smell of urine in the bathroom i've been to one dive bar and that's what i remember smelling. >> patrice i did not think you were going to bring that this morning. it's been a pleasure to spend the morning with you, that does it for us we are handing declines in these markets over to stuart varney, taking away. dagen: good morning dagen, good morning, everyone. try endorsed candidates keep winning in the primary is so far, nine out of ten candidates who received his blessing one their races. harriet hageman who received trump's backing trout liz cheney appears from critic. eight of the ten republicans who voted to impeach the former president lost their races or are retiring. overshadowed the president signing of the inflation reduction act, the white house

dragged him away his vacation for a couple of hours, big ceremony the democrats see the tax-and-spend bill as the best hope in the november election there were awkward questions about when this bill would cut inflation. on wall street a little bit of selling the dow after five updentered updates will open upo 200 nasdaq off 137, target stock is down this morning i'm looking at the percentage 2.5% according to the analyst they missed on profits which are down 90% from a year ago this stock is down two and a half another huge gains or bed bath and beyond. this has nothing to do with retail this is the return of the meme stocks, gait premarket trading up another 34%, premarket this morning. interest rates moving a bit higher the ten year yields

2.879%, bitcoin at the $23000 level, 236. gas prices stopped falling, regular unchanged at $3.94. diesel down at $5.1. there is this 8:00 o'clock last night elon musk tweets he's going to buy manchester united that is a very famous english soccer club hours later i was only joking the trouble is it's a public traded company. it looked like he was making a takeover bid like he did with the sec should have held i'm going to bring you cannabis equity in seattle fox weather brings you the truth behind to rubens and fox nation alien abduction wednesday august 17, 2022. "varney & company" is about to begin.

>> you gotta keep your head up. >> let your hair down, you are in the next three hours. stuart: i wish the audience could have seen your face when i was talking about alien abductions, you don't know how that got on the show. >> the show is going off the rail. >> that was just the intro. let's get going it was a keen. a big night for his supporters to come over to start with this cheney and lisa murkowski. both of them opposed trump. good morning lauren, how did those to do in the primary. >> liz cheney not so well she was defeated by the trump act. hageman, 66 to 29%.

hageman says that cheney was only focused on former president trump over issues that really matter to people that live in wyoming, inflation and immigration and cited energy policy. cheney lost but indicated in her concession speech she's not done with politics yet, queue up a potential 24 run. lisa murkowski you also voted to convict trump in the impeachment trial is facing the trump endorsed kelli to baca and 17 others ranked choice voting the top four get on the november ballot in lisa murkowski will be one of them she is leading the pack by a bit. if you're keeping track the success rate at president trump 92% on his political endorsement. >> i took that the other way around nine of the ten candidates. >> voted to impeach. >> no, who got the endorsement they won their races. i'm not quite sure 92%. joining us for the hour.

what are the primary results, what does this say about trump standing in the republican party? does he run? following his grade at mar-a-lago he's got more entrenched as the leader. i don't think we will see any results between now and the end the primary seasons that will dispel that. it's going to get more trump entrenched. it's if you want to and i think he wants it. stuart: do you need trump's endorsement to win and the primary? >> it really depends on the state, there are some states where it just doesn't matter. heavy blue states if you're republican you can get by. if you're trying to do this in wyoming, it's kind of important abdominal trump not only did cheney not have him she had the exact opposite he was actively campaigning against her. stuart: can we say he has a lock on the party and it's getting more solid. stay there, thank you for being here. president biden signed the huge tax and climate bill. is he still insisting that taxes will not increase most people.

>> this enlarged irs will not be a problem for anyone making less than $400,000 a year. >> i'm keeping my campaign commitment. no one, let me emphasize no one earning less than $400,000 a year will pay a penny more and federal taxes. folks inflation reduction act does so many things, for so many years, so many of us have fought to make happen. >> my face. analysis by the c.b.o. by the way they have not scored the bill in full they were asked to score the specific part of it they find those earning less than 400,000 will pay an estimated $20 billion more in taxes and the next ten years. stuart: i think the president is technically correct. the federal tax rate is not been based on people making less than 400,000. the cost of what they buy is going to go up because of tax

increases elsewhere. >> of the 15%. stuart: he is technically correct. if you had 87000 more agents going after, trying to find money from americans. if you are making $405,000 a year it is cheaper for you to pay and to hire a legal team and everyone else to fight the audit. stuart: if the new agents are set on small business, then they will end up paying more in taxes if you make less than $400,000 a year if the target is small business. >> you are going to cave you're not going to find it. >> i think we cleared that up, the latest read on retail sales does not tell us very much. >> they are flat from july to june they fell by 1.8% that means essentially americans had more money to spend on other things. if you look at furniture sales, they rose a bit spending rose at the grocery store. we actually spent a lot online.

that is telling because you don't want to drive to the store because of the price of gas is down. how do you bottom line this, i think the consumer is holding up. maybe no recession but why is the market on 218 points may be suggesting the fed has more work to do to call the economy, more interest-rate economies. stuart: we need any good for he is with us he has been right so far. you took your money out of stocks and your clients money out of stocks november or december of last year. so far i don't think you've gone back into stocks correct me if i'm wrong i think you expect a recession? >> we do little we don't have a recession then it's safe to say the bottom is in but the reason why were not in that camp and why we think we can have a recession is really looking at the capital market in the

quiddity getting ready to come out of the system no one alive has seen what's getting ready to happen. the fed is getting ready to have $95 billion roll off the balance sheet each month for the next few months they're probably going to raise rates another four percentage point while having that rolloff in our seen housing crack and were looking as if a potential housing recession. we see financial institutions tighten up lending standards. when you take that much liquidity out of the system and tighten up credit in a time. with the consumer is hurting that's problematic that's why we are in the recession camp we have to wait and see i believe i october will have enough data for the bulls or the bears in regards to this economy to be proven right or wrong. we'll see what happens in the next couple months. stuart: final point the last 30 seconds. if we go into what you see as a recession then you think we will

hit new lows on the stock market and there will be a big selloff, is that correct? >> will hit new lows before we hit new highs in my opinion. these bear market bounces we sell the same thing in 0 eight and 0 nine, bigger bounces we saw in 2,002,001. it's normal to get these in the debate is this the start of a bull market or thereabouts. it's all about where you think this economy is going in my opinion unfortunately is going in the wrong direction. stuart: were hanging on to every word, thank you so much we will see you again soon. elon musk, here we go making another headline he made a joke about buying manchester united. a great soccer team. >> manchester united is a public company, tweeting about buying it you the world richest man in that remove the stock. look at manchester united, and had been higher by 16 or 17%. elon musk has a lot of money.

this is what he tweeted i am buying manchester united, you are welcome followed by this is a long running joke. this impact investors in real money. what about tesla is the question. elon musk's other company. could manchester united fans become potential tesla customers. people are making the associations. stuart: manchester united fans desperately want him to make a bid for you manchester united the soccer club because it's performing terribly it's at the bottom of the premier league it's never been there before it's a team in complete disarray, the fans are really annoyed they want an offer from elon musk. they don't necessarily buy tesla cars, they want his money. i don't think they're going to get it. at some point we are going to get tired of elon musk semantics like this. it's really skewing a lot of things without him taking responsibility. you want to make any comment. >> if you tweeted right now i know you love to tweet that you

want to buy manchester united with that constitute a market mover? stuart: i don't have a couple billion dollars and i don't have a twitter account. >> you have the most important business show out there. you can come back anytime you want. stuart: we are going to start trading in 19 minutes or 18 minutes, 200 on the dow, 130 on the nasdaq. check for 200 million illegal migrant arrest. bill melugin has a border report. meta tweaking the political advertising policies just in the week before the midterms, they are going to give up a lot of revenue. a hearing scheduled tomorrow on the unsealing of the fbi mar-a-lago search records. they won't unseal the affidavit, then what happens? i will ask florida congressman mike walt's. he is next. ♪

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stuart: is a beautiful wednesday morning ocean city new jersey, what a people day 72 degrees, bright sunshine. people on the boardwalk. check futures. working to be down across the board, down 200 on the dow, down 130 on the nasdaq. judge bruce reinhart scheduled it in person hearing tomorrow about unseating the mar-a-lago affidavit. ashley webster is there. what are the options, what might happen? >> good morning stu there's a lot of speculations whether we will get to see the full

affidavit that the government's case against donald trump and the potential violations of the espionage act which means mishandling of top-secret documents. there are three potential outcomes, when the affidavit is indeed unsealed and fully open to public viewing. to the affidavit it is unsealed but so heavily rejected in a be difficult to decipher and three the judge agrees with the justice department keeps affidavit completely sealed agreeing with investigators that the release could compromise an ongoing criminal investigation. i would say the betting money is a heavily redacted affidavit but we shall see. media companies contend the document should be open because of the public school clear and powerful interest in understanding exactly what happened here, legal expert in civil rights attorney alan dershowitz agrees saying there are many questions that have to be answered, take a listen. >> why is it necessary, why eight months, why after giving

subpoenas and wait three days over the weekend after you've gotten the search warrant, these are the questions that the affidavit may very well answer. >> alan dershowitz says it's going to be hard for the government to prove that donald trump was wrong they have to prove intent and willfulness. he says negligence is not enough, that is not enough to bring the case to a conclusion and he says the investigation into hillary clinton but again we will find out tomorrow only tomorrow afternoon, i think the betting money is on a heavily rejected affidavit that will be released. we will see. stuart: thank you very much indeed, back to you later, congressman mike waltz from the great state of florida. mike waltz. at they don't unseal the affidavit, if we cannot get to find out what really happened, then what happens, what's next.

>> first i just want to join the course of calls from across the spectrum that we have to have transparency, the affidavit should be unsealed there is a public interest, half the country is going from bad to worse in terms of trust incurred ability in our justice system in the department of justice and after years of crossfire hurricane no mueller investigation, we can go down the list i tell you traveling around my district right now the erosion of trust is incredibly devastating. i'm certain countries where it was assumed that you go after your political opponents. the point that was made in terms of the precedent set by comey, hillary as it pertained to the espionage act where he said there is violations, yes there were classified documents but no reasonable prosecutor would take up this case it is when we

something for merrick garland to get around. what we do we also have calls from congress bipartisan both republican and democrat senators, marco rubio, senator came from the intelligence committee, calls from the judiciary committee, there is no reason they could at least show senior republican and democrat to restore some level of confidence because it is cratering right now amongst the american public. it's not just republicans, it is across the board. stuart: governor desantis edged out mr. trump in a poll among florida voters, does that surprise you? >> look i think both are incredibly popular. i fully expect president trump to run. i personally hope that he wait until november to not get the media distraction away from biden's disastrous policies as we head into the midterm.

i think of it desantis is going to have a big decision to make right now he's focused on getting reelected, running up the score showing that he can win independence. hope they work something out they had both covered incredibly well and we have to stay focused on getting the white house back and beating biden. stuart: one quick thing, late last night after the results came in liz cheney was defeated and all the other results came in, mr. trump took the truth social and couldn't resist looking back to the 2020 election insane it was stolen. how do you feel about him looking back? >> i tell you from what i'm hearing from everyone across the board yes we have to stay focused on election integrity invite the manipulation of the system that the democrats did under the guides of covid that tilted the scales towards them absolutely but there also worried about, this is ultimately wiley's cheney lost

so badly they are talking about inflation, the economy, crime, border, the things that are affecting them right now in the world on fire in america feeling a lot less safe from afghanistan to iran racing to china and russia that's what people are talking about to me and i would encourage the president to cast the america first vision and how is he going to dig us out of the hole that we are in right now. stuart: congressman mike waltz, thank you for joining us. hope to see you again soon. check futures the market opens shortly, down 200 on the dow. the opening bell is next. ♪

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futures pointing south, down 200 for the dow, down 140 for the nasdaq. that is the backdrop, here is david bahnsen, our dividend guy, a very good time to get into high dividend paying stocks right now. it's always a good time, what do you got for me today, you've got walgreens. is that right.

>> i cannot believe how low this evaluation has gotten, seven times earnings in a foreign half% dividend yield. you enter at a great height dividend yield, that is three times the s&p's yield which is only 1.5% and they've grown every year for about 70 years. stuart: the chances that they value the stock going down are kind of slim because it's come down a long way anyway. the dividend is high and you might get a capital gain as well, is that what you are telling us. >> i don't know if the stock goes lower or higher is up 10% in the last six weeks. it came down, target, walmart, all of these came down. walmart indicated the other day it was up 6% that maybe things are starting to write a little bit, they got their inventory under control. stuart: tell me about j.p.

morgan which yields 3.3% and you like it. >> i came into the stock after the financial crisis, we've owned it for about 13 years and we raise the dividend every year, they are by far the healthiest of the big banks. it's come down a lot this year because all the financials have when interest rates in the yield curve and burden. i think is the yield curve deepens whether in a month or in six months. these things are priced to really approve and weave experiences in the past, they are committed to the dividend and their very well-run profitable bank. the thing i got to watch if they get out of control with the esg staff and getting a little more woke. i watch that with them but so far more rhetoric than action. stuart: can you update me on one stock which i think you liked some time ago, intel. that thing is falling out of bed down to the mid-30s, you still like it for its dividend? >> we like it more but not for

the dividend is proof of why we like it we think they're invested in the future path that's been expensive, it's going to take time they are trying to bring manufacturing of chips back to america. in doing this in arizona, ohio it's going to cost money but it's going to pay off in the end. >> david bahnsen thank you very much indeed, here we go you know perfectly well were about to open the stock market on this wednesday we will be down, yet we are down from the get-go. look at it in percentage terms it sounds like a big loss down 247 points it is actually .7% is not that dramatic but look at the dow 30 and you see the 28, 29 are down, chevron is unchanged, ibm is unchanged. mostly lower there is a considerable amount of selling, will put it at that the s&p 500

is down .8 of the nasdaq composite is down 1.1% i'm guessing all of the big tech stocks are down i am wrong apple is actually 12 cents higher. all the best on the downside. lots of retail earnings came out this morning before the bell, we gotta start with target down 3%. >> different than what we saw yesterday profits fell 89% versus last year end they also list other same-store sale you put those pieces together they discounted items and consumer still did not buy them, that is a problem. the difference between target and walmart, target relies on discretionary spending, less on essentials like food, inflation clearly causing the consumer pullback. lows how do you prove it. >> a surprise drop, the difference between lowes and home depot the regular do-it-yourself consumer is more likely to go to lows and they pulled back because of high

prices on paint and tools that they ordered. at one point why is the stock down higher than .3%, looking forward they guided in their outlook towards the top and every previous range that was encouraging that's what the stock is not falling off a cliff. >> tjx, they have marshals in home goods as i recall. >> the art of the treasure hunt they cut their forecast for the annual earnings in their same-store sales. even the discount store when you can get calvin klein, 60% and t.j. maxx even consumers are going there as much for the discounts. some retailers are doing fine and were not. stuart: i'm not going to consider bed bath and beyond the retail i know it is a retailer but is not a regular retail. applicant 37. >> is a 440% this month.

this is the news retail traders are encouraged the gamestop chairman brian cohen placed a bet at bed bath and beyond shares could go as high as $80 so you have call options, they expire in january. the fundamentals of this company are terrible. and very little liquidity, why would we sell you irons and laundry baskets were not confident you can pay us for our items in luke capital put out a note and say shares are worth 1 dollar. what is a hail mary pass for bed bath and beyond as the stock is up 400% this month, sell shares, pay down debt and that's exactly what the other means stocks to a few times, gamestop in amc for instance. stuart: is a mall story, it's a gambling chip. that's my opinion, that's what it is, there is nothing there. >> up yesterday 70% on virtually no news. i never one, not once. >> let's talk about krispy kr

kreme, look at them go down, 10% were not eating donuts anymore. >> they're expensive, people are cutting back. i'm not sure offhand but i know that i went to the krispy kreme drive-through and about a dozen donuts and they were $19. >> that seems expensive. >> nineteen dollars for a dozen donuts, krispy kreme our light they should be cheaper. >> that's a dollar 80 for a donut. >> usually you can get dozen for $12. it was expensive. people are concerned about the sugar intake and the calories they are concerned about the money, get fat and spend a lot of money at the same time. krispy kreme came out and cut the targets for the year they had a terrible quarter and the stock is down 10%. >> the old story about krispy kreme if you invite one of the representatives on the show they arrived with 300 donuts for the entire building. >> we need to invite somebody,

replace me. >> my favorite is vanilla cream, not the custard with a chocolate topping. stuart: let's get serious, airbnb, airbnb nothing to do with the stock price they are trying to stop people from throwing parties at host houses. my question is how do you do that. >> they have new technology and technology is designed to look at the specifics of the person who booked, the age that they believed in the past. in the number of nice days for instance. and you might be booking that guest home to have a big wager, they're not going to let you do that. if you are flagged, blocked, they tested the technology in several places including australia where as a result 35% of unauthorized parties. is that a new word on major. >> not a new word. >> arranger has been around.

>> it goes way back. still before my time. i gotta get serious, this is a serious subject. look at the stock down 5%, they've ended development for what was a promising breast cancer. >> a second trial completely failed so they stopped testing altogether, they are not far behind in the covid vaccine base and zantac sold it, regulators pulled it two years ago when they look at the pipeline in the future it is disappointing in the stock is down 5%. stuart: interesting stories, the big picture we've opened lower, the dow industrials right now down 160 points, that is under a half% on the downside, the dow winners, although 30 stocks, these are the winners, that ibm is up again, apple, walmart, home depot all doing well. s&p 500 winners, adjuvant, progressive, jm smucker in cf

industries. the top of the nasdaq composite winners, we have apple, nice to see them back, 173.99, they are high with just over 180, they're not too far away with a high. interest rates going up, the yield of the ten year treasury. the gold going down $6 to 1783. bitcoin down to 23600. oil, don't know, up a fraction to $86 a barrel, nat gas going higher, $9.43, watching for the price rise, the average price for a gallon of gas unchanged at 3.90%. arkansas has the cheapest gas in the country $3.45 a gallon on average. i have a washington post op-ed for you. the red wave is looking more like a ripple, are the midterms better, looking better for

democrats, sean duffy will answer the question. the governor of florida ron desantis trying to get more teachers and school, he said those interested would not be able to indoctrinate children. watch this. >> working a lot this date descend into a woke dumpster fire. >> we will tell you what the governor's initiative is. we'll be right back. ♪ i'd like to thank our sponsor liberty mutual. they customize your car insurance, so you only pay for what you need. contestants ready? go! only pay for what you need. jingle: liberty. liberty. liberty. liberty.

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>> you could see this coming a mile off, thrift shops are doing well thanks to inflation, madison alworth joins us, put some numbers how much busier are thrift shops compared to 2019. >> absolutely. i'm going to give you last year the increase from one year ago is huge, in manhattan last

spring we saw around 600 customers a weekend. weekends now 1500 people, over double and increase not just here in manhattan but across the board and you look at how many customers are coming into thrift stores is 58% of people that say they going to thrift stores to help them beat inflation. 25% say they will go to thrift stores even more if things continue the way they are. the manager of the store here, what are you seeing about inflation bringing more customers, what did they say about choosing your store to buy your outfit. >> what i noticed in the past year that i've been in this business entry people to be more money conscious and thoughtful about the choices that they make especially something with fashion it is a personal choice at a place like this you can find more staples or that one standout piece and you can find it for something that's going to

give you your bang for your b buck. >> like you said no surprises were seen thrift stores be really popular the industry is expecting a huge jump over the next couple of years, four years expecting 126% increase part of it being the individual lifestyle and the other part being inflation. i want to show you how good these deals can be, sedona is just for you, since nobody sees her legs. the jacket, the shirt and the tie $96 under $100 for an outfit you can understand what people are going to stores because your dollar needs to go further. what do you think? stuart: i take it what's addressed. don't say that on the air. thank you very much indeed. good styling. let's bring in a retail guide. gerald stewart, used to like target a lot, you said it was

one your favorite retailers along with amazon, are they still your favorite retailer, they're down 2.8% today. >> i were to target a long time i still have a lot of affection for them prehistorically are around for six years, is her 60th anniversary for both companies. they are great indicators in the economy during good times target does better they like buying fancier stuff is a fancier store cleaner nicer apparel. walmart does better in tougher times. what we're seeing right now we are reopening euphoria and is ending in the pain over the headache. between inflation and the slowing of the economy is reflected in the relative performance of target and walmart and reflected in the retail sales that came out today. stuart: they were unchanged in july compared to june. what does that tell you spending

the same amount of money but getting fewer items, is that what is going on? >> absolutely most of the companies that are reporting their sales growth is not even keeping up with inflation their selling fewer units besides for that, look at what's selling the details of the report people are buying food, their buying necessities, we sell building materials going up like home depot, good numbers because it's a safe bet we saw e-commerce growing that's worth doing with her hunkering down what's not growing apparels in wave. when clothing sales started to take off. it is over department stores and clothing stores were the worst numbers in the report today. people are supposed to go out there not doing that with clothing they're not doing that with discretionary purchases. even restaurant sales growth have slowed which is the biggest sign of the great shift that is supposed to be taking goods and

services, food sales are slowing and restaurants going to the grocery store where they can afford it and travel will not be far behind. >> we did that is fascinating, we have a hangover stages we come out of the pandemic the hangover and we are in it. that is fascinating, we hope to see you again soon. i believe amazon down 2%, i believe they have a plan to deal with soaring inflation, do you know what this plan is. >> there raising seller fees during the holiday season as they try to deal with the rising cost from october 15 through january 14. third-party sellers with fulfillment will have to pay 35 cents per item sold in the u.s. or canada. the first time amazon has hiked seller fees all comes on top of existing charges the sellers already pay for amazon selling their price. >> if they can get their money down pricing power. restaurants especially in

democrat rent cities. they had a really hard time during the pandemic, the crime is rising. our people coming back to the restaurants and blue cities? >> wait until you see these numbers the absolutely insane. it turns out i told you this so many times onerous covid restrictions and supported rioters does knocking people in the door. minneapolis leading blue cities down an average of 54% since before the pandemic. the list of bottom ten cities struggling to recover rounded out a list of the blue winners or losers san fran, portland, seattle, new york city, st. louis, washington, baltimore, and chicago on the other hand however, the red state cities doing a lot of green fort lauderdale coming in just behind las vegas, austin, san antonio, scottsdale, phoenix, the final nine all cities in red states.

>> i should've led the show. that is fascinating what a complete difference, red and blue. >> if you cannot open your doors and your doors are stolen by rioters, tough to have a restaurant. >> of your local economy is booming as it is in naples florida and fort lauderdale, good business, good stuff. thank you very much. take a look at the op-ed foxnews.com, merrick garland's case against trump is dangerously problematic. greg generates will tell me what is wrong with garland's case. approximation special located to mysterious reports of alien abductions. abby joins me with a sneak preview. i'm a little skeptical but will put it on the air. ♪

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millions have made the switch from the big three to xfinity mobile. 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 and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose.

golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. stuart: fox nation has a brand-new special all about alien abduction. watch this. this alien was called so gonda and gave the blueprint for a device. stories about it very by all

accounts. it was a immortality machine, a communication device and perhaps even a time machine. what a show, abby horn is second-tier, this is your show. >> this is my show but the ones who dictate the show. >> did you talk that the aliens got me and took me to a spaceship did you speak to those people. >> i spoke to all of them i traveled around the country and elicit the summary people stories and some of them had a hard time telling me because they hit it for so many years because they did not want to come off as crazy were they did not want to lead people astray they are opening up in some of the stories there are unbelievable aspects. i afford all of them. you just heard a story that started this movement the contracting movement in california he believes he had this interaction with interplanetary space creatures who gave them the blueprint to

build the device that would help extend human life and that structure still exist and landers california. it does he unfortunately died before he could finish but still used for meditation. >> to any of those folks get past lie detector test. >> some of the most famous stories abby hear people passing by detector test and talking to some of these folks they tell me was such a motion they're not trying to hide anything and i truly believe that they think the experience these things and maybe they did, i am not there to debunk anybody story i'm there to listen and explore the areas further. >> i'm a little skeptical, i don't know but what do you say. >> i'm skeptical. >> you did tell me in the break, she said she totally believes

there are other people out there. our universe is so large listening to these again i'm not validating or not validating, would you really consider what is out there it is a possibility we can't be the only ones i heard they are going to abduct you next stuart. >> i am watching your show, thank you for being with us. thank you for staying for the entire hour. here is what is still ahead for you. liz peek, gregg jarrett, tom homan the 10:00 o'clock hour of varney is next. ♪

..

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the dow is down, the 10 year treasury yield moving up 288 is where we are now. how about oil? it is at $86 a barrel. and that's the markets, they pulled out all the stops dragging the president away from his beach vacation to sign the tax and spend bill. they needed him in dc. they want maximum coverage of what they consider big win. it wasn't real smooth and there are questions how and when inflation would actually be cut. the president was whisked away to resume his vacation and along came donald trump to grab the headlines. charged into yesterday's primary sent most brick big winners. the candidates he endorsed so far big winners. the candidates he endorsed so far, 9/10 have won there races.

the biggest winner was harriet higham. she routed trump's arch critical is cheney. won by better than 30 points. what a day, the president signs a classic democrat tax and spend bill and trump endorsed republicans win by pushing tax cuts and energy independence. trump took to truth social, blasting the january 6th committee members, and insisted the 2020 election was rigged and stolen. donald trump is still looking backwards. second hour of "varney and company" just getting started. it is a jim shot. the lady right here is lose.

trump's endorsement carries weight. i didn't like to see him look back, i want to see him look forward. you want to get into this? >> à la are frustrated he doesn't talk about policies particularly with the debacle in the white house. so many policies have been overturned by president biden, everyone of them is a mistake but there is remain in mexico, the abraham accords, any of the things that biden obliterated because he hates donald trump. this is a great moment after the raid at mar-a-lago for donald trump to talk about his policies, energy independence, you mentioned already, lower taxes, the tsunami of

regulations, and not the 2020 election, that turns off millions of americans. we when you don't want to turn anybody off. turn them onto the future. you've got an op-ed that reads how democrats inflation reduction act delivers 5 winning issues to the gop. that is the way we are. give me the biggest winning issue. >> inflation reduction act is a lie and everybody knows it. 12% of americans think the bill will reduce inflation 40% think it will make it worse. hard to go out and tout a bill where it is a lie. secondly, which i will mention, what is the bill about? it is a climate bill. where does climate rank on the number of issues americans are concerned about not even in the top 11. democrats are salivating hundreds of billions of dollars

going to subsidies, why subsidy? why do they need subsidies if renewable energy is so inexpensive? this is a hoax being perpetrated on the american people. we have unbelievably cheap fossil fuels in this country. in addition to these transition fuels. all of the above. stuart: you are so good. giving you some extra time. the number one gop winning issue, number 2, the climate thing, what is number 3? >> president biden says the american people won, special-interest lost. let's talk private equity and hedge fund characters, billionaires all, who maintained against every odd carried interest deduction or loophole, everyone including a lot of people in the industry think is a ridiculous thing. there they are. blue and do they really?

they like paying that low -- >> how do you think they made billions. i will close with this. any white house that thinks adding 87,000 irs agents to plague small businesses and middle income americans, only 400 billionaires, you don't need 87,000 troops to rattle their cage. i think this is the most ridiculously unpopular thing i have ever seen. stuart: we like it when you get fired up. thanks so much, got on another new survey. this reveals who wins in a head the head matchup between trump and ron desantis. >> i pathetic a 2004 primary contest from the university of north florida, desantis gets 47% support from republicans in his home state of florida compared to 45% for trump so

desantis is winning, next question, desantis and trump friends, acquaintances, enemies? most people say they are friends. we've seen ron desantis campaign for several of donald trump endorsed candidates in arizona, mexico, pennsylvania. blue when there's a limit how friendly you can be with a rival when looking at the white house. stuart: brian belsky joins us for market coverage, i will continue the theme here, the markets are calling down a little. we don't have those wild swings, don't get in on monday morning worried we are selling off a thousand points, things are calming down and i like it. what do you say? >> reporter: i like it. august tends to be a quieter period. we are in a news vacuum because

we don't have a fed meeting, jackson hole coming up and new inflation readings in september and we will see whether the fed goes 75 or 50 but what is happening based on our conversations, we don't have a fear, most people are sitting on their hands with respect to what they want to do with their positions and i still think we will have a major melt up maybe not now but after into the fall, is amazing. stuart: right at the start of the interview, a major melt up. a major start. >> i buried the headline. stuart: barry the lead. do you see the s&p? 4300 now. do you think it will reach

5,000 by the year? >> it is 4800 so that, we revised our target in may, flat is the new up. 4800 is where we started the year and we will recoup all of this pain and negativity and as the market transitions into normalcy the next few years into more normalized earnings growth and interest rates, normalized gdp, we are in the midst of this bull market, everybody still doesn't believe and on a near-term basis this has been one of the top five most hated rallies in my career and hated rallies never end well for the bears. stuart: mrs. fascinating. this is fascinating stuff.

a melt up melt your face off rally coming in november. come back again soon. we want to hear this again. looking at movers. a cannabis company -- lauren: they are big in florida and texas. it is up 7%, several suitors are eyeing them including humana and cbs. stuart: the grill folks down 5% this morning, $8 a share. lauren: the grill is expensive and so are the products, go price target of $2.75. stuart: is at 8 now. >> will buy that now? stuart: i follow the cruise

lines and noticed carnival is up yesterday and giving it back today. lauren: they said we double the number of bookings versus 2019 when we listen the requirements. and back today, the biggest losers on the s&p 500. stuart: i know about lift, driverless cars, seriously? lauren: without safety driver. and and people let their guard down. and you're out of luck.

that is not working on the car broke down. stuart: stuart: in 10 years it will be commonplace. lauren: getting to 10 years from now will be scary. stuart: on a related note, another bus carrying illegal migrants from texas just arrived in new york city. agents have arrested 2 million -- they will have arrested 2 million migrants by september of this year. that is an all-time record, 2 million. big victory for healthcare workers fired for refusing to get the jab, getting rehired along with a big settlement, this is just the beginning. merrick garland's case against

trump is dangerous and problematic, greg jarrett wrote that and greg is next. ♪ ♪ ♪ ♪ ♪ ♪ the new gmc sierra. premium and capable. that's professional grade. 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

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every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. stuart: the dow jones industrial average down 190, nasdaq down 170. look at apple, 173 and up $0.60. aaron talks to produce apple watches, home pods todd: books in vietnam. there is a church in california which was fined for breaking the state's covid rules, they fought back and i think they

won. >> reporter: california appeals court rules in santa clara county they don't have to pay $200,000 in fines so the church and its pastor held in contempt of court for violating state gatherings during covid. that ruling has been reversed, the appeals court, governor newsom's ban violated freedom of religion, this is california and the county is seeking $2 million for other covid violations like facemasks and the list goes on. stuart: good old california. we told you about healthcare workers in chicago reached a settlement, $10 million, they were fired for not being vaccinated, not only receive the money but also rehired. greg jarrett with us this morning. i'm interested in this case, could be the start of something really big. is it? >> reporter: it could be.

i think other employers take note and pay attention and may decide they will do the same thing, reach a settlement. a matter of law because it's not a judgment confirmed by higher courts, it has no force in effect legally on other jurisdictions but this is a clear violation of title vii of the civil rights act, the government was discriminating against individuals based on their religion. they didn't provide a religious exemption that employees demanded. stuart: i hope it goes further. you have a new op-ed, merrick garland's case is dangerously problematic, that is the wording of your op-ed. tell me why is dangerously problematic. >> if this is a dispute as doj

and fbi says over documents on the federal records act, that is not a criminal statute. it has no enforcement provision. you can't get a criminal warrant to search and seize the president's home and office. what did merrick garland do? tossed in 3 criminal statutes, problem with those statutes is if you ever try to use them to prosecute trump they require deliberation, you use language like intentional, willfully, knowingly. if he genuinely thought the documents belonged to him statutes don't apply. if he relied on others, the sorting and packing up, and shipping of the documents to mar-a-lago, and surely he did, presidents don't pack up their belongings, performed by law, by the gsa government agency, he is not vicariously culpable

for the acts of others. it would be a nearly impossible case to bring against trump. stuart: do you think we will see the details on that affidavit or will they keep it sealed? i'm guessing they keep it sealed, what say you? >> because the government seems to be dedicated to the proposition of hiding and sealing evidence, i agree with you. i don't think we are going to see them. the raid of a former president of the united states by his political opponent's administration, americans deserve the full truth, greater transparency. i don't by for a minute that the claim that this would jeopardize national security or compromise our ongoing investigation, you can redact portions of the affidavit. i suspect he is hiding it

because the fbi has a history of wrongdoing when it comes to seeking warrants. did they deceive and withhold vital information from the magistrate who signed off on it. i am pretty suspicious of that they did. stuart: you make a good case that it is dangerously problematic. thanks for being you soon. a new poll shows -- i'm interested in this. how the mar-a-lago raid affected trump's popularity. did it help or hurt him? >> helped. a morning consult poll taken august 10th after the raid, here's the question. of the 2,024 republican president of primary took place right now, 58% of republican voters would support trump up from 54% in july. that expands his lead over desantis. desantis goes down to 16% companywide lead. the bottom line is the fbi raid

motivated the base a record 71% say right now trump should absolutely run because of what happened in mar-a-lago. stuart: it did happen. it did help him. thanks. credit reporting agency fitch warns there could be a severe downturn in the housing market. we tell you how much prices could fall and when. president biden signed his party up $739 billion inflation reduction act into law but the white house can't say when it will bring inflation down. hillary vaughan has that story from capitol hill next. ♪ on a highway to hell ♪ ♪ a highway to hell ♪ highway to hell ♪ i'm on a highway to hell ♪

♪ 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: next looking shot at chattanooga, tennessee. 74 °. on spotif he met, search "varney and company" or scan the qr code on your screen. lauren: have you ever scan the qr code? stuart: of course i can. i can do that. i'm done it in a restaurant.

lauren: i'm a fan of tangible. stuart: i did get used to it. markets on the downside this wednesday morning off one hundred 80 for the dow, 150 for the nasdaq. looking at some movers. they make lab equipment. lauren: they make lab equipment buy food and drug companies, businesses are strong, spending money, at least its customers are, revenue increased, they are seeing big demand. stuart: how about walmart, big rally yesterday. lauren: up another 2%. target losses are walmart's gains, higher income consumer looking for essentials which walmart sells a lot of at walmart and target. stuart: show me amazon, stock is down but i don't think that has anything to do with their

alexa customers. lauren: they doubled the number of customers in 3 years time. so many smart, connected product have alexa built in. never name a child alexa. i'm surprised how many people i know named alaska. stuart: can't you convert it to a different name? hey, stu, do something like that? lauren: probably. s iri is better, not many have that name. stuart: democrats touting their inflation reduction act in 2022, they love it but the white house cannot say when it will bring down inflation or by how much. hillary vaughan on capitol hill. what is the story? >> reporter: president biden celebrated the inflation reduction act becoming law by bragging a lot about the climate parks in the package saying it is the most aggressive climate action ever, ever, ever, ever, but it is

called the inflation reduction act, there are mainstream concerns why americans are being told this will reduce inflation with a nonpartisan congressional budget office says what in its won't do that? white house advisor jared bernstein on fox yesterday says it is not the only thing the administration is doing to bring down costs. neil: dealing with all the inflation hits left and right. the relax real energy relief is coming that will protect your day. >> we talked about the relief in the inflation reduction act and both agreed it is significant but that's not the only thing we are doing. >> reporter: one of the key negotiators senator joe manchin said they never claimed it would bring down costs for people right away.

>> it will not make the grocery bill cheaper. we've never seen anything like that happen. and they are struggling to pay for basic necessities they are going to be waiting a while unless in the market for a solar panel or an electric vehicle. that something you can cash in on right away. the healthcare cost cutting measures in this will not kick in until the new year. stuart: you have to wait a while. we need an economist, his name is brian westbury who joins us now, something in this inflation reduction act is the cost of building things when the government build things. astronomically rises. isn't that always true? when the government builds a something the cost goes up.

>> absolutely. the more government is involved in anything whether it is education or healthcare the higher the price and the lower the quality. the inflation we have today is coming because the federal reserve monetized all those government checks. they printed money so they could lockdown the economy. or by raising taxes on people, hiring irs agents to make the tax code and complying with the tax laws even more complicated. all it does is meyer us in more market. it will actually increase inflation over time. date nothing to decrease it. stuart: seems to me what the

administration is trying to do and what they say they are doing is to lower the cost of certain items and services and that is what they say is cutting inflation. it is not cutting inflation or prices. it is cutting costs from a certain group of people but other people will pay much more for the same goods and services. i think i've got that right? >> one of my favorite lines about the economy and government came from pj o'rourke who said if you think healthcare is expensive now wait until it is free. the point is nothing is free. there is no free lunch in our world and the more the government get involved the more they tell everyone they will get something for free the more we all pay. one person pays instead of another it is not free. it shifts the cost.

the cdc is coming out with new guidance on vaccines and quarantines and all of it makes it appear we should never have shut down the economy. i want to look at this for a second. and handing out all those checks. retail sales, goods, you talked about weber grills earlier, everybody bought wanted to grills during the pandemic because they got the checks. we are going to go into a period where we have less spending because we borrowed from the future to do it in the past. you have inflation which we are stuck with and have a slowing economy in 2023. that is stagflation and all the new government spending isn't going to make it better. stuart: thank you very much, see you again soon.

the credit rating agency known as fitch are warning, this is their words, severe downturn in the housing market. what kind of price moves are they talking about? lauren: housing could be a leading indicator, they are talking prices of 10% to 15%. let's be optimistic because fitch also set a minor slow down, not that bad is the most likely outcome. it feels worse for buyers and welders. buyers are backing out of deals, 63,000 deal fell through in july. that's equal to 16% of homes under contract, builders are seeing cancellations, cancellation rates doubled since april, 18% builder contracts in july. stuart: that is through the floor. lauren: industry says we are in a housing recession. stuart: another one for you. wealthy americans are feeling

the pinch of soaring inflation causing them to shop at discount department stores. lauren: i don't know if walmart is a department store but you get a lot of stuff there and walmart's ceo says 75% of any market share they got in the food department came from customers making one hundred thousand dollars or more each year, you get better prices at walmart. food prices are up 13%, the biggest increase in a month since 79. stuart: everybody response to inflation, $100,000 a year, you can handle little inflation. anything less and you are really hurting. we all adjust our behavior. lauren: wealthier people are not hurting but shifting things that they do. stuart: let's change the subject to education. schools in virginia want to strip george washington and

james madison as founding fathers on statewide tests. they republican governor is having none of it. we've got the story. trump backed harriet harriet hageman defeated liz cheney. what is lose cheney setting her sights on next? ♪ ♪ beat its ♪ beat it ♪ ♪ ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪

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don't wait to simplify life with diabetes. get started today with no contract, and no commitment. go to omnipod.com for risk information and instructions for use. consult your healthcare provider before starting on omnipod. simplify diabetes. simplify life. omnipod. stuart: liz cheney is out. she lost to trump backed candidate harriet hageman in a landslide. lauren: it was huge. 40 points. 40 points, 113,000 votes to 49,000.

if you listen to cheney's concession speech we will talk about it on the other side. >> speaking in gettysburg of the great task remaining before us, lincoln said that we here highly resolve that these dead shall not have died in vain, that this nation under god shall have a new birth of freedom and the government of the people, by the people, and for the people not parish from this earth. as we meet here tonight that remains our greatest and most important task. lauren: sounds presidential. stuart: likening herself to abraham lincoln. lauren: in coming weeks she will launch an organization to educate the american people about the ongoing threat to our republicans mobilize the unified effort to oppose any trump campaign for president. she lost the election because she was too focused on the former president and the

january 6th capital attack and not the issues of wyoming. and doubling down on that approach. stuart: lisa murkowski, trump endorsed kelly -- sarah palin also advanced the midterms. jonathan hunt is in anchorage, alaska. the latest please. >> good morning. senator lisa murkowski, a nemesis of donald trump, will go through under alaska's primary voting system, regardless of party. that happening to senator murkowski despite the ardent opposition to her from donald trump, senator murkowski when

we talked to her, against what she called outside influences at times using some colorful language. listen here. >> we are already seeing some of the nastiness that comes from the outside, being imported to alaska lodz we import a lot from the outside, we don't need the crap they deliver on the outside. coming into our state. >> i don't lower myself to call other people names. >> conservative republican kelly tschibaka pushed senator murkowski hardened his primary and that amounts to a win for her. listen here to kelly tschibaka. >> the climb from here to victory is a pretty clear path, that is what we see tonight, this is a win for us.

>> there is also a u.s. house special election to fill the vacant seat left by the death of congressman don young. sarah palin still hopes to fill that seat for the next few months until the general election decides it for the fuller term. at the moment sarah palin is sitting in second place in that special election. she seems to have split the republican vote with fellow republican candidate nick baggage leaving the democrat sitting at the top. alaska's new ranked choice system, the second-place votes will now count with the bottom of those three candidates dropping out, so sarah palin will hope those republicans put her second on their ballots and that she will also becomome ou on top, fill that seat for the next few months and be in poll position when it comes to the

general election in november. stuart: got it. jonathan hunt, thank you, see you again soon. the nba will not play any games the day of the midterm elections, november 8th. why are they doing that? lauren: it is nonpartisan. they say the scheduling decision came from the nba family's focus on promoting nonpartisan civic engagement and encouraging fans to make a plan to vote during the midterm elections which are on the eighth, the games on monday at 7:00 will have election teams. this isn't sitting well, encourage people to go out and vote, they are promoting civic engagement here but do they care to comment on the dictatorship in china they are profiting off of. stuart: not a word out of them. thanks very much, back to the

market, the dow is down 175 points. we open down 200, down one hundred 74. it is a fairly calm market even though there is red ink out there. florida governor ron desantis has a plan to solve the staffing shortages in schools, we will tell you who he wants to step up to the job. seattle city council claimed the majority of cannabis dispensaries are owned by white men. they don't like it so they come up with cannabis equity. jason rants explains it all after this. ♪ last dance with mary jane ♪ one more time to kill the pain ♪ ♪

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every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. stuart: a relative calm, a lull in the market. it is down because everyone is waiting for the fed minutes for the month of july. the market is down 200 for the dow. 87% of all cannabis dispensaries are owned by white men.

launching a race-based toolkit to create more black owned potshots. they don't want white folks to run the cannabis business? >> they are going to give out free marijuana licenses to suckle it -- social equity applicants which is not just in a condescending way but to only apply to black business owners so if you're white or asian or native american or latino you won't get them to operate a potshot in the seattle area at the same time the council is pushing it to higher 10% to be in the staff from the communal community so other drug criminals, according to these folks the war on drugs disproportionally harm black people so they are using this as a form of reparation but at the end of the day what this does based on the process they

are adopting is put more pot shops in black and latino communities where there are already a ton of them. it doesn't seem wise for community to be on the potshot. stuart: before we leave this subject, this is setting -- they are going to do it, this is the plan. >> they introduce three bills, it would appear this is what they are going to do. stuart: i will move on to virginia. the state independent -- want to remove george washington the father of our country and james madison, father of the constitution from state tests. sounds like something that would come out of san francisco or seattle. >> it comes out of all places in the united states, when they see this kind of woke coming

out in their states. and folks on the far left, i don't believe that at all. the country was founded in white supremacy and by 2022 standards, so left-wing activists claiming we shouldn't whitewash the more shameful pieces of history which i don't think we should but the left uses that to editorialize the country, and institutions, we should erase part of our history we don't like, that is absurd. stuart: i agree entirely. always appreciate it. the governor of florida, ron desantis announced a new plan to get more teachers in the classrooms. what does he want to recruit? lauren: veterans and first responders, people who have

served our country and respect our country and that is why the teachers unions are against this. >> we believe the folks that have served our communities have an awful lot to offer and we have people that served 20 years in law enforcement which they retire and some are looking for the next chapter in their life. we are not going to let the state descend into a woke dumpster fire, we are following common sense, we are following facts and that is very important. lauren: look who is standing behind him, a teacher shortage nationwide and in the state of florida, you get a bonus if you sign up and have to work towards your degree, you can teach -- stuart: the teachers union -- lauren: they don't like it. they don't think unqualified individuals without degrees should be teaching our students. stuart: got to have the credentials to be good.

we to they are getting them. it might take five years. stuart: still ahead, sean duffy, mark tepper, tom holman. last night on musk says he was buying manchester united. it looked like musk made a takeover bid because it is a publicly traded company, like for twitter but it was just elon being elon jerking people around for his own amusement, that is "my take" next. ♪ people call me the space cowboy ♪ the gangster of love ♪ ♪ ♪ hat dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active.

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>> so many policies of trump have been overturned by president biden, every one of them was mistaken. >> the hangover is beginning. they came out today. >> by october we have enough data for the bulls or bears to be proven right or wrong. >> we don't have a fear of missing out rally. i still think we will have a major melt up maybe not now but

into the fall. ♪ ♪ just dance dance dance ♪ stuart: it is 11:00 eastern time, wednesday august 17th. on the market the downside move nothing serious, the dow is off 200, the nasdaq is off 200 points, the 10 year treasury yield has been moving up. they are all down except apple which is bucking the trend. apple is up $0.20. look at the 10 year treasury. this is why the big tech stocks are largely down because the yield is going up, 2.89%. that's the markets, now this. 8:00 last night. elon musk puts out a harmless tweet about his political preferences.

but there was a sting, also, he said, i am buying manchester united. one of the most famous soccer teams in the world and is a publicly traded company. you can buy stock, looked like musk had made a takeover bid like he did with twitter. four hours later he said he was only joking but it was just elon being elon jerking a lot of people around for his own amusement. the guys addicted to publicity. uses twitter the way donald trump used use twitter, day after day a barrage of messages, sometimes funny, always laptop by millions of followers. when the musk tweet landed in manchester it received 500,000 likes in a couple hours. that's not surprising. man you is at the bottom of the league and the american glaser is very unpopular. those fans were not happy to find musk was only joking, they

want him to buy the team, bail him out. his antics are becoming a drag. there are times he comes across as a super rich juvenile. and is also entertaining and in this age of stunningly dull corporate chiefs he stands out and we keep giving you musk headline of the day. third hour of varney starts now. all right, tepper sitting next to me, listening to that tape on manchester united. am i being too harsh on musk? >> if your member the movie spider-man, don't know if it was uncle -- they told spider-man with great power comes great response ability. same applies to elon musk. is very influential guy, people follow him. he has become the new donald trump of twitter, he's the one

guy you follow and make sure you are getting notifications every time he tweets. as you mentioned he can go from being extremely immature one day, the pro-first amendment guy we all love the next day, kind of that erratic back-and-forth behaviors that might start to rub people the wrong way. stuart: getting a little tired. getting a little fed up. lauren: he reminds people of just being a regular man's so you want to cheer for him but he's not a regular guy, he's the ceo of a lot of companies and makes more money than anybody and he's got impact so when he tweets something as a joke one hundred 3 million people following him are going to listen and move the stock of manchester united, 16%. >> like twitter, bitcoin, dogthecoin. it could come back to bite him because it could rub people the

wrong way in that they follow him into one of these trades and they sell when it is down. stuart: the sec could have ago, launched a takeover bid on twitter. i don't think he knew manchester united was a publicly traded stock. i don't think he knew. we 've got to move -- we spent 5 minutes talking about elon musk. what are you advising your clients to do on the market right now? >> every night before they go to sleep to hope mark tepper is wrong. it was good for my clients because they are 90% invested, 10% in cash so we want to see the market go up but when i look at the bond market the market has taken my side, the recession is here, the economic

data that is deteriorating says rescission is here so what am i recommending? remain patient, don't this rally, this is the ideal time to begin rotating your portfolio out of those high multiple high-growth names the never been over the last several weeks and move into defensive growth names like a lot of good names in the healthcare sector. we when i will never forgive you for telling viewers to sell microsoft. how can i retire? i want to talk about the negative will perfect, the market going up, getting richer and spending the money they made in the market, the exact opposite is happening now. are they pulling in? >> all consumers across the spectrum are tightening their belt buckles so initially i

expected the lower quintile income earners would be hit hardest by the inflation market but it is going up to the top so i went to meet with my suitmaker, like to wear nice suits. stuart: you paid for that. lauren: they are -- >> i asked him, tell me about your business. i feel the top quintile has been protected so far and they haven't been as much, let me tell you this, the first 5 months of the year were on record months, the last few were getting crushed so i do think it is infecting everybody, inflation is affecting everyone across the spectrum. stuart: a good start to the hour, stay with us through the hour. i've got this headline. an op-ed in the washington

post, suddenly the 2022 midterms are looking much better for democrats and there's a simple expedition, donald trump is back on the ballot. sean duffy is with us. what do you make of that? >> a big fat liar, democrats are not making a comeback, like saying if i put on my workout clothes i've done a workout, even pass legislation but if the legislation doesn't help the american people you are not doing anything for them, talking about inflation is crushing not just poor people, middle class people but rich people getting crushed by inflation. we have terrorists coming across the southern border, they cost 10 of them in july, crime running rampant, passed green new deal 2. oh, lied to us and said it is about inflation, raise taxes on oil and gas.

donald trump is not on the ballot, joe biden is on the ballot, no one can do anything about donald trump but they can vote against joe biden and you will see them do that in november not only that, republicans are motivated by the attack at morrow lago and that energy carried to the ballot box and democrats will pay a price for it. stuart: after the results of the primaries came out last night mister trump was on truth social but he was looking back and rehashing the 2020 election. i don't think he should look back. i think he should look forward. what say you? >> i agree with you, i think you have to look back to make sure you get it right going forward but to relitigate the last election i told him myself i don't think that's good policy, people don't want to look back. what are you going to do for me moving forward. i am suffering, my family is in

trouble, can you make my life better? really litigating the 2020 election doesn't do that. is it instructive? we want fair elections, do we want every american to believe the result of an election is accurate? if the country doesn't believe that, that's a problem for america like america doesn't believe the fbi sent partisan, that a problem for the fbi, we want everyone to believe in institutions that if it if you don't it is a problem for all of us. he's right to talk about it to fix it but not to litigate it again. you don't want any votes with that. stuart: thanks a lot. back to lauren, you got to keep a close eye on bed, bath, and beyond. lauren: mark is calling it bloodbath, and beyond. a huge game. we seen this in the last two weeks, 400% this month, the redit crowd is back invigorated

by the game stop chairman, options with the strike price from $60-$80. when you look at this company fundamentally there are so many problems. they are worth a buck. what does this say about the market? >> not turning on air-conditioning for customers. they scaled back on air-conditioning to cut costs. that's not good. stuart: i call bed, bath, and beyond stock a gambling chipper. >> you are not wrong, that's indicative of what is driving the most recent rally. a lot of speculation, all these meme stocks made a comeback. this is a very speculative rally, it is a gambling ship. the stock is moving purely based on sentiment on redit. >> people stopped making money in the market overall looking for a quick buck again. stuart: did the money run out?

the fed printed a ton. the government spent a ton. into the gaming stocks. >> they have exposed a major inefficiency. they buy up these stocks. it is working and it will continue to work for them unless similar to elon musk and the sec someone says you can't come together. stuart: thanks, stay there. 70% of electric cars no longer qualify for the ev tax credit and you can think the reduction act for that. border patrol reports 800 got aways in the del rio sector, 800 got aways, half a million known got aways since october, got that story.

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white teachers will be laid off before teachers of color regardless of seniority, that's part of a new contract between the minneapolis teachers unions, garrett tenney, is that constitutional? >> the school district believes it's not constitutional, members of the teachers union could serve as a model for schools nationwide. under the contract that is finalized, race will be the priority in who gets fired and rehired instead of the current system that uses experience and seniority. in a section titled protections for peoples of color the district shall the prioritize the more senior teacher who is not a member of an underrepresented population in order to recall, meaning reinstate a teacher who was a member of a population underrepresented among licensed teachers. mps sees these changes are

needed so they can better retain teachers of color who are often among the first to be let go and address the ongoing effects of past discrimination of the district, critics say these policies are using a district kind of racial discrimination to address discrimination and it is not only unconstitutional, it is wrong. >> the supreme court is making it clear these programs violate the equal protection clause and fourteenth amendments. if they don't do something about this you can guarantee there's litigation over it. >> reporter: dickie says his office heard from teachers and taxpayers in minneapolis who are up in arms about this and want to take legal action if policies aren't changed. stuart: garrett tenney, thank you very much, switch gears, i will talk about golf, tiger woods met with the top pga golfers that had to deal with the live golf controversy. what he said next.

lauren: they want a coordinated solution to present to the commissioner. it last 3 hours and went well. what are the possible solutions to prevent more defections to live golf. woods defected apparently. it has been reported he turned down $800 million to join but a lot of players are going over. stuart: in increasing numbers. that is not being worked out. here's another story, really intriguing. new jersey lawmakers are considering a bill that would ban live golf tournaments in the state. these rules would bar any sports event put on by sovereign wealth funds like saudi arabia. the live event was disrespectful to 9/11 families. stuart: that is outrageous. >> the sound anti-trump to me because he agrees his own live tournament or whatnot.

the only people allowed to receive compensation or to buy oil, and and cannot receive compensation that way. i'm a free market guy and then i'm out. and it is harmful to the sport. and the comp system has been flawed in these guys are all 1099 and they are calling companies like mine begging for sponsorship money, >> have you gotten a call from a player. >> player number 175 and top hundred 50. lauren: i always think these guys are so well-paid and

famous, and why defect to the saudis from money when they have enough. stuart: his another want to talk about, giant trash bags filled with clothes. a store display of kanye west's fashion line. he got mad when he saw his clothes on hangers and on trash bags, it doesn't make it easier for shoppers, you have to dig through the piles because reportedly they are not separated by size. why are we spending time talking about this. >> kanye west. stuart: you chose to talk about this. >> kanye west is the only guy out there who was born predictable than elon musk, that's why we are talking about it. lauren: trash bags are back in style, the chanel bag is all over my instagram, looks like a trash bag and he's putting his expense of clothes in trash bags. doesn't want them on hangers, this is the gap.

>> don't know what an average hoodie at the gap goes were, $40 or $50? stuart: what is so special about it? >> nothing, the name. >> the consumer is alive and well. stuart: back to the markets. very stable, down nearly 200 points, much of the morning session. the fed minutes released this afternoon around 2:00 eastern time, that could move the markets this is a calm period at the moment. doc is moving down. that was a favorite during the pandemic. lauren: it pooled for a lot of momentum and guggenheim has cut them to sell giving them a $25 price target and their future growth will remain pressured by exposure to the consumer. the consumer is 40% of their revenues, don't need to have the virtual doctors appointment

that isn't a life or death situation. stuart: as a stock picker and investment guide you have an investment? >> this was a great stock during the pandemic. it's got the first mover advantage in the space which is good for them but beyond that there is no barriers to entry. as lauren mentioned, there are fewer people doing those 15 minute virtual doctors appointments to get a covid test. stuart: the pandemic boosted some stocks which were perfect for the time, the pandemic is over, the air goes out of them. peloton is a similar stock. thank you very much indeed. lift is betting big on las vegas. the ride sharing, getting big on vegas, they launched their self driving taxi service in vegas. incredible - cam video shows

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stuart: juno beach, florida looks attractive today, 89 degrees and that ally's looking beach. if you like the music we play on this show, follow us on spotify, scan the qr code on your screen and press the follow-up button. check the market, still stable with the loss of 200 points, the only winner among the big tech stocks s is apple and tha is only up a tiny fraction, all the rest are down as the yield on the 10 year treasury goes up

and track down. border patrol agents reported 800 known got aways in the del rio sector just this weekend, 800 and a weekend. bill, what is the latest? >> reporter: it has already been a busy day in eagle pass, you've seen several hundred illegal crossings. look at this drone video, you see two guys swim across the us out of the river, they anchor a rope on the riverbank at a short time later they guide a bigger group of migrants across the river illegally using the rope to guide them in the strong currents, you see several of these migrants holding little toddlers and little kids with them, extremely dangerous, there have been many drownings including texas national guard soldier but that group made it across in dangerous for them to do it this way bringing those toddlers with them.

look at this video, the texas national guard closed and locked the gate to this property here, it is a major crossing area and you will see illegal immigrants showing up expecting to be let in and they are surprised when they are not, this is private property, the landowner allows the national guard and border patrol to work here, that date has always been open in previous months but the national guard, here's what ended up happening. border patrol came out, supervisor showed up with a key, unlocked the gate, and unloaded illegal immigrants, symbolic of the way the state of texas handles things, and the federal government is letting people into this property. take a look at this photo. another major fentanyl bust at the port of entry, cvp, 108,000

fentanyl pills and 27 pounds of meth inside a smuggler's vehicle. cvp reports fentanyl seizures up to hundred% over june. we had another group of illegal immigrants cross behind us, the gate is over my shoulder, the texas national guard locked it once again, illegal immigrants not being let in right now and as i look around there is no border patrol anywhere to be seen. back to you. stuart: border agents made 1.8 million arrests so far this fiscal year. tom homan with me now. are we on track to hit 2 million border apprehensions by this legal of september and a secondary question, does that 2 million include got aways? >> the actual number, we are

over 2 million right now so it will be around 2. 3, two. 4. if you add the 1.7 from last year, 4 million since joe biden became president and got aways, 900,000 got aways recorded on video camera, drones, we know these exist, 900,000 got aways, 50,000 a month average, a million got aways so we have 5 million people into the country illegally since president biden became president, we know the administration reached one. 7 million in the united states and 1 million got aways in the united states, this is 2.7 million people who enter the country illegally, this is unprecedented, never seen anything like it. stuart: streaming across the border, are they working? they get here and distributed around various cities, can they go to work? >> some do if you claim asylum and apply for a work visa.

they won't be detained and they can get a job and they are never leaving because your secretary decapitated my agency. ice can't arrest people for being here illegally. being here illegally is enough for ice to make an arrest. go to new york city and get a driver's license at a job, new york city helps fight the immigration case and ice can't remove them. why wouldn't you come to a country with those types of rules? stuart: haven't seen that. i would come. these buses full of migrants arriving in new york from texas, the governor of texas, greg abbott says there are more on the way. do you think this is an effective pr strategy by texas to move migrants to central cities, looks good in a pr

sense? >> governor abbott is making a lot of this and american people paying attention to prices but new york city ranks number one in sanctuary cities. in the illegal alien population, illegal alien commits a crime, he gets released into the community. protected from being turned over ice, they can get a drivers license, get legal help. new york city is a sanctuary. if they are at was once less people coming to new york, and a huge crime crisis, and call president biden and tell him to close the border -- stuart: i work in the city and

live in new jersey and around here, the border is not an issue, not mentioned as an election issue. i understand how it is a big deal in texas, arizona, and in the northeast, not a big election issue. >> is what makes it an issue. don't care what anybody's opinion is on illegal immigration, 70% taken off the line. what has that resulted in, and they are trained how to evade law enforcement. we have 900,000 got aways, border patrol arresting people from 161 countries, many sponsor terrorism. if you don't think a single one, 900,000, came from the country sponsor terrorism and enter the united states and got away to do this country harm they are ignorant, don't care what anybody's opinion, this is

a national security issue of huge proportion i have never seen in my career, scares the hell out of me and should scare every american 20 terrorists coming across the border, guarantee they are, don't know how many but someday we will find out and in new york city knows exactly what terrorism can do. stuart: we do indeed. powerful stuff and we appreciate it. carnival cruise lines dropped covid testing requirements and bookings are nearly double their pre-pandemic levels. we will tell you all about it. cost isn't the only thing keeping people from buying electric cars lose more than half the drivers are afraid there even the would run out of a charge, called raging zaidi, jeff flock has the report after this. ♪

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stuart: kind of a screaming song. >> is a classic. stuart: it is? never heard of it. >> that is the one that made them. stuart: who? sammy hager? >> he took over van halen. stuart: that is ben franklin highway, 78 degrees, that fell flat, does not of you remember hager? dodge stopping production of gas powered chargers and challengers, the 2023 models will be the last, dodge

celebrate this mail of any era for the start of a brand-new electrified future. where you are car guy? would you buy a electrified muscle car? >> a lot of the allure is the sound of the sound of the engine, a lot of car enthusiasts who don't like turbocharged engines -- stuart: i like the acceleration. >> the tesla model goes 0 to 60, that is a muscle car. that is super. >> i went to test drive it in circles around the parking lot. it has -- doesn't have a steering wheel. like you have in an airplane. total turn off. stuart: would you buy an electric muscle car?

>> i'm not ready, muscle car or not, i have rage anxiety and chip anxiety. there are 3000 semiconductors, 300 in the old ford focus, things go wrong badly and you are stuck and it has happened to me several times. stuart: message from a relative, you are not buying any car the go 0 to 60 in 1.9 seconds. the white house is hoping tax credits will give us all more incentive to buy electric vehicles, jeff flock in pennsylvania, raging zaidi is a problem for me. i'm worried about running out of juice on the highway. i don't think i'm alone in this. >> you are not alone because when aaa surveyed folks half of people that don't have an electric car are worried about it. i talked to the fellow who showed up here, this is a porsche turbo and that one

doesn't qualify for the new deal because this costs too much money. they've limited it so it has to be $80,000 or less if it is a truck or suv 50, if it is a sedan like this one, rage anxiety is a problem until you actually buy one and aaa found it is not so bad but a lot of people think as you pointed out that the administration opened the gate and there's all kinds of people taking advantage of this tax credit. take a look at the limits on this. it's got to be a final assembly in the us, the porsche i'm standing next to will not qualify because it is not assembled here. the minerals have to be, the battery have to be from the us or a friendly country, no china, no russia, any part of it come from any part of that you can't get the credit and

that illuminates a lot of vehicles, ones not made in the us, and hyundais and even ones made in america the cost too much. if it cost $55,000 as a sedan, total model x doesn't qualify. the ford 150 lightning, no. the other prospect raised by this bill, blowing the threshold in terms of cost major actor price up a little bit knowing people get the tax break. take a listen. >> if you are well below the thresholds, there is this secret push to increase prices like i don't think consumers necessarily get the full impact of tesla's bottom line which is a reverse.

>> it can be a little perverse the porsche is right here and if you don't want to drive in that when i've got no use for it. stuart: you've got your eyes all over it. thanks very much, see you soon. let's give you a sense of the market, the sense is the dow has moved further south, down 300, 3 quarters of the dow 30 are in the red down. flying through severe turbulence can be traumatizing for travelers. fox weather's jason fraser has always been afraid of turbulent and doesn't like flying at all but he's finally facing his fears and finding out the truth about turbulence. jason on turbulence next. ♪

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stuart: some travel stocks in the news.

first off, airbnb rolling out new screening. prevent people from renting homes just to throw parties. parties are banned at airbnbs. look at american airlines, they got 16% of their november schedule, 30 one thousand flights. they say the cuts are in line with our approach to network and schedule planning through the year. 16%, 31,000 flights gone. fox weather has a new documentary that gives a look at what causes turbulence on planes. airlines try to avoid it. >> i want to pull back how planes are designed to withstand it, how pilots trade and how i can manage my anxiety over turbulence. stuart: he has managed his anxiety over turbulence because jason frazier, the man behind

the documentary joins me now. turbulence scares me and a lot of people to death. is there anything you can do about it? >> don't think the plane is going to crash because here's the good news, turbulence has never crashed a plane before. i know it is something many people fear. are used to fear it as well any time we would hit a pocket of turbulence, my heart would start beating quickly, hit in your stomach and -- stuart: how did you do that? >> i used to take a number of drinks during a flight. as you know stuff like that isn't healthy but one of the things we did in the documentary was spoke with a psychologist about why we fear turbulence and it has to do with control. as human beings we like to

control stuff and you never know what is happening in the cockpit. buckley your safety belt and on top of that you don't know how long the turbulence is going to be and that is the scariest part of this. one thing psychologist tells us is to think of someone that brings you joy and peace, that is something. stuart: all over the place, this plane, the wings are flapping around, you're going to be okay to do some meditation. >> he did give us other suggestions, can't give away the whole thing, i want people to tune into the documentary. >> they fly around turbulence if they know there is a bad patch coming, they can be sued. we when they try to do that but this is part of the reason so many times, they stay in their

seats if the sky is clear you can encounter clear air turbulence which is something a lot of pilots cannot see and most folks are surprised to learn pilots generally speaking will depend on each other. if you have another pilot in front of you that has encountered to bill and they will do a pilot report and hopefully the pilot you are on the plane with will have read the report, what they try to do is avoid it but as some representatives from delta said sometimes is unavoidable and you've got to go through it. >> i don't fear turbulence at all. stuart: you clearly enjoy the art of adventure. stuart: and adventurous -- we are going to watch the special, the truth behind turbulence tomorrow night at 10 p.m. pm eastern on fox weather only on fox weather.

11:55, trivia question of the day, which planet is closest to the sun, mars, neptune, venus, mercury? lahren lauren and mark will guess and we will give you the right answer after this. . .

stuart: before the break we asked, which planet is closest to the sun? mars, venus, neptune, mercury. mark? >> mercury. stuart: you sure about this? >> i'm 100% sure. in fact i see it every morning when i drive to work. stuart: really?

lauren he is absolutely certain. >> mercury, not certain. stuart: i will go with mercury he seems very certain. it is mercury. the neptune is the furthest away earth is the third planet from the sun. i should know that. >> my very excellent mother -- >> there you go. stuart: time is up folks. we had a lot of fun, neil is here to take it away. neil: neil is here to take away all the fun. [laughter]. got it, that's about right. viewers are getting to you. welcome, everybody, i'm neil cavuto and for the next two hours, you are going to stay a whole two hours i know who you are, i know where you are, we're following a selloff picking up some steam here. a lot of this is built on fears again when we get the fed minutes out in couple of hours. that would be from the july july 26-27 meeting where they hiked rates 3/4 of a pnt