8:30 a.m. and they were much better than expected so with the capital goods. those of the big ticket items like airplanes in machines, durable goods were talking washable machines they are both up and this is very powerful what it speaks to is the demand side of the economy. maria: great point. dagen mcdowell, adam johnson, lee carter, thank you for being here we will see you tomorrow. "varney & company" begins now. still take it away. stuart: good morning, everyone this is exciting when getting profit reports from the world's most largest cavities. in interest rates from the most important central banks. politics the dump biden movement is gaining ground. i'm going to stop at microsoft and google. they missed analyst expectation. the computers read the word mist and a predictable selloff that is completely turned around premarket this morning i stopped

at the pelvis, 3.5%, google is up $4 and that is nearly 4%. later this week on the big tech companies report and google microsoft gains and producing modest gains this morning. amazon, meta, apple all on the upside on the back of microsoft google, overall stocks are gaining ground again all. watch out the fed finds interest-rate policy this afternoon a hike of 75 basis points is expected and some have a baked in already. the dow is good be up 160 and look at the nasdaq powered by microsoft and google up 184 points or around about that at the opening bell. time to get to politics the democrats are walking away from the president and a cnn poll 75% of democrats do not want biden to run in 2024. get this bret stephens writes in the new york times, he says

biden should withdraw from the 2024 race now. question, how do you feel about returning to work in american cities witnessing violence like this, two teenagers jumped the subway turnstile one brawls with the cop who stops him, he is charged with assault on a police officer and his back on the streets within hours. america's pain very heavily for soft on crime democrats. how do you feel about gambling, will you spend a dollar on a mega millions ticket nabs the prices a billion dollars, nobody got all six numbers right last night the next drawling is friday night. a big show for you, way into ec kamala harris struggling with her pronouns. it is wednesday july 27, 2022. "varney & company" is about to begin.

♪. stuart: good morning, everybody here we are ready to go. i'm going to start microsoft and google. they are doing very well this morning, very well indeed. >> this morning tell me about shopify they reported earlier i think they went straight down. >> will start with the bad news, shopify, remember the bad news they reported a net loss i'm giving you the exact numbers of one point to billion dollars in the quarter from a profit of $879 billion a year ago that is a year ago. the forecast awful for the

second half of the year, management is calling this a transition year from the big e-commerce pull forward that we saw during the pandemic and yesterday we told you they cut 10% of their staff. stuart: they are victims of a slowing economy and consumers from buying stuff, that is the problem. >> it might be the only negative big earnings report will think of this morning. most are positive are being interpreted as positive. stuart: what about boeing i saw them report this morning. >> quarterly numbers missed, you are correct. here's a but a step to the goal of positive free cash flow for this year end they also said we're in the final stages of getting a dreamliner that is stuck in hangers for over a year now back because of all of the delays and issues with the jets, there's also no drama in the report and no drama as a

catalyst than the 737 max grandin, after the supply chain only no drama 3.% gain. stuart: tell me about t-mobile, subscriber growth they raise their forecast for the second time and this is a show of the sign of the times the cheaper plans our customers like them because of inflation. stuart: you know what i mean the top line or the bottom line. the computers read and all hell breaks loose and they settled on the next day we get a realistic evaluation of the stock. >> i think that about commentary and the forecast as it usually is but more so this time around. stuart: i can't stand watching business reporters go up, they beat and they missed the top line and the bottom. that is. laziness. >> is that a criticism? >> that is a criticism of the earnings report. >> we try to give you what matters more than the exact number or the mist or the beat

or the in-line. stuart: why should i care that they announced they are going to have a trial, when is it going to happen. >> this is interesting i can't tell you when the trial is going to happen sometime in october they cannot even agree on the date, elon musk wanted the week of the 17th and twitter wanted october 10. come on twitter is also saying we want our shareholders to vote on the take private at 5420 as agreed upon in the scheduling that vote for september 13. stuart: it is fun but there's so much going on. it really is excellent. what else do we have going on. check the futures, shall gilani is with us this wednesday morning. good to see you. i want to talk about microsoft and alphabet, they missed on the report but they are rallying today. would you buy them today, these two? >> we are nibbling and a lot of companies including the big tech

companies that was better than expected. they're not good but better than expected. not much was expected. i think this is an opportunity to buy some of the great companies, they have been on sale. the market seems to be firming up we're at a point where it's about investor sentiment. what's going to happen with the fed how is the market going to react what are investors going to do a lot of great companies on sale and if the market rallies they get a piling on them and create momentum and see markets go higher if we get some better than expected, continue better-than-expected earnings that are just terrible. the companies that are doing well are getting hammered which is understandable but net net investors now think they see our horizon, if the fed does put forward 74 basis point hike then maybe with oil prices, gas prices coming down, maybe with the ukraine starting to export grain, maybe we will see prices

come down and maybe the fed will hesitate on further hikes and i think the market is looking forward and say the economy is slowing but we are not in a recession yet we may be by tomorrow morning. if we are in a recession it's a growth recession we are still moving see the bargains that are out there to be had in the market. stuart: shah gilani sounded a lot more pessimistic than it was in the past. we will see you again. we dealt with the markets and the analyst and all the rest of it. i want to get the politics president biden's popularity is taking a hit in his hometown that will be screened in pennsylvania. >> how bad of a hit. >> pennsylvania is a swing state working-class neighborhood that feels abandoned by his policies and let me tell you how bad it is. this poll shows a favorability rating of 47% down from 60% in the summer of 2020. this is an opportunity not just for republicans to flip the

district but potentially the state. stuart: an op-ed in the new york times and the title is are leaderless free world, columnist bret stephens says biden should withdraw from the 2024 race now. that is in the new york times in the cnn poll shows pete buttigieg is ahead of president biden for the 2024 race that is a new hampshire which is a key state. liz peek joins us this morning. it is no longer whispers, the voices are getting much louder. dump biden, get out biden. >> they also want to dump trump. >> how could they not get to this point. i think all conversations about biden running again and 24 are completely ludicrous he will not be the candidate i do not think he will run he will be encouraged to step aside the question is whether he gets to the 2024 race what about the next two years if the democrats

get beaten up badly in the midterm elections will there be movement to have biden move on by the way i think that would be a done deal except for kamala harris who is trying to reach ethically new lows in terms of her performance, standing and pulling. it's incredibly bad believe it or not worse than joe biden right now. stuart: you have your own op-ed right now why desantis could be the cure for an alien america? before you spell it out, are you a desantis supporter? >> i am i think we need a candidate who will embrace trump's policies with work which is popular and carry those into the 2024 election without an enormous amount of baggage. i think that's where ron desantis is. people don't know him very well at this point. what they should know he's incredibly smart he went to yale university, he is a harvard law graduate, he's a vet, he served in iraq he checks a lot of boxes

particularly for conservatives. he managed the state afford extremely well. it's a horrible time to be governor of a state managing covid and to come back from covid, houston better than almost any governor and i think he gets a lot of credit from that. he asked to be reelected governor and i think he will be easily but i think he is a terrific candidate for 24. stuart: you put your market down for desantis, let me hear you. check the futures, lots of green on your screen this morning the nasdaq up nearly 200 points back to the opening bell. don't know how we will close. coming up vice president kamala harris marks after she introduced herself with pronouns. rotate. >> i am kamala harris, i am a woman sitting at the table wearing a blue shirt. >> jason will take it on later in the show. congressman mike waltz will investigate china if republicans

take back the house in december. he will be here to tell us what is going after after this. ♪ [ "back to life" by soul ii soul ]

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at nearly 200 points, microsoft, google, tarried the nasdaq ahead. president biden will speak with xi jinping on thursday. is this all about speaker pelosi going to taiwan. >> president and the many in the administration, they worry that is good to be provocative to china. others in on both sides of the aisle so you should go nancy pelosi as a sign and a show of u.s. strength. what else can i talk about, terrorists, ukraine, the first call since march, they want to set up a potential face-to-face in november. the problem is they could talk all they want, there's no deliverables because the administration still calls china competitor when they really an adversary. stuart: okay, got that. we told you about china buying up farmland in america. our next guest promises to investigate the reason behind buying a farmland. mike waltz is with us. why do you want to stop china from buying farmland in forget?

>> are not just there thereby and in the dakotas they bought up tracks in texas, two reasons, number one the parcels that their buying just so happen to be miles away from armas sensitive military bases and we know from the fbi who just had a press conference with the mi5 in britain there is a tsunami of chinese espionage going on right now not just military but industrial as well. longer term we have seen china dominate and create dependency on a pharmaceutical market could we no longer produce penicillin in this country, and a green energy market 90% of the world solar panels and now in the food supply they also had just bought up the largest pork processing plant at the united states.

we know from chinese documents that have been leaked they intend to use the supply chains to choke off our economy if we dare disagree with them and add computer chips to that as well we have to put a stop to it. biden walked, we will. stuart: let me add this to the mix and investigation found that china had targeted the federal reserve to build an informant network to access our data. that is going for the financial jugular, isn't it congressman. >> it absolutely is that the holy grail for them to influence our money supply. add onto that, we remember when president trump band huawei and everybody threw their hands up in the air, now it turns out that while white powers across the midwest are also collecting on our military bases after an extensive investigation. it goes on and on, wall street, hollywood, academia, influencing, university system

endowment so they can influence them, it's been taught the talents program, this is a whole of government, whole of society push from the chinese communist party to win an economic war before we ever get to any type of military conflict. stuart: listen to what national security council spokesperson john kirby says about china and speaker pelosi potential trip to taiwan. rotate. >> that rhetoric coming out is clearly unhelpful and not necessary. there has been no trip announced and there is no call for that escalatory rhetoric. >> if he backs down even though it's not a formal trip if he backs down the chinese win, he she's got ago. >> that is right she's got to go. we won't even send an elected leader to visit taiwan what message does that send to our allies, the japanese, south

koreans, australians and the chinese communist party in the military there that if we won't even visit what message does that send in terms of our willingness to defend that democracy and ally never thought i would be supportive of speaker pelosi on anything. stuart: congressman mike waltz from the state of florida, always appreciated. see you later. the people of taiwan they want civil defense trading they have seen her russia's invasion of ukraine unfolded what exactly are they doing. >> civilians regular people getting ready to use weapons, dress wounds, rescue people from rubble and the group that does the trading they are named for alliance they saw a huge jump and demand after russia invaded ukraine because the worry is that invasion and bolding china to invade taiwan. they want to be able to defend themselves like they are seen ukrainians do so aerobically. stuart: when you see that going

on in taiwan it's ominous. >> why nancy pelosi wants to go there. >> the dow industrials will be up 150, 160 points at the opening bell. a better game for the nasdaq could be up 1.5% or more that is the futures the opening bell is next. ♪ dad, when is the future? um, oh wow. um, the future is, uh, what's ahead of us.

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stuart: futures show a nice amount of green right there, let's begin at eagle bore until recently until now has been saying sell all the rallies. , are you selling this rally? >> the only thing that will change my mind in the near-term the fed surprises today and implies that they will be more data dependent before the next rate hike in september.

i don't think they're going to do that. the bigger picture is this the dollar continues to be a major headwind for corporations it is going to stay strong when you listen to these earnings reports at&t and verizon say earners are having a hard time paying their cell phone bills, were seeing the same with auto loans and credit cards and walmart comes on talks about the consumers buying staples and their apparel continues to show higher inventory. inflation has finally come to a by our thesis we are going into a recession. ethical mild recession but i believe we're going to take a major leg lower in the coming months recession in our opinion. stuart: you guys have a problem you told your clients get out, go to cash or whatever, get out of stocks, largely, when you

tell people to go back and if i try to pick a bottom all the time. >> you go back in with the data supports it. we have a process that works and we have a lot of confidence in it. when a to be right all the time but we have a really good batting average. so far we've been pretty accurate in our calls. we will pivot when the data pivots. we need the tenure, let's look at the yield curve. we have not seen a yield curve this wide since the 2000 tech bubble, the bond market has been right and it's screaming a bigger recession than what it was a month ago so those dynamics have to change and corporate profit continue to come down. were talking about them until we bottom in regards to the rate of change of corporate profit until they dollar gets weaker and the yield curve changes in inflation comes. that's not going to change overnight we plan to bring to be

fully or closer to a bottom. stuart: i the fourth quarter, what is interesting to you. >> mega cap check it when you look at the nasdaq is taking a big hit, we're going to want to buy quality companies the going to be here for the long haul and we do believe that were in the time. doesn't matter if you're good company or bad company if there is a broad-based selloff in the s&p goes down to 34, 3500 they are all going to drop and working to be huge buyers and will be bullish for a long time after that. this is one of the cycles that happens everyone - 7 years and you have to be able to protect capital during the downturn and dusters are tired of being told to stay the course invited out that does not work in a recession whether long-term or short-term investor. it only works for day traders and we are not day traders. stuart: you make a very good

case and you have been right so far and i hope you're right in the future. i'd love to see another bull market next year i would love to see that. stuff we will see you soon. we open the market in 15 seconds were looking for a lot of green at the opening bell the nasdaq in particular by microsoft and google they reported late yesterday, those two stocks are up and that is powering the nasdaq let's see if the power the rest of the market we are up and running (visit on wednesday july the seventh and looks like we have a nice rally microsoft the top performer in the dow 30, top left up $9, but weight is up $5 and significant gain for big names. s&p 500 that is also opening higher to the tune of 1%. a very solid gain i'm expecting to see the nasdaq goes straight up, 1.6% higher, that is the

valley, big tech up all across the board, apple, amazon is up to and half percent and so is meta platforms, alphabet up 4% microsoft up three and half percent, let's concentrate on alphabet they did not have a good report so why is the stock up 5%. >> they missed everywhere they did not list in the one category that really matters adds, add revenue coming up strong of overall revenue came in at 69.7 billion that was the slowest in two years the address revenue i'm going to say for alphabet recession resilience. stuart: how about microsoft they were way up this morning it wasn't a great report but they are up because what was said on the call. >> yes the forecast they are predicting double-digit revenue for fiscal 23 and analysts say

it's mrs. in the quarter and it's all excusable a strong dollar, the supply chain disruption, it's russia according to morningstar is beyond microsoft's control who cares if they missed on the revenue nearly $52 billion or didn't grow as much as expected, there still doing great. stuart: they are indeed. how about chipotle, the stock is up i pretty sure about is up eight or 9%. i understand they imposed price hikes and that boosted their profitability. my question are they going to raise prices more in the future. >> next month they can, the ceo says we have a more affluent consumer, they like our stuff over to hike prices again that is why profits increase in the quarter, here's another benefit it might seem counter intuitive but fewer online orders so fewer people going there so chipotle

doesn't have to deliver your burritos and that protects their margin. you could spend that as a positive because clearly to polling businesses. stuart: if you are not delivering you the restaurant keep all the money. paypal and activist investor has revealed a stake in the company. it's up 5.8%. >> elliott investment management are building a stake to be one of the top five biggest shareholders which also owns venmo because he could push forward changes or more cost cuts which aren't always good, paypal already lowered it and they weren't inflation is hitting her customer inflation volumes. stuart: hilton reported before the bell i have not read the report, what are the highlights. >> continued strong travel demand and expect to see that throughout the year. the stock is at five-point to percent gain and i'm going to get a little tacky on you. revenue per available room is

expected to increase 43% from last year. the coach. if you put that in the industry you will see your stock up 5%. >> these earnings reports are pretty good. >> if they are not good based on the hits and misses. >> microsoft word example. one more ceiling mattress the stock is up to half percent. >> i thought they were down in the premarket they are seeing bad demand for mattresses mattresses are relatively expensive and a lot of people bought mattresses in the pandemic because they were home all the time the ceo said we sell the toughest volume decline in 15 years they cut the full year forecast and cut their spending but something apparently happened when the market open for them to be up 2% and i'll look into it. stuart: we've been open for business in foreign a half

minutes, for four and half minutes. the dow is up 160 points. i will take that 160 points that's exactly one half a percentage point. how about dow winners there are 30 stocks in the dow the top of the list is microsoft 3.8%, but weight is doing well, mcdonald's, salesforce, walt disney all on the upside, s&p 500, chipotle, 9.5% we just reported that, energy up 7%, paypal, nasdaq, paypal texas influence, booking, holdings t-mobile big gainers today. let's go through the markets, check the ten year treasury i don't believe we've done that we are at 2.76% the yield on the two-year is well above 2.7% that is the old recession indicator. the price of gold 1733 it keeps on dropping the price a bitcoin

21300 as of now very stable this week oil at $96 per barrel, not gas just below $9 for a million british units. the price of gasoline dropped 2 cents overnight you're looking at $4.30 that financial average in california it is $5.68. coming up joe rogan raises concerns over tiktok. rotate. >> all your apps in your file names everything filed away on your phone to have access to that it ends with china having all of your data. stuart: does tiktok pose a national security show the federal reserve expected to raise points by 75 basis points that sound like a regressive inflation to me ♪ ♪

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stuart: the fed's rate hike decision comes at 2:00 p.m. easter this afternoon. edward lorenz with us. i'm going to call you are fed watcher. the market is looking for a 75 basis point hike, that sounds pretty aggressive inflation fighting to me, what say you. >> you has been pretty aggressive and 75 basis points as you mentioned as you like to give hints to the market before the second meeting in the cayman below expectation that in combination with the cpi

inflation led the fed to be more aggressive during the last meeting because the same scenario happened. there are some saying a full point rate hike will have to happen but most are thinking 75 basis point move. we began the federal fund rates. halfway through the year we expect the reit to be two and a quarter and 2.5% for this federal reserve that's a huge move in a short amount time. they like to move slower going up or down to settle the market to make it easier on the market. the white house economic advisor talked about this decision yesterday. listen to this. >> we've identified as the fed takes the steps it will take. we have identified a set of very clear steps that we can take and that we could take working with congress to actually help to increase the prospect that we get to that goal.

>> what he's talking about more spending and government spending that is something the federal reserve chairman had pushed for at the beginning of the pandemic in order to get inflation going as well as help of the nation. since that point is been view about government spending. stuart: edward lawrence thank you very much indeed i was shocked when i saw this number the median selling price of a new home has dropped, record $450,000 in april all the way down to 402,000 to 400 in june. that's an enormous drop in a couple of months. john lonski is with us now. i would call that disinflation,. >> i think you're right it's a sign of things to come for the entire economy right now inflation is speaking. however, the slowdown by inflation will not be pronounced enough so we get a return of the situation where wages are

growing more rapidly than prices. >> we have roughly 9% inflation now, do you think that is the peak but we only come down to 6%. >> 7% by the end of the year but that time wages are growing no faster than 5%, the average american the middle-class consumer is getting pinched kind of economic growth for the rest of the year. >> is going to be a pretty flat ill average faster than 1.5% quarter to quarter on average if we are lucky keeping eye on real consumer spending later this week most believe it'll grow by only 1% but if that begins to shrink then were in big trouble and were looking at a contraction by gdp in a fundamental core sense. stuart: your bottom line this year 2022 is going to be pretty flat bumbling along without much growth for the entire year, that is your forecast. >> that's my forecast and at

some point we can have an outright contraction of gdp this could be indisputable sign of recession. we may get a job for the second quarter but that's going to be a drop in inventory accumulation, consumer spending alcohol. much slower growth by business investments, spending and unfortunately residential, housing is good to take a big hit and that will continue. stuart: you could still see a nice stock market rally towards the end of the year if you economic scenario is right. >> that's right. >> as long as the equity market believes that that is all but finished with hiking rates in the ten year yield is not going to break them well above 3% anytime soon that could be the case. stuart: that the key indicator the ten year treasury yield got to stay below 3%. >> acid is i cannot believe this we have had not only fed rate

hikes but we had quantitative tightening since june the consensus thought the ten year yield 3.2% instead is under 2.8% that reflects not only expectations of slower economic growth but of a slowdown by price inflation. there's no way in the world that ten year yield would be under 2.8% for credit market believed that we are going to have more or worse news on inflation. stuart: fascinating. peak inflation says john lonski. >> all be back to defend myself. >> will one economist who says home plate are going to plunge substantially. lauren is following this. who is saying that and what is a substantial punch. >> shepherdson at printing and macro is about 20% the supply is growing we have the new home sales yesterday inventory is up

from five or six month. we have supply that's a good thing demand cratering and quality were on the cusp of a major direction of the housing market. the silverlight is a major correction might take it back to normal when mortgage rates are higher, inventory and then you get prices coming down. stuart: i don't want to see my home drop 20%. >> how much has it been inflated the last couple of years. >> i have another one for you. the wall street journal report says that people are relocating to smaller cities, tell me more cheaper and you have a better quality of life with the potential of having a good job, elkhart indiana ranks first the rv capital of the world for some reason i feel like you know that, north carolina johnson, billings montana a lot of people going out west to montana and wyoming right now.

as i said you don't have the traffic if you do like your covenant three days a week or l.a. stuart: i come in at 3:30 a.m. and there's no traffic at all. let's check the markets, we've been in business for 27 minutes, look at the nasdaq powering up over 2% higher i like that. we have a lot of people sounding off on the state of the economy, watch this. >> i think were in a recession interest rates have gone up, the economy seems to be slowing down. >> absolutely were in a recession. >> heavy checked gas prices or the interest-rate. >> i checked them every day the white house denies were in a recession. jacqui heinrich has the report after this. ♪

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stuart: president biden could come out of isolation today if he got a negative covid test. jacqui heinrich is at the white house. jackie the president is coming out of isolation to some bad news. what is he facing. >> if he does come out of isolation we don't have the results of his test yet but today is the first day we might see him resume his schedule if you test negative. facing headwinds with the economy that the federal reserve expected to raise rates today by three quarters of a point the fourth rate hikes since march and hitting 9.1% last month the actions from the fed don't have an impact that they want to see, the white house is trying to calm recession fears telling people even if we see a second consecutive quarter of negative growth by convincing people is another story.

>> our economy is more resilient to the types of challenges that we face, for example with respect of food exporter of agricultural commodities in high prices are hitting americans very hard in a way that is different from some places that are facing famine for example. >> a nationwide bank rate pull 50% of americans are concerned about not having enough savings lined up. 43% are expected to fall deeper in debt over rising inflation. consumer confidence index flip for the third straight month at 95.7%. that is the lowest point since president biden took office. the administration that is long insisted this inflation is transitory has not had the best track record on prediction they are placing full faith in the fed to execute a stop landing, quilting inflation without triggering a recession. >> we have a strong labor market

and that's why household balance sheets i know that's why the struggling and inflation is a problem that balance sheets addressing inflation are higher than the pandemic. we see business spending and investment continue. we have a buffer for the fed to raise interest rates. >> the white house has been arguing two consecutive quarters of negative growth constitutes technically a recession under the common definition of the word that is not the way that they see but when pressed officials are declining to outline what would constitute a recession. stuart: they will do anything to avoid the biden recession label. that's the way it is. thank you so much we will see you later. on the markets this morning 25 minutes with a business in a very nice gain across the board the dow was up 130 and look at the nasdaq powering a 240 points that is better than 2%. still ahead chip roy, senator bill cassidy, rob smith and gordon chang the 10:00 o'clock hour of "varney & company" is

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stuart: this is -- i know what a big elvis fan you are. good morning. 10:00 eastern straight to the money. you will like it because the dow is up 130. the nasdaq up 245 points. big tech doing well especially microsoft and google. the 10 year treasury yield down 2.77%. the price of oil $95 a barrel and bitcoin pretty stable, 21,470. the latest reading for the real estate people, realtors in particular. the number of pending home sales.

lauren: it fell 8.6%, 91 in june, the lowest level since april 2020, more than two years. maybe people are getting cold feet, how much rates have gone up, people spending more on certain items, $600 a month more you are paying that forever. stuart: that is a real downturn in the real estate housing market. no impact on the stock market. i'm going to call it the july revolt. democrats have made it clear they don't want president biden to run for a second term. as his approval rating sinks the dump biden movement grows.

bret stephens writing in the new york times biden has lost credibility on the international stage and lost credibility on the economy at home. the best thing biden could do is announce he won't run for reelection now after the midterms. this follows the washington post, quit, joe, quick, don't run in 24 and make the announcement now. when you lost editorial writers at the post and the times you've lost the democrat party. cnn, solidly democrat as you can get, a poll shows 75% of democrats don't want biden to running 24, democrats saying that to cnn. a poll from the university of new hampshire shows pete buttigieg leading the president among democrat voters. the transportation secretary leads the president of the united states.

the same new hampshire poll found 31% of democrats want biden to run. a month ago it was 54%. that is a downward spiral. the president has lost his own party. second hour of varney getting started. ♪♪ stuart: donald trump and mike pence gave speeches in washington laying out contrasting plans for the future of the republican party, role that tate. >> i was the most persecuted person in the history of our country. who has been through anything like this, seriously? certainly no politician indefinitely no president. >> some people may choose to focus on the past. but elections are about the future. i believe conservatives must

focus on the future to win back america. we can't afford to take our eyes off the road in front of us. stuart: rachel campos duffy joins us, the president is looking back to 2020. pence wants to go forward. >> reporter: people who want to look back are the democrats who keep holding these january 6th hearings nobody cares about. you can just look at where both of them shows to speak. there is pence, young americans foundation, very establishment youth organization, trump went to speak at turning point where the activism and energy is, you have these two organizations, run by scott walker and the other by charlie kirk. in wisconsin, people here are

experiencing a lot of pain. farmers, small businesses, you see moms struggling with what they will put on their baskets, absolutely heartbreaking seeing people put down meet to figure out if they can afford to put it in their basket. no one is talking about pence for president. people want to change the conversation i am hearing on the ground, entirely about trump versus desantis and look at the straw polls at these organizations, trump and desantis, pence polls behind, kristi noam, one%. pence is a nice guy, i'm sure he is a good person, but there is no appetite for that well mannered patrician type republican in the party right now.

stuart: sorry to interrupt. if it is trump desantis would you tell us on this program today who you are for? >> i think they both bring interesting things to the table. when i talk to people and i ask that question and they say we will take either. what they don't want to something from the past. they don't want well mannered patrician establishment types. look what is happening in the democrat party. they are choosing style over substance. they will replace president biden with pete buttigieg, both of them very boring candidates. the policies won't change with pete buttigieg. if you look at pence versus trump the policies, people are saying they want someone who will fight a little more. they like donald trump and they like ron desantis because they

have seen him fight during the pandemic. stuart: politics are your bread and butter. you love politics, you bring passion to the table every time. thanks for being with us. there is a new ad campaign and it is going after vulnerable democrats, over the president's spending spree, going after build back better. lauren: the president and democrats pushing smaller chunks of it and trying to do so by reconciliation. this republik an organization connected to the heritage foundation running ads like this for senator cortez master, joe manchin, look at senator cortez masteroh, they are vulnerable and want to persuade people in their district, to tell the representative no more spending.

inflation is too bad. stuart: plenty of green this morning, the nasdaq's where the big gain is up 255 points, 2.2%. i call that a rally. luke lloyd, are you buying this rally. >> i am not. call me old-school, listening to the radio, flying high from osby osborne's plane, reminded me of all four times the stock market has rallied this year over 8% to create a new low. all investors should get ready for all the news headlines thank you 2 are better. they are not that bad or better than feared. what is going to happen in q3 or q4 earnings. it is possible q2 earnings is a final push before we see bigger

issues in the economy and that will be dictated by rising unemployment rate. half of americans living paycheck to paycheck, what happens when the paycheck goes away? stuart: you are not buying stocks today or in the last month? where is your money? is it in cash? >> these are unprecedented times, usually when we enter a recession the fed is in hiking interest rates into the recession. typical asset allocation, stocks and bonds don't work anymore you need to get creative and sometimes cash is king. not many people have heard of a strategy like this but owning high quality stocks like microsoft, makes a lot of sense, you've got to get creative. stuart: i am trying, doing all right so far. big movers this morning,

spotify was a huge move earlier and still is, a 15%. >> total monthly users rose 19%. that is the platform for joe rogan. a lot of them pay. stuart: and israeli based pharmaceutical company up 20%. lauren: the ceo expects a $3.45 billion settlement to resolve thousands of lawsuits over their role in the opioid epidemic. but these lawsuits behind them. stuart: once you know the number, 20%. not a great report, 5%. lauren: stock was down after the report but this is as bad as it gets for them. their margins will improve in

the second half of the year. it was ugly. deterioration, the worst we have seen in 15 years. i don't know. the 5% gain. stuart: what is this about uber extending its electric car service. lauren: 7 more cities vegas, seattle, boston and baltimore. this means the driver for uber can rent a tesla or another luxury ev and they can rent that and you as a customer can fit comfortably in it. it's not a fancy story but the best part is they have a tutorial to show you how to open the doors of a tesla when it arrives.

you have to grab it in a way, and but how to video out. stuart: vice president harris caused the social media storm after she introduced herself this way during the roundtable. >> i am kamala harris, a woman sitting at the table wearing a blue suit. stuart: that is technically accurate. texas congressman chip roy is not a fan of the saudi back live godly coming wants the justice department to register as a foreign agent. live golf is a foreign agent. is on the show later. sick of the travel chaos? two senators went -- want to find airlines the cancel or delay flights because of

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stuart: president biden's physician said the president had tested negative for covid. he will give remarks 11:30 eastern time in the rose garden. 11:30 the president speaks, down just real holding onto again of 100 points, that nasdaq is up 300 points, big

tech doing well today. airfares have begun to come down. on average how much are flights going to be cheaper? lauren: the file average for airfares $298. we see airfare coming down in the fall, summer vacation is over, you're ahead of the winter holidays. i would call it dramatic, airlines haven't added more roots are bulked up their staff, the fact prices are dropping is a good sign. stuart: a significant drop as well. democrats want transportation secretary pete. judge to impose fines, madison allworth, how high do these fines go? give me a dollar number? >> these fines should reach

$30,000 per violation, for canceled flight. because of four airline planning. and aggressive proposal, one of many senators elizabeth warren and alex padilla have put forward, they want to set concrete rules that require refunds for passengers with significant delays. the policy making decisions on a case-by-case basis and policies vary from airline to airline. this comes after a summer in the spring filled with delays and cancellations. airlines of canceled 122,000 flights in 2022 alone. they were hit by the same problems every day americans have been struggling with.

senator kirsten jell-o brand --gillibrand was stuck after several delays. >> who knows? that is why we are calling for investigation of what is going on with air travelers today. >> reporter: we reached out to the industry airline and they shared with fox business us airlines provide safe efficient travel and are committed to increasing operational reliability. there have been steps to prevent these delays and cancellations, and to increase number of staffing. you have likely been caught up and told how frustrating it is. as of this moment, 1000 flights were delayed today and 200 have

been canceled. a summer of travel mess. interesting to see if any changes are coming. blue one find $37,000 improve the quality of airline service. i don't get that. i don't see how they improve. that is just me. madison allworth, joining me now is chip roy, republican from texas. you want to raise the retirement age for pilots from 65, where it is now, to 67. transportation secretary pete. judge --buttigieg says that's not say. >> he works for president that is 79 years old, not the best example for me to use, the american people are tired of having the issues your previous guests talk about, 12,000 people short in terms of pilots according to a study, 5000 more retirements.

it is a real problem. i join with senator lindsey graham to discuss the pilots fly actor raise the age from 65 to 67. in 2007 we raised the age from 60 to 65, japan raised age to 68. a lot of pilots out there, and he posed this because he's in the hip pocket of unions, you want to keep the market small. we like markets, we have healthy experienced pilots who can alleviate the problem. and we want the department of justice to require live golf to register as foreign agents for saudi arabia. what is your problem with live golf? >> you've got saudi arabia government that has a $1

billion public investment fund they are using to target the pga tour and using it for publicity for saudi arabia. the foreign agent registration act requires a foreign country to register, they have agents involved in pr whether it is players or lobbyists. who is registered? i sent a letter to the department of justice, for advancing the publicity of the government of saudi arabia. you don't have to look further than donald trump who in talking live golf is out saying this is great publicity for saudi arabia. why have they not registered as foreign agents when coming to the united states to promote a billion-dollar fund for saudi arabia when it is connected to 9/11 disaster and families of the 9/11 victims are devastated about what is happening. stuart: i get the impression you want to shut live golf down. >> they are coming after an

institution with $1 billion of saudi money connected to terrorism. i have a problem with that. the to part with justice to look at it. be one you have made your point very well. podcast host joe rogan sounding the alarm over tiktok's data collection. >> all your apps and file names have access to that. it ends with china having all your data. stuart: we will deal with that in our next our. fentanyl is the leading cause of death of americans 18 to 45 years of age, the administration has done nothing to stop it. senator cassidy is next. ♪♪

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stuart: plenty of green. the dow is up 150, nasdaq up 263. sherwin-williams is up. lauren: the biggest wagoner on

the s&p, it should be double digits, lower their full-year profit guidance and they said they -- things are bad and raising prices again in the us, effective in september, they sell the emerald designer addition paint and guess how much 1 gallon cost? $95 for a gallon of fancy pain. stuart: what the market is saying is sherwin-williams does not have pricing power. the market rewards companies which have pricing power but taken away from those that don't have pricing power. lauren: that would be accurate. stuart: what about hess, the energy people? lauren: the negative is what investors are focusing on. they lower their production output for the year, that overshadowed the positive, 9 fold increase, adjusted profit because oil prices rose so much

in the quarter. and garman is down 8%, cutting guidance for the year, they need the strong us dollar, i didn't know that, a wearable watch, i did not know that and that is their worst performer, the revenue fell by 34%. that is why they put up a bad report card. stuart: the biden administration will sell 20 million barrels of oil from the strategic petroleum reserve. will that bring relief at the pump? >> the white house thinks so which is why they are doing it, the strategic petroleum reserve has a big impact on high gas prices. >> the president is focused on taking actions like historic step to put 1 billion darrell's a day, and we have seen that

helps to reduce energy prices. lauren: the release of millions of barrels has dropped gas by $0.40 a gallon but some analysts do not agree. he said i do not agree with the notion the white house released oil from the spr is a key catalyst pushing gas prices down. most of the decline is due to potential economic slowdown, rising interest rates and limited improvement in refined product inventories, they are lowering the ceiling on how oil prices could go out not necessarily lowering the price of oil, they should look to the ground for the answer instead of dipping into supplies that is our safety net if there is an energy emergency. >> we need to produce more liquid natural gas in the united states so we can ship it to europe so we can wean them, the dirty russian natural gas,

we need to ship our liquid natural gas to india to help them clean up their air and if we are serious about addressing global climate change that is where we need to put our bang for our buck's. lauren: the it ministration got blowback for letting us reserves be shipped overseas to our adversaries, but not put export controls on the sale, the department of energy spokesperson telling fox business they cannot dictate where the oil goes once they sell it to someone but i have had sources that work at the department of energy under past administrations that they absolutely can put stipulations on these sales. stuart: senators met on capitol hill to discuss the deadly fentanyl crisis in america. china and mexico took center stage in those hearings. senator bill cassidy and medical doctor joins me now.

what i don't understand is why xavier becerra has done nothing about fentanyl and he is the health and human services secretary. what is going on? >> reporter: not sure xavier is in washington dc. i say that because if this is an emergency, 100,000 americans who died last year, all hands should be on deck at their desk in plummeting the program, and bringing new programs to congress, and squashing the epidemic of debt. and and they increased expansion of heavy packages but that is taking a while to pullman to build up the new facilities. across the border is not just

people taken across the border but fentanyl and other drugs flooding as consequence of biden administration like open border policy. stuart: let me look at inflation. in a report says 64% of us have altered our driving habits or lifestyle in the last few months because of inflation. what are you hearing in louisiana? >> why doesn't president biden come live like a real person? great we are paying less for gas not knowing we are paying less for gas because they are not driving so there's demand disruption. if you're in a 15-year-old pickup truck you are not driving because you don't want an electric vehicle but you can't afford a new car and for them to tout the solution of electric vehicles is ignoring the reality most americans have. the husband or wife has to drive to work and may drive 45 minutes back in an older vehicle.

these gas prices are punishing the american people. stuart: are the people of louisiana losing ground? >> many are. this is there utilities, grocery prices, people who use to eat steak are now eating hamburger, if you're eating hamburger you are eating hot dogs, readjusting their lifestyle down and they are frustrated and looking for answers. stuart: senator bill cassidy of louisiana, medical doctor, thanks for being with us. customs and border patrol agents in arizona made a massive drug bust. what did they find? lauren: black tar heroin, 320,000 fentanyl pills and other drugs, they stuffed these into the gap -- the gas tank of

a car and into the united states into arizona, they -- they often get in. stuart: that was one vehicle? lauren: one vehicle. stuart: drugs seized at the border, 320,000. lauren: in one vehicle as the subtitle says. stuart: thank you very much. a new report shows china has been secretly targeting the federal reserve for more than a decade. he's going to deal with china's financial spying, causing many of us to pull back on discretionary items, how retailers are adapting to that. ♪♪ ♪♪

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neil: microsoft and google reported yesterday, and the stocks are up. $11 higher and walmart looking to cut their prices on certain items. why are they doing that? lauren: they have too many items customers don't want. they have an inventory problem. clothing is seasonal, you have to get rid of it and home furnishings, not alone. and other retailers and on a personal note, doing a lot of

shopping online because things are cheap, seeing prices come down. stuart: doing it all online these days. lauren: have been for years, 2,022. stuart: i find this unusual. i don't shop online. here is the story for connell mcshane who happens to be in new york consumers changing their shopping habits dealing with rising costs. you have been across the country, what are you seeing? you are young. connell: i will take that, relatively. consumers fill their tanks, no evidence they will continue to feel the pinch. the second point inflation is not hitting everybody equally. two examples. in mississippi in a story on food prices we talk to people along the supply chain there was a guy who supplies fresh

produce, held off, giving price increases passing them along. what he found, into the restaurants, consumers fairly resilient. talking about coke and mcdonald's, people making a big deal, look at coke, huge company, mcdonald's, huge company, they are hanging in there all right and the consumer's resilience will hurt the consumer because people will raise prices. lauren: we are paying for experiences. stuart: some consumers, you make $100,000 a year, you could manage 8% inflation if you have a ton of money for all the covid payments, low income people have got to change.

>> a lot of stories about the farming community. i had a similar conversation in north carolina, how the drought is affecting farmers out there but on the side on everyone is talking about input costs that are through the roof and they are feeling it, and i was at state university, understudy illustrates, they have numbers to it, inflation hitting rural americans much harder. and it is down 13% that. it is down 49%, that's a huge difference. stuart: depends on who you are and where you are. lauren: they are not buying sherwin-williams yet.

stuart: rising mortgage rates causing a slowdown in housing market not affect every city equally. lauren: people going where the cost of living is cheaper and they could get a job and show you where they are going. the rv capital of the world where they do the productions. stuart: indiana is on that list. stuart: jackson city, tennessee, the top three markets ranked by the wall street journal. my computer shut down, i apologize. there's my map. billings, montana. >> and billing. and -- >> you've got to do is show from havana. never been there either.

stuart: i have something more interesting. and that is the pronunciation. one senator wants to save it, that's just a tease, you don't have a story now. washington blaming the heatwave on climate change but our seattle guy jason rantz spoke to experts and they say in lead doesn't know what he is talking about. ♪♪ orities. some like strategic diversification. some like a little comfort, to balance out the risk. others want immediate gratification...

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stuart: democrat senator chris murphy will take measures to save the choco taco. tell us about it. lauren: klondike discontinued it, like the ice cream truck staple for 40 years. he says this. news tomorrow i'm interesting legislation to invoke the defense production act to mandate continued manufacture, but finally figured out i haven't had one of these in years why it is so popular.

you eat all the toppings, then you get the rest of the cone it is boring. in a chocolate taco you get everything in every bite. think about it. it is all in. stuart: can't live without it. shall be get serious? vice president kamala harris is marked on social media after she introduced herself this way during the roundtable discussion. >> good afternoon. i welcome you for coming in and have this important discussion. about some of the most depressing issues of our time. i am kamala harris, my pronoun is she at her and i am sitting at the table wearing a blue suit. stuart: come on in please. i think that destroys the

credibility of the vice president. what do you say? >> i agree. for the sake of identification i am jason rantz, i'm not a biologist, i can't tell you gender, i am having a great hair day. it is performative, this is done to earn some sort of social currency, not actually help anyone, the equivalent of someone whose name is stuart, you put in your email signature he him, you are not doing that for anyone but yourself, you want to get extra points. everyone knows you are male. it is silly maline into the woke culture. i don't know why they think this helps their cause. it makes people.at them and laugh. stuart: let's get serious here. the governor of washington

state using politics to create fear about the climate crisis, listen to this. >> we've got to cover this forensic fire in california, unbelievable rainstorms shut down yellowstone national park. this isn't just the cutting edge of what is heading our way, this is in our hands. stuart: what do you make of this? he says what they are experiencing is all climate change, what do you say? >> he is wrong. anytime there's any weather event he immediately calls at the result of climate change because it gets him on tv and pushes his brand as the environmentalists governor but our heatwave which he is blaming on climate change is cooler this year than it was last year at this time. it is summer, it gets hot during the summer and traditionally, historically, in

the pacific northwest our heatwave tends to happen around this time. this is not unusual, it's not out of the blue. we knew it was coming. we knew it was going to last 4 or 5 days, that's what all the modeling suggests. i'm not saying climate change isn't an actual thing, clearly there are portions of the year we are seeing a rise in temperature we've not yet seen or have not normally seen and are trying to figure out how much of that is due specifically to man-made events but this idea that every time you got a thunderstorm it is climate change, every time it gets to 90 °, that is not the case. stuart: would you make a link between extreme weather and we have had some extreme weather events, would you make a link between extreme weather and climate change, any kind of link? >> you can but just not in every instance. there are times we have an omelette. there are times we see trends.

when you see a trend you can point to this and say this is tied to climate change, let's look at what the historical data says but there other times you can say it is summer and it gets hot around this time. traditionally around this exact date we see this kind of weather year after year and no one including the governor is saying last year it was harder at this time. stuart: i remember 40 years ago when i first moved to new jersey we had a day it went up to 105 degrees, that was 40 years ago, we never heard of climate change or global warming then. thank you very much. the market still in the green, douse up 130, nasdaq up 274. quick check of the 10 year treasury, the yield down to 2. 77%. the price of gold dripping lower, $17.32 an ounce, bitcoin holding steady at 21,400.

natural gas moving down a little, below $9 per million british thermal units, the price of regular gasoline averages 430. still ahead, wyoming senator john barrasso, nigel farage and gordon chang. that could be applied to any big city. there is a crime surge in america. it is in "my take" next. every year we try to exercise more, to be more social,

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>> there's a soon army of chinese espionage going on in wall street, hollywood, academia, influencing, this is a whole of government, whole of society push from the chinese, just party to win an economic war. >> inflation is speaking, slowed by inflation will not be pronounced enough to get a return of a situation where it is growing more epperly can prices. >> typical asset allocations, stocks and bonds don't work anymore we need to get creative

and cash is king. if we are in a recession, it is a growth recession moving forward and investors will see the bargains out there to be had in the market. ♪♪ stuart: good morning. it is 11:00 eastern time, wednesday, july 27th, let's get to the market, the rally in progress, the dow up 140. nasdaq is up 2. 5%, solid rally, big tech doing very well. alphabet, matter, microsoft, amazon, apple, microsoft up 4.5%. check the 10 year treasury, the yield down 2.77%, the yield on the 10 year is below the yield for the recession indicator.

new yorkers have been seeing a lot of shocking video but it could be applied to any big city whether the administration admit it or not there is a crime surge. this is a teenager who jumps a subway turnstile. a cop stopped man the kid takes a swing at him and gets the cop in a choke hold. it is a saturday night brawl, the teenager charged with assault on a police officer sunday morning he is released back on the street for carrying a loaded gun and crossbow in a car. this kind of thing is happening wherever the rules have become pro-criminal. the first instinct of democrat activists is to side with the bad guys and humiliate the police. they reporting buckets of water on police who could not

respond. their hands were tied. after seeing mayhem in the streets, some are backing away from their defined the police policies but the damage is done. the victimhood mentality has taken hold. my guest is leading the charge against the work brigade especially big corporations. rob smith with me, the founder and ceo of the douglas society. give me an example of the company that is moving away from woke influence. >> disney is moving away from it. we remember disney and governor ron desantis were engaged in a public battle over the parental rights in education act. they are the target of democrats. disney owned hulu, standing up to a bunch of democrats the one to run ads on sensitive issues like gun control and i called

assortment, abortion is always issues, he lou -- hulu is slammed by democrats saying hulu wants to push forth authoritarianism and stopping viewers from getting the truth because they will not run divisive political ads democrats want to run. disney — stuart: but it is not done but is it in decline? >> it is in decline. a lot of stuff coming up with the douglas society, the initiative we are trying to do is the idea of diversity, equity and inclusion in these corporations has been taken over by far left activists. what needs to be done is conservatives and people with pro-american values have to get into that space and say inclusion means employees that have conservative values as well, that's one of the main initiatives moving forward. as the country moves away from the far left wokesm there will be more opportunities for real

conversations on the corporate level. stuart: describe your politics as a libertarian? >> i describe my politics as common sense conservatism. stuart: is that libertarianism or what? >> it is sad we have to put labels on common sense. stuart: it is capitalism. >> always capitalism. stuart: individual liberty. >> it is freedom and common sense. stuart: i think you are all right. keeping in touch with the douglas society. cohosts of the view marked the turning point action summit. >> they are nazis in front of the conference with anti-semitic slurs. the nazi swastika and picture

of so-called jewish person with exaggerated features. hitler and the third reich, out of the same playbook. we when i call that a tad strong and that's an entertainment. >> is doing assis and desist order, they want disney to retract the statement, false statements made during the view's segment were unquestionably harmful to our reputation and brought the organization and its student affiliates into disrepute with the public, potential donors and current and future business partners posing a significant financial loss. she marked their event and gave inaccurate information that was strong but the protesters had nothing to do with the turning point usa event so it was inaccurate. stuart: cease and desist, see what happens. back to the markets.

a big market day, big market week. bill brooke is with us. are you buying this rally? >> we are already in this rally. i would say i am looking to exit downside protection. they are going to hike rates, 75 basis points. there hike here is important, their message going forward after september. they want to cool and the market is pricing in and cooling the pace, couple that with the extreme negativity of earnings compression, we are seeing stocks like microsoft and alphabet reject the bad earnings report and trade higher. a combination of a 1-2 punch here today and looking at strength above 4000 in the s&p.

stuart: what i'm hearing is the economy bumbles along, dipped to negative every now and again and the stock market bumbles along without doing much, is that how you see the rest of the year going? >> it is not how i see it. the economy will bumble along and we are seeing housing markets come in and home sales fell, these are bad numbers. this stuff is already happening and it will bumble along with contrasting levels. the stock market for sees 9, 12, 18 months out. the negativity is mounting. people think they will manage risks by selling stocks when they are down 20%. don't think that's a smart move, and this is a buying opportunity in the market as the rest of the market falls

through. potentially the pricing is cut by two next year. we when i suspect you are not supposed to talk about individual stocks, you are big picture market guy. >> i can talk about anything you want to talk about. stuart: i would like you to ask plane how come microsoft and google came in with what analysts were calling disappointing results, a miss for both of them, topline bottom line. how come that has turned into a massive rally? >> not much of a surprise, the earnings compression, the multiples are compressed, the next leg lowers the earnings compression. portfolio managers managed some risks. i dialed back, alphabet and out -- microsoft, my biggest holdings, dialing back on last friday ahead of this earnings

week, my largest holdings, a lot of portfolio managers, you see microsoft come out with a warning a month ago, google came out with layoffs announcement and we can -- a week or two ago. a lot of positivity within. microsoft is positive and that the tailwind, people are feeding off of that and you see some portfolio managers reposition. for alphabet it got hit with snap news last week. there at revenue was not as low as anticipated so it is a big surprise, i think there are great tailwinds. shopify was down 15%, due to the layout disappointing earnings, traded down 6% premarket and is up 5%.

and it is a turning point. stuart: that is good stuff. that's a turning point. looking at the movers, twitter -- lauren: office space in san francisco, and shareholders are set to vote, to take the company private september 13th. stuart: what about spirit? lauren: shareholders will vote on frontier airlines. if they say no that paves the way for a vote on the competing officer. after the bell, they are up

4.8%. >> they will post their biggest ever drop in daily active users, $1.6 billion and we will see. they are going off microsoft, maybe things got bad and they announced they are cutting down the dating platform. it was an experiment and they are shutting it. stuart: president biden will speak to xi jinping tomorrow. speaker pelosi has visited taiwan on top of the agenda. the white house won't say we are in a recession but what about regular folks? >> we are in a recession. >> absolutely we are in a recession. >> i believe we are in a recession. stuart: is the white house

listening? we will report. the uk, the brits spent months locked down with heavy restrictions. was it worth it? nigel farage next. ♪♪ ♪ if you shop at walmart, you get it. ♪ you're not just getting by. ♪ you're getting the most out of what you've got.

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♪♪ good day sunshine ♪♪ stuart: why not a little beatles? good day sunshine as you look at the statue of liberty on a sunny day in new york city and away we go with the markets. this is a solid rally, dow is up 127, the big gain in the tech heavy nasdaq which is up

300 points, 295, show me t-mobile, they raise their subscriber growth forecast for the second time this year, the lower cost cell phone plans and google earnings revealed youtube with post pandemic problems. >> one of the strongest units and at revenue growth slowing at the slowest in 2019. these are tough comparisons, what did everybody do during lockdown 24 hours a day. stuart: somebody else's subscription, hooked on youtube because it is free. they are reconsidering whether

they strict covered travel rules, and was it worth it? >> we saw these pictures from mill lan, people on trolleys, high death rate. having travel restrictions made sense and america in some ways harsher than we were. the first few weeks it did make sense, didn't know what was coming down the track and it was frightening. a few months in, a very informant -- unpleasant form of flu. the average age of death was 83 years old which is higher than average life expectancy. my criticism would be that

thereafter we kept these rules in place for an inordinate amount of time damaging tourism, damaging families, being able to see each other and damaging business and in particular the restrictions lasted longer than anywhere else and it is worth remembering and reminding fox business viewers the uk is still the biggest foreign investor in the uk and the usa is the biggest investor the other way around. we have a lot of mutuality between our countries. doesn't matter how good zoom or skype, nothing works quite like sliding to new york and having a face-to-face meeting. stuart: used to be great on concorde which could fly 3 hours and fly back in 3 hours in one day but over here we are intrigued at the new prime minister coming along.

there was a live debate between the candidates and it was cut short because the host fainted on air. richie and liz are running to replace boris johnson, looks to us like lose trust is going to get it. that's what we are hearing over here. if she does when and becomes prime minister what does that mean for uk/us relationship? >> liz truss will win, she's pretending to be a modern-day margaret thatcher even though she was once a liberal democrat who supported the abolition of the monarchy, wanted to get rid of our queen. now she is mrs. thatcher 2.0 and some people believe it. maybe she has. in terms of the relationship with the usa there will be no change. she is genuinely an advocate of nato. she wants good relations with

the usa but i suspect she will find all the while president biden is in the white house it will be difficult do that free trade deal by who doesn't like the brits. stuart: is that really it? biden doesn't like the brits so he won't do a trade deal? is it that simple? >> biden and pelosi have this hangup about ireland, a misreading of the history of the united kingdom and ireland, they are pro dublin, anti-london they held that prejudice through their entire political careers, nothing will change. when trump was president we could have signed that deal, the conservative party took years to sort brexit out but once a republican is back in the white house which i don't know about you i think is increasingly likely given what is happening in the states i'm confident we can do that. stuart: boris johnson was a failure, he just wasn't a

conservative. >> boris johnson is a larger-than-life personality, entertaining, amusing, passionate, a great writer and a bumbling speaker but ultimately elected as a conservative, governed as a liberal, he didn't tell the truth and wasted, blown the biggest conservative majority since margaret thatcher, a bit of a shakespearean tragedy because on paper he should have been really good, sadly it ended in failure. stuart: nigel farage. the white house is were not in a recession. what is everybody else saying? >> feels like we are and what the regular person says, the voter might the more important. here you go. >> i think we are in a recession. interest rates have gone up. the economy is slowing down,

the price of cars is unreal. >> check the gas prices recently? >> we are not recession. >> i don't think we every suffered from the last recession. >> cars, gas, mortgage applications, demand has grown for four straight weeks and what connell said similarly inflation hit rural america harder than people living in cities. stuart: didn't he find people in rural counties are paying 43% more for necessities compared to regular folks? lauren: if you live in a city were hit by negative 13% and it is 50% if you are living in rural parts of the country. stuart: take a look at this. i will show it to you.

that is justin bieber. it is a justin bieber concert from the meta verse. that could land him a major music award. lauren will explain it. the president is considering whether to declare a climate emergency? what about an inflation or energy emergency? senator john barrasso said democrats are out of touch with the american people, the senator is next. ♪♪

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now i enjoy every moment. the quiet ones and the loud ones. make a sound decision. call 1-800 miracle now, and book your free hearing evaluation. lauren: i knew that. everybody knows let's go crazy, hit prince song. every viewer knows it. stuart: we are playing that song because it is on former president obama's summer playlist. does it compare to the "varney and company" playlist. that is for you to decide. we can scan the qr code and follow us on spotif gmac.

look at this. this is my family. on the left is morris in the middle, winston and on the right is abigail. the two lads are from australia visiting america and abigail is from cape cod. to see you. that was a very nice wave. let's get back to the markets, check them out. a nice rally in progress, rally and all day long, the dow was up 120, nasdaq up 280, show me spotif dagen: double digit growth, going the other way, kathy wood, the star. >> a by the dip investor. for coin base shares.

lauren: yesterday stock fell 20%, the bloomberg report issues on how coin base lifted and registered the coin so she's out enough for arc investment management, coin base shares cross three of their atfs so even she has lessened the holdings. we have many winners and losers, bad news and stock rallying because there's a good part of the earnings report. lauren: not because kathy sold shares. it is a weird environment. stuart: taken the microsoft and google, president biden continues to claim the country's inner climate

emergency, he hasn't declared an emergency, the gentleman on the right-hand side of the screen, senator barrasso from wyoming, you agree with the president we are in a climate emergency? >> the president is out of touch with the needs of the american people. we have a lot of emergencies and crises, climate is not one of them. we have a crisis of energy, of inflation, crisis at the border, crisis of crime in the city said the white house has their own crisis of confidence and credibility, 2 thirds of the american people say the president is focusing on the wrong things and exhibit a, only 1% of americans think climate is the primary concern for them. 3% of democrats, people know what they are concerned about and it is inflation, being able to afford to fill a tank of gas or a full week of groceries or here we are at the end of the

month making sure they have money left for bills, the president is focusing on the wrong things. stuart: the administration just announced they will sell an additional 20 million barrels of oil taking it out of the strategic petroleum reserve. how much relief will that give drivers at the pump? >> very little. i saw your report with hillary a few minutes ago. we have a president who doesn't have the right solutions for the problems facing america today. they are taking a million barrels out of the strategic reserve, we are down to the lowest amounts, and emergency supply, lowest amounts, what do we do if there is a true emergency? what did we find out recently? 1 million barrels went to china? we are producing 1 million barrels of oil less a day than

we were before the pandemic. we need to get that energy out of wyoming i get in offshore. public lands, alaska, producing american energy, not draining the strategic reserve. stuart: wyoming is an energy state, could you produce more oil tomorrow morning if the president would let you? could you produce more tomorrow morning? >> this is a decision by the administration to keep the energy in the ground, you need the permits to build, they need to hold lease sales, approving permits to build infrastructure, we have it in america, this administration, hell-bent on the climate extremists, to the detriment of the american people? president biden seems to like high energy costs, to buy electric vehicles.

2 thirds, to the point of blackouts, gas is $2 a gallon higher, and now they are telling people electric vehicles don't plug in this summer for a number of hours a day because it will cause, one black of energy, we don't have a climate crisis. stuart: i'm sure you saw the poll we reported yesterday, a new poll that shows the top five most popular senators, they are all republicans and you are number one, you've got 70% approval in the state of wyoming. why is that? why are you so good? >> i'm blessed to represent the people of wyoming. cynthia lummis is up there, we

travel our state, listen to people. it is a small state, people get to know their senators. politics and wyoming is personal, face-to-face, town to town, we do that every weekend. stuart: you are the inverse relationship to the president who has 70% disapproval and you have 70% approval rating. thanks very much for being on the program. >> wyoming is a nice place to be, thanks very much. stuart: i've been there once or twice. >> bring the grandkids. bring them to wyoming. stuart: an invitation to my grandchildren, might just be there, senator john barrasso, see you again soon. bombshell investigation finding china targeted the federal reserve to american monetary policy and this is going on for a decade, joe rogan sounding the alarm on tiktok, role tape.

>> i read tiktok's terms of service, they know everything you type. stuart: rogan claims tiktok and china will have all of your data next. ♪♪ ♪♪ secret agent man ♪♪ they have given you a number and taken away your name ♪♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it!

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it's helping kids all over the world. i love what i do for st. jude, and i just know that i'm in the right place. stuart: new york city and the time is 11:41 eastern time. the mtv video music awards jumping into the matter first. lauren: they added a category, more and more artists doing virtual events.

arianna grande, justin bieber has done the same thing. everything going to the meta-verse. the award ceremony, do they that virtually into or show up in person? stuart: that is a music concert in the meta verse. lauren: would you pay for? stuart: no. what so special about it? lauren: access. easy to get into. stuart: we did our duty and dealt with it. podcast host joe rogan sounding the alarm on the dangers of tiktok. lauren: it is owned by china, bylaw companies in china have to share data with the chinese government. >> this is tiktok's privacy

policy. we collect certain information to access the platform such as your ip address, user region, are your -- your apps and filenames have access to that. they are monitoring your keystrokes, they know everything you type. it's legals with china having all your data. lauren: there is nothing new about that. and eloquent way to make the more aware. the china steeles intellectual properties and going after federal reserve officials and paying them. no one -- stuart: there is been -- the chinese spying on the federal reserve for some time now.

the house intelligence committee holding hearings on the threat of foreign spyware. aishah hasnie, how big a problem is this? >> reporter: a big enough problem folks are pressuring congress to do something about this to regulate this industry. commercial spyware is thriving and this spyware is so sophisticated and dangerous it can also be bought by american defense contractors. the house intelligence committee and a rare hearing. by israel based in sl group, and theess email ss, and a mihone your y y

phon y hey evheioack robust capabilities is truly a game changer for us national security for autocratic regimes looking for a new way to survey a, and others they view as a re-threat. >> it is being used right now for a victim of spyware and the victims father -- >> where i was, and and the and sl group, felted biggest spyware, fighting terrorism but the commerce department at

home, with government officials, dural left, activist and embassy workers, more needs to be done and that's why the committee is pushing a bill that would ban the intelligence community and defense contractors from buying this foreign spyware, google experts say there is no defense to another than a device. >> and interestingly enough. and a big rally. and house speaker pelosi visits taiwan, the new warning comes

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stuart: show me hilton hotels raising their profit forecast, strong demand for travel, stock is up 5%. boeing getting ready to resume deliveries of their 787 dreamliner that have been on hold for manufacturing problems. tomorrow president biden said to speak with xi jinping is officials say china poses the greatest long-term threat in us history. gordon chang with me this morning. is that all about pelosi's visit to taiwan or something bigger at stake? >> what is at stake is not just the speaker's visit to taiwan but the entire us china relationship. china made the trip to taiwan a test of wills where china is telling the us it can't do

something and the question is whether biden will stand up to that or not. stuart: what do you think? >> i don't know. when biden is on his own he says pretty good things about taiwan, he said that to george stephanopoulos, anderson dupre but we've seen his white house walk back is comments which shows disarray in the biden administration. don't know how this will turn out. stuart: there are reports from congress that shows china has been secretly targeting the federal reserve for more than a decade. they are going for our financial jugular. >> that should not be a surprise. what should be a surprise, the leaders of the federal reserve and american leaders have not defended us. it's clear what china wants to do, they say it in public, we

saw them devote resources to it and we have again and again all of these disclosures of successful chinese penetrations of our institutions. the american people should be angry at the chinese but more angry at the people we elect to defend ourselves because they are not defending us. stuart: you read between the lines all kinds of stuff coming out of china. the you think they are going to mount an invasion of taiwan imminently or is years away? >> i don't think it is imminent. xi jinping wants is coveted third term as general secretary of the communist party, that should occur if tradition holds that the end of the year, he won't do anything before that because he doesn't have consensus to do it but he senses weakness in the biden administration. that is chair from chinese

propaganda and xi jinping has incentive to do that. i'm worried in the near term. stuart: with we had not withdrawn in such terrible fashion from afghanistan what american now still be pressure on all fronts overseas? >> we would be pressured but not the way we are. if we didn't fail in afghanistan putin would have thought twice about invading ukraine. the chinese now see the united states is not able to defend against them so we are in for i think conflicts around the world because of the failures we talked about. stuart: do you think could be a lifting of these tariffs in the meeting tomorrow? >> i hope not but i don't put anything past the biden administration when it comes to china because they do things that are an expert the. lifting tariffs would send a

message to the american companies to keep their factories in china because the administration won't do anything to protect american manufacturing. biden can do that but it would not be good for the american worker, great for the chinese worker and biden is the best friend of chinese workers. stuart: always good on the point. we hope to see you again soon. look at this, coming up on 11:55, time for the wednesday trivia question. pretty good question. where is the world's oldest forest? cairo is in new york state? tasmania as in australia? i have two grandsons in the audience, your coach about, japan, or consume oh in kenya. where is the world's oldest forest? don't google it. we have the right answer after this?

welcome to allstate where the safer you drive, the more you save like rachel here how am i looking? looking good! the most cautious driver we got am i there? no keep going how's that? i'll say when now? is that good? lots of cars have backup cameras now you know . . today

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is amazing. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) stuart: great trivia question own a wednesday morning. where is the world's oldest forest? here is the choice. cairo, as you stale yaw, den i can't. kenya. we have grandkids where is the oldest forest. >> japan. >> saying cairo new york. stuart: abigail? >> kenya.

>> i'm going with japan. stuart: i'm going with kenya. not bad at all. yet, cairo new york, that is the answer. it is believed to be 385 million years old. >> you don't remember it? stuart: very funny, very funny. times is up. great performance, grandchildren. glad you can come into the studio. have a great time tonight at the game. time's up, neil. it is yours. neil: beautiful kids. thank you, stuart. borrowing costs in a couple hours, they will be probably 3/4 of a point higher than they are now. the federal reserve expected to make announcement with another 75 basis point increase. shorter terms rate are rising, longer rates the federal reserve doesn't have crow, they have been going down week over week. that is flattening yield curve. some people interpret that as a sign things are slowing down if