10% reduction in energy usage because they've been cut off from russia. there's a cautionary tale and we need to be energy independent and approving new permits and the biden administration approved the permits the most since world war ii and our future is secure and not at the hands of vladamir putin. maria: it's true. great to be with you this morning. "varney & co." starts right now. stu, take it away. stu: good morning, maria, good morning, everyone. it's great to be here on this back to work and back to school day. there's a lot going on. i'm going to start with something positive. we have a market rally, big losses last friday, i'm going to call it a modest recovery this tuesday morning. the dow is going to be up about 180, up maybe 20 on the s&p and nasdaq took a hammering friday is up this morning make 68 pontos. not that much of a -- points,

not that much of a comeback. bitcoin around 28,000 dipping to 19.7 as we speak. take a look at interest rates and yield on ten year treasury up to 3.26%. i got to tell you, the two year treasury yields more than the 10 year still forecasting recession. all right. forget the markets for a session, there is an energy crisis developing. russia has cut nat gas exports to europe through the pipeline indefinitely. no more gas till the sanctions are lifted and europeans are scrambling considering price controls and nat gas down a fraction and crude oil a little. in britain, the new prime minister faces the highest inflation in europe and may hit 20% next year. the problem is energy. uk families face a doubling, repeat, a doubling of their utility bills this fall and another doubling in 2023.

over here, president biden goes on the political attack lashing out at maga republicans and trumpers willing to engage if political violence, his words. a series of divisive speeches in swing states two months before the elections. so much for unity. take a look at this, the irony of the day, tourists driving an electric car in west virginia ran out of juice. they had to be pushed by a group of west virginia c coal miners o the coal mine where they could get a fresh charge. how about that? tuesday, september 6, 2022. "varney & co." is about to begin.

stu: it's raining here in new york city and i was away for 12 days and had fantastic weather all the way through. bright sunshine in cape cod up state new york and it's wonderful and now it's raining as i come back. that's life i guess. it's going to be a shortened week, it's a busy week. let's get started. first off, the markets are maybe up a couple hundred points at the opening bell and nasdaq up 80. major averages coming off third straight week of losses starting a short week on the upside. apple holds third "far out launch" event tomorrow. it's the iphone 14 and featuring satellite connectivity. lots of meme stock news. executive from bed bath and beyond allegedly committed suicide over the weekend. chief financial officer was facing a lawsuit in a pump and dump scheme to artificially inflate the company's value. he fell to his death from a new

york skyscraper and bed bath and beyond down to $7 a share this tuesday morning. gamestop's chairman, ryan cohen, also named in that suit. gamestop reports earnings after the bell tomorrow. it's down 4.5% this morning. opec cutting oil supplies by 100,000 barrels per day and takes place next month. todd pyro with me this morning. this was a surprise, a cut in production or was it? >> let's not go crazy on this, opec+ slashing 100,000 barrels s from global oil supplies next month in a move called a political statement. these cuts are essentially re-cespedes their september increase and come after the saudis saying that opec could reduce output at any time. the average g gallon of regular gas at $3.77 according to triple-a.

a price cap on imports of russian oil and return of iowa hiranenoil if the bill comes to. there's a lot of negatives attached to the deal as well. stu: one more, the energy giant in russia, gas prom and extended their cuts to europe indefinitely. that is pure politics. >> not according to the russians, stuart. the state-owned energy company citing urgent maintenance and did not provide a date to reopen the norstream pipeline that delivers gas to germany. they've reduced gas flow to europe amid the war in ukraine. they've increased a concern over crippling inflation and what it means for europeans trying to heat their homes this winter. boil down the last line. people are likely to die this winter because of cold, not because of heat, because of

cold. this energy crisis is going to be deadly. stu: all the green dreams from before the pandemic, cut the supply of toes fossil fuel and they're now going to pay for it. todd, stay with me for the hour. >> will do. stu: jason, starting out, not the new month but the final four months of the year. what's your outlook for the rest of the year for the stock market? >> stuart, we're in a bizarre world where good news is bad news. stocks falling on economic data is count intuitive to most folks but makes sense through the fed's prism. the strong numbers give license to the fed to raise rates. we had friday's so-called goldy locks numbers and it was outweighed by gop politics. unemployment modestly ticked up but due to labor force

participation. that's a good thing. hourly earnings rose, but not at a super fast clip. there are some green shoots out there, two fed meetings ago to today, the news is incrementally gotten better. the market wouldn't suggest that, but cpi, ppi, used car prices, commodity prices mostly lower. here's the bottom line, i think we put in the lows but at the same time but the same token, i think we've put in the highs for this year as well. stu: a rather dull final four months of the year. would you go that far? >> i don't know if i'd characterize it as dull but it'll be a bumpy ride. it'll albeit in a range and a period of consolidation but i do think you will get a year end bounce. look, inflation's going to be sticky. we have structural changes, on shoring, de-globalization and earnings estimate haves to go down and i'll end on this note, we're at peak inflation i think

and frankly at peak hawkishness and approaching peak negativity and the ship has sailed for meaningful ex-weties and brace for volatilities, consolidation, and a modest rally getting past the mid terms. stu: if we've seen peak inflation, that's 9 or 10%, consumer prices and if that was the peak, what are we coming down to? that's my question. i mean 6 or 7% inflation would be a big problem, wouldn't it? >> it certainly would be. frankly i think the fed is going toe concede, they're going to throw in the towel and have a new target and it ain't going to be 2%. it'll be more like 4%. if we can get to 4%, you're going to see the market breathe a meaningful sigh of relief. unfortunately we're not getting there until at least next year. stu: jason katz on a tuesday morning. thank you so much. >> thank you, sir.

stu: politics. a federal judge ordered that an independent special master be appointed to review the documents seized during the fbi raid on mar-a-lago. the justice department also have to put a hold on state queenses own review. its own review. todd, is this a win for trump? >> in two parts. one is a pr win and trump hasn't had a lot of wins with regard to this situation aside from the fact he can say, hey, the government raided me and i'm a president and this is not normally happening to former presidents. from a legal perspective, this is a pretty big deal. what the government did, and we've talked about this, government went in there with a pretty broad warrant and scooped up a lot of stuff. if you read what the judge said in the reporting coming out of what the judge said, the judge was a bit concerned that medical records and tax records that have nothing to do with the classified material of which the government complains was scooped up in all this. the judge basically going to the .g what's the harm in appointing

a special master and the government said delay. is the government ever really concerned about delay. look at mueller probe and durham probe. it's still going on. what is the issue with delay? do it right and clean it up and i think trump earned a big win there. stu: the biden folks, they want a delay so they can keep things under wraps and selectively leak to the washington post and the new york times anything that's conceivably negative about trump. that's what they want to do. >> that is the concern. we had a lawyer on my show earlier who actually to your point questioned whether what they put in the briefing ie, they're worried about delay, whether that's what the government believes. they think that in some ways this played into trump's hands. i think it remains -- played into biden's hands and doj i i think it remains yet to be seen. we all need to realize and take a step back. the people who think they know what they're talking about don't know. it's never happened before and

we're all pontificating ex-rain yously with thoughts out of their head. if anyone claims they're experts, they're wrong. it's a ride we're going on together and it's a bumpy one. stu: i think biden thinks it's his ticket to success in no. >> it's not playing well and biden started hurting himself first with the student loan bailout and now with this. it's not been a good last couple weeks for joe. watch those numbers that were in joe's favor a while ago there before you went on vacation, they'll start going back down. stu: i come back from vacation -- >> all revolves around you, stuart varney. stu: oh, thank you, todd, you're a good man. tuesday morning, back to work and school and the market showing a very modest rally. coming up, a guest on msnbc characterizes trump supporters. roll tape. >> we're at war with these people. these folks are evil. they have allowed evil into their house with donald trump, he is now dominated the party,

this evil is spreading. stu: tell us how you really feel. are we at war with one another? democrats trying to rewrite history around school closures during the pandemic. karol markowicz fled to get away and she's here and going to set the report regard straight aft- rerecord straight after it. ♪

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stu: the song may be titled pocket full of sunshine.

it's a very nice song but there's no sunshine today at the jersey shore. it's going to rain all day. 76 degrees and going to rain all day long. let's get away from that. we're just getting this coming out. the los angeles school district targeted by a ransomware attack. todd: yeah, it's called criminal and the fbi and homeland security involved. schools scheduled to open today on time. business operations though could be impacted going forward. again, we got this word into the news room and keep you posted on any further developments. stu: just happening, todd, thank you. over the course of the pandemic, a young student -- young students saw a drop in reading and math scores. a dramatic decline at that. karol markowicz wrote a piece in the new york post about this and blames the teacher's union chief, ra randi wiengarten for e

drop. synwhy are you blaming randi wiengarten about this, karol? >> we need to understand it wasn't the pandemics, it was a trifecta of the teacher's unions with people like randi wiengarten leading the way and the liberal media covering for them. those three parties in part tried to hurt donald trump and that's why they did it. that was more important to them than the education of children and we can never forget or forgive and we have to hold these people accountability. randi wiengarten sat down with the cdc and crafted healthcare policy that kept schools closed and literally blocked the schoolhouse door for thousands of children across the country. what we've found in the latest news is that the numbers have fallen so sharply, and fallen of course even worse for minority children. she didn't care about that at all. she had her priorities, and it hurt us all. stu: why do you think she did

that? why were they so keen on shutting it down and keeping it shut down? why? what's in it for them? >> i think each of the parties involved had a different purpose. for randi, she thought she was acting on behalf of teachers in part but also in part, it was that she did want -- donald trump wanted schools to open so she automatically did not. she's a partisan leftist activist. look at her twitter. she's as leftist as any other activity on the left. she did this definitely because donald trump wanted schools to open. for the democrats, they were afraid of her so they did it because they wanted her support and they wanted the support of teacher's unions in future elections and the media covered for all of them because they're all on the same team and that's how it goes. stu: seems sometimes like the democrats are trying to rewrite history and take credit for reopening the schools. should they get any credit for reopening the schools? >> no, they should get absolutely no credit for

reopening the schools. they were the ones that closed the schools and kept them closed. right now, we can't find anybody ever supportive of keeping schools closed and ra ra randi wiengarten pretends she wanted to open schools but she didn't. these people were on the wrong side of history and we can't let them rewrite the history. there's been no accountability and not one person said i closed schools, i was in charge. i am sorry. woe haven't had any of that. so the idea they were somehow instrumental in opening the schools. i remember, i was on your show talking about schools needing to open and they blocked the doors for these kids, they did this and they own it. stu: there was $122 billion given to the school system, education system, public schools. can that money not be used to return educational standards of those youngsters that have been sacrificed during the pandemic?

>> so the problem is that money only gets you so far, and it also when the unions were saying like, oh, we need all this money to open schools. i would say, no you don't. none of this money matters to open schools. to open schools, just open the door and let the kids come. time cannot be restored for these children. you can't simply get them more help. this doesn't exist. i have three kids of my own, i'm getting them extra help for things they lost through the pandemic, and i see it's not enough to give them extra tutoring and not everybody can swing that anyway but yes, you're right. that money should be used to help the children but it cannot restore what was lost and taken from them by these actors. acto. stu: it's a terrible tragedy for millions of youngsters. >> it is. stu: karol, thanks for being with us all these years. we appreciate it. >> thank you. stu: the teacher shortage in some parts of california is so bad that schools want to have parents rent out rooms to

teachers. what's that about? todd: all that money karol is talking about it not going to the teachers. we don't know where it's going. this school district near san francisco is begging parents to rent out rooms to teachers. the average price of a one bedroom is soaring to almost $3,000 a month in that district. the superintendent saying "we've lost out on some employees that we tried to recruit because once they see how much it costs to live here, they determine it's not possible". glass door reporting that anarchal salary of a teacher is about $66,000, $3,000 a month times 12, $66,000 doesn't leave a lot of room for food and other things. stu: you got that right. todd, thank you indeed. quick check of futures, it's tuesday morning. back to work and school day. this is how the market opens after a three-day weekend. some glean, but not a lot. the -- green, but not a lot. the opening bell is next. ♪

stu: check futures please,

tuesday morning, modest gains at best. dow is up about 100 at the opening bell. david nicolas joins us to check out the markets this morning. david, we're into september. we've got october, november and december to come. the rest of the year. what's your outlook for the markets, rest of the year? >> yeah, stuart, it can't be worse than the first half of the year. that's all of our hope. from a technical standpoint, s&p trading around 3900. for me, there's a lot of support right at 3900, but this is a data dependent market. we have to look p at what inflation does. if inflation stays sticky, which i personally think it will, the fed will continue to stay hawkish. i think at least for the next two inflation reports, stuart, the market will not like it. i think we continue to see choppiness but i've said this before i think around the midterm elections, i think that should be a clear bottom for the markets and i think between november and december, most of the return for the markets will

come on the back half of the year and midterms will be behind us and hopefully see a slowing in inflation and that's a sign for the market that the bottom is in and we got to get through the next two inflation reports, stuart. stu: understood. it's data dependent and anything can happen. we all understand. it's very difficult to be forecasting the market. do you have a target for the s&p 2500 for the end of the year? it's at 3935. where to on december 31st? >> okay. i think -- talk -- bring in politic as bit. it has to do with it. if republicans take back the house and the senate, i think we see markets head higher. s&p above 4,000. in inflation stays high, republicans don't take back the senate and 3850 for the senate. stu: is there any group of stocks you find attractive right now? >> yeah, the narrative is it

tech or value? i think value is where it's at, stuart. you want to own names they paying you to own them. walgreens paying a 5.4% dividend. i'd love to get paid 5% to wait and see what the market does. it's got great cash flow and putting money to work in names of good cash flow and good dividends and wall greens is one of them. oil names like marathon, xom, xon energy. these are cash kings and the names that are beaten up the most like facebook, l that's a value trap and you've got to be careful. i like proven cash flow kings like walgreens and exon, marathon, conoco. can't go wrong. stu: i'm telling you there's nothing wrong with a two year treasury buying and holding to maturity and getting a 3% yield. nothing wrong and can't lose and get a tax break as well.

david, stay there for me, please. i'll ask you a couple questions about ibm and walgreens in a moment. we have the opening bell about to ring. by the way, the president of ukraine, volodymir zelensky ringing the bell. not bad at all. zelensky rings the opening bell at the new york stock exchange. that was all virtual. now we're up and running on tuesday morning after the long weekend, a bad week -- a bad friday i must say. opening up this morning with a very modest gain after the big losses last friday. you're looking at the dow 30. i see about three quarters on the upside about a quarter to a third on the downside. a mixed opening today. s&p 500 also on the upside but again, only just. you're looking at a gain of a quarter of 1%. 3934 is the level and the nasdaq

composite up about a quarter of 1%. modest gains. how about big tech. well, a mixed picture there and big movement for any of them and apple is the heat leader. 156 on apple and microsoft 257. take a look at cvs. they have reached a deal to buy the home healthcare company signify. this is an $8 billion deal. cvs said it'll expand their ability to provide in-home patient care. david, come into this. what was that a smart acquisition in your opinion? >> stuart, it was an absolutely smart acquisition. they acquired aetna for $70 billion and don't want to sell tooth paste and deodorant. they want to be your primary. if they can figure out a way for physicians coming to your home, that's what the deal is about, to bring beer with them, that's a winning strategy and great for

the stock and i like the move. stu: i'm breathing in physicians going to your home -- interesting in physicians going to your home. home calls have not been a feature of american life for a long time. amazon, they're scrapping plans to open 42 warehouses in america and several others in europe. they're delaying plans to open 21 locations in america and they're closing two delivery sites in maryland. david, come back in again. what is that all about? >> well, stuart, the boom that amazon saw during the pandemic, i mean, the numbers were just crazy. they were opening in new logistics and delivery facility about once every 24 hours over the last few years. that was due to covid. well, look, that demand slowed, amazon can spin however they like and they're not seeing the same demand and amazon laid off 100,000 workers in the second quarter and the most in the company's history. obviously we're seeing slowing for amazon and that means the logistic centers built like crazy during the pandemic are closing some down.

doesn't scare me, i like the stock and we're not seeing the same demand and amazon is showing us that that we saw during covid. stu: i want o move onto bed, bath and beyond. the cfo committed suicide on friday and one of two named in a class action lawsuit. it alleges him and the chairman of gamestop, ryan cohen, engaged in a pump and dump scheme. david, what do you make of all this, bed bath and beyond all the way down to the meme stocks getting pummeled. what do you make of this? >> stuart, the human side of the story, this is tragic. a family guy and a father. it speaks to some of the pressures that come with being a top corporate executive at some of the companies especially like bed bath and beyond. the financial side is pretty discouraging. this is a company probably heading towards bankruptcy if something is not done quickly. he announced before his death they would be laying off workers and closing stores.

the stock was getting absolutely destroyed and i can't begin to imagine the pressures of a position like this and it's heart breaking and the financial side is not good. the stock does not look good in any opinion. they have a lot of financial decisions to figure out and that'll come unfortunately with more employees being laid off. stu: the nasdaq is heading south. red ink for the nasdaq now. we opened higher for the nasdaq and moved lower. a mixed opening for stocks generally. move onto apple. the they've got a big event tomorrow. the apple 14, iphone coming out tomorrow. , david, will this be a market mover, a stock mo mover for app? >> stuart, i like apple. it's a stock we own, but i get kind of annoyed when they come out with the -- the new phone, maybe the camera is a little bit better. i have the same phone i've had for a few years, it does the

exact same thing. this is a challenge for app and will is it enough to get consumer excited? i don't think it is and not a big mover for the stock but the stock held up pretty well throughout all of the malaise the market saw this year. any news is good news but not the big news that will move the stock unfortunately, stuart. stu: fair point, david. this is the iphone 8 for heaven's sake and i'm still using it. it works just fine for me, thanks very much. enough of the bad news, let's talk about some of the is to bees that you picked out earlier. i'm interested in walgreens, which you say yields 5.3% and i'm interested in ibm, which yields 5%. >> stuart, i know you love your treasuries at 3 but here are two stocks that beat those. you mentioned ibm, walgreens, two names i like. this is why you don't want to own a stock because it pays dividends but it's growing its dividends and has growth

outlook. look at walgreens, they've raised their dividends over 40 years and a stock with great cash flow and look at a name like walgreens, pretty recession proof and talking cvs earlier and i put walgreens in that category and i like them because of what it produces. ibm is a sleeper that most investors overlook and hasn't seen the growth like some other tech names but you want boring. stuart, boring wins like your 2 year treasury, ibm is a boring stock. we want to own the boring stocks in the environment and if i can get paid 5% to be boring in a world that seems to be going crazy, stuart, sign me up for that . that's what our clients want and what we're investing in right now. stu: okay, david, thanks very much indeed. i want to check the big board and we've been open for six minutes. see what we've got going here. we're up 113, that's the dow jones industrial am average andp one-third of 1%. which of the stocks are the

biggest winners on the index? it's boeing again. caterpillar, dow inc, jp morgan, chevron rounding out the top five. s&p, norwegian cruise lines, royal caribbean, carnival corporations. the cruise lines are doing well again. they're all over. nasdaq composite and best is ill lumina, monster beverages, paypal, verasign. closing in on 3.3% and how about that. the yield on two year is still above that. again implying recession is coming. nothing wrong with two year, yielding 3.5%. price of gold, $17.18 continues to come down. bitcoin hovering around 20,000, 19, 6 to be precise. oil despite one because of opec

cutting the barrels and price up $87 a barrel. nat gas down 4% and that's a market all over the place. average price for a gallon of regular, down to $3.77 as of right now but a gallon of diesel still above $5 a gallon. $5.05 to be precise. would you work an a fast food chain that pays $22 an hour? california sign add landmark law that makes that happen. boar boris johnson bidding farel to downing street. will he be remembered for brexit or party gate? listen to who elizabeth plans to represent. roll tape. >> i want to be a voice for the 74 million americans that voted for him and kind of tell them, you know, from my experience, here's why i won't support him again but here's what a future republican party can and should look like. stu: wow, it'll be a tough table

she'll be sitting at. joe concha breaks it all down and how it all plays out, he's next. ♪

stu: opec agreed to cut oil production six weeks after president biden begged the saudis to increase supply. grady trimble in chicago. all right, grady, what output does this send to america? >> saudi arabia and opec don't care we're paying more and some might like it and they want to keep oil prices high so they make more money. the production cut for october comes just days after the g7

countries announce plans to put a price cap on russian oil and comes about a month and a half after president biden's visit to saudi arabia so ask them to drill more. after that trip, opec+ increased production by 100,000 barrels per day for the month of september but now they're reversing that by the same amount for october. makes you wonder, was the president's visit to saudi arabia all for naught. oil analyst andy liphoussaying with ope c+ production running 3 million barrels per day less than their agreed to quo toe, it's more of a political statement and a snub to president biden and the european union. the move from opec+ follows moscow's confirmation it'll keep the nordstream pipeline closed. that's unlikely to happen so europe will keep getting squeezed. opec and russia are sending the

message they want to keep supply tight as the white house and the west, stu, try to increase supply and lower prices. stu: got it. grady, what an interesting picture. that's all i got to say. grady trimble in chicago. look at the markets, we've now lost almost all of the opening bell rally. we open higher. now we're lower and the dow is off and the nasdaq is off and a fractional gain for the s&p. larry kudlow is joining us this tuesday morning. is a recession here or coming or getting worse in the immediate future? >> well, i think your last one is probably right. it's going to get worse. i want to note some facts, okay, the gdp tracker from the atlanta fed is showing + 2.6% for the third quarter. i wonder outloud, stu, where

we're not headed for a double-dip recession. the first half of the year the economy shrank by 1.5% and two quarters down and call it 1% drop in the first half. the third quarter could be up by 2.5% according to atlanta fed, maybe a bit more, maybe a bit less. the fourth quarter we don't know much about. here's the policy implications, i mean, the slump in the first half was because of the spike of inflation and gas prices and food prices, okay. not the fed tightening. just a spike of inflation as real wages fell sharply. all right. now we're getting a little calmer third quarter but the fed is going to keep tightening, i think 75 basis points in september and probably another couple of 75s or at least 50s

later in the year. the money supply has fallen from about 27% year on year in early '21 down to 5 or 6% so i think the fed tightening and shrinking money growth is going to give us a second dip in the fourth quarter or essentially in the first half of next year. we haven't dean a double dip recession in quite some time. stu: and we don't have a growth policy either. we don't have it and not going to get it for awhile. go ahead. >> let me just make -- what yoyoujust said is very importanu much the fossil fuel attack continues. the congress, the democratic congress has just spent $1.5 trillion in three bills, okay. inflation increase bill, is what

i call it, the chips bill, and now the student loan debacle. $1.5 trillion, that's inflationary. and the second point is a very good article in the wall street journal, if the democrats regain congress, if, i don't think they will, but if they do, they will try to unwind all of the trump tax cuts. they reversed a small amount in the last bill, but they want to end all of it. so you would have more spending and a much higher taxes and that's inflationary and that is recerecession ary. i hope the calvary comes and straightens this out. stu: there's an awful lot riding on the midterm elections and that's in a short amount of time. larry, we're out of time but we'll be watching at 4:00 eastern time.

kudlow at 4:00, see you later, larry, and thanks for being with us now. >> thanks. stu: coming up, president biden had blunt words for a heckler during a speech yesterday. >> by the way, oh, right. god love ya. let him go. let him go. let him go. look, everybody's entitled to be an idiot. stu: not much unity there i would say. i wonder what kennedy makes of the idiot ". id quote. she's on the show a little later. there's a pope francis issue a dire warning for mankind suggesting we're on the brink of world war iii. jonathan morris is here next and we'll discuss. ♪

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janice dean, the latest from the fox weather center. what do you have? >> stuart, you're right. historic tropics it is number one. we didn't have a named storm in august but several in the atlantic basin. anything can happen. it takes one bad storm to make it a terrible year. we've got danielle, earl, and a couple of areas to watch off the coast of africa. things are starting to percolate in the atlantic and we're getting into peak season, but the fact that it's been very quiet, i don't want people to let their guard down because we typically see the most activity in the next several weeks and because we have things brewing in the at l atlantic, we cannott our guard down. this is tropical storm earl. we don't expect earl to directly impact the u.s. but we could see indirect impacts 234 the way of rough surf, rip currents, beach erosion over the next several days, earl is going to curve out to sea but bermuda needs to

watch the potential for close to a category 2 hurricane. we will watch that. hurricane danielle, this is out in the open atlantic, not going to affect the u.s. at all. but certainly we will continue to monitor that. it's just going to kind of meander over the next couple of days but it is a hurricane so that's something to take note of. and then we have these areas off the coast of africa and as we get into the season where it gets busy, these are the storms that typically can make a bigger impact. it has a lot of warm water to travel through and the good news is we have at least five days to watch these areas of interest so the next five days is a 60% chance of probability and then on the other side into the pacific we go, this is hurricane kay. so things are active, stuart. we're just not seeing impacts across the u.s. but that's not to say that the year is over yet, and we still have to pay close attention if you live across the gulf coast and

atlantic coast as well. stu: well said, it ain't over yet. janice dean, thank you much going to take a moment to stay thank you to todd for stick around for the entire hour. you work hard, young man. todd: great to be back, sir. stu: we opened higher a half hour ago and lower across the board. we'll get into it. still ahead, jason chaffetz, brian kennedy, and kennedy joining us on the 10:00 hour of "varney & co.," that's next. ♪

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we opened half an hour ago with gains across the board. we lost all the gains and continuing to slide which we saw last friday, dow down 60, nasdaq down 60. the tenure treasury yield moving up to 3. 33% to. 3%. i should point out the yield on the 2-year still above the 10 year, that is a recession indicator. the price of oil earlier moving up, same story up, half of 1%, and bitcoin is holding $20,000. us oil prices $87 a barrel and bitcoin around $20,000, 19 and change. that's a look at the markets. and now this. the latest read on the service sector. this is important. it will affect the markets. before we go any further, thank you for the hard work you did last week. working hard. what you have on the service sector.

ashley: 56.9, the estimate was 55.1. much better-than-expected, a lot of strength in the service sector. this is a number that has been falling month over month so that is a surprisingly strong number but good news bad news, a good sign for the economy giving the fed more leeway to crank up interest rates. sometimes that is how the market interprets this strong data, 56.9 for the service sector. stuart: that is how the market is interpreting the service sector, the strength which implies the fed can't slack off on raising interest rates and the dow is down one hundred 50 in the nasdaq down 110. see you again later. over the labor day weekend, biden went on the attack.

a political attack. no surprises. the midterm elections are two months away. he spoke in swing states and wisconsin and went after themaga republicans, extreme right and trumpians. they are willing to engage in political violence which is fatal to democracy. he ended his speech calling for a future of unity and hope. mr. president, where is the unity in that message. you don't attract 74 million trump voters by calling them violent extremists but what else does this president have? one crisis after another since he was elected and can't keep saying it is all trump's fault. the media believes passage of the inflation reduction act will give them a bounce in the polls. that's been a slight uptick but amounts to much. it is sinking on the plan for out-of-pocket medicare drug costs doesn't kick in until

2025 and the plan to cut drug prices doesn't kick in until 2026. we've got inflation right now. the plan to forgive student debt will likely cost half $1 trillion, and workers get their hands dirty. the president ignores all of this, his handlers know the economy and inflation are his big problem so they focus on the politics of trump hating. not much unity there. just a touch of desperation. second hour of varney just getting started. ♪ great to be back and looking at jason chafe its who joins us. look at these headlines. an op-ed in the washington post claims the gop reaction to

biden's speech shows his anti-amaga strategy is working. the new york times says biden should not apologize to republicans for his comments. do you think biden's record is working and will work in november? >> i think it was shameful but mildly effective. it may be a temporary feel-good for those on the far radical left of the equation but don't think it truly moves those independents that's way elections. if you were registered republican you are not more apt to suddenly vote for president biden. it is a distraction trying to distract from every single issue which is moving in the wrong direction for the president. stuart: what happens if inflation gets a little worse. we've got an energy crisis. a big-time energy crisis. natural gas going up. we have a cold winter,

electricity prices going up. what happens if inflation ticks up a little? what happens to his popularity and ratings then? >> i read on foxbusiness.com the 20 million americans are behind on their utility bills, talk about a metric that is not good. if you are sweating it out whether you can pay your electricity, your natural gas in your home and it is not yet cold, i don't think that bodes well. energy continues to be an appeal these kill -- achilles' heel but a self-inflicted wound, the president chose this path and now he has to live with it. stuart: polls show an uptick for the president's approval rating, since the inflation act. does it not last? >> and negative territory, he

is not neck in neck, democrats desperately want this to be a referendum on donald trump and republicans often take the bait, they shouldn't, should be talking about the court issues, what leadership looks like on leading on issues that affect everyday americans lives. the democrats continue to make this case and republicans will take the bait and will be worse off for it. stuart: good stuff, thanks for being here. >> welcome back. stuart: we have one guest on ms nbc, sounding off against trump supporters, what is he saying? ashley: talkshow host and former cnn contributor declared on msnbc that he and like-minded people are at war with evil trump supporters. listen to this. >> this means war, we are at

war with these people. these folks are evil. they have allowed evil into their house with the donald trump, his evil is spreading and you are in a war footing, you have to respond accordingly. it is about time, president biden decide to get tough, time is advisers stop being weak. you don't walk comments back and under pressure. ashley: these comments follow president biden's attacks on republicans calling them a threat to democracy. president biden is the divider in chief epitomizes the current state of the democratic party, one of divisiveness, discussed, and hostility towards half the country. ashley: stuart: gas prices are coming down. the national average for regular at $3.77. that is down $0.30 from one month ago.

we've got an energy crisis, and electricity price increase. this is not going to go away. i'm worried about the future of electricity prices and utility bills because i'm looking at what is happening in britain, doubling utility bills and doubling again in 2023. that worries me for america. >> and it should. prices are up, higher than they would normally be because of what is happening over there but there is the worry that their won't be a lot of homes to heat because of the economy, some worries china with what they are doing with their shutdowns is going to slow everything down and the fed raising interest rates, the best meme i saw about this, maybe you will laugh, a gentleman got back from paying his heating bill, his buddy asked where he was, paid mike heating bill so i could come home and have a warm place to

starve to death because that is where we are at with this. you are exactly right. we are threatening russia by not wanting to pay a certain price, a russian oil. this natural supply and demand, this is on its way and here is the problem. we have shelter. that's not going down. wents going up. we have labor. just because inflationary costs go down doesn't mean you start cutting salaries of people that work for you. when you have labor and shelter and food still staying pretty high those are sticky when it comes to inflation the problem is we only have lower inflation, if crude oil and natural gas catch fire which i think they will you could see interest rates in this country around 3 or sent -- 3% and you can see inflation around the 10% level that would give back

those gains but that's my problem:be in the cards and that is what president biden has to worry about, nothing going his way so he has to create an enemy and find a way to divide the nation. you can't run on saying much better today than it was last year. nothing. stuart: great stuff, see you again soon. call miners. i like the story. call miners in west virginia helped push an electric vehicle after the car's battery died. you've got to take me through this. ashley: a picture is a thousand words, this could be 10,000. it happened in tucker county, west virginia. photographs shared on facebook by republican state senator randy smith shows the car broken down in front of a call company access road. the plastic underside prevented it from being towed.

5 local miners came to the rescue and decided to push the dead ev to the coal mine to charge up. one of the call minors even provided the stranded driver with a friend of cole license plate frame. according to the us energy information administration, call accounts for 20 one% of all electricity generated in the united states including the power used to charge evs. stuart: that is priceless. what is this about california? they don't want residents to charge their evs right now. ashley: they want you to buy them, not charge them up. synergy officials stepping up there calls for consumers across the board to lower electricity use because of a historic heatwave putting pressure on the power grid. residents being sold to set thermostats to a minimum of 78.

and avoid using large appliances and charging their electric vehicles between 4:00 and 9:00 pm. even with those, state officials say there's a high likelihood rotating power outages. where's the incentive to buy and ev when you get orders like that from the state? stuart: and the average price is $66,000, there is one more. we've got this power company in colorado taking over people thermostats as the heatwave hits. does that mean local people can't adjust the temperature in their house? ashley: that is exactly what it means. temperatures soared past 90 ° residents discovered they were locked out of their ac thermostats. instead they found a message that read energy emergency, the temperature was locked at 78 or 79 °. according to xl the company

that operates this, 22,000 customers in colorado who signed up for the colorado ac rewards program were locked out of their smart thermostats for hours, critics say it is one example of consumers becoming subject to energy rationing by energy companies or green energy climate regulations and people in major european countries already having their thermostats regulated in response to the energy crisis. an ominous sign of things to come. stuart: it is indeed. thank you very much, a quick check of the market, it is going down, up 260 points for the dow industrials. a reporter at cnn says there are serious questions that should be asked about hunter biden's business dealings. this is a new approach at cnn? joe concha handles that. the mayor of chicago questioning the governor of texas, mister abbott, about his faith.

>> you profess to be a christian? this is not the teachings of the bible that i know. religious leaders all across the country denouncing exactly this. stuart: this is about those migrant buses the governor of texas is sending to chicago. we will talk to theologian jonathan morris about this and the governor of texas's faith. 13 migrants drowned while trying to cross the rio grande over the weekend, dozens rescued by border agents. garrett tenney with the border report next. like any family, the auburns all have... individual priorities. some like strategic diversification. some like a little comfort, to balance out the risk. others want immediate gratification...

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the one let's get to it. the crisis at the border, 50 migrants swept down the rio grande river over the weekend, 13 died, dozens had to be rescued. garrett tenney is in eagle pass, texas, the latest please. >> reporter: it is true in every state is a border state now when it comes to the fentanyl crisis but the front page of the local crisis, the headline, del rio women killed on fentanyl overdoses serves as a reminder that these border towns are on the front line of this fight that is showing no signs of slowing down. over the weekend cbp officers at the port of gallison arizona had a huge bus finding 47,000 rainbow fentanyl pills, 187,000 pills and 6.5, hidden in her

compartment, and on the same day officers found 84 pounds of meth stashed in a gas tank of a car trying to enter the country. as we reported cartels are using this rainbow fentanyl to drive addiction in america's children and shares in texas are increasingly seeing it firsthand. >> takes two monograms of this, sometimes 3 times the amount of fentanyl, it is not supposed to contain any fentanyl. it is a weapon of mass disruption killing the population. >> reporter: migrant crossings at border are picking up once again, and this morning our cameras caught this group of 200 being processed by border patrol in eagle pass and late yesterday the drone team shot this video of another group of 200 that had just crossed, most from venezuela and both groups

included single adult men and women as well as family groups. 13 migrants drowned trying to cross the rio grande late last week, the deadliest mass drowning incident on the rio grande in years. a lot of these migrants were looking for water levels to drop back down and now that is starting to happen border patrol is expecting a lot more of these large groups of migrants trying to make their way across. stuart: thanks very much. 50 more buses filled with migrants arrived in chicago over labor day weekend. mayor lori lightfoot casting doubt on governor abbott's christian faith over his decision to let these buses roll in. >> he professes to be a christian, this is not the teachings of the bible that i know. religious leaders across the country are standing up and announcing this. stuart: resident theologian jonathan morris, the mayor of

chicago is questioning the christian faith of the governor of texas. what is your response to that? >> there's a long standing policy among psychiatrists never to in any way come up with a diagnosis of somebody you have never seen in person or telemedicine, you don't know, making a diagnosis. the same policy, to support their own policies, political policies make a judgment about someone else's faith. i would never make a judgment about governor abbott's faith or mayor lightfoot's faith, you don't know the faith. can you make a judgment about what she said? yes we have a responsibly to take care of people, they show up at your doorstep and they are naked and have no job, absolutely. but if the democrats or the republicans, in either administration over the last many years, they wanted to stop

illegal immigration, they could have. the real christian or charitable thing to do is let these people come across and live like second-class citizens in shadows, it was wrong. taking advantage of people, we could put a very serious verification system in, we could control immigration and levels that are sustainable and safe for the united states of america, current residents and immigrants coming in. stuart: is it an unchristian act for the governor of texas to send migrants to sanctuary cities like chicago? >> i would say it is against christian principles to allow the current system which is you can't come in, won't let you coming, you can't work but we will let you work, that is unchristian. governor abbott has to make a decision. what do i do with all the

people coming in? it's not his job as governor of texas to take care of everybody who comes in. i hope the federal government, congress takes this seriously and says think about ellis island. we've done this before, people showed up. we had a system. we checked to see if they were safe and healthy or criminals. we had a system. right now is anybody who gets here come on in. we will figure out what to do. that is bad for them, it is bad for the united states, bad for our drug policy of controlling drugs, bad for our national security. stuart: as our resident theologian i want to ask you this. back on the prompter please, i want to talk about pope francis declaring mankind is experiencing world war iii due to the war in ukraine. the world is at war for me today, world war iii has been

declared, this should give us pause for thought, what is happening to humanity that we have three world wars in this century. what is the pope saying here? >> i wish somebody were helping him with communication. hyperbole works sometimes but not when you are the pope. hyperbole meeting exaggeration or to make a point, thank god we haven't -- if we were in world war iii coming in the context of ukraine and russia, if we were in world war iii we would know it. thank god we have been able to avoid world war iii up to this point. i think pope francis, i have great respect for him as a human being, as a person, but using hyperbole like this i think is a big mistake because we get tired and say i am not sure what he means. stuart: thanks for being here. see you soon. britain has a new promised her, liz trust is being compared to margaret thatcher, worked as an aide to margaret thatcher, on

the show, i will ask him what about that comparison? we will talk about it. a federal judge grants special master to review documents seized on the raid of mar-a-lago. he will tell us if this is a win, to trump and his legal team next.

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stuart: all red ink on the left-hand side of the screen, nasdaq down 150. new emails report the white house worked with social media giants to censor posts which they say were misinformation. edward lawrence at the white house, has the white house responded to this? >> deflecting blame, these conversations about misinformation started during the trump administration but in this lawsuit they identify 45 different officials in this administration and contact across a multitude of federal

agencies, and gave talking points, and refusing to weigh in. >> i don't have anything to share with you on that and won't comment on that at this time. >> attorney general from missouri and louisiana, a vast censorship enterprise across a multitude of agencies. >> i'm not going to comment at this time. >> reporter: behind-the-scenes officials downplay the accusations according to the meta-policy, and the network they believe is false, reach out to that network and explain it. the missouri attorney general think it's more sinister. >> they had weekly censorship meetings, in addition to that they also were able to

establish a verified flagging status or government officials, we have a senior official in facebook with the surgeon general of the united states, what can you do? >> gop members of congress, to suppress conservative voices on the platform. stuart: thanks very much. a federal judge has ordered an independent special master to review the records seized by the fbi at the president's home mar-a-lago. matthew whitaker joins me now. is this a win for mr. trump and his legal team? >> it is a tactical win. good to be with you. this case, going to be small steps. the next strategic and tactical play is the hearing friday where they come up with someone

to serve in this role, i am not sure the government is going to agree to any names proposed by the trump team and vice versa, and this will be a grind here, for the person. stuart: why is the fbi opposed to the special master? it seems like they have something to hide. >> it really does. this case, probably more than any other case demands transparency and some level of accountability. the fbi used the most intrusive means in mar-a-lago, they grabbed more than they were entitled to under an overbroad warrant, passports, medical records, attorney-client privileged documents and this was specific that while the executive privilege is a question and the government may be right in their position, she

did emphasize executive privilege is still an argument the trump team should be able to make for the government to grab 11,000 documents as part of the search warrant execution. stuart: it seems like we are in for long-term delay before we find out what is going on and during that delay i don't know about you but i'm expecting a lot of leaks. somebody in the white house will talk to the washington post, and on the surface, damaging to mr. trump. is that what we are in for? >> the doj and fbi have a significant leaking problem as relates to this and more generally. if merrick garland were serious about doing justice the right way without fear or favor, then they should not litigate this case in the media and it is a shame this is what it has come

to. one of the reasons to justify the rate of mar-a-lago was the nuclear secrets that were about to be released to. it is a serious issue and this needs to stop immediately. stuart: the list goes on and on. we appreciate it. there is this. the acquisition firm that agreed to merge with trump's truth social failed to secure enough shelves. what does this all mean? ashley: the deal remains in limbo. digital world acquisition, the blank check firm that agreed to merge with donald trump's social media company. that deal would have provided trump media and tech group that operates truth social with a cash infusion of $1.3 billion but reports a digital world failed to secure enough shareholder support for a 1-year extension to complete

the deal. another vote taking place today. don't forget the sec has been reviewing this deal has yet to give its approval. in the meantime truth social is, quote, on strong financial footing and will begin running advertisements soon. stuart: thank you. democrats trying to rewrite history by blaming pandemic school closures on republicans. is anyone buying this? i will ask kennedy in the next hour. a new quinnipiac poll shows abortion as a top issue for benefits but what does that mean for republicans two months from the midterm? are poured on that next. ♪

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what if you points, dow stack -- the nasdaq down 57. this is interesting. volkswagen moving ahead with plans to take porsche public one of the biggest ipos of the year. investors expect it between 60, and $85 billion. plans for the ipo to be completed by october. the midterm elections 62 days away and a new quinnipiac poll shows abortion is one of the most important issues for democrats. aishah hasnie, are republicans adjusting their message now? >> reporter: it is certainly gotten their attention. they are talking about it now. they have been campaigning pretty hard on things like inflation, high inflation, high

crime, pocketbook issues but they are starting to notice abortion has been energizing quite a few democratic voters. as you mention according to the new quinnipiac poll abortion is the most urgent issue for democratic voters out there. years democratic presidential campaign, how democrats are making the most of that ruling. >> ripping away our constitutional freedom, reproductive freedom has awakened millions of voters. we see that in the astonishing comeback in special elections in new york and elsewhere. >> reporter: you see how they are sinking the narrative. jim jordan said that republicans should lean into the dobbs decision. >> we are the pro-life party. we will protect the sanctity of human life, democrats have the position, they are the ones who think you should be able to take the unborn child's life

until the birth, this was a huge win for the precious nature of human life and i don't think we should shy away from it. >> reporter: republican national committee chair ron mcdaniel told the ap the gop needs to narrow its message on abortion, she's pointing out the fact the past four republican presidents believed in exceptions but also limitations to abortion. at this meal of the day the gop cannot allow democrats to shape the narrative. stuart: thank you very much. then we have apple gaining ground on facebook and google when it comes to online advertising. apple is making inroads into those two. is this got anything to do with apple's software privacy update? ashley: yes. according to a study apple is gaining momentum in digital ads while google and facebook appear to be losing steam.

research found apple's add business benefited from major privacy update in 2,020 one which made it more difficult for companies like facebook to track users across the internet. the adoption rate for the second quarter rose four percentage points, 94. 8%, facebook's adoption rate fell 3 percentage points to 82.8% while google's rate went down to 94%. the report concludes apple has joined facebook and google at the top table of advertiser adoption. stuart: there's a lot of money and that too. still ahead, president biden goes on the political attack, called out heckler in wisconsin. >> president biden: by the way, god love you, let him go. let him go. let him go.

everybody is entitled to be an idiot. stuart: calling people idiots not exactly unifying, is a? this is a wildcard chasing new york city, armed robbers am into an suv and take $20,000 off the driver. brian kilmeade deals with out-of-control crime and a lot of cities after this. ♪

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ashley: there has been a recent uptick in the theft of cars made by kia and hyundai. does tiktok play any role in this? ashley: tiktok and social media users posting videos to teach people how to start a kia or hyundai vehicle without keys using a usb charger, thefts have skyrocketed across the country, some major cities reporting increases of 300%

over the last two years. state and federal lawsuits filed against the two automakers. one class-action lawsuit seeks a defect in the vehicles make them easy to steal, or work less than they should be. electronics -- makes it impossible to start a vehicle without a key. now we teach them how to do it on video. stuart: thanks. it is just coming up on and exactly 10:51 eastern time. brian kilmeade joins us. i want to show our viewers. ran their current to in suv and took $20,000 off the driver in the middle of manhattan and it happened in broad daylight on the upper eastside. it is not getting better in the city.

>> reporter: numbers are -- 20,000 in the car, do you know anyone carrying that? a thing called in atm card. outside murders, everything in the city in terms of crime. murders are down, shootings are down but in terms of grand theft auto, in terms of assaults, robberies, transit crime is all up and talking about new york, i could be talking philadelphia or chicago or memphis or any major city in america and that is what the election should be about. who keeps you safe, how you keep most of your money. these horrific things playing out on camera because of -- they ring doorbells or surveillance on every street corner, that happens in places like london or new york city where you have money to get the cameras and surveillance. stuart: this is the day, tuesday after labor day

weekend, going to come back to the office. are people coming back to their offices in new york city when you have crime like that? back to the office today. stuart: 3 things happening. a huge pushback, major investment firms, people who watch fox business more than anything else, need you back to work, no more two days, you back to work, and some are lazy and some are covid crazy and some are worried about crime. covid, go see a therapist, it is done. and when it comes to crime, you have legitimate concerns where people are not going to feel comfortable getting on the subway because trans crime is up but only 60% of where we were in terms of people hopping on buses and trains. i know this. i go to penn station three days

a week and i notice even on prime time rush hour, i am never looking for a seat. it never used to be the case. you were lucky to stand and sometimes wait for the next train. when i go on subways, it is never crowded like it used to and people are citing crime, how do you fight the stats? stuart: sometimes you are the only one there and that is a difference from the change. i was watching fox and friends in her you say california banning the sale of new gas powered cars by 2035, you say that is flat out criminal the way california is treating oil and gas companies. flat out criminal? >> and all above strategy. that is what we need. imagine if i said the only way to fly around his jet packs and the only way to get to the moon if you don't get to the moon the technology is not there for jet packs, the technology is

not there to go to the moon for everybody. are we on the road yes, that is why you need all of the above, till everyone making combustion engines come in to tell everyone you're going to get to work, on electric cars, the technology is not there and powered by call and when the innovation and material needed is in china that is anti-american. it's not in our national interests to be relying on china for anything, that is why this deal is interesting because vietnam is getting a lot of it. india is getting more from apple and google and other places but now, give me cobalt, all the necessary elements to build a battery, that we can't get rid of, that is criminal, it is against our country's best interest, don't care about the country, don't care about industry, gavin newsom puts on gel every day and wants to be president when every decision

he lives in california is making his state worse, and we don't need it nationally. 17 states will follow in his wake and that is,. stuart: glad you got it off your chest because i entirely agree with you. still ahead, look what is on this program today, byron york, joe concha, kennedy, leo terrell, the price of gas has come down. we have a global energy crisis on our hands and i think it is going to get worse. that is my opinion and it is "my take" and it is next. ♪ ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything.

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>> republicans take back the house in the senate i think markets are higher. if inflation stays high, republicans don't take back the senate you see 38-50 for the s&p. >> inflation will be sticky, we are at peak inflation and peak hawkish in ascent approaching, the operative word is approaching peak negativity. brace for volatility, consolidation and modest rally as we get past the midterms. >> i wonder out loud if we are

not headed for some kind of double dip recession. i think the fed tightening and shrinking money growth is going to give us a second dip in the fourth quarter or certainly in the first half of next year. >> i think energy continues to be an achilles' heel but it is a self-inflicted wound, the president chose this path and will have to live with it. ♪ ♪ don't stop the party ♪ stuart: not only do we have the ugly brown building on the left but some cloud and heavy rain. 11:00 eastern time, check those markets all over the place. and plunge to the downside, the mixed market, dow is up 40, s&p up 6, nasdaq down 21, big tech

a mixed picture, microsoft on the upside, meta, alphabet, amazon on the downside. i like to look at the 10 year treasury yield, going up, 3.3% and i have to tell you keep saying this, the yield on the 2-year is even higher, that means the recession indicator is still a mess. now this. put it all together under the headline energy crisis, that is what we have now and i think it gets worse. in britain the new prime minister, lose trust faces an economic disaster and it is all about energy. british families are about to see their electric and gas bills double and they will double again next year. why is this happening? because before the pandemic they cut production of fossil fuels and finding renewables don't fill the gap. in europe the energy crisis is

even more profound. russia has stopped natural gas exports. the result, natural gas prices went up by 35% alone just yesterday and backed off a little today but natural gas is used to make electricity so the price of juice is 5 times what it is here. 5 times more over there than it is here, they are scrambling to put a cap on prices but that will lead to shortages or rationing. here at home the price of gas has come down but the energy price hikes we've seen are working their way through. at the grocery store consumers are looking at i watering prices. after 12 day vacation i came to my old supermarket and paid $9 for a loaf of bread. it was $8 and i'm not like forking forward to my utility bills this fall. what the world needs is a fresh look at the climate rules. there is no way the un's carbon

reduction targets will be met and yet we keep pushing the same policies which are just not working, some climate action seems downright bizarre. california bands the sale of gas powered vehicles by 2035 and exactly the same time newsom tells electric car drivers don't charge up now because in hot weather we don't have the juice and there is this. tourists driving an electric car in west virginia couldn't find a place to recharge and it broke down, a group of call miners, i repeat call minors, helped them out by pushing the electric vehicle to the coal mine for a fresh charge. third hour of varney starts right now. all right, let's get to this. the wall street journal

analysis shows the biden administration has leased one hundred 26,000 acres for oil and gas drilling, no other president since nixon has leased less at this point in their term. byron york joins me now. you think the president has gone too far, you are nodding yes, you think he's gone too far with the green stuff, tell me more. >> one word answer, yes. con too far and it was interesting to tie this in with what you were saying, the western democracies climate policies, self-destructive climate policies determined a lot of our reaction to things i russia's invasion of ukraine. it determines the way californians live their lives not having enough power to get through the day, these are influential and all preventable, in germany if they

hadn't gotten rid of all their nuclear power plants i don't think anybody would be talking about freezing this coming winter and as you were saying, gavin newsom in california, the idea of forcing purchases to be electric vehicles and then not having the infrastructure and power to make the system run is crazy and is all driven by an ideological -- environmental ideas. stuart: why is there no move to change the un climate targets? we are never going to meet those targets and everybody knows it. why isn't there some kind of move to change the target and change the policy? >> it is an ideological devotion to these things. we know we are doing a lot, we in the united states are doing a lot, western europe doing a lot, the chinese are not doing much.

and they are not doing anything to meet these goals that these are aspirational ideological goals so i would be stunned if they are lower note of practicality. stuart: no practicality for us. we got religion. we've gotten msnbc commentator who says americans versus maga, watch this. >> today's gop is no longer a political movement. it is a fascist movement that has embraced white nationalism and imposing its religious beliefs. it's no longer republicans versus democrats. it is americans versus maga. stuart: i've got to say i find that extremely divisive in the extreme but the question is will it work in november?

>> we should say this msnbc panel was in harmony with the biden white house message though a number on the left want to the president to be tougher. they think his talk of semi fascism was not tough enough. the question is will it work? you are right. there are a couple things democrats that are behind this recent improvement we have seen in some democratic fortunes, one is the fight over abortion that is going on in a number of states, and this is what conservatives want, for many years, the road to be overturned and the issue of abortion to return to the states to be decided by elected representatives. that is what we are seeing in the states. the other thing is the justice department's raid on donald trump's home, mar-a-lago, and that there was a common investigation in this document case.

donald trump's profile is very high, but is higher now than it was before, a lot of democrats believe this very negative profile for donald trump will improve their chances in november. not talking about motives here but no doubt president biden is benefiting politically from the justice department's pursuit of donald trump. stuart: thank you very much. back to the markets, what a turnaround. everything is green. the dow is up 100 and the nasdaq is up 14 points. we need mike murphy who happens to be sitting right next to me. what is going on here? why don't you give me your market outlook the rest of the year?

>> we had some volatility this morning. you will see the price of oil stabilized to be lower and access a credit for consumers in the us and you will see the supply-chain issues that started with covid, start or normalize, things get back to normal globally so companies won't be dealing with supply-chain issues. we have strong earnings in the us so markets have a nice rally into the end of the year. we sold 8%, 9% the last three weeks and we get close to even if not up over the course of the next -- stuart: how about apple? could this be an announcement of the iphone 14. is that big enough, is that important enough to stimulate the market? >> the question is big enough and important enough to move the market but will this event be? we will see. the market is not inspecting much from this and with the recent selloff the last three weeks the price of apple stock has come down.

anything deemed as groundbreaking out of this announcement tomorrow could be a catalyst for apple stock which would be a catalyst for the nasdaq, a catalyst catalyst -- stuart: what is wrong with me buying a 2-year treasury security, holding it for 2 years and milking at 3.5% yield. what is wrong with that? >> safe but inflation is 8% and you are giving 3% your are safe but you are also safe when you putting your mattress. the point of investing is to have your money work for you, not you working for your money. stuart: i've got to say you helped me like make a little money the past 12 years. i will take your word for it. we will look at the movers right now. start with fedex. why start with fedex? it is down 2%, city says that

fedex three quarters will be challenging and they cut their price target to 225, right now fedex is at 205. bed, bath, and beyond name the new interim cfo, currently the chief accounting officer on the heels of the suicide of gustavoh, formerly chief financial officer there and bed, bath, and beyond, 15%, $7 a share. cvs have reached a deal to buy the home healthcare giant signify. $8 billion for it and it is up on that news. then there is this. added a republican to the talkshow table. alyssa wants to be the voice of trump voters. the president snaps at a heckler during labor day speech. roll tape.

>> by the way, all right, god love you, let him go, let him go. look. everybody is entitled to be an idiot. stuart: kennedy is here, we will have fun with her on that one. it is official, lose trust is the new prime mr. trusts will be exactly what britain needs right now, she models herself on thatcher. ♪ you've put your dreams on hold. remember this? but i spoke to our advisor, and our vanguard investments are on track.

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stuart: listen to that. i'm back, stuck in the new york groove, stuck in the new york mood, it is the new york groove, back in the groove, looking at sixth avenue, very rainy a, plenty of traffic. several are hoping for a full return to the office this week, big banks have not issued formal rules about it but come on back, this is encouragement, come on back. tell me about this more demand for flexible workspaces. ashley: according to we work companies are being pushed to be more number with their corporate real estate portfolios.

in a report says a new revolution in the work culture and hybrid work phenomenon is forcing companies to look at flexibility managing and thinking about their workspace. this has led demand for applicable workspace to skyrocket not only in the us but around the world. last month we reported revenue growth of 37% from a year ago. quarterly net loss shrank 31% from a year ago and a telling fact, the global businesses, a fortune 500 and 100 companies, opening a little bit as opposed to workspace. stuart: why am i not surprised? check the markets, the dow is up 35, nasdaq down 22 and0 s&p up 5 points.

liz truss takes office today, is promising to increase defense spending and cut taxes. you were an aide to margaret thatcher back in the day. liz truss models herself after margaret thatcher. you've got to be happy about that. >> great to be on the show with you. a big day in the uk, new prime minister liz truss taking office. and she is a thatcher like politician. she models herself on the great iron lady and it is a huge positive because britain faces enormous challenges today, new prime minister is tough, strong, a tax cutter who believes in reducing the size of big government. that's the kind of leadership you need and her main opponent, the former is the opposite.

i am very glad we have liz truss as the new prime minister. stuart: what do you think about the extra ordinary price inflation hitting the grits. how are they going to tackle that? >> not a big immediate challenge, indications, liz truss will a ferment a price for energy bills, projected to rise, us$2000 per household. for windfall taxes on energy, setting up some kind of commercial credit fund together with big commercial banks. a different solution being put

forward to the windfall tax energy that liz truss is opposed to. stuart: doesn't sound very thatcher like putting a price on utility bills. it was a different situation. >> yes. a price certainly isn't an ideal scenario and not what liz truss promised during the campaign but she will be under immense pressure to go down that path but what liz truss is going to deliver is a series of major tax cuts. for example value-added tax. that is a step in the right direction. taxcutting increases government spending, always the best way forward. i think instinct of liz truss

is a limited government taxcutting politician. that is positive on the horizon for the uk. rather than ever-increasing handouts for taxpayers. stuart: i want you to listen and share with our viewers, what boris johnson said before officially resigning today. >> like one of those booster rockets that fulfilled its function and i will be gently reentering the atmosphere and splashing down invisibly in some remote part of a pacific. stuart: classic boris johnson. the question is what is he going to be remembered for? brexit or party gate? >> i'm going to miss boris johnson because he was a larger-than-life prime minister. he won a stunning election victory. he will go down in history as

the man who freed britain from the shackles of the european union and also remembered as -- the russian invasion of ukraine. a lot of big positives for boris but in the end, forced out by his own party, his internal party who, we haven't seen the last of boris johnson. he may well bounce back at some stage. boris johnson, a very colorful politician who loves his country. stuart: he was born in new york so maybe he will help us out. >> he could well. stuart: you are all right. thanks for joining us. stuart: the united kingdom lost its spot as the fifth-largest economy in the world. which country took britain's place.

ashley: india. celebrate in the news that it's economy has eclipsed the united kingdom, formal colonial rule according to the imf india has overtaken the uk to be the world's fifth-largest economy based on us dollars india topped the uk in the final 3 months of 2021 and extended its lead into the first quarter. india financing corporate affairs noted a decade ago india ranked eleventh among the largest economies while the uk was in fifth place. the news came after the country celebrated its 75th anniversary of independence which is achieved after 100 years of direct rule. now there economy is bigger. stuart: thanks a lot. ben stiller and sean penn permanently banned from visiting russia. moscow cosman russian phobic.

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stuart: that is an appropriate song, rain on me. you are looking at rhode island. 64 °, torrential rain. check those markets all over the place. dow industrials are down 25 points and so is the nasdaq down 30 points and the s&p down a fraction. some red ink. look at game stop. they reported earnings after the bell tomorrow. stock is down 32% so far this year. ryan cohen who runs game start is one of two people named in a lawsuit. there you have it. your stock is down 8% this

morning. verizon up or down, up a little bit this morning, they hiked their dividend for the 16th straight year. the los angeles schools morning parents expect lower test scores this year after schools were shut down and students were forced to learn remotely. you are speaking with parents. they've got to be upset about this. >> reporter: these pending test scores are a stark picture of the impact of the pandemic on education and this is happening nationwide, parents are telling me this is developing their living rooms and why they are sounding the alarm on the impact this will have. >> everybody was so surprised. we were not. we were outraged. we cannot trust they will do the right thing. we need transparency and accountability. we need to be part of the conversation.

>> the nation's report card should a 5% drop in reading for 9-year-olds, the biggest since 1990, the first ever drop in math with any california districts, those numbers could be worse, parents tell me this is not a democrat or republican issue the white house playing the blame game against the previous administration and touting the one hundred 22 billion in aid to schools from the american rescue plan but near impossible to track where school covid funding has gone. california received more than that for learning last investments. parents are skeptical citing how previous covid school funding was spent elsewhere. there was no amount of money to help students catch up. instead time is the answer for many parents. >> we hope to figure out ways to creatively give kids more time learning. might be adding to the school, might be adding a month at the beginning of score this middle school for an intended school year. >> reporter: they are telling

me about the mental health impact the pandemic. that's not team directly in those ted scores but it will help children and society for years to come. stuart: it is not going away. the leader of the teachers union randi weingarten snapping back at critics who blame her for the pandemic school closures. in a letter to the wall street journal she writes teachers deserve our year and our help, not shame and blame. kennedy is here. weingarten said don't blame me and don't blame the union but i blame her and i blame the union. >> i blame the union and she's throwing teachers under the bus once again because often times they don't have a choice, they are forced to be members of these unions and they have dues that are confiscated from them in order to go to this political organization that donates to essentially 95% of

their donations go to democrats who craft policy to boost their pensions. it's not about learning, it is not about kids and shame on randi weingarten for inserting herself into this conversation with disastrous results and it is not just the test score, that's bad, this is scary, math scores are gone up the last 30 years and now they've gone down 7 points and we haven't seen the bottom, they've gone down even more for black and latino students are underserved by the public education system so what parents are doing is taking education back one state legislature at a time so their kids at least have some options. stuart: those children, they will bear the intellectual scars of this for many years to come especially minority students. i want to know, there's one hundred $22 billion appropriated for helping schools. $122 billion. how much of that money will be used for remedial work, get

these kids back to standards. >> they say there's a teacher shortage, i don't necessarily buy that in every state in every district in the country but let's say there is, take that closer to $200 billion the public schools got from the federal government and the pandemic and apply that to hire new teachers, i don't care. i want the kids to be served, i want the kids to learn but make sure you have mental health services, that was the other point kelly brought up that is critical, children not only have suffered, they continue to suffer. i talked to one student the other day who is trying so hard to get there because of the anxiety she has been subjected to because of the pandemic and new york city schools are so overrun, she can't get a therapist right now and can't afford to pay out-of-pocket for one. that money should be directly going to kids most in need because they are very much still suffering and kids in florida whose schools were open

have the advantage, juniors and seniors applying to college will be able to get into schools because they don't have the learning loss they doing places like new york, new jersey, and california. stuart: another one for you. president biden responded to a heckler during his labor day speech, watch this again, roll tape. >> let him go. let him go. no, no, no, no, no, let him go. look. everybody is entitled to be an idiot. they are entitled to be outrageous. this is a democracy. good manners is nothing they ever suffered from. stuart: the speeches have been highly divisive, with united states marine corps, blood red on the side. what did you think of the idiot response for the president? >> this is the exact opposite comportment that he campaigned upon. he said he was going to restore

decorum to the oval office and we once again what have a country where we treat each other well and he would deal with division. and the predecessor who he to sizes, if you don't like the way donald trump talked why are you talking like him? you lost the argument. we what is it productive in the november elections? beating up on his -- >> by the way, like he just sent the fbi to raid his political opponent that won't sit well with voters who are being insulted again by being told they are anti-democratic and fascist. of the one that is true. we are going to be watching you tonight. >> 7:00 pm eastern. stuart: what is it, tuesday through thursday? you are on tonight. >> you know i am.

i am wearing white shoes. stuart: thank you. the governor of california signed a new law giving more power to fast food workers, that could raise the minimum wage to $22 an hour an hour. we are on it. we talk about him all the time, but hunter biden's scandals are mostly ignored by the media, one cnn reporter speaking out saying hunter's business dealings should not be a partisan issue. joe conger on cnn's sudden.

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stuart: russia is banding some hollywood actors from entering the country.

who has been banned? ashley: the latest, sean penn and ben stiller visited ukrainian leaders zelenskyy in recent months but the list is growing and growing. russians, the russians have added six additional us senators to that list. if you go to ukraine you are not going to russia. russia's foreign ministry accuses american authorities of being rough so phobic, escalating confrontation between the two countries, there 173 names in total of what russia calls its stop list. observers say diplomatic warfare largely symbolic because few us citizens would want to travel to russia or do business with moscow. stuart: i wouldn't want to contain a hostage either. a cnn reporter says there are, quote, serious questions about hunter biden in the fbi. she says this shouldn't be a partisan issue.

joe concha, are they trying to moderate themselves? >> reporter: i looked at cnn's home page and there are 12 stories on their involving donald trump and only two where president biden's name is in the headline. one of those is an opinion piece, glowing review of biden attacking trump voters and dividing the country further. to give the hunter biden story that involves president biden the attention it deserves and i mean on the air and not on twitter, they can talk about going back to journalism likely signed the 1990s, but until we see the shift happen probably wise to reserve judgment. stuart: cnn lost its way for 25 years. alyssa griffin is the new

cohost at the view. she wants to be the voice of trump voters. watch this. >> i am a millennial and i worked in the trump administration. i have criticized the former president but i still want to be a voice for the 74 million americans who voted for him and tell them from my experience here is why i won't support him again but here's what a future republican party can and should look like. stuart: she wants to be the voice of trump supporters but is anti-trump. they just couldn't go that extra ten miles and put a real trump supporter on the view. they couldn't do that. >> were not a voice of trump voters and supporter of trump when you are not going to vote for the guy if he runs again. they could have found somebody who fit that mold so i would think trump voters would say that is our voice, i don't think so but anyone who disagrees with the ironically named joy will either be shown

the door or will run for it and ever notice how the liberal hosts stay on the show forever while the conservative seat always feels like it needs to be replaced. there's a reason for that. not that they have civil disagreement, it gets nasty, personal and the crowd is overwhelmingly against those in the conservative seats. stuart: you are the media watcher. the media is again, they never stopped but again ganging up to vilify trump at all costs, at every opportunity and keep it up for force until november and beyond, nothing will change in that direction. >> know because if it changed they would focus on the guy occupying the oval office talking inflation and gas prices and crime in the border and education, we could go on and on where this president is

pulling on disapproval but the focus is always on the guy who left office 21 months ago because they think it is good for ratings but i look at the numbers and that doesn't seem to be it but they can't be critical of the current president in power so they focus on the one thing they focused on the last 7 years, donald trump. stuart: can you imagine what might happen if mr. trump ran again and won? can you imagine? something to talk about. >> we will be kept busy. stuart: see you again soon. show me the dow 30, a sense of the market, split decision, dow is up 44 points, 30 one thousand 300. california's power grid will be put to the test again today as temperatures soar across the state. if they can't handle the demand for electricity now what are they going to do when all the cars are electric?

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stuart: california screaming record heat, once again to conserve electricity. leo terrell joins me. you're in los angeles. what happened when you told them to power down in a heat wave and can't charge your electric car? >> give me 30 seconds. we have self-inflicted energy crisis, living like lab rats, newsom has created this energy crisis and we have plenty of energy. he is telling us to shut down all electrical outlets between 4:00 and 9 p.m. you can't drive. how do you drive? how do you move around the state? he is not turning up his

thermostat 70 °. he's driving in his jet and only cares about his energy green deal donor. he has looked beyond california, running for president and does not care about 39 million californians suffering the last five days and continue to suffer. we went governor gavin newsom signed a new law which could raise the minimum wage for fast food workers to $22 an hour. is that another pitch to go after a certain class of voters he hopes to attract into thousand 24? >> let me think about that, yes. let me be clear what this is, this is a $22 per hour, statewide counsel, let me read between the lines, he wants to unionize statewide fast food

workers because he wants another contribution based union organization for the democratic party, that is all versus. it is a statewide operation to unionize mcdonald's, taco bell and all those workers will contribute allegedly to the democratic party. stuart: i don't get it. they keep looking backwards. californians done its best to wreck the franchise business system, what they are trying to correct the franchise and already wrecked the worker deal, uber and lift drivers, why do they do this? they are supposed to be the state that looks forward and they are destroying the great things created in the past. >> we are lab rats. he is trying -- it is all based on a philosophy. they do not care about the middle class, do not care about the working class. the party of the elite and everyone knows it. yet for some crazy reason

people vote democrat in this state because of the misdirection, gas lighting and the assumption the other party is the bad side. i am happier on the other side, glad to elect the democratic party. of the 130 seconds left. do you see any signs of change, of a swing to republicans? >> 30 seconds, give me 5 seconds, no. no. not the current climate. stuart: i say this to you every time. there is room in my house for you in new jersey. >> going to the east coast, florida or texas, it is bad here. don't want to be a guinea pig any longer. stuart: florida is the place to go. thanks for being with us. the trivia question.

how many tourists visited hawaii in 2019? 9? 10? 11? 12 million? good question, answer after this. promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. . . financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network.

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stuart: how many tourists visited hawaii in 2019? ashley, i like these very precise numbers. what do you guess? ashley: i would say, got to be two or three. boy with number two. stuart: i would go a little

higher. i would go with 11,535,789. how close are we here? you got it right, ash. ashley: ah. good guess. >> that is 250,000 visitors per day any given day in 2019. they spent $17 billion those tourists. ashley: lucky lot. stuart: two episodes ever my fox business show air to night at 8:00, you got to watch it. neil is back, thank you very much. neil: stuart, look forward to that. we got a little bit of buying here. i stress a little bit of buying. step back, this is after labor day, everyone focusing after work, getting back to school, a number of kids have been back to school a number of days. what are the odds we negative year into positive one. in today's "wall street journal" while they are fractio