moment final stimulus check was exhausted end of march last year recall biden had that, a u-turn consumer borrowing from paying balances running up credit card debt discretionary spending declined. >> thank you very much. have a good weekend. "varney and company" begins now. stuart: i call that a full house on your screen. president biden keeps saying the strong job market shows we are not in a recension. the job market remains strong. new jobs, 528,000, way above every economist as predictions, unemployment rate dropped to 3.5% and hourly wages went up significantly.

this report resurrects the question of whether we are in a recession or not. a breakthrough for the giant tax-and-spend bill, the last holdout, senator sinema, has cut a deal, democrats want to vote this we can. it is a $739 billion tax and spend package which the democrats hope will save them in the november elections but a letter written by 230 prominent economists, former fed officials and college professors says the inflation reduction act will make inflation worst. worse. the markets have a lot to digest, the dow is moving down to the tune of a couple hundred points because it is hard tose employment is so strong, the s&p also down 40 points and the nasdaq a strong drop of 103%, 174 points, stocks down in response to the employment report, interest rates up in

response to the employment report, the yield on the 10 year treasury 278, the yield on the 2-year back about 3%, that's a recession indicator, bitcoin, $23,000 a coin, gas keeps falling to sent today, average has fallen 11, diesel down 2 or $0.03 a day to an average now of $5.19, there is a lot more going on this friday morning, china has announced sanctions on speaker pelosi, don't know if these are travel or financial estrogens, beijing says they were imposed because of her, quote, vicious and provocative actions, the russians say they are ready to talk about a prisoner exchange for britney griner, she was found guilty of drug offense and sentenced to 9 years on a penal colony, she's a hostage. would anyone want to travel to russia these days? you are at risk. an hour ago a busload of migrants arrived in new york

city, mayor eric adams blames texas. here is a sanctuary city that doesn't want to give sanctuary, blames border states but refuses to go to texas to see the problem firsthand. we bring you the story of beyoncé who has changed the lyrics of her album because she has been criticized for using ablest language, we will explain. it is friday august 5, 2022. "varney and company" is about to begin. >> good morning. my name is dean talking to you from the left coast in the liberal state of oregon. love your show, watch it every morning. remember, america, you are watching "varney and company," thank you for your work. lauren: hi, dean.

stuart: before we go any further, thank you very much indeed, great thing to say, nice thing to say, thank you for watching, here we go. friday morning. china is not done the speaker pelosi's visit to taiwan. a missile flew over the island. live fire military exercises continue off the taiwanese coast and now china has slapped sanctions on speaker pelosi. lauren: china is slapping unspecified sanctions on the speaker and her immediate family for what they say is vicious and provocative actions in going to taiwan. beijing says it is serious interference in their internal affairs so pelosi is in japan, the last leg of her asia tour, she says she won't allow china to isolate taiwan but relations are so tenuous and these drills over taiwan continue until noon

on sunday, we know that china has ended talks with the us, they are not engaging with us anymore when it comes to speaking about climate change, maritime safety, antidrug measures, trying to build a dialogue, get president biden and president xi to meet later this year but now they are not talking. >> i'm not surprised, they are not going to take any climate mitigation measures, they are just not. lauren: they are not talking to us about anything because of this visit. stuart: then we've got this. president biden calling on congress to pass the inflation reduction act as soon as possible. >> president biden: listen to the american people. the strongest bill we can pass, lower inflation, cut the deficit, reduce healthcare costs, tackle the climate crisis, promote america's

energy security while reducing burdens facing middle-class families. pass it to the american people. stuart: it is going to help just about everybody, isn't it? business, workers, climate, healthcare, energy security and cut inflation. the president wants this to get ahead in the november elections, bail him out of his low poll numbers, is it going to work? >> it appeases the far left part of the party that wants these green initiatives but every single american is going to pay more because taxes are going up on corporations. don't think they are just going to swallow that, they will pass on to the american people so massive tax increase. number 2, it spends hundreds of billions of dollars, there is no deficit reduction in the first four years, supposedly in

the last 5 years of the bill there is a deficit reduction but that is because they put out an army of additional 45,000 irs employees to go out there because you are cheating on your taxes and there will be more audits coming your way. it taxes more, spends more, hundreds of billions of dollars into an economy that is trying to cool off a little bit. do you think that is an inflation reduction? i don't think that is the case. stuart: i want to talk about senator sinema because she has tentatively signed on to the deal, she tentatively signed on to it. what did she get for signing on? lauren: removing closing the carried interest loophole, that is a win for hedge funds, some of her rich donors. they will replace that $14 billion it would have brought in with a 1% excise tax on stock buybacks, that brings in $73 billion so that is bad

for companies the government telling them what they can do and $5 billion for drought aid in arizona so she's backing this. senator manchin got her on board and that is how you get republicans on board. >> republican friends want to make sure -- we have a lot more oil, a lot more energy and invest in the future, energy for the future. we went to pay down the debt. we will be doing that for the first time in 25 years. lauren: senator schumer wants to hold a vote tomorrow, the house would have to come out of recess and if it passes they sent it to the president's desk. could move fast. stuart: it is a breakthrough. jobs report came out this morning. that is strong. what else have we got? lauren: how did analysts get it wrong?

no one saw this coming. your expectations game. 528,000 jobs, best report of the year. more jobs were restored in june, july higher, and implement falls, wages rise. if you are looking for a job you can find one. there are problems. if the economy is slowing down and companies more they have to cut workers and stop hiring why are they still hiring? i love to) a sense macro, recession talk is premature, so is talk of a fed policy pivot, they say the fed is going 75 points in september and possibly again november and december and that is why you have the markets down 200 points. blue when we need michael lee, analyst of the market, we got him, michael lee is with us this morning, seems to be this is a strong jobs report and would suggest the fed really cannot pivot in the near future

because the economy, the jobs economy is pretty strong therefore the market is down on this. agree with this? >> that is the market reaction but this number when you get into statistical inconsistencies of this report, labor force participation rate dropping even though we have a great jobs report. a great jobs report with revisions, the last two months were revised up, wages were up good, this is a good report but unemployment of these employment numbers are lagging indicator in this survey doesn't include businesses below 50 employees. a lot of data we are getting that is leading data, not lacking data, is small businesses are rolling over, people are laying off and it is difficult so at some point this labor number, is, i believe,

going to crack. you call me the super bowl and then i became very bearish. only on a fed pivot will that change, last wednesday after i came on the show, jerome powell spoke, we had some governors try to walk that back but this rally is based on the fed pivot in right now but fed futures haven't moved that much, there's a greater chance next may and next june that by that point the fed will start to cut razors and rate hikes. later this year. i would imagine if inflation stays hot, we get these reports that will be reevaluated but given the strength of this report and how much is hinging on the fed pivoting i expect markets to be down a lot more. we have a massive emergence. stuart: got to leave it right there. he looks like markets to go a lot lower, that is the bottom line. out of time. coming to a hard break. thanks.

didn't take long for congresswoman carolyn maloney to change her mind about supporting president biden for reelection in 2024. >> i don't believe he is running for reelection. mister president, i apologize, i want you to run, i think you won't be running but when you run or if you run i will be there 100%. you have deserved it, you are a great president and thank you for everything you have done for my state and all the states and cities in america. thank you. stuart: can you explain that? that was quite a turnaround in a short period of time? >> she got back in line. she is in one of the toughest races of her career against jerry nadler. only one of the two chairman are coming back. i don't know which one or what the people of new york will do but the biden people did not

like what she had to say and she got back in line. stuart: she surely did. thanks for being here, see you next week. a busload of migrants from texas has arrived in new york city, the mayor blames texas for sending them here in the first place, not the open borders crowd. china sent warships and jets close to taiwan, the war in ukraine raging on. is our military stretched? i will ask general jack keane next. ♪♪

stuart: china has announced sanctions targeting speaker pelosi and they are consuming live fire drills all around taiwan. general jack keane joins me, the war in ukraine ongoing, chinese military surrounding taiwan. can our military handler to front confrontation? >> it is challenging. frankly this is a great question about the military. the global security challenges the united states is facing is on a scale we've not seen since the rise of the soviet union. in many respects it is much more complicated and comprehensive. we are dealing with three major theaters. obviously asia-pacific, a cold war exists between the united states and china, neither of us

want to call it that because we don't want people having to make decision in choosing sides. secondly, a war exists in europe because russia wants to rebuild the russian empire and are willing to go to war over and in the middle east we have the uranian's on a pathway to get nuclear weapons and malign and aggressive behavior will continue if not increase, the stretches the military and we were in a cold war with the soviet union, we were larger, to pick one service the united states army had 785,000 troops. right now the goal is 485 but will likely be between 460, 450, 466,000 so we are much smaller, have more threats to deal with and we are stretched for sure. stuart: would we be challenged as we are today had it not been

for the debacle in afghanistan one year ago, that showed our weakness and pressured because of that weakness? >> all 3 of our major adversaries took note of that and as a result, it was an accelerant for more aggressive behavior, we saw that in russia. i don't believe russia shows up on the border of ukraine with 175,000 troops in the fall unless we had that fiasco in afghanistan in august. china became considerably more aggressive as it pertains to taiwan, most significant military intimidation and coercion took place after afghanistan and the irradiance have stiffed the biden ministration completely in terms of any deal over nuclear weapons while they continue to advance it. it is a factor because we showed weakness.

even our allies knew that and our adversaries have taken advantage of it. stuart: always good, i will leave it at that. appreciate it. iran is openly discussing its ability to create a nuclear weapon. lauren: this is the quote. iran has the technical ability to make an atomic bomb. there is no plan on the agenda. they say provocative things and did last month. we can easily produce 90%, the level considered weapons grade but they walked out those statements, the statement i brought you clear's up, they can make and are on track of making a nuclear weapon so will they? will they make and use it? that is the ongoing fear? stuart: what is this about children in new york city

attacking a statue of vladimir putin? lauren: a french artist puts these statues of letter concerning anna small tank in parks across the globe, this one in central park, the kids come up to him and they shoot him with water guns or stand on his head, put their fingers in his ear. he is -- children encouraged to stand up for evil. whilst would they be doing that? stuart: no idea but -- lauren: shooting him with a water gun. you see kids attacking him. i don't think it is very strange. a park in paris and there was a park in barcelona that had it as well. stuart: are we done with this one? check those futures, let's get serious, lots of red ink, strong jobs report might mean the fed can't back off, down 200 for the dow. back in a moment.

♪ ♪ ♪ ♪ ♪ ♪

i love all types of dancing... salsa, and even belly dancing! i am a triathlete. i've always been into health, and wellness, and fitness... i tried everything with diet and exercise, and nothing worked. there was just kinda this stubborn area on my stomach. but coolsculpting worked for me! coolsculpting targets, freezes and eliminates treated fat for good. no needles, no incisions. discuss coolsculpting with your provider. some common side effects include temporary numbness, discomfort and swelling. you've come this far... coolsculpting takes you further. visit coolsculpting.com

talisker resources is ready to dominate - with two coolsculpting takes you further. fully permitted resource assets; an upcoming maiden resource at its flagship gold project in southern b.c.; and a vast pipeline of world class greenfields projects. talisker resources. stuart: futures show a lot of reading, down 200 on the dow, 200 on the nasdaq and mark

marhaney is here, let's talk over, you've raised your price target for over from what to what? >> i think we went to 75, $69. it would be a lot. these stocks can move dramatically one way or the other and today with the jobs report as strong as it is inflation risks are going to be high, interest rates will be high and that is bad for long-duration assets. uber would be one of those but we had a breakthrough quarter delivering free cash flow for the first time and you will see cash flow rise dramatically, that matters where investors wonder how good the business model was. i like uber as a stock. stuart: looking for $75 a share at which point? by the end of the year?

>> it is always 12 months out. everybody i think who watches the show knows uber, it is the utility people use for delivery, restaurant eats, grocery items, alcohol, et cetera and mobility and you have an asset like that, created a membership program like amazon prime called uber one, 10 million people who use this and if more people do it once you become a verb, i'm going to uber this or use uber for that it is a very well-known brand that helps with leveraging in marketing expenses. stuart: give me a big picture view, the market seems to be settling, volatility is cooling down. are we brushing off recession and inflation fears just a little? >> possibly. the bigger thing we have done is brushed off inflation and

interest rate risk. notice coming back at us today but since the middle of june most inflation indicators moderated and what tech stocks needed were two things, estimates cut to handle recession risks and signs of the inflation moderation and interest rate moderation so people would not discount future profits. you've got that. somewhere in here we saw the bottom but we could get an overheated economy, job numbers coming to strong, or the fed to raise rates and go back to problems with tech stocks. that is your big risk. we can't control inflation, can't control interest rates and tech stocks won't work. stuart: it is happening today, interest rates are up and big tech is down across the board because of the strong jobs report, see you again soon. on your screens you've got 281 on the 10 year treasury.

what was it yesterday? it was mid-270s, that is a strong increase in interest rates and that is why big tech is down across the board. rates up, big tech down. the backdrop to the stock market action is simple, it is a strong job market, 528,000 new jobs, that is very strong and resurrects the idea of whether or not we are in a recession, 3. 5% unemployment rate, 5 million new jobs in a month. we are off and running and opening on the downside because of the move up in interest rates, there are three dow winners, verizon, jpmorgan chase, the rest of them are on the downside. lots of selling today, the dow is down 0.7%, not a huge selloff, the s&p also down 1% lower, a bigger loss

percentagewise than the dow, nasdaq down 1.3%, that is where the big losses are. let's look at big tech, the market is now open and all of them are moving lower. apple down 1%, amazon 1%, meta 2%, out about 1%, microsoft one%, big tech is down. can we take a look specifically at amazon? they are down, have an interesting deal in place. they want to buy rumba, the vacuum cleaner people. how much are they paying is what will they do with it? lauren: they are paying $61 a share for i robot, the name of the company, their fourth base acquisition ever, what they would do with it is put the smart vacuum with their other smart home devices with your ring doorbell and alexa so you are talking to your home courtesy of amazon and they are doing everything for you. we want so my vacuum cleaner can listen to my conversation.

lauren: cameras going around on your floor. stuart: next one is left. i believe they are up 7.8%. they have far more rides. lauren: i say near records, the strongest adjusted earnings ever, investing money to get more drivers to come in to meet this demand, those investments are paying off near pre-covid levels. kind of what we heard from uber, uber's cash flow positive, they songwriter should coming back so people hit by higher prices and inflation but still booking rides. in new york we are scared to take the subway but that's not the situation everywhere. stuart: we have a long way to go and they were up $50 a share at one point and now they are nowhere near that but coming up. doortheash up 3%. lauren: they are cutting back, what is going on? it is a weird day.

they saw a record 4 to 26 million orders in the quarter, they forecast the business booming for the full year, we are not cutting back on food delivery, they did report accrued net loss, they are spending money to branch out internationally into other nonfood categories. we want what does that tell you? i think it is weird. stuart: we are prepared to keep ordering food for delivery, we will keep paying extra to have it delivered to our doorstep and we are supposed to be close to a recession. lauren: we are lazy? the news flow today has been very odd. stuart: you know i'm never a fan of beyond meet but look at it now. beyond meet is up a little bit. they were down earlier. lauren: they are up because they're cutting 4% of their workforce which means they are saving money, cutting their workforce because they are struggling. this is amazing, you go to the

food store and everything is expensive, plant-based ground meat is more money than actual ground beef, $8 a pound versus $5 a pound, consumers are coming in and buying really because it is cheaper. we want beyond meet is more expensive than real meat. lauren: those are analysts looking at averages, that is not me personally shopping in saying that. they put plants in mcdonald's, it didn't take off. they are not branching out into fast food. when was the last time you went to a fast food restaurant and saw beyond meet something? lauren: i always know what i want before i get in the door so i don't look at the menu and never bothered to look. lisa business is not good. they are a loss with 4 times worse than expected to. lauren: they are laying the pilaf, expedia up nicely 2. 8%. heavy travel demand? lauren: hotels, airfare, rental

cars, lodging bookings of 8% versus the same period in 2019. it is the highest number in their history. air ticket, revenue from selling airfare up 22% so you can debate if the consumer is strong but you can't debate the consumer is prioritizing. stuart: we got a report from draft kings earlier today, the bedding people and now they are up 8%. i take it it was a strong report. lauren: now you have draft king feeling good ahead of football season when they will probably do better, they raised their forecast, they saw quarterly revenue in the past quarter up 57% from last year so the good times will continue. stuart: how about carvana preparing 4-star economy, stock is up 20%. lauren: online used car seller,

revenue rose 16%, they sold more cars. if you show one month, year to date, stock is down 86% so they are up today but that is an ugly chart, they are losing money but things are looking better. stuart: is that right? $376 a share? lauren: is 376.83. on august 10, 2021. this time last year they were at 376 and now they are at 37. stuart: some stocks really move. another one that really moves is richard branson's virgin galactic. today down 17%. lauren: they will sell it to $300 million in shares for cash reserves and delaying the commercial launch of their spaceflight, the second quarter of next year. push back a lunch. blue 16 minutes of minutes under our belt, down just real

up sunroof 5 points cover the 10 year treasury yield very important, moving up and that is affecting a lot of investments, 281 on the 10 year treasury right now. the price of gold shy of $1800 an ounce, $17 and 86, bitcoin earlier was strong, still strong, just above 23,000, the price of oil all the way down $87 a barrel, natural gas, where is that, down a fraction but look at gasoline, every day goes down a couple sense, it has been down for 50 straight days and the average for regular is $4.11 a gallon. in california you will pay $5.50. people are sounding off on inflation reduction act. roll it. >> i don't think it will reduce inflation by raising taxes. >> i think it is going to be a wash. >> taxes never help anything. stuart: i love that. here's the debate, will raising

taxes reduce inflation. russian judge sentenced britney griner to tween 9 years in prison, president biden is in a tough spot negotiating a prisoner exchange, we will get into that and there is this, even beyoncé isn't safe from the woke mob. she's changing her song's lyrics after getting back lash. kennedy will react to that in the 11:00 hour. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different.

(other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy, i kept moving forward and did everything i could to protect myself from recurrence. verzenio is the first treatment in over 15 years to reduce the risk of recurrence for adults with hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning, as determined by your doctor when added to hormone therapy. hormone therapy works outside the cell while verzenio works inside to help stop the growth of cancer cells. diarrhea is common, may be severe,

or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be. i'm making my way forward, my way with verzenio. ask your doctor about everyday verzenio. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. ♪ if you shop at walmart, you get it. ♪

you know how to spend a little less to get a little more to make life a little better. ♪ i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active. if i can invest in her health and be proactive, i think it's worth it. visit betterforthem.com

stuart: the red ink is moderating, the dow is down one hundred 50, it had been down 200, nasdaq down one hundred 30, had been down 200, that is the market after 12 minutes

worth of business and way more than 200 economists and professors and former fed officials got together, 230 of them sent a letter to congress about the inflation reduction act, they weren't very nice about it. >> they said the name is wrong because it is not an inflation reduction act. 230 top economists saying it would create inflationary pressures but boosting demand while supply-side tax hikes would discourage investment training private-sector of much-needed resources. this includes the council of economic advisers, jim miller, economist at the university of chicago. when we are debating this recession, feels like the economy is at a dangerous crossroads to have more spending and tax hikes. stuart: i wonder what they would see now having seen the jobs report, with a moderate there position?

something different. a guest on msnbc used a racial slur to describe herschel walker, the republican georgia senatorial nominee. we are not going to play this offensive soundbite. it was a racial slur. what is your response? >> first of all, i praise msnbc and the gentleman because they seem to know we need jesus but most of all my opponent, wanting everyone to think this country is a place full of racist people but i say this is a good place, we have our problems but we can solve them together so i encourage people to go to teamherschel.com and as we move people like that out of washington because we are good people into good country. stuart: it was a black man who used this racial slur on you, a black man. does that make a difference?

>> i don't know whether it makes a difference or not because we are just americans and that is the biggest problem we have, the left and my opponent want to separate people. we need to come together. the way we get it done is come together, bringing god back in our life and working together and that's when we get things done. stuart: the late fox news poll shows you are behind your opponent rafael warknock. are you behind because of your close association with trump? >> not at all. the margin of error, right now that is why they are upset, almost $25 million to -- against me and right now the race is almost dead even and making them nervous but they, i'm speaking to my opponent in

georgia and my opponent is in washington with his friends, the decision is hurting georgia voters. rafael warknock is with president biden, i'm with the people of georgia and they will make a difference. blue one are you going to debate him? >> i called him on two debates, he turned me down. what i want to do is see a fair and equitable debate for the people, not for press, not some party but the people get a chance to see the differences between my opponent and myself, and my opponent believes in soft on crime, elect officials that are soft on crime, my opponent believes he voted to put me in and women sports where i don't think men should be in women's sports so that's a big difference in contrast. i think he's afraid to send georgia voters to stand up for the record he has voted on. stuart: inflation reduction act of 2022 looks like it might get

a vote this weekend, you are laughing because you wouldn't touch any part of it. would you? >> a terrible bill for america, for georgians. i said my opponent last week said he looked forward to supporting this bill. this bill is going to hurt a lot of american manufacturers, give them disadvantage against china, raise taxes on voters. we are going through a recession and raise taxes on everyone, it's time we get people like that out of washington that believes in america, don't believe in china and these other countries but got to believe in america, these voters are hurting. gas prices, grocery prices are up. my opponent supported things like that. i am here to change it, go to

teamherschel.com. time to change the people in washington, people who care about the voters. will when you are good at this, w wliven v.e minot gotototot hers el w al reeaeaou o ythe y y sh . stuart: 0 lena maxwell is another msnbc host who said it is white privilege to care about inflation. you want to handle that one? >> the guest agreed with her. talking with the dnc advisor about, the topic is how can democrats keep their majority in congress and this is what she had to say. >> inflation is almost a privilege to care about inflation as your number one issue. the same is true of gas prices

or even the idea that it's the economy, stupid. i found that analysis lacking because as a black person i don't want to get killed on the way to my job. lauren: he agreed with her and gave some more examples. it is completely illogical that black people only care about crime which is another major issue for voters and white people only care about money. it is illogical. stuart: let's move on, so many things we need to move on from. lauren: it is a weird day. stuart: coming up, the media is blaming republicans for the migrant crisis and major networks do not cover the chaos on the border. tom homan will let loose on all of that. massachusetts has approved a bill to legalize sports betting, could be in place for the start of the football season, the ceo of draft kings joins us in our next our. ♪♪ i'm on a roll

♪♪ you see, son, with a little elbow grease, you can do just about anything. thanks, dad. that's right, robert. and it's never too early to learn you could save with america's number one motorcycle insurer. that's right, jamie. but it's not just about savings. it's about the friends we make along the way. you said it, flo. and don't forget to floss before you brush. your gums will thank you. -that's right, dr. gary. -jamie? sorry, i had another thought so i got back in line. what was it? [ sighs ] i can't remember.

we hit the bike trails every weekend what was it? shinges doesn't care. i grow all my own vegetables shingles doesn't care. we've still got the best moves you've ever seen good for you, but shingles doesn't care. because 1 in 3 people will get shingles, you need protection. but, no matter how healthy you feel, your immune system declines as you age increasing your risk for getting shingles. so, what can protect you? shingrix protects. you can protect yourself from shingles with a vaccine proven to be over 90% effective. shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased risk of guillain-barré syndrome was observed after getting shingrix. fainting can also happen.

the most common side effects are pain, redness, and swelling at the injection site, muscle pain, tiredness, headache, shivering, fever, and upset stomach. ask your pharmacist or doctor about shingrix. shingles doesn't care. but you should.

stuart: despite the midterm is

being 94 days away the republican national committee is preparing for 2024. they are looking at various locations for the 2024 convention. is there a short list? >> a very short list, the only city in contention at this point is milwaukee, wisconsin, national dropped out last week so milwaukee was essentially a shoe in for the 2024 republican national convention and this underscores wisconsin as a critical swing state in 2024. here is what the rnc chair said. it is a purple state, exactly the voters we are trying to bring into our party and they've done a good job. we are a long way from having any idea who the gop nominee for president will be in 2024 but wisconsin is in focus next

week, voters choose the republican nominee for governor former vice president mike pence was in wisconsin earlier - the former lieutenant governor of the state who ran with scott walker, the former governor and donald trump is in wisconsin tonight backing a different candidate, businessman to michael. all eyes are on chicago for this rnc meeting where they will officially confirm milwaukee as the rnc site for 2,024 and all eyes will be on wisconsin for next weekend two years from now when we will know who the presidential nominee will be for the republicans. stuart: i wonder why national dropped out, find out, thanks very much. he was about to answer that, don't know what he was going to say, the market is coming back nicely, dow was down 200, now it is down 88, nasdaq was down

200, the 10 year treasury yield rising, 282 as we speak. still ahead, tammy bruce, ceo of draft king jason roberts, tom homan and kennedy, the 10:00 hour is next. ♪ ♪ 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! become an agent of innovation with invesco qqq

who's on it with jardiance? we're managing type 2 diabetes and heart risk. we're hittin' the trails between meetings. and putting the brakes on fried foods. jardiance is a once-daily pill that...not only lowers a1c, it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease. and jardiance may help you lose some weight. jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration that can lead to sudden worsening of kidney function and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis or an allergic reaction, and don't take it if you're on dialysis. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. a once-daily pill that goes beyond lowering a1c? we're on it. we're on it with jardiance.

ask your doctor about jardiance. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining

insurance.

♪ i feel good. ♪ i knew that i would now. ♪ i feel good. ♪ i knew that -- stuart: i like that song. it does make me feel good even though we began on that ugly brown building on the left-hand side of the statue -- no, the empire state building. good morning, everyone. i feel good and it's 10:00 eastern. look at the markets, coming back nicely. the dow's only down 85 points, that's, what, .24%. it had been down 200 points earlier. the 10-year treasury, that yield goes up, and that's really hurting big tech stocks. the 2 the-year is 3.20. that that's an indication of recession. the price of oil down to 88 a barrel, and bitcoin holding firm again at $23,000 per coin.

now this: brittney griner is a hostage. she's been sentenced to 9 years in a russian penal kohlmy. on february 17th she was arrested with a small amount of cannabis. one week later, russia invaded ukraine, and griner instantly became a pawn many putin's war game. she received such a long sentence because the russians want maximum leverage in a prisoner swap. why would any american go to russia today? you too could be held for political ransom. 40 years ago, the iranians seized hostages and used them to destroy jimmy carter's presidency. in the 1980s, 104 foreigners in total were seized in lebanon. they were hostages too. president reagan said he pounded the walls in frustration. lebanon used on an oasis of

calm. it's nothing like that now. who goes there? in 2020 china took two canadians hostage. beijing wanted release of a senior huawei executive held in china -- in canada on fraud charges. china got what it wanted, hostage taking paid off. recently a federal reserve official was detained and threatened. with u.s.-china hostility in full bloom over taiwan, wouldn't you think twice about a trip to china? my point is for everyday or americans, the world is increasingly dangerous. in so many places travel means risk. authoritarians are winning. second hour of "varney" just getting started. ♪ ♪ stuart: the lady who is absolutely jam-packed with energy -- [laughter] is my guest morning sitting right next to me, a.m.my bruce. >> hello -- tammy.

stuart: we're in the era of hostage taking. do you think this is in part because of president biden's weakness. >>some i'm feeding you here. >> look, we need to look historically that that's been the case whichever president is weak, especially with carter, another good example. authoritarians look for weakness. what we also saw with president trump was the ability to get hostages back without needing to pay, without making exchanges because of our strength. and also because president trump had a valuable persona of people not knowing what he was going to do, and he was the crazy guy. we got hostage after hostage after hostage back because the world reacted to a strong man who knew what he was doing. that clearly is not the case now. the problem here is, is that once you start, again, the totalitarians know let's do can more of it. it's like anything that you incentivize, anything that

you're willing to pay for there'll be more of. and that's unlike, of course, our economy. they've obviously now -- they know to create more hostages, and that's what we're going to get, and the price will go up. it doesn't have to be 52, it might be just 1 or 2. we care about americans. isis tried. with with isis, of course, we said we're not going to trade for hostages, and it eventually stopped. stuart: stay there, please -- >> yes, sir. stuart: let me get to lauren. now, what's this about senator manchin claiming that republican priorities are in this tax and spend bill? lauren: he says it's a bill for everybody, and he's citing particularly investments in some traditional energy sources among other things. but listen here. >> i talk to my republican friends, they always want to make sure that we've just got to have more energy. well, guess what? we're going to drill a lot more oil, have a lot more energy, and we're going to build more gas lines and invest for the future. that's all there.

they always say, well, we want to pay down debt. we're paying $300 billion for the first time in 25 years. lauren: trying to convince everybody. but, look, for traditional energy he got an iou, and also that mountain valley pipeline that goes through his state, he got a promise. stuart: there's a separate vote on that, so there's no guarantee that passes. indiana. lauren: an iou, so he's trying to twist everybody's arms right now, sinema's and the republicans' -- stuart: they're a going to vote this weekend, we'll see about that. kenny polcari is with me, market watcher today. economists say this bill, this huge tax and spend bill, will make inflation worse. there's 230 economists and professors saying it gets worse. what's your view? >> yeah, i agree with that. i think it absolutely is going to get worse because it's spending at a time when we don't really need it, right? inflation's out of control, and this government spending is only going to exacerbate that whole

move to higher inflation. i think it's a mistake. i think manchin was sold a bill of goods, and i think if we get more energy, we're going to drill more, produce more, where's the far left? how can bernie and aoc aren't screaming? if we were going to get that much more, they would be up in arms. that that's why i think it's baloney. stuart: you're right. i've been taking a lot of flak because i'm saying the market is calming down. the huge swings and wild volatility, i've not seen that much recently, and i think that's a positive -- you're laughing. i do think things are calming down. you don't? >> no. i think it's positive at the moment that it is calming down, although i don't think it's going to stay calm. as we move through the end of august, it's going to heat up again. september and october are typically kind of difficult and trying months on the market, and i think especially now after today's report and the rise in wages and the rise in job growth is that 75 basis point move in september is back on the table, and i think that's going to

cause more volatility as we move into that late meeting, late august into september, and that becomes much more the focus. so i'd like to see it calm down, i'm in your camp on that. i don't think it's going to. stuart: okay. so we've talked about this many times, you and i, in the past couple of months. you're nibbling here and there, but you're not paragraphed to jump back with in with -- prepared to jump back in with who feet -- two feet. >> i'm always nibbling. you don't need to jump in with two feet if you're constantly nibbling because you're putting money to work. it's not like i'm completely out of the market. if i'm in all along, i just have to keep nibbling, that's all. keep putting a little bit to work, and you stay in the game. stuart: okay, we hear you. you stayed mt. game. kenny polcari, have a great weekend, okay? >> you too. stuart: we've got musk headline of the day. yeah, we've got him on the show -- lauren: that's a good picture of him with the aviators. stuart: he's got something to

say about recession. lauren: at the tesla shareholder meeting he said, you know, i own tesla, my commodity and component costs have all been dropping, and he thinks inflation will drop too. here you go. >> making macroeconomic prognostications is, you know, a recipe for disaster. but my guess is that we're past peak inflation. and that we will see, we will have a recession -- i'm just guessing here. this is total speculation. but my guess is that it's the, you know, a mild recession for 18 months, something like that. [laughter] stuart: he's honest. i'm guessing here. how many other ceos would get up in front of a crowd at the annual meeting and say i'm just guessing about this. lauren: only elon musk, but they are guessing because nobody really employees. for elon musk, he's got his

hands in so many businesses, the boring company, tesla, twitter. he sees what we don't see, so if he says a mild recession, maybe. 18 months? i'll take it. stuart: okay. you've got something on constellation energy. not constellation brands -- lauren: yes. it's leading the s&p 500, and look at some of the leadership here. you see traditional energy and renewable energy. why? because senator kyrsten sinema signed on to the inflation reduction act. stuart: which has a lot of -- lauren: for energy, for traditional and regular both. stuart: and all of them are energy companies, every single one of them. lauren: solar edge is solar, renewable, but big gains. constellation got an updecade of 11 percent. the other company we're watching is block, jack dorsey's company, digital payments, etc. they did report a loss, so so that stock is actually up. this is very interesting. okay. the market came back. we had all of these -- [laughter] we had affirm holdings down

about 4% earlier. earlier as in maybe 15 minutes ago. the news coming out of square is they did report a loss. hay had this big bet in bitcoin where you could even do digital payments of it. that interest, that revenue,st all down. so the news is bad, but the market's coming back. [laughter] stuart: it's difficult to follow, isn't it? all right. let's have lauren report on the movers. and this stock is down 4.5%. let's report on that one. you're going to report on the thing, and 10 minutes later it's up. not down, it's up. lauren: yeah. stuart: we have a very difficult job. lauren: we do. but i'm pretty confident that zillow is down, and it is, just not as much. these are the real estate people, their forecast is weak. web bush downgrades them to neutral, they see broad-based risks including the pain that zillow is still experiencing from getting out of the flipping business. stuart: we said it's down and, thankfully,st down. [laughter] lauren: all right.

am i done here? stuart: i'm going to change the subject completely. fbi director chris per wray now admits he has some concern christopher wray now admits he has some concerns about the agency's handling of hunter biden. roll tape. >> is it true that mr. tebow, agent dewoe, excuse me -- tebow, and fbi analyst brian oakhand covered up derogatory information about mr. hunter biden? >> that when i read the letter that describes the kinds of things that you're talking about, i found it deeply troubling. stuart: okay. are we going to get somewhere with hunter biden? >> i never thought i'd see captain renault speaking to the senate there. i'm shocked. [laughter] humphrey bogart over to the side, they know exactly what happens when my agency's politicized. it's not just about hunter

biden. this has been going on for years if not decades, and we need to clean up that agency and the doj. so this is not surprising. it seems to be par for the course internally. stuart: covered up the information on hunter, they still work with the fbi. >> we've been told that they move, but we don't really know, we have to trust them. stuart: got it. tammy, great stuff today, thanks so much. appreciate it. cpac is underway in dallas. senator ted cruz and former president trump, they'll be taking the stage there. matt schlapp is the cpac chairman. he's on the show, he is next. another busload of illegal migrants from texas just arrived in new york city. this is the response to the new york city mayor's refusal to tour the border or acknowledge the christ city. we've got -- crisis. we've got a report next. republicans slamming the president for being tough on russia but weak on china after the pentagon paused a missile test. alexandria hoff has the latest on rising tensions.

♪ finish. ♪ ♪ thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.

♪ ♪ stuart: well, well, well, china is ebbing talks with the u.s. on climate change, on maritime safety and on anti-drug measures. follows speaker pelosi's visit to the to taiwan. alexandria hoff is with us. the chinese are cutting off communications on these issues. are we? >> reporter: stuart, that that's a really, really good question because for the past week or so, the white house has been adamant that they want to keep lines of communication open with china. we now know those lines appear to be severed. the associated press reporting that china has either suspended

oren canceled dialogue with the u.s. in retaliation over speaker pelosi's trip to taiwan, of course. here's speaker pelosi in tokyo yesterday. >> we have said from the start that our representation here is not about changing the status quo here in asia. changing the us quo of taiwan -- status quo of taiwan. >> reporter: now, the speaker continued that china's using her visit as an excuse to launch drills. yesterday the chinese military reported multiple precision strikes to eastern areas of the taiwan strait. senator bob menendez said it's, quote, yet another chapter of beijing's unrelating effort to bully taipei. current and former intelligence officials tell fox news that china could invade taiwan within the next 18 months perhaps by amphibious assault. yesterday fox news' peter doocy pressed the white house on why

he has not heard president biden issue frequent warnings as compared to those given to vladimir putin when russia was publicly planning the attack on ukraine. >> been standing up here for almost a week, peter, talking about our concerns with what china was preparing to do. we put out declassified information that we saw with the chinese playbook. look, i stood at another podium not long ago, and much of the same way we reacted then, we're reacting now. >> reporter: so they say they're reacting to china and russia equally. yesterday admiral kirby said there's no call between president xi and president biden on the schedule right now. it is unclear if that chance still remains. stuart: alexandria, next time would you either move to a different spot or turn that machine off in the background? because i think they do it deliberately. thanks very much, we'll see you again later. peter doocy asked the white

house if president biden has any plans to contact president xi jinping directly. roll tape. >> reporter: i know you said there's not a call scheduled with xi. is there a reason why? because president biden's known him for decades. he's got a lot of free time up there this week -- >> he doesn't have free time. >> reporter: he can't just pick up the phone and call? >> he's been working all the way through his illness, quite frankly, peter, to that's a little bit -- [inaudible conversations] >> reporter: that someone is isolate aring by himself. >> you suggested he's got a lot of free time, and we know that's not the case. stuart: that was quite an exchange, wasn't it? yman on the right-hand side of the screen, kiss christian whiteon. are things heeding -- heating up, or are they beginning to calm down? >> i think they are heating up. this flap over taiwan, i think, will blow over. 19 times out of 20 things like these do. of course, 1 out of 20, look

out. but we're going into fall where xi jinping, the chinese strongman, will face another party congress. these happen every five years. this is the one where he's going to blow through the de facto two phi-year term limits. -- five-year term limits. he will extend his tenure beyond ten years. he wants this period for everything to go right, and a lot of things are going wrong. taiwan has increased stature ote chinese economy also is in a very interesting position with a real estate crisis that's starting to look a little like what existed in the united states in 2008. still too soon to tell, but turbulence on the horizon, i'd say. stuart: president biden's under pressure from china. he's under pressure from russia, and he's under pressure from the iranians. would he be under this kind of pressure from all sides had it not been for the failure in afghanistan? >> no, he wouldn't. weakness is provocative to people the many different parts

to of the world, really every part of the world. i've spoken to a number of diplomats who were truly shocked, who knew we intended toened end our mission in afghanistan at one pointer or another, ideally on -- point or another, but the complete collapse there really unseen since the 1975 collapse of saigon really has made people doubt the united states and encouraged dick the today to haves. also the amount of money we have spent in the last lee years, really about $7 trillion more than the already bloated federal budgets that were planned for that period and really not a dime has gone to the military or to plussing up forces in the pacific. we have a military that, unfortunately, really is encouraging chinad to do what it's doing. stuart: christian, you say you speak to a lot of our diplomats from allied countries. what's their attitude towards president biden? are they out and out con tunnel white house -- contemptuous? sorry that he's in this

condition? what -- how do they speak about him in. >> it depends on where they're from. the europeans are a little more happy because biden, said -- i would say, has a de facto europe-first policy. middle east, it's the point of diplomats to talk to others, but you do see some contempt there, really just an effort to move on. you see middle eastern diplomats, saudi arabia, the uae, essentially pursuing a quasi-independent foreign policy, no longer depending on the unite out of necessity. similar things in japan. japan pan's never going to say anything bad about our president in public, but they're at the point where they may double their defense budget. they spend about 1% of their gdp, a little more, on defense. been an unwritten war where we didn't want them to remill terrorize and they didn't want to either. they may double that. and when you're talking about a

$5 trillion economy, that's a significant number. so people are just doing what they immediate to do because the united states is not strong. stuart: got it. christian, thank you very much, indeed. taiwan could take an economic hit from the conflict with china. they do a lot more trade with chai china than they do with us. lauren: yeah, about three times more. mostly electronic parts. exports to china, like i said are, look, three times what taiwan exports to the u.s. are at about $65 billion. so it bells -- begs the question why is pelosi throwing her weight behind taiwan, and obviously the reasons are much more economic. but she did make time in this controversial visit to meet with taiwan semi because they make half the chips the world uses. so there is an element to this as well even hoe taiwan, obviously, does much more business with china. stuart: tonight we'll find out what elon musk said in response to twitter's lawsuit.

this is all about his attempt to buy twitter. it goes public tonight. kelly o'grady has latest on this legal fight. she's coming up shortly. draftkings just reported a blockbuster quarter, and the ceo, jason robins, will join us. ♪ ♪

i grew up an athlete, i rode horses... i really do take care of myself. i try to stay in shape. that's really important, especially as you age. i noticed after kids that my body totally changed. i started noticing a little pudge. so i took action! coolsculpting targets, freezes and eliminates treated fat for good. no needles, no incisions. discuss coolsculpting with your provider. some common side effects include temporary numbness, discomfort and swelling. you've come this far... coolsculpting takes you further. visit coolsculpting.com i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active. if i can invest in her health and be proactive, i think it's worth it. visit betterforthem.com ♪ ♪

♪ ♪ ♪ ♪

stuart: yeah, the the market came just about all the way back. nasdaq was down 200, nowst down 28. dow was down 200, now it's down 45. how about that? the interest rate situation remains the same. yields on the 10-year treasury are rising, and that is hurting big tech. so that's the market, coming back from its early losses, rates going up, big tech going down. the economy looks like it's slowing, but wills one sector that's seeing -- there is one sector that's seeing a nice boom, and that is vegas casinos. lauren: the strip, baby. the tables are hot, right in the state's gambling revenue top a billion dollars for the sixth

month many a row, and the hotels are seeing extremely high occupancy rates. it's not just young people, the 55 and older people are increasingly booking vegas. everyone wants to have fun and see a show. stuart: and then we have draftkings, whoa, look at this. they reported their second quarter earningsed the, spectacular. revenue, $466 million in a quarter, and that's up 57% from this time last year. jason robins is the ceo of draft kinks, and he's back on the show with us this morning -- draftkings. congratulations. my second question is, obviously, can you keep up growth rate? >> well, first, thank you. i'm really proud of the quarter. we had tremendous growth but also want to point out we really did a great job improving our bottom line as well. that came in 40%-ish better than our guidance, so really excited

about both op and bottom -- stuart: can i interrupt for a second, jason? how did you improve your bottom line? how do you do that? >> well, some of it was the better than expected revenue, but also the company for the, you know, better part of the year and really going into end of last year has been very focused on finding cost efficiencies, you know, and we're starting to really see those materialize. we found over $100 million already this year. it's been a great with effort by the company, a really balanced effort to continue to focus on the customer, continue to focus on growing that top line but also really making sure we're digging deep and figuring out how we can be more efficient as a company and balancing both those objectives and doing a great job both this quarter and last quarter where we also exceeded top and bottom lines. stuart: well done, indeed. i always think of your principal competitors, fanduel. you're laughing. are you taking market share from them or losing market share to them? >> well, i think right now

fanduel is doing a great job on the online sports betting side. you know, we've been up or down versus them depending on the month, but both of us, i think, are in line with where we have been. i really feel like we're doing a good job, but our goal is to gain share. i think we have a great plan in place on the back half of the year. on the gaming side we're a little ahead of them, roughly in line and a little bit behind bet mgm. we want to be number one across the board. right now we're number two in both, but we have a great plan in place for the back half of the year, and we're certainly looking to gain share. stuart: i see that massachusetts has legalized sports bet betting just in time percent football season, i believe. i think you're headquartered in boston, so i take it yourself -- you're excited about the massachusetts development? >> i am. i don't think we'll have it in time for football. this is still rulemaking and

regulatory process that has to occur can, but i am very excited. this is really, obviously, massachusetts is a great state for sports. there's a lot of really passionate sports fans here, so we think it'll be a great market. but you're absolutely right, being our headquarters, you know, it's personal, and it's really, i think, for all of our almost 1400 employees here, it was a special moment to see that get over the line, and we're hopeful the governor will sign it shortly. stuart: now, premier league soccer begins again today in britain. i don't know whether i can bet on soccer through draftkings. can i? >> you can. we have all forms of soccer, not just are premier league, but everything you could possibly -- stuart: is betting on it really popular? do you get a lot of bets placed? >> oh, yeah. stuart: you do? >> absolutely. it's not as popular as nfl, but it's up there, for sure. and if you look at soccer as a whole because, you know,

obviously, premier league's big, but there's ucl, there's a lot of other -- mls has been growing year with over year. so, you know, soccer, i think, is a sport that is on the rise. obviously,st always been big globally, but in the u.s. i think it's on the rise, and we continue to see more and more signs that the popularity is increasing. stuart: well, jason robins, congratulations on a terrific second quarter report. hope to see you again in the future. thank you, sir. >> thank you so much for having me. stuart: you got it. house majority leader, that would be chuck schumer, plans to hold a vote on the big tech antitrust bill. we don't know when -- lauren: no, we don't. we do know he plans to bring the bill to the house floor for a vote, but no timeline as to when. i would imagine after the progress that hay saw on the inflation reduction act, they might want to move up the timeline for this. it's called the american innovation and choice online act, and it reins in the monopoly power of amazon, apple, meta and alphabet.

there is bipartisan pressure to do so, but we always say this with reining in the big tech giants, a lot of people say, yes, do it, do it, but you can't really agree to how to do it and get it to pass. so this legislation constantly falls. stuart: and now they've got to consider this inflation reduction act, which is gigantic, $700 billion, i wonder if they'll have time to "in the antitrust thing with the tech companies. probably not. lauren: yeah. see, i was going they'd be riding the momentum of that, but you're going with maybe they're just running out of time, and you might be right. started last night for the senate, i think -- stuart: no, tonight, i think. they've got to hold them back. tonight, it's going to be made public; that is, elon musk's response to twitter's lawsuit. this is all about him trying to back out of buying twitter. kelly o'grady in los angeles, what can we expect? >> reporter: oh, stuart, i'm so excited for this. you can expect lots of data on bots and some juicy one-liners.

before musk's countersuit was officially released, as expected the social media giant -- is a, quote, made for litigation tale. the claims are factually inaccurate, legally insufficient and commercially irrelevant. claiming twitter not only misrepresented the percentage of fake accounts, but also the percent that generate revenue. that's new. we finally get a taste of his specific findings with the suit stating, quote: not only does it rell are veal that accounts exceed 10%, the musk party's estimate that spam accounts make up an even more significant portion that actually see ads based on twitter's own data. claims less than 7% are of 16 million accounts. diligence call that their quarterly filings have been intentionally counting accounts hay know to be fake, that's something twitter vehemently refuted. outside bot analysis is going to be key.

the filing reveals his team is using indiana's -- arguing, quote, musk is not arguing the same thing as twitter. musk can produce a higher estimate only by running a data set neither limited to nor inclusive of a tool that designated his own twitter account a likely bot. other than the filing, musk has been mum so far though at tesla's share hold meeting -- shareholder meeting, he did say he could start it from scratch. that's important because twitter is claiming it refused some data requests out of fear elon would build a competitor. to -- so lots of drama ahead, stuart. stuart: thanks, kelly. queen bey changes the lyrics to her song after being criticized for using ableist language. we will try to explain that. don't forget to send in your friday feedback.

e-mail your questions, comments and critiques to varneyviewers@fox.com. ♪♪ ♪ ♪ if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait

around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing with all those bubbles. without ever wondering if you're getting the most out of your trip. because you are. [acoustic soul music throughout] [acoustic soul music throughout] [acoustic soul music throughout] [acoustic soul music throughout]

[acoustic soul music throughout] - look, this isn't my first rodeo, and let me tell you something. i wouldn't be here, if i thought reverse mortgages took advantage of any american senior or worse, that it was some way to take your home. it's just a loan designed for older homeowners and it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan, like any other. big difference is, how you pay it back. - find out how reverse mortgages really work with aag's free, no obligation, reverse mortgage guide. eliminate monthly mortgage payments, pay bills, medical costs, and more. call now and get your free info kit. - other mortgages are paid each month,

but with a reverse mortgage, you can pay whatever you can when it works for you. or you can wait and pay it off in one lump sum when you leave your home. - discover the option that's best for you. call today and find out more in aag's free, no obligation, reverse mortgage loan guide. access tax-free cash and stay in the home you love. - you've probably been investing in your home for years, making monthly mortgage payments, doing the right thing, and it's become your family's heart and soul. well that investment can give you tax-free cash just when you need it. - learn how homeowners are strategically using a reverse mortgage loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. - look, reverse mortgages aren't for everyone, but i think i've been around long enough to know what's what. i'm proud to be a part of aag. i trust them. i think you can too. - trust aag for the best reverse mortgage solutions.

so you can - retire better. ♪ stuart: well, look at this, the market really did come back. down 200 for the dow, now we're down 15. we have come back micely. the 10-year treasury yield still keeps going up. the yield is now 2.84%, and that's why big tech is taking it on the chin again today. and then we have senator kyrsten sinema, she says she will move forward with the democrats' tax and spending bill. however, 230 economists, professors and former fed officials warn that the bill

will actually make inflation worse. hillary vaughn on capitol hill. when is vote, do we know, on giant tax and spend bill? >> reporter: stuart, it should be monday or tuesday, the final vote. they're going to move forward tomorrow and begin with the process to vote for it on the senate floor. but senator kyrsten sinema saying she will support this package is a big win for president biden's build back better bill, at least a small chunk of it that has now been rebranded as the inflation reduction act. sinema saying she plans to support it, joining senator manchin who brokered the deal with leader chuck schumer. manchin has been on defense trying to sell the bill to republicans and to moderate democrats that might be skeptical that new government spending and more taxes in the middle of historically high inflation is a good thing. >> i talk to my republican friends, they always want to make sure that we've just got to have more energy. well, guess what? we're going to have a lot more. well, we want to pay down debt,

we're paying down $300 billion for the first time in 5 years. -- 25 years. >> reporter: 230 economists wrote a letter saying, quote: inaptly named inflation reduction act of 2022 would do nothing of sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate. it would create immediate inflationary pressures by boosting demand while supply-side tax hikes would constrain supply. democrats coming in to work tomorrow to bin the process to vote on reconciliation bill. the final vote on the package will happen monday or tuesday, but there could be a very big hiccup, stuart, for moderate democrats in the house concerned about new government spending and inflation. the inflation numbers for july come out on wednesday. the house will not have approved this bill yet. senate will pass it to them which means some democrats could defect and say, nope, we're not going to support this because inflation is too high.

stuart? stuart: those inflation numbers next week could be more important than today's job numbers, i suspect, because of timing of them. hillary, thanks very much. all good stuff. there are a lot of people very worried about spending bill. what do they say? lauren: in a word, it doesn't contain inflation, and it's the bad. >> i don't think it'll reduce inflation, no. i just don't think it'll do that. it'll continue to stay high. >> i think it's going to be a wash. you're still going to buy bread at whatever the cost is. >> taxes never help anything. >> that's not the way you want to fight inflation. >> you've got to create jobs. you have to create opportunity. you know, that's the way you're going to be able to help with inflation. stuart: a guest on the show -- lauren: she makes sense. you can't reduce inflation by just reducing income through tax hikes. the ceo weighed in, and they call the impact of this legislation negligible.

in fact, it might increase 5.1% inflation next year. i mean, come on. sawrt stawrt -- stuart: yeah, didn't want to hear that. there's a new study, and it shows that the salary needed to afford a home costs more, is more than what the typical household actually -- lauren: okay. there's something called the median annual living wage, how much you need to make to cover expenses, right? it's $61,000. okay? there are 15 states where you need a lot more than that, double in hawaii. pleasure to get by and to buy a home. you need $132,000 in hawaii. in new york, 101,000. california, massachusetts, look at these numbers. so when the median living wage is at 61 and it's costing you this much in some of these cities, um, that's not attractive. stuart: a lot of people are are underwater unless wages and salaries are much higher in

those cities and states that you just went through. lauren: they are in missouri and california, for sure. -- new york and california, for sure. even though you're making less in san jose and is new york, you're still making so much more than other parts to of the cub. stuart: but working people are underwater no matter their wage gains. lauren: yeah. inflation is up 9.1%, wages up 5.2%. susan. stuart: paul pelosi still owns a huge stake in chip stocks just as a chips bill heads to the president's desk. we're going to tell you how much money he has in the chip sector. more people are concerned that president biden's age is hindering his job performance. roll tape. >> he's completely out of touch. he doesn't know what's going on, and he needs to to go. >> i don't think he should run again. he's definitely getting too old. stuart: whoa. mike gunz gunzelman spoke to to people on the street who say our older politicians are out of touch. mike is next. ♪ ♪ will you still love me when

i'm no longer young, beautiful? ♪ will you sill love me when i'm concern your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire we got the house! matching your job description. you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country. pods, your personal moving and storage team. research shows that people remember ads with young people having a good time. so to help you remember that liberty mutual customizes your home insurance, here's a pool party. look what i brought! liberty mutual!

they customize your home insurance... so you only pay for what you need! ♪young people having a good time with insurance.♪ ♪young people.♪ ♪good times.♪ ♪insurance!♪ only pay for what you need. ♪liberty liberty. liberty. liberty.♪

and it's easier than ever to get your projects done right. with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. millions have made the switch from the big three and wh to xfinity mobile. throug you're covered by our happiness that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today.

stuart: all right, the dow jone. yeah, let's start with the markets. [laughter] i'll get to the pelosi store, believe me. dow is down 50-odd points, and i think the nasdaq is down, what is it, 68. not much price movement. now let's get to speaker pelosi's husband, paul. he still owns shares in two major chip end companies which could benefit from the semiconductor or bill now headed for the president's desk. how many -- which chip stocks and how many does he still own? lauren: micron and nvidia, didn't he sell some of his nvidia? yeah, he did, as all of this hullabaloo over members of congress and their spouses should trade stocks. he sold some at a loss, but he still owns it and micron worth between $2-7 million. obviously, both of those companies men from it from sub -- benefit from subsidies

under the chips act that president biden is expected to sign next week. stuart: he still owns that stock, and we're still debating whether members of congress should own stocks. on program we're trying for the youth vote. we want youngsters to watch this program, so we've got a young man with us. this young man happens to be mike gunzelman. he's young must have inform -- enough to be my grandson, and he's going to talk to us about our viewers who say that older politicians are out of touch. not older anchors, older politicians. what have you got, gunz z? >> stuart, you're set, right? you're okay. but it's the politicians, it's the career politicians that a lot of americans have an issue with. right now the average age of the u.s. senate is the old it's ever been at 64 and a half. president biden's going to be 80 this coming november. we all know the unspoken obvious about anytime biden's speaking many public like is he a little step behind. what about the other politicians? i went to the streets of new

york the to ask the american people what they think about the elder politicians. ♪ >> do you feel that politicians are just too old to represent the american people? >> i do believe that they're too old now. heavy been in there for too long. they have same spots forever, and we need new, fresh ideas. >> the young population like my kids are in their 20s, they're totally out of touch. with hem. they don't understand their issues. >> way too old. >> yeah. is it frustrating? >> out of touch. >> yeah. it's like old money, old politicians. old thoughts, old ideas, right? we need something new. >> it's just dated. >> now do you think there should be term limits for senators in congress? >> most definitely. most definitely. >> you need to have fresh blood on a regular basis.

get rid of pelosi and mcconnell. >> obviously, we have that with the presidency, but, yeah, i think term limits would be good for the others. >> do you think there should be age limits on how old a president should be? >> i think that they should not be older than 60. >> yeah. like, 50. >> 70. >> 70? >> yeah. >> i think it will hurt biden, i think it will hurt trump. they're all too old. we need something fresh. >> he's completely out of touch. he doesn't know what's going on, and he needs to go. >> he's definitely getting too old. have you seen video of him falling off of his bike? [laughter] >> there it is. bicycle biden. things have changed so much, stuart, that, you know, i'm the trending person here. social media is constantly changing the narrative right now, and that's what we're seeing. biden's literal name right now is bicycle biden. he's a joke.

dianne feinstein is 89 years old. there's two senators in the state of california, and the 40 million people that voted an 89-year-old into office? most is city's 82, stuart. she doesn't even know what she's saying. stuart: time's up, gunz. you've been rather harsh to old people. [laughter] see you next week. gotta go. still ahead, matt schlapp, tom homan and kennedy. and it's coming at the president from all sides. he's got to deal with the russians on brittney griner, the chinese rattling their rockets over taiwan. the president is in a hole, and in large part he's dug that hole himself. that is my take and it's next. ♪ ♪♪

.. [sfx: ding] [message] hey babe, meet us at the bottom of the trail. oh, man. hey! open up! the redesigned chevy silverado. with a sophisticated, high-tech interior... open the door! it's easy to forget it's a truck. ♪♪ - thanks. - nice truck! it was. find new style. find new roads. i got tai last december. i've spent almost every minute with her since. when i first brought her home, she was eating little brown pieces in a bag

and it was just what kind of came recommended. i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active, high-quality poops. if i can invest in her health and be proactive, i think it's worth it. trelegy for copd. see the benefits of fresh food at betterforthem.com ♪ birds flyin' high ♪ ♪ you know how i feel ♪ (coughing) ♪ breeze driftin' on by ♪ ♪ you know how i feel ♪ copd may have gotten you here, but you decide what's next. start a new day with trelegy. ♪ ...feelin' good ♪ no once-daily copd medicine has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition

or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy. and save at trelegy.com.

>> reporter: how much is hinging on the fed pivoting, i expect markets to be down a lot more. >> with jobs report a strong as it is inflation risks are high, interest rate risk is high and long-duration assets, companies with a lot of profits, uber would be one of those. >> every american will pay more because taxes are going up on corporations. taxes more, spend more, throws

hundreds of billions of dollars into an economy that is trying to cool off. do we think that will be an inflation reduction? know. no. >> inflation is out of control and this government's spending will exacerbate then move to higher inflation. how come bernie is not screaming? because if we were going to get that much more they would be up in arms. ♪♪ stuart: good morning. it is 11:00 eastern time, this is friday august 5th the. i've been talking a lot about how the markets are calming down and we see that today. look at this this, the dow is down 20 points, nasdaq down 77 on a day when you have very strong employment report which is raised interest rates, you don't have that are found her reaction on the markets, the price of oil at $90 a barrel and look at the 10 year

treasury yield, you're all the way up to 2.84%, up 14 basis points. that's a big move up it interest rates, that's hurting big tech. coming at the president from all sides, has to do with russia on britney griner, the chinese rattling their rockets over taiwan, ukraine needs more support of the president is down in the polls. he is in a whole and doug that whole himself and now along comes this gigantic tax and spend package which the biden team display hopes will rescue this presidency, dream on, the inflation reduction act is the last gasp of the old-line democrat party, it is a misreading of the current political scene. it does not address the chaos at the border, not at all, it does not address crime at all. does anyone believe it will cut inflation? 230 economists, professors and

former fed officials say it will make inflation worse, does anyone believe it will cut the deficit? please. the irs are going to higher 87,000 new agents who they say will go after rich tax cheats, they are going after small business and the middle class. it is same old same old when voters have new concerns but will not be sold with tax-and-spend. third hour of "varney and company" just getting started. maybe i am wrong. maybe this tax and spend bill will help the democrats in november, what do you think? >> not at all, the problem is they are not going to get kicked out of power because they didn't get a lot of stuff done. it is because they got the wrong stuff done and the

american people are exhausted in practical policies that make everything more expensive and make the society we are living trying to raise our kids just get by day-to-day a lot more complicated. a combination of them doubling down on more spending which will juice the economy even more and make inflation worse and making vladimir putin rich because we don't want to drill baby drill and that is a huge mistake. stuart: you are absolutely back, you've got some big names coming up, you have senator ted cruz, the owner of texas, greg abbott, and donald trump is going to give the keynote speech, you are the cpac chairman, what is the feeling they are? does trump still lead the republican party? >> yes, we have our straw poll which everyone here will vote in and we will see what their preferences are, donald trump always does very well with this group and there's a reason a lot of people in the media don't get it at a reason is it

is not whether you liked every tweet the man send, it is whether he fought for the things that do help americans and the emotional bond that is here with the people, the activists who come here is unbreakable because they just appreciate the fact that he fought so hard and he is still fending off prosecutors in new york, people trying to take him down for new york city and washington dc, makes the bond grow tighter because it will do very well in that straw poll but it is a who's who of conservative champions speaking at sea. stuart: a lot of people saying we would not be in this mess now with china, russia, we would not be in this mess if donald trump were still the president. i bet they are all saying that. >> they are all saying that and there's a sadness to it because no matter what party, used to be no matter what party you are

in you want to the country to succeed and what has happened in the 18 months of president biden is we are on our knees, people really feel the pain of the recession we are in, inflation, high gas prices and everything else and the best thing we are doing is people are very pumped up to sending a message to the far left in america in november that we are going to take this country back and start doing things that actually help people get through their daily struggles. stuart: from the background sounds and what i can see it looks a lot like a republican national convention. pretty close to that, isn't it? >> what's different is, i don't read any of the speeches, no censorship, people say what they want, the first amendment rains but the second thing that is great about it is we are doing two big national cpacs every year and we have victor here from hungary, we are

leading here, this idea of people tired of the woke socialist policies, this is a global push back and we will see huge successes ent capitals around the world. stuart: thanks for being with us, always appreciate it. don't forget, cpac will be streaming live all weekend long. back to the markets, moderating the losses, you know i read your stuff and you are saying are recession is imminent. >> almost a sure thing, like that line from wall street, i don't throw darts at a board, i bet on sure things, a recession, i've never seen anything as much in the cards. every time we see this environment, unemployment below

5% and inflation above 4%, every time you have seen a recession within 24 months, we have that and the inverted yield curve. every time you see the yield curve you have seen a recession. good odds, a matter of time before washington catches up to what america is feeling. we want a president and his team are saying the opposite, you created half a million jobs last month, the on employment rate down to 3.5% of the how can you have a recession with labor market that is as strong as that? >> what often happens, employers want to hire because they want to hire new employees before wages go up. there is anticipatory hiring that happens when employers want to lock in because they know they will have to pay higher wages. i'm looking at history. we always see a recession in

this environment and when it comes to making money i have to look at places outside the norm, outside the s&p, the nasdaq, the dow, market was flat in 1970s. stuart: how do i make money in the euro. getting rather technical here but the euro is way down. i think it might go back up again soon. how do i bet on the euro? >> to be diversified you have to be not just in stock but even among asset classes, the ets and exchange traded fund, basically the value of this goes up when the value of the euro goes up relative to the dollar and i'm not a cassandra but that is next shoe to fall, the value of the dollar way up the last couple years, that trend is changing so securities that you can participate in, do your due diligence but currency is the place to be.

stuart: that is something too exotica many people myself included. you are all right, see you soon. lahren is looking at the movers and jpmorgan. 3%. lauren: number one performer, big banks are doing well today because treasury yields are upon expectations after the strong jobs report, the fed will hike rates to combat inflation. stuart: jpmorgan is up nicely. carnival is in the cruise line, back to that. lauren: they were higher by 2% moments ago because they are saving money. shorter hours, smaller menu, no more 24 hour pizzeria and in some cases no more late snacks on a carnival cruise. this is your absolute favorite. he would never be hot that in the main dining room, they bring you a big happy birthday cake. stuart: really? >> they are doing less. stuart: what is the point of a cruise without midnight buffet?

>> there are options to each but you are cutting back. you can go on a cruise and not eat. stuart: monster beverage is down 7%. lauren: higher cost for the aluminum cans for transportation of their beverages that hit their profits and this is one of the worst stocks today, with decline like this they were up for the year before today and now they are flat and slightly down. stuart: monster beverage doesn't bite the dust. thank you. now this. russia is ready to talk about a prisoner swap, brittany griner was sentenced to tween 9 years in a russian prison. airlines canceling and rerouting flights as china ramps up live missile drills near taiwan. ups and fedex are still flying. tell you all about that. a bus full of migrants just arrived in new york city, the governor of texas sent them to

new york specifically since new york considered itself the sanctuary city. a report on that from the bus terminal. ♪♪ so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

stuart: early this morning a bus full of migrants arrived in new york city, send their specifically by the governor of texas. nate foy is at the bus terminal, where do those migrants go? >> reporter: that is a great question. from what we are being told,

half of the group of 50 will be bused to other cities in the country at half will rely on the resources here in new york city, the bus arrived in midtown manhattan at 7 am on the dot. the group is mostly from venezuela and ages range, we saw a lot of single adult men but also some children, look at this video of the group arriving this morning met by 10 volunteer workers who had to the group clothes, sandwiches and water, a handful of children were given stuffed animals and one child arrived with diabetes and no insolence of volunteers had to fix that a work it out. i spoke with many of these migrants as best as i could, very few if any connections in the united states, governor greg abbott says it is necessary to bus migrants elsewhere because texas border communities are overrun. >> we have bused 6,500 illegal immigrants to washington dc and they cannot handle the one single challenge, we 'll deal with that number every day. i've got one thing to tell you

and to tell them, there are more buses on the way. >> reporter: governor abbott says washington dc and new york city are the ideal destinations for the use migrants because they can receive city services and housing that mayors eric adams and muriel bowser have boasted about in the past. both mayors have previously called their cities sanctuaries but now we are hearing a different tone. >> we have a housing crisis, not only housing, but translation services, education, food, so much that goes into this and we think all those border states that are not doing what we are doing and assuring that we are welcoming people and helping people they need to do a better job. >> reporter: within the past hour the press secretary for mayor adams is responding to this busload of migrants on

twitter accusing governor abbott of playing politics with human lives, he did read rate. city will accept migrants with open arms but they are again requesting more help from the biden administration in solving this crisis. stuart: thank you, see you again soon, the media is blaming republicans for the border crisis. a couple headlines for you, the new york times right to gop governors cause havoc by buzzing migrants to the east coast, vanity fair says gop governors created a migrant crisis in washington. tom homan is with me. it takes nerve to say something like that. >> reporter: under donald trump we had the most secure border in my lifetime, illegal immigration at a 40 year low. mayor adams, the texas governor in arizona, if you care about life call the white house and told him to secure the border,

under president biden we have 800 migrant deaths, 800 people died on us soil, the lives that were lost, a secure border, lives are saved, and all these people -- shut the border down because mayor adams, a sanctuary city, you say you have a huge crime crisis and you are addressing it, you are a sanctuary city, i used to have - rikers island, they got kicked out, every, legally and in washington dc and in new york arrested for violent crime is released from the facility to the streets so stop being a sanctuary city, they -- sanctuary city, they are going there and you say a word when president biden, immigrants in the debt of the nor - the dead of the night in new york but the governor does it and you have a fit. stuart: i checked tuesday, wednesday, thursday of this week, i checked out abc, nbc,

cbs, there news shows at night, only two minutes coverage of the border on nbc and that was on wednesday night, the others had 0 coverage at all on those three nights. how do you ask plane? what is going on when this crisis is not even reported on by the media? >> they are covering for president biden. maybe they are about open borders and for immigration but when 70% of agents, a huge crisis, immigration crisis, what does that cost the country? 70% of border places, fentanyl coming into the country, one hundred thousand overdose deaths does the media care about that and they arrested 53 people on a terrorist watchlist, we have 900,000 got aways now from 161 countries, some sponsored terrorism. if they are arrested, how many

came from countries sponsoring terrorism, do they care about that? do they care about the disease coming across the border, whether it is covert or tb. this is about national security, public safety, public health, regardless your opinions on illegal immigration this -- they should care and be paying attention. blue will listen to fbi director christopher rae. he has a warning about the border. >> i know that it is an eclectic mix of nationalities and the volume is staggering. >> that is a public security threat? >> to me it represents a significant security issue and wide array of criminal threats that flow out of it. stuart: to the fbi it is a significant security threat and yet absolutely nothing is done about it. i can't explain that. stuart: >> these a day late and a dollar short and i'm not the fbi director. the follow-up question should

have been because of this national security concern what have you said to the white house? what have you said to president biden or secretary mayorkas about this significant national security threat. i wish the question had gone further. i have been saying this for you and a half, when you open the border you take 70% of agents off the line, they don't care about that list anymore or the security program because why put yourself in position to get a visa to come to this country when you can walk across the southwest border. stuart: thanks for being with us. you need to make a speech to the cpac folks behind you. programming note, you can watch an encore presentation of maria bartiroma's border crisis summit, 8 p.m. eastern pm eastern on fox business. now this, china's military drills forcing airlines to cancel or reroute their flights

to taiwan. is just for today? lauren: korean airlines canceled and delay their flights through sunday, that is when the very drills are expected to wrap up. china has worn airlines to avoid these six danger zones, most airlines still flying airplanes, rerouting around close airspace. that make flights longer. stuart: fedex and ups still flying. they are changing, making changes to covid restrictions in hong kong. if you go there, they are making these changes but if you go there you still have to spend significant time in quarantine. 's lauren: you go there and test negative you still have to spend 7 days in a hotel isolated. i didn't think that trick county measure still existed. on monday they are expected to shorten the quarantine period to four or five days, still not convenient but you can save

yourself a few days and the reason they might pick the four or five day mark is when they test you in quarantine that is when people test positive if they test positive. stuart: two years into a pandemic you still quarantine if you are vaccinated and test negative. lauren: no one is going there. stuart: i will change the subject entirely, i like to do that every now and then. in northern trashbag? think that is what it is? certainly not. you like one of these? it is a high fashioned paris and it costs $1800, looks like a trashbag but it is not. beyoncé just fell victim to the woke mob. she is changing her song lyrics after people accused her of being ableist. kennedy will sort it out next.

♪♪ i love all types of dancing... salsa, and even belly dancing! i am a triathlete. i've always been into health, and wellness, and fitness... i tried everything with diet and exercise, and nothing worked. there was just kinda this stubborn area on my stomach. but coolsculpting worked for me! coolsculpting targets, freezes and eliminates treated fat for good. no needles, no incisions.

discuss coolsculpting with your provider. some common side effects include temporary numbness, discomfort and swelling. you've come this far... coolsculpting takes you further. visit coolsculpting.com ♪ ♪ ♪ ♪ ♪ ♪ ♪ if you shop at walmart, you get it. ♪ you know how to spend a little less to get a little more to make life a little better. ♪

stuart: i think we just saw one of those beer trolley buses go through national. that's where you are. lauren: it is right there. that is it. stuart: we are playing a song, showing you the beer trolley because today is international beer day. but you didn't know that. speaking of beer, we could soon see a beer shortage, say it ain't so. >> there is a carbon dioxide shortage, that's bad for the brewers, they need the gas for the bubbles and the reason for this is a major carbon dioxide supplier mississippi had to shut down, contaminants were found in their gas wells. the big companies will be okay but small ones, popular craft beers might be difficult to make it might take prices. stuart: if the world runs out of your there will be a revolution in their you have it.

abusenba star brittany griner was sentenced to 9 years in a russian prison because of marijuana possession. the president wants to get her out, the government is pursuing a possible prisoner swap. what do you think? should they do that? >> they offer too much, russia knows this is a very high profile story and a lot of americans hearing about it are getting very invested in it, most americans don't know about paul whalen, former us marine who was nabbed for espionage, the deal was a russian arms dealer in our custody in exchange for the two americans, pretty straightforward, should be pretty fair, russia is not biting. stuart: the international arms dealer, the merchant of death as they call him has valuable information about how our intelligence services work,

they want him back to tell them about our intelligent system, it's not an equal exchange by any means. >> that's why anthony blinkenenr secretary of state, this was too rich of a package for the first go around, you've been doing this a while, you make money, you know how negotiations work, you don't give them baby to the cow or the bathwater in edith 2. we won when you give away like this they will come back at you for more later on. would you travel to russia now? >> no. i wouldn't rush travel to russia 10 years ago. i've lost friends who are russian but i don't like the russian government, of course i wouldn't go there. we want now you run the risk of being nabbed and used as a political pawn. >> i have cbd cream in my bag. it doesn't have thc in it but they don't know that. stuart: let's change the subject because i need you to explain something. beyoncé just fell victim to the

woke mob, changing the lyrics on her new album after she was accused of using ableist language, what words did she use that ran afoul of the mob. >> used the word spaz, there is a term for a medical condition that has the word spaz take --'s plastic in it and people who suffer this condition are in a great deal of pain mother lives are challenged and i have been called a spaz, i've used the word spaz, didn't know there was a correlation between that condition and the word spaz. i don't fault beyoncé for that. it has been a popular term, part of our vernacular for decades and decades going back to the 1940s. stuart: i would give offense, it is a nasty thing to say, i got that but that is not the only word they object to is it?

ableismd finds your ability to do things. >> if you are ableyou look down on people who don't have the same abilities you do. >> hard to avoid that in the world in which we live. >> we need to offer each other a little bit of grace because sometimes we step on landmines we didn't see before us. and apologize and hope for the best. stuart: it would be nice to live in a state of grace. >> we don't have a lot of that. >> why not. i want your thoughts on the fashion house which has introduced their new pouch on your screens now, looks like a trashbag, it was inspired by a garbage bag and it costs $1800. >> it is very reasonable. stuart: do you have a bag? >> i don't.

do you? >> yes. >> she's got a beat. >> look with shopping. i got one last year on the real wheel, it is beautiful and reasonable. it wasn't $1800 but if it were for retail it would have been 35. stuart: cannot drag this discussion back not to your bag or your bag but would you buy one of those? >> you should by each of us a bag to see how it feels. stuart: dream on. would you buy one? >> yes i would. all your stuff would fall to the middle on the way down. >> live leica hobo but a flexing hobo so people would come up to me like damn girl. stuart: this is an insult to poor people, yes it is. >> it is aspirational. what they are saying is we need to recycle and take care of the earth, aspire to do that in an

$1,800 bag, put all your crap in a garbage bag where it belongs. blue when you really are entertaining. >> i love the blue one. stuart: there is one more. krispy kreme bringing back pumpkin spice items next week. >> absolute he not. stuart: is there something wrong with pumpkin spice in august? is it only for cool times? >> yes. pumpkin -- lettuce have summer. wearing a pumpkin dress with my wife, orange, yellow and blue on the outnumbered couch. >> she does not have -- >> i'm not. >> i'm alex doubt it wearing alexander mcqueen. >> you were talking about your shoes, red bottom.

stuart: isn't it better to talk about this than the stock market? more interesting. >> we want people to be rich but not basic, don't eat pumpkin spice in september. when you drop the kids off at school you can start thinking i like pumpkin, i make a lot, they are delicious but i don't make them in october. mid september when the kids are back at school. >> what about punk and spice ice coffee? >> there is a new rule, there is no such thing as punk and spice, that is barf on a stick. stuart: when i do this, that means the producers are telling us to get out of it. i got to get out of it. that was all right. it was so good that i will give a promo for your show. you have to pay for it later. kennedy is the show monday through thursday at 7:00 pm

eastern and the fine show it is, it is entertaining. >> i love fox business network and feel like part of the family. stuart: if you thought summer travel was bad wait till fall, more flight cancellations on the way. we have a report. your summer vacation got a lot more expensive, the price of beer, ice cream, hot dogs a lot. madison allworth reports from the jersey shore after this. ♪♪

stuart: you are looking at fire island, some the thunderstorms forecast for later today. yacht owners have a lot to complain about. what is the latest wind? wine? >> the price of diesel fuel, $5.19, a yacht owner says it used to be $2500 to take his boat out. for lunch. now costs 5000. a 70 foot boat reportedly burns 130 gallons of diesel in our. people still taking the boat out but paying a lot more. stuart: you have a 70 foot yacht. lauren: it requires a captain. stuart: you get no sympathy for him me. american airlines, why did they do that?

lauren: there's a market adjustment, to reflect their resources. bottom line is they don't have enough people, they don't have the staff. at the hub in philadelphia in september, 5% in october, 1800 cancellations, 118,000 passengers, adjustment is the new keyword when something is changing where you have to pay more. stuart: they are jampacked full. people set on those planes and play -- good money. summer staples like ice cream and hot dogs are more expensive now than ever before. madison allworth at the jersey shore. how much more does it cost for a hot dog this year compared to last year? >> i was ready for that question.

this hot dog last year would have cost $7.50, this year you are paying $8.50. i spoke to the business owners and it is up 25%, eating that cost because they don't want to pass it to the consumers but consumers are seeing whether it is hotdogs or otherwise, the other tables you are paying more for this year above the national average, it is up 11%. %. when you are trying to save money and pack your own snacks they will cost 11% more compared to last year so businesses, with their distributors before making it to the customer but to take the most popular item off the menu. >> lobster grilled cheese on special, and it was expression and delicious and homemade and

last year we made 2003430 pound case. because of supply chain issues they don't find the product anymore. >> reporter: businesses at the jersey shore feel fortunate, they are apt to drive here closer to home rather than fly. part of that is the cost of hotels, it is more affordable to do a day trip and get a hotel somewhere with more room to buy the hotdogs, funnel cakes or fried oreos later this afternoon. stuart: thank you very much. back to the stock market. a sense of where the market is moving, lots of selling but the dow is only down 130 points. friday feedback is next.

♪♪ i should have known better with a girl like you ♪♪ where it would love everything that you do ♪♪ and i do ♪♪ hey hey hey ♪♪ big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion, because it means everything to you.

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app.

stuart: i don't care ♪♪ i don't care ♪♪ stuart: what a way to start the show. hamilton, georgia. lauren: the song doesn't match the container. stuart: peaceful, tranquil, banging away. time for friday feedback. are you ready? here we go. first from ray. we live in flyover country. we think you should do your show to cities not on the east coast or west coast, most of the talking heads on fox news or fox business are from your tri-state area and don't reflect the thought of middle america. not sure i'm going to agree with you because we they can point of getting guests from all over the country. lauren: we should take the show

on the road a little bit to see what other people think. stuart: may be. lauren: you learn when you go places. stuart: i am a new york studio kind of guy. a beautiful studio as we want to move? lauren: you stick to a schedule like i have never seen in my life, try to shake them up sometimes, creature of habit. stuart: greg writes this, several e-mails. do football players play in the nfl and usfl at the same time? can you work for intel and pick a team and play? the gentleman is referring to live golf which i supported i support live golf, and i don't want the pga to cancel people. we can't play for both sides in golf but what i want in golf is both sides to coexist peacefully, live, and pga.

don't want to comment on this? shaking up the world of golf, a whole new sport with those guys. lauren: videos on how they fly -- stuart: is this a financial program? lauren: they are buying tons of money. stuart: next from ws w, stu said he never checked luggage on an airline. on a long distance trip, say to england or australia you must be shipping luggage to ups or fedex or some other shipping company. i don't check luggage, for 2 or 3 weeks i don't check a bag and nobody wears suits, jackets or ties in australia, all we need is shorts and a t-shirt and i can afford another couple of shorts and t-shirts. lauren: that is my question. you must -- you have to reuse

items. i can buy new clothes which i do. stuart: you always check bags? lauren: sometimes i do the toiletries. stuart: kr. owning a farm and being a farmer are not the same thing. that is true. being a farmer implies working on the farm, getting your hands duty. i do, i will be up there getting hands dirty. i consider myself a farmer. you are going to pick on me for that? lauren: i commend you. you go to the farm and somewhat work on it. stuart: may be you should come up and see me sometime. lauren: am i inviting? you keep putting me on the spot. i don't want to say things i'm not supposed to say things about you on air.

stuart: keep it to yourself. the smell bit didn't work. rascal right to this, watching can be forever, i live in your tree farm in upstate new york and wonder about retirement. is it coming anytime soon? you want me to retire? lauren: absolutely not. lauren: i will be very sad if and when you retire but you are not. you probably do this twice a week. 's is management now -- after your 74th birthday, 75 is a bigger one. take off 7 weeks for your birthday. lauren: we should have people

weigh in on that? when is the time to retire? lauren: when do you know it is time to retire? time for your trivia question. what is the longest period of consecutive daily rainfall in one place in america? 110 days? 255? 331? 370 days? i don't know. we will guess after this. ...

municipal bonds don't usually get the media coverage the stock market does.

in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-763-2763. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763.

stuart: by the way i just said i am a father and i do get i commands dirty and rick, who works on my farm, manages it. he says, who gets his hands dirty? it's not me. it's rick! we asked, what's the longest period of consecutive daily rainfall in the u.s. in one place. answer, please? lauren: i'm going high 370. stuart: 331 was the answer the record was set between the years 1939 in 1,940 in hawaii. that's it for me, jackie deangelis in for neil. jackie: stuary varney, good afternoon, thank you so much and great to see you welcome to "coast to coast" i'm jackie deangelis in for neil cavuto. a strong jobs report driving rate hike worries for the market the economy added 528,000 jobs last month and the unemployment rate ticked down to 3.5%. former cke restaurant ceo andy p udder breaks down the market reaction and what we can expect from the fed coming up ahead and the border crisis coming t