support for elon musk. >> [laughter] can't let that one rest. dagen: no, i can't let it go, nancy. nancy tengler, brandon arnold, thank you so much for spending your morning with us, both, as we dig into a lot going on this week and i'm sure "varney" & company will be all over it. stuart? take it away, sir. stuart: okay, good morning, dagen and good morning, everyone have we got a show for you. we have the love life of elon musk. now, whether that's an attention grabber, or a turn-off we are going to cover it later. this is actually the most important week of the year for your money. all the big tech names in technology will tell us how they're doing and where they're going. we've got a modest monday morning rally to start things off very modest i'd say dow is up about 120, nasdaq up about 25 in advance of the actual numbers , we have the big tech stocks doing very little so far

this morning. most of them are up maybe just a few censor a couple dollars. meta though is down again. that's in advance of the official numbers that come out later this week. as for bitcoin, priced around 22000 bucks, 21, 900 to be precise the yield on the 10 year treasury still below the yield on the two-year treasury so the recession indicator is still in place. 283 on the 10-year. we get the gdp numbers thursday. if there's any shrinkage, america will be technically in recession. gas falling two or three cents a day these days the average gordon chang regular is down to about $4.35. diesel falling slowly, the average per-gallon now 5.41. politics, look at this , a washington post op-ed titled " quit joe, quit." biden could save the mid-terms with a one term pledge. the writer thinks that if biden stepped away from the 2024 race and did it now it would help the

democrats in the mid-terms this year, we'll take that on for you and now, elon musk. the wall street journal reported that he had a brief affair with the wife of google co-founder se rgey brin. reportedly that affair ruined the friendship. in a flurry of tweets overnight musk denies the affair. don't worry, lauren simonetti back from vacation and she will be sorting out the musk story very shortly, ain't that right? lauren: i'm on it. stuart: monday, july 25, 2022, "varney" & company is about to begin. the city never sleeps tonight ♪ stuart: all right, let's get on with it. we have a jam packed week ahead, full of economic news from earnings to the fed, welcome back, lauren. lauren: my head is already spin ning. stuart: where did you go?

lauren: hilton head, south carolina. we drove, it took us 16 hours with three small children one way and then we split it into two days on the way back. stuart: you are a saint and a rock. tell us about these earnings reports. lauren: tomorrow we get consumer confidence and then tomorrow and wednesday the fed decision, 78% chance they hike another 75 basis points thursday. second quarter gdp, are we in a confirmed recession? let me give you the estimates. we are expected to grow the economy .4% but the range is wide from negative 1.6 to positive 1.8 so we'll see. on the earnings front are you ready, 12 dow stocks 170 companies in the s&p 500 open their books on the spring quarter tuesday, microsoft, alphabet, mcdonald's, coca cola, ups, 3m, wednesday, meta, boeing , ford, thursday, apple, and amazon, intel, merck, honeywell and friday, exxon and

chevron and and add proctor and gamble so watch for signs of a slowdown in a consumer because then companies say we can't continue to pass along inflation to the consumer and for the tech companies, advertisers spending, right? they pullback. stuart: absolutely i think there's probably the most important week for money. lauren: it is. stuart: when they are all reporting like this at this particular moment in time. look whose with us now. jeff sica is back here on a monday morning in new york city. jeff, why do you think that amazon is the most important of these big tech earnings reports? >> because stuart, i think every earnings report is important but i think amazon is extremely important. here you have a stock that's down 40%. it is a bellweather but what we need to look for is the health and resiliency of the consumer, and we're going to see it in the numbers that amazon puts out , because up to this point, we have seen, the consumer has held up fairly well considering

the amount of inflation there is , and if the consumer has, in fact, broken, we may see it in amazon and keep in mind, what we're seeing with consumer spending, which really concerns me from the bank earnings is we're seeing a lot of consumers have gone into debt on their credit cards to purchase consumer products. so that's what amazon is going to show us. stuart: that's the big indicator for the consumer and the most important indicator we've got this coming up week. all right what about the gdp report on thursday? now, i don't care whether it's a technical recession or a real recession, but will the market care if it looks like we are in a recession? >> i think, here's what's the most important thing is going to be not necessarily the gdp, but it's going to be what jerome powell is going to say about the consumer, about interest rates, because if the

economy is falling, because keep in mind, last week, we were seeing market was rallying on bad news. you had the manufacturing report declined, you had jobless claims a little higher so the market was taking bad news and turning it into good news so we'll look at the gdp and what makes this the most unusual potential recession, i believe we're in a recession, is the fact that employment has held up fairly well, and that's been what -- i think it's all linguistics. i don't think there's much to be said about whether or not we're in a recession. the fact is consumers are hurting. stuart: okay, jeff, let's hear what janet yellen, treasury secretary, what she's saying about the recession. she is, i think, lauren, acknowledging that we are in an economic slowdown. lauren: yes she's acknowledged that. stuart: is she redefining what a recession is? lauren: she's not using that word. technically she's splitting hairs over the definition of

recession. listen in. >> the economy is slowing down. the labor market is now extreme ly strong. this is not an economy that's in recession, but we're in a period of transition in which growth is slowing and that's necessary and appropriate. a recession is a broad based contraction that affects many sectors of the economy. we just don't have that. lauren: that's pre-spin of a potentially bad number, right? don't believe what you see when i'm in hilton head and it's $4 for one scoop of ice cream and then two for the cone but believe what we tell you. everything is fine. inflation doesn't exist. >> well the fact that janet yellen has any credibility at all after what she said about inflation being transitory, i mean, i think she's a very nice, seems like a nice person but i think she should go back to berkeley because she has, we

should not even be listening to her. stuart: okay. point taken, jeff. thanks. former president donald trump, he is slamming and i mean really slamming the current state of education in america. listen to this. >> the current educational system is so sick that school prayer is banned and drag shows are allowed and all sorts of things are happening. >> [booo] >> horrible and we have great politicians in this country fighting it very hard and we love them. you can't teach the bible but you can teach children that america is evil and that men can get pregnant. a man can get pregnant. can't even talk about the bible. you would not trust these people to babysit your children for 20 minutes and why should we then let them educate millions of american students six hours a day year after year after year. stuart: well, he does have a way

of making his point, doesn't he? matt schlapp joins us this monday morning. matt, is education right up there with inflation as an issue , this november? >> yeah, what i keep saying to people is these economic issues are critical, but this whole woke agenda, which was made evident in the state of virgin galactic where my family is, is i think the number one issue. look the reason why it's number one is a lot of democrats want to send their kids to schools so they just learn skills, learn history, how to read, learn how to do math and basic facts. instead these schools are with our kids into this woke radical agenda and it sounds like what i'm saying is crazy but literally, they are telling little kids they can change their gender without telling their parents. this is the kind of stuff that's going california is embracing this fully and i think the voter s in america are going to reprimand the democrats harshly for doing this.

stuart: trump dominated a 2024 gop presidential nomination straw poll it was at the turning point usa summit. governor desantis was way behind what does that say to you? >> yeah, and we have our cpac straw poll which has always been a barometer next month in dallas, texas, and between the turningpoint poll and i think what we'll see at the cpac poll is donald trump is the sentimental favorite. many people view him as the incumbent, as elise stefanik just said. he has this strange piece of history where if he were to be successful he be separated by this loss last time but its happened one other time in american history. we just came back from cpac years ago, netanyahu is trying to make a comeback. what's happening around the globe are these outsider voices who really want to bring change to their country. they want to get back on the stage even if they had a set back in the last election so i think donald trump is our leading candidate and it's on his shoulders.

does he run or not run? stuart: got it. matt schlapp thank you very much indeed we'll be seeing you real soon. check futures, it's monday morning you want to find out how your money is going to work for you when the market opens. i'm seeing some green, a little bit of green, not a whole lot. former treasury secretary larry summers says now is the time to raise taxes. roll tape. >> the right thing to do is to raise taxes right now to take some of the demand out of the economy. stuart: raise taxes now? really? steve forbes will have something to say about that a little later on the show and there is this. elon musk reportedly had an affair with the wife of google's co-founder sergey brin. musk has responded, we'll tell you what he's saying now and that is next. ♪ meet jessica moore.

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with sergey brin's wife, now ex- wife, nicole shanahan. but the wall street journal reports, you did, and it happened in the fall, right around the time that elon musk was having three kids with two other women. we've done that story in the past and he's having this alleged affair. very very detailed accusation, but then it was arguably, you know, the hit piece was neutered by musk calling it total bs, and then saying, i haven't had intercourse in ages. he tweeted that. you know, you're looking at all these crazy things in this wall street journal article, is it true or is it not? elon musk is denying it. how much do we really care? do we care about his personal life? his personal drama that seems to have cloud a lot of his businesses but to this point, might not have had that on any of his business dealings. stuart: that's a good starting point because -- lauren: they're not satisfied.

stuart: vivek vivek ramaswamy is with us, you weren't expecting this , were you? nobody passes judgment on elon musk. nobody does. do you? >> you know, i would say i have to agree with where she left off in that last comment. i care much more about his impact on the business world and what that means for our culture and our society than i do about his personal life. i do think though, stuart, it's worth having a conversation about the twitter side of things , which is look, i think there was a major problem on twitter which remains a problem today which is viewpoint-based discrimination. elon musk goes in many different directions and one of the thins that we have to ask even in the context of a story liked to which personally i could really care less about but the general question is, you know, at the end of the day, if he's taking on serious problems i think free speech is one of those problems, tackling that. who do the free speech advocates in this country not just conservatives but people who care about restoring those values who can they actually depend upon to deliver

those outcomes? i think there was a big wave of support for elon musk. i think some of his quick tendencies and fickle preferences i think raised some questions for people who are following him, betting on him to follow through with that twitter acquisition, to still lesson elon musk but more for the sake of the movement ask themselves whose going to lead this way if it's not elon musk because if someone is that quick and let's just say fickle on a day-to-day basis where do we go from here in terms of actual leadership in terms of solving the actual questions? personally that has nothing to do with his affairs. stuart: that's all good stuff. here is another one you might not have been expecting. novak jakovic may not be able to play in the u.s. open because he's not vaccinated but un vaccinated can still attend. >> here is something you don't know about me i'm a tennis fanatic, i happened tow at the u.s. open final last year and here is the remarkable thing

about it. he was in that final last year so who was not vaccinated last year either, was permitted to enter the united states, compete , and get all the way to the final of the tournament which he's won many times but now, a year later, when actually covid health risks are much lower, he himself more recently contracted and recovered from covid want be allowed to enter the country because of his vaccination status and this makes no sense, stuart, and this could be a major win in the side of common sense, for the biden administration, for president biden, to say that this makes no sense, and actually one of the things we're going to do is apply common sense to the criteria we a play and let's say he came in and said that djokovic is going to be allowed to enter the country, look i'm bias and would love to see him play but it would send a signal to the country that common sense is waking up because there's no world in which he should have been allowed last year but under this years circumstances he be denied. stuart: it's a very good last

word. vivek ramaswamy thanks for being with us. come again soon. couple of key players for the st. louis cardinals have to sit out upcoming games in toronto, canada. lauren: it's four cardinal players unvaccinated, they cannot play the blue jays this week, two games, two player s are all-stars, liz: nola n harenado, and paul goldschmidt is the first baseman. stuart: we also have the world health organization, declaring monkeypox a global health emergency. have we heard from the president yet or the administration? lauren: this is so interesting because there's a you committee of experts that advise them and they said no, we're not ready to say this is a global health emergency but the head doctor, dr. tandros did flinstones way. he thinks when he has over 16,000 infections, five deaths in 75 countries that's a big enough threat and the white house agrees with him. >> i'm supportive of what i think dr. tater made the right

call, we are seeing monkeypox in lots of countries around the world many not doing, not really being able to manage it. here in the united states, we have a little over 2,000 cases. we have substantially ramped up testing. we have substantially ramped up vaccinateds. lauren: no americans have died. the u.s. has not declared a health emergency because of it. stuart: okay, got it. thank you, lauren. have a look at the futures again , please. we open the market in eight minutes time, dow up about 100 points. the opening bell is next, and we'll take you to wall street for that. everybody come on back now, come back ♪

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- call the number on your screen. - look, why don't you call aag and find out what a reverse mortgage can mean for you? - [announcer] call aag, the country's number one reverse mortgage lender. - call the number on your screen. stuart: all right, keith fitz-gerald joins us this morning a little bit of green before we open this market keith, what's the most important event this week, the fed decision or big tech earnings? don't say both. you gotta pick one or the other lauren: [laughter] >> big tech earnings, no doubt about it. the fed is out to lunch somewhere and what matters is how executives see our future. big tech is perhaps the single- most important bell weather opinion of the entire summer. stuart: and of all these big

tech earnings, the five big guys , which one is the most important do you think? jeff sica thought it was amazon because that was the best indicator of consumer behavior. what say you? >> i'm going to disagree with that one and respectfully so. i'm going to go with microsoft because that company has loads of legacy things. it's not about software. it's about bringing people together. how that company is moving big data and where the companies are going is going to be reflected in microsoft's numbers the company is growing earnings and revenue by 12% a year i think they will do 300 billion out of here in 2025 so any short-term dislocation to me is going to be an opportunity to pounce. normally i'd go ahead of that but i'm going to sit back and let the market hand it to me. stuart: do you see any big disappointments coming from any of the big five? >> you know, it depends on how you define that term honestly, stuart, because the media is going to do everything it can to sensationalize the news, really what i want to focus on is the executives because 90% of the very senior level c-suite

executives are super cool thinkers, super forward thinkers and if they are upset that's a chance to get upset but most aren't going to be so that's what i'll watch for , they reflect stress or upset in any way, shape, or form. stuart: all right now let me ask you about the fed, a lot of people predicting they raise rates by 75 basis points. if they did that, what do you think be the market's reaction? >> well, i think the market has an 80% probability of 75 basis points at this point; however, stuart, i think that the fed is just foolish enough that it might actually throw 100 on the table, and don't ask me why its just gut intuition and i hope that i'm wrong, but the fact of the matter is they caused this crisis, they already caused the next three crisis so the markets have adapted to that stuart: and if they did raise rates, by 100 basis points, they did a volcker if they did that, what do you think would happen to the market? >> it would fall off a couple

percent and i be all over that if we got a short-term dislocation. stuart: i get the impression reading between the lines of what you're saying, i get the impression that you might be just about ready to jump back into big tech. am i right? >> well, you are absolutely correct. i've been nibbling in the whole time, assembling positions but if i get a big massive drop based on something and the doesn't really matter what it is at this point, i get a big massive drop, then yes, i am absolutely going after those shares because the growth rates are on the table and trump any kind of short-term market movement. the long term perspective is very real and most investors are doing themselves a disservice by running to the sidelines right now. stuart: keith thanks very much indeed. only time will tell how these earnings reports come out, keith fitz-gerald, everybody, thank you very much indeed. in advance of the opening of the market you've got about 30 seconds to go here, it's monday morning. of course when you wake up on a monday morning you always want to see well what's happening to

my money as we start the new week. well it's a fairly positive start. we've had a pretty good performance by the market in the past week and we're starting out quite well on a monday morning. but of course, all depends on these tech earnings. the gdp number, and what the fed is going to do. it could be all over the place by the end of the week. [opening bell ringing] stuart: they're clapping and cheering, the dow is about to open, 3-2-1 and away we go it's monday, july 25 all day, and off we're running. the dow opening with a gain of 85-90 points, 31, 900 is the level right there. most of the dow 30, more than half of them, are in the green, so we've got some buying going on in the early going this morning. as for the s&p 500, where's that it is up but only just a six point gain that's .15%. the nasdaq is virtually, i mean, dead flat. it's up .04%. how about big tech as we've been telling you, they all report later on this week, all of them are fractionally higher this

monday morning. all right, susan is with us. now she's not been on vacation unlike lauren. susan has been -- lauren: working hard. >> anywhere good? stuart: why don't you take us through the big tech earnings. >> yeah, so one-third of the s&p reporting this week, all the big tech ones talking about apple, amazon, microsoft, google , all throwing in the coca cola, ford, gm, and so far the 70% of companies that have reported or 20% of the s&p has reported 70% of those have done better than anticipated. stuart: 70%? >> so far, i think that it's turning out to be a little bit better than anticipated in the earnings season. now, we have 12 members of the dow reporting this week, which we'll talk about in just a bit. analysts say we are on track for a 5% increase in profits, and that's pretty much all thanks to oil companies, with the surge in oil prices so oil earnings are forecasted to be up 250% in this quarter, so it wasn't for oil, we actually might even see a drop when it

cops to profit for much of the s&p companies. stuart: okay. >> forecasts. stuart: how about disney? >> yeah. stuart: i think that is the worst performing of the dow 30 stocks, the worst if i'm not mistaking. is that right? >> i think it's about 30% down on the year, but i wouldn't necessarily call it the worst. i don't know, you know, it depends on how you look at it but look, wells fargo is cutting the disney price targets. they are saying a reset for a recession looming still bullish, 130 is the call for the stock in wells view. yeah? stuart: so they are saying, you know, we like this , it's going to get , $130 a share, but it's now at $102 a share. >> right and they are also talking about a slowdown when it comes to parks as well but here is the big caveat is streaming so disney and other streamers has just got competition. you have the nfl just announcing this morning its new out of region streaming service nfl plus will cost 4.99 a month.

i'm not sure if you read the new york times report yesterday that apple is in the lead to get the nfl sunday ticket after directv is giving it up because it can't afford it so that's going to cost around $2.5 billion-plus a year if any of the technology companies step up so it's a billion more than a cause the previous year and look , i think big tech is playing with different rules. they have deep pockets and really threatening to grab a lot of the sports broadcasting rights away from those traditional linear tv media companies; however, the league still wants the biggest audiences so there's a reluctance to take it away from tv and broadcast. stuart: but disney is suffering because of the competition in that area. all right, snap. did they get another couple of downgrades? >> a bit late i would say for morgan stanley, because a lot of the wall street banks already took it down last week and talking about tik tok competition and slowing advertising world and that means snap is underway, so basically a sell only worth $8 that's

roughly around 20% less than today's stock price. snap's dismal quarter has wall street bracing for a pretty bad meta facebook report card on wednesday. also, you have google alphabet reporting on tuesday i'll be speaking to the executive, cfo, after that alphabet report card but i think all indications are that we are in a slowing advertising spend world. stuart: okay, tesla. they dumped a lot of their bitcoin, i know that. did they lose money? >> they lost around $170 million or so on their bitcoin holdings in the first six months of this year but they actually gained 64 million from selling 75% of that stash, so at the end of june they had around $218 million on their balance sheet and remember that tesla bought around $1.5 billion last year and some positives, some actual company positives is tesla announced in that same sec filing and in different kind of reports here, they are going to spend $8 billion in investments this year on their company. also opening up their ev

charging stations across the country, and even gm mary ba ra admitted tesla and musk have the lead when it comes to electric cars. stuart: okay, intel. they've announced a deal with is it media tech? >> yeah, it's a taiwan company, so here's the interesting part. we had that chips act still on the table $50 billion worth, right, from d.c. now that's still to be debated. meantime look at what intel is turning into. they are becoming an outsourced chip manufacturer instead of an outright chip producer, where they design, produce, make their own chips, so that's transition in their company given that they look, i think the business as we know is lagging behind the nvidia, amd, and tsmc over in taiwan so they are trying to remodel their business and in the future, they are going to make the chips here in america, can you imagine what that means for manufacturing? they already have a $20 billion investment in ohio in some fab plants they are looking at. stuart: so it'll be a big deal for american manufacturing.

>> to bring chips back to america on to u.s. soil it's an interesting transition. stuart: the stock is only at 38 bucks a share kind of depressed actually. >> remember the days when it was in the 140s? stuart: i remember that well, sure. apple, am i right in saying that apple for the first time is offering discounts to shoppers in china? >> i don't think it's the first time but it's rare. i think i've seen that before previously. stuart: are all products discounted? no just the top tier iphones but it's rare, in between upgrade and intracycle between the iphone 13 and upcoming iphone 14 so you're getting four days of discounts on the top tier phones up to $89 off those iphone 13 pros, between july 29, august 1, also some certain air pods, apple watch models are part of this and what this tells me is there are concerns first of all about a weakening chinese economy and consumer which is their second- largest market but also about pricing. can you imagine what the iphone 14 is going to be priced at in

this high inflationary environment i don't think they will be able to raise prices this year. stuart: when does the 14 come out? >> they haven't made any announcements but we're used to an intro in the fall, usually in september. stuart: okay. september it is. we're waiting for thanks very much, susan. check the big board we're in business for six or seven minutes and we're down 30 points how about the dow winners there are some winners and we're going to show them to you here we go. on your screens, united health, travelers, amgen, walgreens boots, dow winners, dow inc. is in there, not many big names. travelers, s&p winners, mckesson , berkeley, i don't see big names flashed across your screen. intuitive, alphabet there you go up 1% nicely, netflix is up there, almost 1% higher, and google, yeah, up $0.80. coming up first lady jill biden was confronted by a heckler over

the weekend. watch this. >> [indiscernible] stuart: okay , joe concha has something to say about that and he joins us in our next hour. inflation changing consumer habits. people are opting for cheaper beer and cigarettes. is this trend here to stay? maybe. retail guy joel storch after this. ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep,

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stuart: a mixed picture emerging this monday morning on the markets the dow is up a mere 20 points nasdaq down a mere 11 not much price change so far. according to the national retail federation almost half of consumers are switching to cheaper brands for everyday necessities.

gerald storch hads with us this morning. by the way the wall street journal has a story about people buying cheaper cigarettes and beer. i could understand it but i guess that that's a trend not going away, is it? >> no, people are really starting to feel the bite of inflation, and while the fed is raising interest rates, keep in mind the only way the fed is going to change the inflation trajectory is by putting a stake in the heart of the american consumer. they aren't able to do both at the same time. it's like somebody can't bat their head and play with their belly or whatever. the rising interest rates will eventually knock down the consumer, and knock down inflation at the same time, but then we're in a recession so that's the choice we have. stuart: okay, macy's going to open more of the small format stores, opening them outside of the malls. why are they doing that, gerald? >> well they are trying to deal with the fact their core business, which is giant mammoth behemoth department stores in

malls is dying so they are trying to be innovative. this is kind of clever so they are saying everyone is going away from the mall, to these off the mall concepts let build our own so they opened four of them, adding another four this year. they are about 20,000 square feet and put some scale to that, that means it would take about a hundred of them to fill up the so-called world's largest department stores where eight to 10 is smaller store, the best of macy's will be in the stores to try to deal with the problems with the department stores, how inconvenient they are and how much time you spend in them, how much merchandise is not moving they have in the stores by having a strong assortment. i think it's great and innovative but the reality is they have 500 macy's stores so they have a lot of these and such a small scale to make any difference at all in the trajectory of the business so they are still in big trouble stuart: i believe they are putting toys "r" us, almost like little pop-up stores inside macy's. didn't you used to run toys "r" us? >> [laughter] i did, and you know, department stores used to be in the toy business years ago.

remember miracle on 34th street with santa claus and all? you used to go to department stores to buy toys but one of the biggest mistakes department stores made is cutting categor ies. they cut out toys, we can't compete with toys "r" us. they cut out electronics and said we can't compete with circuit city or best buy, or target, or walmart, or amazon you know what in a way they're right. while this will certainly get you something else you can buy when at a macy's store there's no way these 1,000 square foot pop-up stores will really be able to compete with the assortment you have at target and walmart. but it's the power of the toys "r" us brand that this licensing company bought the name and then licensed it to macy's and it's all over the news, toys "r" us is back. i sure hope so and i think they will do sales but again, it's not big enough to make an impact on macy's. stuart: gerald storch, always great on the retail business thank you very much for joining us see you again real soon. thanks, gerald. i've got a story about britain's

retail stores. clearly struggling with inflation. tell me more. lauren: retail sales in the uk, as measured by the quantity of goods sold, fell .1% in june, because of inflation. stuart: buying less and it may be more expensive but buying less. lauren: exactly inflation in the u.s. 9.4% so shoppers bought less but spent 1.3% more. one fun tid bit the only core that rose, food sales because of the queens jubilee in the early part of the month. stuart: i'd forgotten all about that. lauren: exactly. stuart: inflation is very much a headline in america. i believe that commerce secretary gina raimondo said something about it. lauren: she says inflation " probably peaked." >> has inflation peaked? >> i think probably, but look, if i had said that a year ago, assuming another war doesn't breakout, assuming we don't have another covid, you know, there's

so much out of our control. what inflation is, inflation is a global problem. lauren: i want to point out she's saying this seven months after her boss, president biden said inflation peaked. when did he say that? december, when inflation was 6.8 %. now it's 9.1%. stuart: you're on dangerous ground predicting a peak. lauren: over the weekend though the wall street journal said inflation has probably peaked or is in the process of peaking. does it go to 10%. i sure hope not. stuart: yeah, only time will tell, you're not supposed to say that of course. thank you, lauren. coming up general mark milli has this warning on china. i'm reading it for you. the message is the chinese military in the air and at sea have become significantly more and noticeably more aggressive. general jack keane takes that on , shortly. and then there's this. speaker pelosi is facing backlash over her husband paul's recent stock purchases, so where does it stand on the push to ban

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stuart: this just coming at us west virginia senator joe manchin has tested positive for covid. he just tweeted that he is fully vaccinated and boosted, and experiencing mild symptoms. that's joe manchin, senator manchin, with covid. at the beginning of the year, speaker pelosi said she was in favor of a proposal that would ban lawmakers and their spouses, from trading stocks. hillary vaughn is with us. hillary, that was six months ago what's taking so long to get any kind of legislation pushed through? reporter: well, it has to go up to the house floor for a vote and that has not happened yet but all of this is on the backdrop of what the senate is expected to do this week which is vote on a bill that would give $52 billion in subsidies to u.s. chipmakers. that be a big win for them but also could be a big win for speaker pelosi's husband paul who made a million dollar investment in the chip industry. if this bill passes and the president signs it, it could make mr. pelosi a lot of money.

paul pelosi disclosed $1 million stock purchase of a major chip maker nvidia in june, so the timing of that stock purchase is sparking some questions. >> has your husband ever made a stock purchase of sale based on information he received from you >> no, absolutely not. reporter: now, some lawmakers are pushing to vote on a bill that would ban members of congress and their spouses from trading stocks while in office due to conflicts of interest. there's even bipartisan support from unlikely places including congresswoman alexandria ocasio-cortez and senator josh hawley who both support that idea but that bill is sitting stalled in the house. >> one person who controls the whole house can determine what bill comes out of committee and what bill comes to the floor is the speaker of the house and paul pelosi and nancy pelosi made $5 million the last time this happened. reporter: some lawmakers say whether speaker pelosi knew about the purchase is not the point. she still stands to profit,

since mr. pelosi's bet shares in nvidia have risen about 10% potentially making him as much as half a million dollars already. stuart? stuart: all right, hillary, got it. thank you very much indeed. my question is, to you, lauren, where do voters stand on this? what do voters want? lauren: i think it's common sense. most voters think lawmakers and their families should face some sort of restriction on trading stocks. >> i think congress can create laws that creates an advantage for them to profit from trading. >> i think family members of people in congress should be able to trade with insider information like that. >> it's one thing to uplift yourself and give it to your family and then just keep it there rather than like up lifting yourself and your family and then using your empire to help the rest of the world or the people. lauren: paul pelosi is a good stock-picker let's face it. he really is. whether he trades on what she tells him we don't know, hillary

told you about his nvidia deal. well last march, remember he exercised options to purchase microsoft shares worth $5 million, less than two weeks after that, the army disclosed the $21 billion deal to buy microsoft headset, the augmented reality glasses. stuart: it doesn't sound quite right. lauren: doesn't sound right. they need to put some sort of guard rail on it. stuart: understood. we better check the market. look at the bottom right hand corner of the screen all of a sudden the dow popped up 100 points back above the 32000 level. minor loss for the nasdaq, minor gain for the s&p but look at that dow, 31, 998. still ahead, the attorney general of arizona mark brnovich , steve forbes, miranda devine, dr. marc siegel, the 10:00 hour of "varney" is next. ♪

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♪. stuart: that's a dell. le. she has a wonderful voice. i think it is. good morning, everyone, get to the mon after adele. very small loss for the nasdaq being gain for the dow. some frein out there. 10-year treasury still yields less than the two-year treasury. the recession indicator is still in place. oil well under $100 a barrel. you're looking at 95 bucks right now. bitcoin, just around 21,900 bucks per coin. all right. now this. here's the headline in a "washington post" op-ed. quit, joe, quit. biden could save the midterms with a one term pledge, end quote. the very first sentence of that op-ed really spells out things. president biden should announce

that he will not run for re-election in 2024. when opinions like that pop up in "the washington post," you know the president's under intense pressure. that's what happens when your approval rating is in the low 30s. what's different is the suggestion that biden announce now, that he is a one-term guy. from the democrats point of view the calculation is if he dropped out of the 24 race did it now, his unpopularity would not be such a big factor this november. the democrat was not be tarred with the the biden brush. good luck with that. the democrats cannot walk away from five dollar gas easily. they cannot walk away from the border crisis, debacle in afghanistan, or impending recession. voters don't seem to ignore the move in decline of public education either. there is no reason to believe dropping out now would rejuvenate his party, to avoid massive electoral see feet in

november. he in fact would become a self-appointed lame duck. fortunately, charlie hurt is with us this morning. charley, do you think the democrats would benefit at all, biden say no, i'm not running in 2024 and say it now? >> i might argue it would hurt them. the only thing running on joe biden is running on the issues, with gas prices and inflation. if that is what the election is about democrats will do even worse. what this op-ed points out joe biden in terms of democrats served his purpose. they wanted him for one purpose, to get donald trump out of the white house. now that we're actually into the process of governing they are realizing this is a disaster. stuart: he is a lame duck, even if he doesn't make the announcement he is a lame duck. >> look at things he couldn't get through congress when

democrats controlled more chambers, getting more of their initiatives through congress. can't do that he is a lame duck with the democratic congress. he will be a lamer duck with a republican congress. stuart: i'm are interested in a angela merkel that functions or going places. we shouldn't have a lame duck -- >> we need sensible democrats making that arguments, bringing their party back to sensible policies. not the insane business that gives you six dollar a gallon gasoline and an open border. stuart: i want your comment on what governor of florida has been saying. governor desantis, china, buying up florida real estate is becoming, quote a huge problem. watch this. >> these companies have ties to the ccp. it is not always apparent of whatever the company is doing. i think it's a huge problem. i signed legislation to crack down on indue influence

including rogue states like the ccc we want to make sure we're cutting ties so we don't fund our number one adversary. stuart: do you think this is big problem, china buying real estate in florida? >> i think it's a big problem, and all over the united states. whether we have designs on china or not, china has designs on us. the sooner we wake up and are aware of this the better. it highlights an important thing we have ignored the debate about what china's role in the spread of covid. that, you can't deny that they played a huge role in all of that. because we have, our politics have spent the past four years blaming one another about it and blaming president trump and blaming republicans for it or whatever china has managed to sidestep all of it, not get the blame and the scrutiny that they should get from both parties in america. stuart: it does sound like the kind of statement that a presidential candidate would

make. >> absolutely. stuart: i am suggesting he is presidential candidate. >> he walks like a duck and sounds like a duck. not a lame -- stuart: a little late coming on to that one. i'm sorry, charles, you're very good on that. charles hurt. back to the market. look we have the dow up 100 and the nasdaq down 27. it is kind of a mixed picture. greg smith joins us this morning. i want to talk to you about tiktok. you believe tiktok's success hurts google and metra. tell me how it hurts them. >> i do, stuart. get out the positive corn it will be a big reporting week in the u.s. with a third of the tech companies reporting and shine on the tech companies. if snapchat report on friday, if it's a harbinger of things to come we're seeing a big pullback on ad spend of companies.

tiktok, they are sucking up a lot of oxygen in the room. this company had two billion downloads of their apps. it is most visited site in 2021. users give this app more attention than both facebook and instagram combined. if you look at sites they have more monthly active users than twitter, linked in and snapchat combined. look at impact on our children. we're seeing kids spend hour 1/2 a day looking attic tock. they're losing their ability and their attention to watch longer form content. i wonder about the change in consumer behavior, how that might impact companies like netflix. stuart: do you really think tiktok affects the attention span of children? >> i do. look they have hundreds of millions of creators around the world creating content for that platform, all for free. think about netflix. netflix spent 1billion --

$17 billion creating content. what is a better business model? creators of ticktok making thousands and millions of dollars from the platform. it's a sucking up all the okay again in the world. if i ask my kids watching a great old movie like "caddyshack." that is anathema. i don't want watch black and white movies. i would go back to tiktok to buy 25 second clips. changing behavior. stuart: tiktok is new power, not much you can do about it. >> it is highly addictive. it will be interesting to see how that impacts facebook and alphabet google when they report. we'll get another look at on son what they report too because they have a big media. stuart: amazon reports this week, don't they? lauren: thursday, thursday. greg, i will be watching that, meta and google. >> see what happens. stuart: keep off tiktok because my attention span is already limited. >> don't get hooked. stuart: thank you, greg.

senator elizabeth warren blasting fed chair jerome powell handling of inflation. you read what she has been saying. >> i agree with her. i agree with senator elizabeth warren. she makes valid points in the opinion piece in "the wall street journal." here is what she said. jerome powell pursues as painful, ineffective inflation cure. it will affect millions of jobs and won't affect high prices. it makes hurts businesses higher to expand. i think she should apply the same logic to tax hikes. stuart: is that what she is calling for? lauren: not in this piece. she might have made one or two loose mentionses, larry summers has called for tax hikes to bring down inflation to kill demand. stuart: you're on this program, you agree publicly with a socialist? lauren: in this one particular piece i do. news flash. i think you do too.

show of hands. who agrees with senator warren's opinion piece. stuart: you have to get back to the market. we're not doing this. tell me about newmont mining. they reported and down big time. lauren: they're the worst decliner in the s&p. they raised forecast, but the wrong forecast. their costs forecast, that went up. their gold production forecast went down. why? labor challenges, profit misses, they have many problems other businesses have in a broad range of sectors. stuart: can you show me weber, the grill people. they're down 20%. >> pick your poison. the ceo is out. guidance is withdrawn. dividend sis spended and warning about layoffs. everyone agrees with that one. stuart: raise your hands if you agree with that one. i think we got that one. ryanair, huge discount carrier. biggest -- lauren: biggest by passenger volume, up 3 1/2%. the positive here, because it wasn't all positive but what investors are keying into, they

see a return to pre-covid profit and then the ceo came out and says we see in the second half of this year about 10% volume growth compared to pre-covid. so they're getting back to normal times. but not out of the woods. they say look, bad omicron, something with geopolitics could all derail that. stuart: they are the airline, super cheap ticket, right? lauren: i have never flown ryan. stuart: your own bags? lauren: i think it is version of our spirit. has anybody flown ryanair. >> you're correct. stuart: i haven't been to europe in years. lauren: we have to get out all of us. stuart: this story intrigues, me, lauren, inflation surety hadding the "the dating game." lauren: yeah. stuart: on the prompter says ask you the following question, how much expensive has dating become. lauren: i have three gentlemen on the panel with me. are you guys ready. say you're all single and stating online. you're doing a lot of dates, big volume, it is easy to date online. are you going to continue to

drive places, spend on fuel, pay for feud and drinks going out with these random women or men? stuart: random women. lauren: people you don't know. >> i will drive, bring my own alcohol. lauren: let me show you the prices of things. in the past year restaurant prices are up 8.9%. food at home up 7.7%. and booze is up 4% and that is why hinge asks users four in 10 said well, we're really concerned about the cost of dating now versus last year. so then people get creative. i call that a cheap date, i'm sorry. you won't get a date number two. stuart: absolutely ridiculous. do you think an 8% increase in the cost of a restaurant meal is going to deter people from going out on dates? lauren: yes, especially young people. stuart: the story is number of dates they might go out on, not how much they spend on one date. cutting book the number of dates, you're cutting back on the expense. that is the story.

lauren: stuart 1, lauren nothing. good point. stuart: never mention elizabeth warren again. >> coffee date instead of booze. stuart: break it up. federal prosecutors are still considering charges for hunter biden. miranda devine has the latest own the investigation in our next hour. former vice president al gore claiming climate deniers to uvalde police officers. he is getting major backlash. we'll talk about it. remember when secretary mayorkas declared the southern border is secure. >> the border is secure. the border, we're working to make the border more secure. stuart: well, today republicans are headed to the border that the white house keeps ignoring. steve harrigan reports after this. ♪.

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♪. stuart: a group of house republicans will visit the border later this afternoon. they're going to eagle pass in texas. steve harrigan is there. steve, what does this trip include? reporter: stuart, it's a first-hand look at the situation on the border if they come toe where i'm standing now they might see some live crossings. if i ask lorenzo to push in behind me over my right shoulder, looking like three people are getting ready to cross. they're being squeezed by mexican customs patrol behind them. two parents and their daughter with a bag of possessions getting ready to cross. we've seen a number of crossings already this morning. people carrying items in plastic

bags to keep them dry. fox drone team is at it seven days a week checking out action from above. 100 migrants crossed illegally to the u.s. climbing an embankment about 30 feet. they were detained by national guard. no attempt to invade. many migrants from venezuela likely to ask for political asylum. few miles away a larger group, 200 migrants, some of them in bad shape medically. emergency responders and ambulances called. some officials here complain that the steady stream of migrants ask placing a real strain on resources here along the texas border. some texas lawmakers say there is one specific request that would make to the biden administration to make things better immediately. >> repatriation flights out of del rio, texas. those are essentially flights where folks that do not qualify for asylum, which are about 95%

of the migrants coming over, they get put on a plane. instead of sent to another i.c.e. detention in the united states they get sent back to the country of origin. the only way this goes away. reporter: nine republican lawmakers expected here in eagle pass this afternoon to see things for themselves. stuart, back to you. stuart: thanks very much indeed, steve. two americans have been arrested for smuggling mexican migrants and drugs into the united states. tell me more. lauren: in tucson, arizona, the border patrol station agents there they spotted and arrested two u.s. citizens for smuggling five mexicans and drugs including fentanyl into this country. agents then discover ad juvenile american driving four migrants, one of those migrants was concealed in the trunk. all of this in the past 24 hours mind you. if you look at total illegal encounters at the border, entire border, they're up over 200,000 for four months in a row. stuart: good lord. lauren: so the numbers, may was

a record. june close to one but four months of these unprecedented figures. stuart: that is extraordinary numbers. let's bring in the attorney general of the state of arizona mark brnovich who joins us now. you and other republican attorney generals blocked seven, seven of president biden's migration orders but the border is still open. they're still pouring through. is the legal route really working? >> stuart, thank you for having me on. yeah, we are using the tools in our tool boxes because no one else is doing anything and one of the things we need to make perfectly clear, look, i'm a first generation american and as the attorney general of arizona there are a lot things i would like to be doing, not having to sue joe biden all the time over his failed policies but reality is, for example, when he tried to rescind title 42 i'm very proud of the fact our office, we went in and argued and stopped them from doing that. it is just one tool in the tool box to stop the lawlessness and

the chaos going on at the southern border. have we been successful in every case? no. we have been successful in many cases and we're doing more than anyone in this country to stop joe biden from turning over control of our border to the cartels. stuart: the democrats certainly on the left they want the president to declare a national climate emergency. i would suggest that we could do a national border emergency. why not? they're not going to do it but why not? >> look, when the cartels and the gangs seized control of our southern border americans are paying the cost, not only in treasure, not only hard-earned taxpayer dollars being wasted, we're paying the price of something you can never measure. that is in human lives. the reality is, is that there is a man-made disaster occurring right now. there is a massive tidal waive coming to the united states, it has nothing to do with climate change. it has everything to do with the

man-made disaster joe biden created on our southern border. the reality, greatest threat right now to our long-term security is our open borders. it is not only the people coming across, stuart, we're talking about gangs, we're talking about people on the terror watch list. we're talking about a massive, record amount of fentanyl where two milligrams can kill a person. just last month this last year, enough fentanyl we seized we know about, could possibly kill the entire united states of america. stuart: we just reported that it is 200,000 a month now coming across the border. 200,000 a month for four straight months. 800,000 plus people. is there any sign at all that that flow will start to be smaller, less of a flow in the future? no? i mean you have got these extraordinary temperatures, no decline in the numbers? >> no because joe biden has decriminalized incentivized people breaking the law. this crisis, this catastrophe will not stop until joe biden

and kamala harris love middle america more than they love central america. it breaks my heart to say that but i have never seen this in my lifetime where a president seems to care more about the far left of his party and you know, eradicating international borders than he does about american taxpayers and we are paying the cost. when you see 200,000 people a month, put it in context, that is the entire population of orlando, florida every single month and on top of it, you have hundreds of thousands of got-aways, 800,000 since joe biden has become president. stuart: extraordinary stuff. mark brnovich, thank you for being here, pointing it out. we appreciate it. thank you, sir. jeff bezos' girlfriend made a big donation to a group that helps migrant children. how much money are we talking about? lauren: one million dollars made by lauren sanchez, nonprofit help humanity. they help displaced migrant kids

at the border. the numbers swelled. january of 2021380 kids displaced at the border. now that number tops 3500. they need help, they need help. i'm glad she is donating a million dollars. stuart: thank you very much, lauren. former treasury secretary larry summers says raising taxes will help tamp down inflation. watch this. >> the thing to do is to raise taxes right now to take some of the demand out of the economy. stuart: well he is a democrat. i wonder what steve for example thinks of that? steve is on the show a little later too. the white house is trying to change the definition of a recession. edward lawrence has the story from the white house next. ♪.

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stuart: not that much price movement this monday morning. we're all in the red. no we're not. dow turned around. nasdaq down 14, dow down 87. looking at movers, start with boeing. they are down 1.5% please.

lauren: one of their customers, united airlines delayed 10 deliveries of the 737 max and 787. they're pushing them back to next year. lower cap-ex spending. boeing reports on their quarter on wednesday. stuart: that is boeing. wwe world wrestling entertainment. lauren: good job. higher second quarter revenue. they will bring in $62 million more than first estimated. long-time ceo vince mcmahon is out. mkm says the departure will not cause disruption to their business. stuart: they brought in more than they thought they would bring in. that always works. nvidia, nothing to do with paul pelosi's stock purchase. the stock is down. lauren: barclays kept of overweight rating but cut the price target from 295 to 200. today, president biden will meet with some ceos and labor leaders to discuss the chip act i imagine nvidia would be a you were beneficiary. stuart: i don't know but i would

imagine so. thank you, lauren. the administration continues to downplay talk of recession ahead of gdp numbers coming out thursday. edward lawrence at the white house. they're trying to change the definition of a recession? is that what they're up to? reporter: latest message, move along, nothing to see here. we'll see a blitz this week of administration officials and information from the white house arguing how we are not in a re recession. now the latest reading, the government reading of the gdp numbers comes out on thursday. the white house trying to add nuanced data to that in order to say what makes the recession. listen to this. >> trying to change the common definition of a recession because next thursday the gdp numbers coming out will show we've been in recession? >> let me say this the strength of our labor market along with the economic factors is what we generally see in a recession or even a pre, what is not what we generally see in a recession or even a pre-recession because we're seeing strength of the

economy and the labor market. reporter: so treasury secretary janet yellen making the case also this weekend that we are not in a recession because again the unemployment rate is near historic lows. >> this is not economy that is in recession but we're in a period of transition in which growth is slowing and that's necessary and appropriate and, we need to be growing at a steady and sustainable pace. reporter: transition but she also said on march 5th, 2021, that inflation would end this year at 2% and three months later she said inflation would end 2021 at 3%. she stopped predicting in september after she said, at that point that inflation would end the year at 4%. we know inflation kept going. it is now 9.1%, 41 year highs. that first reading the government reading now of the

gdp is coming in on thursday. stuart: you know, we need a new graphic, the biden recession. if it was three or four years ago you would have a big one, the trump recession. that is the way it works. edward, thank you very much indeed. former treasury secretary larry summers, he has got a solution to help fight inflation. watch this. >> the right thing to do is to raise taxes right now to take some of the demand out of the economy. we can raise substantial revenue by cutting corporate tax loopholes. we can generate significant revenues simply by enforcing the tax law and taking some of the, taking some of the money out of high income tax evaders who then go and spend the money. that will contribute to reduced inflation as well. stuart: all right. steve forbes with us now.

okay, you cut inflation by raising taxes on the rich? does that work? >> well it is like throwing a patient with pneumonia in the snow. it will have impact. lauren: he is cruel. >> this gets to the crazy way they think about inflation. they think inflation is people buying too much stuff. so you reduce demand, i.e., make people poorer. what summers and others don't realize, he was alive in the 1970s, they tried that three times. they reduced demand. we got three ever more serious recessions. inflation came back because they didn't get the root causes which is undermining the integrity of the dollar and government putting up barriers to business. finally in the early '80s, we had big tax cuts, finally stabilized the dollar and a 20 year boom. why can't they learn from the past? why are they repeating the mistakes of the 1970s. stuart: would the same thing apply to the fed raising rates create recession which they think will kill inflation. >> they have that same mindset. crush demand.

yes, that will bring prices down when businesses go out of business they do cut prices to get rid of unneeded inventory. people are unemployed. so that reduces demand. so yes, that brings prices down but then if, because they go back making the same mistakes, prices go up again and we go through another unnecessary recession. stuart: you would not raise rates at the fed, you would not raise taxes. what you would do is to take money out of the economy by the federal reserve no longer pushing money out there? >> that's right. stuart: restrict the money supply. >> leave the price of money to the marketplace and the biden administration which will never do, doing what reagan did in the early '80s, president reagan, reducing taxes, reducing barriers to business. by golly the economy flourishes. that doesn't seem to be on agenda. they talk about it. the new definition of prosperity, make people poor. go into the election with that

one. stuart: president biden says, he has quote the real answer to solving record gas prices. watch this. president biden: i will keep doing what i can to bring down price of gas at the pump but the real answer to get to a clean energy economy as soon as possible, turn this into something positive. that means cleaner renewable energy, more affordable electric vehicles, clean energy manufacturing here in the united states. that is how we protect the climate and create jobs. stuart: that is how we protect the climate and create jobs. take that to piece. >> he must have a comedian writing his speeches. ie, reduce gas prices by reducing the production of gasoline, reducing the production of oil. that, i can't figure that one out. and cleaner energy, natural gas, even the greens in europe being -- natural gas is a clean fuel. why don't we produce more of this clean fuel? why are we going for stuff highly expensive, wreck the environment you know, windmills

on airplanes. i see that. stuart: somebody should point out america reduced its emissions dramatically by going to natural gas which we got a ton of natural gas. >> and, and the amazing thing is, europe and britain have a ton of natural gas but they won't produce it. it is sitting there. stuart: it's a fossil fuel, steve. >> it is clean. what is their problem? >> we're out of place in this new world, that's a fact. steve forbes, you're right. thank you very much indeed. >> thank you. stuart: former vice president al gore comparing climate deniers to uvalde police officers. i don't like the sound of that. lauren: this one got my attention. it is a strange parallel. i would say he is environmentalist, for him to powerful parallel. listen for yourself here. >> you know the climate denyiers are really in some ways similar to all of those almost 400 law enforcement officers in uvalde,

texas, who were waiting outside an unlocked door while the children were being massacred. confronted with this global emergency, what we're doing with our inaction in failing to walk through the door and stop the killing is not typical of what we are capable of as human beings. we do have the solution. lauren: well then chuck todd asked him, why don't you then run a presidential campaign based on climate change? and he said he retired, recovering politician. so that is not going to happen. but there have been instances when other candidates tried that. it doesn't work t falls flat because you ask voters what do they really care about, that is kind of down on the list. stuart: i personally think comparing uvalde police officers the situation there with the climate deniers -- lauren: ugly. stuart: out of bounds. can't do that in my opinion. thank you, lauren. chairman of the joint chiefs, joint chief of staff, military guys, says china's

military has become more aggressive to the u.s. and our allies. four-star general jack keane deals with that in the 11:00 hour. 22 states are on california's no travel list. they ban travel to states they saban lgbtq laws. that is causing major headaches for sports teams. the story after this. ♪

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anti-lgbtq laws. william la jeunesse in los angeles. this is, i presume this is causing problems for college sports teams and how they get funding for travel. is that the story? reporter: yes, stuart. it is only going to get worse for ucla trying to join the big 10. using private money to travel is okay. state money is no if call berkeley or ucla want to go to utah or arizona which they have to they cannot travel to state funds. north carolina is not. crew research in china which bans same-sex marriage and adoption that is okay. don't go to columbus or texas. >> state of california does not sanction discrimination against anyone in the lgbtq community. reporter: canceled by california. almost half the u.s. is off limits to state officials and employees, even university professors and sports teams are banned from visiting 22 states if tax money is used. >> this is part of the sort of

weird california arrogance which is increasingly not justified. reporter: for five years california banned any state it considers anti-gay or transgender. in north carolina it is access to bathrooms. oklahoma who can adopt. tennessee and ohio who doctors and therapists treat. kansas who belongs to a student group. arkansas, florida, montana, west virginia, because they bar trans gender women from compete in female sports. >> some may not care about these things but here in california we do. reporter: the law may be doing more harm than good with pronegatives complaining they can't do research. athletic recruiters having to book hotels in neighboring states. ucla, call sports teams will have to use private funds to pay pac 12 competitors, utah, arizona. when ucla officially joins the big 10 they will face restrictions playing in iowa,

indiana, ohio. >> this is something that epitomizes and reflects what is becoming an insane political culture in this state. reporter: california's essentially saying only one way to think about lgbtq issues, our way. otherwise we will boycott you. but, stuart, this policy is kind of backfiring because a number of cities you can go to is growing even year. stuart: that is problem, william. nicely pointed out. william la jeunesse in l.a., thank you, sir. we got a new report. it shows which top cities people are most like trying to leave. i know number one. lauren: desantis, san francisco, los angeles, new york, seattle. blank the prompter. where are people moving to. stuart: florida, texas, carolinas? lauren: miami and tampa come in

at number one. followed by phoenix. sacramento, california in there. vegas at number five. this is a redfin report. they seen a record high of spring quarter, number of people, 32.6%, we blanked the prompter, doing this by memory. a record high number of people saying not only do i want to move, i want to move away from where i currently live. moving to states and cities. stuart: that's a fact. lauren, thank you. first lady jill biden was heckled over high gas prices. watch how she responded please, roll it. >> your husband is the worst president we ever had. >> thank you. thank you for your support. stuart: i don't think she was really saying thank you. i think she was being a little sarcastic. we'll have more on this believe me. a bill to ban lawmakers and their spouses from stock trading gaining momentum on both sides of the aisle. joe concha deals with it next. ♪

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40. again, not that. price movement this monday morning. we're seeing calls from both sides of the aisle to get a bill in congress to prevent lawmakers and their spouses from stock trading. what is the latest on this is? lauren: there is no latest. the measure is stalled. where do you stop, where do you start. do you prevent lawmakers owning stocks? put them in blind trust. spouses or entire families. stuart: right. lauren: there is one measure, it is bipartisan, bicameral, sponsored by congresswoman jayapal, a democrat and senator blackburn a republican that too is stalled. that one would prohibit lawmakers and their spaces from trading and owning stocks. stuart: so marsha blackburn is in league with. >> i a pal, who is a socialist? lauren: yeah. stuart: they come up with the stock trading idea. lauren: have to get it through which seems independent possible. stuart: joe concha wrote about

this. joe concha joins me now. do you think we'll ever get any kind of stock trading ban in congress? >> i think as long as we have the current speaker of the house, stuart, we probably won't. she is very lukewarm to the idea. she was against it at first all together. now since she is getting blow back from members of her own party, it is not exactly high on the priority list of nancy pelosi at this point. they say we agree to do something with spouses not trading stocks. you have josh hawley agreeing with alexandria ocasio-cortez for example, that is how bipartisan this is. paul pelosi, if you combined the dna. nostradamus and goard den geck geck -- gordon gecko. perfect stock trading. he last year purchased 25,000 microsoft shares. what happen two weeks later. they announced a reality deal to

buy reality headsets from the company. shares of company rose sharply when announced. that the pelosi have a refrigeratorred size of my old apartment in hoboken, new jersey, i can't understand why not have any disclosure, if they buy or stock or bond, immediately, post it in real time so everybody knows what is going on. is there something wrong with that? >> nothing wrong with that. it is actually an app tracks paul peltz pelosi's stock trade outperforming the s&p five 15% when he is not crashing his portia while driving. that is only some sort of a app, where there is no disclosure. nancy pelosi says that is my spouse is buying it. you live in the same house. you are benefiting from the stocks trades. it is crazy. stuart: you want some kind of restrictions, i can tell. i'm reading between the lines here, joe concha. i'm sure you want a crackdown.

how about this one, first lady jill biden heckled over high gas prices. buy it. >> your husband is the worst president we ever had? he owes us gas money. >> thank you for your support. >> he owes us gas money. he owes us gas money. stuart: she was being sarcastic there, fair enough. my question to you, joe, should the first lady be heckled? >> we have to treat every first lady with, with a certain sort of reference, right? i felt that about donald trump or laura bush or michelle obama, right? it is a free country. i guess this is a first amendment type of thing. my question is, was the first lady headed to taco bell when she was being heckled. a little lefty is not a bad thing, stuart. man, we've seen presidents who have had bad stretches before and they come back in the second half of the first term won reelection. bill clinton, barack obama were not polling all that great in their first term.

they won re-election very easily. the problem joe biden is running through a bat stretch for about a year, it is at worse every single day, when you're at 31% approval. 19% approval with hispanics you're in real trouble. hard to remember, stuart, the last time he had a good weaning. stuart: that is true. when you said that, i was trying to think, it has been a while, has it not? it has been a long time. next month is the anniversary of the afghanistan debacle that will come up big time. >> that is where it all began. stuart: joe, i keep saying it you're all right, you really are. >> i have a feeling that was coming. ditto. stuart: see you later son. be good. >> all right, buddy. stuart: still ahead, miranda devine will join us, retired four-star general jack keane will be with us, so will dr. marc siegel and stephen moor. aoc and 60 house democrats want the president to dethe president declare a national climate emergency. the hypocrisy is stunning. the left want as national emergency for the climate but

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>> this is not an economy that's in recession.

>> the fact that janet yellen has any credibility at all, we should not even be listening to her. >> the fed is out to lunch somewhere, and what matters is how executives see our future of big tech is perhaps the single- most important bell weather opinion of the entire summer. >> the only way the fed changes the inflation trajectory is by putting a stake in the heart of the american consumer. rising interest rates will eventually knock down the consumer. >> joe biden in terms has served his purpose, they wanted him for one purpose and that was to get donald trump out of the white house. now that we're actually into the process of governing, they realize this is turning into a huge disaster. she loves you, she loves you ♪ stuart: it is 11:00 on the east coast. we have some young visitor in the studio. i was about to ask them, can you name the four beatles?

they are hurrying out of the studio as we speak. how about that? good morning. they are still laughing. good morning, everyone, 11:00 eastern time it's monday, july 25 and here we go. the markets presenting a very mixed picture dow is up 60, nasdaq is down 61. show me big tech. they all report this week, crucial week for big tech earnings. as of this monday morning they are all down, not much, the biggest loser is meta platforms down 1.3%. look at this the yield on the 10 year treasury still well-below the yield on the two-year treasury. many people think that is a recession indicator, but that's where we are now, 283 on the 10 year treasury. all right, folks, now this. senator manchin has scuttled the green new deal and environmentalists are furious. aoc and 60,000 democrats want the president to declare a national climate emergency. they want the president to use

the full power of the executive branch to tackle the climate crisis. i have a suggestion. why not declare a national emergency at the border? when you have thousands of children marching across the desert in 100-degree temperatures you have a crisis. where is aoc now? nowhere to be seen. when the trump adminitration had the border under control, the left was screaming about kids in cages. now, children are dying, and they don't get a mention. of course, the president will not declare an emergency at the border. that be an admission of failure. secretary mayorkas still claims it is secure, but everyday, we show you long lines of migrants crossing this secure border. the hypocrisy is stunning. the left wants a national emergency for climate, but not for fentanyl. not for millions of illegals, and not for dying children, at

the border. reprehensible. i'll change the subject. let's have a look at the markets , because we've got the dow up 75, the nasdaq is down about 70 points it's a mixed picture, but jason katz is with us and he's an exciting guy on the markets these days, good morning jason. >> good morning, stu. stuart: you know i read your stuff so i'm going to tell our audience what you've been saying you see three possible game changers. a cease-fire in ukraine, the mid-term elections, and the fed slowing down on its rate rising stuff. do you think any of these are likely? >> i do. listen, as far as the war is concerned i don't think it's if, i think it's when, although that when of ending is probably six to 12 months abest in ie of i i do tdo thinknkhe o the o ram r i d landb,rab, t thn'k in tn immn iiate iiaia ts lng lngng hat. u meyodyontdded f.. eett ts . iiitting wr. morbe moror he had a novel idea.om.

raise by 100 basis points and indicate that you're going to pause. i don't think that's in their calculus. i think the market would like that. we're going to get 75 and the markets will yawn. i think the third point that we mentioned here as far as the mid-terms, shockingly, none of us are talking about it. at least with respect to the market. so when it cops to the market, right, we're going to see a likely changing of the guard, at least in congress, maybe even the senate, so what then do you have? you have a regulatory regime that's not nearly as onerous. you have focus on energy policies. focus on or lack of focus on drug price reform. those are catalysts that investors could hang their hat on, and i think then we could really find our footing and have a little bit more of an enduring rally. stuart: what about the big tech earnings reports this week? which earnings report in particular will you be looking at and which is most important? you can't name individual stocks >> it's okay so i can't say faang, right? i don't actually think that the faang complex is the

important indicator. last weeks earnings or lack thereof from snap was sort of the canary in the coal mine and i think it'll be the same thing this quarter as it was last quarter. the focus will be on the rest of the constituency that reports. this past week, we saw 15% of the companies report and 70% of them beat. this week, half the market cap of the s&p reports, and i think we are going to see less bad and i think you're going to see companies all throughout the kitchen sink with respect to inflation but they are going to have demonstrated they navigated it fairly well last quarter so look, i'm not overly bullish here. i think we're finding our footing and i think we're going to be in a trading range for a while, stu. stuart: but you're sounding more optimistic than you have in the past. there's something out there which could buck up this market and move it higher. it's there. yes and what's really there and this is counterintuitive is the sentiment is so poor. there's $5 trillion on the side lines that's the most

since the lows of covid and the allocation toward equities from individual investors hasn't been this low since the collapse of lehman. stuart: where is this 5 trillion bucks, in bank accounts or in bond funds? >> well, no. actually its found its way into the short-term treasury market. the silver lining in this grey cloud is that short-term rates have come up, so the inversion of the yield curve is actually presented for the first time in countless years, opportunity to actually have your cash to work for you. stuart: the money is there, we're just waiting to actually put it into the market. i'm dying for that day. jason, thank you very much indeed appreciate it, thank you, sir. now, legal experts are accusing hunter biden of failing to register as a foreign agent during his years spent lobbying overseas. law professor jonathan turley says this. the compelling basis for a foreign agents registration act charge has become una salable and undeniable. miranda devine has been following this story for a long

time, actually, this is her story and she joins me now. miranda, how do you see this thing ending? >> look, that's the $64,000 question there, stuart, because its been a very long time that the u.s. attorney in delaware has been investigating hunter biden since 2018, and we know that the grand jury was convened last year, was quite busy during the summer interviewing some of hunter biden's business partners and former lovers, but then, it sort of went dead. there was some indication that they had to, they closed up and reconvened, heard from a couple more witnesses, but we're now heading to that sort of magic period whether it's 60 days or 90 days before the mid-term election where u.s. attorney in delaware david weiss has shown that he sort of abides by the protocol that you don't continue with an

investigation in the shadow of an election, in case it becomes politically important, and so we may not see anything until after the mid-terms, which i think be a travesty really. there's no excuse for it. legal experts like jonathan turl ey is saying this is very unusual after having convened a grand jury, not to come out with an indictment or a plea deal if one is going to be struck with hunter biden. stuart: if he is charged and tried on this violation, i'm not quite sure i understand it but it seems minor, that's when you're acting as an agent for a foreign country. if you're charged with that -- >> lobbying. stuart: as an agent of a foreign country that could be the charge okay, just suppose, i mean, if he were found guilty on that, does that mean prison time? >> well, i mean, it's a criminal offense and it was put

in place in 1938 for good reason and we have china infiltrating the company and trying to corrupt everybody, so it is quite important, but it's not a charge that has been applied to democrats. its been only republicans, only since the trump era, and paul manafort a fort, if you remember , one of trump's people, went to jail for foreign agent violations, and look, the laptop has evidence of, you know, more than two dozen alleged violation s, so whether or not the department of justice wants to apply equal justice to hunter biden as it did with paul manafort, is yet to be seen, but what we have seen is that the department of justice has not raided hunter biden's house in pursuit of search warrant as they have with rudy giuliani

and various other people involved with donald trump, including james o'keefe. none of those people have been charged, and yet they've been raided so let's see if the doj tries to be even-handed here. stuart: let's see. miranda devine, thank you very much indeed, appreciate it always, see you again soon. thanks, stuart. stuart: back to the market. i believe that twitter is moving well, down 1.5%, $39 a share what's the story? lauren: well, they're going to 22 so they cut the price target to 22 from 28, and i wanted to point out something that baird said because it struck me for several reasons. so they have commentary out but they don't change ratings on the stock. they say twitter will remain a very challenged company because the ad market is contracting, there's litigation and they give the must-take private twitter deal at 54.20 a 20% chance of going through. stuart: really? lauren: i thought it was high. stuart: i'd say that's high. lauren: yeah, they say 20% chance he gets it.

he's forced to buy it at 54.20. stuart: okay, let's see how that works out. how about united airlines, down 1.7%. lauren: susquehanna cut them to neutral, gives them the $35 price target exactly where they are right now but then senator lindsey graham says he will propose legislation to raise the mandatory commercial pilot retirement age to 67 from 65. why not? stuart: what's wrong with that? lauren: what's two more years it's under 70. 70 is the new 50 right? stuart: you can be the president of the united states at 79 but you can't fly a plane at 65. lauren: couldn't agree more. stuart: get out of here. diamondback energy. lauren: up big time. 5%, energy is leading the market today. oil prices are up if you look at the s&p 500 leadership board it's diamondback, valero, marathon, halliburton, they are all up there. stuart: overall it's a relatively quiet monday isn't it lauren: it is and it feels a little, to say that. i don't want to jinx it. stuart: everything is coming down the pike, the five big

technology companies start ing tomorrow they aren't. lauren: wait and see. stuart: gdp report are we in a recession, is it biden's recession and the fed. lauren: the fed starts their meeting tomorrow. stuart: big week folks. treasury secretary janet yellen says the economy showing no signs of recession. we have her explanation that's got some people scratching their heads. china has become noticeably more aggressive and dangerous. that's the new warning from the joint chief of staff and we're on it. the ukrainian military reached a turning point in the war. they think they will retake a major city by september, but only with the help of western weapons. general jack keane joins us after this , with the state of play in ukraine.

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♪ one nation undergod, it's america ♪ stuart: as you look at the statue of liberty please know that today is national hire a veteran day. it's meant to encourage employer s to consider vets when filling open positions. that's the day today. now you know. military officials in ukraine are looking to use western weapons to deliver the kersohn region the first major city captured by russian forces when the war first began. general jack keane is with me this morning. general it seems to me the ukrainians are gearing up for a major offensive a large- scale counterattack. is that the state of play right now? >> yeah, you're absolutely right, stuart. this is something that's been in the planning and preparation stages now for weeks, and it looks like they're beginning to set in motion what they consider

to be a counter offensive to take back kherson city and the surrounding area which be a major accomplishment if they're able to pull this off and certainly the weapons that the united states has been providing to the europeans as well, particularly the high mars has really helped them quite a bit in terms of defeating russian artillery, which has been the main weapon system that the russians have been using to take territory away from the ukrainians in the eastern donbas region. this is a major major movement by the ukrainians, stuart, and the outcome is uncertain, but what we do know is ukrainians have the skill, they've got the will, we believe they have the people to do it, and now, they also have some weapon systems they're going to help them do it. it's going to be a very tough fight but this will help determine whether this war is going to be protracted for years to come, or will the ukrainians

really be able to take territory back and drive the russians out. stuart: do we have any military people, americans, on the ground , in ukraine? >> i don't think we do, but i'll tell you what. this much i do know, because i have received briefings in the pentagon. we provide them exquisite intelligence on a regular basis. not just once in a while. i'm talking about continuously. we have full visibility of that battlefield. if there's a russian unit that's moving on that battlefield, we have visibility of it, and we are telling that to the ukrainians. we're using all of our sources to be able to do that from imagery, surveillance of the battlefield. we obviously have satellites, we have airplanes that can standoff not over ukrainian territory to do it, signals intelligence, and we also have other assets as

well, so yes, we are helping them. i don't believe we have people on the ground but i don't know for sure. i don't think we need to have, frankly. stuart: let's change not the subject but the theatre of operations. the chairman of the joint chiefs , general mark milley, has a warning about china's military he says the message is the chinese military in the air, the sea, have become significantly more noticeably more aggressive in this region. they are trying to expand their influence throughout the region and that has potential consequences. not necessarily favorable through our allies & partners in the region. that's a strong statement from general milli. what do you make of it general keane? >> yes. well he is out in the region having a major meeting with all of the chiefs of defense in terms of our allies & partners later this week in sidney, australia. he's currently in indonesia and he's sounding an alarm something we've been talking about here for sometime. president xi and he's been in power now over 10 years, certainly changed things rather

dramatically in terms of the intimidation and coercion of taiwan across the taiwan separates straighsts and our allies and to include when general milley is talking about harassing our airplanes and our ships. the aggressive aggressiveness is obvious and i think what we have to consider seriously is that president xi, while he's watching the war in ukraine, and he's watching russia have a lot of problems with it. president xi, as opposed to pausing and slowing down his desire to take over taiwan, may indeed be increasing in terms of timeframe. why? because we are right now outgun ned and outmanned in the region but he knows full well the united states is working very hard to correct that. that'll take a few years tok do so but that encourages him, maybe to do something sooner rather than later. second problem is you're aware of this. he has, president xi has economic setbacks, right now,

and they are destined to get worse and it maybe better for him to do something sooner, again, rather than later economically, as well as it is militarily. that's the concern we have and milley certainly is going to sure up our allies to work together in the region to pushback on china's aggression. stuart: that's just the kind of analysis that we need. thank you very much indeed, general for supplying it. always appreciate it. see you again soon. >> yeah, thank you. stuart: you got it. china is almost finished building their very own space station. i have not heard much about this lauren: u.s. barred them from using the national space station so they are building their own and three of three space modules are now completed so this could be up and running, this year. stuart: a space station up and running this year in place up there? lauren: yup. they are competing in space too versus the united states. stuart: i've not heard much about that. lauren: we have not. stuart: back to the markets real fast. we've got the dow up 60, again i've gotta say, this is not a

day at this moment for significant price change for stocks. there you have it. how about boeing? i believe they are set was it striking three different plants a strike possible about pay is that it? lauren: uh-huh, it could happen, next month. it's three plants near st. louis that build military aircraft like the f-15 we're talking about 2,500 workers. they want bigger raises. we have to see if management says anything about this. as you know boeing reports on wednesday. they could get a question on it. we do know they have a contingency plan in place because they are expecting this but 2,500 workers going on strike at the plants that make military equipment? that's a big deal. stuart: i hope they call that one off because there's another strike i believe planned at the german airline lufthansa is the strike by their workers in germany? lauren: it's in germany fortunately for us, not for the germans so here is the deal in germany. inflation in june is 8.2% so the lufthansa workers are saying we want a 9.5% pay hike and get

ahead of inflation and the airline says at least now, yeah, no, that's too much. so now, on wednesday, in germany , workers across most divisions will just walk out. it's a one-day strike. stuart: if you know it's coming i guess you can deal with it a bit more easily instead of a wildcat strike all over the place. lauren: one day for now. stuart: take a look at this , please. there you go on your screen, deputies wrangel an 11-foot alligator in florida. it didn't go down without a fight. my goodness, me. lauren: i have the chills. stuart: frightening. lauren: is that a rope? stuart: you'll see more of this later. the average price for a gallon of gas is had .35. a state department official says he prefers higher gas prices, because it means less driving and less carbon emissions. stephen moore takes that apart, next. i'm burning i'm burning for you ♪

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♪ only worry in the world is the tide going to reach my chair ♪

stuart: zac brown band very appropriate song because you are looking at clearwater beach, florida, lovely there. it's 88 degrees, it's just about perfect for the beach. to the markets, please. i keep saying this but i have to because there's not that much price movement on wall street this monday morning. kind of settling down almost stable. of course there's big earnings reports coming up. susan is with us watching apple. >> of course biggest report card this week we are expecting the world's largest company to report on thursday, looking for the slowest sales growth since the pandemic started. also indications that there might be some demand concerns, especially with pricing and where the iphone 14 upgrade cycle might go in september, so apple is offering a rare discount in china, four days of discounts on top tier iphone so we're looking at up to $89 off the iphone 13 pro series between the 29th of july and august 1 also discounts on air pods and

as always, obviously their top executives on the earnings on thursday. stuart: what do you got on tesla >> so they lost $170 million in their bitcoin holdings for the first six months of this year, but here is the thing they gained $64 million from selling 75% of their bitcoin holdings, and now they still have around $218 million worth or so of digital assets, they say, at the end of june, interesting that they use the term digital assets, so is it all in bitcoin, a bit of dogecoin, i think that's up for debate. you guys remember that tesla bought around $1.5 billion in bitcoin last year, and also some other positives in that filing, that sec filing they talked about capex spending $8 billion in capital investments and also there's wall street journal story front page they are going to open up their ev charging stations to other car makers if they get public funding and this is for their charging stations across the country, and mary bara admitted this morning that yes, tesla is in the lead.

stuart: you've gotta open up those charging stations because that's a big problem. >> well, okay so tesla says sure, we'll open it up to everybody ford, gm, everybody, if you give us public funding so everybody gets subsidized. stuart: right fair enough i guess. susan thank you very much indeed treasury secretary janet yellen has acknowledged an economic slowdown, but she's still down playing a recession. roll tape. >> this is not an economy that's in recession. you don't see any of the signs now, a recession is a broad based contraction that affects many sectors of the economy. we just don't have that. stuart: stephen moore is with us seems like they are trying to re define a recession that used to be back to back negative quarters. now it's the way it feels. what do you think? >> it's interesting, isn't it, how the left just keeps changing the definition of words, whether it's peaceful or whether it's a

woman or now a recession, so look. my whole life i've been an economist for 35 years we always defined a recession as two negative quarters and we were negative, what, i think 1.5 % negative in the first quarter, and we'll be somewhere between 1% and 2% negative for the second quarter. we don't know the exact number i think it comes out wednesday or thursday. what that tells us is that we're in, what i've been saying for many weeks on your show, a soft recession. it's a different kind of recession than we seen in the past, because it certainly is a recession in the stock market. i mean, the stock market has crashed this year, notwithstanding the last couple of weeks and it's also obviously a recession in terms of people's paychecks, which is the big impact, where people have lost substantial amounts of money in terms of their purchasing power. we estimate three or $4,000 per family this year, but it is true employment, the employment situation is pretty good for

people looking for jobs, so i don't think i've ever seen anything quite like this , but the standard textbook definition , stuart, this is a recession. stuart: i'll absolutely guarantee the media won't call it the biden recession but had it been in the trump era it would definitely have been the trump depression. are you with me on this? >> do you know what my biggest frustration right now, and i admit, i am bias because i did work for donald trump on the economic issues, and i truly believe, stuart, if trump were president today, the economy, the u.s. economy be absolutely booming. we shouldn't be talking about recession. we should be talking about four or 5% growth, given that covid is over, we're opening restaurants, we're going to movie theaters, people are going back to jobs. i don't see any reason, stuart, other than the fact that we shifted policy, for example, on energy where we're, by my

estimates 3 million-barrels a day below where we should be. the policies of paying people not to work. that's a big problem in terms of production. the fact that there's all this talk about more and more spending, all those things have been negative for the economy. the good news is as our buddy larry kudlow says the capital is coming and one of the reasons the market has been somewhat positive is now investors are finally realizeing nancy pelosi is not going to be speaker in january and that means there will be a natural kind of blockade against some of the worst ideas that pelosi and biden have come up with. stuart: can you deal with this one quickly. we've got an official at the state department who says he prefers high gas prices because it could cut emissions. he since deleted the entire twitter account, but you know that really is ridiculous isn't it? >> yeah, well, bravo for the honesty. at least someone in the biden administration is being honest that they want high gas prices. of course they want high gas

prices. they hate gasoline. they hate oil. they hate coal. incidentally i just heard you talking about these electric charging stations that are all going to be free. all that's going to do is increase the consumption of energy. the whole policies make no sense if you want to reduce carbon emissions you don't give it away for free. how stupid. by the way, why do i have to pay $4.50 a gallon at the gasoline pump but the guy with the tesla pays nothing for their fuel. stuart: i think that's a fair point to make. stephen, we'll see you again real soon, okay, make more sense for us. thanks, stuart. stuart: the cost of a loaf of bread at a record high. lydia hu is at the fairway market in new york city and i believe, lidia, have you found bread more than $10 a loaf reporter: yes, stuart, i have. take a look at these dinner rolls, 24-ounce pack cost $10.19 here at the supermarket. have some other examples for you

, the baguettes and also bread is almost $7 each. these are a couple examples of categories of bread the prices are just soaring but also your regular sandwich bread, white and wheat, those prices are also way up according to the consumer price index. you can see the cost of white bread jumping more than 10% over a year ago. the price of wheat bread speaking more than 11.5%, and consumers, stuart, are feeling the price surge. they are pulling back. bread sales, according to nielsen iq dropped more than 2.5 % so far this year. various factors contributing to these rises in bread prices. the russia invasion of ukraine upended global wheat exports causing a surge in prices of the commodities and the cost of key ingredients like four and eggs and dairy have also spiked over the past year, raising the cost for bread producers. now, ukraine and russia did reach a major agreement last week to allow ukraine to resume

exporting wheat as a commodity. it's a big deal because there are major wheat exporter for the world but and also good news on that front is that the commodity price for wheaton friday fell by about 6%, but we're talking to the american bakers association earlier today and they don't expect that to have an immediate or even significant impact on bread prices here at home. they say because the concern is labor costs are so high here, as well as energy prices, they expect the price of bread to remain elevated through 2024. stuart? stuart: $10 bread i knew it was coming but not this fast. lydia hu, thank you very much indeed. a report, new report, revealed that a majority of the country, is at risk for large-scale and recurring blackouts. got that in the greens for that. casey city gal will have our report, right after this.

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♪ stuart: what exactly is this song? are you going to put it on the screen? fergy. "london bridgette, well it london when you look at that. it's 73 degrees there. lauren: uh-huh. stuart: we have a related item here. lauren: yes. moving on with it. [laughter] stuart: get on with it. england is paying belgium for power to avoid sweeping blackouts. tell me more. lauren: correct well on july 20 in the uk, temperatures hit a record 104.5 degrees fahrenheit. 104.5. so how do you avoid a plaqueout which they did, they paid a record high 11, 600 per megawatt hour to keep the lights on. that's more than 5,000 percent

higher than typical and that's what it get to get belgium to crank up the power and send it across the english channel and for years, you're up other countries and the u.s. too, have not invested in upgrading our power grids. stuart: whoa and the brits paid all that money? lauren: quietly they paid that. stuart: they didn't want fibbed to know. lauren: and belgium took it. stuart: we've got a new report that shows more than half the country, our country, is at risk of recurring blackouts. casey stiegal in dallas. is this in part because of the shift to green energy? >> stuart, it is, and that is according to the north american electric reliability council or nerc as it is known and it says that it's really a combination of things, not only more fossil fuels plants coming offline and not being replaced fast enough but also record demand, extremely hot

temperatures, even those wildfires can have something to do with it, but ner c warns about half of this country is at risk elevated risk they say, for these black outs. >> there's no question that extreme weather events are creating greater demand for electricity in this country, primarily through air conditioning. >> jim mathiason is a former utah congressman and current energy cooperative executive. >> you've got the circumstance for liabilities being put into question by this increased demand where at the same time reducing our supply. >> the combination was flagged in a power utility watchdog's summer reliability assessment. >> this recent report highlights the need to stop shutting down existing capacity. >> again small stakeholders are working on short-term solutions to raise capacity and reduce risk. >> some of the short-term steps we could take is there are limits in terms of number of

hours per year at certain facilities can operate for environmental purposes. the secretary of energy or the epa can wave some of those restrictions to allow for greater use of existing assets to meet these periods of shortfall. >> utility companies know the stakes are high. that's why western suppliers are pooling data and entering a new binding agreement in hopes of mitigating risk. >> all of these member companies have agreed together to use the same data, use the same assumptions. reporter: officials say the upper midwest, california, and texas here, in fact stand the greatest chance of these possible service interruptions moving through the next few months. stuart? stuart: that's going to hurt. all right, casey, thank you very much we'll see you again soon. now this. i didn't know about this. lauren: [laughter] stuart: it's a new segment apparently.

this has just been sprung on me. it's what would stu do? i take it, lauren, that this one is about the alligator, right? lauren: wwsd. "what would stu do." it is about the alligator. did you guys see this video we played in one of the teases. this is an alligator a homeowner finds under his jeep. stuart: whoa. that was not the homeowner. lauren: no it was a professional called into deal with this. there's been a rise in alligator attacks and deaths this year. three people have died from gator attacks. what would you do if you were that homeowner and you are getting in your car and out from underneath it is an alligator? stuart: i'd bed out real fun. lauren: you'd run. stuart: and call the police. lauren: you're supposed to run, straight and then if you have to

tackle the alligator you want to go at its eyes and hit it in the head or kick it in the head stuart: that's what i would do, chase it down, go right for its eyes and i'd win. lauren: yeah, you'd tackle that, i'd scream and probably be paralyzed and scream at the top of my lungs. stuart: it's frightening i've got a place in florida. lauren: i wrestled an alligator once on an airplane trying to hold a one-year-old. that's exactly what it was like, holding a kid in your lap. i was wrestleing an alligator. nice segment i don't know what you'll choose for tomorrow. let's see the market. i want to see how we're doing look at the screen. two-thirds of the dow are up in the green. it's a good sign and the dow itself is up 118 points, as we speak. you know, its been five days since the president tested positive for covid. that means he should be released from isolation tomorrow, or maybe wednesday, but will he still have to wear a mask, or

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stuart: president biden's covid symptoms are now almost completely resolved. that's according to a letter from the president's doctor. joining us now, our own dr. marc siegel. doctor, what do you have on the president's recovery? >> from what i'm hearing, he's doing pretty well. very well, actually. he's mainly got a sore throat now, his body aches, fever is gone, and fatigue is better, but he still has the congestion and the sore throat very characteristic of the ba .5 sub variant. they are waiting on genetic sequencing but he's got this variant because over 80% of the cases in the u.s. are now this. i think that he's been aided by the paxlovid, we are waiting to see when he finishes the five days whether he has a rebound but i'm seeing that about 10-20% of the time, stuart and then i'd give it a second round and it usually works, and that's what dr. fauci had. i think that he's doing well. stuart: can i ask you about

polio? i ask because when i was a young man, youngster, in the 50s and early 60s, polio was just a terror. we were all scared to death of it, and now, we've got a case of polio reported in new york state a lot of parents are not vaccinating their children against polio as we used to. could polio now spread in america again? >> it better not and let me talk you through this. 1979 was the last case where polio started here. we got rid of it here, but occasionally we get a case from a travel or in this case, the traveler actually had taken the oral polio vaccine, and that's a live virus vaccine. you can get a very very very mild version of polio for that, but he spread it to someone here in rockland county who had been unvaccinated. this person ended up tragically paralyzed.

rockland county is a hot bed for anti-vaxers and i want to point out supposedly for religious reasons very very bad idea. we don't use that vaccine here in the u.s. , stuart. we use the soft vaccine, the in activated one, totally safe. kids should get it. stuart: but it's true to say a lot of children in america today are not being vaccinated against polio because of the anti-vax movement. have they got a lot of influence here? >> yes, you just said that exactly right. it's a growing problem and a lot of pediatricians are worried about it. i'll tell you the most graphic thing i ever heard. pediatric infectious disease experts said to me cemeteries used to have tomb stones of young children from vaccine- preventable diseases including polio and measles. we better not go back there and you are right. certain hot beds are refusing vaccines for their children. polio is hugely important.

hugely important. you rebel advice pressly getting it publicly. that was the heyday of vaccine compliance. we need to get back to it. stuart: i remember getting that vaccination myself many many years ago. dr. siegel thanks a lot. we'll see you again later. thank you, stu. stuart: almost 11:55 you know what that means the "varney" & company trivia question of the day. what is america's national flower? now, we really have to think long and hard about this. i'm not sure of the answer. rose, orchid, tulip, daisey. lauren: i thought sunflower but that's not an option. stuart: it can't be the tulip, that's holland, it can't be the rose that's england. orchid? lauren: i'm going with orchid. stuart: okay, folks. guess away, we'll tell you right after this. so many bubbles!

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stuart: i thought this was a really, really good question. what is america's national flower? frankly i did not know, thing i would normally know but i did not know this one. before we reveal what is your guess? >> i was going to say orchid but i say daisy. stuart: could america's national flower be a daisy? no. type little, no. that is dutch. orchid, asian. what is the answer. >> the rose. stuart: the rose? >> i thought the rose is the

flower of england. stuart: it is the rose is national flower of england. we don't share it with anybody. the americans stole it from the brits. president ronald reagan made it official during a ceremony in the white house rose guarden, 1986. america's national flower is the rose. >> i like yellow roses if you're interested. stuart: if you buy roses it will be yellow. time is up. stuart, thank you very much. neil: high noon at corner of wall and broad. we're getting more buyers than sellers. so many names are reporting this week. we'll get a clear direction at least where they think these things are going. a lot of stocks are well off the lows here, in the case of the nasdaq itself, 12% off the lows. s&p 500 close to 9% off its lows. we'll be picking apart what we can expect in techland. man, you talk about big guests to have on board to talk about that? tim armstrong,