largest increase in retail sales year-over-year. we saw nasdaq premarket getting hit hard and now i think it's leading. maria: dagan? >> democrats in washington taking over your life or whether they are in albany for two more weeks. maria: all right. dagen mcdowell, rob, great to be with you. have a great day. "varney & co." begins right now. take it away, stu. stuart: good morning. it's the financial report that sets the stage for interest rate stock prices, gold prices and even crypto, consumer prices and here's the story. inflation at the consumer level up 5.4% over the past year, that's the same at reading we last month. july's rate was up 0.5% from june, now that reading suggests a moderation of inflation when it talking month to month. federal reserve believes

inflation will moderate soon. i want to point out that inflation at 5% wipes out the wage gains we have seen over the past year. let's get to the stock market that's been affected. stock prices started to move higher right after that report moderating inflation p right now, we see the dow jones up about 60, s&p up at seven and nasdaq up a 44 points. plenty of green as we approach the opening bell feared the yield on the 10 year treasury is at 1.35%. down a little, but a high level right there and gold, not much movement. in fact, the price of gold-- let's go to bitcoin. crypto largely moving up this morning. bitcoin above a $46,000. the markets also reacted to this, a senate vote for the three and half trillion dollar far left tax and spend the plan, free community college,

free pre-k, the great new deal, expanded medicare plus huge tax hikes on individuals and corporations. do not be alarmed, this socialist bill is a long way from final approval kathy takes over as new york governor in two weeks following andrew cuomo's resignation, the pendants have been talking of her credentials as a first woman to hold that the job in new york's history. i will express the opinion that the last thing new york needs is a dose of identity politics kathy hogle addresses new yorkers this afternoon. there's an lot going on to massive earning of coinbase and the white house wants opec to raise production. why can't we raise our oil production, mr. president? we will call-- cover it all, wednesday, august 11, 2021 and "varney & co." is about to begin. ♪♪

stuart: let's get to the crypto's. and that's where we lead this morning. susan, good morning. susan: good morning. stuart: it's been called-- let me see now, the largest crypto hack ever. susan: it is. stuart: and staff to speak to think about losing $600 million instantly, $600 million. susan: if that's true it would be the largest crypto hack in history. lost $400 million in bitcoin kuro-- crypto currency back then and with inflation-adjusted is probably a few billion, but this will the the largest tax since 201430 this morning i went to show you because it's interesting poly network is a company that lost the $600 million. they held different block chain interact with each other. they actually have been in communication with the hackers, which is a

rare and unusual. they say they have recovered close to about 4.8 million of the $600 million in crypto's stolen, but still a long ways away. don't you think it hurts the credibility of crypto currency? stuart: definitely. susan: how safe is it if someone can go in and they say there were vulnerabilities in the poly network and they steal $600 million with-- worth. stuart: anyway dislikes it it's a red flag, makes crypto holders of vulnerable. tell me about coinbase. susan: one of the world's largest crypto exchange, probably the largest in american they say-- the stock is up 4% in the premarket with the most important metric i think people were captivated by his active accounts, almost 9 million monthly traders on the platform. they made more sales and more profit in the springtime. they do more trading volume and monthly users and that activity will come down this summer which kind of makes sense given bitcoin has

gone sideways lately. susan: coinbase says nine thousand financial institutions use the platform and that includes elon musk. stuart: that made crypto's more acceptable doesn't it? was the word? susan: mainstream. stuart: yes. enhances their reputation. i have this one, the senate passed what's called the framework of a three and half trillion dollar budget reconciliation package. they passed it. got it. now what you? susan: now it's time to negotiate in the house. i think we have differing views of how this plays out. let me get through the specifics of the three and half trillion dollar reconciliation bill with a lot of spending. $700 billion in subsidize education including free pre-k, free community college,

paid family leave and the green climate spending of $100 billion to help illegal immigrants gain a citizenship paying for it obviously comes from hiking taxes on the rich corporate tax will go up to 28% and that's why biden wants. stuart: expanding salt. now i'm listening. susan: joe mansion this morning said he has serious concerns about this spending which i kind of understand it. stuart: i don't think you will get three and a half trillion dollars worth of-- i don't think-- maybe some, but certainly not all of it and heaven forbid you get all of it. susan: especially the tax hikes. do you think they will get the 1.2 trillion infrastructure plan through even though they have to negotiate part of that three-- stuart: i don't know what's going to happen as the process unwinds, but i'm convinced you don't get all the three and half

trillion and god forbid you do. now tell me about the 1.2 trillion dollar package. i'm told there's a lot of money in this 1.2 trillion four technology. is an accurate? susan: that's right. i saw there were $65 billion when it comes to expanding 5 g and broadband including 42 billion for rural areas that can't get access and also subsidies for low income families to access the internet because now it's necessary, kind of like a basic need is in it to get on the internet and also the electric grid upgrade which includes the seven and a half billion for charging stations for electric cars across the country. that's a check for tesla and 2,000,000,004 cybersecurity which i think is necessary. stuart: that's a stretch to say that's going to technology, but i guess you are right. a big hack and affecting crypto's, three and half trillion dollar passage in the senate, don't know where it's going, 1.2 trillion dollars with a lot of money going to technology and

now let's bring in shah gilani to talk about the big inflation numbers which we got earlier this morning for 5.4% consumer price inflation compared to one year ago peter how do you think that affects the market, shah gilani? >> the market is looked at it and brushed it off as it has pretty much every inflation report. i think the markets honing to the federal reserve's position that is quote unquote transitory. i think a lot of that inflation we see is more structural, but the market nonetheless is focusing on what they should be focusing on which is not whether inflation will exist longer-term over the horizon and what level they focus on earnings and earnings in the second quarter have been about shy of 90% of the s&p 500. reported 87% have beat analyst estimates for earnings and 87% have be on revenue estimates, so earnings just kicking it out of the park and i

think they will continue to. that's what investors are focused on and that's why we are making new highs. stuart: we will continue to make new highs as we go forward? >> yeah, what happens in the second quarter as we got close to earnings and reporting, they are still in terms of reporting we are woefully low in raising. they are yet to start to raise on third-quarter earnings so i think they are behind the curve there which means third-quarter earnings will probably be which means the market still have strength and momentum in terms of earnings and again investors want to see that, the mother's milk of stock prices rising so we continue to see it and will have the momentum. i think the market has another level to go higher. stuart: you stole my expression, the mother's milk of television. you stole it. one of these days, shah gilani. you will tell us one day it's time to sell but we are nowhere near that point. thank you for being with us all these years. we will see you soon.

the movers, wendy's is moving up nearly 5%. susan: more people like you are going to wednesdays-- wendy's to get the jalapeno cheeseburger. that's the stuart varney order. stuart: bacon jalapeno cheeseburger, which they no longer serve at the wendy's i go to so i'm out of luck. susan: more people returning to in dining in person dining. stuart: i can see them everywhere and i see the stock down 6%. susan: it is a summertime. stuart: what happened? susan: they had rising costs and also the summertime is not exactly boom time for this company. stuart: tell me about southwest. susan: the delta variant is increasing cancellations, which is concerning because it will be hard for them to be profitable

this summer because of that so as a result they are lowering forecast and when you do that the stock usually goes down. stuart: that is a slowdown. mortgage applications, 18% lower than one year ago. refinance applications down 8% compared to a year ago, basic problem but not enough homes for sale. checking futures, looking pretty good as we approach the opening bell on a monday morning. we will be up about 80 on the dow jones and the nasdaq 15,000 plus. 47-point game. we brought you a number of stories from loudoun county virginia ground zero and the fight against critical race theory. last night one teacher resigned in front of the school board. watch this. >> i quit being a cog in a machine that tells me too push highly politicized agendas on our most vulnerable constituents, the children. stuart: has been leading the fight against crt and loudoun county and elsewhere and he will join us in the 11:00 o'clock

hour. it's official, the governor of new york cuomo resigning ticket did you catch all the excuses he made leading up to that announcement? well, we will play it for you whether you like it or not. watch it again, please. >> my sense of humor can be insensitive. i do xoxox people casually. obviously and highly political manner like this there are many agendas. stuart: liaison then once to take his job. i will get his reaction and the new governor, lee zeldin is next. ♪♪ [engine revs] ricky bobby, today the road is your classroom. [engine revs] now let's go borrow a boat and make some bad decisions. [engine revs] time to go incognito. [zippers fasten] [engine revs]

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stuart: looks like a modest rally. at the dow jones up 122nd the nasdaq nearly 60 and both of those indicators keep climbing a bit higher as we approach the opening bell. we have american express, postponing their return to the office. how long is that the likely to buy a month, october 11 instead of september 13. the ceo said that data could shift again depending on the delta variant to spread. we have heard that from numerous companies. stuart: is a citigroup also delaying a return to work? susan: they are saying new york and boston should reopen september 13, but they are behind the other wall street titans like coleman sachs and j.p. morgan who are already back in the office. stuart: but they are saying you have to be vaccinated? susan: and it's only two days a week right now, so that's the highbred work model. stuart: definitely. susan: stephen i have seen a survey that says only 23% went

to return to work full-time. susan: no one is saying five days a week, i mean, two, three days is kind of a workaround is it? stuart: companies are changing up. now to the serious stuff, governor cuomo announced his resignation stepping down to 14 days from now. at the lieutenant governor, kathy hochul, will replace him and she becomes the state's first female governor ever. congressmen lee zeldin republican new york is with us. he's a gubernatorial candidate. he wants the job of governor of new york, so, lee zeldin, what do you make of the incoming governor? >> this is andrew cuomo's lieutenants and if we want to change the direction of the state come this one-party democrat rule with the policies coming out of albany, new york city, we have to go in a different direction, not having andrew cuomo's lieutenant taking the helm for the next five plus years, so that's going to be part of this

battle next year. november 8, 2022, all the statewide seats here in new york are up while all the house seats up across the state and country, but when i travel around the state and you hear new yorkers talking about their breaking point, why so many are fleeing new york right now not looking back, i mean, they are talking about eroding public safety, quality of education, cost-of-living, business owners unable to bring people back to work because government is incentivizing them to stay home rather than reenter the workforce. we will see once lieutenant governor eddie ghabour becomes kathy hochul whether or not she will defy her party, her ideology and start acting as if she is one of us as a conservative looking to support law enforcement more not less, repeal cashless bailing keep qualified immunity, get rid of critical race

theory, but i don't see it happening. stuart: i don't see it happening, i mean, when the announcement was made that cuomo was out and incomes kathy hochul all i heard was about her identity, a woman, i would say very liberal issues. i don't think that deals with what ails new york state. people are fleeing this stay, taxes are sky high, unemployment rates about those in gop run it states, education is a mess, crime in the city is awful. i don't think that identity deals with those problems and i don't think you do either, but i don't expect any change. >> bingo. i think that's exactly right. we have in albany, one-party democrat rule where the assembly and senate have a super majorities, not by much, but there are super majorities and i was in the state senate before i got to congress and served two terms, for years up there and if i went up to any state legislator, any one of them and accused them of

being a socialist, every single one would have taken that as a hyper- partisan hyperbolic insult. now there's a whole bunch of different state legislators where if you walk up to them and you accuse them of not being a socialist but they will be correcting you and it taking that as an insult. it's been a big shift during this time while andrew cuomo has been in office where this one-party rule that-- this ideology has caused situations like earlier this year 12 and half million dollars sent from d.c. to albany as part of what they called the rescue plan. it was monopoly tax payer funny money getting passed around the entire country and the drastically increased spending, created a multibillion-dollar fund for people who aren't even legally in the country to pay for it they created a new income tax rate, which for many new yorkers ends up being the highest income tax rate in the entire country if you are working in new york city. stuart: maybe things will change.

we shall see. lee zeldin, thank you for being on the shelter -- show. stuart: fox news got an exclusive caught up with cnn host chris cuomo. he's in sag harbor unquote a long planned vacation. here's what happened next. roll tape. >> did you advise him to step down? are you continuing to advise him? do you think that's an ethical conflict? >> i think you have a job to do and i'm letting you do it. >> thank you, sir. stuart: there are growing calls for chris cuomo to resign from cnn. ad lib. futures, that's what the script says. of 130 points for the dow jones, nasdaq about 58, kind of a favorable consumer price story this morning and that's why stocks are up. we will be back.

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stuart: we are going up on the opening bell nicely and here is

eddie ghabour to talk inflation. 5.4% consumer price inflation over the past year. at the federal reserve says it will fade. do you agree with that? >> i do not, stuart. i have been sharing with your viewers and our clients that inflation is going to be very sticky for the next 12 months. all you have to look at is look at labor markets there's over 10 million job openings, and the labor cost will continue to stay high until the labor market tightens up. that will not happen in my opinion in the next 12 months and shelter accounts for a large percentage of cpi and we have not see rent increase yet because of the moratorium with the supply demand dynamics of real estate which by the way is why we facilitate this rent, we will see rent possibly increase seven to 10%. that's very inflationary and lastly energy prices -- look i know the administration is pushing opec to increase production, maybe we should not have shut down the pipeline and the regulations on oil

companies are before one of the largest booms since post-world war ii. opec is laughing at us. they now can increase production in my opinion and prices will stay high so those threes-- three things will continue to keep cpi sticky and that's why gdp will slow down in the upcoming quarter. stuart: now let's look at something different. in britain and israel, the caseload-- the virus caseload is beginning to come down. why-- quite sharply. we could see the same thing happen here. we have a spike at the moment with delta, but it some point it will start to come down. when that happens and i believe it will happen, what happens on the stock market? >> stuart, we agree with you one 100%. we think we could see peak cases here by the end of this month and when that happens in our opinion, we will see a really big snapback in the reflation area trade , areas like energy and small cap that had taken a big hit over the last few weeks.

we think there will be a catch-up trade that will carry us through the fourth quarter. i caution you, we will look at that as an opportunity to the risk because we think going into next year you really need to be positioned in higher quality equities, but we are poised for a snapback in the reflation area trade over the next quarter. stuart: i'm not a doctor or medical expert and i'm very hesitant to call a peak in covid cases in this country in the next month. i think at some point it will come and i'm with you on this, doug get back to work trades, the -- what's the word, the reflation trade, i think they will pick up because they have been hit recently. eddie, we seem to be in agreement on that if not on inflation in the market. eddie ghabour, welcome back, good to see you again and we will see you in the future. 30 seconds to go until we open the markets and as you see from futures we are going up.

we have this-- i'm going to call it positive inflation news this morning in the sense that month over month inflation 0.5%, that's a moderation in the month to month inflation rate. i think that's helping the market this morning. here we go about five or six seconds to go when the man will bring-- ring the bell. they will clap and cheer and off we go this wednesday morning august 11. we are up 109 points right from the start. and that's about a third of 1%, that's a new all-time intraday high for the dow industrials. 35,380. about 26 and the dow 30 are in the green, so across the board this is a rally. s&p 500 also just hit a new intraday high, up 11 points. nasdaq, it's up about a 31%, pretty good, 14,833

big tech, please. apple, microsoft, alphabet, microsoft up and facebook slightly down. let's look at amazon in particular as they just opened a one and a half billion dollar air hub in kentucky ticket jeff bezos is that it create 2000 jobs, speed up delivery and amazon appears to have won a 10 billion-dollar contract from the nsa. that's a big deal. amazon is up 3328. a look at coinbase, please. a solid again up 6%, 287, coinbase moderna has been on a tear lately. bank of america not buying that tear. susan: in fact they are saying it's ridiculous at $443 according to analysts. a lot of people would say yes because they expect the stock to drop about 75%, $300 and set of $4 but ice would say

there are fundamentals driving the stock. it's proven to be twice as effective against the delta variant compared to pfizer. stuart: is it? susan: what did you get. stuart: that's why pfizer is in the low 40s and moderna went to the moon. susan: motor and is now included in the s&p 500. stuart: ww international. you don't know them? i do, formally known as weight watchers, tumbling big time, 24% with the stock of 32% this year, this calendar year. today's laws about wipes it out. susan: they got a downgrade from jeffrey's, worth $30 in their view. the stock is down. stuart: fubo tv up big, 12% higher, record revenue, huge again. you see, susan, this stock is popular. susan: if you pay for it, but they did double their paid to subscribers to 680,000.

are you one of them? stuart: now-- no. susan: they tripled their sales and 245 million hours, that's a staggering that was streamed during the quarter. stuart: i do not have a subscription, but i do watch the football game, the soccer game they run. i watch them in spanish on a different network. that's how i watch good soccer for free. amc, where are they now? now nearly 2%. yesterday they were down big time. susan: despite the fact they had huge earnings, i mean, they came out and be most of the theaters are back up and they said they are now selling-- using bitcoin for transaction by the end of this year but i would caveat that because no one really uses bitcoin to buy anything right now pure do you know who jim shea notices? stuart: he shorts everything. susan: he shorted amc. i think a lot of fraud

has come out after a the earnings. i just checked the billboards in terms of what's most talked about and it's not one of these meme stocks. you will never guess what it is. stuart: what is it? susan: s&p 500 index tracker. they play conservative sometimes. stuart: show me upstart holdings i'm told this is an artificial intelligence lending platform and it's up 20%. susan: that's what they call it. stuart: solid earnings. what is it? susan: back to consumer lender in small amounts, a thousand dollars to $50,000. j8-- may use artificial intelligence to say if they will pay it back, but people are noticing 11 fold increase in sales in this quarter. stuart: all online? susan: yes your amazon during growth spurt their top was three 100% so we are talking about 12 100% growth.

that is something. stuart: especially small-scale loans. susan: yeah. stuart: a thousand to 50,000, that's what you get. a look at the crypto's again, please they are at this morning. ethereum 3240 at the moment. susan: i looked at dogecoin this morning and it's up 30% on the week. it's only wednesday. up 29% and also some of the data coming from-- why are you laughing? stuart: dogecoin up again. what's going on? susan: i think it's the retail crowd piling in. stuart: it's a gambling casino. susan: oh, would you stop with the casino. it's different in these times when you have crowd source of value and that is what we are looking at. stuart: continue. susan: it's your turn to continue. i'm done. stuart: look at the dow jones winners. headed by home detail, walmart, apple, microsoft is in their,

s&p 500 winners headed by-- i don't know that one. susan: norton a lifelock. stuart: oh, i know that one. nasdaq winners, are there any big tech companies there? susan: paypal. stuart: and none of the big five. susan: no, but chip makers continue to advance with the shortage we see. stuart: let's talk about virgin galactic, morgan stanley downgraded them and they predict the stock will fall 20%. it's down 7.5% now. slunk. susan: you say it so well. stuart: they say you should buy. says competition fears are overblown. the thing is up 4.6% pure what is slunk. susan: that's hard. do you-- stuart: times up. susan: software. stuart: price of oil down because the white house wants opec to boost production having

clamped a lid on america's oil production. joe biden, our president, now wants opec of all people to raise production. susan: opec plus, right. the national average for a gallon of gas is $3.18 of the highest we have seen since almost 2014, but if you produce more oil than gas prices come down. stuart: why can't we produce more oil in american get back to energy independence and build pipelines and taken around the country? susan: because climate change. stuart: so, we don't care if the saudi's drill for oil and pump carbon out there as long as we don't do it. is that it? susan: i think that's the feeling i have. stuart: look at shift. interesting company. at the used-car people, they cashed in on the pandemic, that's my opinion. at the co-ceo will join me on that on used cars in a few minutes. do you remember when president biden and

elizabeth praised governor cuomo's leadership? we will remind you. >> i think governor cole-- cuomo is capable as president. i think he's doing a hell of a job. i think he's doing an incredible job. the governor of new york has done one helluva job. i think he meets the gold standard. stuart: even though he is resigning amid numerous scandals president biden still thinks he's done" a helluva job. we will play you the sound, more of it later in the show. ♪♪ ♪ ♪ experience, hyper performance

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reported that they got the 10 billion-dollar cloud computing contract from nsa, but microsoft we understand is challenging that. susan: they filed a protest with the federal auditor over the 10 million-dollar contract that reportedly was awarded to amazon don't forget this goes back to the jedi contract, the $10 billion pentagon contract that originally had microsoft winning that amazon jeff bezos went into contest so microsoft i guess that if they did that we will do this as well. stuart: the politics of a 10 billion-dollar contract are interesting. susan: testing a secret cloud contract. stuart: not so secret. this one is for you. pay attention. that is an audi sky sphere, a concept vehicle. it's a little dark right there, but it looks like darth vader would buy that. susan: beautiful, i think. you don't think so?

stuart: okay. susan: batmobile technology with lots of luxury. it's the roadster concept car that can change sizes depending on the driving mode. also digital cockpit, retractable steering will, retractable brakes and pedal, so beautiful and i can't wait, likely to debut in the second half of this decade. audi and other carmakers are pivoting to electric you would look good in that. stuart: i would like to know the price. susan: very expensive and goes as far as 310 miles on a charge of. stuart: what is the price? susan: it is a concept car. i would imagine six figures. stuart: guaranteed. susan: i can imagine. stuart: despite about a million people putting in preorders for elon musk highly anticipated cyber track it's being delayed. susan: does that surprise you i mean is not good with delivering on dates. 2022 instead of this

year. he was saying that austin production would go up probably in the back half of this year end maybe deliveries. stuart: elon musk apparently earns 11 times more than the next highest paid ceo for the year 2020. how much did he make, actually make? susan: massive pay as you can imagine. a few billion dollars. i thought you were going to tell me how much he made. 11 times more than the next highest paid ceo, but i think he's different because it's part of the stock options package that gave him the rights to purchase shares of tesla at a cheaper price and tesla shares as you know have gone up seven times since like 2018. stuart: you wouldn't pay income tax on that $6 billion. you would pay a capital gains tax. susan: correct, 15 or 20% instead of the high 30s.

stuart: shifted technology, let's get back to them. they are the online used-car marketplace and they did really well, record growth in the second quarter, up about 370%. they have raised their full-year guidance as well. of the stock is down, but that was quite a report and look who is here, toby rustled the co-ceo of the company. you have done very well and seem to have cashed in on the used-car pricing scale up during the pandemic. toby, i noticed in today's consumer price report, used cars were up only 0.2% in july after a 10% gain in june. is this going to slow you down? >> what we are seeing, steward, overall is a huge lack of new cars in the marketplace up to about 5 million cars that would have been built have not been due to chip shortages. i don't see the used-car market slowing down and in fact it's gone through a big spike and it's starting to normalize into what we

would have expected otherwise. stuart: can i make sure i have this right, with shift technologies i can both buy a used car and sell my used car on your platform. is that correct clinic that's exactly right. we think the best used cars are the ones someone else is driving right now. the car that one one owner, no accidents, grade option package, but is a little older so you will get a better price. the high quality used cars the way to go in we went to get that from the consumer to the consumer and that's 93% of what we sold in this past quarter. stuart: you are killing the old-fashioned auto dealerships, aren't you? >> we are bringing e-commerce to the largest retail segment in the planet like 840 billion-dollar market. stuart: that's a nice way of putting it but you are killing those poor guys on the side of the highway trying to sell a car face-to-face. what's your full-year outlook? i know you raised your guidance.

>> between 575 and 595 million. this year we raised that to 85 million so we are in the half billion dollar range for 2021. about 3 x what we did last year, rapid growth, real expansion and it's the e-commerce principal going after a market that is ripe for change. stuart: and you take a piece out of every transaction you make? >> we do both a little bit of spread of the vehicle. we will sell a bit higher from what we bought it for and we provide financing, warranty products so there is a fifth tech component embedded in the platform. stuart: do you do any fixing of used cars, any warranty you offer buyers? >> yes. that's one of the big value propositions is we have our own in-house reconditioning, our own mechanic improving the vehicle from not retail ready to hire retail standard quality and we will then offer a vehicle service contract on that because what you

want to do is protect against and have new car like peace of mind with a used vehicle. stuart: toby, your stock is down but your company seems to be on a roll it. thanks for joining us. we will see you soon i just noticed bottom right-hand corner of the screen the dow jones as of 200 points. then we have democrat senator joe mansion has quote serious concerns about the size of his party's three and half trillion dollars spending plan. so do i. i think it's just a socialism ticket that's the nature of "my take", i will rant for a couple of minutes at the top of the 11:00 o'clock hour. europe is now considering whether to restrict american tourists from traveling over there. we will tell you all about it after this. ♪♪

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of course, it lacks business travel and not much international travel, but it's still not back to where we should be. by the way, the european union is considering travel restrictions on americans. so let's turn this around. and susan, what are americans going to do about that? susan: great question. what the eu is considering is that they -- they only want to allow travelers from a low covid rate countries pick obviously the u.s. is not part of that because they are looking 75 covid cases out of population one thousand. the u.s. over the past 14 days 400 times that level right now. the eu says we will think about it given the u.s. is not reciprocated by the way in opening to allow european travelers to come here to the u.s. even if they have been vaccinated whereas the eu opened their borders for the past three months or so it. stuart: so we still don't have a free flow back and forth? susan: now but the u.s. has been more strict because remember that canadian u.s. border also

reopened that they are not allowing canadian travelers here stuart: last week spirit airlines was an absolute mess with cancellations of all kinds. had a stabilized? susan: stabilized a little. canceled 16 flights tuesday. that's pretty good given we saw hundreds canceled last week so 2% cancellation rate instead of 50% which i think travelers will take any day storms, shortages, technology that contributed to that more than 2000 cancellations on spirit airlines. stuart: with all the chaos in airports. susan: and the delta spread like why would i risk going out there if i'm going to have my flight canceled anyway. stuart: i think that's why there's only 1.7 million people pass through tsa checkpoint the other day. susan: what has been the average because you have it stashed somewhere in the brain for the summer months? stuart: back in the day, 2019, two and a half million and now 1.7 million without executive business travel.

still not back to the proper level by any means. let's check the markets, please. holding onto the rally and it is solid with the dow jones up 200, well above 35,400. just ahead on this program today liz p, bret beyer, martha maccallum, ian pryor, andrew cuomo is out and soon to be governor of new york . is in. i'm sure you have heard she will be the first woman in the job, but identity politics won't get new york state out of its mass. "my take" on that is next. ♪♪

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♪. stuart: good morning, everyone. it is 10:00 eastern. straight to your money. why not when you got a rally like this, pretty much across the board except for the nasdaq which is only up 1 1/2 points but the dow is up close to -- pay no attention to the bell ringing in the studio here. be not alarmed the dow is up 192. the 10-year treasury yield is 1.36%, getting up there. bitcoin is moving up as well.

you're at 46,300 bucks per coin and most of the cryptos are up along with them. favorable inflation news earlier this morning. now this. new york state now what? andrew cuomo's gone. kathy hochul will take over as governor. she will be the first woman in that job in state history. much was made of that. identity politics surfaced the moment cuomo announced his resignation. the pundits took to the airwaves, talked about hoe brown's support of lgbtq community, driver licenses for illegals. but if there ask one thing that new york state does not need it is surely a dose of liberal identity politics. new york state is reeling. it is neck and neck with california highest taxes in the land. unemployment is way above the level of florida.

you should check out the flood of u-hauls heading down south on i-95 in search of low taxes and opportunity. it's a mass exodus out of the state. new york city, the very center of big city liberalism. all its problems, crime, racial division, defund the police, tax the rich and make them leave. the state and the city are in chronic decline. this is the situation that kathy hochul takes over. it's a mess and dealing with it will be an uphill struggle. identity politics will not cut it and liberalism will not revitalize the state. kathy hochul will address new yorkers this afternoon. it will be the first indication of her politics as governor. we wait in hope. the second hour of "varney & company" is about to begin. ♪. stuart: liz peek is back with us, thank heavens. liz, good morning to you and

welcome back. look, is this what we need in new york state, identity politics? >> definitely not, stuart but listen i don't care whether she is a woman or a man or who cares, right? the question is what kind of politician is she going to turn out to be? will she be a speed bump to some of the more progressive ambitions of the democrats in the state assembly and state senate that andrew cuomo for all his faults occasionally was? cuomo, as much as we are glad to see the end of him after all was a fiscal moderate. we have seen no moderate tendencies at all amongst any of the democrats now in charge in the assembly or the state senate. i think it is incredibly worrisome that she takes over at a time when voters will have no chance to maybe set the course differently going forward. we know that in new york city, for example, certainly a progressive strong hold, eric

adams' win really shocked the pundits across the country. this after all was sort of a reversal, someone who presumably will be the next mayor of new york who is not in favor of hiking taxes on the rich. wants the rich to stay in new york. not in favor of crime running rampant on our streets, et cetera. he gets it. the question for kathy hochul is, does she get it? will she turn around some of the really negative trends you mentioned. stuart: talk about the spin surrounding the resignation. a blogger from "the washington post" ridiculed celebrating new york's first female governor moments after cuomo resigned. biden wins on infrastructure. cuomo gets out of of the party on same day. a lot of high-fives in the white house. one big win. one distraction gone. this is spinning the resignation into some kind of victory, liz.

>> it is not a victory for new york. we don't know what the new policies will be with the new governor whether she will rein in the progressive crazies in her party. this is not a win for the liberal media. if you go back to look what they were saying about andrew cuomo, the lauding of this governor when to your point he has done nothing good for new york state. you didn't mention education. new york's education outcomes are amongst the worst in the country. we impose the highest tax burden on new york citizens in new york state than any other state in the country. there are some things going wrong in new york state and yet andrew cuomo was hailed as a leader. he has done a great job according to joe biden. whoo are they talking about? on what front did andrew cuomo do anything right? it is really hard to figure. stuart: are you on nantucket at the moment? >> i am on nantucket. stuart: any impact from the obama bash on nearby martha's

vineyard? >> thankfully it did not wash ashore here, no. no, you know, we are just thrilled that the clintons, the obamas and so many others have chosen martha's vineyard. i cannot tell you what a relief that is to nantucketers. which by the way is a pretty red-eye land a lot of trump supporters here. a lot of republicans. i wish martha's vineyard well. i never go there. stuart: [laughter] i digressed. fortunately i did. that was a nice ending to the interview. liz, you're all right. come see us again soon. thanks very much. >> thanks, stuart. stuart: got to get back to the markets, i have a dow jones rally, 35,400. we got i will call favorable consumer price numbers. month to month inflation rate went up 0.5%. that is a much better inflation reading than the month before. i want to bring in bob doll on

this. because the inflation numbers kind of dominate market trading so far this morning. the market appears to be rallying because of the, what i'm calling good inflation numbers. do you agree with that? >> well, better than expected, stuart. i'm not so sure that 0.5, multiply that by 12, you get a pretty dangerous number. look, some of the transitory inflation is beginning to wash out. we may have seen the peak in the transitory numbers. so let's supposedly go back to .3 per month. well,..3 times 12 is inflation rate that is too high. i think inflation will settle in at two to four when the dust settles but not zero to two where we were. i still think we have an issue, stuart. i'm worried about the rates, most transient hardest to get rid of inflation and picked up a lot in recent months. stuart: now you say the next two

weeks are likely to be the most consequential time period for president biden's agenda. are you talking about this 3 1/2 trillion dollar add-on infrastructure package? is that what you're talking about? >> yes, sir. obviously we'll not get the final word on that in these couple of weeks but the direction here about will the democrats stay unified about spending this gargantuan amount of money remains to be seen. of course there will be a bunch of tax increases if that is what they vote to spend. we've got a lot of washington, d.c., fiscal policy to keep our eye on, sir. stuart: would you say it is bad news if we get any part of the 3 1/2 trillion and good news if we get none of it? >> i guess, if you gave me a vote, all or none, i would say, let's take the infrastructure package at around one and can the second part of it. i would vote for that. stuart: okay. there is a little caution in your voice here about the market going forward.

bob doll, thanks very much for being mere. we'll see you again real soon. thank you, bob. lauren is here. lauren: good morning. stuart: you're looking at market, looking out for movers. southwest airlines not moving much. lauren: sharply negative in premarket before the inflation data. this is not good. southwest is warning it will not be profitable this quarter. it is blaming the delta variant with slow bookings, more cancellations they're seeing in the month of august. stuart: just a few moments ago we brought the news 1.7 million travelers went through tsa. that is not a big number. i think the delta variant is affecting the number of travelers that fly. lauren: not only the personal fear, where are you going? is that place you're going to will they change the rules of the game? we had a rapid test, turns out we had to go back to the hotel to get a pcr test. not good.

stuart: weight watchers, ww international, formerly known as weight watchers. lauren: they missed expectations by a mile. they forecast lower revenue. i thought everybody was losing weight because of covid-19. i am. people are acknowledging their need to recommitting weight lows and they're asking for a pause to enjoy social reconnections. drinking on the beach, anybody? jeffries downgraded them to a hold. stuart: i want to see a winner. lauren: got one. stuart: what have you got? lauren: wendy's. what is the number you like, number eight? stuart: bacon jalapeno cheeseburger. lauren: people continue to go through the drive-through. it inflation at wendy's. innation would be 2 to 3% because of labor and meat prices. as for labor, guess what, as states get unemployment benefits, they're seeing applicants and applicant flow start to come back.

that is positive for wendy and their lair bore shortage. stuart: that is positive for you will of us. coinbase, a solid 5% gain. why? lauren: blowout number. net income up 5%. revenue $2.25 billion. monthly users 8.8 billion. here is the story, not just from retail but institutional investors. bitcoin prices were down in the quarter but you can buy and sell on the exchange and bitcoin is not just where it is at. that is only a quarter of their volumes. they're trading in other currencies as well. stuart: that is the biggest exchange in the world, coinbase? lauren: lauren: uh-huh. stuart: up knife%. a good one. this is what we led the show with this morning. $600 million stolen what is called the largest crypto hack ever. can you explain what happened? lauren: hackers exploited a vulnerability in the polly network platform which is

decentralized. you can't call a cop on the beat or the ceo. it is decentralized. so what do you do? not much. what poly network did, traced addresses of stolen cryptocurrencies and told the exchanges to go blacklist those tokens but can you get those tokens back? how do you fine who did this? this is the world we're in as we talk about cryptocurrencies and the dark side of this. stuart: it undermines confidence in the cryptos. they're all up this morning. how about that? coming up an oklahoma school board member comparing maskless students to murders watch this. >> it is not okay for kids to commit murder by coming to school without a mask. they will cause the death of another child because they come to school without a mask. stuart: that lady is walking back those comments but will there be any consequences for her having said them in the first place? we'll deal with it.

violent crime surging in oakland, california. residents had it. they want the governor to declare a state of crime emergency. we got a report on that. there is this. police officers in washington state being forced to show their private social media accounts to a commission or face termination. jason rantz brought us the story. he will detail it after this. ♪ [engine revs] ricky bobby, today the road is your classroom. [engine revs] now let's go borrow a boat and make some bad decisions. [engine revs] time to go incognito. [zippers fasten] [engine revs] i love you, ricky! i love you, cal! what's the next stop? it's time for your extracurriculars. ¡vámanos, amigos! woo-hoo!

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the dow. they have opened three new distribution centers in baltimore. they say that created 500 jobs. the stock is up 2%. officers, police officers in washington state being forced to show their private social media accounts to a commission or face termination. this is a review. it is part of a new police certification move. jason rantz with us this morning. how are officers responding to this? >> oh, they are not happy. they were first shocked to see this as part of their training you certify you will consent to anyone from, called the criminal justice training commission. this is the organization that basically does the training for new recruits before they head over to an individual agency. they said why would i do this? the thinking was this was a new requirement for the new recruits who just sign up because under those circumstances they are overseen by the criminal justice training commission. and individual agencies

essentially have their own social media policies but as turns out part of one of many bills, so-called police accountability bills the democrat passioned in order to dismantle the police, rebuild it in a certain image, no, this actually applies to all officers. now there is some concern number one this is not legal. and number two, that it's a huge abuse of the state power to be able to go into someone's twitter account or their facebook. not to see the stuff that is public but to see the stuff that is private. so the direct messages, the facebook messages, some of those things including accounts maybe by design private just for family and friends. stuart: let's look at this more closely. what do you think they're looking for, jason? >> so they're looking for a few things. number one if anyone wages some complaint against one of these officers, maybe for biased policing they can say, hey, you had a tweet that showed you

liked something that was conservative or from fox business. let's go ahead to check your account to make sure you're not doing something or really thinking something that we don't want you to think. remember this happens, just a few weeks after january 6th, there were some officers from seattle police who went to the rally. they went to the portion of the rally where there was just speeches. two of them got a little bit too close to the capitol when some of the rioting started. they were fired. part of that investigation from the seattle police department ended up looking into private personal documents that under threat of termination they had to turn over. so they weren't even given due process. stuart: i don't know, i don't know where this is going. that is unbelievable really, isn't it? you can't stay on the force if we can't see your facebook page, good lord, have we come to this? jason, thanks for bringing this story to our attention. that may sound picayune in one

state but has broader implications across the country. >> thank you, stuart. stuart: seven states including texas have banned school districts from imposing mask mandate. dallas is pushing back. casey stegall, is there. is this going to court? reporter: two states it is already there, here in texas and florida, these battles are already in court. harris county, or houston, texas, expected today to file some kind of a lawsuit while yesterday san antonio did join dallas in the legal fight. this is challenging governor greg abbott's executive order which keeps pandemic protocols out of the local government's jurisdiction. and at the center of it all mandatory face coverings in public classrooms, something critics of the governor argue are necessary as the delta variant surges. listen. >> our schools are up and going. it is very, very dangerous for

children just in the last month or so, twice as many children are going into the hospital as they did before. reporter: abbott's office saying this in response to the challenges of his order, i'm quoting here, the assertion that the governor of the state of texas doesn't have the authority to protect the rights and freedoms of texans is just plain misguided. meantime in florida leon county schools became the latest district to defy governor ron desantis' order there, creating its own mask mandate. remember governor desantis' office said the salaries of superintendents and school board members could be withheld if they don't comply. president biden said he would look into alternative pay if the governor makes true on that. it is estimated by the way 30% of students will be back in class across the country, stuart, by the end of this week. stuart: casey, see you in court. thank you, see you again soon.

better get back to those markets. we have a nice rally for the dow industrials. we're up 200 points. home depot a dow stock, we told you it is doing very, very well. we had this, i will call moderating inflation news this morning. in july prices were up 0.5% expired to june. that is a moderation of the inflation rate. i think that is helping stocks. do you agree with me? lauren: i think there was a number for everybody and every argument in the inflation report, i really do. if you look at the cost of your vacation it is up 20% looking at air fare and hotels on a annual basis. if you want to talk about what the fed is talking about, saying inflation is transitory, maybe it is. used car prices came down a little bit, right? stuart: used car prices were up 0.2% after a 10% gain in june. lauren: in june, right. so there is something for everybody in this report. but the bigger question, this is what the fed has to consider is, higher prices do bleed into

other industries. stuart: they do. lauren: when does that stop? when do prices actually come down all around? stuart: at the moment the market seems to be saying the fed is right. inflation will moderate. it will fade. up goes the dow, 200 points. 35,461. new record high intraday for the dow and s&p earlier this morning. earnings after the bell? lauren: we're getting a few. earnings season very strong. bumble, lordstown motors to name a few and these earnings reports show how companies are dealing with the higher pressures, the higher costs, how their margins are holding up amid all of this, what they say about the future and the delta variant. stuart: got it. listen to this one, high school students in oregon no longer have to show proficiency in subjects like reading, math, writing in order to get their high school diploma. we'll tell you about the woke reason. that is what is being offered here. why are they doing this? it's a woke reason. not sure you understand it.

first, my next guest says the administration eviction ban, it is not illegal but a threat to the constitutional order. legal star john hu is here to make that case after this. ♪. [engine revving] [car horn and collisions] [tires squealing] just think, he'll be driving for real soon. every new chevy equinox comes standard with chevy safety assist including automatic emergency braking.

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♪ stuart: well, look at that, the dow still holding to a 200 point gain. can we take a look at all the dow 30? all the dow 30 stocks. that gives you an idea of the extent of this rally. it is pretty much across the board. we've got, what is it now, we have 25 of the 30 dow stocks in the green. 26 make that in the green across the board. pretty good. look at the cryptos, please. they're on the upside. bitcoin at 46,300. ethereum is at 3,250. coinbase a huge gain, they reported i think late yesterday, very solid earnings, a very solid outlook. they're the crypto exchange basically, up 8%, that is a huge gain. our next guest says that new eviction moratorium, it is not just illegal, it is a threat to the constitutional order.

bring in university of california professor of law, john yu. professor, can you tell me how come the cdc has the power to overturn landlord-tenant contracts? >> it doesn't, not in this case. in fact the only reason there was an eviction moratorium back when the pandemic started congress passed a special law saying there was an eviction more tore yum for properties receiving federal assistance. when that expired, first president trump, president biden kept extending it making it broader and broader without live any authority from congress. now we're living with a time congress and president is the same party around they chose a statute. cdc using a statute from world war ii, the cdc can fumigate, destroy animals that

block materials that might spread the disease and other measures. so the cdc says, oh, and other measures means we can do anything. cdc shut down the whole country, it could quarantine everybody in their homes. there is no limit to that kind of logic. that is why five justices of the supreme court just a month ago said, this eviction moratorium has got to be unconstitutional. stuart: what can landlords do about this because i think forgive the expression, screwed but they are. >> very important legal term, very important legal phrase being screwed. stuart: what can they do? >> first, well, i mean this is the problem, it's a problem with a lot of other things you're hering about that this administration wants to do, like suspend student loan payments and so on. it is that, this will drive the price of renting an apartment up in the long run. just like having a higher minimum wage and so on.

you will interfere with the markets. they will not work properly. you will actually have less people putting properties on the market to rent. if i'm a landlord, what will i do in the future? i will demand larger security deposits. i will write new contract terms that it easier to keep the security deposits. ultimately i will charge higher rent. put less money keeping my apartments up. i will ultimately maybe not invest in the market for rentals at all, put my money somewhere else. stuart: okay. but professor, if it is unconstitutional, even the president admits it will not pass constitutional muster, what can the landlords do when this moratorium is actually over? can they get their money back? what can they do? >> so if you were a brave landlord, what i would do is i would go ahead and try to evict people now. i would go to the state courts and say, this moratorium is unconstitutional. you do not -- five justices of the supreme court sadist is

unconstitutional. so go ahead issue the eviction notice anyway. and make the renter hide behind biden's order. it will go to court. there is a judge in washington, d.c., who is not taken lightly, she called it games manship. likely week or two will be struck down by the supreme court again. that is the threat to the constitutional order that the president is defying the supreme court. i can't think of happening since the start of civil war with president lincoln. however bad this pandemic is, this is not the start of the civil war. stuart: got it. professor john yoo, a pleasure. thanks for being with us. we'll see you again. >> thanks for having me back. stuart: look at microsoft, because they are reportedly going after, taking on the government for offering a 10 billion-dollar contract, cloud contract actually to amazon. got details on that? lauren: i sure do. so the contract is from the nsa. moved the crown intelligence jewels to amazon cloud services

over microsoft. microsoft filed the complaint as you said but this has been a two-horse race between amazon web services and microsoft's azure cloud platform. it is more pronounced since the jedi contract was awarded to microsoft a few years ago and canceled in july. seems like amazon is edging ahead. stuart: microsoft doesn't like it? lauren: nope. they're filing. we will get a response in october. stuart: when you will fight over a $10 billion contract, you hire a butch of lawyers, you fight about it. you don't want to get screwed as our friend john yoo said. wework and sakss teaming up. are we seeing the spaces in department stores? that's it? lauren: what will you do with all the real estate. it is luxury office space. what they're starting to do, converting saks fifth avenue and all surrounding offices to a

wework office saks is block away. they're not near the department store and they're also shopping online. this is double-whammy for a lot of areas in particular like big citieswhat wework and saks is doing, update the workforce. they're trying to make money. personal office space, 300 bucks a month. there is a restaurant and a gym. if you're working from a suburb or working from home you can get out of the house. stuart: 300 bucks a month? not bad. lauren: i agree. to get out of the house, worth it. if you're surrounded by clothes even better. stuart: weekly oil inventories breaking right now. smaller than expected drawdown. 447,000 barrels. we didn't have that much demand. we didn't take that much oil out of storage for gasoline, all the rest of it. the price of oil, down a bit, $67 per barrel.

there is this, peloton breaking ground on its first u.s. factory. it is in ohio. why did they choose the buckeye state? i will ask ohio's lieutenant governor. he is coming up shortly. minutes after cuomo's resignation mainstream media speculate about his comeback. watch this. >> i expect in my lifetime andrew cuomo to probably run for office again. what that office is i don't know but that is what this resignation tells me today. stuart: in his lifetime a comeback. how about that? i will ask bret baier about it. he is on the show shortly. ♪.

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♪. stuart: albany, new york,

81 degrees now but the actual temperature and the political temperature will heat up. they will get to 91 this afternoon. how about this, nbc host chuck todd suggests that andrew cuomo could make a political comeback. minutes after announcing his resignation he said this, roll tape. >> i know the way our world works. it's amazing the people we've seen make political comebacks. you can't ever rule it out, i expect in my lifetime andrew cuomo will probably run for office again. what that office is, i don't know. that is what this resignation tells me today. -- another day. stuart: well, well. here is bret baier, the voice of reason. what do you think, bret? cohe make a political comeback or is he done for good? >> on the my show, "special report" we played that exact same sound bite. i said could we wait one or two

hours after the resignation to not talk about the political comeback especially for channels who didn't spend a whole lot of time, not only the women and accusations but also the nursing home issue and the investigations. they just didn't spend a lot of time. and yet the first thing out of the speech was the analysis of the political comeback. i think that is a little rich, but listen, i'm not going to say that it doesn't happen down the road but i think this moment, this time is about what happened and what is happening in albany with a new governor that will be seated in 14 days. stuart: let's talk chris cuomo. he was reportedly advising his brother as he was an anchor on cnn. looks like a conflict of interest. what do you think? >> yeah. listen cnn has had a tough time talking their way through. this i saw a clip of brian stelter talking about it on stephen colbert's show t was a little tortured. if you look through the prism

how they covered it if it happened at fox it would be a little different. maybe. i'm just guessing. and so i think that, you know, they have got their hands full with what is coming next. they are going to move on since the resignation going to be in place. stuart: i hope you don't mind, bret, to keep the light mood going here i want to talk golf. >> yes. i love that. stuart: you heard this. four-time major champ brooks koepka, he will play left-handed against barstool sports dave portnoy, charity match, 250,000 bucks at stake. dave was on our show earlier this week, he is confident he will win. bear with me, bret, listen to this. roll it. >> he is mentally weak and i'm mentally strong. so golf, you know country club kids they're not used to -- their brain. brookes koepka, other soft golfers we'll see what happens

when the pressure is on. >> talk trash with him. >> that is my gameplan. get in his brain. own beachfront real estate in brooks koepka's brain and watch him fold. stuart: what do you think, bret? does he stand a chance? >> that is dave portnoy's at his best, that he wouldn't get out of somebody's head, open the garage door and get in his ahead. brooks koepka might not be the guy. four major championships. he hits the ball left-handed. claude harmon sent out video hitting a 8 iron two hundred yards. and another drive booming down the fairway. i think portnoy might have his hands full with koepka who managed to win some majors. probably still mentally tough. stuart: are you still a two handicap, bret? >> i am. i am a 2.1 index. i'm walking wallet.

handing out a lot of money to my buddies because my handicap is too low. but i'm getting there. stuart: let es see if we keep the mood going tonight at 6:00 p.m. on fox news. "special report." get back to lauren. she is with me this morning. start with movers, virgin galactic. lauren: the space company, right? they were down 11% yesterday too. this is really ugly selling. the news they were cut to underweight by morgan stanley. look, we had the great space taurus flight with richard branson. it will be until the summer of 2022, that they're able to launch another one after this september. there will be a prolonged period without spaceflights, without energy if you will. stuart: i want a winner. i think we found it, fubotv. they are the sports streaming platform, doing well up 8%. you see, i told susan earlier this morning, there is money in soccer and that's what they do. lauren: there is money betting

on soccer. betting on soccer through your tv. they put out great numbers. they raised the full year, subscriber guidance. people talking about the sports book that could be coming in a few months. >> i have no interest in that. i have no interest sitting at home watching a great soccer match and gambling on it. lauren: young people do. look at stories we're doing lately. stuart: are you implying i'm too old? are you implying i'm too old? lauren: yes you are. stuart: fine. nucorp. lauren: this the concrete, material stocks, industrials doing well on passage of the senate infrastructure bill. stuart: we'll take that. oh, three airlines this is you, not mandating vaccines for employees, three of them. three majors. lauren: correct. stuart: who are they? lauren: american, delta and southwest. they're breaking with united we told you yesterday. they were mandating that their employees get vaccinated. what weigh know from delta, 3/4 of their staff are vaccinated.

their new hires must be vaccinated but they're not mandating that for current employees. stuart: got it. here's what is coming up for this program today. a school board meeting in loudon county virginia ends with one teacher resigning in protest because of crt. watch this. >> i quit your policies. i quit your training and i quit being a cog in a machine that tells me to push highly politicized agendas on our most vulnerable constituents, the children. stuart: all right. we've got that story, believe me. we're going to show it to you in full. violent crime is surging in oakland, california. residents are fed up. what are they doing about it? we got a report on that next.

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♪. stuart: all right. let's get to oakland, california. you're looking at it. it is 59 degrees right now and leaders in oakland, in california, calling on governor newsom to declare a state of emergency. they want the state to send in reinforcements after a good samaritan was shot while trying to protect a woman during a robbery. claudia cowan is in sausalito, california. give me the details please, claudia. reporter: good morning, stuart, oakland, california, has always had a rough and gritty reputation but this latest brazen attack has one community demanding the governor send in reinforcements. as you mentioned this happened in oakland's chinatown neighborhood in broad daylight saturday afternoon. surveillance video shows two suspects wearing a hoodie trying to steal a women's purse, when two men step in to stop it, one of the assailants gets shot in the arm and leg.

can be seen fall together ground. he gets in a tug-of-war with the and gets fist toll whipped. both victims are said to recover. oakland seeing a surge in violent crime. carjackings up 25% this time last year. homicides up 51%. robberies are up 14%. chinatown leaders are demanding that the governor take action. >> we request that you, governor newsom, declare a state of emergency and deploy the california highway patrol and other state law enforcement officers to restore safety for citizens -- businesses and properties. reporter: so far no response from the governor's office and those two suspects are still on the loose. by the way, stuart, just recently two weeks ago former california senator barbara boxer was herself a victim of a crime in oakland. a couple of thugs pushed her

down, and stole her cell phone. they have not been caught yet either. stuart: claudia, thank you very much indeed. i want to stay on the west coast with another, call it outrageous story. oregon is getting rid of proficient requirements for high schoolers in reading, writing and math. any idea what they're going to replace that with? lauren: no, i don't and i'm not sure they do either. they will spend the next couple of years trying to figure that out. what are the new standards behind that high school diploma? if you don't have to be proficient in the essential skills of reading writing arithmetic what would it be? so they're scrapping in requirement. they say to create equity for minorities but they're lowering the bar and they're lowering the bar during the pandemic when students have already been hurt. that is anything but equitable. that hurts our students. stuart: yes it does, especially minority students. lauren: yeah. stuart: this remote learning has really hurt them more than anybody else. so they just lower the bar. that is a dreadful --

lauren: what is a high school diploma worth in the end? i do understand the argument some students, they're better at some vocational skills. so maybe you can change some requirements to reflect those skills but reading, writing math at the high school level? stuart: yeah. lauren: as we compete with china and other countries we lower that bar? it boggles my mind. stuart: it boggles my mind. how on earth will the folks get a job? if you can't read, write, think math, how will you get a job? how will you do it. lauren: that is the problem everyone is lowering the bar, having awful impacts on the corporate ladder, you can't find right employees for the work you want because the schools are not preparing them. makes me mad, i'm sorry. >> my head exploded. get the smile off my face. it is not funny. another big hour coming up. martha maccallum, ian prior, lieutenant governor of ohio, much more. here is my question to lawmakers, do you want america to look and feel like socialist europe?

if you do, vote for the 3 1/2 trillion dollar spending plan. if you don't, kill that plan. that is the choice. that is "my take" coming up next. ♪ ... lucia. who announces her intentions even if no one's there. and sgt moore. who leaves room for her room. with usaa safepilot, when you drive safe...

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>> they are laughing at us right

now they aren't going to increase production in my opinion and those prices are going to stay high. gdp is slowing down over the upcoming quarter. >> i don't see the used car market slowing down it's actually in fact bonds are up big and burn that half billion dollar range for 2020 it's about 3x what we did last year. it's that e-commerce principle going after a market ripe for change. >> the markets nonetheless are focusing on what they should be is earnings and earnings in the second quarter have been stellar. that's why we're making new highs. >> some of the transitory inflation is beginning to wash out. inflation is going to be two to four when the dust settles but not zero to two where we were. >> ♪ stuart: what is that music? put it up on the screen can you? >> your favorite. stuart: oh, never heard of them. i'm sorry i don't quite know that band. all right, i'll move on it is 11:00 eastern on this wednesday

morning, august 11. straight to the markets, because we got the dow is up 200 points, or close to it that's a half percentage point i'll call that a rally. nasdaq though dipping to the southland. bitcoin and all of the other cryptos on the upside today very nicely so, 46, 500, that's the price of a bitcoin right now , there's a rally in cryptos, there's a rally in most stocks. now this. you want america to look and feel like socialist europe? then vote for the $3.5 trillion tax and spend plan. you want america to stay unique and capitalist, then kill the $3.5 trillion tax and spend plan. it is a stark choice but that's the choice we face. bernie, aoc, senator warren, the squad, these are the shock troops of socialism, collectiv ism, group think. republicans, well at least most of them, are the defenders of individual liberty and capital

ism. just look at this for a minute. that $3.5 trillion plan includes free community college, free pre -k, expanded medicare with dental and vision coverage, the green new deal with all its subsidies and oppressive regulations, plus, of course tax the rich, tax businesses, and since that won't pay for it all, just run up the debt. that's europe. that's where the left wants to take us. the alternative is to keep america dynamic, innovative and prosperous. we don't need trillions in spending and massive debt. we need to get the government out of the way. thanks to the tax cuts, less regulation and yes, vaccines, we already are growing rapidly. there's never been a better time to be a worker in america. look at walmart and target. they are already doing more for college kids than bernie's give-aways. we're at a turning point. we've got a choice to make. are we to become europe, a vast museum, or forward-looking,

dynamic america? you know, where i'm coming from. the third hour of "varney" & company are just getting started . martha mccallum is back to my immediate right, geographically, do you think in these stark terms socialism or capitalism? >> i felt like i was in your head when you were writing and talking about that. these are exactly the same things i've been calling it this for a while. i think it goes back to obamacare, if you go all the way back to the great society since the beginning of the europe of america and when you look at the great nations of europe you look at great britain, france, what you see are, sadly, once great nations, right? once amazing great countries, with epic histories, but what happened is they gave it all away. the government began this cradle -to-grave, we'll take care of you all so what you saw then was the decline of all

their economies overtime. right? the softness and the loss of edge, the loss of competitive ness, in all of those and when i look at this $3.5 trillion bill that they are pushing right now, it is exactly that, and that's why bernie sanders and chuck schumer call it a transformative bill, because it is. it will change this country and it will dampen the desire of people to make it on their own, and that's a big problem. when you go through this bill, one last thought on this , stuart. when you go through the bill, there's not one thing in it that says, and if you are a business owner, this is going to help you get back to your business back on its feet. there's no incentive for business in this entire bill there's nothing that says we know you've had a tough year. we know you've thought about closing about 10 times many of you have. we want to get you reopened and back on your feet. here is the tax incentive for you to get back on your feet and here is the depreciation on your equipment and here is the if you invest in your business we're going to give you a break. not a word of that. not a word. stuart: when the socialists start saying they really care about business i'll get really

worried because they don't care about business but i want you to listen to this , martha. listen to what president biden said about new york's governor cuomo, right after cuomo resigned. roll tape. >> cuomo has done a hell of a job. he's done a hell of a job, and i mean, both on everything from access to voting to infrastructure to whole range of things. that's why it's so sad. stuart: he's not the only one speaking up for andrew cuomo. the actor, alec baldwin blaming cancel culture for his resignation there's a lot more where that came from so martha, what the is really going on here , with these excuses for cuomo? >> this is a complicated subject, because to a certain extent, he is the victim of cancel culture. stuart: didn't alec baldwin make the movie? >> it is complicated but the fact of the matter is we all know politics has changed so when you have these accusations which sound very credible, bundled at a moment when it can

take someone down, they don't necessarily, these accusations don't necessarily rise against someone that no one cares about taking out of office. they tend to come up, you know, when there's this sort of effort this ground swell against someone, whether they are republicans or democrats or people in power whatever it is. this does not diminish the credibility of these accusations and the strength of these women coming forward but these things do have a political momentum to them and i do understand that. you know, in terms of i think that the president biden lives in a time when these things, it was okay to separate things more to say like you know well he's a good guy, but he did this and that and that but he's a jerk to work for , and he's a creepo had s around the office. you can't do that any more in this moment in time. it's like all-or-nothing, right? you're either, so there's no acceptance for understanding anything that some people might think cuomo did that was good in his career at this point. we just don't live in that era. stuart: you've got a lot to cover this afternoon you're on at 3:00 with the story at 3:00

p.m. on fox news. it maybe that kathy hochul addresses new yorkers around about that time because she's due to have an address to the people of new york. i wish you luck. >> thank you. stuart: we'll be watching. >> thanks stuart. stuart: we have the consumer price inflation news this morning, inflation jumped 5.4% in july compared to one year ago. that's at the consumer level. michael lee back with us, the market watcher of the morning. i know you're still bullish. you're always bullish, michael lee, but what do you think this inflation rate and continuing inflation, what do you think that does for the market? >> you know, stuart, i think either this month or next month , we've seen peak inflation i think a year from now you'll be looking at supply and this all goes back to the shutdowns from covid and the effects of that. it's simply a lot easier to turn the light switch off in the economy than it is to flip it back on, and these things haven't worked their way through the system and if you look at the key drivers as a number, used car prices . used car prices are higher, because you

can't make new cars because of a chip shortage, okay? that is going to solve itself and then you look at airfare and hotels, two industries that were dying last year, that have really made their way back, and are dealing with supply constraints, so i think a lot of this is going to pass and when you strip out a lot of that stuff, and you strip out gas prices, obviously we have an administration that's really has waged war on fossil fuels doesn't care how much you pay per gallon when you strip those sorts of one-time factors out you're only looking at about 2% year-over-year, which where we've been tracking for a long time, so i'd say, you know, this gives cover for the fed. i think, i don't see inflation as an issue over the next few years. stuart: okay, look. we've got a new high for , an intraday high for the dow industrials earlier this morning a new intraday high for the s&p 500. do you think we're going to keep ongoing up through the summer and into the fall? >> stuart?

new highs typically mean more new highs, and if you think about a stock or an index or an asset hitting an absolute all-time high what could possibly be more bullish? nobody out there has a loss, so there are no forced sellers. stuart: yeah but we're all scared to death. especially people my age. we're all scared to death. they are just to the point we're about to retire, the market takes a steep dive and our pension funds are lagging. that's what we're all worried about. >> stuart, you know, that's exactly why we've got a lot longer to go. if you thought and everybody thought we were going to keep going to the moon that's when you want to be selling. when people are scared the bottom will fall out and that pessimism that typically means we have a lot longer to go stuart: so i'm an adverse indicator. i'm worried about a sell-off so the market goes up. [laughter] >> [laughter] unfortunately, that's the way it

works. stuart: okay, well, i'll take it i'll take it, if the market keeps on going up despite my climbing the wall of worry so what. michael, appreciate you being can us we'll see you again real soon. >> thank you, stuart. stuart: lauren simonetti back. she's watching what are you watching cybersecurity? i've got them on the screen they are up big time. lauren: so ransomware is on the rise, so you take a look at norton lifelock, those shares up 8.5% they are acquiring their rival, creating a $9 billion anti virus empire and separately mcafee are adding more customers , scathing earnings report very strong outlook. stuart: that works if you can keep my cyber activity safe. if you can stop the ransomware stuff. i mean, what's the point of cybersecurity if it doesn't work lauren: and that's what we've been seeing recently, right? there's a lot of holes in the cybersecurity. stuart: a lot of holes that's for sure. moderna way down what's up? lauren: this is an ugly piece of information for both moderna and for pfizer, because europe's regulator, they are looking into

three new conditions as potential side effects to the covid-19 vaccines, by both moderna and pfizer. one is in allergic skin reaction and two are kidney disorders and that's one of the reasons why moderna shares are down 11% pfizer down 3%. stuart: that's not going to do much for the people who want more vaccinations in the united states and elsewhere. lauren: yeah i know. stuart: it's not good news. lauren: the health officials say people are increasingly getting vaccinated but when you speak to an unvaccinated person or at least the unvaccinated people that i know and speak to, they are nowhere near closer to rolling up their sleeves right now. stuart: that's exactly what i'm hearing as well. thanks so much lauren. look at the dow winners, when you got the dow up 170 points there are a few winners, caterpillar, home depot, walgreens, walmart, home depot, caterpillar big winners on the dow. the s&p 500 winners, norton life lock, we're just talking about that cybersecurity, lumen technologie s way up there, the nasdaq bunch of winners do not show a single major league tech titans on that

list. pay car csx et cetera, but i don't see apple, microsoft, amazon, google, or facebook, not on the big winners list on the nasdaq. there's this though. parents pushback against critical race theory and gender policies in schools. watch this. >> stop while you still can. save our children. do the right thing. >> and i quit being a cog in a machine that tells me to push highly politicized agendas on our most vulnerable constituents , the children. stuart: that's a teacher. she just quit. ian prior is a parent in that school district, and he's on the show, coming up shortly. ohio reported more than 2,300 new covid cases, the highest number since april. is ohio going to consider new restrictions? i'll ask the lt. governor. a school board member says kids could be committing murder if they come to school without mask s. now, the lady walked back those comments but nonetheless, that is an outrageous thing to

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>> i thought it necessary to resign in front of you. school board, i quit. i quit your policy, i quit your training, and i quit being a cog in a machine that tells me to push highly politicized agendas on our most vulnerable constituents, the children. stuart: that teacher resigned at that school board meeting which was in loudoun county, virginia. want to bring in ian prior, he's

the executive director of "fight for schools" leaderring the charge against the crt stuff all across the country. ian welcome back to the show always good to see you. obvious question, are you winning your battle against crt? >> i think we are winning our battle. i mean, look we're going against entrenched politicians on a school board that really control everything, but we've been out there, all day, everyday getting petitions, signed to remove six of these school board members and we're getting very close to where we need to be to start filing in court. i think what you saw last night was heartbreaking. the school system is losing teachers, has lost about 1,300 students, vis-a-vis last year, and the saddest thing of all when she was speaking that heart-felt resignation, the chairwoman of the school board cutoff her mic when she didn't do it in enough time which is about the amount of respect that parents and teacher s and students really get from the loudoun county school board. stuart: well that's loudoun county, how about the rest of the country? any progress elsewhere?

>> i think so. i think you're looking across the country and you're looking at parents starting to stand up to their school boards, whether it's in virginia, where you saw one school board reject the recommendation from the virginia department of education, the past transgender policies to school boards across the country dealing with constituents trying to make a change and we're at the beginning of this battle. i think its gotten a late start. want to talk about march, april, when i think parents eyes started to really open up from the pandemic, but it's going to be a long fight. stuart: okay stay in there just hold on for us for a second will you please, ian i want to digress of something else of interest to you. i want to show you what a school board member said about kids who don't wear masks in school. watch this. >> it's just not okay for kids to commit murder by coming to school without a mask. they will cause a death of another child because they come to school without a mask. stuart: lauren, she is apologiz

ing for that outrageous remark right? lauren: absolutely, linda sexton says her emotions got the better of her, she truly cares about her students but her comments are especially dramatic considering that oklahoma's governor said he will not mandate masks in schools unless a state of emergency is declared in a specific area. then masks be appropriate, so how is going maskless into a classroom murderous if there isn't a big spike in cases in your community. stuart: she should have never said it. lauren: it was strong language. stuart: i'm sorry she did say because it was outrageous language and that's a fact. let's bring ian prior back again now, we know what you think about crt. what do you think about come pull sorry mask wearing for young children in schools? >> yeah, again i think it's government overreach. you have to follow the science, and the science shows that children are not spreaders of covid. while they can get it, they do not create the super spreader

event so you need to look and see where are we in the numbers? you can't just say we're going to mandate masks just because we think it's safe. show the numbers and how it's going to be safe and if you can't make that burden of proof you can not mandate masks. stuart: yes and show me the damage that mask wearing does to very young children when it comes to social interaction. there's never a word about that, but that's a vital part of a young child's education. ian i'm sorry i'm out of time but i want you to keep up the fight and come back and show us who you're doing at some point in the future, ian prior. >> stay tuned. stuart: you got it, thanks for being here. google wants to make the internet safer for kids, what are they doing? lauren: doing a few things blocking and targeting won't share your kid's location history and will allow their pictures images to be removed from a google search. for youtube kids, the settings will default to the most private mode and what that means is auto

play is off, so sometimes kids are just watching mindless youtube videos and they keep playing and playing and playing and you don't know what's being played they are taking that off, so the reason for all of this is google says our users want privacy and other countries are coming down hard on them with changes so they want consistency across their platform. stuart: you're a mom of three young kids. do you approve? >> i hate youtube because it's so great. [laughter] it works so well because when they're on youtube, i mean, they don't know anything else is going on. it's awful. it's effective. stuart: you reported yesterday that at some point soon, or even now, revenue or viewer ship of youtube exceeds viewership of netflix. lauren: isn't that crazy? and those videos are free. google has to pay nothing for that content and look at the billions and billions netflix is paying, arguably netflix content is much better. stuart: but no wonder google stock has gone up so much so recently. there you have it lauren good

stuff thanks very much. there's a civil rights attorney his name is ben krump and man is he facing backlash over a tweet about real estate. you won't believe this story but we will bring it to you. lauren: right now. stuart: oh, right now. you got it. lauren: the prominent civil rights attorney and here is his tweet. he praised minnesota removal of master bedroom from his real estate listing said words matter and he also thinks masters should be replaced with primary or main bedroom to be more inclusive to be less oppressive, but social media is speaking out in a great way. one user said, here we go, do you know anyone, ben, who equated master bedroom to slavery recently? and another said okay, in chicago this weekend 72 shot, 11 killed including a 29-year-old police officer, but this civil rights leader is happy because they are changing the words in reese estate listings. stuart: they can't say master bedroom.

it's all wrong. lauren: society has undergone a radical change. got to keep up stuart. stuart: i try, i try. show me citigroup. they will require all of their employees to get the jab before returning to the office. they are expected to get back to work next month, but you got to get the jab. pfizer, a new report says the booster vaccine causes side effects that are similar to the second jab. no wonder it's down 3.6%. all right, lauren you've got this one looking at earnings after the bell this afternoon who you got? bumble, i want to know. lauren: they debuted in february as a public company watch for a bigger rollout of their premium features the ones you pay for. stuart: isn't bumble a dating service? lauren: it's a dating service. stuart: women make the first move. lauren: a basically all female- led company as well. stuart: ebay? lauren: revenue expected just under $3 billion, lockdown was great for ebay and for its marketplace but now they have to find new niches where they can continue to do well and that's

in designer watches and collectible sneakers. stuart: lordsdown motors. lauren: its been an ugly ride for this company they are expect ing a loss of $0.49, no revenue. you need capital to get their electric truck to the market next month as they're rocked by federal investigations, you name it, they lost their ceo and some executives recently so it's an ugly story for lordstown, but it's still valued at a lot of money, electric vehicle start up s have high valuations right now. stuart: because we haven't got the complete shakeout in the ev market we will but it's not here yet. all right i've got to show you a sign, posted outside a dollar store. it says, if you can't read it. it says, we all quit, sorry for the inconvenience. what a story. we've got it for you too. peloton just broke ground on their first factory in the united states. it's going to bring in a couple thousand jobs and millions of dollars to ohio. the lt. governor of that state will join me next. >> ♪ she's got a ticket to ride

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stuart: that of course is the empire state building, middle of new york city, where it is 82 degrees right now. on the market, we're holding on to that dow jones rally, we set an all-time high intraday high earlier, same with the s&p, an intraday high set earlier. the only losing index at this moment is the nasdaq, which is down 62 points. ohio just reported more than 2,300 new covid cases. that's the highest number since april. john husted is the lt. governor of ohio and joins me now. sir, are new restrictions on the way in ohio? >> no, they're not. we know the vaccine works, and we're just trying to have more people get vaccinated. there are no mandates in ohio right now and we don't foresee the need for them. we're just trying to encourage people to get vaccinated. stuart: how about masks for kids in school? >> there's some school districts that are making those choices but they are see ing a lot of resistance from

parents and families, particularly those who have vaccinated their children. i think people in ohio are, they are weary of the delta variant and the virus. they are taking reasonable precautions but at this point in time, people know what the deal is. they know how to protect themselves and they are eager to go back to a more normal life. stuart: in britain, and israel, the rate of new cases is really falling fast. they kind of toughed it out. are you hoping for the same thing in ohio? >> well, look. i think we can out smart it just by informing people with the facts and allowing them to make decisions that they know will protect them and their family. people are smart. if you have underlying health conditions, you know you have to be more careful and if you're young and healthy, people are wise, they know how to protect themselves and i think that because of that, we're going to

get through this just fine. stuart: good, now peloton just broke ground in ohio. first u.s. manufacturing plant anywhere in america. the first one in america. how did you convince peloton to come to ohio? you know what this really means? the question is really how much did you give them, tax breaks, did you give them anything? >> well we were competitive with all of the other states that tried to entice them but we're a pretty low tax state now we've gone from a post- industrial rust belt state to a diverse economy that has low taxes and a great quality of life as taxes continue to go up on the coast, as global supply chains get pressured, they're looking back to the midwest and ohio as winning more than its share of these new high-tech manufacturing facilities, matter of fact, we just made a pitch for another company to locate a very big high-tech manufacturing facility here. we're winning these deals.

we won peloton. they're a great company. a lot of great high paying middle class jobs that will be around for many years to come. stuart: the attorney general the great state of ohio, jon hus ted, thank you very much for joining us. >> great to be with you. stuart: lt. governor, what did i just say? attorney general, i'm very sorry , sir. you are the lt. governor of ohio , and i promise to get it right this time and next time you're on the show. sorry about that, sir. >> no problem. thank you. stuart: thank you very much. okay, glad we straightened that one out. consumer prices jumped 5.4% from a year ago. we're paying more for pretty much everything these days including home appliances yes we are. lydia hu, well of course, she's at an appliance store in new jersey. so all right, lidia, i want a price comparison. how much more is say a stove this year compared to last year? >> stuart, a stove is going to run you probably around 20% more

this year than last year, but there are some examples out there where it's a lot more. take this general electric stove for example, it costs $850 more this year. last year, the price was about 1,570. now it's going for more than $2,400. stuart it's the manufactures that are setting the prices here , and sellers say don't expect the annual sales and promotions and discounts that you usually see this year. >> this is the first year where we hit such a big dramatic change. costs have gone up. raw materials, production issues number two. distribution, like getting a product from point a to point b is dramatically more expensive. reporter: the fresh data out today, stuart, says the national average increase for all appliances it's up year-over-year by nearly 5%, but major appliances like

refrigerators and that category consumers are paying about 12% more than last year. washers and dryers cost almost 18% more, and stuart, the industry experts tell me that these inflated prices, they are going to be around for the rest of this year and for a good part of next year too as the manufactures continue to absorb the increased cost of their raw materials and shipping stuart? stuart: my goodness, there is some enormous cost and price increases. thank you, great report, lidia we'll see you again soon. now, look at this. workers leave a "we quit" sign outside a dollar store. you've got the story. lauren: well it's two workers the only two remaining workers at this family dollar in nebraska. sorry for the inconvenience, it is an inconvenience, they cited low pay and they also cited long hours, and you know, if you ask me, 2021 is shaping up to be the year but walk out for these fed up retail and restaurant workers, because this is the same area in nebraska where the burger king workers walked

out, right? stuart: oh, okay. lauren: so i guess they feel, that was a more professional sign for the burger king workers but i guess they feel they can get a job elsewhere, or you know, just make money sitting home. stuart: of course if you can get a job easily some place else and there are 10.1 million jobs going a begging in america, you might leave a job that you don't particularly like. it's irresponsible just to walk out. lauren: completely. stuart: but it is -- lauren: the message to business owners who need workers is treat , you can pay them more if you want to but treat them well. stuart: keep them somehow. lauren: you need loyalty. stuart: this is starting monday. this is intriguing. a popular vacation spot will require vaccinations to check into a hotel or airbnb. we'll tell you where that's happening. big deal. here is a tiktok video. it shows amazon delivering hundreds, hundreds of packages and stacking them outside someone's home. people demanding what's inside

those boxes. we've got the full story for you , they're stacking them up. >> ♪ our house, in the middle of our street, our house in the middle of our street ♪ (vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.

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>> ♪ come fly with me, let's fly, let's fly away ♪ lauren: michael buble, he does a lot of sinatra. stuart: i can tell by your voice you like him. i sure like the raleigh durham international airport in north carolina on a very sunny day looks terrific 87 degrees right there and there's this , 1.7 million people boarded plane s on tuesday, that is the lowest number since july 4. i would suggest that travel is slowing down a bit. starting monday, you have to be vaccinated if you want to check

into a hotel or airbnb in puerto rico. the island is mandating vaccinations for all hotel employees, government contractor s and healthcare workers now you know. lauren is into this one. what's this about hawaii, let me get this right, running out of covid quarantine rooms? lauren: i'm not into this part of the story just to set the record straight this is serious stuff. they are booking rooms for visitors because in june almost 800,000 visitors arrived by air, so it's popular. one island, they only had 64 rooms available. stuart: for what? lauren: for quarantining if you're a resident or visitor, if you have an infection, you have to quarantine. where? infections surged to 600 a day for four straight days and some native hawaiians are saying please stop prioritizing tourism now this is the story i'm into. the governor, he's reintroducing capacity requirements so if you're having a social gathering 10 people indoors 25, that's it

for outdoors, and if you go to a bar, you must sit, you can not stand up and you can not drink. you can just sit and eat and drink at the bar. no standing and drinking, don't dare dance, stuart. i know you like to especially when we play the music coming out of break. [laughter] stuart: well that's not good news for hawaii is it? lauren: i don't know how that helps like are the police coming around saying sit down with that drink. stuart: no they won't serve you if you stand at the bar that's what happens. lauren: oh, okay. stuart: it's like that in america until very recently actually. lauren: but should you order a drink from a table and stand up heap the bar what would happen to you? stuart: [laughter] you should be a lawyer you really should. i think we should take a look at airbnb because airbnb is affect ed in hawaii but they report tomorrow afternoon. what are you looking for? lauren: expecting a loss $0.48 revenue $1.25 billion they did really well during the pandemic people feel safer in the confines of a personal house if you will. this is the metric you want to pay attention to unearned fees,

reservations made but not taken, and that gives insight into traveler's confidence making plans going forward, amid the surge in the delta variant. stuart: oh, so if you've made a reservation at airbnb, and you cancel that reservation, or you just don't take up the visit, that's an indication that travel is slowing down, visiting is slowing down because of the delta variant. that's it? lauren: that's how i see it. stuart: okay, all right we'll be looking for that. show me the dow 30, a sense of the overall market looks pretty good from that graphic right there. we've got most of the dow 30 in the green, and the dow is up 161 points. i'll call this a pretty good rally in the face of moderating inflation. that's my view. remember this? president biden riding around in a hybrid jeep to push his clean cars plan. my next guest says biden's plan would actually wind up benefit ing gas guzzlers.

i don't know how that works out but we've got the report, after this. >> ♪ it's electric ♪ [sfx: radio being tuned] welcome to allstate. ♪ [band plays] ♪ a place where everyone lives life well-protected. ♪♪ and even when things go a bit wrong, we've got your back. here, things work the way you wish they would. and better protection costs a whole lot less. you're in good hands with allstate. click or call for a lower auto rate today.

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>> ♪ stuart: now, i'm told that i'm looking at i 75 in michigan but i don't know which one i 75 is. is it the one going from left to right on your screen or the one that's the overpass, i don't know but it's i-75 somewhere and it is 80 degrees wherever we're looking at. president biden wants half of all vehicle sales in america to be electric by 2030, our car guy is gary gastelu, joining us now. look, gary, you say that this plan benefits gas guzzlers. i don't understand how that works. make your case. >> well, the electric car plan is really an electrified car plan that includes plug-in hybrids like that jeep rangler he took for a spin, and these of course have electric motors and small batteries that the provide a short electric range but also internal combustion engines that kick in when you go on a longer

trip. that jeep, for instance goes 21 miles all electric but once you run the battery down it only gets 20 miles per gallon. the lincoln aviator grand tour is similar 21 miles electric, 2d range mode and this is the case for a lot of the plug in hybrid suv's and the hope is people will charge them up every morning and won't drive that far and they have that for the longer trips that they do take, but keep in mind that jeep and a lot of these qualify for the full electric car tax credit of $7,500 right now, and under a proposal that biden has shown support for , we get an additional 5,000, because they are made in america , and by union labor, so, the automakers are definitely hedging their bets, some of them general motors is committed to going all electric but ford, toyota haven't so they are going to benefit from this and they hedged their bets by allowing plug-in hybrids to be part of the solution here. stuart: okay, and that means that sometimes those hybrids have to use gasoline and so they

are going to be using a lot of gasoline if they don't recharge everyday. is that the story? >> exactly, and unless you have a home with a driveway and a garage you aren't able to plug it in every morning, someone who lives in the city if they did buy one of these they are probably not taking it to a charging station where it's going to take two, three, four hours to recharge just to get 20 or 30 miles worth of range, but again, they are going to buy it because there is the tax credits and for instance, a lot of these are basically the same price as the non-plug-in hybrid versions thanks to that credit. stuart: thanks to the credit. gary thanks for joining us we'll see you again later and let me show you this from audi. this is the new skysphere. it's the first of three concept vehicles. i was telling susan earlier, lauren, that it looks like something darth vader would drive. lauren: it is. stuart: it's an electric autonomous sports car? lauren: yeah it's like an oxymoron. i like how those doors open by

the way. it seems to be somewhat reverse, but they say it creates, you know, the option where there is autonomous driving, but you feel like you're driving a sports car at the same time. i'm not sure how that works, but i guess that's why people are talking about this. i love the color. stuart: oh, i like the look of the thing. it's a futuristic design, and susan was telling us this morning that it can actually change its size and shape. now, i've no idea how that happens but it's going to be available after 2025. lauren: they are debuting it today at pebble beach. i want to take a ride in it. stuart: you like that? lauren: i'd love to own one of those let's put it that way. i doubt i can afford it. stuart: i would not want to be in a car, an electric sports car , with great acceleration, and it's autonomous. just sit back and watch. i'm not into that. lauren: it be like a rollercoaster ride, right? stuart: could be. lauren: with all of those change , i don't know. second quarter i'll get sea sick lauren: there are two modes so

you can switch to driver mode. stuart: we've got the story on r ivian, please, an electric car maker backed by amazon. they want to build a new factory and their stock is down a little bit but they want to build a new factory i don't know where. lauren: in fort worth, texas, the cost is $1.6 billion they want to increase capacity to about 200,000 vehicles investors like that confidence, money, capacity, behind this $30 billion valuation. stuart: i wonder why they don't to new york state to build a new manufacturing plant. lauren: i don't know why they are going to california. stuart: or oregon. i just don't get it. why is it always texas? lauren: low taxes, come on in, business friendly and it's wide open and people like big things in texas. stuart: let's get to the video we showed a little bit of it earlier, video of hundreds of boxes being delivered to a single home. have you any idea what's going on here? lauren: it feels like christmas morning on the doorstep. i want to know if the neighbors

kind of took any of those packages. we don't know the amazon delivery person keeps piling up box after box at this home in florida. the thinking is that this was an amazon seller who is booted off his marketplace. stuart: oh, that's it. one of our anchors earlier said oh, i wish that was me. there's nothing i like more than coming home to see amazon boxes. lauren: christmas morning. you know this sounds terrible but what's so annoying about all these packages we get delivered in this get me everything now economy is actually disposing properly of all of the cardboard it just piles up. stuart: sure does. lauren: where do you put it all? stuart: i have to get this real fast, ww international formerly known as weight watchers down 28 %, slow subscriber growth and they got a downgrade, i understand. we're looking at virgin galactic again? yeah, morgan stanley downgraded, this is richard branson's sir richard branson's company the stock, they say, should fall 20%, down 14% as of right now. and then there's moderna, down

big, on pace for its largest percentage decline since may 26 of last year. 15% lower. that's because there was news that the vaccine has some nasty side effects was that? lauren: yeah potential skin reactions. stuart: kidney stuff. lauren: related to the vaccines by moderna and pfizer. stuart: dropping like a stone 14.9% all right it's that time the wednesday trivia question, and i know the answer. okay? i'm telling you right upfront. which word is the most used in the english language? be, to, is, or the? we've got the answer, i've got it right. lauren walked away from the whole thing, we'll have the right answer after this. (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to?

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stuart: here we go, which word is the most used in the english language? the answer is, of course it is. definitive article, right? lauren: me was an option would stuart varney had picked it? edward lawrence says, yeah, me, me, me, is the most used word in stuart varney -- stuart: that is really cruel. it is not all about me. it is about us. it is about the content of the show and yes -- lauren: by the way you cheat every day on the answer. you even gave me the wrong question do test me. you said the most popular word.

i said like. you didn't say the most used word. >> most used word in the english language is a definite article it is not me. it is. we have 15 seconds to go. that is enough time to tell me we have a rally for the dow, not for the nasdaq, off 80 points, time's up, stuart. neil, 3, 2, 1, it is yours. neil: thank you. stuart, thank you we are following the big rally. see what i did there? all free on basic cable, folks. before you click off though, my friends. we should tell you it is up about 160 points right now. the dow, s&p, any gain after yesterday when we had records, two mirroreds there. we're following that. nasdaq, it looks dicey for technology stocks. we'll get into that in a second. this comes at a time when inflationary pressures