maria: that will do it for us today. have a great day. "varney & co." begins right now. take it away. stuart: i like your sunglasses, ashley. maria: they are not sunglasses. they are my regular glasses. stuart: good morning, maria. good morning, everyone. a second virus waved hits europe with new restrictions across the continent, curfews extended in france and italy. in the us, a record number of new cases reported friday and saturday. vice president penn's chief of staff and 78 test positive, all of

this troubling for investments. what will america do now that a second wave has arrived? the dow will be down about 300 points, nasdaq about 100 with a lot of red ink in the stimulus, nothing new with hopes revealed before the election said to be fading. the president keeps up his extraordinary pace on the campaign trail holding a series of rallies of the weekend. he will hold three in pennsylvania today and biden, what a contrast as he has no events scheduled today, none. he did a virtual event saturday and only was out briefly sunday for church. 58 million votes already cast. we are told registered democrats have the edge in mail-in voting, republicans turning out for early voting and expected to dominate at the polling stations november 3, 8 days until the election and we will

show you the highlights from "60 minutes". "varney & co." is about to begin. ♪ stuart: i like that song. susan: you know this one? stuart: yes, we are an american band. we are going to make it to the show tonight it reminds me of you on your way to the studio. good to see you. eight days to go and on "60 minutes" president trump and joe biden dueling interviews. there was a stark contrast in the tone of questioning. first, look at how president trump's interview went. roll of tape. >> we have done a great job with covid. >> excuse me, cases are up at about 40 states. >> because we do more testing is. >> you said the other day to suburban women,

will you please like me, please, please. >> that's so misleading. your first question-- she said this are going to be tough questions and i see joe biden getting softball after softball. i think we have enough of an interview. let's go. let's go. stuart: that was it. leslie stahl was combative and after 45 minutes president trump decided he had given cvs-- cbs enough. now look at joe biden's interview and how that went. roll tape. >> you are proposing several trillion dollars in new spending over the next decade for economic relief, education, healthcare. how will you pay for that? >> by writing the tax code. >> promise the next i give you my word as a biden. >> do you believe the recently cut materials allegedly from hunter's computer is part of a

russian disinformation campaign? >> smear campaign because he has nothing-- what is he running on? what is he running on? stuart: it's hardly aggressive questioning and there was no follow-up on that russian disinformation statement they are. open ended questions where biden was not put on defense like the president. there was a clear difference in tone and you will see more throughout the show. today, the presidential energy level will be on display with three campaign stops in pennsylvania he will be be in michigan, wisconsin and nebraska tomorrow. meanwhile, joe biden took yesterday off. he has no events scheduled today and the only thing on his schedule is to stops in georgia and that's tomorrow. that's politics and the virus. was good to the markets as they are affected by the virus. europe has a second wave of cases and i want to bring in ashley. the markets are way down here tell me about the new restrictions in europe c3 well, they are starting to ratchet up.

let's begin in france where the curfews are now enforced in many regions, but that hasn't stopped a record number of new daily infections reported for four days in a row. in france, a total of over 52000 were reported yesterday. more than 880004 the weekend and as you mentioned earlier spain has now declared a national state of emergency and has imposed a nighttime curfew from 11:00 p.m. until 6:00 a.m. with public and private gatherings limited to six people and travel between regions are restricted. in the uk, it's been a battle with more than 45000 cases reported over the weekend and it despite new restrictions including limits on gatherings, the uk's death toll remains the highest in europe. to italy, where the strongest new restrictions are in place. cinemark's, swimming pools, theaters, all closed from today, bars and restaurants and

cafés will have to stop table service by 6:00 p.m. him about the majority of businesses in italy will remain operating. you saw protests in rome over the new restrictions, but the italian government says the steady rise in the virus cases, close to 60000 this weekend is putting a big strain on the country's health services, nearly at 62000 new cases over the weekend in italy and in germany, sunday march the fourth day in a row more than 10000 new cases, close to my 34000 new infections reported over the weekend. frankford has joined the berlin and düsseldorf and canceling or at least scaling back the christmas markets, enormously popular. the frankfurt market alone attracts more than 2 million visitors each year and as you can feel the restrictions starting to tighten and businesses will be affected no doubt if this takes up in europe.

stuart: absolutely. not a full scale lockdown, but it's getting close. thank you. a look at the rising caseload here in america. surging close to 84000 on friday and saturday. keith fitzgerald joins us. what happens to the markets of cases continue to rise here? >> ordinarily i would have said we could deal with it, but this new set of europe is concerning. i don't think the white house chief of staff helped much because he ripped the band-aid off taking away hope and that's the one thing that has held the market up. stuart: the second wave has arrived in the us and i take it the market is worried if we start to clamp down in various states, but that will be the decision of the states as opposed to the federal government. >> exactly, and that's why there are so many unknowns because we have lots of money on the table. we had a lot of momentum moving forward and it now potentially that will be taken away and

that's what's bothering traders. stuart: is there anything else bothering them like the election for example he days away? >> well, talk about understatement, absolutely because we don't have clarity as to who will win. normally at this age of the race we have some vision in who the victor would be but we don't have it and it creates uncertainty. news out of china especially disturbing banning raytheon technologies corp. there is head when all over the place, none of which is good and ironically we have a great week of earnings on the table. stuart: thirty seconds left and i want you to tell me if there's anything positive that all. >> absolutely. hope creates opportunity and chaos always great opportunity. we have apple, visa and great companies coming up and that's always an opportunity to look forward and not going to do it. stuart: good for you on a monday. we ended talking about earnings coming up this week.

let's pursue the outline. susan is here. take us through the big names speak to the this week and a third-quarter earnings season. apple, amazon, microsoft, facebook and google-- i'm chuckling a bit because if you look at the earnings, it's clustered in our producer did a great job putting all of that in. want to throw in starbucks, boeing, pfizer? it's going to be a busy week so corporate america great so far. stuart: we have had a week and a couple of days of earnings. how do they look overall? susan: 25% of the s&p has reported and i would say corporate america is doing great on high expectations and so far i think 84% has beaten out of the 25% reported so far and if we could quickly talk about the big tech because all eyes will be on thursday without also-- apple, amazon, facebook in one single day and this morning and all us are waiting in on apple.

cutting its price target to 115 and, atlantic equity raising their forecast heading into the earnings, but there are concerns starting up the new week with the doj antitrust case against google and will likely focus on google paying out for more than $10 billion a year so with the default search engine on iphones, but if the $10 billion plus cousin away what does it mean for apple's bottom line? stuart: i have an apple iphone, so i automatically get google search. susan: correct and google pays for that privilege. stuart: and that's what's under discussion. susan: the focus of the antitrust case but it represents almost 20% of apple's profit each year so with that goes away it would be a hit to the bottom line. stuart: that would be unbundling susan: that's a good way to put it. stuart: like with microsoft back 20 years ago. susan: but it impacts other companies in this case mostly

apple. stuart: then we have this, joe biden says the hunter biden story is a russian disinformation campaign. oh, how fortunate no one in the media is talking about it, but we are. it is a big story and we have more coming up. speaking abiding, he calls a lid before noon sunday, but still managed to make this mistake. >> four more years of george-- george, we are gratified ourselves in a position where if trump gets elected we will be in a different world. stuart: okay. did you catch that? maybe that's why his handlers are keeping him out of the spotlight with just eight days until the election took it's not george who is the president. it's a donald. quick check of the futures, plenty of red ink this monday morning and we will cover it all after this ♪

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stuart: pastor zeneca, their vaccine triggers an immune response. explain this. doesn't speed up the timeline? lauren: not necessarily because they are crossing their-- dotting their eyes and crossing their teeth. that immune response in older patients was posted and that's the most vulnerable group. i went to see it speeds up the hopes. it's the front runner vaccine developed by oxford university. they had a trial in the results, similar responses in older and younger participants.

it was postponed for a couple of weeks. it's now resumed. the sun is reporting staff at a hospital in london, has been told to be ready to receive the first batches of this vaccine the second week of november. stuart: that is close because next week is the first week of november and it's the election and it's the week after that. that's pretty close. now, i'm going to show you a chart that maps the spread of the virus in europe. look at that. that's a spike in the last seven days. the same story in america, but to a lesser degree, not quite the same spike over there. doc siegel is back with us, fox news contributor and author of "covid the power of science". europe locking down, i

mean, they are getting close to a locked down again, so what is our strategy here in america because we have a second wave coming. >> i think it has to be a bit different than that because of the tremendous cost of lockdowns and limited benefits from lockdowns. i think we have to look at early identification, all the testing we have now and we can actually tell how contagious the viruses which is something we couldn't do before. i think we couple that with physical distance it, avoiding crowds and masking when appropriate with public health compliance, that's what we have to do. when it starts spreading in schools, we keep schools open and look at the hotspots of where it's really spreading and focusing on those. we have to do it that way or we will destroy the economy. i feel strongly about that. hospitalizations are going up in the us. of to 40000 now and that's the number we keep our biggest ion, public health point of view. do our hospitals have

the ability to handle this? most of the time cases are mild. stuart: at this point, hospital capacity can handle what we have seen so far in terms of new cases; correct? >> absolutely. not only that, stuart, our hospitals have been gearing up and they are more prepared to handle covid cases then they were before. they know how to treat them, identify and isolate them. stuart: at least four members of vice president pens inner circle has tested positive. do you think the vice president should quarantine. he was out there campaigning. should he? >> i don't think he should and i'll tell you why. i think he needs to be tested every single day. hear something you will never hear anywhere else except on "varney & co." , even if god forbid the vice president became infected, in the first 10 minutes after he was infected he's not contagious. it takes a while for the virus to build up sufficiently until where

you are contagious so if he continues to responsibly testing use the pcr gold standard testing do it every day i think it's a good way to do this rather than isolate himself. i think he will be way more cautious and physical distance and mask and be on the safe side, but i think testing is key c1 is late october, and we are still talking virus all day long. thank you. see you soon. >> thanks. stuart: a look at cosco, please. they are selling a new virus test online. how much? susan: 12999, essentially $130. people who buy the $130 test kit are set to get the results within 24 to 72 hours after the lab that receives them in the more expensive test kit you can expect

results and about twice four to 48 hours. it's a saliva test and according to the website it's more sensitive than that and she didn't-- antigen test. it has fda emergency authorization and the tests are already available online for purchase at cosco. not available in pennsylvania, nevada or maryland. stuart: that kind of test is useful for someone that will take a trip in the next few days and you need a test before you can get on the plane. susan: so you don't have to quarantine. stuart: but it's $130. susan: if it saves you two weeks and quarantine, why not? stuart: i would take it. we are down across the board, but we have come back a little bit as we approach the beginning of the market. plenty of red this monday morning. we will be right back. look limu! someone out there needs help customizing

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easy to use software. visit paycom.com, and schedule your demo today. stuart: foreign half minutes until the opening of the market and we are down pretty much across the board. we do have a rosy prediction from j.p. morgan.

what happens to the market if trump wins? susan: they are predicting the s&p 500 would hit 3900 points if president trump wins reelection, up 12 and half percent from current levels and they say it blew away the scenario is mostly neutral in the short term meaning they don't see a lot of probability that the democrats will take both houses of congress and the white house. stuart: don't see a probability? susan: not high probability. stuart: the heads of twitter, facebook, google are scheduled to testify before the senate commerce committee wednesday. let's bring in mark. i went to zero in on something here. google pays apple roughly $10 billion a year, so on an apple iphone you get the google search engine by default. it's the default position. is that going to be affected by all these talks in congress and this antitrust movement?

could the relationship be uncoupled? >> yeah, it's possible. we carefully went through the brief, the lawsuit against google and they are using that as evidence to say google is setting up exclusionary contracts. i think when those are negotiated, i mean, these are all secret provisions but when they are negotiated there are other bidders. microsoft i'm sure his bidding aggressively for that contract, but if you were to force google -- force apple to return the funds or break a bad deal, gap that would be negative for google. they would see eight hit to their's total amount of search traffic. stuart: these hearings coming up soon, are they likely to affect the stock prices at all? seems like they may get bad pr, but the stock price itself probably not affected? >> this week you have big thursday earnings

with google, facebook and amazon's. what happens in the earnings will out trump anything in the hearings which i believe are wednesday, so that's what investors will focus on what's happening with earnings. snapchat last week had positive results so the market is extrapolating those to the other ad names like facebook and google and if they deliver, that's will move the stock irregardless to the hearings. stuart: could you generalize for a second, take all a big tech on your screen, apple, amazon facebook, etc., microsoft, do they win or lose from a biden win? >> i think it's neutral. in the days passed, in years past you would argue democrat would be tougher on antitrust cases than may be a republican administration, but you just had a suit filed by this administration against google. fcc is working on a suit against facebook so it's

hard to see, it either party being tougher on potential monopolies than the other. this is a generational change like in terms of policies towards china. you have have liberals and conservatives now become deeply or much broader more broadly skeptical of big tech than they were 10 years ago it's a change across both parties. stuart: mark, thanks for joining us. come back soon, please. >> thank you. stuart: we have the opening bell coming up and 45 seconds literally. it's monday morning, eight days until the election with one big factor i think affecting the market more than the others and that is second wave of the fibrous, which has arrived in europe. europe is reporting-- responding with not a locked out or stay at, but it's close with curfews, state of emergency in spain and all kinds of new restrictions.

i think the market is worried what happens if we get a rolling second wave, something of a second wave already, but if it comes here big-time what are we going to do? how many restrictions will be reimposed? that's the questions the market wants answered. here we go, 9:30 a.m. eastern time, monday morning, often running. down 1% lower on the dow jones from the start. i don't see any green amongst the doubt 30. at this moment 27 down, 28 down, look, it's a selloff across the board down about 300 points. 1.04%. s&p 500 also down, down to .94% and the nasdaq down just .85% took the big loss this morning is the dow jones industrials. show me the vaccine makers. no major move except for

pastors and a cut up one and a half percent. big tech i believe all the way down across the board, amazon, facebook, amazon microsoft google on the downside. facebook is taking measures to curb election unrest. what are they doing? susan: only in sri lanka to prevent election by my spirit facebook says they are prepared to use emergency tools if necessary in the us as well, tools that will slow the spread of post for users and what they can see and it could alter with tens of millions of americans see when they log onto the platform i'm a witch could diminish their exposure. incitement of violence and misinformation according to the "wall street journal", but it also opens the door to censorship. facebook already under fire from the gop for limiting the "new york

post" hunter biden story after being criticized on the other side by the democrats for misinformation and the spread of fake news from the right so i think it will be interesting on thursday night when we hear from mark zuckerberg on the analyst earnings call and how prepared facebook is for the election and how it will impact their bottom line especially in the limiting election ads. stuart: he will be asked, i'm sure. susan: less than a few days until the election, that will be interesting. stuart: tiny loss for facebook and back to 282, not bad. tesla shipping some of its china made cars to europe, not many. susan: a thousand, model three made in the shanghai factory going to germany, france, italy and the netherlands. elon musk a said last week in the early-- earning call that the shanghai factory is producing 250,000 model three. it's impressive given it

only opened at the start of this year and is way ahead of schedule. the berlin factory will open next year in 2021, but it will take one or two years to ramp up production and i would say shanghai is one of the main reason tesla stock is up 400% this year and also delivery may be 500,000 cars this year which would be a record of a record third-quarter of shipments, so i would say a lot of this comes from china. stuart: speaks volumes about the manufacturing capacity and efficiency of the shanghai factory. they built it in record time and it's producing 250,000. susan: solely owned by tesla first time they have been able to own in china. stuart: one more. new price target for advanced micro devices. susan: a little over emphasis. $95 stock price target and that's the day before reported results.

that's a bullish sign meeting with analysts expect even better numbers and they should benefit from more consumers buying gaming consoles during lockdown , but they are benefiting advanced micro devices from intel's loss. last week intel was down 10% and they rallied on the back of that. stuart: i thought that was a railroad, but what do i know-- it was. is a story i like dunkin' donuts reported getting ready to go private. look at the stock. go private? when you have? ashley: up 17% out of the gate. group of duncan and baskin robbins said it helped luminary talks to go private by inspire brand, the owner of restaurants like buffalo wild wings, these restaurant chains. dunkin' donuts says there's no certainty they will reach an agreement with the

private equity firm. during the pandemic duncan is seen steady business especially through drive-through and online ordering and already brings in more than half of its revenue through drinks. if you remember it dropped donuts from its name last year basically to shift emphasis to coffee and take on starbucks more directly. the "new york times" reports they are discussing a takeover at $106.50 a share or about $8.8 billion. that would represent a nearly 20% premium to their friday closing price and as we just noticed the stock is up to $15, basically $104 already. this deal could go through, but we shall see. interesting going private. stuart: and that would take another company away from the publicly traded sector. let's go to disney world that would be florida.

they have announced their christmas plans. what you have? lauren: it's just longer hours. sorry if that's a disappointment, but the magic kingdom will now be open from 9:00 a.m. until 8:00 p.m. and christmas week from 9:00 a.m. until 10:00 p.m. the other parks in orlando will have extended holiday hours also. by me tell about california. seem parks in california cannot reopen, but disney is reopening their restaurants in the entrance of disneyland, so that seem parks is still closed, but you can shop, eat, just can't go on the rights until we don't know when. we may see a lawsuit about all of this. interesting, the two strategy florida versus california. stuart: you can't go on the rides? okay. lauren: they will be there in the background, but you can sit and eat with your mascot in

between bites. stuart: not terribly attractive. one more, travel stocks down the much across the board. i guess this is the increase in virus cases around the world. is that it? lauren: yeah and carnival is down six and a 3% so if you look at global cases they are topping 43 million with restrictions and curfews in some parts of europe and with this, if you are restricting the movement and freedoms of people travel stocks go down. oil is going down and that's typically good for airlines, for instance, but not when people can't go anywhere stuart: thanks. comedian chelsea handler offered this advice after hearing about his support for president trump your. >> he doesn't want to pay 52% of taxes because he doesn't want to go from 50 set to 20 set and i have to remind him he was a black person so

he can't vote for donald trump. stuart: really? imagine if a white conservative said what she said, i would call that a double standard. tonight, the full senate votes to confirm amy coney barrett if joe biden wins he is looking to reform the whole court system. watch this. >> this is a live ball. >> it is a live ball. we are going to have to do that and you will find there are a lot of conservatives saying it as well so the last thing we need to do is turn the supreme court into a political football. stuart: i conclude that the court packing idea is not off the joe biden table. more "varney & co." after this ♪

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stuart: okay, we are now down at session lows this morning, down 425 points as we speak. the dow jones is taking a bigger hit than the s&p where the nasdaq. there's got a be a couple dow jones stocks way way down. we will find them. we understand the virus is also a big player in this particular market selloff. what normally happens around election time, i mean, can you give me another historical viewpoint? susan: we have something different today because it's been moving to the sidelines as investors await the election results. here's a call from citi private they of may say how historically the stock market performs better the year after election when the income that holds onto the white house, up 11% the year after. a split government means wall street makes less

money 12 months later and a clean sweep of both houses means nearly 10% return and you also heard earlier j.p. morgan same if president trump for you-- wins s&p will get to 3900 and that's a pretty sizable gain of 12%. currently i checked that aggregates of betting markets real clear politics groups them together and right now, we have pod-- biden at a 66% of probability of winning. i would caution and say better than 15% that a lot of people have suggested. stuart: i take issue with whichever firm looked at various election scenario. susan: there are various. everyone does this around election day. stuart: i just don't think about market goes up with a clean sweep by the democrats, white house, senate, house because it's a different democrat party taking over. susan: historically city says that's not true because of all

the spending democrats come with stuart: taxes also. tax increases on businesses, i just don't see that took market watcher dennis gartman is with us. welcome back. we are a week from the election. are you buying anything? eight days to go, are you buying anything right now? >> im client. i sold a little bit last week and i have been bullish since late september. i'm not doing that-- feeling quite as happy as i was five or six days ago. this doesn't have the look of a top. it has the look of a correction, a sort of the bearish consolidation and i think we will still go to new highs and i'm not nearly as concerned about the election because as susan said historically a democratic sweep gives new spending work yes, it raises taxes, but the stimulation of a

democratic result has been bullish for stocks. i think it's a consolidation, it's a correction and as long as i was a week and a half ago no. stuart: are there any areas of the stock market you are absolutely and completely staying away from? >> no, not really. i like energy at these levels. clearly energy has difficulty looking forward. i like banks because the yield curve is widening, inflationary pressures are pushing up the back end and we know the fed will keep the great blow for the next year or two that will be beneficial to blanks-- banks. if i have any place i'm enamored of its agriculture. if there's one thing i'm staying away from its simply technology. i'd simply don't understand. i'm too old.

i like the stuff if i drop it on my foot it will hurt and i just don't understand technology like younger people. i give them credit for getting it right, but i just don't understand it. stuart: i'm with you. i just can't wrap my arms around how technology works i'm not familiar with it. although, doing okay in the big technology stocks. >> no question. let's applaud the people who understand it. it's a young man's game. i wish i had a young man or woman around who could force me too be a buyer of the technology companies. i get it, i understand it, i just don't understand the techniques behind technology. it's a different generation. stuart: eight that the truth. and this is a very very different year. thanks, dennis. investors are buying up retail stocks and we are

told. which ones are doing welcome to holiday spending is forecast to fall. stuart: according to who? susan: everyone has different views. stuart: that's the only one i have heard. susan: there are others. stuart: retail sales are going to go down? susan: it's a tough economy. stuart: just bricks and mortar? susan: household spending and according to them they project a fall of 7%, so average household will spend about 1387 this year compared to last year, so that's a drop but investors are buying into retail names like gap, game stop and carmona: those that have been left for dead. game stop double from their march lows. as i mentioned, not everyone predicts a seller-- stellar holiday shopping season and

that's okay because that gives opportunity for those in the market. stuart: thank you. congresswoman cortez is making it clear if joe biden wins progressive need to hold top spots in the administration. watch this. >> i believe it's critically important biden administration appoint progressive leaders whether it's in labor, whether it's in the treasury, whether it's secretary of education etc. it's about making sure how we not just make up for lost time but leap into the future. stuart: can you imagine? elizabeth warren as treasury secretary of the united states of america? we will follow that story. more "varney & co." after this. ♪ keeping your oysters business growing

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stuart: not quite at session lows. the dow jones is down 400 points, almost one and a half percent in the early going. no word on any progress on the stimulus talks, not heard anything about it really had all. the big thing this morning is a second wave of the virus hitting europe as they respond with new restrictions on economic activity.

how about the price of oil? that's way down, back down 2.7%, $38 a barrel. come on in the stephen short. stephen, i would suggest that this a selloff in oil is closely related to the rise of the virus in the new restrictions out of europe. is that correct? >> absolutely, stuart. since covid-19 protocols were initiated in march, we had seen severe drop-offs in demand globally for oil and in the us a 17% drop in demand, that's effectively putting him a 600 million barrels of oil not consumed on our market and now extrapolate that globally. certainly, the fear in the oil market is that if we see another round of ciccone and lock in motion's ground the world i think clearly it's not good for economic activity and not good for the demand of industrial commodities. >> you have followed

closely what joe biden has been saying about oil, gas and tracking. what would happen to the state of pennsylvania, key swing state, big fracking state, what would happen to that state if fracking were removed from the scene in pennsylvania? >> stuart, it would be devastating for the economy of pennsylvania and i think my fellow pennsylvanians would be fools to put biden into office. his statements are highly specious. go back to his primary rhetoric and now what he's saying, don't believe it. read the democratic national committee platform. you look back at 2012 in the obama administration love that natural gas, they were all for expanding natural gas. why? because it gives manufacturers the advantage. we have in the us the cheapest energy source for our factories. obama recognized this. biden has taken a 180-degree turn and that

will be devastating for the economy in natural gas country, the old manufacturing mill towns in western pennsylvania that are starting to see economic life at this point, that would take that away from them. stuart: thinks. i have to leave you because i think we have president trump out to board air force one. yes, he's just climbing on board air force one at joint base andrews. he will take off momentarily going to allentown, pennsylvania, where they would be foolish indeed to get rid of the fracking. the president on his way to pennsylvania with three events there today we are just getting started. still ahead, laura trump coming up on the show, later.

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♪. stuart: it has got a certain attractive rhythm that gets up and about in the mornings in california it is 7:00. we've been up for hours. can't get enough of it. that is the truth. we are rolling along. the market down about 400 points for the dow industrials. that is 1.4%. smaller losses for the s&p and nasdaq. here are the stocks, the dow stocks really hurting overall industrial average. boeing, caterpillar, sales

force, they are all way down. huge week for earnings. this is a big one, the biggest week in the third quarter actually, apple, amazon, microsoft, facebook, google. all roll out the report cards this week that will have market impact. we are following it. on the show today, sean duffy, lara trump, rick scott, stephen more, more than that throughout the next two hours. news on the real estate industry. we always bring it to you real fast because this is important. real estate is booming. we've got the number on annualized basis on new home sales. susan: still strong but a little best than the economists forecast. 959,000 units sold in the month of september. we were looking for something above a million but if you look on the month and month change you're still growing which is positive. don't forget in august we hit a 14-year high when it comes to new home sales which represents around 10 to 20% of the market.

stuart: 959,000 on an a annualized basis? that is still strong. susan: sale prices up 3 1/2% which is very strong. $226,000, on average. stuart: averages price of a new home. susan: 326,800, that is incredible. stuart: that is up there, for sure. the market no real response that we can see. the dow still down 415 points. now this. seven months ago europe locked down. now there is a new surge in virus cases and severe restrictions are coming back. question, what will we do here? the daily case count is rising. will we go back to the stay at home days of april for example? the answer really depends heavily on, politics. on one side the president wants to loosen restrictions. at the state level republicans have been leaders in opening up their economies. and they have been reluctant to

reimpose restringses as the caseload rises. that is one side of the fence. the other side, joe biden, he goes the other day. he talks of a national mask mandate. he will not rule out a new lockdown. democrat-run states have not opened up like the republican counterparts. some imposed new restrictions n california you can only eat the thanksgiving dinner out darst. new york has imposed new travel restrictions. clearly there is a political split. open up, versus close it down. however, there is something else that is clouding the picture. in europe and fenn especially in america, we're seeing virus lockdown fatigue. simply put, after seven months, many people have had enough. they're unwilling to continue sacrificing their personal and economic freedom. european governments are desperately trying to avoid the draconian measures of the past because they know they will meet resistance. they know it would bring on

another economic catastrophe. so think about that when our political leaders here figure out how to address the second wave. can you imagine the reaction in america if there were another stay at home order? in this respect, president trump has the advantage. americans love their freedoms. the second hour of "varney & company" just getting started. ♪. stuart: all right. with the dow industrials now down just 380 points i want to get back to a story which is not being covered in the media. that is the hunter biden story. jason chaffetz is with us. jason, i looked at the broadcast media, i looked at the washington post and "the new york times." the hunter biden story is not there. the media is not ignoring it. they are suppressing it.

jason i never seen anything like this before. >> yes, they are suppressing it, stuart. it is the hypocrisy the double standard, the lack of intellectual cure rossty. the disservice they do for their readers is just stunning. we all know if it was a trump child this would be totally different. it was. remember when they put donald trump, jr. on the cover of "time" magazine to say, caught red-handed? over a 20-minute meeting investigated by the mueller administration. by the mueller investigation. had absolutely nothing to do with anything. yet they put him on the cover of "time" magazine. yet you can't get some of these so-called mainstream media to even ask the question of the candidates when they have them on campus a. biden, harris, they don't even get these questions, let alone is there an investigation or a story. and there is ample evidence. that is what's killing me. stuart: what can we do about it? we risk going into an election

where joe biden could win with china holding something over him. that they could have something on him. that is the implication of this whole thing. he is compromised by this. yet, we're going into this election with our eyes wide open about it but people don't know the story. i don't think there is anything we can do about it. >> i think the viewers, that is the reason why fox business, fox news, "the wall street journal," some of these others are surging because people know they're actually going to get a balanced news report. they will see both sides of this story but i got to tell you the long-term implication for investors that watch this show, when the social media companies have to come up before capitol hill, there will be a degree of uncertain ity, facebook, twitter and their future because they have been suppressing it on their social media platforms. i think congress has had enough of it. i think they will get changes. they will not like it.

for the investors in facebook, twitter, others they will pay a price if they're not keenly aware what the senate and house will do to make sure these people actually play a fair game. stuart: our audience has been warned. we're watching for it. jason, thank you very much. we'll see you soon. >> thanks, stuart. stuart: sure thing. we're still looking to the downside for the market. we come back a bit. we were down 430, 440. now we're down 380. there you have it. market watcher ed yardeni joins us now. ed, let's get specific, is there anything that you -- eight days to the election. is there anything, any stock, any company that you are buying right now? >> no. my recommendation is just to stay put in the market. i've been bullish for a long time and i'm just recommending that if you've been in the market, you've got gains, stay wit. i wouldn't necessarily even take profits. we could be in for some pretty nasty volatility over the next few weeks, but, welcome to the

world we've been in for quite some time. a volatile world but a world where the stock market continues to trend higher. stuart: am i right in saying that today's downside move is largely the result of the second wave hitting europe and another layer of restrictions being applied over there and the worry is, i mean it is arrived here. we have got a second wave, what are we going to do, that is the concern on wall street, right? >> we also have some flash indicators from october in programming managers in europe and the united states. it is very encouraging to see the v-shaped recovery continued in the united states throughout october. what is discouraging because europe has been ahead of us on the bad side and good side and now on the bad side of the virus, their pmis actually deteriorated in october. hopefully that is not where we're heading but it is a concern and i think the market just needs to take a rest here from the melt-up we had in the

spring and summer. stuart: we like melt-ups. we get, fall in love with them. ed, hold on a second. joe biden telling his supporters on wall street that if he wins, he can't wait to raise taxes. i don't think that will be good for the market. what says ed yardeni? >> well, i guess my, i'm agnostic about who actually wins. i have my preference but the reality is the most important person in washington, d.c., is still going to be the fed chair jerome powell and he has made it very clear, he will keep interest rates near zero. so it will be very hard for investors to raise cash and just sit there earning nothing. and dividend yielding stocks, growth stocks i think will continue to do well. we saw that even during the worst of the pandemic. there are a lot of companies that are actually, did really well. even those that were struggling

managed to keep going. so, i think the market is going to be all right no matter who wins. but my preference is, keep taxes down. stuart: okay. it is good to hear you, ed. you're sort of talking a lot of people off the edge or away from the edge, the ledge, i think that is the right expression. talk me away from the ledge. you do a good jobe of that every single week. ed yardeni. >> thank you. stuart: see you again soon, thanks. check out astrazeneca. their vaccine does trigger an immune response in both young and elderly patients. that is good news for elderly and young patients. a good news for the stock. it is up 2.2%. johnson & johnson says the first batch of their vaccine may be ready to roll out by january. the stock is down 1%. here is dr. fauci on a possible vaccine rollout timeline. >> we will know whether a vaccine is safe and effective by

the end of november, the begin being of december. the amount of doses that will be available in december will certainly not be enough to vaccinate everybody. you will have to wait several months into 2021. stuart: that is extending the time frame a little bit there. got into 2021, by the time you get large-scale vaccine production. that is from dr. fauci. what have we got here? joe biden, giving his clearest outline yet, is this clear, on court-packing. watch this. >> this is a live ball. >> oh it is a live ball. no, it's a live ball. we're going to have to do that. stuart: not sure that, not sure that was quite right. i think he is talking about a commission which will have 180 days to report back on whether you court pack or not. so we'll delve into that a little bit more. president trump is on his

way to pennsylvania right now where he will hold three rallies today. the first one is in the next hour. we'll show it to you as well. lara trump, she is coming on. show about 11:00 this morning. just after the 11 okay hour. first show you this. comedian chelsea handler blasts fitty for showing support for president trump. her comments are extraordinary. we'll talk about it in a moment. ♪. businesses today are looking to tomorrow.

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restrictions maybe they will come here, that may be the problem in wall street this morning. comedienne chelsea handler slamming ex-boyfriend fitty. >> he doesn't want to pay 62% of taxes doesn't want to go from 50-cent to 20-cent. i have to remind him he was a black person. so he can't vote for donald trump. stuart: oh, really? here is paris dennard, rnc senior advisor for black media affairs. if you're black, you must vote democrat? i have heard that before, paris. what do you make of it? >> we have heard that before. it is the same horrible statement that joe biden made when he said that you ain't black if you trying to figure out if you were voting for him or for donald trump. that is why i look at what chelsea handler said, i first asked is she seriously a comedienne, what she said isn't funny. it is bigoted.

this is part of a pattern with democrats and liberals. they are taking in their boots, they're afraid of the in that the black community is responding to president trump's positive record for the achievement in the black community and platinum plan. they are trying to persuade as many people as they can, independent-minded, not to voted, say that because they don't want us to be connected to our community. yes, you can being black, be connected to the community, care about advance of black people and still vote republican and vote for donald trump that is the party of action, the party of result, the president trump has been a leader who has gotten things done for the black community. will do so in the second term. stuart: here is another exam bell after prominent black entertainer supporting president trump. rapper ice cube. he is defending himself for working with the president's campaign. watch this, paris. roll it. >> told everybody that you know, i'm not playing politics with this. i'm willing to meet with anybody

who could bring this to life. make it a reality. stuart: paris, just seems like there are more and more black celebrities coming out in support of mr. trump which we did not see four years ago. >> what we, what i think these people are seeing is the record of results. they are seeing a trump administration willing to work with anybody who wants to get things done for the american people. if you're willing to work, to make america great again for the black community, hispanic community, for white americans, anybody in the country, the trump administration and the republican national committee is willing to work with you. people on both sides of the aisle say i want to work with the trump administration, of they are about action. they are about results. whether ice cube or 50 cents or van jones, kim kardashian, kanye west. leo terrell, representative vernon georgia, democrats

supporting to the president, i want to work with you, you are the candidate of change, the candidate of action. that is what we should want in our leaders. i believe more and more black americans are coming on to say i want to vote and support president trump. stuart: herschel walker defending himself on president trump. watch this one too. >> every day i find someone trying to get me to change my mind who i think should be president of the united states, who i think is donald j. trump. stuart: okay, last word to you, paris. 20 seconds. >> herschel walker has known president trump for 3years. he knows his heart. he niece his character. he knows his ability to get things done. good to see more black americans support this president. i think more will do so on november 3rd. stuart: i'm dying to see proportion of black voters voting for president trump. i want to see that. paris, promise. thank you. nfl team, titans, tennessee titans have been fined big time

for violating virus policies. ashley, it was a big fine, wasn't it? ashley: it was. the titans will pay $350,000 for what the league says is a failure of team members to wear masks at all times and some players who broke protocol by meeting or exercising in team facilities after hours. now an outbreak of the virus hit the titans players and support staff, it led to the shutting down of the club's facility. also by the way, rescheduling of two games. one against the bills and again against the steelers. in all 13 players tested positive for the virus. as you can see 11 support personnel. it was the nfl's first major outbreak of covid-19. the nfl says that the titans have fully cooperated and even offered ways to improve protocols by it is not just the titans. other teams including the oakland raiders and the denver broncos have also faced fines for violations of the league's

covid-19 rules. 350,000 bucks, stu. stuart: got it. thanks, ash. back to the campaign trail and kamala harris. she had an oops moment over the weekend. lauren, have you got the story? lauren: yeah, actually two oops moments this weekend. let's show you the first one. >> are we in cleveland? >> yes. >> hey, cleveland! lauren: did you hear that? she is caught on a hot mic, saying are we in cleveland, moments before she addressed the cleveland crowd. and second one, she said, over 220 million americans have died of covid-19 when it is 220,000. it seems that biden-harris ticket gets confused, even though they're not campaigning as much. to her credit, kamala was in several states over the weekend but not like president trump. stuart: no. not like president trump. you got that. thanks, lauren.

next one, congresswoman alexandria ocasio-cortez saying progressives must be a big part of a potential biden cabinet. now watch this. >> but, you know i believe that critically important that the biden administration appoint progressive leaders whether it is in labor, whether in the treasury, whether it's secretary of education, et cetera. stuart: oh. okay. maybe bernie sanders as labor secretary? elizabeth warren as treasury secretary? i wonder about that. sean duffy will sound off on it coming up later on in the show. what is up with the mainstream media ignoring the hunter biden story? they do you know. you can't find it. we're following it. more "varney" after this. ♪.

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opinion, that is the virus. the virus has hit europe with a second wave. european governments are responding with all kinds of restrictions a state of emergency in spain. there are curfews in france and italy. they're closing bars and restaurants in italy after 6:00 at night. new restrictions. the thing that worries wall street is, what happens when we get hit with a second wave and we are being hit with a second wave? will we too start restricting our economic and work activities? that would hurt wall street. we're down 400 points. what am i missing, susan? susan: we saw 60,000 new cases on sunday. we're setting up for new record levels of new virus cases. it is coming a bit earlier than anticipated. you're looking at the outperformance from the lockdown winners. those we have gotten used to like the zooms of the world. amazon, docusign, others that make working our lives easier

working at home. this lift by the nasdaq, actually breaking even. we're close to being up in the session compared to the s&p and the dow. stuart: work from home stocks are doing well today, there is implication that maybe we'll have more restrictions placed on us here in america. susan: that's right. stuart: up they go. susan: wouldn't you say the broader markets, when you look at the s&p, the dow being hurt by what we call value plays? there is a rerotation of sorts we went from tech to value, now value back to the lockdown winners? because it is virus, where the trajectory of this pandemic is going. stuart: the money swirls around going in different directions. i know we're at a new low of the day. the dow is down 461 points at this moment. susan: what about treasury yields? you looked at, 85, we crossed through 85 basis points which was the highest since june. here is the dynamic, dividend stocks have not outperformed.

even though yields gone up. stocks actually lagged, what does that say about the confidence of investors in terms of getting a grip on the pandemic and more stimulus? stuart: not much confidence at all i would say. i got that. i am told that google's chrome books are surging in popularity. who says that, lauren? lauren: gartner and idc. so if you look at chrome books, they used to be more a niche. now they are 1/10 of the computer market. the biggest reason, a lot of them run programs that schools use. you have kids virtual learning. they use a chrome book. it is usually cheaper. there is a lot of companies that make them. if the look at the third quarter, nine million books were shipped that run chrome. that is up 90% from last year. pc shipments overall increased in the u.s. in the most in a decade. we're doing everything from home. we need to stay connected

technologically. this is big win for chrome books. they are considered more niche. now they're getting more mainstream. stuart: were niche. now mainstream. that i can understand. alphabet is down 16 bucks. that is a new low for the dow. we're down about 467, that is about 1 sis of 2/3%. i want to get to the hunter biden story. the mainstream media, they have suppressed it. that is the truth. gregg jarrett, fox news legal analyst. he follows this very closely. why is the media, ignoring, and frankly covering up the hunter biden story? >> put it simply they're in the bag for joe biden. they're not neutral objective journalists. instead they have become advocates and conspicuous protectors of joe biden and this case is a perfect example and you know it is not just twitter and facebook that refuses posts on this to cover it up, but you

have got mainstream media news organizations that are avoiding this story like the plague which is ironic during a pandemic i suppose. but you know, the shame of it is that, you know, they're blockers for biden as he limps towards the goal line, hoping that not enough information will get to voters so that he can be elected president of the united states. and nearly 50 million americans have already voted, stu. so, arguably it could be too late but inexorably more and more evidence will mount that hunter biden was influence peddling and profiteering off of his father and the only question is, what extent was joe biden actively involved. he will never answer that question. he will deny, deny, deny. you can take that to his bank. stuart: but also what did he

know and when did he know it and why didn't he do something about it? i mean he must have known what was going on with the money pedaling of influence, he must have known this so why did he stop it? >> well that's the big question. you know, did he encourage hunter biden, his son, to engage in rank corruption and influence peddling with illicit if not illegal schemes. we don't know if they were actually illegal but that may come out. it appears to be a blatant lie by joe biden that he never talked to his son about his business deals because now you have one of hunter biden's partners coming forward, tony bobulinski who says, yeah, joe biden was involved. i attended an hour-long meeting with him in which the chinese deal was discussed, a deal that

would have netted both bidens tens of millions of dollars. stuart: yeah. let's not forget that. gregg, i'm breaking away. we have a market selloff. low of the day, down 531 points for the dow. 1.8%. have we got anything to add? susan: you mentioned the covid virus, obviously but what about the lack of stimulus and fading hopes of a stimulus package before the election? we heard from larry kudlow who is a senior white house economic advisor, he said yes, relief talks continue today between mnuchin and pelosi but look there are a number and there remain a number of areas in the pelosi coronavirus plan trump cannot accept. they are wide apart, far apart, when it comes to state and local spending provisions, still too large. we talked about that. democrats want $400 billion to bail out local governments, they

would say, poorly-run democrat states whereas the trump administration wants to keep that and cap it around $200 billion. stuart: a big issue. bailing out badly-run democrat states to the tune of hundreds of billions of dollars. the president doesn't want it. larry kudlow doesn't want it. republicans don't want it but speaker pelosi does. susan: immigration and health care issues, the coronavirus relief bill are sticking points. stuart: eight days to the election. i think hopes of a stimulus package before the election are fading. susan: yeah. stuart: as you say, susan that is negative for the market. we're down 527 now for the dow. down 90 on the nasdaq composite. hillary clinton, is she trying to out do her deplorables insult with a new one? we'll tell you what she is saying now. we'll tell you. lara trump also joining us at the top of the hour. first, polls put president trump

behind joe biden in battleground wisconsin. former wisconsin congressman, sean duffy, a trump supporter. he is not worried. he will tell us why. ♪

stuart: not quite the low of the day but awfully close. we're down 521 points. sues and i conclude that is because of the virus expanding in europe. so the new restrictions over there. it may come here. it has come here. are we going to restrict folks doing stuff here? susan: lack of stimulus as well. if you look at the dow, the only stock that is up right now is apple. that reversed from earlier losses. if you look at the banks, we're looking at american express,

goldman sachs, jpm, leading the charge lower at this point, if you look at the banks they're proxies how well the u.s. economy will recover and if you have a new surge in covid cases that means another round of lockdowns. that means the u.s. economy continues to be hurt. take a look at boeing. this is a main drag. news headline came through, boeing and wto case, the eu, european union gets formal approval, and green light to impose duties on u.s. imports that includes boeing planes. that is a headwind for boeing. other industrial stocks, caterpillar, 3m, following along with the broader markets. stuart: i don't know whether the headline on foxnews.com has anything to do with the selloff, but the u.s. threatens to destroyer iranian missiles shipped to venezuela that came across the wires about half hour ago. the market came a bit down. i don't know that is a factor in today's market action. i think it is primarily virus

and no stimulus. susan: right. oil prices. stuart: that hurts the dow as well. there are a couple of energy stocks. susan: that's right, chevron. stuart: combination of factors. you have a 500 point loss for the dow industrials. that is money. let's get back to politics. joe biden spending a ton of money on tv ads. ashley, do you have a dollar number? how much is he spending? >> i do. he is a big one. the former vice president shelled out $582.7 million to run television commericals since launching his white house bid last year. so you spend like crazy, stay in the basement. that by the way is slightly more than former new york city mayor, media mogul mike bloomberg. he spent earlier this year to run ads during his four-month campaign for the democratic presidential nomination. biden has spent nearly $250 million more to run tv spots than president trump who has dished out 342 million in this latest cycle of ad spending.

it is a lot of money. now biden has the money of course to burn thanks to a surge in fund-raising but trump's re-election campaign predicting that biden's advantage in the ad wars is being neutralized by the president's ground operation. we know how energetic that ground operation is. it will be really ramped up this week. in fact already in pennsylvania. but certainly when it comes to money, stay in the basement. spend like a drunken sailor. that is the strategy of the biden campaign. stuart: on that note about the energetic trump campaign. listen to this, he is holding three events in the battleground state of pennsylvania. there will be two rallies. one other event. that is an active day. tomorrow he stops in michigan, nebraska and wisconsin. "real clear politics" average of polls shows biden roughly five points ahead of the president.

sean duffy with us. he is with us, fox news contributor and former wisconsin congressman. eight days is not enough h much time to turn a five-point deficit around. do you believe there is a -- >> we seen some polling has president down seven, nine points in wisconsin this is dead heat in wisconsin. i think on election night we'll see wisconsin go one point to biden or one point to trump. it is that close. it will come down to voter turnout. as ashley was just mentioning. you have biden hiding in his basement as donald trump is on the campaign trail. i thought he was doing four events in pennsylvania. ads can help you. ads can give you a little lift, doesn't make up for a candidate that pounds the pavement around touches voters, messages to voters. joe biden has been to wisconsin twice in two years. and trump is coming back again tomorrow. he was here on saturday night. that really matters. by the way, you covered what

happened in kenosha, in wisconsin, those riots that took place in kenosha, but there was additional riots in wauwatosa, suburbs in milwaukee. national news didn't cover it. local media did. moms and wants safety for their kids. that is shifting the paradigm in our state. trump has the momentum coming into election day. stuart: i want to talk to you about aoc, alexandria ocasio-cortez. >> my favorite. stuart: looking for, right, aoc, she is looking for progressives to take a big role, i know you're laughing here, she wants them to take a big role in a future biden cabinet. i mean, are you laughing at bernie sanders as labor secretary or elizabeth warren as treasury secretary? are you laughing at that there, duffy? >> i'm not. it will be a nightmare for us. but what is interesting you have all these moderate democrats who think joe biden is a moderate. they don't realize biden is controlled by the far left.

i do think you get bernie sanders as labor secretary. you get elizabeth warren as chair of the sec. chair of the cfpb, consumer financial protection bureau with aoc head of the environmental protection agency. wall street has funded the biden campaign, not just campaign, but outside groups to go get rid of donald trump. they will rue the day they make this switch. they will have the leftist, socialist policies in the very powerful agencies that will attack all of wall street. i don't get it. they might not like trump personally but the policies have been great for all of america. including wall street and main street. and the cash flow doesn't make any sense to me but, it is going to be a disaster of left-wing politics in these agencies if biden wins. stuart: it could be a factor in the market today. the idea elizabeth warren as treasury secretary, that worries a lot of people. sean duffy, thank you very much,

sir. >> thank you, stuart. stuart: we're down 500 points for the dow's industrials. that is a selloff. similar story for the nasdaq. it is down .75%. as opposed to the dow down 1.79%. big losses on the dow. check on uber, please, because, as i understand the story, susan, some uber drivers want to be employees, not independent contractors and they're suing. susan: very few. stuart: but they are suing. >> we have prop 22 which is on the ballot in november as well as the california elections and uber and lyft right now are being forced by the state of california to reclassify the drivers as employees with benefits instead of contractors. to fight this, they have prop 22, to keep the companies exempt from that rule. however we do have a group of drivers that are now suing uber saying that they have been inundated with all emails and notifications to be in support of prop 22.

now we know that uber and lyft, they have been bombarding, sending out a lot of email reminders to their hundreds of thousands drivers to vote against, to vote against the california rule and vote for prop 22. now, may survey showed actually 71% of drivers want to remain as independent contractors because this is a free time, side gig for them, yes, they may not get benefits but that is okay in their view because it allows them to work when they want to work. however there concerns about the business models for these two companies. that is why they're selling off today, by the way. a statewide poll, this is the second one after the university of california shows only 39% of californians are approving will vote yes for prop 22. 36% say no. 25% undecided. if there is a no in california, this is a huge threat to their business models going forward. this could go not just in california, think about it across other states in the u.s. stuart: it is extremely important. you would abolish the gig

economy. you would abolish the gig worker. susan: that provide jobs, put food on the table, that employs individuals. stuart: it allows individuals to make their own choices when they work and who they work for. extrordinary. new low for the dow. 2% down. that is the dow. florida reporting thousands of new virus cases over the weekend. are new restrictions on the table there? i will ask florida senator rick scott the next hour. on your screen, president trump is about to hold first of three rallies, two rallies and an event in pennsylvania. if you want to be a stickler for, what is the word, specifics. just finish the sentences for me, will you? we'll be back with more "varney" after this. non-valvular afib can mean a lifetime of blood thinners.

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stuart: we're down 500 points, no, 580 points for the dow industrials. that i believe is the new low of the morning that is 2.03%. nasdaq is 1.07%. that is a broad-based selloff. i want to bring your attention

to a couple of winners. amazon is a winner today and so is zoom. why? because there is a possibility there will be more restrictions on working, restrictions on our activity in america as we are hit with the second virus wave. that's why zoom is up 2 1/2%. amazon is up nearly 1%. teledock up. they are big winners. have i missed something? susan: no. i would throw peloton into the mix. that would be one of the benefactors of another second lockdown. oil prices i should remind you also falling. we're down 2 1/2% for oil. that is dragging down a lot of oil majors. it doesn't have to do with lockdowns or stimulus. it has to do with libya with more oil coming on the market. this is the last week of october. that means major averages are still on track for modest gains for the month. three, maybe 2% each. stuart: even with this drop?

susan: even with this drop. stuart: now down 581 on the downside. there is only one winner, that is apple of the dow 30. apple is up. let's get to the battleground state of pennsylvania where president trump holds three events. average polling of the state puts, president trump is talking now. let's listen in. president trump: i don't understand you? reporter: [inaudible]. president trump: i'm not. go ahead? reporter: [inaudible] white flag on fighting coronavirus? president trump: no, he has waved a white flag on life. he doesn't leave his basement. this guy doesn't leave his basement. he is, he is a pathetic candidate, i will tell you that. reporter: [inaudible]. president trump: not at all. just the opposite. absolutely the opposite. we've done an incredible job. take a look what is happening in europe. what is happening to europe, nobody has seen anything like

it. he used to tell me all about europe. now we're doing a great job. we are absolutely rounding the corner. other than the fake news, wants to scare everybody, we are absolutely rounding the corner. go ahead. reporter: [inaudible]. president trump: yeah. we're going to see, probably at the white house later on this evening, see how it all works out. the vote is taking place. we'll see how that works. reporter: [inaudible] donald trump not a large event. just a very nice event. reporter: [inaudible]. president trump: say it? reporter: azerbaijan. the cease-fire is holding. okay? we'll see you over at the event? reporter: [inaudible]. president trump: was i offered? no, but we'll have the vaccines very soon. the vaccines are in full development. we'll have them very soon. reporter: [inaudible]. president trump: don't have them yet. they haven't been approved yet.

but they are going to be. they are going to be approved very soon, the vaccines. stuart: there is the president just walking away from the reporters there after answering questions briefly. he is concerned and he was talking there about the virus. that is exactly the concern of the market. bottom right-hand corner of your screen the dow is off 600 points as we speak. the president said, absolutely we are rounding the corner. put that in context. he was talking about how the virus is just swelled up again in europe and they have had to take all kinds of restrictive actions to sort of clamp down on virus second wave there. he says here in america we absolutely are rounding the corner. he also digressed to some pretty harsh language about his opponent, joe biden. he called him a pathetic candidate. the president just finished those remarks. he is off to make a major speech, two, three, actually in pennsylvania today. coming up on 11:00 eastern time.

we're about 10:58 thereabouts. we have a selloff on other hands. we're kicking off a big week coming up in the 11:00 hour. we have with us, lara trump. we have senator rick scott, republican from florida. stephen moore and dr. hunter ahmed. all are here on the program today. we have a big third hour coming up for you. we are expecting to see the president again this hour, he is kicking off a rally in allentown, pennsylvania first of three appearances. pennsylvania, vitally important. president is at three different events. check the market. that is the low of the day. we're and the nasdaq composite is down 1.2%. red ink all across the board today. i looked at the dow 30, there's only one winner, and that is

apple. actual, they just turned south. so now all of the dow 30 are in the red. i won't go over this again. it's the virus in europe, as it comes here, what are we going to do about it. that's a major concern for america, and where's that stimuluses? still looking for it, can't find it. and now this. how long can joe biden keep up his basement strategy? there's only eight days to go. he still leads in most national polls and over 60 million have already voted. so you may well ask why should he change his strategy? why stop doing something that's put him out front? i just wish we knew more about his plans. perhaps he stays in his basement because he doesn't want us to know what he's going to do. after all, he can rely on the media to cover up any unpleasant details like what on earth he and hunter were up to or how many socialists will be in his

cabinet, or what happens to the millions in the oil industry which he wants to transition away from. when questioned about these things, he either waffles or contradicts himself, so he stays at home and answers very few questions. and with a very light schedule, he avoids gaffes and conserves his energy, although over the weekend he called trump george twice and had to have his staff correct him on the cost of providing free college. and a light schedule is exactly what he's got. finish he rarely does in-person events. often he calls a lid very rare in the day. today, eight days from the vote, he has nothing on his schedule at all. he is running out the clock are, staying ahead by staying home. isn't this what hillary did? back then we knew what we were getting when we elected trump to the oval a office. in 2020 we really don't know what we would be getting with joe biden. the third hour of "varney &

company" is about to begin. ♪ ♪ stuart: if you're just joining us for our third hour, we've got a selloff. that's the low of the day, we're down 619 points now, big drops for the s&p and nasdaq as well. market watcher brian belski is with us. all right, what's going on here? 600-point drop, why are we down so much? >> good morning, stu. you did a wonderful job with respect to the negativity and rhetoric coming out of europe with respect to krone virus. again -- coronavirus. fear fueling everything on wall street. we've been in a momentum market, obviously, for most of this year, and we have to remind people that momentum goes in both directions. because of the earnings that are

coming out, two stocks we're really focusing on -- apple because of all the cash and amazon just because of all of their secular structural power that they have. let's focus in on those two stocks in terms of fundamentals and try our best from an emotional standpoint to kind of set the fears of covid-19, coronavirus and the chaos kind of aside. stuart: we need very solid, very good earnings report from the big tech names this week to sort of put a floor under the whole market, don't we? >> i think it's going to build a lot of credibility. if you really take a look at these companies and how they've done, we like to remind people that these companies were strong prior to covid, and they've only gotten stronger during covid, and they're going to be strong after covid. so i think that's the big thing. it's not just because of the lockdown, this new society that we're creating in terms of the mobile society. these stocks were strong before that, so really focus on that.

and i think going forward technology, consumer discretion flower, communication services are the areas from a secular longer term perspective where you want to be in. nobody talks longer term anymore, we're talking about hourly or call lu cause numbers and things like that. -- daily. again, try to set that emotion and fear to the side as much as possible. stuart: so you think that long term, and by that i mean you're looking to next year, we should be okay regardless of the election, regardless of the virus, is that what you're saying? because you've always been bullish -- >> i really do because -- yeah, i really do. and here's why. i mean, the market is a market of stocks, and stocks are driven by fundamentals, and the fundamental construct of the united states economy and stock market is still very good. we have great companies, the best companies in the world with strong balance sheets and strong products and services. and regardless of who the next president is, the makeup of the bull market may be a little bit different, but we still think the trend is higher. may not be as high under a biden

presidency versus a trump presidency, but the trend remains intact. stuart: bullish brian bell key as i like to call him, back on the show again. we appreciate it always. thank you. >> thank you. stuart: what have you got to add to the market? new low, by the way. >> yeah, so the dow, we're down 600 points, on pace for the worst day since early september. not surprisingly, the vix index is spiking in reaction to this, and also, by the way, a lot of the travel stocks are coming off because of the rise in covid cases and this lockdown, second lockdown that might be coming here to the u.s. after it goes through europe. so, yes, i would say risk off at this point, a lot of the other assets including the dollar is getting some bids because you go into the safety of the currency once you have concerns of a selloff, and oil's coming off. stuart: all right. lauren, what are you watching this week, market? >> you know, it's going to be a lot about earnings because we

had so many, you know, you have tech, your industrial plays all coming into place. how are they holding up and are they, can they say anything about the future. so i think with all these high profile names across so many sectors, that could be key for investors saying, well, what do we do? because the election is two weeks away -- no, i'm sorry, about one week away. and you have this increasing number of cases worldwide. stuart: yep. what do you do about that, will these tech companies put a floor under the market when they report this week, or will they open up on the downside? they could easily do that. >> a lot of good news has been priced into the earnings, as you can imagine. i'm not sure it's going to move the needle that much. stuart: ash, what are you watching for the week? >> well, look, volatility. we've been told by many experts on this very show that expect it's going to get a little rocky, and i think's what we're going to see. the election is just over a week away, all that uncertainty. and then we get all these dreadful headlines out of europe

and those restrictions. there's no complete lockdown anywhere in europe, we must point that occupant, but it does feel like the restrictions are getting tighter and tighter. that spells fear in this country, obvious, we don't want to see that. the last thing we need is a national lockdown. and then, you know, we haven't talked much today about a stimulus bill, but my goodness, that's still hanging out there. you have all sorts of things for the markets to worry about, and it's a run for the hills safety that we're seeing today, 653 points on the dow. yes, we have a huge earnings week on top of all of this. it's not surprising investors are taking their money and kind of hiding out for the week at least. stuart: all right, ash, good stuff. by the way, the president appeared just moments ago, he was boarding air force one, can and he was talking to reporters. and he made the point, he said we are rounding the corner. that's how we in america are coping with this second wave of

the virus. he suggests we are turning the corner. that's what he was saying today. europe is not. europe's going back right down into it again. president trump moments away now from kicking off that rally in allentown, pennsylvania. you're looking at the stage there. again, this is his fist of three a-- first of three appearances in the state today. lara trump is with us, trump campaign senior adviser. lara, welcome back to the show. you must be working 24/7 these days. [laughter] a lot of energy there. we've got eight days to go til the election. is the president going to have three, four rallies every single day all the way up til november the 3rd? can he keep up that kind of pace? >> well, great to be back with you, stuart. yes, the president is going to have 3, 4 rallies, and then i think we're going to bump hum up to -- him up to 5 rallies. and this is per his request.

you remember 2016, he was excited to get out and talk to people. quite a different scene than on the biden campaign who has called a lid eight days from the election. i think it's mind-boggling. i think people see this and wonder what the heck is going on. look, the president's in pennsylvania all day, it's a very important state to win. i think joe biden absolutely damaged himself, probably he's never going to get over it with pennsylvanians over the fracking comments, over the oil comments, over what he said at the debate. so it's interesting to see that the biden campaign is not campaigning, but you see what the president's doing, doing what he always does, and he's got the stamina. stuart: i want to refer to hillary clinton. she had harsh words for republicans supporting your father-in-law saying, quote: most republicans have been cowards, spineless enablers of president trump. would you like to respond to that, lara? >> well, this is probably the saddest case of trump

derangement syndrome i've ever seen with hillary clinton. i don't think anyone has yet informed her that not only did she not win the election in 2016, but that most republicans always want to support president trump. we know we've seen time and time again it's the republicans who actually kind of stay away from the president who hurt themselves, you know, in a lot of their local races. people are very happy to align themselves with a president who's been incredibly successful and done so many great things for the american people. so i think it's a ridiculous statement but, again, it's hillary clinton, so what else do to you expect, i guess. stuart: now, there is some create such of the president -- criticism of the president holding these large rallies at a time when the caseload in america is 80,000 a day. that was certainly true of friday and saturday. what's your response to these maskless, large crowds at presidential rallies? >> well, we actually hand out

masks to every single person at the rally. we ask them to wear the masks, we have signs up. but, look, it's the united states of america. people do still have their personal freedom. they're choosing to be at this event, and if they choose not to wear a mask there's not a whole lot we can do once they're in the crowd. it's interesting to see the criticism of the campaign events of the president, getting criticized whenever people haven't said anything, they didn't say a thing over the summer when we saw these crazy riots in the streets all over america. we continue to see that there's not a word spoken about an event that maybe would align more with a left-leaning, you know, ideology versus the president's rallies or events at the white house. i don't think coronavirus is partisan, but some people have made it that a way. very interesting. stuart: that's a fair point to make. politicians were encouraging people to go to the demonstrations. that was just fine and dandy. and nobody said a word about it.

but a super-spreader event at the white house, that makes headlines for a couple of weeks. really extraordinary. are you with the president today in pennsylvania? or will you be with him at any rallies soon? >> you know, our family has a strategy much different than the biden campaign that we all need to get out and work for every single vote. i don't campaign with my husband, my father-in-law, we are all out in different areas of the country, and then i think on the last day, probably next monday, we're all going to, hopefully, go to a couple of rallies together at the very end sort of like in 2016. we'll see how it goes. no, we're out working in different states across the country. stuart: got it. lara, thank you very much for joining us, taking time out from a very busy day. we always appreciate it, thank you. >> thank you. stuart: all right. watching two big stories today, the markets and president trump's first of three events in battleground pennsylvania. florida senator rick scott joins us next.

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stuart: we just keep going further south. that's been true pretty much all morning. nobody's -- very few people, it seems, have stepped this to buy the dip. out of all 30 stocks on the dow in the red, and we're off 669 points. that is 2.3%. what's behind all of this? well, new virus cases in europe, and look at this, new virus cases in florida. now, this is a florida number. this is not the reason why the overall stock market is down, i'm just showing you the number of new cases reported in florida on sunday, 2,385. republican senator rick scott joins us now.

and, mr. senator, that's a large number of new cases. is there some consideration in florida of new restrictions? that's what's got a lot of people worried, are new restrictions coming in florida. >> well, i think it's clear that we all have to take this seriously, and we haven't beaten it. we've got to wear a mask, we've got to social distance, we've got to do everything we can to keep everybody safe when it's our businesses, churches, everybody's got to keep us safe. in florida we are going to figure out how to get this economy going again. we've got to get people back to work, back to school. so we're going to do this very cautiously, and we're going to keep people safe, and we're going to keep opening up our economy. stuart: is the president helping? the he doesn't wear a mask, and he's holding these very large rallies all over the place with people who don't wear masks. is he helping or hurting? >> well, i think what the white house has been helpful on making sure we get more tests out there and talk about what we're doing

on the advantage seen. i think that -- vaccine. i think testing is a big deal. where i live in napless, florida, you can go to the county health department, you get your results in two days, there's a few places now you can get rapid tests, and i think that's what the white house is doing a really good job at. i do believe everybody could give us more information. with more information we could make better decisions, whatever it is to tell us, make us feel comfortable that we should have more concern or lesses concern. i do believe that. and i do wish everybody would wear a mask and social distance. stuart: okay. democrats took an early lead in florida with mail-in voting. now, i'm told, republicans are coming out in droves to cast their early votes is turnout the key in florida? >> oh, absolutely. here's why the president's going to win. first off, there's no ground game for biden. there's no energy for biden. so, i mean, that's one thing that's going to happen. number two is in florida we like our economy, we like jobs.

they elected me in 2010 and 2014 to get our state back to work. so we know the president understands the market and understands the economy, and we know joe biden's had 47 years to do something, he's done nothing. in florida we like our law enforcement. we know democrats want to defund the police. president trump has been a big supporter of law enforcement. and in florida we know, we have so many friends that have dealt with socialism, we don't want the socialism the democrat party talking about, and we want somebody that's going to cold the castro -- hold the castro regime, xi, maduro accountable. and we know biden didn't do it when he was vice president, he's not going to do it as president. stuart: how would you describe the florida economy? >> it's coming back. here's the negative, we still need a lot more tourists, a bug part of our economy. -- big part of our economy. home sales are off the charts. that's happening. our businesses have been open, they're opening, so the unemployment rate's coming down. but, you know, we've got to get this economy open, we've got to get the vaccine out, we've got

to get the tests out so we can get our tourists back. stuart: and hopefully not have new restrictions because of a second wave of the virus, but that may well be on the table here. senator rick scott, thank you for joining us. >> have a good day, stuart. stuart: yes, sir, thank you. we found this interesting when we first reported it, 6500 new restaurants, new restaurants opened in september. 6500 opened up despite the pandemic. grady trimble is in oswego, illinois, right outside chicago. he's looking at a restaurant which is under construction right now. so, grady, how can they are opening a brand new restaurant when so many others are closing for good? >> reporter: well, obviously, stuart, the timing's not ideal, opening when -- if they opened right now, they'd have to be at 50% capacity. but they think that they canning do this even during the pandemic. the plans, of course, were in place to open this restaurant long before march, and now it's planning to open next month.

but they still think that carryout field and 50% capacity is enough to get them through this. matt is the owner here, or one of them. so, you know, it's not ideal timing. some people might say you're crazy, but you think you've got this. >> absolutely, i think we do. we've weathered this storm so far, and we know what we have to do to make this happen. but being a new restaurant here with a lot of, a lot of new things happening here in town, we think that we'll be able to make this happen. >> reporter: when you hear that number, 6500 new restaurants opening in september, that's more than 2016, 2017 and 2018. all in the middle of the pandemic. does that surprise you, to see so many? >> it does, but i think it shows the resill yens of the restaurant industry and the operators in this business. >> reporter: thanks, matt. that report was from yelp. another interesting thing, farmers' markets and food trucks

are also extremely popular right now although maybe not here in chicago because it's snowing outside. stuart: are you kidding? [laughter] well, good timing right there, cue the snow. and there's grady trimble to look at it. excellent. grady, thank you very much, indeed. good stuff. by the way, the market just hit the low of the day, we've just been moving south all morning, and now we're down 724 points. what have you got for us on this market selloff, lauren? >> you know, pay attention to the european markets because many of them are about to close in about eight minutes now. if you look at germany, it is down well over 3% which is clearly worse than how we're doing here in the u.s. so as europe gets ready to close, they have those restrictions and lockdowns, national emergency, italy, spain, you know, movie theaters, gyms closing down. that fear is in their markets, and it's trickling over to us here in the u.s. also, quickly, the vix, the fear gauge, that's at a seven week

high, it's above 31 right now. stuart: okay. eight days til the election, virus on its way down 723 points. what's this, susan? you've got something on lordstown -- >> we're looking for outperformers right now,. stuart: they're up early. >> this electric truck company displayed on the south lawn of the white house recently and, again, debuting on the nasdaq. up from 20% at its peak, we're still higher. i mean, this is better than what other stocks are doing in the broader indices -- stuart: we've got to segway to pennsylvania where president trump is speaking and addressing the issue of fracking. let's listen in. >> -- from a different continent, but that's okay. biden's plan is an economic death sentence for pennsylvania's energy sector. i mean, i think you all know that. did you see it, though, dud you believe it? and even the anchor, who i thought did a very good job, by the way, crusten, she said -- kristin, she said why do do youy

that? he will eradicate your energy and send pennsylvania into a crippling depression. somehow that doesn't sound good, mr. congressman, does it? the biden energy shutdown, and he wants to shut down the whole country, and we're rounding the turn. you know, all they want to talk about is covid. by the way, on november 4th you won't be hearing so much about it. covid, covid, covid. [cheers and applause] covid! today let's talk about covid all over europe, right, europe? they don't talk about that. no, we're rounding the turn, and we have the vaccines coming out very soon years ahead of schedule. if he would have done it, like he did the h1n1 swine flu, one of the worst handled. that was an epidemic, it was a disaster. he he had no idea what the hell he was doing, but you know that. the biden energy shutdown would inflict deep pain and misery on pennsylvania, constant blackouts and brownouts, soaring gas

prices. nice to have that $2 gasoline, isn't it? [cheers and applause] surging energy bills, no our conditioning in the summer, no heat during the winter and no electricity during peak hours. let's watch president trump on television. i'm, we won't be able to do it. i'm sorry, we won't be able to do it. the wind isn't blowing told, darling, we won't be able to -- [laughter] no, it doesn't, it doesn't power those big factories that we're opening up all over the country. biden's running mate, kamala harris -- oh -- did you see her last night on television with the laugh? [laughter] like, she was laughing at a horrible question about her. she just laughed. she found it so funny. most liberal senator, she's the most liberal senator by far. she's more liberal than crazy bernie. even sponsored the $100 trillion green new deal. [laughter]

the green new deal, i don't think so. the green new deal would be an economic disaster for our nation, certainly for this state. biden and harris have have pledged to join and rejoin the paris -- look, you know about paris. the paris climate accord, one of the great disasters of all time. just call up france. how's paris doing? shipping your energy jobs to foreign polluters all over china, or all over the res of the world -- the rest of the world, and it was hard bringing it back. a lot of our jobs are coming back now. [cheers and applause] they're coming back. you know, speaking about jobs, i want to thank the people that own this plant. you know, you have a governor named tom wolf, i guess? [background sounds] this thing was set up just a few hours ago. that's why it's so incredible that people across the street are trying to get in. this was set up because your governor made it almost impossible for us to find any

site. normally we would have -- stuart: just want to let you know that's the president in allentown, pennsylvania, addressing a rally right there. we went to him because he was talking about fracking. that's the extraction of oil and natural gas from shale under the surface and a big business in pennsylvania. it's a $5 billion business in that statement -- state. joe biden suggests that he will stop all new fracking and regulate it away, so it's an obvious election issue in pennsylvania. the president's right on it. the dow down 664. we'll be back in a moment. derriere discomfort.

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i paid off my credit cards and apand felt a weightnal loan. come off my shoulders. thank you sofi for a great experience and for helping me get my money right. ♪ stuart: we've come off the lows of the i day but only just. we were down over 700, now we're down 685. i think we need to bring in stephen moore. he is an economist. he knows what he's talking about, so let's bring him in. steven, seems to me that this market is really, really worried about a new round of lockdowns or restrictions in our economy. here in america as the pandemic washes over us again. and, you know, it's not out of bounds to think that we might get some new restrictions, especially in the big population democrat-run states, california, new york, illinois and connecticut, etc., etc. this is a rational fear, you

would say. >> well said, stuart. i approve of that. and if you like what's happened in new york and illinois and new jersey and connecticut and california, you'll love what joe biden is going to do for the country because basically what you're going to see is the blue astronaut policies that have been such a catastrophe both in terms of the economy -- and you know this, you reported it last week, stuart, but it bears repeating. nine of the ten states with the highest unemployment rates are blue states. i think there's a real concern about that because you're seeing it also in europe, you know? the same kind of socialized policies, lockdown policies in europe may come to these shores which would be a disaster because, stuart, there is zero evidence, zero that lockdowns have had any impact in terms of stopping the spread of this disease. stuart: yes. political response, we've got to do something, people are dying. that's what it's all about.

do you think there's an element of politics here? democrat states are the ones which have locked down longest and most. would you, would you go so far as to say maybe that's deliberate because they don't want a rip-roaring economy right before the election? >> i don't know if i would go that far, because this is a policy they've been putting in place for a year. but, stuart, look, it goes beyond just the lockdowns. i mean, think about the policies that are in place in blue states, stuart. you're in one of them right now, by the way. high tax rates, right? heavy regulations. forced union work rules. you know, the opposition to oil and gas drilling. by the way, in new york where you are right now, you could probably have 300 or 400,000 jobs in the oil and gas industry except that your governor there has basically not allowed fracking in the state of new york. now they want to say no fracking in new york, now we're going to take that national, no fracking in texas, no fracking in pennsylvania, in ohio. by the way, pennsylvania and

ohio -- i think is the president in pennsylvania right now? i couldn't tell where he was. stuart: he is, yes. >> pennsylvania has 300,000 oil and gas jobs. ohio has 250,000 oil and gas jobs. i mean, for biden to go to ohio and pennsylvania and say we're not going to allow oil and gas development is like going to nebraska and saying we're not going to allow corn. stuart: do you think there's an element of election risk worry in -- >> yeah, i do. i do. stuart: the worry is, in my opinion, the worry a democrat sweep. they got the white house, the senate and the house. that is a major concern, i think. >> i agree with you. i did an analysis, stuart, of all of the various over the last 50 years, you know, when you have republican total control, democratic total control, you know, democrat congress, republican president, republican congress, democrat president. now, stuart, do you think what the best situation is for the stock market? stuart: tell me. >> divided control.

divided control. actually, it's when you have either the democrats run the house or senate and then the republican president. you know what the worst scenario is? stuart: a socialist in the white house and the senate and in the house. >> yeah. so the worst scenario is where democrats control everything. think of the first two years of clip torn, the first two years -- clinton, the first two year of obama. i cannot understand, stuart, because i see these surveys of economists on wall street, your friends -- stuart: they're not my friends. >> -- it's going to be wonderful because we're going the get more stimulus. you're not going to revive this economy with massive stimulus government spending which has to be paid for by taxes. by the way, stuart, new study today finds in new york where you are right now, the federal, state and local taxes, the income tax rate will go up to 65%. stuart: yep. oh, i'm very familiar with this. [laughter] funny you should say that,

stephen, very familiar. very familiar, indeed. >> and that's, by the way, stuart, why everybody is leaving new york, they're leaving new jersey, they're leaving connecticut, they're living illinois, they're levering california going to florida, texas, temperature, georgia, north carolina, the states that have lower taxes. and the democratic strategy is we're going to force every state to have the same kind of policies in the northeast that have, you know, capsized our economies, now we're going to take them national. i think that's very dangerous for the u.s. economy. we should have -- we want to make america look more like texas and florida and less like and new jersey. stuart: i think there's a case of fatigue, virus lockdown fatigue. you see it far more in america because this is the kind of people we are. you don't put shackles on americans. we want to be free, want to conduct our own lives. so if they start imposing these new restrictions, i think there's going to be some real pushback, very significant pushback. i wouldn't go so far as social

unrest, but it's going to get nasty if they try to extend restrictions on our private lives. last 20 seconds to you, stephen. >> 75% of democrats are in favor of lockdowns, only 25% of republicans are. this is a total partisan divide, and you are right, if joe biden takes over the president presidency with a democratic congress, you will have catastrophe for our economy. stuart: bernie sanders, elizabeth warren -- no, no, no, i'm just riling you up, steven. thanks for being with us telephone. >> by the way, trump is still going to win. i think he's going to win this race. you really feel the momentum right now. stuart: okay, we hear you. thanks very much, steve. we're watching the president. he's rallying the troops in pennsylvania right now. and, of course, we're watching the market where the dow is down right on the dot 700 points.

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stuart: we're still down about 700 points on the dow industrials. now there's some question about the stimulus package, it's back. what's happening? >> we know that speaker nancy pelosi and steven mnuchin, treasury secretary, are expected to speak again today at 2 p.m. we did hear from larry kudlow who says the divide is still very wide especially when it comes to state and local governments and the aid packages to those specific states. now, also we do have the vix and the fear gauge cracking above 31. that's the highest since early september which, by the way, is the last time we saw a near 700-point slide in the dow jones industrials. stuart: that vix thing there -- >> fear gauge. stuart: it's a very good gauge of what is happening right now. >> right. stuart: and it's clearly fearing the markets. you're down 700 points if for te dow industrials. it's been like this all day,

gradually, gradually moving to the downside. do we want to go to the president right now speaking in pennsylvania? okay, i'm going to hold off for just one moment, concentrate on the market because this is a significant selloff. one of the main reasons here, when we all woke up this morning, was to find that in europe the second wave has mitt and hit hard -- has hit and hut hard, and governments there are putting in place new restrictions. there are curfews in france and italy. a state of emergency declared in spain. they're closing the bars and restaurants after 6:00 at night in italy. new restrictions coming on downstream in germany as well and britain also. now, the fear in the market here is that we get the same kind of restrictions coming to america because the virus is increasing in caseload here in america. it was over 80,000 new cases on friday and again on saturday. down to about 60,000 on sunday, 60-70,000, but you're still at a

very high level. so the market's worried will we get new restrictions on our economic activity which would hurt the economy and hurt the market. >> also looking at the dow, second straight day of declines and big losers accounting for one-thursday of the dow's losses. i'll -- one-third. we do have united health, home depot, boeing, honeywell. i'm going to throw in the salesforce, one of the newcomers on the dow jones industrials. and as you mentioned, it is the covid cases but also lack of stimulus and some still tricep days, i would say -- trepidation, heading into the vote. a lot of people awaiting who wins the vote on november 3rd, and then they'll probably rerotate in. if it's biden, they'll look for the green energy stock out of energy, and if it's trump, jpmorgan says it's a bull run, up to 3900. stuart: so if you list the reasons, i mean, the virus, that's reason number one for the selloff. number two, still no stimulus. >> right. stuart: still talking. but number three, i do think

there's concern about the election. >> yes. stuart: biden is ahead in the polls, virtually all national polls show him winning. now, i know that the margin of error is not great here. i realize it's very similar to 2016 when president trump, or candidate trump at that time pulled ahead ofhill i in the last -- of hillary in the last couple of days. but there will be a lot of people right now, eight days til the election, saying, you know, i'm a little worried. i'll do a little selling right now. i think that's exactly what's happening. >> now, what about earnings, quickly, because we are heading into the biggest earnings week of the third quarter. you have the biggest names on the planet reporting, apple, amazon, google, facebook -- stuart: they better be good. >> you think? stuart: end -- yep. if thaw not good, you could have a nasty situation. there'll be more "varney "after this. it's moving day. and while her friends

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stuart: if you are just joining us this monday morning, the news is that we've got a selloff in progress, and it's awe all across the board. the dow's down close to 700 points. the nasdaq down close to 200, and we've got a drop on the s&p of about 2%. all across the board, red ink. why? well, europe is putting new restrictions in place, economic restrictions, as virus cases over there surge.

and the worry on the market here is that those new restrictions come to america as our virus cases surge. dr. ahmed, pulmonologist, is with us right now. doctor, it's great to see you back again. thanks for joining us. >> thank you. stuart: now, what do you make of these new restrictions that are occurring now in europe and the possibility of them coming here? >> so it's very worrisome, and this is a good time to think about the effects of lockdown ten months into the pandemic. lockdown at a large scale, the governments like to do, they're easy to implement, they're enforceable, it makes them feel they're doing something, and it did buy us time here in new york until we got therapeutics, until weed had enough hospital beds and personnel to cope. other good at the beginning. they are not a long-term, chronic approach to this pandemic. the w.h.o. has come out and

condemned the enormous amount of -- [inaudible] that's coming out. here in the united states we've seen a massive rise in opioid-related deaths and overdoses. 62% of states have seen increased deaths all happening because of the lockdown. i know that you know all about sweden, their health care system calm out with a report showing lockdowns increased deaths, blood pressure and depression in the elderly -- [inaudible] so i would be vehemently to poised to large, sweeping lockdowns. never mind the economic carnage that that wreaks. but the health effects, we are now going to seefects of opioid pandemic and dementia in the wake of this pandemic. so there is an answer. you're looking for -- the answer

is, the answer is informs in clean -- invest in clean indoor air. the technology is there. if you want a company to put money -- i don't have any relationship with them -- look for clean air technology. uv light. sterilize the air in the any building and cut out viruses including the coronavirus, and we can all go back to our normal activity. stuart: doctor, we've got a rapid increase in the caseload here in america. friday, what is it, 80 odd thousand, saturday, 80 odd thousand, 60 or 70,000 on sunday. >> right. stuart: but what do we do in the short term to meet that new development here? what do we do? >> so in the short term, we have to respond the way we know how. limiting large gatherings, masks. we've almost shut down air travel in the united states and then recognize the symptoms. but a lot of this con a today john is because -- contagion is because it's transmitted

asymptommatically. people have no idea that they are harboring the virus, that's the problem. and we can expect that we're going to see -- these case rises are real. we've been able to mount 1.3 million tests a day. in the beginning when i was fighting the pandemic, we had merely 250 a day in the whole country. so we're seeing a lot of background positivity, but we are seeing rises in hospitals. they're having to increase their capacity. if they can't, the national guard has to come in and open field hospitals. stuart: okay, got that. >> they are not as lethal as they were in new york at the beginning of the year, but we have to look beyond what the individual does, and we have to look at cleaning indoor air until we -- stuart: okay. i've got to, sorry, i've got a break here, and i've got to go back to president trump speaking in pennsylvania. thanks for joining us. here's the president. >> -- middle class taxes even more. we have a big tax cut. [cheers and applause]

and sleepy joe biden has pledged the biggest tax cut in history. did anybody see "60 minutes" last night? did anybody see "60 minutes"? which is a total joke of a show, but you saw i released the thing early. but it was okay. dud you see his performance on that show? the only thing almost as bad was kamala with the laugh. ha, ha, that's so funny. i kept saying, is there something wrong with her too? [laughter] she will not be the first woman president, you can't let that happen. can't let that happen. no, i said is there something wrong with her. she kept laughing. at very, you know, serious questions. but how about this? how about this? they asked me, she says are you ready for tough questions? i thought she was kidding, you know? because how do you say? i said, just treat me -- no, no, no, this is tough questions. >> they hate you!

>> they do. and i said, let's see what you have. and it was just question, question, kill. always talking to the kill. she's a zippo, but always going for the kill. and then did you see the interview with him? oh, it was to soft. they're trying to protect, they try so hard. >> [inaudible] >> that's right. you saw the other day, he's walking out with ice cream. mr. vice president, what flavor is it? [laughter] it's, i think it's vanilla and chocolate. i said i don't get questions like that, right? no. pennsylvania gets it. by the way, we one pennsylvania, we win the whole thing -- we win pennsylvania, we win the whole thing. [cheers and applause] big deal, right? congressman? stuart: i've got to check in with the market again. bottom right-hand corner of your

screen. it's a down day. more "varney" after this. . . a lifetime of blood thinner. and if you're troubled by falls and bleeds, worry follows you everywhere. over 100,000 people have left blood thinners behind with watchman. it's a one-time, minimally invasive procedure that reduces stroke risk-- and bleeding worry--for life. watchman. it's one time. for a lifetime.

this was the theater i came to quite often. ♪ the support we've had over the last few months has been amazing. i have a soft spot for local places. it's not just a work environment. everyone here is family. gonna go ahead and support him, get my hair cut, leave a big tip. if we focus on our local communities, we can find a way to get through this together. thank you. ♪ if you are ready to open your heart and your home, check us out. get out and about and support our local community. we thought for sure that we were done. and this town said: not today. ♪

it's still warm. ♪ thanks, alice says hi. for some of us, our daily journey is a short one. save 50% when you pay per mile with allstate. pay less, when you drive less. you've never been in better hands. allstate. click or call for a quote today. stuart: i believe a few investors getting rather worried, susan, because not only do you have the virus hitting europe, may come here with new restrictions but you also got the election eight days away, that joe biden and the democrats could win. >> no stimulus on the horizon especially before the election.

forget that. we'll see if anybody getting anything after. stuart: the fed will print a ton of money. susan: that's right. >> will the democrats shell out a bunch? i'm sure mr. trump will. the dow is 725. it is falling as we speak. time's up for me. neil, it is yours. neil: thank you very much, stuart. i think it is the virus. the virus is the virus. everything goes around that. we have a lot of worries in the virus, the spike of cases, took a look at average number of daily new cases to the virus. that is the dow at session lows. not everyone is taking it on the chin though. we'll go into little bit more detail how technology is by and large skirting at least this percentage hit we're seeing in almost all other issues. s&p, up 500 sectors. all 11 of them, the big ones are down. technology including. there is not as much. one of the interesting