument, the democrats say let's tax the rich to make up for the pandemic-fueled shortfall for everyone else, and republicans say, yeah, okay, just watch because your residents, they're going to flee. in the new york cuomo is begging the people who left to coming back. new jersey might be doing the

same thing. stuart: you've got one more item of news here about new york city and the mayor. what's the news here? >> so he's delayed the in-person chats for a second time -- classes and did so three days before they were set to reeau open. so one million parents completely frustrated right now. the kids are not going back to school yet. so mayor de blasio met with the principals and the teachers' union, and they say the schools just aren't ready. teachers don't want to come back, they're going to need a lot of substitute teachers. so what we know now is that the phased-in reopenings will start with elementary school at the end of the month, september 29th, and they'll phase it in for now. stuart: this city a is a wreck. really extraordinary. you wanted a last word? go ahead, got time. >> well, i'm in new jersey, and my daughter's in pre-k, so we

have full days of school, private school. everybody in kindergarten and older on my block, all of the parents are so jealous that i is have that because their kids are doing two half days a week. parents are frustrated. stuart: they absolutely are, i can tell you that. thanks, lauren. i'm going to show you the white house because in just a few moments, the president's going to participate in a credentialing ceremony for newly-appointed ambassadors in washington d.c. he may speak. he may answer a question or two. if he does, you'll hear it right here. i've got a headline for you, democrat madness from the harris/biden campaign. that was deliberate. i know it's biden/harris, but the "wall street journal"'s headline reads harris/biden. it was written by dan henninger. he's on the show next. first though, who is former nfl superstar tiki barber

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♪ muck♪ ♪ ♪ stuart: i like that song. i've got to say, that's florida georgia line at the academy of country music awards. social distancing, as you saw, no crowds. lauren, come in a second. that wasn't the only thing that got the virtual audience talking, was it? >> yeah. the academy of country music awards last night was the first show ever with a tie. will be. >> oh, my goodness gracious. >> keith, what is happening right now? >> 2020, man. thank you, god, so much. stuart: so carrie underwood and thomas rhoett tied for co-entertainer of the year, and fans were saying, look, what are

you going to do? just pick one. they didn't want them to share it, but both tom and carrie seemed fine sharing the award. stuart: i don't know what you're talking about, but i've got to tell you this, social media really opens up the floodgates of criticism, doesn't it? whatever you say, something will say something nasty about you. lauren, thank you very much, indeed. the nfl, the league's pr team, they are working overtime to convince people that that's not really the case. they issueded a tweet, and they said: football represented the top five t shows of the week -- tv shows of the week. the ratings were down, but that's the story from their pr people. tiki barber, former running back for the new york giants, is here. all right, tiki, i think that politics and protest in sport is turning viewers off. that's my opinion. it's not the whole story, but it's a big part of it. what do you say?

>> well, we won't have ties, we'll go to overtime in the nfl, just saying. [laughter] it's something that you can't discount, stu. we know how this president has had his eye or ire, i should say, on the national football league and some of the protests that have gone on for the last three or four years. and you can't say that his supporters aren't following him. with that being said, i think this is just a very odd year as well. there was no hype leading into the season, there was no preseason, there was no get ready for this game because it's going to happen, and we're going to tell you the reasons why you should watch. and so that could be an excuse. also the basketball schedule was pushed back, major league baseball was pushed back, so there's we i decision for our entertainment eyes and our entertainment minutes. and it's just a weird year. we'll see how this persists, but it's not something that you can just dismiss if you're the national football league especially, stu, because the

television rights deal is happening or is going to get renegotiated in 2021, so this has to be a great year for the nfl. stuart: i thought that the networks did a good job of really concentrating on the game, and that to some degree excluded the protests. but i'm wondering if the players are going to be satisfied with that. >> well, it's interesting, stu, because some of the players understand that by protesting, that it creates a divisive, a sense in the country and in the sports world. but others are saying this is my chance, this is my platform, this is my opportunity to highlight the wrongs that have been going on in this country for hundreds of years. and so i think it's going to be a mixed bag of guys protesting, guys not protesting. but you're absolutely right, i think the programming networks, the cbss and abcs and espns have said we want to show the sport. and when the sport is on, we hope that's what you're focusing on and not on the other things.

we're doing all those other things as well, but let's focus on the sport while the sport is being played. stuart: tiki, let's get serious, shall we? i want your super bowl prediction. [laughter] >> well, i'd be foolish not to pick the kansas city chiefs to get back from the afc. their rookie running back who just won a national championship at lsu, he started his career with 138 yards and a touchdown, i mean, they're going to be good. but on the other side, i like the seattle seahawks. russell wilson is one of the greatest, maybe most underrated great quarterbacks that we've seen in a long time. he's never got an mvp vote, yet he almost had a perfect game in week one this past weekend, 88% completion percentage and over 300 yards and 4 touchdowns. i like seattle. their defense is still good as well against kansas city who was there last year. stuart: okay. who'd you like for the championship of the establish premier league? -- english premier league? >> you know i'm going to say

liverpool, right? [laughter] stuart: okay. who's going to win the european championship? >> well, this is a tough one. i've become -- getting a little affinity for byron munich as of late. stuart: i'm impressed that you even knew they were the winner of the championship last week. >> well, they won the champions league, they won the european -- the german cup as well, they got all three. stuart: you know it. what's the name of the italian league? >> the ciria. stuart: yeah. he's good. >> who won the u.s. open? >> naomi, of course, she protested for a match, and everybody followed suit, and then she went out and won which only highlights her message. stuart who won the ashes? [laughter] i knew i'd get him. >> if you ask me, i'll know.

stuart: that's a cricket game. >> oh, i should have known. stuart: congratulations. you've been nominated for the hall of fame. >> i have, i have. me and my identical twin brother both nominated this year. one of these years, hopefully, i'll get in, stu. stuart: i didn't know that. my twin brokers he likes to wear a board. he played in tampa for 16 years. he doesn't look like me, but we're identical. [laughter] stuart: you are a favorite guest on this program, and we're always glad to have you. congratulations, by the way. >> i appreciate you, stu. stuart: yes, sir, thanks. sally leafing parts of the -- leaving parts of the panhandle of florida under water, we'll have more coming up. and 65% of people believe maintaining law and order is a big problem. my next guest says if joe biden

and kamala harris don't condemn violence, it could cost them the election. we'll be back. ♪ ♪

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geico. over 75 years of savings and service. ♪ ♪ stuart: we were talking earlier about the market coming back, and it is, a little. dow's down 51, but the nasdaq is still down 141. but that is an improvement from where we were about 9:30 this morning. susan's been doing some digging on these ipos. what's going on today, who's on deck? >> we have two. unity software, sumo is a cloud data mining company, we're awaiting to see how it does especially after snowflake and a 112% rally yesterday. the big ones next week possibly

palin tier, also facebook's asada, and both are expected to do a direct listing which means they don't raise any cash, but they let early investors -- and good rx. the unknown here is airbnb which is the high-flying unicorn this year. they were expected to go public in march, had to shelf that. stuart: palantir, they helped find osama bin laden? >> that's right. they try to find data on the internet. but if we can quickly just talk about some of the controversy when it comes to ipos since we've been talking about snowflake and how blockbuster that -- stuart: what controversy? >> the controversy was did the banks underprice this ipo

because it's more of an art instead the of a science -- stuart: they priced it at 120, and the thing went to 240. >> that's right. stuart: so that's the fault of the bankers? >> well, look, we had bill gurley, who is a very vocal venture capitalist, and he says that it's possibly the most underpriced one that he's seen in 40 years, 020 is the worst year yet. lining the pockets of underwriters and investment bankers, what's wrong with leaving some money on the table? he suggests that in these ipos it's the rich that get richer because only the rich get access to the small tranche of shares available. stuart: bill gurley was the guy who knocked out -- from uber? i didn't know that either. >> you're learning today. stuart: you're so good. i like this story. moving out of california, costly. this is all about the rental

cost of a u-haul to take your stuff out of california. fill me in, ashley. what have you got? >> well, it's very simple, stu, leaving california is getting expensive due to high demand and a shortage of those available trucks. moving to california is getting really cheap because there's no demand and a surplus of trucks. back to you. no, i'm kidding. [laughter] stuart: you're killing me. >> here's the proof. september 30th departure, if you're leaving california on september the 30th, u-haul rates if you're going to austin, for instance, from l.a., it would cost you about $700 for a 10-foot truck, about $930 for a 26-footer. now, if you're going the other way from austin, from l.a. to austin -- that was from austin to l.a. to go to l.a. from austin, so you're getting the heck out, it's going to cost you $1800 for a 10-footer and nearly $4,000

for the 56-foot truck. by the way, budget track, that's almost 2-4 times more, budget truck rental can be five times more expensive to get out of california. you can't blame the pandemic, you can't blame the lockdown measures, you can't blame the wildfires. this trend has been going on for many years. makes you go, hmm, i wonder why. [laughter] stuart: i wonder what the u-haul rate will be for getting people out of new jersey and down to florida -- [laughter] now that the governor of new jersey promises to increase taxes on the rich. again. >> going up. [laughter] stuart: yeah. i mean, i'm going to to check the u-haul rates, you know? why not. [laughter] all right. thanks, ash. good story, ashley. i mean, that's a sign of the times, if ever i saw one. let's get the latest on sally. it is now a tropical depression, and it's moving up the

southeastern coastline, threatening more flooding, maybe even tornadoes. grady trimble is in pensacola, the panhandle area there. almost underwater, aren't you? >> reporter: well, it was just a couple of days ago, but now it's the clean-up process. and for some people that's going to be more difficult than others. to give you an idea how powerful the storm surge was here, this is a barge that washed ashore into people's yards. the barge was a attached to a bridge that has, it came detached from that bridge and got washed ashore. there was several feet of water in people's houses here. a lot of them flooded. amazingly, a lot of the people stayed in their homes despite the fact that water came into the first levels and in some cases even to the second levels of their homes. still in florida today there are more than 200,000 customers without power, there are 7,000 power crews trying to restore that power, and they have a long road ahead in terms of recovery,

as you can see. there is debris, parts of docks and stairs and people's houses all over the place here, stuart. and there is a big question in this neighborhood how are they going to get this barge out of here. it's 12 feet from the shoreline over the seawall, so they don't know how they're going to remove it. stuart: that's an astonishing piece of video right there, grade doty. can you imagine being in those houses and seeing that barge -- i don't know whether those people were still at home -- seeing that barge coming at you? that's huge. good lord. >> reporter: they were. and actually, stuart, it hit one of the houses. it didn't go all the way through it, fortunately, and the people were home at the time. pretty remarkable that nobody here is seriously hurt or worse. stuart: grady, thank you very much, indeed. susan, can you imagine that? that barge is gigantic. >> like a movie. i mean, that would be scarily. head on. stuart: head on, indeed. dow jones now down 77 points. the nasdaq down 167.

we came back and then we gave back some more. nasdaq's down 1.5%, and we will be right back if -- back for you. ♪ ♪ here? nah. ♪ here?

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♪ ♪ stuart: i knew that, i knew who that was, i didn't have to read the top thing along the thing there. >> the prompter? stuart: michael bolton. i know that. singing a love song about panera's broccoli cheddar mac and cheese. when a man loves a woman. if you're so inclined, you can get the mac and cheese nationwide. no, the weird corporate food stories aren't done yet. tell me about cracker barrel

making zoom backgrounds. [laughter] >> yeah. okay, so so they want you to feel festive this year, so they're selling these holiday-inspired virtual backgrounds for your computer. they correspond with the actual holiday decorations that they sell in their stores. one more quick thing, if you need a bigger pick me up, cracker barrel is also selling beer and mimosas in all of their restaurants. all this started as an experiment at the start of covid-19, but they are expanding booze. think brunch, 600 more locations. stuart: okay, booze. >> i'm done. stuart: i never did like that word, but i guess it's suitable. >> libation? >> too formal. stuart: all right. you thought we were done with these silly food stories. no, we're not, not even close. tell me about i chipotle's chips and guac -- oh, for heaven sake. >> i know! another commercial. you can wear these while you're

driving your tractor around, stu. chipotle has unveiled a new product line, yes, it's the chipotle chips and guac slides. raised white lettering, they come in two colors -- there you go, the red color -- and black bean. and chipotle says the wide with wording won't rub off. by the way, they even have a fine luxury goods collection, you can get apparel dyed with upcycled avocado pits. i can't believe i just read this story. [laughter] stuart: but you did, you did. >> i did. stuart: wait a minute, ash. i remember years ago -- not that many years ago, a couple years ago, dismissing chipotle as overpriced and very expensive rice and beans. that's when the stock was around $200 a share. and look at it now. it's gone up by $1,000.

>> who's laughing now? stuart: yeah, right. i'm not laughing because i missed -- that's another one that i missed. >> oh. [laughter] stuart: let's have a look at those markets, shall we? susan and i were talking about how maybe we'll end the day higher. that's' when we'd really come back a lot on the market. well, now i think we're going back down some more. look at that, down 176 on the nasdaq, s&p down 31, dow jones down 91. do you still think we'll end higher? >> it'll be tougher, but i still feel the momentum's there. the fact that people are buying on the dip, i think it's a good sign. stuart: you're desperate. [laughter] >> that's nice. that's really nice of you to say. stuart: welcome. hook at that, snowflake on your screen. that's gone down some more. it opened with a loss of about 10%, then it came back to a loss of maybe 6%, now it's back down 9%. ooh. more "varney" after this, but first, another look at an empty times square.

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how did you come up withd opened all these backstories?tudio. experience amazing i got help from a pro. my financial professional explained to me all the ways nationwide can help protect financial futures in peytonville. nationwide can help the greens get lifetime income because their son kyle is moving back home and could help set up a financial plan for mrs. garcia. and he explained how nationwide can help mr. paisley retire early and spend more time with his pal, peyton. and their new band. exactly! yeah. don't forget the band. i haven't. stuart: i do want to apologize to the viewers that dan henninger would be on the show about is latest column. he write as new column every thursday. we had technical trouble. we will try to get him back on

next week. "friday feedback," email us. we want your questions and want your comments and please, videos. varney viewers @foxbusiness.com. that will get to us. we do this tomorrow at this time. don't miss it. neil, it is yours. neil: so excited. i happy you read mine. i hope you read mine. can't wait, my friend. thank you very, very much. we don't do that here. we don't want to invite trouble. looking forward to that welcome, everybody, i'm neil cavuto. you're watching "coast to coast." man, oh, man, there is a lot to tell you about, not the least improvement on the jobs front although no improvement on the stimulus front but you never know. a lot of those big issues that made their big debut yesterday. they're having trouble holding on to those gains but it was a lot worse earlier. we'll get int