yesterday. lots of happy gains. everything was great. we get a report from apple we'll slow down our growth spending. we'll put a freeze if you like on hiring. that spooked the markets and we love all the gains. hopefully apple won't say anything and we can keep these. i've done my best. i carried the load. i will pass on the gains to my good friend, neil cavuto. take it away. neil: nothing like a little pressure, my friend. thank you very much. look at dow jones industrials are in around session highs, up 526 points. we're in the middle of earnings season, a good many of them through this process beating expectations. those expectations have been revised sharply down going into this. we weren't expecting much. so now queer obviously looking at this from a different light. so looking at that, after the bell, the earnings and more importantly the subscriber news out of netflix. that is probably going to be the

big deal to watch. netflix shares, a host of other technology shares are jumping smartly in the middle of all of this. we're also keeping a close eye on the global heat wave we're experiencing particularly in britain where it caused sporadic fires, heat emergencies, the likes of which the her majesty's kingdom saw in half a century. we went through similar heated spates in the 1950s, again in the 1970s. this is grabbing the world's attention right now. the same thing is happening in spain, portugal, on and on. we have brandon daniels who joins us the exiger ceo, his take on all of this. this bounceback we're seeing right now, brandon, in a lot of stocks what do you make of it? >> i think right now you're seeing the bearishness we discussed. we have the supply chain shocks that have created inherent supply push, right? pushing prices up. making it difficult for people

to buy goods, to go increase spend. the interest rates sucking demand out of the market. you have markets taking a quantity of money out of the market, right? taking it out of cash, taking it out of checking accounts. so i think you're starting to see that bearishness crystallize especially in tech stocks. i think they are starting to retrench because they know that the next six, nine months, might be difficult but money is sitting on the sidelines ready for investment after that, if you've been able to survive this period well. neil: we're also getting news out of the tech companies that go beyond the original warning we got, remember when twitter was taking back job offers to a college graduates. it was extended the to likes of google, alphabet parent more to the point.

microsoft was cutting jobs. meta platforms parent of facebook, indicating that might not be too far off. these were once the cool companies to work for. they were all of sudden grabbing anyone and everyone to sign up. not so much. should we worry about that? >> i think what's happening is, i run a large tech company, right, a huge piece of what we do. we're growing 86% per year in arr in 22 in subscription software revenue. our mandate is to provide people, provide our employees with the same, sound, secure and growing company, right? so i think most tech deals right now are i need to show operating leverage, i need to be cash positive because i don't want to end up in a place where i put my future in jeopardy. the second thing you're seeing

in tech stocks, as people are, sort of calibrating the way in which the market is going to go, whether or not we'll continue to see this wage inflation and this hot, competitive job market, people are holding back from breaking into the potential growth because they want to see you who the next six to nine months play out. so i don't think that this is a new normal for tech. i think that is a moment in time where people recognize that you have to adjust costs to growth and you also have to make sure that you're being responsible with your investments in people. neil: you know, brent, i believe you're talking to us from london right now. they're dealing with a heck of a heat wave, not happily. a lot of folks in london, england, north and western europe don't have air-conditioning. they just don't need it. right now they pray for it. how is it going there?

>> yeah. it's i would say this heat wave obviously, it is a 50-year high. it is unprecedented. i've been working in london as an executive for 15 plus years, i never experienced anything like this. i think this comes as reminder of, what climate conditions, particularly extreme climate conditions can do to markets, can do to our economics. it goes back how we effectively combat climate change, whatever the definition you might think. neil: brandon, thank you very much. joe bastardi has a different view what is happening on the weather front. we'll talk to him a little bit about that. jacqui heinrich is at the white house where the president is ready to declare a climate emergency. it cohappen soon as this week, what does that mean, jackie a climate emergency. reporter: neil, after democrat

senator joe manchin really tanked the parties hopes to tackle climate in what remains of "build back better," the reconciliation party line effort they still want to try to push, there is pressure from democrats and climate activists alike for the president to use his executive privileges to tackle climate. they want to see him boost green energy and cut carbon emissions including by halting crude oil exports, limiting oil and gas drilling on federal waters. two white house officials talked to "the washington post" on condition of anonymity about this. they said they expect the president to announce a slew of executive actions aimed ad curbing planet-warming emissions as soon as this week but the exact scope what might happen is in flux. biden released a statement indicating it is coming soon. he writes, let me be clear if the senate will not move to tackle the climate crisis, clean energy industry i will take strong executive action to meet this moment.

republicans are not to pleased with the course of action on the way, congressman peter meijer, since 1976 presidents declared 52 national emergencies over half of which are extended annually without congressional approval including to 1979. potus using legislative powers to do end-run around congress is bad policy, bad progress. the white house is taking a victory lap on gas prices coming down a bit, even though when gas prices spiked they repeatedly blamed vladmir putin and the war in ukraine. they said that there is not the president can do to control them, except now they're looking for some credit. >> there is no both way thinking here at all. i very much disagree with that framing. what is happening here is a president working tirelessly to address the largest constraint, probably the toughest constraint facing american households right now. reporter: now the average is still $2 above the cost when the president took office.

4.49 for a gallon of regular and 5.51 for a gallon of diesel. still hurts, neil. neil: indeed. jacqui heinrich at the white house. thank you very much. bob cusack with us right now, "the hill" editor-in-chief. political back and forth taking blame, taking responsibility, taking credit, we can play that until the cows come home but i do find it interesting in the middle of all what is going on certainly with energy prices certainly oil back over $100 a barrel with the dip today the fact of the matter we're dealing with by and large higher energy prices double what they were a year ago. this climate emergency situation the president talks about in light of the heat wave, i'm wondering if it is coming out of the gate at the wrong time with the wrong mission, at least now in this environment? what do you think? >> right, and that's a very good point neil, the white house has been under pressure to announce a public health emergency on

abortion in the wake of the supreme court decision and in the wake of the epa decision, same thing here and in the wake of joe manchin not going along with legislation on climate change. i'm interested to see what they're going to do because through the supreme court decision the administration's powers have been curtailed on climate change. so it could be legally vulnerable, especially if they are very aggressive. but this is a lot of pressure center, merkley have been pushing white house to address climate change. they have been frustrated with joe manchin. we'll see what they are going to have. as you know, neil, unless you're passing legislation, it can be changed by the next administration, or it can be thrown out in court. neil: then you have to connect with voters this heat wave is going to justify further marginalizing fossil fuels, right? that might or might not be the answer but a lot of people are feeling the heat. they're ticked off about it. they're looking at utility bills and they're ticked off about

that probably to keep the air-conditioning running if they're so lucky to have air-conditioning. not everyone in europe does. i'm wondering if they're jumping at this and the president is taking the bait from some progressives who might welcome this development, might welcome this heat wave? >> that's right. the white house is so torn on a number of policies but i think most on energy where they have been pressed by the left to do climate change. tough make choices and it is hard to do, everyone seas all of the above. we've seen that from both parties but you have to make choices. if you're going to pursue climate changpeng zhao, whether that is executive action or through legislation, there will be a cost of it. and now the left obviously going along with that hey, we want to save the planet. but there is very mixed messages. i agree claiming credit for lowering gas prices which are still so high, maybe another 50 cents or a dollar you claim credit for it. that shows you the tough spot the white house is in, squeezed

by the left and independents and republicans on the other side in polls. neil: we're in and out of these levels on oil. i get what you're saying, bob, we're kind of back or were for a few days to the levels oil was trading before russian soldiers marched into ukraine. now we since moved up a couple dollars from that. but we know what was unleashed after of the energy run-up, food inflation continues unabated, rent increases all the rest and i'm just wondering now if we're actually past when is happening at the pump. don't minimize the progress, 35 days of declining prices welcoming it, there are bigger fish to fry, if you can afford the fish. >> that's right, with the ukraine war, showing no end in sight where are we going? are we going another 35 days. prices are going down. people are struggling, affecting everyday lives and work habits as well. overall this is a tough problem for the white house because there is no magic wand.

these prices can come down, another world event can show it. neil, you and i talked about it before. blaming others isn't working. if you want to take credit, take credit but don't point fingers all of sudden the oil companies are greedy a month ago but now they're not, it doesn't work. neil: it doesn't work. bob cusack, thank you very much. editor-in-chief of "the hill." virtually every s&p 500 sector, there are 11 of them all advancing today. we're seeing a lot of the so-called heat plays if you will, weather plays, natural gas etfs, air condition makers through the course of show we'll see they're benefiting by this, biggest names behind coolest products like ice cream. those investments are, you know i was going to say this, looking sweet, after this. ♪

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♪. neil: want to alert you to some developments in washington right now where they are apparently close to a agreement on a

so-called computer chip bills. it would encourage more moving chips in this country than asia specifically china. there is a backdrop of a big shortages of these chips as you know, it is after affecting cars and chips that go new them. madison alworth in new jersey. madison. reporter: neil, the cars people are buying today, they're paying top dollar and given an iou for some of these chips. these chips really control a lot of the cars. some of it is comfort features but others are real safety features that have an impact. take a listen. >> you got things like heated seats, heated steering wheels, blindside mirrors is a big one. we're seeing cars come in without blind side mirror chips. which mean the blind side mirrors don't work. that is a big safety issue. reporter: if a person sides to buy the car they will get those chips once they come back in stock.

in some cases it takes up to 12 months to get them. the process of putting the chip in doesn't come at a cost to the customer but of course they're already paying a premium for cars with these futures whether the features work or not. you know, the average transaction price passed $48,000 in june for a new car. that is over 12% increase from a year ago. even with the high prices and missing chips, demand cannot be met. >> we're selling cars that are on ships coming in. so you know, right now in my, in my dealerships we have over 200 cars that are sold, have deposits on them, and they have not arrived on ships yet. reporter: and those cars that are arriving already sold. they're missing chips themselves. like you mentioned this bill is is at increasing production and expanding our footprint. we used to control 37% of chip manufacturing globally. that was in 1990.

today, neil, the percentage is closer to 10 or 12%. even if the bill passes it doesn't change things right away. chips are more important in our world. so the idea get ahead of it while we still can. neil? neil: the cars are so smart and sew -- sophisticated today, when you don't have the chips they are not nearly as smart. investing in them is not nearly as smart. that could explain why a lot of people are moving to electric vehicles here. the price points have come down. they're still more expensive than traditional gas powered cars but that differ ring is narrowing. we have the ceo of volkswagen. they have aggressive ev plans. mary barra on the wires saying she eventually sees gm surpassing tesla as the number one ev seller on the planet. where are you in this? >> i think we're quite in good

shape. we're here in chattanooga, tennessee plant. we're preparing a launch of the car behind me. this is iv-4, which cues very nicely to the american market. i think it was well-received by the american customers. we're launching just next week. we're production volume of 100,000 per year. also our imports from europe are growing, getting good momentum. so we feel confident that we will play a major role in the ev market. neil: has the run-up in gas prices, they have come down a little bit, doctor, in the last month or so but has that helped build interest in electric vehicles, your own included? >> we're talking, this is not a -- america problem over the next decade. we feel, that we have the right set-up.

we have all brands becoming electrified. widest model rate you can imagine. id.4 is a compact suvs. we have suvs and sedans coming. audi, volkswagen we are investing in china, in europe, in the united states. so we will, we will create a lot of momentum which will be very competitive in the market as well. we should see at least as competitive nev market as we are on the conventional car market. neil: one thing i noticed about the whole ev technology, there is different standards. i always likened it to the battle between vhs and beta. i'm showing my age here, doctor, about what was the standard of choice here but there was confusion over the technology t was settled at that time in vhs's favor but there are different types of batteries and systems for different types of cars. where do you fit in sort of a

tesla-dominated battery world? >> i don't think the battery is really tesla-dominated. they are using different formats than many their peers. there are three, four, five different formats around the world t makes a difference in range and charging power. neil: i'm saying doctor, there are more teslas, there are more tesla charging stations, right? go ahead. >> no. but not for long. not for long. we have the second biggest charging network in the u.s. is ours. we are investing strongly in, in europe, all over the world for charging. actually the standards are, the charging standards are getting closer. tesla is opening its charging network to our customers. we have been open for tesla since the beginning so this is the migrating and, and getting closer to each other. there won't be a, i say a

competition of systems. there is no such system, no, because there are differences because if you buy a portia tigran, you can charge with 800-volts, you charge with 300 kilowatts, which is fastest charging possible and then you have those 400-volt systems like tesla in the mainstream which make different speeds of charging. there will be differences, differences for the customer. faster charging, more range, cheaper, more expensive, this is like in the conventional auto world, no? you have high performance cars and you have middle of the road cars. neil: so, are there a adapters for those other carmakers who use batteries, charging stations you have doctor, so everyone can use everyone? >> you already know the charging

environment is is standardized around the world with the only exception of tesla and tesla is getting closer to the rest because they're opening up their network and they're providing a adapters. this world is a standardized world. neil: volvo, i believe, sir, wants to have its whole line electric in the next few years. where are you on this? >> sorry, can you repeat that? neil: sure, i understand it is loud there. volvo aims for complete, 100% ev line in the next few years. where does volkswagen stand on that? >> we are in some markets absolutely a [inaudible]. audi, they will develop their car by 26 only in many markets. we will be 100% electric by 2030, 2035. it will depend on the market set-up. neil: thank you, sir. very much. competing with a lot of noise,

the traffic there. dr. herbert diess. ceo of volkswagen. the ev push is moving along. pass along something concerning money and politics, we're get getting news out of the "ft. lauderdale sun-sentinel," ron desantis is drawing record funds not only for governor's race, but money left over. $29 million raised from outside sources, those outside the state of florida. for a man who apparently might be thinking about a run for the presidency, he is already getting a lot of funds for just that, almost $30 million worth. stay with us. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control.

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♪. neil: all right. vladmir putin has arrived in iran. this is his first trip outside

of the formal so-called, former soviet empire known as the soviet union. i stress that, that is how they like to explain the visit to belarus, no longer part of russia per se. that was his first visit outside of russia per se. this is then the first real formal visit outside russia per se. it's a big deal, because those two countries represent the most sanctioned nations on the planet. the iranians already commit ad number of defense weaponry including some surveillance systems that have the ability to bomb at will secret parts of ukraine that vladmir putin we're told is already using on this visit. he is also boeing to meet in iran with turkish president erdogan. turkey a nato member. it gets more interesting by the minute here. we're keeping track of that trip, what they might be cooking

up. those two certainly, russia and iran, most vilified nations on the planet right now but kindred spirits working together to provide defense drones and the rest. we're staying on top of this. also staying on top of numbers to confirm what you were already seeing a slowdown in housing and a crash among sentiment among homebuilders. lawrence, from the national association of homebuilders chief economist. very good to have you. i see starts plunging in the latest period 2%. i see homebuilder confidences cascading quickly on this. where are we on this? >> good afternoon. the numbers, single family starts that is really tumbling down. the multifamily, essentially the apartment building is actually rising. what this is telling changes in mortgage rates, huge rise in mortgage rates this year, the buyers are backing away and they have to renew their rental

lease. so the rental demand is rising, rents are increasing, so some shift in the housing market. neil: the starts we fell down to a five-month low. sentiment about homebuilders is about a 2 1/2-year low. usually builders, when you talk to them, are the best cheerleaders for their industry. they're not cheerleading. what do you make of that? >> well the contract constellations have been rising. people who were essentially initiating to buy a home, start digging on the dirt to build but it is taking a long, long time through the supply chain disruption, by time home is completed what do you know, mortgage rates are much higher. they simply cannot, there is cancellation, naturally homebuilders want to be very cautious. let's remind ourselves, we had a housing shortage before the pandemic which worsened when the housing market boom took off the past two years. so the builders pulling back now

could be only temporary because we could again encounter a housing shortage should mortgage rates begin to stablize. neil: if it doesn't, because mortgage rates for still a lot of people, these are eye-popping developments, where some mortgage rates effectively doubled over the last year, i get that but nowhere they were in the '70s and '80s, perspective is i get that, but are you getting a sense between that and price of homes, but depending where you are prices are starting to stablize, but that isn't doing it, rates are deciding this? >> both combination. home prices have risen roughly 15% from one year ago, and on top of that mortgage rates as you mentioned doubling. so what it means for the new set of buyers just entering the market now, to buy the same house now versus one year ago, the monthly mortgage payment is 50% higher and that's why the

buyers are retreating backwards. neil: got it. lawrence, thank you very much. lawrence yun. interest rates relatively stable but on the margin people are not buying homes in this environment or not nearly as many. meantime keeping you track of something that is very hot like the weather in much of the united states. certainly in great britain. we got word that temperatures hit the highest level ever, 40.2 degrees celsius. that works out to 104 degrees fahrenheit. this was recorded a few minutes ago at heathrow international airport, britain's busiest airport. confirming what everybody on the european continent are seeing it is hot, not getting anywhere cooler after this. ♪

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neil: all right. the bad news for the world's richest man. a delaware court judge ruled in favor of twitter, eager to expedite this trial versus elon musk and the 44 billion-dollar deal that musk sort of turned his back on here, saying that essentially twitter was misrepresenting itself, and how many active paying customers it had versus bots. you know the whole drama. musk himself favor adlonger trial to allow him toe present his legal argument here. the judge saying idea of a expedited trial is fine with him. the stock moving up on this news. it had been anomaly to the upside. stocks are way up to the upside with the dow in and out of session highs, up 569 point. technology stocks racing along as well. but again, some tough news for elon musk. we're a long way from done on this particular soap opera but a judge handing a defeat to him early on to say, no, no, if twitter wants to expedite this, get motors running soon and fast, have at it.

we'll see what he has to say about it shortly. meantime taking a look right now something else rocketing, the temperatures abroad, by the way in the united states but nothing like they're seeing in england where they just broke a record in london. we have the very latest from ron chilcote who joins us from london. ryan. reporter: hi, neil, we hit 104 degrees fahrenheit today in the uk. that is something that is hot tub temperature. that is not the kind of weather we normally get in the uk and here's the thing, this morning, even before noon we had already broken through the previous all-time high of 101.7. that is an increase on the record by nearly 2 1/2 degrees from the record that was reached just back in 2019. i am sure people saying what is the big deal, 104 not that hot. obviously, neil, you know the uk is known for having mild weather. in fact this country is best known perhaps for its rain.

so this is really unusual. today we have one, not one but more than one fire a large fire that has broken out in greater london. more than two dozen across the country. all eyes not just on the temperature but on the trains today as well. that is how millions of brits get around here. not today. dozens have been canceled. those that are running going very, very slowly. why? well exposed to direct sunlight steel rails, they get a lot hotter than air. the ukest railway track reached 143 yesterday, 143 degrees. when the tracks get too hot, they can buckle or bend. you don't run the trains or slow them force to decrease force exerted on the tracks. most steel in the rails here were built to operate in a 80-degree fahrenheit range, between 15 and 95 fahrenheit. not in triple digits we are in now. other infrastructure people are

watching includes the airports. you mentioned heathrow at 104 earlier today. yesterday, luden was in focus, london's fourth largest airport. they had to close for a few hours, some tarmac had risen. think about a loaf of bread in the oven. the tarmac rose making it unsafe for planes to land. the air force had to stop flights in and out of its largest airbase because quote, the runway melted. nothing like that in heathrow where most of the flights from the u.s. come in today. britain is the hottest place in europe today. that is very unusual. considering this is an island. things around islands tend to be a bit cooler. it is very hot on the continent as well. firefighters are busy in slovenia, portugal, spain, france. 37,000 people just today forced to evacuate their homes in the south of france, a place in peak

holiday season right now. monday night was, also in addition today being monday night, it was the warmest night on record. you can see i'm sweating aware here. this evening will not be the same. the temperatures are already coming down a little bit and they're expected really to plummet about 30 degrees tomorrow, maximum temperature of about 80. but what will continue in this country is this conversation about climate change, climate mitigation and climate adaptation given what we've seen with the infrastructure and how it performed the last couple days. a lot of conversations going on what the government needs to do update the infrastructure to deal with extreme heat conditions in the future. neil? neil: try to stay cool, my friend. great reporting. ryan following all of that in london. climate change they're talking about across the european continent and by extensions here as things heat up on this side of the globe.

joe bastardi says step back, a little bit, folks, weather bell. what is going on here? >> you have a peak of extremes in the uk right now. interestingly enough i've been trying to show people the period june 1st, 1976 through mid-july was much hotter than the same period we've had this particular year and then december of 76 was much colder. in fact that was the greatest change from summer to winter in uk history back in 1976 that we have on record and that's very important to understand because you have to put perspective in these things. now, there is no question this is an unprecedented recorded human being recorded peak there at 104 degrees. what's fascinating is, we have a southeastly flow, south, southeast flow coming off the

continent in the uk, the same kind of south east flow in wintertime produces their coldest weather. so what happens, neil, we're already telling our clients, linking what we're seeing now, going back to 1976 and 2003, for instance, same kind of situation going on, to an early winter in europe and a cold winter over the northeast united states and on into the great lakes this year. of course that in turn has very big implications given the energy situation around the planet right now. the other thing is, too, there is linkage, to the type of summer we've had. if you go back to look at 1938, 1944, 1954, 60, 85, 76, '91, all those summers had very warm temperatures in the center part of the united states, in long island and new england were hit by a hurricane. what is fascinate about, you see how this is all linked, folks? people don't talk about the

linkage. what is fascinate about that from 38 to 91, long island and new england were hit once ever seven years. with all the extremes going on we have not been hit by a hurricane, a landfalling hurricane in the last 31 years. things are going back and forth. what which do at weather bell, what i try to do is add the perspective, show my clients what happened before, what is happening now an point them toward what to look for down the road so you not only use the computer models but the foundation, you stand on today was built yesterday to reach for tomorrow. you can do that with the weather. neil: you are a genius, get through my thick skull, what is going on here, not climate change or things discussed, we go? these waves. where are we here? >> well, much of the continent of africa is well below normal, for instance. nobody talks about that. the western pacific, the home to

the greatest amount of tropical cyclone activity is way the heck below normal this year. it was last year, the year before. those have actually, if you're looking at, really looking what is going on you have to watch your weather in the tropics. that is where the energy comes out of and we're not seeing much change at all over there. the north pole is below normal temperaturewise this year, right? so what happens is, the media never talks about the other side of the issue. neil: i'm sorry, joe biden is talking about you know a climate emergency right now and taking executive action to deal with it. is he wasting his time in your opinion? >> june 10th i wrote an article, i sent it to you, i believe saying this is what he is going to do. he will use any kind of heat and hurricanes to declare a climate emergency here. in my book, if i want to put a plug of my book on covid, i said this is going to be a warm of up what you're seeing coming down.

neil: you don't see that is necessary bottom line? >> what i see is man to continue to do what men have done through freedom, competition, capitalism, to adapt to the challenges and advance the cause of mankind. in 1930 there were 1/4 of the amount of people on the earth as there are today. 28 times more climate and weather-related deaths. we're definitely advancing. certainly room for wind and solar those things. we love to forecast for that but there is also room for a rational look at the pass and to use that past to elevate your future. neil: well-said. people need to hear that. we only hear, there are other views out there. joe bastardi, great catching up with you, my friend. following all of those developments. before we take a break, we'll get a few more details what the judge ruled in twitter, ruling in twitter's favor this be a quick trial with elon musk. it would be a five-day trial way it stands right now. it would happen mid to late

october. the judge is open to the possibility going longer closer to the date but so far sees no reason to do so. we have not gotten a response from elon musk how he is going to move going forward, right now what he is going forward with is not something he wanted and time to lay out his case. the judge is saying prove you have to lay out his case much longer than five days. stay with us. [whistling] when you have technology that's easier to control... that can scale across all your clouds... we got that right? yeah, we got that. it's easier to be an innovator. so you can do more incredible things. [whistling] meet leon the third...

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go golo. (soft music) neil: all right. we're getting word tomorrow there had been whisperings it might be today but tomorrow the administration will declare a national climate emergency to address obviously the backdrop, the rising price, i'm sorry, rising temperatures certainly going on throughout much of the continent of europe and swaths of the united states here. we're not aware of the executive action he plans to take to deal with this, or as joe bastardi was pointing out the chief meteorologist at weather bell whether it is necessary at a time of higher energy prices. he will say something, outline plans to take action on his own where republicans have stopped him at every pass. the read on this, suzanne clark, u.s. chamber of commerce, president and ceo. suzanne, much to get into including the power situation

that the president is ready to almost dump not all of them but on a this climate change action. no doubt a lot of measures he might be considering business will have to pick up the cost. how do you feel about that? >> this is interesting what your previous guest just said which is, we need to rely on free enterprise, on business, on technology, on innovation to solve complex problems and that is not government's role. it's the private sector's role and they should let us do it. neil: so if he is doing all of this buy executive action, suzanne, it depends your point of view, executive orders, statements, but obviously it wouldn't pass muster in a court but it would force businesses to enact some of these changes he will no doubt highlight. we don't know what they are, suzanne, so i apologize for that. we know he is cooking up something. it is a good bet it will come at your members expense.

>> i think you made a really important point which is we're doing way too much by executive order and by unelected regulators and bureaucrats. we have a congress. they're duly-elected by the people to solve the big problems. we're watching this across the administration right now. large regulatory overreach. they're rewriting decades of bipartisan concensus in policy in black boxes where business cannot even hear what the rules are. to your point, ultimately decided in the courts, as you know we're just suing the fcc we're looking at other suits that may be coming on other agencies because they have got to understand what the rules of the road are and government needs to understand where its authority stops. neil: now know on to the area we were booking you for which you handled very well, suzanne, i appreciate that, the president considering lifting tariffs imposed in the trump administration. not all of them but a good many of them. obviously american consumers pay

those tariffs but they would benefit china if americans, more than were able to buy those chinese goods. how do you feel about that? >> it is complex. china is a big market. we want to sell into it. we want to buy things from it. at the same time we need to confront human right abuses, i.p. theft. so it take as complexed nuance partnerships, alliances, trade agreements. but these tariffs are a rough instrument doesn't seem to punish china at all but costing american families by the estimate $1200 a year. let's relieve the pressure on american families and businesses cooperate with china, collaborate with china and confront china with tools that will actually work. neil: got it. suzanne clark, u.s. chamber of commerce president and ceo. thank you very, very much. letting you know twitter won a bid for an expedited trial on elon musk. he is not happy. more after this.

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digits, 104 ° and then some. that's a record, 40°c, 104 ° fahrenheit. it has gone down to almost frozen 100 ° but the bottom line is it gripped the world. we have a heat wave coming through an eastern part of the united states about nothing like that. we are on top of that and the implications of that and some people pouncing on investments to reflect that. there are ways if you are in an air-conditioned room people can do that and we've got you covered with all the developed in the middle of this, cooling tensions between heated opponents in washington, edward

lawrence, has people wondering whether it is to the food supply, and hillary vaughan on how the administration is responding, some say it is not the right people to handle the crisis, where it is a scaled back chipmakers bill. >> the administration wants a vote on scaled-down chips bill before the august recess and the vote could come later today. >> don't let the perfect be the enemy of the good. you not get everything right away, we should do a big bill over time but don't let the perfect be the enemy of the good because the only winner is the people's republic of china and the loser is the people of america. >> the plan is to scale back a house approved plan which dealt with trade, oversight, and taxes, the slimmer bill would boost chip production in the us. the conference committee

merging different house and senate bills at an impasse weeks ago. some democrats are reluctant to give up on the house bill, that is why raimondo is talking to democrats, afraid of giving up the senate. >> i disagree with the characterization of us being rogue. of the house doesn't act and we always act, we laid a foundation for the senate to do its job. >> gop members flag spending so much exclusively on chips. >> just this idea that you add $50 billion in new mandatory spending, it is driving inflation to record highs, that is something they should reconsider on the senate side. >> the senate vote today needs just 50 one votes but if it falls short by 60, that is a

bad sign, cannot clear a filibuster. neil: edward lawrence at the white house looking at a measure to counter what russia is doing on the global food front. bring me up-to-date. >> reporter: russian president vladimir putin is weapon icing food and we have seen that. turkey could be the key to get the weed out of ukraine with russia holding hostages on resources are saying one source democratic and one source republican and one source from the administration, there's a framework for a deal to shift the wheat from silos and ukraine through the black sea by the end of july, welcome news for some countries, experiencing food shortages. >> it is a global food crisis

by blocking ports and ukraine and its invasion of ukraine cause energy prices to rise. >> all 3 sources worn any agreement with russia will fall apart because it is russia but global food shortages, they are surging in the us, the latest inflation report shows wheat is up over the past 12 months, look at cereal and cereal products up 15. one%, fresh biscuits, rolls and muffins up 13. 2%, bread is up 11. 8%. all of it adds up especially when you include increased gas prices. the ban on russian oil has not worked, russia selling the same amount of oil it sold before the ban, china and india with an increasing amount, they had ministry for working on the oil price to be put in place by the end of this year. >> there is some skepticism

about whether this can work. skepticism is always there when something is new so we hope to continue to do two things, work on the mechanism and to make sure it is effective and efficient while at the same time working with consumers around the world to explain it. >> only works if other countries sign on and it means russia would get paid through the end of this year financing its invasion of ukraine. neil: hillary vaughan is examining the concern, not only republicans but democrats, the economic team is up to the task to deal with these crises. >> the president realize on economic advisors to give him advice on how to tackle the top economic issues they are facing, one of the big ones is inflation and today marks the 1-year anniversary president's advisors told him inflation would be temporary but one of

biden's top adviser said they retire using the word transitory to describe inflation not because it was wrong but because it was ambiguous. >> ambiguity about the length of that word some people, transitory, will think weeks and months and lack of specificity about the cadence implied by that word led to a level of ambiguity that wasn't serving the debate very well. >> one group does not think the president's advisors are serving him all, committee to unleash prosperity study the economic team and found while a lot of them had experience in government and academia business experience was hard to find, marty walsh, omb director shalonda young and chair of the council of economic advisers all have 0 years of experience

in business, the director of the council of economics has 3 years of experience in business, the committee writing the biden administration made diversity a major goal of its administration but one area that is sorely missing in this is attracting talented and experienced men and women from the field and some republicans say this lack of business experience is showing up in the president's handling of the economy. >> pay attention at least to those of us that have run something not to mention the largest business in the world, the federal government, underappreciated, ignored, sad because this is a place, results speak to themselves. >> we did reach out to the white house and asked if the president has confidence in his economic advisors, we are waiting to hear back.

neil: imagine if he said no i don't. hillary vaughan following that on capitol hill. donald trump had in norma's confidence in him, the chairman of the council of economic advisers joins us now, author of the drift, the drift we are getting from this administration on these issues is executive action, the backdrop these higher prices, unwinding some of these tariffs under your old boss against china, what do you think? >> i think the biden administration, going after tariffs because they have lost so much ground on inflation and one of the reasons they've lost so much ground on inflation is what you mentioned about businesses, the fact is douglas whole taken, an old friend of mine has recently reported the biden administration put out twice as many costly

regulations as the obama administration it if you run a business when there's a new regulation that costs you a lot to comply with and so you hire a bunch of guys to study it and tell you what to do and you have to buy some costly equipment and then you have to raise prices so people are saying how can it be that there are more people working and gdp is going down and one big reason is everybody is working to obey biden's exec of orders and his new regulation so that is driving inflation, bad policy and there is something to it. if there were more businesspeople, i worked with gary cohen who spent his life in business, they would say we can't do this because it will hurt small business. neil: he was forced out or quit in frustration but let me ask a little bit about the mood here and what i'm asking is something you dealt with all the time, you want diversity of

thought, some are more successful, welcomed all points of view and make the final decision but if you are hearing only one thing, i'm sure there were a lot of different views on tariffs and how far to go against the chinese, the president won the day, he is the president. i begin to think, you know the mechanics of how it works in that building, if you are only hearing one point of view it doesn't allow you to consider anything else. >> i've not been inside the white house, don't know if biden is in the meetings but i can report that donald trump, you know that peter navarro and i disagree about a lot of things and certainly disagree about the economic impact of tariffs where he will say gdp goes up but i'm not so sure, the president would love to set us after each other in the oval office, he would say don't you think peter is wrong on this or don't you think kevin is wrong

on this and he would almost scrape open scabs because he would watch that fight and sort of say okay, now i think i understand better what i want to think of this space and that was something i enjoyed. it was anxiety creating a, everyone is attacking you as the economist but i would learned so much, i hope president biden, i doubt he has been doing it if you look how bad the policies are. >> john kennedy would entertain all points of you from those committing carpet bombing q about a those with a more subdued approach, he was in the middle. it is what we are dealing with, if the president were to address regulations, we chatted all these years that that got the economic ball rolling before the tax cuts and very important to business, the more that are piled on the less well

they do. that will go along way of the president did something like that. what do you think? >> regulation, president biden's first executive order made it so you could pass cabinet agencies, passed new regulations so that is why there have been twice as many regulations as there were under president obama. if you go back to president obama the office of management and budget, they took the cost benefit analysis seriously, jason furman and obama's chairman at cda, the position i had, put out cost benefit analysis which i didn't super agree with, careful about their climate plans. by taking that away, you speed up the regulation process. what i would do if i were advising president biden, we need to bring the cost benefit analysis back, president obama's team used it well to get agencies out of control and

the agencies are really out of control. neil: almost any costly undertaking or investment they try to spell it out and examine it and go into the weeds. sometimes their predictions don't pan out, at least they do it. i don't know, not a bad idea. great catching up with you. thank you very much. >> good to see you. neil: a lot more coming up, flatter putin in toronto, what could we have to worry about? after this. new projects means new project managers.

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neil: vladimir putin is in iran, visiting not only the leader of that country but trey yingst in jerusalem with more on the timing of this, the president in saudi arabia and israel, what can you tell us? >> russian president vladimir putin traveled to iran for talk on a variety of issues including syria. and tehran putin will meet with the supreme leader and other top officials. he already talked to president raisi as russia made hundreds

of uranian drones, the white house blames russian officials visited any reigning airfield in recent weeks, arguably the most consequential meeting of putin's trip will be with turkish president erewhon who is meeting with key officials, the turkish leader worked as a mediator from russia and ukraine over the past several months to broker an agreement on grain a sports and humanitarian access amid the backdrop of regional tension with iran. the israeli army chief of staff reiterated planning is underway to strike uranian nuclear facilities, it now has the means to build a nuclear bomb. >> it is a moral obligation and national security order. >> a lot happening on the foreign policy front from russia's war in ukraine.

neil: the foreign policy fellow's take on this, timing just a few days after the president left saudi arabia. >> putin's part is very deliberate, very nasty sense of humor and part of what he's doing although only part, he has real business to do but making a mockery of president biden's trip to the middle east which was a flop of a trip, came back with nothing much and very humiliating moments given things he said, after his declaration making him a pariah, should be dealing with saudi arabia but could get into a whole mess opening the us energy market, basically he's making fun of president biden among other things though this

is quite a gathering of thugs, landmark stuff. neil: the iranians providing military drones for use in ukraine but it almost seems demeaning for a superpower, to be dependent on a country like iran. >> it is a fascinating convergence because turkey has been telling drones to the ukraine is that have been quite effective and turkey's president will be there, when i look at this configuration there's a much bigger game going on than immediate issues of drones that we are hearing and one of the things to keep in mind is this is vladimir putin's first trip outside the former soviet union since he invaded ukraine but remember the trip he made before that

which was to china where they declared partnership in creating this new world order in which they would be dominant powers, not even names but the obsolete sort of obstacle to good things ahead. that is what they are building, putin has been cultivating ties with iran since he came to power and made an interesting trip in 2007, first time a kremlin boss visited tehran since stalin went in world war ii, that is the kind of thing he has been building, a long game for all of them and if you look at these three rulers who are assembled in tehran turkey's president who putin is effectively making the point he's not that isolated, this nato member is there as well, the ayatollah who has been in

power since 1989, putin himself collectively these are three thug leaders who've been in power roughly 75 years if you add it up. they are playing a long game and the focus here is us, the us, the free world, our allies, obstacles to parceling out power, they may turn on each other, they have differences already and it will be interesting to see where the drones end up given turkey and iran proposing to each side but they have a bigger game and we are the real target. neil: i always learn something. we are looking at the extreme heat am also at the extremely important maryland contest after this. and we'll come to you with a replacement you can trust. >> man: looks great.

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neil: for a lot of folks, particularly abroad is the latter and it is not too fun and it is going to get worse before it gets better but there are hints that it will get better. let's look at more on that. >> feel like we are on the surface of the sun across the country today beginning in the middle of the country where you are already early seeing a lot of spot in the 90s drifting to the eastern united states most of the heat alerts are across the southern plains and drifting to the southeast, building along the east coast, maryland included, extreme temperatures in the 80s close to 90, the heat index, that's what it feels like, heat plus humidity, suddenly some spots in the middle 90s by this

afternoon so real extreme heat from the mid atlantic to new england where the feels like temperatures going to be running into the middle 90s close to triple digits, the heatwave really pooling up, heat indices into the middle 90s and if you think of how long this can last you mentioned probably a week in this region, looking at temperatures into the 90s so extreme heat sticking with us early into next week. neil: this is not good hair heat. thank you, adam, we have aishah hasnie following the relevant, hot and uncomfortable, the scene of the crucial primary. >> reporter: it is 80 degrees with a lot of light shining on me because you have the

sunshine coming down on me so it is a hot one, very heated gop gubernatorial race that turned into somewhat of a proxy war between current maryland governor and the former president so i want to show the two gop front runners, governor hogan is supporting kelly schultz while donald trump has endorsed dan cox, all four questioning his influence and last night trump putting out this statement saying get rid of shutdown larry hogan who's trying to get another rhino, dan cox will be a great governor, i caught up with shields as he was casting her ballot, she says she's not a rhino and trump is just a big distraction. >> the former president doesn't

know me. i invite him to learn a little more about kelly schultz, >> has it overshadowed your campaign? >> people want to focus on 2022, where our elections are and what we want to do. there's been a lot of hype about that. >> reporter: primary results could hit one major snag in maryland, mail in ballots cannot be counted until two days after the primary, something governor hogan refused to change over the years and as of nested a there were 500,000 ballots already in the box and if we are looking at these races which are tight that could spell trouble in terms of when we find out the results for at least the democratic nominee tonight. neil: try to stay cool, the hair is just she is handling it

well. meantime we are focusing on netflix, the big number we expect after the bell, earnings for the streaming giant stumbling with some laying off some workers but for netflix it is all about the subscribers, how many more are added and how many were not, that's the focus, more after this. ♪♪ ♪♪ lion kids develop their passion for learning through our grow up great initiative. and now, we're providing billions of dollars for affordable home lending programs... as part of 88 billion to support underserved communities...

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from elon musk a walked away he says for a good reason, it is short initially to twitter, susan has a lot more on what went down today. susan: you see why people went to delaware for their business acumen, just an expedited argument, the judge and chancellor herself coming back in ten minutes with her ruling and setting precedent and other cases, some of the business cases she did grant and this is a win for twitter and its virtual round one versus elon musk, the court trial which will start in her view, mid to late october, 5 day trial although she does give an option to extend the 5 days depending on the types of evidence and arguments being made in court into twitter arguing for a fast-track trial

because every day it lingers over the brand, distraction for twitter and harms them and their stock price but you see the volume spike in twitter stock after this ruling because we might get closer to a possible end, whether we will get a deal is up for question because it is nowhere close at $54.20 offer price that elon musk but on the market and if we got the deal forced through you would see us inching closer to $54.20, may be multi-billions of dollars and even if elon musk is forced to buy a company they can negotiate a lower cost. some people have seen these sheets and the financing deal and yellen musk wants to buy this property but maybe not at $44 billion. neil: you are looking at crypto stuff, your quick thoughts on what susan just reported.

>> this isn't a ruling against musk, he lost this and gives you an indication where the judge's head is, probably not good for a long, the judge is signing with twitter. without musk in this deal there's not much air in the stock price. stocks are up 600 points today, twitter is upon the notion from what i understand not the they are going to sell but he's going to buy. don't be surprised if you see this deal come up with bankers pitching elon on something like pay 40 and walk away with something as opposed to nothing in twitter might be compelled to do that because if you think of it, it is hard to force

someone to buy something and hard to come up with a scenario where twitter was damaged in this thing. the problems were well-known and to keep reneging on deals, and both sides say go to the middle here, and rational minds, not paying one billion dollars or $40 billion, is buying it for a lot less than it is now something along the lines of what you are seeing on screen right now, $40 a share which would be $40 a share, 54, talking about 28, 30. neil: what you are following on crypto, charles: house financial services committee hearing, maxine waters, congresswoman

from los angeles, democrat who runs the committee, sparks were flying between democrats and republicans mainly over crypto currency and sec regulations, the head of the enforcement division up there. i'm going to butcher his name but try, gerber was up there, head of enforcement, not quite gary gansler but one of the top people showed how republicans if they take control of the house what their agenda is going to be, they are going to be squeezing the sec on its aggressive agenda, crypto, democrats on the committee want crypto to be more regulated, the case should be expanded to exchanges, republicans want it to be scaled back and esg, the republicans made it clear they

don't think the sec, and any sort of ethnicities of every board member and employee, they don't think that is disclosure. gary gansler, you see how battle lines are being drawn here, it is interesting if the house goes republican as a lot of people think they will, gary gansler has a target on his back in the house financial services committee, they get the senate, the banking committee, it will be rough for the sec chair. neil: the chief market strategist, session highs on the dow, up 643 points, technology riding along and all this ahead of a make or break moment at this stage with

netflix earnings after the bell. what are you expecting? >> interesting, we saw netflix breakdown, the losses of a massive gap on the way down, stock down 70% year-to-date and everyone is talking what they expect will happen. the stock is up 4% in today's trading and all anyone is talking about his loss of 2 million subscriber losses, you would think the stock would be under more pressure and it is not. neil: maybe they expect a surprise or pay service could be in the works. >> agreed, there's a lot going on. i don't think it will be -- may lose subscribers but they may be ready or prepared to announce something new, the

total market is up, on a day when everyone is talking about negative, i will say this, i like what it likes but i'm disappointed in what i'm seeing, not really enthralled, a little bit of a disappointment with what they are going with their programming. neil: we over harp bad news, the successful billionaire was saying some of these numbers we are getting look to him, to be pessimistic, whether he is saying he's not buying the data or it is not jiving with the buying activity he is seeing about people's vacations and not all stores, it is not as much doom and gloom. what do you make of that?

>> we've got to the point that everyone is talking about how bad it is but go to any airport or any flight it is crazy, the money they are spending on traveling and hotels, hotel prices have gone through the roof, even airbnb prices through the roof so people are traveling. a lot of that negative is overdone and people are used to this, not that they are happy with it, if inflation continues to get worse people will pull back but people are just anxious to get out, want to live again and they are saving money during covid when they didn't go anywhere and are ready to spend it. we 20 a lot of people are bearish and depending on what average we are six months into a bear market, the market lasts a year, wide divergencies, you are the expert but what do you

make of the notion that by the end of the year, not saying we are off to the races but we are out of this? >> not sure we are out of it because what i suspect, we move through earnings season and as we have seen companies warning in guidance going ahead you will see analysts for the third and fourth quarter will create more going into the end of the year so are we out of it by the end of the year? don't think so but i do think we are closer to the bottom of the turn for a little bit unless we make our way through this but it will depend on the macro data and how we see the fed react. they have to be aggressive to arrest inflation and that will cause turmoil so i'm not sure we are out of it yet but i would look for opportunities created in this chaos. neil: technology has come back mightily depending on its stock

and doubts about apple and others that are not even whispering about layoffs and the rest but talking more frankly about it so how do you play? >> technology is very specific, some names will continue to come. when i think of apple, microsoft and amazon it is ridiculous, that call about the market turning around because tim cook said they would pull back, it is ridiculous they use that is the reason for the market to turn around, the market is in this place where it is nervous, i like some of the big mega technology names, those will come right back, that is the pattern of the future and the change continues to be but there are other check names clearly that i am staying away from and have no interest in, those of the kathy would social disruptor names sold at crazy prices and more correction to come but apple on

a pullback you got to buy it. amazon, the foundational name on any pullback, i would like to think you would take advantage of. neil: speaking of haircuts, people are finding it is expensive to get one and my next guest, how they are trying to survive in an environment like this after this. ♪♪ ♪♪ ♪♪

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neil: we are out of covid but a lot of businesses are not out of the trouble covid prompted where it is difficult to go out and do anything, certainly get your hair cut. doesn't jessica walker know it? among other locations. jessica kind enough to join us now. how are things going with prices and everything else?

>> struggle is on the inventory and cost of goods, prices have increased dramatically, some of them 400%. it is a very uneasy time to be in business as a small business owner and being in business 25 years i have never seen any economic climate like this ever. neil: the cost of the stuff you use, hair coloring, scissors, coffee, all of that, you've not been able to pass that to customers so what do you do? >> we can't pass that to customers. i'm not able to go to my customers and say we will double your price. our customers are like family and we care about them but the cost of doing business is increased so dramatically that it is dramatically affecting the bottom line. we look for solutions to add value to current customers. if we have to do a small price increase we do that but deals

like we are getting taken advantage of from the top. stuart: what do you need? >> right now these costs are given to us and we have to have these products and goods to do business. it seems out of my control because it is. it is an uneasy difficult time to maintain doing business day today and showing up. as a small business owner i feel we are the engine that drives the economy and we have employees that need to see their family and if we can't keep our bottom line in line then across the country if you have a million salon owners and 25 or 50% of them % of them go out of business that will have a detrimental effect on the economy. bleakley how does it compare to covid? you couldn't open your doors. >> couldn't open our doors, it was really scary.

to get back on our feet was a huge accomplishment even for employees to come back to work. we have to interface with customers every day and we have been but to go through something like this that is out of our hands as small business owners it seems very uneasy and we are unable to predict what will happen so trying to be prepared for this is a difficult time, one of the hardest times i have been through in business and i have come through sandy. neil: that is exactly what i was going to say. i went to your site, you were in a higher income area and the main issues remain. i'm wondering, i am sure you cut men's hair as well. have you thought of clientele, men, women? >> we do have a location for men in new jersey, we welcome and cut a lot of hair's men in

our location and we have a beautiful wellness center. what i have tried to do since covid is diversify opportunities with the businesses that are around and in the area so we brought in other services has market our increased wedding and bridal department, offer services with body conjuring services so that we can offset some of these costs to increase income but it has been a challenge since covid. stuart: 20 you have a very good reputation so i'm sure it will work out but it is a tough environment but hopefully not much longer. just one story in this inflation story that doesn't get a lot of talk or mention. it is out there. a little more.

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neil: bench i hand it off to my buddy charles payne, the market up 669 points. let's see if he can keep this going. charles: you know what, going to the gym worked out. i love the way you lifted up this market and. neil: this gym, what you speak? a. charles: we'll talk about that later. good afternoon, everyone. i'm charles payne this is making morn. breaking now, bad news and good earnings. that is proving to be the magic elixir this market is looking for. is this a bear market trap? the experts think so. money managers have thrown in the towel. that is the capitulation i've been looking for. today i will take you to chart school and fundamental school.