dagen. if. >> yeah. we need more actors in politics. why don't you butt out, leo, and stick to your knitting. i'll just end with that. [laughter] maria: and that's the bottom line, mark. [laughter] >> yeah. but you know what in i'll give credit where credit's due, pete buttigieg probably needed speech coaching the least of all. maria: dagen and mark, great to be with you. dow industrials down 490, right to "varney & company" we go. stuart: i do hate it when dagen holds back like that. [laughter] good morning, maria, and good morning, everyone. there is no doubt, folks, inflation is surging, and you are getting crushed. your standard of living is falling. it's called the producer price index, and it measures the higher prices businesses have to pay. in the last year, that index has gone up a shocking # 1.3% --

11.3, and the pace of price increases is not slowing down at all. the month over month gain, 1.1%. what do we have in 9 percent inflation at the consumer level, 11% inflation at the producer level. investors are not happy. the thinking is that the federal reserve must raise rates aggressively, and that will bring on a recession. look at this, the dow's going to be down close to 500 points at the opening bell, and a 100-point loss for the nasdaq. that is some tell is selling pressure. interest rates show the 2-year treasury yielding more than the 10-year. the 2-year at 3.22, the 10-year at 2.97. that is considered a very strong recession indicator. bitcoin, where's that this morning? not much change, $19,750. let's sum it up. inflation again dominates the markets. plenty of speculation hat fed if will try to blow it -- that the fed if will try to blow it away with a massive hike in interest

rates. that he's -- that's why stocks are down so much. the president's in israel. asked if america would use force against iran, quote, as a last resort, yes. israel's prime minister declared there would be no nuclear iran. frankly, the president looked tired and was occasionally confused, and that press conference was extremely short. how about? ads on netflix, well, it looks like it. the streamer is desperate for more revenue, so they're working with microsoft to create an ad-supported subscription service. we've got a big show for you. we'll detail the fallout on you from the inflation surge, the incredible shrinking presidency as biden becomes a lame duck already, and hurry down to subway, they're giving away a million sandwiches. thursday, july 14th, 2032, varney and -- 2022, "varney & company" is about to begin. ♪

♪ ♪ stuart: all right. the beat withings to start out our thursday morning broadcast. away we go. the top story, no question about it, it is inflation. the producer price index surged 11.3% year-over-year. it was up 1.1% between may and june. look, if you exclude food and energy costs, that's core inflation, you've got an 8.2% rate. we have inflation raging, period. gary kaltbaum, market guy of the moment. all right, gary, what do you do on a day like this when the market's selling off on inflation and recession fears? >> you go check out the british open? it's just, look, we're in the midst of what i call murphy's law of the markets. we're in a recession now, i

don't know how anybody thinks we're going to to get one in '23 when we're there right now. you have a central bank that's going to raise rates three-quarters of a point, and now we're into what i call the earnings recession. we're seeing it with jpmorgan, and if they cough one one up and holds buybacks, what's the next company going to do. and you're seeing it now in droves with the market. and if we break the lows that we've been at for the last four, five, six weeks in the market, we will have another leg down, and we'll start to get what i call the give-up phase where you start hearing people saying the market's never going to go back up again. but we'll start getting a little more bullish if that occurs. stuart: i missed that. did you say we're about to see that capitulation selling? >> well, bear markets usually are have towards the end what i call a give-up phase. it's where the masses start thinking, oh, the market's never, ever going to come back, just get me out. and guess what?

throughout a hundred years of history, the market always comes back. you just have to go through the process, and we're many that process right now. i suspect we will break the lows, i suspect there'll be some more pain, but i think we're getting way, way, way into the bear market right now which basically started in the midst of last year. so we're a long way away and, hopefully, we're getting close to the end. and i'll give you a big tip here, stuart. if we see the dow down 500 but the nasdaq hardly down, that's going to tell you that the risk on may be slowly starting to come back. yesterday the dow was down 200, and the nasdaq was hardly down, so something to watch very closely. i've got my ears wide open and my eyes wide open right now. stuart: well, futures show 480 points down for the dow, only 90 points down for the nasdaq. does that mean it might, you know, you might dip your feet into big tech waters? >> not yet, but these are the things you start looking for.

look, i've studied every bull and bear market, it's what's kept me out of this bear market. and at the end of big bear markets, you start to get outperformance by, as i said, the risk-on areas, and that's usually technology, growth and higher data names. and we're just seeing the little inkling of that right now. i don't think we're there yet, but i'm just starting to see a little bit, and if it starts to really show itself, i will come on your show and start telling you i'm buying in droves like i haven't done since last november. stuart: i want you on the show when you make that call. if you have to call me in the middle of the night, do it, and let me know you're on that morning to tell us you're now buying. mr. kaltbaum, we welcome that call. we're dying to hear you say it, and you'll be back soon i do hope. thanks, gary. speaking alongside israel's prime minister this morning, president biden said he wants to build on the progress his predecessor made, but he never mentioned donald trump. roll tape. >> the we'll also continuing on

the abraham accords which i strongly support because with they deepen, they deepen israel's integration into the broader region. and establish lasting ties for business, cooperation and tourism. stuart: the president also had a strong warning for iran. watch this. >> you have an opportunity to accept this agreement and lay down. if they don't, we're going to be absolutely clear, we will not -- let me say it again -- we will not allow iran to acquire a nuclear weapon. stuart: todd piro joins me this morning. that was a strong statement. >> it was interesting. let's start with iran. maybe i'm in the minority here, but i don't know anybody if besides the obama-biden foreign policy apparatus that thinks the combination of what they did with regard to the iran deal equates to that statement that we just heard from joe biden. those two seem counterproductive, to me. i think when donald trump came

out and said no nuclear weapon for iran and then did away with the with iran deal, you were like, okay, those two things go together. stuart: right. >> but every single step foreign policy wise on the world stage that this administration has done doesn't lead you to believe they don't want iran to get a nuke war lend. nice tough -- nuclear weapon. stuart: in my opinion, the president seemed confused, and he did stomach the bl over the word security can. roll that tape, please. >> we're here to stay, president, mr. president. like it or not, we're with you, no way out. i want to thank you very, very much for your hospitality, and i mean it from the bottom of my heart that your security, the security -- isn't going to determine the security of -- stuart: it's my opinion that the president looked tired and confused, and i don't think that looks good on the world stage. >> maybe i'm contrarian here for

a moment, i wouldn't put this in the top ten worst joe biden moments on the foreign policy stage, but that just underscores how low our expectations are for this president. the sum total of what we're both saying, this does not promote strength to the world. nobody looks at this and says, wow, america's real powerful. we've lowered our expectations so much that i thought today was serviceable. stuart: serviceable. i'll use that word. thanks very much. we have a democrat saying that president biden's low poll numbers have something to do with the summer heat. todd's still here. you have to explain that. >> yeah. let's have a little fun with this one. this is, it's not $5 guess -- gas, stuart, it's not record inflation, those aren't the problems. it's the heat. yes, the actual temperature. that's what sheila jackson lee thinks is going on the. -- on. listen. >> oil prices, gasoline costs at the pump is going down. all that we have committed to

doing, we are doing. so i really look at those numbers, yes, as dissatisfaction, as frustration of the summer, the heat. you need joe biden, we need joe biden, and you going to see that in the fall as we go furb pushing forward for victory. >> our colleague, jessie watters the, saying let's see if numbers get better in the winter. stuart: thank you very much, indeed, todd. stay there. you're here for the hour. check those future futures, please. the dow now looking for a 500-point loss at the opening bell, down 1 # 1 maybe on the nasdaq. remember when starbucks was forced to introduce an open bathroom policy? well, they're now reversing that as crime soars. president biden says he wouldn't be disappointed to run against trump in 2024. roll tape. >> you predicting a biden-trump rematch of 2024? >> i'm not predicting, but i

would, i would not be disappointed. stuart: what about a trump-desantis match up? i'll ask congressman byron donalds who he would prefer next. ♪ the winner takes it all. ♪ the loser has to fall. ♪ ♪ new projects means new project managers.

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younger than me. that is beautiful st. petersburg, florida. 82 degrees there there right now. not so rosy numbers on the market though, 11% inflation at the producer level, and down goes the market, especially the dow, off 500 points now. we're two years out, more than, from the next presidential election, but there's a new poll, and it shows how former president trump and governor desantis of florida would stack up against each other. this is a poll in just one particular state so, todd, which state, and what did the poll show? if. >> yeah, we're focusing on nevada, and the matchup is really how biden would do against both trump and desantis. i want to say viva las vegas for the republicans in 2024, because that new elvis movie is popular right now. both would beat president biden among nevada voters in hypothetical match-ups according to a new poll. 43% said they'd pick donald trump while 40% picked biden if

those two matched up. it was desantis the also at 43%, biden only at 38% if those two battled it out. so why do we care about nevada? one, it's one of those swing states. but pollsters say biden's inability to beat republicans among the large and growing latino population is one contributing factor. a lot of attention going to be paid to the midterms in 2022 and curious about 2024. stuart: i think you're right about that. president biden says he would not be disappointed if donald trump was his opponent in 2024. watch this again. >> are you predicting a biden-trump rematch in 2024? >> i'm not predicting, but i, i would not be disappointed. >> you would not be disappointed. so you look forward to that? >> no. look, the one thing i know about politics and american politics in particular is there's no way to predict what's going to happen. i'm not even halfway through my term yet, my hope is that

republican party moves back to a normal position, not this maga party that it's become in many ways. stuart: okay. congressman byron donalds, republican from florida, joins me now. sir, i think you're a trump and a desantis guy. so forgive me for putting you on the spot. [laughter] if it comes could be to trump versus desantis in the are republican primary, who are you going with? >> listen, i'm not going to do hypotheticals with you right now, stu. [laughter] president trump's going to have a decision to make, ron desantis is running for re-election as florida's governor, and i'm going to stay out of their business and see what happens. but the one thing i do know is whichever gentleman decides to throw his hat in the ring, they are going to beat joe biden in 2024. i know that, you know that, joe biden employees that. that's why gavin newsom showed up at the white house yesterday while joe biden is overseas, because the democrats know it too. stuart: that was a very

diplomatic response, we'll take it. yes, sir. now, the number of republicans stepping up to run for office this year, breaking records. i believe it's more than 1200 have filed to run for house and senate seats. what does that tell you, congressman? >> what it tells me is that that you have people from all walks of life throughout country who have republican and conservative leanings who are fed up with what has happened to the united states of america and are standing across the globe, and they want to get in the game. they want to be active, they want to do something about it. i commend people when they run for office because it shows a passion if for our economy. and what you're seeing is the passion play from, if you will, the real fervor is on the republican party's side lout the united states of america. stuart: is florida now firmly a red state? >> oh, yeah, we're a red state. listen, our state legislature has been in republican control for 30 years, our governorship has been in control of republicans for 30 years. florida from a political standpoint can still be purplish

at times depending on the presidential cycle, but the people of florida know to who runs the state the best. it's been the republican party. that's why we're the envy of the other 49 states. we haved had conservative republican leadership for 30 years. compare us to california that's been under democrat control for 40 years, and the proof, as they say, is in the pudding. stuart: congressman, always a pleasure. thank you very much for being with us today. have a great weekend. see you later. it really is all about money. house republicans raised $34 million in the last few months. how does that compare with the democrats? >> you'd hi the republicans would have won this because it seems like a pretty high number, but it turns out all the focus in june on roe v. wade decision definitely allowed the democrats to catapult, $40.7 million for the democrats. total for the republicans, $215 million so far in this campaign cycle. but, again, it's going to be a race there til november. i had a flyer come to my old address yesterday for the old

person who used to live there, used to be a democrat, and they're coming fast and furious. expect to see fundraising really, really picking up. stuart: it's quite possible that the election this november, a couple of billion dollars will be spent. >> right. and keep in mind, this is the midterm. this isn't the presidential. you expect that for presidential, not a midterm. you always hear this election is the most important election of our lifetime? 2022 will be no different. stuart: the republican congressional committee, they announced they've got all that money, got that that. check those markets, down over 500 points for the dow. plenty of red ink. the opening bell is next. ♪ keep your eye on the money. ♪ ♪

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stuart: all right, we have this inflation report earlier this morning, 11% inflation at the producer level. yesterday we found out it was 9% inflation at the consumer level. not good and the market reflects that. a selloff. david nick if las, market -- nicholas, market watcher of this morning. what do you think the federal reserve is going to do with

inflation ratesome. >> well, stuart, it's not going to be good. it's going to continue to get ugly. there's no relief in sight. we saw the numbers this morning. but what got me in those numbers, stuart the, were wages. if you look at the wage growth, it's up half a percent. but cpi's up over 1.1%, so real wage growth was down 1% month over month. wage growth is down 4% year-over-year. that's not what most americans signed up for, stuart, so it's not going to be pretty. the fed's going to have to continue to raise rates. stuart: it's going to hurt the middle class and working people as well, right? i mean, if you're a youngster starting out today, how do you catch up? because your wages are already being knocked down by inflation. how do you catch up? >> stuart, you're so spot on. it is increasingly hard for my generation to get ahead. just look at 1970. the average home price was $30,000. that was three times the median item. what's the average home price today? $500,000. that's seven times the median

income. that is unsustainable. home prices would have to drop 60% from here to be in line with as affordable as where they were in 1970. the federal reserve has killed the middle class are. stuart, i don't say this lightly, we're seeing the death of the middle class right in front of us because of what the federal verve is doing. they've created a bubble that's pushed asset prices up. and unfortunately, like stocks that's the business we're in, stuart, but i think stock prices are still overvalued at this level, so investors have to be careful. stuart: are we headed for recession? it sure looks like it. how about stagflation? the economy's slowing down, rampant inflation. is that where we are? >> you know what i look at, stuart? i look at the money supply. the fed's balance sheet is $9 trillion. they've exchanged really funny money for something of value that really had nothing of value. they've been purchasing bonds and assets. this has to unwind so, yes, i think we're heading into a

recession, unfortunately. that just means as investors we've got to own things like utilities, health care, own companies that make money. we talked about regional banks. i like the regional banks over the big banks, a name like, you know, first republic is a great name that's going to make money as rates rise. but you've got to get out of these names or that are speculative the, that, you know, their profits were baked in 40, 50 years if now. stuart: by the end of the year, you think the s&p 500 goes down to 3600. right now it's 3750. so we're down from here. you know what i always have a problem with is the idea that we're going to be -- the market is down and stays down for a long period of time along with the economy. is that a possibility? >> well, stuart, i don't want to be the bear of bad news, but the problem is, is when is the economy going to bottom? if i don't think it bottoms this year. if the economy doesn't bottom until sometime next year, we're just starting to see

unemployment claims rise. 3.7% unemployment rate right now, we've got a lot of room left in this economy as far as unemployment goes. the federal reserve wants unemployment to go up, so i don't think markets bottom until next year when the economy bottoms. so yeah, unfortunately, stuart, ibish wish there was better news here, i think markets are volatile to sideways, i think they trend down, but we don't see the real bottom for the market until 2023. stuart: ouch. we're glad you're on the show. we don't particularly care for the message, but we'll take it. thanks very much, indeed, for joining us, david. good luck figuring out how to invest in a market like this today. good hens. all right. as you can see on the left-hand side of your screen if you're joining us on the radio, i'll tell you what's happening, down 500 on the dow, down 100 for the nasdaq. that's at the opening bell. we always have to say though you never know how the market's going to close. yesterday we had an inflation scare, and the market tanked at

the opening bell. came back pretty strongly by the close, especially the nasdaq. now, i have no idea if we'll get the same kind of thing today, but i can tell you this, we will open on the downside. 11% producer price inflation is not good news. it threatens a recession. the fed may be hiking rates bigtime. we're going down, and here is the market as it just opened. dow industrial average down, let's see now, we're open now, 500 points, 400 points, 450, down 1.5% right there. that's from the opening bell. can you show me the dow 30? almost all of them in the red just like yesterday, almost every single one of them that's opened so far is in the red. dow down 1.5%. down 1.33% on the s&p 500, that is a 50-point loss. as for the nasdaq, down three-quarter withs of 1 percent -- 1%, down much less than the dow. here's big tech.

there's a couple of winners. amazon is up 55 cents, but apple is down to 144, meta, 162. microsoft holding right at 250. bank earnings started this morning. my judgment is that they don't look great. two on your screen. susan's here -- [laughter] go ahead. susan: stock prices telling you they weren't great. jpmorgan, which is the largest bank in america, missing on profits and sales for the quarter, and that economic hurricane that that jamie dimon predicted, it's still a storm in his view, but, you know, he has a lot of scenarios that he has gone through on that earnings call. it could be a soft landing, it could be a hard landing, as a result, he is freezing buybacks, building up half a billion in reserves just in case and talking about geopolitical tensions, high inflation and waning consumer confidence as possibly hurting the economy sometime down the road. stuart: sounds like a rather negative outlook for the future -- susan: he did use the words

economic hurricane in june -- [laughter] eye of the some, as they call it. i also want to show you morgan stanley. that's a different type of bank because it's more wealth management, more investment banking, and i think investment banking was really the reason why you saw profits and sales missing in the springtime, falling short. so less fees from deals with that worst stock market start since 1970. stock and bond trading, i thought, was pretty strong from what i saw. and that's despite the fact they have higher rates to come which means they make more interest off their loans. i mean, for quarter the fact that they derive so much and they've been hit so much because of the decline in deal making, i think that's probably the culprit, they'll probably make more loans in the future if they're getting up to 3.5% for the federal are reserve by march of next year. stuart: got that. all right. netflix and microsoft, they're partnering up. am i going to see ads on

netflix? susan: yes. do you have a netflix subscription? stuart: i borrow from someone else, like everyone else in the world. susan: for now, they're getting into ad-supported subscription plans. you have to remember that this was something that reed hastings, netflix founder, really didn't want to do. but guess what? if you're losing subscribers and there's tough competition with ads, you go with the herald. netflix has already said they are going to start an ad subscription -- in april. we'll get earnings on tuesday which will show another 2 million subscriber loss. stuart: really? susan: yeah. it could actually be worse if you listen to some of the wall street predictions up there. so they've been toying with also the staggered release instead of that binge mod pell that they pioneeredded. -- model that they engineered. you know what they do well, cloud, so --

[inaudible] with microsoft and a knock on google which probably is the best known when it comes to ad tech. stuart: what a shame that it's not helping microsoft. i'm prepared to say that microsoft has bottomed at 250 #. susan it's gone- sub-250 # -- stuart: i'm utterly bored by the ongoing twitter fiasco. what's the latest? susan: the way you say it just seems so elegant. rosenblatt is actually calling twitter a buy this morning, which shocked me. there's only three buy calls on the street. so they're raising their target to $52. and they're calling it a happy hour for twitter shares that has leverage against elon musk in court. so what they're saying, rosenblatt, is that they probably might win the lawsuit in delaware and force elon musk to buy the company. at least in the short term. but i don't know if you use twitter, down in this morning. i couldn't get oat on it --

stuart: what do you mean down, the whole network? susan: did todd try to get on? >> it was a whole big kerfuffle. i said twitter was down, and he thought the stock price. susan: it was down around the world. i think in the u.k. people couldn't get on it, here in the u.s. as well. that's not good if you're trying to argue against elon musk buying the company. stuart: i want to talk about costco. you know that's a favorite of mine. there's an article in the "wall street journal" today about the ongoing food, $1.50 for a foot long dog and a drink. susan: still. and they're not raising the prices in this high inflationary environment which is interesting. so, yes, america's favorite bulk retailer -- stu's favorite, of course -- calling it a buy because as that membership fee model, meaning recurring revenue. it's all built in regardless of whether you have a slowing economy, hine nation, and they haven't raised their prices that

much. -- if you can get something cheaper at costco, that's a win. stuart: you've never been in a costco -- susan: i have. i love costco, actually, once in a while. stuart: go in nowadays, they're packed. susan: here's the thing, i feel that i buy in bulk, and i don't need all that stuff for one person. stuart: but it feels so good to get it so cheap -- >> has anyone ever gotten the chicken bake? i always got the pizza and the coke, a lot of people get the hot dog. 40 out there has gotten the chicken bake? stuart: thank you very much, indeed. fine report on costco. check the 10-year treasury yield, 3.01. the 2-year is much more than that. how about gold? down to $1700 an ounce even. bitcoin, $19,600. not much movement oil down earlier and down now, down to

$92 per barrel. nat gas, not much moving there. the price of gasoline, the national average is down now to $4.60. and in california, just dropped below $6. how about that? a bargain price. susan: four month if lows for oil prices. stuart: and we're probably going down some more, i guess. president biden predicted back in december that inflation had hit its peak. roll tape. >> overwhelming consensus is it's going to pop up a little bit and then go back down. the inflation has everything to do with the supply chain. make no mistake, inflation's largely the fault of putin. [laughter] stuart: okay. those comments are really coming back to haunt him, and we'll get into it. americans sounding off on how rising prices have changed their purchases. watch. >> more you get in your paycheck, the more you have to spend in the grows arely store, gas station. joe biden needs to do more.

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stuart: all right. the market open now for 12 minutes, and the dow is now down 600 points, and the nasdaq is down 200 points. sliding a little further south as we speak. yeah, we are poorer now than when president biden first took office. yeah, that's true. how much worse off are we today than four years ago? >> we know it's not good, but now we have numbers to bear it out. it's not just the actual rise in the prices for goods that's hurting you. inflation also killing your purchasing power. average worker has lost the equivalent of almost $3400 in annual income since joe biden

took office. real average hourly earnings decreasing 3.6% year on year june 2021 to june of this year, that according to the recent bureau of labor statistics numbers. that's bad because for some people that $3400 number, that's their food for the year. stuart: that is huge. that is a very significant decline in the standard of living. all right. so the average worker, repeating now, has lost roughly $3,400 worth of annual income since president biden took office. congressman mike garcia, republican from california -- yeah, there are republicans in california, it's extraordinary. the congressman joins us right now. i know you're i moving to cap spending. that's your idea for ending inflation. how's that going to work, congressman? because, you know, the democrats are not going to let you cap spending. >> no, absolutely not. look, first of all, welcome back to 1978. it's uncanny, the remarkable parallels that we see today versus what we saw in 1978. record high debt, record high

inflation. we've got americans stranded overseas still, and we've got two invertebrate presidents in both of those time frames occupying to value office. look, we've got to curb spending. it's not a coincidence how we got here, this is just physics with dollar signs. four major reasons we're here. the spending, that you thank youd about, stuart, is one of them. about $7 trillion in money supply put onto the streets in the last two years. we've got a fed that's kept rates too low for too long, who's lying to the american people about this inflation problem, calling it transitory and temporary. we've got a president who has started a war on domestic oil but is now kowtowing to foreign oil supplies like saudi arabia. and we've got congress who with just continues to spend. so this inflationary protection act that i'm pushing basically requires congress to stop spending if inflation rates, the cpi or ppi, get above 4.5%. it requires congress to hit pause on all new spending.

there's a couple of exceptions for national security, but this is the type of behavior that we've got to start changing right away. stuart: you do that, if you stop that extra spending on childcare, for example, or forgiving student loans, if you start that, you're going to be seen as mean-spirited. they'll come right after you. >> that's right. and that's -- they weapon hissed american taxpayer dollars. they're now using american ax payer dollars as a blank check to get reelected to offset their lack of popularity on the policies and the results of those policies. they're now trying to buy american favor back, and it's driving us into the dirt economically. and the american people are feeling it. the middle class, the younger generations, this is no way they can survive with 9, 10% inflation, with real wages going down the way they are and the cost of living especially in states like california -- stuart: but californians don't see it that way, do they? >> it's changing, right? we're seeing the pendulum start to come back. people's eyes are starting to open up to the results.

this isn't about parties, this isn't about republicans versus democrats anymore. this is about survival. and when you start seeing these types of movements in the economy, when you start seeing the markets crash, 30% reductions in your 401(k)s and then you see the price increases, the loyalty to the party goes down, and the hoylety to your own survival dose up. i -- goes up. i trust americans nationwide are experiencing that. the voters are starting to pay attention. stuart: you raise a good point. 100 million americans have a connection to the stock market, usually through their 401(k)s, iras. and most of them are down a quarter to a third on their pension money. surely there are political angles to that. >> absolutely. a strong union worker who has historically supported the democrat, you're now looking at your 401(k) and your retirement fund being underfunded and not being committed to, effectively, and so this is a problem for them as well. and, again, this is driven by

the policies of the left. in this has nothing to do with the lack of jobs, the lack of planning. this is literally intentional grounding of our economy by a very progressive left that has no understanding of how to run a business and much less how to manage an economy. this last week we were on, mark-ups in the appropriation committee we saw an average of 12 the-15% increase year over year-over-year on all spending bills. so if you have inflation that's 9% and government spending that's going up 10-15%, that's only going to aggravate the inflation problems. and if you have rates below inflation, as you know, that doesn't help either. stuart: california, a california republican, congressman mike garcia, thank you so much for being on the show. >> thanks, stuart. appreciate you. stuart: coming up, meet the congressional candidate who was raised by her democrat grandfather but who is now running as a republican. i'm going to ask her why did you switch parties. inflation has arrived. is so are the days of the

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stuart: not a particularly good open for the market. we're down 50 on the dow, down 160 on the nasdaq -- 500 on the dow. the reason for that selloff is 11% inflation at the producer price level. take a quick look at the price of oil. right now you're down to $91 a barrel. real pressure on oil prices today. by the way, $91 is below where it was when russia invaded ukraine. how about that? and then we have subway. they gave away one million 6-inch sandwiches. that was yesterday. it was a celebration of their biggest menu change in 60 years. the chief executive at subway joins me right now. all right, john with, i want to dive right into this menu thing, because it intrigues me. i've read the new items. number three is the monster.

why don't you tell me what's in the monster and how much it costs. >> well, i think, you know, before we get into that exactly, the specific products, e hi it's worth saying, you know, you mentioned it's the biggest menu change ever. and i think really what drove that is the fact that we've become more and more of a digitally-focused restaurant industry, third party deliverly -- stuart: yeah, but does it also have something to do with hiding inflation? you've got 1 new menu items -- 12 new menu items. are you disguising inflation with new menu items? >> no. because, stuart, as you know, we've talked before, you recognize restaurant chains of this side, we've been working on this for a good 12-18 months, so this was in the works well before inflation took hold. i just think, again, in the world in which we live, a perfect time for digital and third party delivery. stuart: okay. tell me about number three, the monster. enter yeah.

[laughter] the monster, well, they're all unique. we have four different categories, we have italian, we have chicken, we have clubs -- yeah, sorry. stuart: just the monster. >> the monster, it's got persons and the beef, the new steak which we launched last year, it's got different cheeses, delicious new cheeses. one thing consumers told us is they wanted more craveable food at subway, and i think the monster is a perfect example of exactly what consumers and franchisees have been telling us hay wanted to see. stuart: it used to be $5 for a sandwich for a foot long. do you still have it? and if you do, how much do you charge for it? >> obviously, we still have the foot long. there is no more $5.99. it depends on which market because franchisees set is their to own pricing, it could be anywhere from $7.99 to $9.99, depending on the protein and

where you are in the country. stuart: whoa. it really has gone up. i understand that, i mean, you've got to deal with it. all the way up to that price, okay. one more time, how much is your monster? >> again, it's up to franchisee- stuart: i'm going -- >> anywhere from 8.99 to 10.99 in places like california. stuart: i'll take it. sir, thanks very much for joining us this morning. very interesting story. i'm in there for a monster any day now. thank you, john, see you later. one traveler says her subway sandwich ended up costing her nearly $1800. you want to explain that one? >> i don't think $1800 is the price. eat fresh in transit backfiredded after she was fired nearly $1800 for failing to declare her subway sandwich. the influencer says she bought at foot long subway, no indication if it was a monitor or not, in singapore, eating half then saving the rest for

her flight down under. however, she forgot to mark chicken and lettuce on her incoming passenger card and was slapped with a fine for violating australia's flynn gent biosecurity laws. -- stringent biosecurity laws. stuart: todd, thank you for appearing with us for the last hour. still ahead, ben domenech, jason rantz and david webb with. the 10:00 hour of "varney" is next. ♪ ♪

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stuart: good morning, everyone. it is 10:00 eastern, look at what is happening to your money. big selloff in stocks, dow is down 552, the nasdaq is down 200 points, that was like 1.7% on the downside.

look what is happening here, the yield on the 10 year treasury is 3.00%. the yield on the 2-year treasury is 3.2%. short-term yields much higher than longer-term yields, that's one of the reasons the market is down so much and oil back to $91 barrel. as for bitcoin, still holding around $19,000, but little this morning 19,700, just got the latest on mortgage rates, the number please. lauren: 5. 50 one% up one% up from the 5.31% we saw a week ago, matching going up 21 basis points mann average 5.51% from what i saw, the 30 year fixed-rate mortgage and that means volatility as economic growth slows to to fiscal and

monetary drags. stuart: the latest 30 year fixed-rate mortgage is 5.51%. lauren: why is it important? the biggest weekly drop since 2008 which shocked the market. stuart: now this. 10:00 eastern, 10:0 one, the story this morning is inflation, hitting the markets and it is hitting you. double digit price rises are making you poor were cutting your standard of living. there is a political price to be paid for that, some of voters hired out abortion or guns or climate but when you are getting worse off for most voters those issues fade into the background, reminds me of candidate reagan's question in 1980, are you better off now than you were four years ago. here's another factors that will affect voting, the stock market selloff is not going

down well with 100 million americans who have exposure through 401(k)s or iras, it is down 20% or more. middle america is not happy, low income america getting swapped, dire consequences for everyone. the second hour of varney just getting started. ♪♪ stuart: been dominic, will inflation be the main driver of a red wave in november? >> absolutely and this is an issue that swamps be other ones you mentioned, people can debate culture war issues but they have a strict guide rail around them when it comes to

the priorities of voters and they are not going to generate the kind of response the will lead to a wave of republicans taking over the house and likely the senate as well. stuart: it is possible inflation gets worse by the time the election rolls around. >> it is in people feel it on a daily basis and when they look at the experiences around them of other kinds of inflation you see going on, shrinking of packaging, the cost of things you see on a regular basis that serves as a greater advertisement for an alternative agenda for republicans than any amount of ads on tv and all that. stuart: it turns people off. let's turn to pure politics. donald trump is expected to run. can he win against say governor desantis? >> that is a big question.

from my perspective people are underestimating the likelihood that in order for donald trump to be replaced on a ticket he on the ticket he has to be beaten by someone. governor desantis could turn out to be the primary adversary for donald trump if he sees is this opportunity. so many people historically have had an opportunity to run for president who decided to wait and it has been a mistake, think of chris christie in 2012, that's the sort of situation desantis wants to avoid, he' s a smart and ambitious man and if he waits around he may not be in the same position in 2028. stuart: i don't want to put you on the spot but would you prefer governor desantis to win over donald trump? >> my own preference is to move

away from the generation of leadership we've had politically in america for such a long time. the fact that we've had 3 presidents born in the same year, george w. bush, bill clinton and donald trump is amazing as it is time for new blood, new leadership, new generation of leaders in america to rise up and displace the generation that has had such an outsized role in running our politics. stuart: an extremely diplomatic answer and pretty good. you are all right and we will see you again soon. republicans broke records for the number of candidates running for congress in this year's midterms. let me ask a difficult question. so many candidates, does that signaler red wave? lauren: i colletta red crush. 1277 republicans filed

paperwork for house and senate seats, 55%, candidates running for congress, the democrats make up 41% of the lineup. what that tells me is there is a growing consensus republicans have a better shot at winning those races with the dismal biden approval ratings, you only get into the race if you feel the tide is with you, you saw in 2018 with the blue wave, 56% of candidates for democrats because they thought they had a better chance of winning. stuart: i agree with you. all those people wouldn't be running unless they thought they could win. >> the swink number, people saw 78 seats for grabs, it could swing over to the red side. 75 house seats and a midterm trend as well, usually flips over. stuart: this could be a wave or

crush as you put it. let's bring in dr barton, market watcher this thursday want to, producer prices up 11.3% in the past year, markets selling off, how does a guy like you play a market like this? >> with some caution but also optimism for the one reason you folks were talking about, what is going to happen in the midterm elections, we know historically first-term presidents, democrat or republican first-term presidents typically lose a bunch of seats and this year it could be a bunch more and as we get toward the end of the summer the market will start looking toward that as opposed to a lot of the things that are continuing to bog us down like the big numbers we've gotten yet today, the cpi with cpi.

stuart: the great earnings season is upon us, it started. who comes out of this earnings season looking good. give me some names, who looks good? >> i believe we have a good chance for two names we talk about all the time to give us a little bit of a surprise. one of them, the biggest surprise might be from amazon because two quarters removed from their biggest quarter ever, last quarter they really disappointed, really got slammed and i think they may have something up their sleeve, that might be why we saw such poor numbers last quarter and the other one could be apple, two quarters removed from their biggest number of iphone sales ever and i think that they are

not going to have the bad quarters some people are predicting right now. i know those are names we been kicking around a long time that as long as they continue to win the game i think we will continue to try to put a little bit of extra money to work in those names as they do go on sale and give us better prices. we want apple and amazon. thanks a lot, see you again soon. dr mentioned apple, your face lit up. susan: i've been reading analyst notes as well, city this week said the resale value is pretty good so indicates to the my phone demand is still strong, as a business 30% worse because stock is down 30% lower. the consensus is no. stuart: let's look at coteaus, bitcoin and 19-6, the crypto

lender celsius filing for bankruptcy. susan: one of the largest crypto banks to file for bank to, celsius had $10 billion in assets, at its peak one hundred thousand customers, trying to pay down their debt, $900 million, people start taking out their money, three arrows, most -- i shouldn't be laughing but in 2008, block by was the other large crypto lender in trouble and they got a lifeline from sam beckman friede, one of the richest men in crypto and fdx, i will pass. stuart: some people are locked in. can't get out of there bitcoin. they are locked in. susan: may be they can access it. i don't think they lifted the

freeze on withdrawal yet. stuart: new york city mayor eric adams defending the public service announcement on how to survive a nuclear attack, president biden says the us would use force to prevent iran from getting nuclear weapons. >> ensuring iran would not acquire nuclear weapons, does that mean you would use force against iran? >> president biden: yes. stuart: that was a yes. we will deal with it after this. ♪♪

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stuart: market selloff, good graphic and that is what is happening, dow down 570, nasdaq down 200. in case you are just joining us the market is down because we have 11% inflation at the producer price level in mind present at the consumer level, not good for investors and president biden heading to saudi arabia tomorrow, edward lawrence is over there. is the president going to meet directly with the saudi real or and what is the objective of that meeting? >> he is going to meet with the king as well as the prince. they will be in the same meeting together. the objective is a broader conversation according to the president, he signed on to strategic partnership and participated in a summit that expanded to india and the united arab emirates, a new

partnership that was formed over food security underway for the us to counter the growing influence of china in the middle east. during a press conference president biden dodged questions about asking for oil directly saying it's a much broader meeting. >> president biden: what we made a mistake in walking away from was our influence in the middle east, meeting with 9 other heads of state, so many issues at stake that i want to make clear that we can continue to meet in the region and not create a vacuum, a vacuum filled by china and/or russia. >> we are getting the first on camera spin of the cpi inflation number, 60% year over year is what all gas prices were increased, i had an exclusive interview with president biden's top energy advisor and he says he believes now we are in the beginning out

where the administration would like to be. >> the cpi report was very high but did not reflect the last couple weeks of where oil prices, gas prices were so elevated across the board and yet now we see prices come down so i see is in a better place. >> the pain being felt by all americans, the president will make a big push in saudi arabia and other gulf states to pump more oil saying oil producers around the globe have a responsibility to supply that oil and enough oil for the world to handle. stuart: why can't we pump our own oil. >> i asked about that and there was no change in policy from the administration, they want to move forward saying it is a long-term fix, that's what they

are saying. stuart: now we know. president biden was asked how far he would go to prevent iran from getting nuclear weapons. watch this. >> you said you would do anything to ensure iran would not acquire a nuclear weapon. does that mean you would use force against iran? is that what that means? >> yes. as a last resort yes. stuart: as a last resort yes. was that as strong a statement as it appeared? >> i think so. it marks a seachange for where they've been the past 17 months. this administration has squandered the historic opportunity we handed them in the trump administration, the abraham accords, the first piece deals in 26 years and we got to that not only because we

strengthen the relationship with our allies and friends but principally because of the maximum economic pressure campaign against iran. the biden teammate hunt mentally flawed decision over the past year or so to cajole and try to get the iranians back in the deal, they are achieving all the goals they have while not being in the deal, they played us and drug us along, the fact the administration is getting tougher and say iran should not have a nuclear weapon and they would use metairie force as a last resort, finding the jerusalem declaration with the israelis are all steps in the right direction, it may be the administration trying to hold off the israelis to not take action against the uranian's, that might be what is going on. stuart: i think you are right, i believe you were the treasury attaché in saudi arabia during the obama administration so you

know the country very well. what can president biden get out of the saudis? >> you can't treat it like a transactional relationship. i was there in 2010-11 andrew emberley obama administration trying to get the saudis to pump more oil on a big trip they had their. foreign-policy isn't complicated. when you spend the last year and 1/2 on the campaign trail saying you'll make saudi arabia who's a friend and partner a pariah state because of mps, why would they pump more oil, the relationship isn't transactional, it had ups and downs after 9/11 and after jamal khashoggi but president obama was there at the founding of saudi arabia, a friend that has been making progress, a different country than the one i was in 10 years ago, did they

screw up and should be held accountable, absolutely but there's more to the relationship than oil. when you treat it as a transactional relationship you get a transactional outcome. b1 stuart: we are exasperated that we are not allowed to get the oil under our feet in our territory, exasperation that i am out of time. >> it is nonsensical. stuart: we hope to see you again soon. change the subject. do you remember the public service announcement on how to survive a nuclear attack in new york city? the mayor is responding to the backlash. >> i would love to hear your experiences from the cold war, similar to what you saw on your tv screens in new york city. where they similar? pretty archaic some of the recommendations. let me get to what adam says and you tell me.

eric adams says the video wasn't overly alarming, just smart things to do. he told citizen, you can tally what they told you in the cold war, the video telling citizens get inside, stay inside, shower if you've been outside, cover under desk and keep up with both the news and listen to what officials are saying and when it is safe to go back outside. we when we were told in the 50s and early 60s the expression was duck and cover. duck under the desk in school and cover yourself. susan: do you think that helps when there's a nuclear attack underway? so look, people are saying it is pretty alarmist but taking precautions with russia ukraine war. stuart: i don't understand why we do it now, because of the russian ukraine war. >> after 60 years there are better precautions. stuart: you would have thought. decades high inflation is not stopping democrats from wanting to spend more money.

hillary vaughan has the report on that, the left has been caught pandering to hispanic voters in the past. watch this. >> >> is unique as the breakfast tacos. stuart: my next guest is hispanic and says the democrat party has abandoned her demographic, that's why she is running for congress as a republican. we will be back. ♪♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid,

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stuart: still selloff mowed down 500 on the dow, 200 on the nasdaq, bad inflation news down goes the market, susan is with us for 2 hours. what's with tesla down 2%. susan: we have a broader market selloff, tesla is down and we have another executive departure after tesla cut 229 jobs, musk has a super bad feeling on the economy so he's

cutting 10% of staff but the sisters lapse a i leader, remember self driving and autopilot is what musk says will drive revenue in the future so musk tends to overpromise and in 2019 he said it would be one million robot taxis by 2020, have you seen any? and their stiff competition for talent, apple hiring a lot of tesla executive so there is speculation of where this is going. stuart: what have we got on apple? more electric car stories. susan: canoe up 13%, another big day and they just got a big deal with the army to supply an electric car which could foreshadow possible supply contract with the u.s. army for billions of dollars so

walmart already arguing that is ordering 4500, walmart can buy 10,000. we want a good shot in the arm, $4 a share, almost doubled in a couple days, that's my kind of price. we got there? ali baba down again. susan: from 110 to 70 according to reuters beijing has been clamping down on big tech especially ali baba which signed another big fine, $3 billion in fines from last year so this doesn't surprise me given the slowing growth but you would think they would let up with the gdp so down with covid cases. stuart: they don't like big tech companies getting too much money. >> the pedal might be different. stuart: thank you, susan. despite record inflation democrats still want to spend a

lot more money. where to the talk stand about spending more money? >> there is a hurdle because of this inflation number. republicans are using that to attack democrats saying it is out of control government spending that got us here and they don't think democrats have learned their lesson because chuck schumer is still trying to get a small part of president biden's billback better agenda past before the midterms. >> want to spend an additional trillion dollars which will make inflation worse and do this by among other things imposing a 95% tax on pharmaceutical products, 3.8% tax on employers, this would cause a massive problem for our economy, cause inflation to skyrocket even further and i think joe manchin knows he can't vote for this.

stuart: >> reporter: senator manchin said this has him looking for spending plans with a fine tooth comes, he's not going to sign off on any version of the skinny billback better that could make this high inflation even worse but he is also not buying what the president and his economic advisers have been saying about this inflation number, that the data is outdated because of the 40% drop in gas prices. is he right to blame the data for historically bad inflation number? >> i would hope he's right and that we wouldn't be, but the same people might have given him information saying it was transitory. you're going to wasn't transitory. i'm going to say a few are going to air air on the side of caution right now. people can't take much more. >> reporter: air on the side of caution could mean a lot of

this agenda gets majorly downsized which means it could be hard to get all 50 democrats on board to pass it which they have to do if they are going to use reconciliation to get it done. >> reporter: majorly downsized, one can only live in hope. inflation swamps wage growth, workers are taking a pay cut. >> tell me more. >> if you're paying inflation at 9.1% your wages are only going up 5%, you are losing 4% so the deal shows inflation has been up to the household of 1% so that is cumulative and if you look at the labor report hours have been declining, not good if you're trying to pay for higher prices for groceries and gas, the good part is we've seen prices come down a little bit. we talked about input costs, lumber, wheat, cotton, these are indications of a slow down

taking place in the economy. we won standards of living are declining. >> reporter: oil prices are down but that is demand destruction. stuart: look at this op-ed. my democratic friends raised me. here's why i'm now republican running for congress. alexis martinez johnson wrote that and joined me now. you were raised by democrats. tell us why you are running as a republican. >> reporter: my family, i was raised by my grandparents and they taught me hard work and opportunity and there wasn't anything i could not do and today we are seeing that my children have less opportunity than before. we can't afford what we did in the past, americans are paying $5200 a year more in cost and we cannot vote democrat and you are going to see a shift, not only just fringe or far right, you are seeing a shift

across-the-board especially in the hispanic community, we want opportunity to pursue the american dream. stuart: your state, new mexico, i believe has a hispanic majority. would it be fair to say that there is a shift among new mexico people away from the democrats toward republicans, is this a pronounced shift? >> i believe it is a pronounced shift. when i'm on the ground campaigning for new mexico's third district i hear a truck driver talk to me the other day and he said they are just not listening, he said i will be voting for you and i will help you in this campaign. that's we want to hear, we want to provide food on the table, roof over the head, educate our children and if we can't do that today effectively, efficiently and to the successful point we need to we have to shift so a political

shift throughout the entire united states. stuart: what about the border? isn't that the key issue for hispanics? democrats opened the border and thought that would attract hispanic votes but i don't think it is working, is it? >> i hear economy and opportunity for our children. we do know that the border is extremely important, the majority of the hispanic community one law and order, we believe in safe, humanitarian situation and it is a crisis that is going on and we need dignity for people that are coming across and right now cartels are running about, they spelled the order and americans are dying between ages 18 to 45, fentanyl is the number one killer in the united states and flooding across the border. stuart: alexis martinez johnson, republican new mexico, thank you for joining us. nearly 70% of people who were

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stuart: the energy crisis renewing the push for nuclear power. jeff flock is that a nuclear plant in pennsylvania. will be see the life of reactors extended and/or build new ones? jeff: as crazy as this may have sounded a few years ago the

answer to your question is yes on both fronts. this is the limerick nuclear generating station in pennsylvania. these two ones behind me have been extended until 2044. why is that? that's not a -- emissions you see, that steam, no emissions and number 2, cost. nuclear is expensive but the costs now for all energy are expensive. look at the numbers on cpi energy yesterday. not pretty. up 7.5% in a month, 41% in a year so now nuclear is price competitive. $6 billion now in the infrastructure bill to keep nuclear power plants open and many of them will. $2.5 billion for research on new smaller reactors and even former naysayers are in on this. look at what secretary granholm had to say, us nuclear power plants are essential to

achieving president biden's climate goals, department of energy is committed to preventing premature closures, this is something republicans and democrats seem to be in on. >> get be a win-win when in terms of increasing energy affordability, increasing energy security and reducing emissions, that is something i think policy makers from the left and the right should be able to get behind. >> reporter: imagine that, something everybody agrees on. i would be remiss if i did not mention the only problem with nuclear is nuclear waste, once these plants are done there is the spent fuel. we haven't come up with a great way to deal with that but is being housed fairly safely now and hopefully it will continue into the future. stuart: jeff flock with the cooling towers in the

background, panasonic is building a new factory in kansas. i want to know what they are building and how big is this factory? susan: it is 5,000 jobs that came with it initially and if you are going to give some lucrative tax incentives panasonic says we will open a factory right there in topeka, kansas so there is one born market out there and kansas is happening into that. you know what the blue market is? stuart: lithium. susan: lithium is up 7 times at the start of this year so up 800% and you have this future demand for more electric car penetration you need the batteries that go with it, lithium needs to go into an topeka gets the panasonic giga factory. i thought was pretty well explained.

stuart: there's another one for you. try this one for size. we are told we could soon be facing a shortage of copper. so what? >> this is a tie into the electric boom we talked about, the demand for electric batteries the going to ev cars, it requires to 1/2 times as much copper as a gas combustion engine and vehicle so if we are going to get to 50% of all car sales being electric by the end of this decade there is a boom for copper, not just copper the goes into evs, but solar wind and under the infrastructure that needs to transport and store renewable energy sources. we won not going to make these goals, not going to happen, unattainable. stuart: difficult goals, trying to get to net 0 x 2050 is a long way off but in the meantime if you are an investor their opportunities to make a lot of money, born markets and

green climate, not that you have to agree with it but in terms of making money. stuart: on that note climate activists, listen up cutting car tires in cities across the country, we will tell you why on earth they are doing that and where they are doing it. the media no longer ignoring president biden's failures, they are openly criticizing the administration, watch this. >> some troubling things on the horizon. otherwise those polls wouldn't be like that. >> the future is not going to be job biden. stuart: even the liberal media turning on the president, you can bet your life we are all over that and we will be back with it. ♪♪

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consecutively, worst inflation since 1981. >> some troubling things on the horizon otherwise those polls wouldn't be like that. i'm surprised he got 70% of democrats because it looks like new york times writes a piece like that they are ready to throw in the towel. >> the future of the democrats is not going to be joe biden. stuart: how about that? a redi turni tinst s, is t the e idenesid >> >> watch watchch t l legme su an1/toun sd ay ghso give him props for that. stuart: sorry to put joker when in there, he's no liberal, he is a friend of mine. >> are they turning on biden? not necessarily.

there is catastrophe taking place in his administration so it has to be negative but what gets me and we have to watch for is the spin in the spin is all-important. i give you and the spin is all-important. i give you an example of this, the new york times comes out with a poll that shows -- i'm sorry, the 9.1 inflation rate that comes out, how does president biden respond? he makes a preposterous statement that that number is out of date. it is a fresh number that just came out but he calls it out of date. networks cover the story and what to they do? they all repeat biden which is preposterous but more than that they then blame inflation on rising gas prices. when you look at the rising gas prices, by 11 to 1 they have blamed rising gas prices not on biden's anti-fossil fuel jihad

but on russia. inflation is caused by gas prices is caused by russia, all putin's fault. stuart: if they are turning against the president to any degree they are doing that because catastrophe looms in november and they want to ditch this president, they will do it sooner or later. >> look at the paul the came out from the new york times 64% of democrats don't want him to run. i don't recall that number river perhaps during the nixon years you had those numbers against, the party turning against itself like this. it has barely been covered by the networks. how could they not cover political catastrophe, they know the wheels of come off the administration, they've got to touch on things they are doing that but are they giving it the serious treatment of watching

and administration collapse with everyone headed for the door? they are not. stuart: not quite there yet. thanks for joining us as usual, great stuff, come and see us again soon, look forward to it. there's another new poll, very interesting, polls show that we, americans losing faith in the government. susan: 58% across all demographics, across both files and voters say they've lost faith in the government, we are talking discontent. the gop side, widespread unfounded doubts about the election which is tied to trump and for democrats 84 to 90% say it goes to january 6th and trump where they make plans for their discontent over the government system. stuart: so that is it. thank you. still had guy benson will be with us, jason rants and david

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>> we are there right now. the central bank that's going to raise rates 3 quarters of a point and now we are into the earnings recession. >> people in florida know who runs the state the best, it has been the republican party, that is why we are the envy of the other 49 states. >> the federal reserve killed the middle class, we are seeing the death of the middle class right in front of us because the direct result of what the federal reserve is doing, they created a bubble. >> we got curb spending, not a coincidence how we got here, this is physics with dollar signs, this isn't about parties, republican versus democrats, this is about survival.

stuart: 11:00 eastern time, thursday, july 14th, we are looking at lady liberty) new york harbor, got to get to the markets and we are down 500 points on the dow, down one hundred 50 on the nasdaq, a lot of writing today because we had a pretty bad inflation reported earlier, 11% inflation at the producer level, 9% at the consumer level, that's bad, the price of oil tumbling today, all the way down to $93 a barrel. it had been 90 one half hour earlier, that's a new low. the 10 year treasury yield coming in at 3% even, the important point is the yield on the 2-year treasury is much higher and that is an inflation indicator. now this. this has been the incredible

shrinking presidency. 18 months into a 4-year term president biden is a lame-duck. he's done it to himself with a big assist from his own party. it started well. biden's job was to beat trump and he did. democrats were prepared to forget his age and infirmity so long as he won but then he had to govern. it all went downhill. on day one he ended our energy independence, he had thrown in his lot with the climate crowd, they loved it, he threw in his lot with the open borders crowd, one. 5 million illegals arrive since he took office, the left loves that, he went to big on spending trillion after trillion despite inflation, want to four new entitlement programs no matter what the cost, where were the moderate democrats apart from senators manchin and sinema, where they? nowhere to be seen? why didn't senior democrats like schumer or pelosi step in? the worst damage to his presidency has been

self-inflicted, his age has come to haunt him. the new york times reports he often shuffles when he walks, stumbles over words, a 5 day a week president, terrible public image and look where his presidency stands now. 64% of democrats don't want them to run for a second term. 94% of people under the age of 30 do not want him to run for second term. that's lame-duck territory. this presidency has lost its power. remarkably rapid fall, unique in modern politics and still more than 2 years to go. third hour of varney just getting started. guy benson joins us this morning, the president biden already a lame-duck? >> technically not but i think you made a compelling case there in that statement laying

out piece after piece, they are not going to get much done if anything between now and november and will be gridlocked on capitol hill because that is what the american people will vote for with republicans taking back at least one of the 2 houses in congress. if he is anything but a lame-duck we have to see how he can pivot significantly away from his approach these first two years or so of his presidency, made the he will govern more like the guy who ran for president after he has no choice if republicans when house and senate, we will see but percolating in the background to your point, all of these comments how the democrats are done with him and ready for someone new and that is a cloud that will hang over the remainder of this term no matter what. stuart: president biden touted gas prices falling, in the last 30 days the average price of

gas dropped by $0.40 a gallon, that's a briefing room for american families, oil prices are down $20 a barrel, gas at the pump is only come down $0.40. oil and gas companies must pass lower costs on to consumers. i don't get this because that's not the problem. they are not addressing the fundamental problem of energy in our country, they made the mistake in the first place. >> which you mentioned in the open monologue, they were hostile from day one to us domestic production and we are paying part of the price right now and this is an incoherent comment, not just this, their entire policy and messaging strategy has been incoherent, what do they tell us the last couple months? the president has no control over this? this is a global issue, it is putin and other things and then you see gas prices come down

$0.40 to $4.75, this astronomical number is brutal for people, look at the good thing that happened, you are welcome, they want to cherry pick arguments and pretend they can control things when they can't and vice versa as it suits their political interests and i don't think it is successful for them. i would be more worked up about it despite the frog in my throat if i felt it was fooling people, it is fooling nobody, look at his approval ratings on this issue and others, falling on deaf ears because it is nonsense. stuart: are you surprised at the power of the climate crowd and the power of the socialist wing of the democrat party within the democrat party and the administration? surprised at their power? >> not really. i'm a little surprised theoretically because president biden didn't present himself as someone in the thrall of that wing of his party, he beat that

wing of his party for the nomination to move on and defeat donald trump but he governed in this paralyzing fear of those people throughout the last year or three to and that is a defining decision of this presidency and part of the reason he is not only in trouble with that element of his own coalition because it is never enough of them but in trouble with everyone else, independents, republicans et cetera because they didn't vote for this, they have been getting it nice and hard and people want some change very soon. stuart: it is an astonishing fall in my opinion. thank you for being with us, always a pleasure, thank you. back to the markets, a sea of red ink. for those on the radio the dow is down 500, nasdaq is down 166 and the s&p down 61 points. big drop. when do you think inflation will peak?

>> great question excellent to be with you. inflation depending on how you look at it is burning hot today and so whether we are talking consumer side, business side we are seeing inflation driven by oil prices, specifically the fossil free component of this stock. a lot of inflation has been based on supply chain metrics are some of the supply chain stuff freeing up, maybe some deflation in certain parts of the market as we get into the third and fourth quarter but the part i'm thinking about with inflation is taxation which is coming next, that's another part of inflation and we will be getting to see that in 2023. blue when you are a stock guy. how do you play the stock market at a time like this? what do you do? >> good question, you got to

know a couple things, one is your investment horizon, where you are and what cycle in your financial future but how do we play it? we need to be more cautious than optimistic. seems there's a lot more downside than upside at least in the short term to midterm. think that the end of 2,023. everyone is saying the same points so we all get into lockstep on this stuff because we are recognizing how we should be paying attention but cash is a real position now. i recommend we trim back. i'm nibbling at some positions right now and i'm dollar cost averaging in on a daily basis because it seems fluctuations are a little tumultuous but i'm in the accumulation phase so i have more cash coming in. some of it is in the distribution phase. this is a difficult place to be. if they raise interest rates 0.5 or 1% which a lot of

countries have raised that one% already so don't know why the us wouldn't be on track. i think they are. if that happens we will see a blue market through the end of this year because risk off assets like bonds will get hammered if we see significant interest rate rises. stuart: we agree on this, cash is king. thank you, see you soon. susan is looking at some movers starting -- susan: we talk about inflation at 40 when your highs and we should look at food producers and if they are pocketing more profit, but they had sales missing wall street estimates. there is concern they may not be able to raise prices to cover their costs. if you raise prices, you kill off customer demand, what does that mean? stuart: conagra is a giant food company. susan: the inflationary fire

meant -- last year when you pulled out a wad of cash i hadn't seen cash in physical bills for a long time. cash is king. stuart: that was an ugly rumor. we were trying to pay for something in the cafeteria and i brought out two, 20s. let's move on. meta. where are they now? susan: there are symbols in the market which i find surprising, citigroup is at 270. 270. this morning. stuart: bullet hit 270? susan: when you hit wall street forecasts, this is not the highest in the street, we talked about 300 target price cut, calling meta-of $300 stock, slowing at revenues

means less spending. stuart: where is robhello x? susan: it is an upgrade in this down market. it is going to be the winner of the future meta verse because they have 50 million daily active users, 80% of users are under 18. there is a long pipeline ahead in the future especially if we are heading into this virtual world. stuart: i am dying for it. interesting story. delta airlines flew an empty plane from london to detroit, no passengers on board, just luggage. that is how you get it sorted out around the world. we told you about climate activists slashing tires in new york and now targeting drivers and cities coast-to-coast. we have the story. starbucks closed 16 stores claiming safety concerns for its workers part of arising

crime trend. jason rantz is next. ♪♪ ♪♪ [sfx: ding] [message] hey babe, meet us at the bottom of the trail. oh, man.

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a nice jib shot. susan: you told me that joke the last four years in a row, i still can't repeat it back to you. stuart: this is for you. members of the tire extinguishers, that the climate group from britain. deflating dozens of tires in new york city, they extended going nationwide with tire slashing the. what of the cities? susan: suvs across chicago, scranton, pennsylvania, which has one of their homegrown sons in the white house, 12 in san francisco. and in new york city last month, tire exposures deflating suvs, and in suv, scrap it before we get to it. what's wrong with the car these days? doesn't it take time to

transition to electric ones even if you want to see them in this electric push? stuart: if they are british group who sending wichman over here to cut tires we are a gun owning democracy and something to be said for a gun owning democracy. starbucks closing 16 locations across the us, rising crime making it unsafe for workers and customers. jason rantz is with us. how many starbucks closures? >> reporter: five in seattle, one in the city of everett. and high-traffic locations giving up on individual starbucks that have a lot of people show up. because of concern over crime, one of them in the downtown core, the problem is an issue

the last several years, in 2018-19 starbucks decided to open up its bathrooms across the country and its stores. and cities with high crime areas particularly connected to homelessness homeless people took over those bathrooms and it was common for baristas to pass out to the homeless people needles sticking out of their arms, other times going to bathrooms to clean them and would get poked by needles. over the last couple years the issue has changed in that a lot of folks are getting more violent and aggressive. the baristas, customers don't want to deal with it. stuart: good heavens. the seattle fire department as i understand, wildly understaffed and the king county jail staffing is so bad they were forced to stop

booking people. >> i broke both of these stories, over the weekend let's start with the jail system they had to close bookings for 9 hours because of lack of staff. they went into the covid pandemic with the staffing issue for not getting the vaccine, not bringing in any recruits, going through these staffing issues. same with the seattle fire department where as of this year they have been understaffed 69% of the time, they are browning out individual units, fire engines, medic units, you call 911 with a medical emergency, every second counts and if they can't get to you in a reasonable time the fatality rate has a tendency to go up and there doesn't seem to be a

significant plan to address this other than we will do more recruitment. they have vaccine policy and play. stuart: i say end all vaccine mandates now. are you with me? >> they do not work. the vaccine works in the sense of protection when you get infected and this was promoted as a way to stop the spread of covid. the vaccine does not stop the spread of covid, not an argument against the vaccine, people should do what they want in consultation with their doctors. they are saying the reason we have vaccine mandates is it will cut down on the down time someone who catches covid would otherwise take if they were unvaccinated which is a slippery slope. cigarettes or alcohol. stuart: is a weak argument, i know you will be back soon.

can't ignore the market. it is not the best it was. the dow was down 600, it is down 400 points, nasdaq was down one hundred 50, now it is 112. show me the airlines, united in particular $37 a share renegotiating the new contract for their pilots after the current agreement fell short of pilots expectations. the pilots won more than they had been offered. delta airlines came up with an unusual solution for returning luggage last at london's heathrow airport. i'm pretty sure they were flying luggage around the world. susan: on empty plane, that has green climate activists up in arms, a thousand or so bags left stranded at heathrow airport in the chaos in london, delta flew a wide-body aircraft from london to detroit, 0 passengers on board and you are shaking your head.

delta recorded results yesterday and they said oil and jet fuel costs was elevated for some time and why not get passengers on board and get the luggage on board. we won all those people get their bags back and the greens don't like it because there's more emissions. susan: it could have been better planned, passengers -- stuart: i want my bags back, give them to me now. susan: i am not going to argue with that. stuart: a family claims american airlines klain - changed their flight to depart from airport in another country and forced them to pay. take me through it. susan: they switched from barbados to st. vincent and all those flights were canceled and they were bumped numerous times according

to the family so ultimately they had to leave from barbados. a country in the caribbean but they weren't told how much the flight would cost so $30,000 for a family of tween 9 according to this irate passenger, $30,000 and if we didn't take this flight their thinking was they didn't know it would cost $30,000 but they would have been stuck on the other and for we, no compensation with hotels or meals so they thought let's take the charter flight, they didn't think it would cost that much and that is why they are up in arms with american airlines saying you bumped us, this is your problem. stuart: never stuff. look at this. the average rent in new york city is now over $5,000 a month, that the average. wents rising at the fastest pace since the 1980s, we are on it. a new report shows 7 of 10 people who were planning to buy

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stuart: sounds like the batman fema. i know it is not. fire islands off the coast of new york city. i'm showing you this because there have been five shark attacks in new york in the last two weeks. we are telling you this because today is shark awareness day. did you know that? susan: i did not know that. the jaws music for shark week. from the 1960s. stuart: that was for me. the dow is down 400 points and the nasdaq down one hundred 19 and the red ink is flowing. i've got some movers, game stop is moving.

susan: 4% for the dow industrials, game stop after two days of business, and nft giant. this is the new business they just announced, chairman ryan cohen and now -- coin based sales in two days after launch. they were down 60%. stuart: nft isn't going great. nova vax is down 20%. %. susan: 21% after the european union found severe allergies. less usage obviously. stuart: let's get to the story on electric vehicles. susan: let's start with general motors and all three of them. that the trend for the future.

gm selling 2000 of these fast chargers from coast to coast and get the infrastructure in, more people would be more excited to buy an electric car. stuart: there is less risk of charging station. susan: fight you will explain that better. canoe is the winner this week. it hints at a possible big order for the country, 4500 options for 10,000 and the stock is up 10%, 21% now. stuart: they look so different. looks like the winnebago. sorry, but they do, no insult intended. susan: it looks like the terminator. very futuristic. we talk about the amazon deal

which put river in -- on the map. it hit its lowest price since march, down to $91 earlier. stephen shock with me now. is oil down is the sphere of recession? >> they renegotiate my contract. the last several months based on inflation numbers, disposable income at the fastest pace since 2013, credit card debt rising since 2006. savings rates at a 14 year low, we are running out of money. for oil prices, $125 on the high end and 100 on the low end, any price above $125 told me the fundamentals, something

has changed, ditto below $100 a barrel and now that we are below $100 a barrel this is certainly a reflection of the fear with regard to economic contraction so the good news is oil prices could be going lower at this point. our first stop on our modeling is in the $70 range, that's the good news, bad news is we will get there because we are in a severe economic contraction. stuart: oil at $91 a barrel as it was this morning surely means we are going to get gas prices down a lot, $91 a barrel is possibly gas will be under $4 a gallon. is that a possibility? >> absolutely. typically, a 2.2% reaction at the pump for gasoline for every one dollar move in crude oil prices, we are down $10 a barrel the past couple weeks

and that does translate into a $0.20 reduction in gasoline prices which is good news as we look forward to the end of the season, the labor day holiday and then switch over to winter grade gasoline which is cheaper to process, therefore we get savings at that point too. is there potential for lower prices, crude oil prices are lower, commodity prices don't drive economic growth, economic growth drives prices and the pool back not just in oil prices, lumber and copper so far is a clear indication something is wrong with this economy. stuart: see you again soon. rents up nearly 1% nationwide in the month of june, the fastest pace of rental increases since 1986, new york city, the average is $5000 a

month for rent, that's huge. nearly 70% of the people planning to buy a house this year are reconsidering or putting their plans on hold entirely, grady trimble in chicago, why the big rethink? >> reporter: buyers are worried about a recession like a lot of people. number 2, their money is not going as far as it used to be because of rising mortgage rates and high home values and it is hard to save up for a down payment when the cost of everything else including rent as you mentioned is way up. i want to show you some data points, we have mortgage application data and it shows it fell 4% from a week ago and 18% from the same week last year, fewer people applying for mortgages by a lot compared to a year ago when it was a frenzy. the rate at which home prices are going up is slowing down

but home values are still up 20% from last year, that's good for owners and sellers, a tough market for buyers too. it is not all bad news for them. >> seeing asking prices drop, the premium ahead of the market to catch up. the curve has flattened, dropping asking get prices and that is where we get transactions. >> reporter: we are seeing deals falling at the highest rate since the start of the pandemic because of rising mortgage rates and the days of buyers waving appraisals and inspections seem to be over. they are going through with him causing some deals to fall through. blue one times change quickly, do they not? the numbers are in. amazon's prime day is the

biggest online shopping day of the year. we spent more than we did last year. susan will tell us about that in a moment. a top medical school is using critical race theory as part of its curriculum. i want to know what difference does race make to a medical diagnosis? david webb takes that on next. ♪♪ (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades.

(fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel.

stuart: i've got to check the markets. look at big tech, apple on the upside game amazon slightly or, meta down 2.8%. a mixed picture from big tex emerging this morning, microsoft is down too.

a professor at the university of washington is suing the school claiming they violated his free speech. stuart rejes was punished when he refused to acknowledge the campus was built on native american land. the school encourages them to include that in their course outline, he refused. he asked his students to think about the performative nature of those kind of woke statements. he is suing the school. using radical race theory to train students. and antiracist book, antidiscrimination task force. david webb is with me. what difference does race make to a medical diagnosis? >> coincidentally i had doctor carson on my show and brought

up the point what happens inside the human body, it looks no different. you are not taught to treat somebody based on race, i have my back on susan which i should never do. or gender, the liver, the organs, the lymphatic system and that is what it is. this goes further. it is the grifters and the leftists combined that are using this, they make money off of the system, make hundreds of millions of dollars off of books and speaking engagements. it is about training a new generation of people that treat people differently. stuart: the diagnosis, not a diagnosis so much as looking at the patient, and in racial terms. >> in this country, in no matter who you are, given at

minimum basics stabilized to go to another hospital and if you have health insurance like you and i do you go out and get treated no matter where you go. they are racial lysing something we reversed, the evolution of medicine, technology, and what we know now versus times we were almost superstitious in treatments, back 100 years or so when we lived to our late 50s, now we live into our 80s. we are in a different world and they are trying to drag us back. stuart: the numbers this morning 11% inflation, it seems to me, that inflation doesn't destroy america's middle-class but brings it down. what do you say? >> not only gets the class but

another class will be hurt more, the ones the democrats care they claim to care, the dependent class which is what they want, people who depend on government programs being hurt the most, $500 extra a month you get a loss in valuation, look at the way the economy is being hit across all sectors, look at food. simply sample for americans, fruit and vegetables don't last as long, all of this adds into a loss for middle income and especially lower income people. stuart: did we spend $500 more in 2022 per month than we had to in 2019. is that accurate? >> numbers out of area studies from heritage, loss -- they talk about value of the dollar, value of personal economy. people need to pay attention.

we lost billions since the beginning of 2021, over 3.5 trillion in loss and what has gone in the markets. all of us are in this economy. we are all part of it. stuart: there is a political price to be paid for hurting all those people. you are all right. >> never turn your back on our lady. stuart: show me the dow 30. give a sense of the market. we are down across the board. we are spending 8% more to dine out, ashley webster is talking to diners about their bigger bills.

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stuart: what is that? is that micah or nika? that is juno beach in florida and it is 89 °. looks like a really nice day to me. on a related note we are spending 8% more to dine out, compared to last year. a related note because ashley webster is in florida, potato patch diner. a great name there. are people ordering less these days? how about tipping? what is the story? ashley: good question. they were skipping a day they would normally come to a diner like this or paying so much for gas and that factors in.

i want to talk to the people who work here, doug is the owner here. let me begin with you, let me tell you about high prices? >> the gas is expensive. regulars would be here maybe one time a week. ashley: you face the high prices as well. is it the number one topic of conversation? what particular is that? >> the price of food, gas, insurance. stuart: you name it. >> people that do rent seeing rents go sky high, they doubled in the last year, $90. ashley: you had to pass that

the customers. >> we should do it again but you don't want to lose the customer base. so we like to be here. stuart: hive have tips gone down? >> our customers take very good care of us but i have noticed a slight difference. ashley: what is interesting, doug here who is a big stuart varney fan. >> love you, decades i have been watching you. ashley: the mother's milk of television. doug said he might add something to the menu, the build back better omelette. twice the price. how about that? stuart: congratulations, thanks for being on the show. don't think you can come into the trivia question. we will do it.

amazon prime, the biggest online shopping day of the year. i was worried about that. stuart: stuart varney dog. >> according to adobe up 8.5%, encouraging, what they are willing to spend in high inflationary times, 300 million items around the world this year according to amazon. people are opening their wallets. stuart: nearly 12 billion. susan: imagine walmart and target taking place this week. stuart: are you ready for this? how many states share a border with canada? that is your choice. you know about canada.

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♪. stuart: geography test. how many states share a border with canada? sues an first up. >> i will call 13. stuart: 13? sounds like high number to me. i will go with 10. the answer, please. never live this down.

it is 13. maine, new hampshire, vermont, new york, forgot new york, pennsylvania, ohio, michigan, minnesota, north dakota, montana, idaho, washington and alaska. >> wait a second i i ohio bordes with canada. said no, no. of course i was right. stuart: just when you're right the time is up. thanks for being with us today. neil, it is yours. neil: stuart, thank you very much for that, good to know. cocktail party conversation fodder there. corner of wall and broad we're off the worst levels of the day. drip, drip of selling continues. wholesale inflation report looks even worse than the retail inflation report. middle of this before i get to some of the particulars, fed governor chris waller is on the wires right now saying among other things, if we don't get inflation under control, it will cause all sorts of damage. you think? we didn't handle things right at the fed from risk management point of