about the absurdity getting rid of gasoline-powered cars and by the way nobody plug in your electric vehicles because the grid can't take it right now dagen: there was a photo i show ed james in the commercial break of a gasoline-powered generator powering the charging of a ev, electric vehicle. it was a joke, but not really. james, michael lee, thank you so much, "varney" & company is right now, stuart take it away. stuart: yes it is and good morning, dagen and good morning, everyone. you know, maybe we should call this "apple day." four hours from now the most valuable company in the world reveals its new products. will there be something brand new or will it be tweaks to the iphone or the apple watch? i don't know, but please, tim cook, do not disappoint. the whole markets hanging on your every word. let's get to politics shall we? president biden tries to walk back his divisive rhetoric after referring to semi-fascism in the republican party. he now tweets, "i want to be

clear. not every republican is a maga republican." he says, "together with mainstream republicans, we can choose a different path." his divisive speech, where he was flanked by marines, continues to bring criticism. in the new york times, of all places, brett stevens writes, " he insults millions of voters as deplorables." that's in the new york times. meanwhile, in california, governor newsom coming in for a very sharp criticism, that states on the verge of rolling blackouts, having urged residents to go electric now says please, don't plug in your ev because we need the juice for air conditioners. as we predicted, more leaks from the mar-a-lago raid, trying to smear donald trump. the washington post suggests some of the files seized contain material on foreign nuclear capabilities. this is, "according to people familiar with the matter." that's an endless stream of anonymous sources, all too willing to beat up the former

president. to the markets, i'm afraid there's more selling this wednesday morning. the dow is down 170 points tuesday, it's down about 60 now, nasdaq down about 11. a little bit of red ink again this morning, but look at this. bitcoin, well-below 19,000 bucks , and the overall value of cryptos has dropped below $1 trillion. you're at 18, 800 on bitcoin now as for interest rates, it's not that much change. the 10-year yield is around 332, the two-year still close to 3.5% got it. it is wednesday, september 7, 2022. lauren, susan, ashley, we are all back. "varney" & company is about to begin. and here we go, here we go, one more time, everybodies still

fine ♪ stuart: obviously raining in new york city, the camera is a little blurred from the rain drops, yes, such is life. lauren: summer is over. stuart: there is actually a slight nip in the air. lauren: i know. stuart: it happens every year right after the labor day holiday. lauren: yup. stuart: it's that slight chill. lauren: wore a sweater to work today. stuart: yes, ma'am. i think we better get to the apple story. the event, big event, kicks off 1:00 eastern this afternoon. it's eastern time, in cuppertino , california. let's take us through, what can we expect today? lauren: new iphone 14. they could cost more than the 13 , remember the most- expensive 13 starts at $1,100 and despite that, look, apple has defied industry-wide decline in smartphone sales. they are doing well. will they sell more iphone 14, but i don't know iphone revenue is slated to hit a record $ 205 billion this year, and the watch, the apple watch. it is expected to be bigger and have a battery, this be good for me, that the could last

multiple days, on a single charge, and measure your body temperature. so, wouldn't directly measure your body temperature but we're hearing it'll alert you when something seems wrong and then you will formally take your body temperature. stuart: you don't have an apple watch now? lauren: i do not want to know how many steps i do or do not take a day and everything else. i like to be unavailable. i don't want notification on my wrist, thank you very much. stuart: that's one of the one things i use number of steps. lauren: what kind of phone is that? stuart: i've been saying it's an 8. it's not. it's an x, as in a 10. i'm still behind the times. lauren: we just looked it up for him. stuart: bear with me. look whose here now, shah gilani , the man himself. is today's apple event is it going to move stock in any significant way, do you think? >> i don't think so, stuart. the expectations are fairly high , but i don't think they will be met, unless the 14 product is so expansive in terms of what it does that the

previous version doesn't do, i don't think it's going to be a game changer. again, with the higher price that you just mentioned, that's going to give some pause to investors as to will they be able to sell as many units as they expect to sell. will inflation impact buyers in terms of well maybe not now. i still have a good phone, so as far as the refresh cycle, i don't know that it's going to be a game changer as far as the watch go, i'm glad to see they are increasing the battery life. i have the watch, love it. battery life is terrible so that should do well as far as sales go, but the markets going to determine whether this event is successful or not by the sales. stuart: but i read your stuff, shawn miskel gilani, as you know , and i think you're looking for a very significant decline in the overall market, a little later this year. are you looking for a 10-15% drop in the overall market if inflation doesn't improve? >> yes, and the worst case scenario, stuart, i see us re

tracing the lows that we saw in june. testing those lows and if conditions don't change for the better, i think we could see another 10-15% drop below those lows. i'm not the only one thinking that and the reasons i think that is fundamentally, there are really no positives out there for the market right now. earnings revisions are going the wrong way, and i think as far as ceo's and cfo's are trying to manage expectations for earnings lower which doesn't bode well and the second half of the year is always tough for the market so i don't see any positive events ahead. i do see a lot of headwinds ahead so that's why i'm a little bit on the defensive side and playing the market from the short side. stuart: times really have changed, shah gilani used to be the king of dip buying and now he's not. shah gilani thank you very much , sir see you again soon. got to look at bitcoin, 18845, lowest level since june.

what's going on? lauren: we haven't hit the bottom apparently. bitcoin traded at a 21-month low overnight just slightly below where it is now, and we're see ing a fall across cryptocurrencies bringing their overall value back below $1 trillion. remember it was almost $3 trillion earlier or late last year? now, falling, because interest rates are going up, cryptocurrencies tend to follow the nasdaq. there's also a major system overhaul slated for next week of the ethererum network. ether has been doing better but traders are worrying if this doesn't go so smoothly if there's a potential hiccup that could spark yet another sell-off stuart: crypto is in some trouble. let's get to the raid on mar-a-lago. no surprise there are more leaks the washington post says documents included details on a foreign government's military and nuclear capabilities. come on in matt schlapp, we need you today. it seems like as predicted, we are in for a marathon of leaks, all designed to smear trump. that's what's going on, right?

>> you know, this is the problem, stuart. you're exactly right. i was watching this new not documentary, fictional account on i think hbo and here is what we know about cross-fire hurricane, the deep state and all this stuff. they want to selectively leak and make things public when they decide it's okay, even though that also breaks this question that there's information that's classified or top secret, that no one supposed to see. why is it that in every step, since trump became the nominee and then the president, it was always the fbi or ins agencies or other groups that were putting this information out there for us to see , to get us all worried about the information? they're doing the same thing again. stuart: yeah, it looks like it doesn't it? one more for you. the primaries, trump-backed jeff deal is the gop's candidate for massachusetts governor. he won. he'll be up against attorney

general mora healy, aiming to be the states first openly-gay person and woman in the governor ' office. how are things going to shake out, matt, in november. what's your prediction for massachusetts? >> well first of all, there is going to be a big red wave for all of you out there reading all these stories about how joe biden has regained his footing. the only thing he hasn't done is had a belly flop in the last 10 days but then he gave the speech so maybe i can't even say that so the big red wave is forming. massachusetts, it's interesting. massachusetts has elected a lot of republican governors. more healy believes basically in getting rid of i.c.e. she doesn't believe in supporting the immigration laws. she believes that all the universities should have race-based admissions, so it's not your gpa or scores that get you into college. it's what skin tone you are. all of this radicalism, she has fully ex braced. the question, stuart, is are even blue voters tire of the war on cops, tired of the war on

confidence, tired of make everything about race? i have a prediction. there's a significant minority of them who are also exhausted from the constant charge of racism. stuart: exactly. it's not all about race. no matter what you say. matt schlapp, thanks for being with us, we'll see you soon. look at this , back in 2016, white house press secretary kari n jean-pierre, claimed that president trump stole the 2016 election. well, lauren, peter doocy called her out. lauren: she went on the defensive when he read her own tweets to her face. listen here. reporter: you tweeted -- >> oh, i knew this was coming. i was waiting, peter, when you were going to ask me that question. reporter: well, great here we go you tweeted brian kemp stole an elegize, if denying election results is extreme now, why -- >> so let's be really clear, that comparison that you made is just ridiculous. lauren: it's ridiculous now but

it wasn't ridiculous them in 2016 when she had company. it wasn't just karin jean-pierre, it was hillary clinton, a bunch of democrats saying it was a taint ed election and illegitimate election as a result so now she's the unified er-in-chief. she sudden i shouldn't have said that back then. she was like "i was waiting for this question" and what you ask is ridiculous. stuart: she didn't have a good answer even though she was expecting the question. not good. lauren good stuff indeed. coming up here is what we have for you. the white house is planning a shift to annual, look at the futures, mixed picture this morning, no clear trend, but look, the white house is planning a shift to annual covid shots. watch this. >> it is becoming increasingly clear that we likely are moving towards a path with a vaccination cadence similar to that of the annual influenza vaccine. stuart: oh, no, will we need covid booster shots forever? and will those shots be

mandatory? doc siegel deals with that a little later. senator joe manchin, the latest democrat to slam president biden 's student loan handout, mike braun says we should focus on getting more value out of colleges instead. he's next. ♪ that's how it's supposed to be, living young and wild and free ♪

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♪ stuart: i do know this song. thunder from imagine dragon. they were once on the show. lauren: is it supposed to thunder there?

where is this? stuart: well that's, you're looking at raleigh, north carolina, 74 degrees. i don't see much thunder out there, but hey, i kind of like this song. let's get on with it shall we? if you do like the music we play on the show follow us on spotify , just search "varney" & company or get into that qr code. lauren: you have to give people time to scan it with their phone , so do a slight pause, they can scan it. stuart: can i continue now, thank you very much. check futures, no clear trend is the simple story there. nasdaq is up seven, dow down 50 and now this. senator joe manchin opposes president biden's student loan handout plan. he calls it "excessive." senator mike braun, republican from indiana, joins me now. senator, can you stop this? it's a half trillion dollar handout. can you in the senate stop it? >> sadly, i don't think we can, because that would take 10 of them to come along with every republican and we're just not getting that kind of, you know,

ability to change things. these crazy executive orders. pen watteron stu, says this could cost us between 500 billion and a trillion, i mean, these numbers are immense anymore, and all in the context of we're now 30 trillion in debt biden, by the way, for all your viewers, put a plan out there that puts us 45 trillion in debt in just 10 years. stu, when i got here 18 trillion in debt, we throw hundreds of billions around like chump change, it's going to be inflationary. what about the 65% of all workers that don't have any degree, will have to subsidize this. it's shameful what they are doing. stuart: but i think you have some idea on how to get more out of college. how to make college not an interesting situation but just get more out of your education. how would you do that? >> couple ways. first of all, i'm lucky to be in a state with a guy like mitch

daniels that froze tuition for 10 years at purdue. at least somebody's trying it. two ways, number one, we got to have more choices. its got to be more competitive. its got to be disruptional, post -secondary. i mean, it's the cost of a starter home, if not more, to get through it, and the other place, stu, a better high school education. that is a value and instead of stigmatizing pathways, they give us the jobs we really need, like trade, heating and air, a lot of this stuff that go begging that you'll get paid 30 bucks out of the gate, let's teach real live skills in high school. not everybody is going to be an astronaut or heart surgeon and we need to get better education there so you don't have to spend so much post- secondary. you do those two things, it'll bring it back out of high altitudes of too much money and think of all of the parents that have had a graduate or two back in the basement that are now

going to be listening to good ideas that are practical and we've got them back in the state like indiana. we've been working on those things. stuart: everything will work just fine if you can get rid of the teacher's union. that's the only obstacle really standing in your way. you're laughing but you know it's true, senator. well, i went to a great public school system in jasper, indiana but you've got to have choice. you can't have anyone wanting to say they are the only option. that's basically the healthcare industry now. more and more concentrated, fewer and fewer providers, no consumer engagement. it's run-away cost increases. we've had that for years before what biden and the liberals induced through the covid crisis got a lot of mess out there. i come from a place that's practical. we know how to roll up our sleeves and get things done and maybe a lot of these solutions need to occur at the state level we don't mind anything out here. we just borrow more money from our kids and grandkids for the

latest and greatest idea stuart: go to it, mr. senator. thanks very much for being with us, sir always appreciate it. >> you bet. stuart: see you soon. now during the pandemic, many young people move back in with their parents. my question, lauren, is how many of those youngsters are still at home. lauren: two years later 67%. stuart: you're kidding. lauren: 67% according to lending tree. they are called bam erank kids and this makes complete sense because inflation is such a problem, it doesn't make any sense to go back out on their own and pay rent, food and all that when mom and dad are providing it for you at home, and you can help out. stuart: fine, i do understand it , and maybe some of them like living at home with mom and dad. lauren: why not. do you know how many people actually live in multi- generation adult households? pew research finds the number quadrupled in the past 50 years to one in five households, 18% have two adult generations living there at the same time. stuart: so the trend is towards more and more multi-generational living? lauren: yup. stuart: i thought it was going

the other way. lauren: no and the problem right now is that even though the adult children chip in, the burden really falls on mom and dad who pay most of the expenses, right? are you really going to say i'm going to rent for you, junior? no, oh, mom goes i went food shopping so i mean the kid really benefits. stuart: by the way, i got on here this morning and checked out how many streaming services i'm paying for. all right, have something to help me and i didn't like what i saw. i'm paying for stuff i don't know i was paying for. lauren: i know, me too. the problem is everything is on auto pay so it's a small fee but it's happening every month and you forget all about it and forget to cancel it in some cases so more than half of us, underestimate how much all this costs in reality. this is how much more you're paying than you think, $133 a month, just like that that's $ 1,600 a year in these subscription services you might not need so the average number just blew my mind is 12. i didn't think it was that high.

that covers your phone apps, streaming, news, games, amazon prime is a subscription and the issue is you sign up for things and forget to cancel. auto pay. stuart: i just signed up for peacock. it's 10 bucks a month so i could watch premier league soccer. lauren: i'm so proud of you actually that you signed up for something. but you're paying for it you didn't steal a subscription. stuart: no i didn't. lauren: this is big. stuart: i saw it right there on my phone. check futures, please. mixed picture dow is down about 30, nasdaq up about 20. we'll take you to wall street for the opening bell, next. ♪ ♪

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don't fight the fed. i find it interesting that we use that narrative when it's very bullish, but when it's bear ish, because they are tightening we don't use that same language, and they are tightening at the fastest level in history and what we're seeing now is credit going up, and whether we like it or not this entire financial system is dependent upon credit, and when you raise the cost of capital for these businesses, your smaller companies have tendency some will go out of business, profits will really come in, un couple that with the inflationary problem that we have. we're in a very dangerous spot right now from monetary policy perspective, because it takes months for what they're doing to go into the system and i'm afraid they are going to over tighten and cause things to get haywire so so i do think we're going to have a lower low after this bear bounce that we had and at that point in time as i've been saying in the fourth quarter we'll start nibbling again on the equities that we sold at the end of last year. stuart: i just want to press

this lower low story. right now, the s&p 500 is 3,906. i can't remember what the low was, was it what about 36 or 37 , something like that? >> yes, we believe we're going to be lower than that by the fourth quarter, because again, when you look under the hood, things are deteriorat ing from a credit perspective. the bond markets been signaling this for months, now with the in version of the yield curve the dollar hasn't been this strong. i believe it was august of 1998 so these companies are going to have to revise earnings in our opinion because you got the strong dollar, inversion of the yield curve, you have the consumers. look, there's a major energy crisis. we have folks in the united states that are going to have a hard time paying their utility bills and you're going to tighten credit at the fastest pace in history? that's not bullish, unfortunately. stuart: i'm still buying two- year treasuries, holding to maturity, no risk, and i'm getting nearly 3.5% interest. i know you disagree with me. i know you think it's wasted

money, but i'd rather take 3.5%. i do not disagree with you, at all. i think you're going to get upside on treasuries, because the 10 year and the long term rates when we go into the recession are going to start to roll over so not only are you going to get the yield, you have the potential for some nice appreciation on those bonds. >> [opening bell ringing] stuart: i knew i liked you eddie ghabour thank you very much for being with us. the opening bell is ringing on this wednesday morning, september 7 there you go, we're off and running, right from the start you've got a very modest loss from the dow industrials down about what, 20- odd points just a fractional loss, and roughly half the dow 30 are up and roughly half are down. the s&p 500 also opening just a fraction lower, and i mean, a fraction down not even worth covering and as for the nasdaq well it's up a fraction .11%. how about big tech this morning? its been taking it kind of on the chin recently. apple, well they've got their big event later on today, walking up to that event the

stock virtually unchanged. we've got alphabet and microsoft up fractionally, meta, amazon, down fractionally, and then we've got gamestop. they report after the bell this afternoon. now that is a meme stock of course. what are we going to hear? lauren: it doesn't matter what we hear because the retail traders could just prop them up but we are expected to see another adjusted loss $0.42 a share, sales $1.27 billion, and unless you're looking at cash burn and any update on their nft bet. remember they launched a marketplace for nft's a digital wallet because their traditional business, which is selling video games, that's stalled, so again, it's a meme stock but whatever they say might not matter. stuart: it's a meme stock. to me gambling chip, i said it before and i'll say it again. let's move to target. now, they did have until recently, they got a policy that the chief executives got to retire by 65 but i think they just scrapped that. lauren: they did, because they want their ceo, brian cornell, to stay on and lead the retailer

for another three years, which means he be older than 65 years old. look, times are tough for target they have high inflation, they have overstocked shelves, so this is a bid for stability, cornell has been with them as ceo since 2014. stuart: imagine having to go out at 65. i'm 74. lauren: you still have the fire in you. well, boeing just increased retirement age for david calhoun , their ceo, to 70. so look at that. you beat him too, but you know? [laughter] pilots are next. stuart: no comment on my future employment. walmart, i know they are teaming up with united health. my question is, what's this got to do with medicare? lauren: obsessed with age today. well it's a partnership. preventive care for people over the age of 65, so you go in, in certain states, and you'll be able to get treatment for common problems like diabetes, heart disease, 10 year deal and it pushes walmart further into healthcare that's where the competitors are. cvs health has the deal with signify health, walgreens

teaming up with village md, so every drug store and retailer is trying to get in on healthcare. stuart: why not? because the baby boomers like myself are aging rapidly and we need a lot of healthcare. show me newell brands please, interesting company they own rubbermaid, yankee candle, mr. coffee, all under the umbrella, they must have done something with their outlook. lauren: they cut their outlook for the year, because of inflation, so the consumer is shopping differently, because of higher prices, but also, the retailer. they see significantly greater than expected pullback in orders that merchants are making from them, so that's why they cut their outlook for the year, stocks down 2.5%. stuart: we have a great story later on the explosion in luxury car sales in the united states. the moral of the story is if you've got it you're spending it if you don't have it, you're cutting. lauren: or it could be cars of all types and price ranges are so expensive people are saying what's another $10,000 i might as well splurge on exactly what i want because there's no deals.

stuart: you got the extra 10 grand you'll put it down i understand it. and then we've got nio, the chinese electric car company , they were down big and now they're up 2%. lauren: i think they are up because their deliveries for the year are implying about a 30% increase, but for the quarter that just passed , it really was a terrible quarter. their outlook is downbeat, their margins contracted, spending more money for power and service of the cars they delivered, battled export curves on their key chip supplier nvidia so a host of problems but i think going forward they expect to deliver a good amount of cars and maybe wall street is impressed by that. i think the number was 31,000. stuart: then there's pinterest. now that stock is up nearly 7% that's a significant gain for that company. what's the story? lauren: wolf research says they are outperform and a $28 price target so that's 27% from their close yesterday. wolf research says pinterest has significant runway for user growth for monetization and if

all of that fails, they see a take over as a potential outcome , so, they like the stock it's up 6.5. stuart: always something to be hopeful, some rich company comes along and says i want you. lauren: pinterest is an ideas board and the inspiration for basically anything creative. stuart: sounds great to me. check that big board, please. we've got what, five minutes worth of business and we're down four points i'll say it again, not much movement this morning. so far, but that could change obviously. dow winners top of that list we have mcdonald's they are up about 1%, nike, intel, disney, and microsoft doing well this morning. s&p 500 winners, solar edge, twitter, twitter's up to nearly 40 bucks, nasdaq winners starbucks, ex elon, american electric power, netflix, auto desk on that list. how about interest rates this morning, please, check out the 10 year treasury yield at 3.28% actually down a little this morning the price of gold hasn't done much recently even

though there's supposed to be inflation, 1,708 per ounce, bitcoin very important story below 19 grand and the value of all cryptos is below a trillion. the price of oil $83 a barrel down significantly. nat gas down significantly, below eight bucks and the average price for a gallon of regular is down one more cent , 3.76, california still paying 5.27. here is comes coming up. growing concerns that pennsylvania democrat senate candidate john fetterman will not be able to fulfill his duties if he wins. listen to republican senator pat toomey. based on what i've seen from the videos of his very few public appearances i have my doubts about whether john fetterman is up to the job. stuart: there are health concerns, so is fetterman up for the job? remember his dr. oz is his opponent. we'll take a look at that. and look at this. it's an op-ed, november elections are fast-approaching and republicans must get our

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stuart: all right, after 11 minutes worth of market action we've turned north. the dow is up 100 and the nasdaq is up 86. i don't know what just happened, but something i guess did because it turned around just like that. i want to bring in ray wong and talk about apple. ray, you are our big tech guy. i want to know. what can you tell me about the

iphone 14 that's going to be revealed in about three or four hours. what do you know about it? >> well, hey, we are 15 years from the launch of the original iphone. we're 1.2 billion iphones in, and two-thirds of those iphones are not on 5g yet, in a $460 billion market. we're expecting new stuff that's going to pop-up, and you know, on the iphone we're hoping you'll see the benefits of the processor and what that means for new capabilities, we're hoping for better camera, of course better battery life, those are things that people are looking for and of course we saw some unveiling of some features with the worldwide developer launch on the ios 16, the ability to pay later with apple, ability to actually un send a text, so we're going to see things like that pop-up. stuart: but it's not revolutionary is it? it's not a brand new device with a really exciting extras on it. >> i'm not sure, because there's that theme around far out and what's that we're looking for to see what that far out piece means. are we going to launch something into space, is there something

connected there, something happening in that direction, that's the main thing but what we have seen overtime is that the battery life gets better, cameras get better, video gets better, the quality and resolution but not like they're launching a brand new flip phone , just building on something that worked for quite sometime. stuart: tell me about the apple watch series 8. what's new? >> so what's happening on the watch side, if they do launch that and i think they are going to, is really you're going to see like additional features what the they have been doing, making the watch bigger overtime , hoping the fact that the watch has better sound quality, the watch can actually have more features and that's what we're hoping to see when they do the unveil. stuart: new air pods? >> oh, yes, so they do launch the new air pods, i think we're hoping for , of course they have been working in this area around spatial audio to get better sound, usually they are lighter, easier to use, they got better

battery life, and i think you're seeing those peoples. all those things come back to the fact that we're watching to see the improvements of how apple is taking silicon-to- software which is their ability to make their chip s much more efficient, so that they can do a lot more things. stuart: ray, i know you're enthusiastic but i'm reading between the lines here. you're hoping for , you are actually expecting, something really different. this far out theme. you really want something different, as a kind of just one more thing, like what's his name jobs used to do, right? >> one more, [laughter] yeah, you know, actually for me i'm going to wait to see what they make on the announcements i'm curious what they are able to do with the hardware and software because when you put that together there are features that you're not, we don't know what to expect in terms of what type of services, how the services will play into, like your daily life and i think that's really where the wow factors are typically coming from. stuart: so what we're talking about here is bringing it all

together. the hardware, the software, and bringing it all together so turns it into a seamless money machine. that's what everybody wants, correct? >> [laughter] you know, what's happening is it's really bringing that whole set of new experiences together, right? when you get hardware and software so tightly integrated you have the ability to rollout new types of features people wouldn't have imagined. we've seen what they have done with healthcare, with the ability to monitor your heart rate. the question is like what other things are they going to build in the healthcare realm? they talk a little bit about " far out" as a theme. i'm curious what that means, is there a space aspect to it? is there something else they are trying to tie back so i think those are the areas people are going to be excited about and of course at some point we're hoping to see something in the world of mixed reality, virtual reality, in terms of a brand new product but i don't think it's in this release. stuart: i just hope that tim cook does not disappoint. all right? ray wang, thanks for being with us i know you're out in california waiting for the big

event. we'll check back, later. by the way, meta and google, they've announced upcoming events. lauren? is it, are we going to get something new on these, the goggles that you look into? lauren: i think so. i don't think this is going to be the mainstream version that everybody will want, but certainly, some people. so meta is planning a big vr conference on october 11, and it included a picture of mark zuckerberg wearing that big headset that you talk about. it's called "project cambria" rumored to cost $800 so still expensive and new and largely un tested but the real test for zuckerberg as he pivots to virtual reality in the metaverse is can this software and hardware really take off? eventually, are we going to wear a slimmed down version of glasses to see and capture the real-world in front of us, instead of our smartphone? will the glass replace the phone much like the watch. stuart: is that what people are talking about? the metaverse and the goggles or whatever the glasses are used

to get into it replaces this? lauren: i think that's where mark zuckerberg's head is. stuart: and the stock at the moment is about 160. lauren: it's a long way off, but it's definitely cool. stuart: i just can't see wearing goggles all the time. lauren: me neither. it's awkward. google tried it and failed a few years a.g. speaking of google they are hosting their big hardware event on october 6, the pixel 7 phone, their first-ever smart watch. look at this. this is the ceo, sundhar pichai, and that's the first-ever watch they are going to launch. stuart: first watch from google? lauren: yes that they make themselves. stuart: that's october what? lauren: 6th. stuart: close enough. elon musk clashed within court yesterday about his take over of twitter one way or the other, the stocks up any fireworks? lauren: he got a big win today so i think that's why the stock is up almost 5% so yesterday, there were three and a half hours of oral arguments and musk

's team tried to claw out of the deal to buy twitter and they say well that whistleblower, mr. peter zatko, raised all these concerns that twitter misrepresented the condition of your business. i want to include his testimony in my countersuit. just now, the judge ruled a-okay yes, you can, so twitter is up 5 % now. he also asked yesterday, can we, we don't have all of the information that we need. twitter is working so slowly to get us all the data. the records, can we push the trial from october 17 to november? but the judge just now said no, you can't. it's october 17. so half way. stuart: i've got it. here is what's coming up for you don't forget to send in your friday feedback. you can e-mail your questions, comments, critiques, even hate mail if you like. "varney"viewers@fox.com. people are already struggling to avoid homeownership are dealing with a new pressure to find affordable rent so what options are out there? we've got a report and we'll bring it to you next.

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stuart: oh, yeah, skyrocketing rents, real bad news, forcing some people to actually relocate madison all worth is outside an apartment complex in new jersey. all right, madison. where are people relocating to? reporter: stuart, we spoke to one renter in new york city who was desperately trying to get back to a red state. her eye is on texas, because rates in major cities like new york, they have just sky rocket ed. she lived in dallas during the pandemic. she was paying close to $2,000 there. now, her new york city studio apartment, so not even a single bedroom, she's paying $3,495. she initially made the move for work and for life, but now, with these high rents, it just

doesn't seem worth it. >> i kind of fell victim that i have to live here an i'm realiz ing once my accountants go through everything, i only have this much left over to invest for retirement and have fun with like why am i paying this much to live in a studio, where i just don't like the experience. reporter: so, median rent is now over $2,000 a month for the first time ever. it's forcing people just like kelly to look elsewhere, and in some cases, face eviction if they are unable to find a suitable solution. younger americans are really being hit the hardest with this. millennials who took out a new lease in july, saw overall costs of goods and services rise 11.6% year-over-year, generationz renters saw a personal rate of 11.3. all of this higher than the 8.5% for the u.s. population at home. that is why you are seeing some young adults who moved back home with their parents during the

pandemic, they are still staying there. when you look at that population , 32% moved back home during the pandemic. those that are still living there closer to 67%. you know, there is a touch of good news with all of this. the rate of increase in rent, that has slowed down, so hopefully moving in the right direction. the issue though, the rental markets still 25% higher than before the pandemic. those major city centers on the coast of new york being some of the worst places and that's why you're seeing people like kelly saying it's no longer worth it. they have to go elsewhere. stuart? stuart: got it, madison thanks very much. check the markets, please in business for 25 minutes dow is up 80, nasdaq is up nearly 70. take a look at ups. listen to this they are planning to hire more than 100,000 employees for the holiday season ups says that 35,000 seasonal employees hired last year transitioned into permanent positions. ups down a fraction.

still ahead, liz peek, senator bill cassidy, martha maccallum and congressman like michael waltz, the 10:00 hour of "varney" & company is next. ♪ ..

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reverse mortgage lender. - call the number on your screen. stuart: is this i feel good? papa has got a brand-new bag is i think the expression. why do you look so surprised? lauren: i didn't know we were on air the way you are asking is that, joking that is james brown. stuart: a look at new york city. 10:00 eastern. a little bit of green on the stock market, dow 30, nasdaq up 40, 10 year treasury yield hovering around 3.30%. big tech a mixed picture, alphabet, microsoft and apple

up, apple shows their new product at one:00 eastern this afternoon. meta and amazon down a fraction. the story of the day, bitcoin moving below $19,000, the value of all cryptos, an important barometer. president biden has launched a political war, his handlers think he has to come out swinging, down in the polls and if his party loses control of congress in november his presidency will be severely limited. in desperation he describes his opponents in extreme terms. to me watching these recent speeches he comes across as an angry old man and it is not going down well, pushback from inside his party. in the new york times, britt stevens writes about the national address flanked by marines in blood red banners.

he only gratuitously insult millions of deplorables while branding the democrats as the party of sanctimony and condescension. that is in the new york times. the president's device language is upset half the country and this morning something of a modest presidential walk back. i want to be clear, not every congressional republican is a amag a republican because i have worked with mainstream republicans, together we can choose a different path. two years ago president biden promised to end our toxic divide and bring unity. he has done the exact opposite. angry old men do not bring people together. second hour of varney just getting started.

stuart: we are laughing about my use of the assertion angry old men. liz peak is with me, the president's political wars dividing the country and i don't think it is a winning strategy. you are a fierce critic of our president. you don't think this is a winning strategy. >> i think it is a horrible strategy, go to the campaign, and bringing the country together, people don't like the divisiveness, the rancor, they wanted someone who was going to mend the rift in our country, tired of trump and all of his outrageous and so forth so they elected biden. there was a reason he ran on that, because it is popular. you see now this is not popular. people are insulted. this goes back to hillary clinton's deplorables comment, biden calling out senators has being segregationists. this extreme rhetoric on his

part sort of undermines the idea that it is the republicans who are the extreme party and we can talk about a lot of issues including abortion where i think their position is just as extreme as the position of the far right on abortion, 9-month abortion is not popular in america. that is what democrats are advocating for. i think they want him to look vital. they mistake anger and insulting people her vitality. that won't do the trick, people know he is old, and failing, this won't make it work. stuart: i'm intrigued at your op-ed, quote, november elections are fast approaching and republicans must get on message. you wrote fat. what message? >> that is the question. where is the message? instead of having party leaders bickering about the quality of our candidates let's talk about their candidates. let's talk about john federman not because he can't manage a debate but his left-wing

politics. i think the republicans are letting the democrats grab the microphone at a time when 3 courts of the country thinks we are on the wrong track. how can we possibly be doing that. what is the message? crime, safety and our communities, the border being wide open, fentanyl crossing the border at an unprecedented level. education choice. what else? a million things we should talk about, not whether or not our candidates are up to snuff. stuart: the republicans have started to play defense. >> that is what is so crazy making. even when biden's polling shows he is one of the most unpopular presidents in the history of our country and democrats don't want to campaign with him we should be going on offense attacking inflation and the policies democrats, the big bills they pushed through that basically spurred inflation, almost no debate about that. that is on them. when he goes out and wants to

spend one trillion dollars paying off student debts which is offensive to all the working-class americans that by the way now vote more republican the democratic that is something we should be attacking on. not only is it completely undermining the effort of the fed to bring down inflation but something that shouldn't be done right now anyway. we have a lot to talk about. it is not bickering between a party official, it is not helpful. stuart: you are a fierce critic. >> the country needs help right now and we need a red wave and by the way the democrat message that they are taking over and winning this election is totally false. if you look at the senate polling on a lot of these tight races the republicans are doing quite well. stuart: we are couple days from you pounding the table. just waiting for that. stay right there. we have john federman as you pointed out, the democrat

nominee for senator in pennsylvania, his hometown paper is questioning his ability to serve. you know this story. is it about his medical condition? lauren: he had a stroke and the pittsburgh post-gazette editorial board rights, legitimate concerns about his health. can he serve as us senator? senator pat toomey agrees. >> i'm here to show warning to pennsylvania voters. you can't do the job of us senator sitting at home firing off snarky tweets. it is a demanding job that requires extensive time on the road, long days and nights based on what i've seen of his few public appearances i have my doubts about whether john federman is up to the job. lauren: he recently had the campaign trail. if you are healthy enough to campaign, why can't you debate and defend your position on certain issues namely fracking,

energy policy. pennsylvania has so much fracking and he was for a moratorium on it and seem to back off the issue, where does he really stand. his opponent, doctor dr. oz wants the debate. he's doing a speech, aggressive speech therapy. maybe this time to debate. stuart: he takes a political hit, political setback if you don't stand up and articulate. thanks very much. back to the markets please, huge price movement today most of it to the upside but only just. david, profits are going to be revised down. that is the universal opinion here. is that revision downward baked into the market already or are we going to get a shock? >> great question, wonderful to be with you. i've been seeing that all year,

earnings revisions coming down. analysts haven't had strong enough data to ultimately make those calls at least with confidence. if we know we are headed for more of a recession as opposed to choppy time frames, that will cause things to go down single digits and that will be really bad for stocks and cryptos as well, but the point here is i don't believe it is priced in here. stuart: more and more analysts who appear in this program are beginning to say we had a nice run since june but it is over and we are looking at the prospect of a downside move. are you in that camp? >> i'm very much in that camp. the fundamentals are mounting, the data is getting us to that point. we are recognizing we have both supply and demand. the fed can only affect

demands. we are not focusing on the supply side which is what is going to actually keel these challenges. if we just depend so much on the fed right now, what happens is we over tighten, something breaks like it did in 2018 and rates down again. and again why are we not having conversations about supply-side economics, and what the government can be doing right now, there's a number of things today that we could look at and make some healthy advances towards getting normalized again. we might find ourselves too late. stuart: two year treasuries, to buy them, hold them to maturity, get 3% interest with a tax break included. thank you very much for joining us this morning. i don't have time for an answer, see you again soon. i'm wasting my time and my money. the homebuilders on the upside

today. goldman sachs saying something about the housing market. lauren: home price growth will hit 0% next year and in some areas it might fall, they blame higher rates. you are looking at the seller story, home sellers are cooling and pivoting to renting. 4% want to switch their listings to rentals. it is a win/win situation that offers the seller income, the buyer, the location than -- without having to put out the down payment and builders began constructing 200 rental properties because they see strong demand. in the end it is easier. stuart: quite a few people convert a second home -- and if you get more supply on the market rents go down.

you have mortgages, home prices are still extensive and rents are up too. stuart: looking at the movers, starting with schlumberger. lauren: energy is the only sector out of the 11, fears demand fall, saudi arabia cutting prices for customers in asia. stuart: i am not sure what they do. outperformed rating and they are going up 50%, they think the climate bill that just passed for them. stuart: i have been away for a couple weeks, long time since we mentioned peloton. lauren: they might be paying civil penalties, fees because the consumer product safety commission notified them they failed to meet obligations the way they recalled that so on

top of all the problems civil penalties relating to prior recall. stuart: somebody will buy it sooner or later. we are 61 days from the midterms. martha mccallum will be on the show and i will get your take on the midterms. students suffered a significant learning loss from school shutdowns during the pandemic, some schools are returning to remote learning but not because of covid. why some districts are keeping kids out of the classroom. white house officials say everyone will likely need a booster shot every year. is covid being treated like the flu. doctor marc siegel on the show next. ♪

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stuart: i do like this, a great guitar riff i should say. got stuck in an elevator. back to the old days with a different network. that is juno beach, i thought i would mention it, 88 °. lauren: getting stuck with someone who is famous because you don't look like you are both famous. stuart: the red bandanna, the whole thing, if you like the music, search "varney and company" or scan the qr code on your screen. so you have time to scan it. lauren: took a while to realize who he was. don't expect to see someone in

real life. i was nearby. we passed, nothing happened. that was jerome powell. stuart: i was walking down the street in hoboken, new jersey and who was walking towards me but john brennan of the cia. nothing happened. some schools are going back to remote learning, nothing to do with covid. mark meredith is with us. the department of education is blaming climate change. >> officials say climate change is a factor but think of the parents, the struggle is immediate, trying to figure out what to do with kids who cannot physically go to school. the east coast, still impact on the west, forcing cities like philadelphia, baltimore, san diego to close earlier switch to remote learning and the physical buildings are too hot for the kids to be in. this week more than 30 denver

public schools are releasing students early due to extreme temperatures in the district says they were working on it, summer night schools were scheduled to have air-conditioning installed but due to supply-chain issues we ate schools are only partially completed. this issue is prompting some lawmakers in dc to ask where did the covid related taxpayer money go? much of the money that was earmarked to help schools improve their hvac systems, they are telling fox we urge schools to use all their resources to the american rescue plan to support a safe and healthy in person learning environment as too many communities face record heat. so far the money is not going where it needs to be. >> closing over the hot building spending upwards of $18,000 per student. it doesn't make sense to claim it is a funding issue. >> reporter: we will hear more about this, the first lady getting ready to kick off a bus tour showcasing how schools are recovering from covid and a lot

of school districts adapting on a day-to-day basis. stuart: now we know. white house covid response coordinator says covid vaccines will continue to be free. roll tape. >> we've worked extremely hard, the updated vaccines available for the american people and these vaccines continue to remain free. stuart: by the end of this week 90% of all americans will live within five miles of sites carrying the updated vaccines. doctor fauci saying most people will need annual covid booster shots. roll tape. >> it is becoming increasingly clear that looking forward with the covid 19 pandemic in the absence of a dramatically different variant likely are moving towards a path where the vaccination cadence similar to that of the annual influenza

vaccine, with annual updated covid 19 shots matched to the currently circulating strains for most of the population. stuart: looks like an annual shot like the flu. doctor marc siegel joins us. are these shots committee's annual shots going to become compulsory? >> they better not and they are not in the flu shot is not, the flu shot is in certain areas like certain hospitals but no, they are not and by the way it looks like we will have a yearly discussion whether you take it like we do for the flu, that is what we will be doing. i think this is probably true that once a year when you get your flu shot there will be a facsimile of a covert shot offered by your doctor and one of my complaints throughout the pandemic and you heard this is doctors have not been involved. hasn't been in my office. i have to send people to a

vaccine center. the kind of vaccine offered will be better than the one we have now. i disagree with doctor fauci on that. we will get a vaccine that covers more variants and one that is more universal, maybe even inhaled, a nasal spray vaccine is on the horizon. the key here is i want people especially over the age of 60 to have some immunity and that may include getting over infection recently, that gives you natural immunity. stuart: is the covid wave roles 3 you will get more mutations i assume. will some of those mutations be really dangerous? >> a great question and i think there is good news by the mainstream media pounding the drum of fear. since last november we have stayed in the omicron family because it is a spread so

easily, so rapidly, looking good that we get more sub variants but within the omicron family where we have immunity from prior infection where we can target the vaccines towards that family and that is what happened with the spanish flu as well and it is looking promising we will stay within, krohn and nat get some saber rattling. i can't prove that but so far so good. stuart: we will live to argue again on the annual covid flu shot. i'm sure we will get into it sometime in the future. stuart: >> i'm going to tie you down next year. stuart: you can try. >> pretty strong. stuart: thank you very much indeed. the e-cigarette maker juul agreed to settle the way they

marketed their of aping product. is a 400 million? lauren: $485 million in a deal with 34 states to settle allegations that they marketed their products to underage users following a 2-year investigation. this means is they can no longer show people under the age of 35 their market or provide free samples and things like that budget as part of their fight for survival. let's pay this and move forward and focus on how to help adults, smoking traditional cigarettes. we one that was the point of the device in the first place, you don't have to inhale the smoke. >> you have those cool flavors and show young people in ads and you see this huge rise in kid and teenage they ping - --vaping.

stuart: a wall street journal says the administration issued the fewest, smallest number of oil and gas drilling leases since the 1940s. did the president say he would do everything possible to lower gas prices. senator bill cassidy fired up on this. hundreds of thousands of people in california could be left in the dark, the state's electric grid operators declared a level iii emergency. hillary vaughan will report on that next. ♪

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but i spoke to our advisor, and our vanguard investments are on track. “we got this, babe.” so go do what you love. thanks for being our superhero. only at vanguard, you're more than just an investor—you're an owner. giving you flexibility to follow your dreams. that's the value of ownership. stuart: after an hours worth of business we have not seen that much price movement, the dow was up 150, nasdaq up 60. we've got some green but it is not a gigantic rally. there are some movers. i will start with starbucks which is up 3%. lauren: they can go to $94, they have investor day september 13th expected to be about cost cutting but their

new ceo -- stuart: so people don't get confused how to pronounce his last name he likes to go by lacks. i found that out myself. mcdonald's reintroduces the cheese danish to the menu. no pumpkin. lauren: not doing pumpkin or apple or a theme like that, just a plain old cheese danish you can buy on september 14th. plain old cheese danish. stuart: what do you have on craft hines? lauren: they expect inflation could hit 20%. a huge number. stuart: in america? lauren: for them i would say overall what they face, for cream cheese, ketchup, they are heavily promoting their items more so than they did in 2021

because this is expensive for customers too. inflation of 20%, some companies are facing. stuart: stock is down 1.5%. california morning residents be ready for rolling blackouts. they declared an emergency level iii. what does that mean? >> reporter: rolling power outages could be on the way some californians as the state grid operator is urging people to use as little power as possible. outages up to local power companies but residents are being asked to do things like not charge their electric car, avoid unnecessary lights, california congressman eric's wall well saying it is time to rally california. we all need to do our part to avoid power outages this week.

before 4 p.m. prequel your home, afterwards, avoid use of major appliances and turn your thermostat to 78 or higher, let's keep the lights on, california. across the country in west virginia, an electric car driver ran out of power. he actually ran out of power next to a call mine so some call miners helped put his car to a plant nearby to plug in and get power. >> we never got into the politics of driving an electric car, we just assumed the coaching to this area, pretty ironic that plugged into a call mine -- around the back. you can't make this stuff up. >> reporter: this is a perfect example of how going green is not totally green. grants run of energy that comes

from coal or natural gas. it is a 50% runoff of natural gas, 10%, renewable energy. stuart: federal, oil and gas leases slowed to a trickle under -- senator bill cassidy joins me now. this is not what we were told, what is going on here? >> when president biden stood in the rose garden and said he could do what he could to lower the price at the pump and implicitly lower the utility bill he told a lie. the fact the obama administration put out 10 times as many leases as the biden administration shows you they want to leave it in the ground even if you and i and californians pay too much for utilities and fuel. stuart: as i understand it a

federal judge just handed you a win, issued a permanent injunction against the administration's moratorium on new oil and gas leases. will that affect drilling in your state? >> reporter: you hope so but they can use the executive branch, the bureaucracy to find a reason things don't work and they will gum it up so much we are just following the law. they are putting leases in their back pocket, making us go to other countries to buy, we are still paying $1.50 more a gallon of gas than we were before the pandemic and lots of jobs, not just louisiana but across the country which are crushed, gone forever. this administration will not develop north american natural resources. stuart: california mandates electric vehicles, i don't know the exact date.

where are we going to get the electricity from to power all these electric vehicles? >> good question. i wonder if they thought about it. if you just look at permitting, permitting requirements of california which is densely populated, with a strong not in my backyard movement is going to limit that. making plans for 2035, we, the government but the government failing at its primary responsibility. it is supposed to plan, not just -- what is the old quote, aspirations, aspirations without something is hallucination. and and they are willing for something to happen, no plan to execute the infrastructure which verges on hallucination, that's not how the government

is not treating we the people. stuart: thanks for joining us, hope you come back soon. one family spent the day at universal studios. is it expensive. we are a step closer to finding out what role the administration played in big tech censorship. a judge ordered the white house to hand over their e-mails with social media company's, edward lawrence has the breaking news next.

every year we try to exercise more, to be more social, to just relax. and eating healthy every single meal? if only it was this easy for us. another busy day? of course - you're a cio in 2022.

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stuart: a look at emails and social media, around the coordination of censorship.

stuart: the missouri attorney, made up for a key victory in a legal battle. and the administration. in the lawsuit, colluding with social media companies to censor speech. to produce records from key white house, doctor anthony fauci in the press secretary karine jean-pierre and others. i watched the press to clear today, no comment about the ruling. the administration official tells me the president believes in freedom of speech, with all media platforms including social media to represent actual scientific information. with the louisiana attorney general, lawyers found 45 administration officials who contacted social media companies including some monthly meetings, with jim

jordan, a collaboration of censorship. >> they say to you and i if you don't agree with me you are not allowed to speak and if you try we will call you racist and try to cancel you. that's not the constitution or the bill of rights or the first amendment that's not america. that is who they are. >> reporter: a meta spokesperson, on both sides of the aisle, for collaboration and law enforcement. they downplay the coordination, saying it started under donald trump, also adding someone at the white house sees a story, and don't know to explain why.

and the collaboration -- nasdaq is up, to battle inflation, take me through it. >> and inflation relief deal on online orders. i will take it. remember krispy kreme during the spring gave you a dozen original glazed donuts for the price of a gallon of gas which at the time was more money so it is deal. than lowe's, if you are a front facing employee, the heart and soul of the company helps the customers, and in the second quarter to help you pay your own bills, that cost lowe's in the quarter, $55 million. stuart: i wonder if that will expand as the shortage of workers, inflation still there. i want to hear more about this family of four that went to universal studios for a day,

documented how much they spent and it was an absolute fortune. stuart: does not include the hotel or transportation there and it was $1100, for one day. the bulk of that was the bottom two items, $483 and 400 for the fast pass so they can skip the line, breakfast $21, 62 for lunch, dinner with half of that. you got the ice cream, the coffee and the souvenirs when you are there but $1100 should cover a week or a weekend. not one day, not including your hotel. stuart: that is a family of four. forget the hotel, forget airfare, one day, one park, $1100. that is way above americans ability to pay. lauren: families want the precious experience in the photo on the kids faces so they

save up for these big events to theme parks and they know it will be a lot of money but this is more than people budgeted. stuart: in america one thing you should not say is sorry, kids, can't go to disney, we can't afford it. no american wants to say we can't afford it. lauren: why do you have to get the souvenir? i retorted because you spent so much on this, this is the kids dream vacation, you have to spend $20 for mickey ears or whatever they are selling at the gift shop. stuart: i always drew the line back the day. of the to you spent all that money into it and let the kids get a souvenir the documents their trip? stuart: old mean emacs to. hillary clinton firing back at critics comparing her e-mails to trump's handling of classified documents. if she had nothing to hide why did she delete 30,000 emails? senator manchin the latest to criticize biden's student loan

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stuart: check the market, still some green, dow is up 160, nasdaq up 55. democrat senator joe manchin sounding off on biden's student loan handout, doesn't like it. lauren: easy merging as the voice of reason i say with a question mark. i thought it was excessive, i just disagree on fat. i thought there was a better way to do it, you have to earn it. i don't know what he means by earning debt forgiveness but that is the message from manchin echoed by moderate democrats and most republicans. wherever you stand on this it it is near impossible pull off for the white house because look at the timeline, borrowers have to qualify for student debt forgiveness, fill out an

application to do that. it is not available from the department of education until october which we have another month and then there's three months for the doe to approve the loan and adjust the loan balance because at the end of the year people haven't paid their balance for three years, start repaying the loan. there's a lot of work to be done and not much time to do it. stuart: that is a real problem with the rollout. like obamacare to some degree. my next guest made the decision to go to trade school, attend community college and instead of university went to a trade school. thanks very much for coming on the show. why did you choose to go to a trade school and not university? >> thank you for having me. on community college, and

looking at future plans, i would be going into college debt, throughout high school, working in trades, heating and air conditioning, worked with my dad in the field, once i got my associates degree, came to the turning point whether to continue my college education or go to a trade school. i decided to fall back on what i knew and go to a trade school for heating and air conditioning because i knew there was such demand. stuart: you are out of trade school now, you are working on heating and air conditioning. making money? >> i sure am. stuart: tell us how much. >> i have one more year as an apprentice in my program. i am making $25 an hour as an apprentice but i know once i get my certification and go to master levels the financial growth is exponential.

stuart: how do you feel about president biden forgiving some student debt? don't know if he will forgive your debts or not but how do you feel about college kids getting some forgiveness? >> i will say i think it isn't fair for some people like myself to have made the decision to work in the trades but i can only speak on behalf of my decision. personally i made the right choice going into the trades, choosing something that was in demand and with the program i have going on right now, the school and apprenticeship and associated builders and contractors i am being paid to go to school, work a full-time job. you come out debt free with as much earnings as if you went to a 4-year institution and paid for student loans. stuart: i think you made a pretty good decision. we are a financial program and enjoy talking about money and

you seem to have made the right decision. come back soon. great to have you. and and now stuck up 60. show me some interest rate news, the 10 year treasury yield, 330. big tech mixed picture for those stocks, mostly higher but apple came out with new products at 1:00 eastern a couple hours from now, stocks turn a little bit south down $0.38. bitcoin is the story in the financial markets, below $19,000 a coin, 18-9 to be precise. florida congressman mark waltz, nigel farage and mark tepper, sales of luxury car taking off in america. this is an example of an emerging divide, you got it, spending it, you don't have it, inflation is making you pool back.

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>> i think the republicans are letting the democrats grab the microphone at a time and 3 quarters of the country think we are on the wrong track. we should go on the offense attacking inflation. >> worst case scenario i see is retracing the lows we saw in june, we could see a 15% drop below those lows. fundamentally there are no positives for the market. >> we are in a dangerous spot for monetary policy perspective. i think we will have a lower low, start nibbling again on the equities we sold at the end of the year. >> how apple is taking silicon to software which is their ability to make the chips much more efficient. when you get hardware and software so tightly integrated you have the ability to rollout the types of features. ♪

stuart: 11:00 eastern time, wednesday september 7th. i am going to check the market. we have a modest gain, the dow is up 160, nasdaq up 60 points. there is some green this morning, big tech mixed picture, apple presenting new products at 1:00 eastern time, apple is down a tiny fraction. a 10 year treasury yield, 3.9% this morning. sales of luxury cars are taking off in america, very expensive wheels taking a larger share of the market. what does that tell you about the divide between halfs and have nots? whose flashing this money around and where did it come from?

start with numbers from power, 17% of all the cars sold with luxury vehicles, mercedes, bmws, teslas, in 2019. these are $100,000 vehicles. if you go to the super luxury category like lamborghini, sales in july were up 35% in 5 years and rising fast. these are $200,000 plus vehicles. this is an example of emerging divide in the country, you got it you are spending income you don't have inflation is making you pool back, where does this money come from? all kinds of things go into this equation. many were able to save more during the pandemic, anybody owning stocks the value of their investments go up sharply and almost anyone with a home made money too. in short there's a great deal of wealth creation especially in the text, real estate, financial, and entertainment

industries. if you have done well a fancy ride looks attractive. at the other end of the scale, different story, in middle america, household income averages around $70,000. and wealth creation, the rich are not the problem. inflation is the problem. it makes income inequality worse. i wish this administration understood that. third hour of varney starts right now. 60 one days to the midterm elections and martha mccallum joins us wednesday morning. looks like november is shaping up to be trump running against biden, biden running against trump. do you you see it that way?

>> you have two parallel election processes at the same time, the midterm's where there are a lot of separate issues the dominate those races around the country and in many places you have democrats doing far better than biden is doing in the approval numbers and stand a chance to hold those seats and at the same time you can feel both of them in many ways want to make about that, you see the president going straight after trump supporters calling them fascists, donald trump trying to stay in the limelight, lashing out at biden and his policies. it is quite interesting because then you also have this other dynamic which is all these endorsements, the trump endorsements and what have could have should have on a lot of these senate races, what if it had been governor doocy in arizona rather than blake masters would you have a different situation? the midterm election may be a big test for trump endorsements

and we will see how it all reflects on the former president after that but 2022-2024 going on simultaneously. stuart: the republicans seem to be pretty much on track to retake control of the house but what about the senate? >> the senate looks risky for republicans. even in the house, the gains could be nowhere near what they were talking about four five months ago. if i hear a football team or baseball team come out and say this is going to be our season, we are going all the way, they were talking a red suit nominee. my personality i guess, don't like to count my chickens until they are hatched no matter what team i am rooting for but they were doing that big time talking about a red suit nominee, 20, 30, 40 seats, huge predictions come republicans need five seats to take the house, redistricting, a lot of these things are in their favor

to achieve that goal in the house, however i think they have to be careful. they are not articulating their argument in a way that is an indication of a team that wants to win. stuart: what is the republican message going to november? not sure i can define it. >> i don't know. the issue of the dobbs decision was underplayed by conservatives in terms of its impact. what they should be saying is look what happened in kansas. you had a referendum in kansas, voters went to the polls and they upheld their existing abortion laws and that is what the supreme court decision allowed. no matter how you feel about abortion, the decision went back to the people and in kansas, a red state, they decided to keep the abortion laws at the level they were at, that is what they need to point out, the decision is in your hands, people across the country, that message has not

been clear enough. stuart: i want to talk about hillary clinton, firing back at her critics who compared her emails to trump's handling of classified documents. watch this for a second. >> i think it is a really different comparison to what is going on here when it appears the justice department, the fbi have been incredibly patient, quiet, careful until they finally apparently thought national security was at stake. stuart: why did she obliterate 30,000 emails? >> that is a good question. i dug into this a little bit. when i saw that and her tweet where she said 0 classified emails were found and back to jim comey saying there were twee 8 threads of classified email, top-secret classified e-mails you can find instances

where jim comey later said we were not exactly, the way we characterized the sloppy handling of e-mails he never said there were not classified emails. my message to him would be if there aren't tweet top-secret classified e-mails, when you came out and said that, he backpedaled in different ways, that is message. why do you destroy 30,000 e-mails and he said in the same statement they were not able to access them because they were destroyed beyond recognition essentially. stuart: she did tell an interviewer she's not running for president again. she did say that. >> she's pushing a podcast which has been met with lukewarm reception, that is why she is saying doesn't anyone want to know if i'm running in 2024? can't we get out there and talk to the press and have the message out? stuart: we will be watching you at 3:00 pm eastern this afternoon on the story on fox news, thanks, always appreciate

you coming. that market, 200 points for the dow industrials, it mark tepper with us this morning. what is your outlook for the rest of the year? before you answer, a couple of people on the show said watch out, there is a big drop coming later this year. what do you say? >> i'm not very optimistic. i will say after the midterms you do see a rally but the fact is we are in a downtrend and we have this abundance of negative factors working against us from inflation to higher interest rates, slowing economic growth. all these layoff announcements we have been hearing and none of those things scream bull market. member the adage, the market has been flooding the fed since mid-june despite the hawkish rhetoric.

reality is starting to set in and maybe the most underappreciated risk out there is quantitative tightening. if you take an overlay of a chart of the money supply and the s&p 500 since the great recession they pretty much move in lockstep. sucking trillions of dollars out of the economy is not going to be bullish, it will be painful. stuart: does the market want republicans to win the house and the senate in november and is this a big deal for investors? the political outcome in november? >> the market would love for a red wave to happen but if you look at the stocks that benefit from the democrats taking the senate, those stocks have been outperforming the s&p over the last month or so and a lot of that has to do with you and martha were just talking about which is the social issues

versus the economic issues and the midterm election was supposed to be a referendum on biden's presidency, now i don't think anyone cares about biden. it is about abortion versus inflation, that is what it is coming down to. i think the stock market would rally if republicans took everything but unfortunately the democratic stocks are leading the way. stuart: always a pleasure, thank you for taking time out to be with us. see you later. lauren has been watching the movers and one stock that is moving his twitter, a nice move up 4%. %. lauren: the delaware judge ruled elon musk cannot delay the trial, he wanted to push it to november, she said no. is the market thinking the deal is more likely to be pushed? i don't know. the same judge also ruled elon musk can amend his countersuit to add the whistleblower, former head of security's claims, that twitter

represented what was going on. why does twitter stock up? may be the trial is going to happen. can't wiggle out of the deal. stuart: chevron is down sharply. lauren: chevron is lower but not as much is energy stocks, the workaround to keep oil flowing from kazakhstan, it has to flow across russia via pipeline which is being repaired, maybe it is never fully repaired. stuart: i want to know about netflix and its transfer to be a different add support. lauren: it would reporting dollars a month, cheaper than the regular plan but analysts are saying that could bring $8 billion in additional revenue for netflix because more people would sign up and deal with the ads as they watch the show.

stuart: you are paying less of a fee and have to watch the ads but it is cheaper. lauren: between $7, and $9. stuart: thanks. a british tv show introduced a new prize for their spin to win game. on your screen right now, spin to win with your energy bills, that is a new show and tell you all about it after this. you've put your dreams on hold. remember this?

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♪ come fly with me ♪ let's fly ♪ let's fly away ♪ stuart: irresistible, isn't it? playing sinatra about flying as you look at dallas-fort worth airport, come fly with me, that is vfw. we are playing this because tsa agents screened 8.7 million people at airports on labor day holiday weekend, the first holiday to go passed pre-pandemic levels. in 2019 tsa screened 8.24 million travelers in the labor day weekend. united airlines might end service to newark -- new york jfk next month. lauren: they can't get the slots. they made a big mistake in 2015, deciding to focus on newark and give up a big deal that jfk didn't work out in

their favor, jfk is slot restricted and united only has two to california so their ceo sent a letter threatening to abandon jfk completely if they can't get more permanent slots. stuart: okay. take that. jimmy buffett's margarita bill, they are giving away free vacations. lauren: active-duty, fire rescue workers, teachers. it it is called the he rose sale free program, giving away one free cruise to the bahamas for three days between margaritavillette see and dove x.com. you must be verified member to participate and the bookings start today through october 4th. stuart: until you get free margarita. you are not supposed to give away free alcohol. doesn't go down well but thank you.

the artemis launch has been postponed until next month. congressman mike waltz, republican from the state of florida, the space coast state of florida joins us now. what does this mean? scrubbing this launch, what does this mean for our space race with china? >> very disappointing. this rocket which is nasa's return to the moon, heavylift rocket that get our astronauts already there was supposed to launch for the first time in 2017 so it is five years late and it won't surprise you it is massively overbudget. the bottom line is these companies that are building this rocket and nasa itself has got to get its head out of its rear end. china by the way went to the moon in 2013 and has been there

several times since, has launched unmanned rovers, is on track to put a station, a manned station on the moon and begin mining, estimated to have trillions of dollars of critical minerals on the moon. that's no longer science fiction. can't get the rocket off the launch pad. stuart: should we hand the space business to private enterprise, we have successful private space companies, do we need nasa? >> it is a great example of a public-private partnership and they are moving in that direction, space x has dropped the cost of launch exponentially which you need in order to realistically get enough rockets and enough material up there. why does this matter so much? from a national security standpoint, you can't be number one on earth if you are number

2 in the space, the chinese are launching more than the rest of us and the rest of the world combined. they are also in the midst of putting their own new space station up which will be manned by their military. meanwhile we are debating when and how our space station will fall apart and fall into the ocean. the good news is a number of private companies are looking at putting private space stations up and they can do anything from 3d printing in space to medical experiments that are impossible on earth. it is estimated we will go from a couple hundred billion to over a trillion on the private-sector. that is the good news. we need to get out of their way and let them do what the private sector does which is innovate, get up there. this is like the beginning of the internet in terms of the possibilities up in space which is the exciting part.

stuart: on a related note, xi jinping, china's leader reportedly agreed to meet in person vladimir putin next week, that was a reporter earlier this morning. are they banging up against us? >> this is a geopolitical shift and this is everything from china replacing all the energy, oil and gas russia has lost in terms of sales to europe, china is buying up a lot of distressed russian firms particularly in the critical minerals space to power its future economy but the most alarming thing are joint exercises. as i mentioned, they have agreements in space not only for low earth orbit but up on the moon, for the first time had all three branches of their military, their army, navy and air force working together. it is not too far off places. it is in the sea of japan, the

south china sea, places where they can control local shipping. this is very alarming. we have to look and think more broadly, geo strategically on how to drive wedges in this new relationship, this new axis of evil rather than driving them together. stuart: congressman mike waltz from the great state of florida, thanks for joining us, always appreciate it. let's change the subject completely because it is your turn to be part of our show. october 17th, a special program in our 11:00 hour, live studio audience right here in new york city, we are calling it varney and you. tickets are free. you must register online. lauren: how much would you charge? stuart: let's not -- get a piece of the action. scan the qr code on your screen right now.

you can submit questions to varney and you@fox.com. lauren: i did not know about this. i have been pushing for this. stuart: 40 or 50 people in the studio audience. lauren: the audience seats, the bleachers. stuart: it is free, try it, you might like it. something new. the brits are in revolt against high energy prices. a new push to boycott utility bills but don't pay your utility bill. what is the prime minister knowing to do about that? nigel farage will answer that question. apple kicks off its far outfall event. we would like to see a new line of iphones, susan lee has the preview next. ♪

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stuart: that is fox square new

york city outside the studios, can see where my studio is but i'm waving at you now. take a look at meta, connecting -- the connect conference, where they debuted their new virtual reality head set, those goggles. reportedly these new goggles, make a virtual avatar seem more lifelike. the apple event kicks off, susan lee joins us now. what are you hearing, what have you got for us? >> virtual reality headsets are expected next year in 2023. maybe they could have surprised everybody, this event today but that is not going to happen according to wall street.

you get four new iphones including a possible upgrade, 6.7 inch, regular iphone, what it will tell us in terms of pricing, how inflation is going, they said they will increase prices by $100 of phone, that's the consensus on wall street, normally will you get four iphones, ship dates in terms of how supply-chain is easing, can they ship in the week with a month? you will normally get four iphones but a mini home part, possible apple tv and one last thing analysts are questioning, this event is taking place a week earlier than usual and apple is in the front running for $2.5 billion a year nfl sunday ticket so could stuart: last thing that is announced later today?

i will go on apple tv plus. there's a lot riding on this, stock price doesn't perform the day after the event but morgan stanley says you should get 11% increase in apple shares which has outperformed the tech sector for this year. stuart: when steve jobs was holding these appearances he came up with -- one last thing, he did that. susan: iconic. stuart: those tim cook have a history of one last thing and surprising everybody? susan: no, he doesn't do the one last thing line but there are surprises, to surprise and delight, what will they announce? not everyone else has penciled in and priced, one last thing might be streaming, the pockets that are willing to pay back billions of dollars, that will

make everybody sit up and notice. stuart: congratulations. families in britain bracing for an 80% increase in power bills. nigel farage, what is the new prime minister going to do? >> energy policy has been a disaster, we built lots of windmills and put price of electricity, transferred big subsidy, the wind doesn't blow, then you need gas. not producing our own gas and coal, not enough oil, we are not energy independent. that is why sterling is falling rapidly. 80% increase is coming, may be

more to come. rebellion movement advocates movement, just don't pay the bill. what will happen tomorrow? the next day? with our new prime minister liz truss going to gas prices until the next election, talk about signing a blank check but that is what she's going to do. that will mean energy is affordable which is great. if it is affordable, we got a cold winter, run out of supplies, we are not terrible mess. vladimir putin is partly to blame but the other 50% is very very bad energy policy. stuart: are the brits prepared to reverse their green policies? the brits are very green, in favor of climate notions from the united nations? are they going to reverse that and say i want fracking or more natural gas or more call or

north sea oil? are they prepared to reverse course? >> do not think just because the conservative party, labor party, bbc and those that operate in central london have all gone green, do not think the rest of the country feels like that because it doesn't. what is the point? we only produce 0.8% of global co2? why should we bagger ourselves, call fire stations. and its early days, showing something like that. stuart: shots of a new tv show and britain which offers to pay people's energy bills, we have a clip of it on the air. the prize if you win the spin you get your energy bill.

is it that bad? >> it is that bad. we are looking from average household, two up, two down, average family looking at 3,500 pounds a year going up to 5 or 6,000 pounds a year, you take that out of an average income of $35,000 a year after tax looking at 20% of people's net income going on energy and for pensioners, pensioners well over 1/3 what they earn going on basic energy bills. i tell you this. when donald trump spoke to the un in 2018 and said the germans were making a huge mistake becoming dependent upon russia, they all laughed. who is laughing now? trump was right. energy independence in an uncertain world is vital absolutely.

stuart: the green dreams have got to disappear. nigel farage, thanks very much, see you again soon. serena williams played her last professional tennis match at the u.s. open. it smashed ratings records. breaking down numbers which are extraordinary, new york city mayor eric adams send a fact-finding delegation to the southern border, cameras were rolling as they visited the rio grande where hundreds of migrants cross every day, the board report is next. ♪

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stuart: presidential spokesperson karine jean-pierre claims illegal migrants are not walking across the border so senator ted cruz wants her to come to the border. >> i will give a challenge right now. come to this border, spend 60 minutes, one hour with me and the border patrol union. we will encounter dozens if not hundreds of illegal immigrants. stuart: i presume she turned down the invitation. lauren: she can't go because the democrats own it, she brushed off senator cruz's invitation and blamed republicans for the border crisis. >> i don't need lectures or invitations from republicans about the border or border policies. i won't take advice on the border from anyone who voted against securing record level

of funding for the department of homeland security. stuart: oh, dear. lauren: she went to the border once, in 2,018, things were totally different, not as many people were coming in. stuart: i don't know but i am sure she had been critical because donald trump was the president. lauren: things are different now. stuart: the rift between governor of texas greg abbott and the mayor of new york city eric adams is intensifying. the mayor's staff travel to texas to see the border firsthand. garrett tenney is there. what did his staff do when they were down there? >> this visit is significant because it was the first time officials from sanctuary city have come to the border since president biden took office to see for themselves what is happening here. mayor adams's office calls this a fact-finding mission and sources familiar with the trip said they got a small glimpse of the flood of migrants coming

across for the past year when the cbp processing facility was packed with migrants waiting to be processed. the officials also came to the banks of the rio grande and our cameras were the only ones here as they met with border patrol officials and saw where it is hundreds of migrants are crossing every day. as for how this trip impacted the mayor's staff will change their views so far his office hasn't said anything beyond this statement that says in part the texas governor's office has been an responded in turn this into a political sideshow. in new york we woke up asylum-seekers with open arms. adams has been fiercely critical of texas governor greg abbott for busting 20 one hundred migrants in the big apple the last month and is complaining the relative handful of migrants he received is straining the city's resources to which abbott's office replies the invitation is still open for mayor adams to visit the southern border and see firsthand the

devastating impacts of the biden made crisis on border town smaller than a new york city borough. mayor adams didn't comes the border himself, but best these migrants up north, it is likely these officials never would have come to the border. to see what is happening firsthand. stuart: let's get back to the market, dow is close to 200 points. look at the dow 30, you get a sense of where the market is going, looking good at the moment, green is up 200. it is a basketball jersey once worn by lebron james. $1000 at auction. 10 golden is here in studio with $1 million worth of sports memorabilia. ♪

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new york city has dropped the mask requirements of all mass transit effective immediately. no more masks on subways, buses or trains. that just happened. serena williams smashed another record, final match at the u.s. open was the most-watched tennis telecast in espn history averaging 4.8 million viewers. at the peak, watched by 6.9 million. i just found out lauren was actually at that match. what was it like? >> reporter: she had the crowd of all ages, stripes, colors, they wanted her to win and they were shouting, it was amazing. she lost, her opponent had grit. it was a long match. i was expecting something when she lost, maybe a little bit of a temper, calm, cool, collected serena williams, very humble and i got the chills when they

played tina turner the best on about speaker, she gave a beautiful speech and writing big checks. all the dc money, she's doing big things outside the world of tennis. she is a massive. stuart: in the middle. just a couple thousand dollars. speaking of serena williams. ken golden is with me, sports memorabilia guy, who has a serena williams rookie card. can we see it please? >> this is from 2003, first-ever card and what is unusual about this card is it is limited to only a hundred. only hundred exist. the outfit she is wearing they cut up the outfit and put pieces on cards, 100 of them and signed individually. serena holds the record for the most valuable female athlete,

266,000 earlier in the year. this card is not -- it is one of those cards, we expect it to exceed $20,000, live right now. stuart: $100 only and $25,000. the top rated rookie card from way back when. >> this is 2000. this is a unique card. this is 2,000 bowman chrome rookie card. if you look at the back it says tv 12 connection. tom saved 35 of his own rookie cards and signed and numbered them individually. this is one of the cards he personally owned, signed and went into the marketplace, this

is really cool, a rookie card inscribed by tom, once -- i'm going to be conservative and say 20,000. double and triple that would not surprise me. stuart: that money goes to tom brady. those are his cards. >> at one time, yes. it is not now, not his card. stuart: i see the jersey right there. tell me about that one. >> this is lebron james's olympic jersey from when he is a rookie. he immediately ended the 2003 season with the calves and immediately went to athens to play for team usa. this is a team usa game new jersey, photo matched to three games, his first-ever time representing team usa which he did three times.

i am being conservative here, this is available right now. stuart: the last one you say is a doozy. very expensive. >> 6 figures, 7 figures, more affordable. justin herbert is predicted to be perhaps the greatest arm in the nfl starting his third year, broke every rookie passing record two years ago, plays for the la chargers, there's an ultimate card known as nfl shield, most valuable card and only made one of them. as of this moment, golden auctions or golden, you see the bidding is at $1,250,000. the auction ends this saturday night at 10:00 pm so we expect

the card to exceed 1.5 million. when you think about the same card sold for 9.6 million so this at 1/3, an amazing bargain. stuart: you have the magic touch, you bring out the doozy. excellent advertising. good to have you on the show. stay right there, time for the wednesday trivia question. stuart: you played at last time. how many stars are on the hollywood walk of fame? just over 2000? 2732? which is it? you may play along and guess after this. ♪ the right relationship with a bank who understands your industry, as well as the local markets where you do business, can help lay a solid foundation for the future.

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like these folks did, and see if a reverse mortgage could work for you? - [advertiser] call aag, the country's #1 reverse mortgage lender. - call the number on your screen. stuart: how many stars are on the hollywood walk of fame? lauren you guess first. >> 2010 number three. stuart: ken golden, generously deciding to stay over and best. >> i will agree with her 2010. it is a lot. stuart: i'm doing 1400 one. the answer is 2732. the newest star went to musical group los hurricanes. >> 30 minutes ago. stuart: 30 minutes ago. i missed some exciting news when i was on vacation. reporter lydia hu just welcomed

a new baby boy. baby craig is named after lydia's husband. congratulations to the entire family. i just want to thank ken for coming on board again. we really like your stuff. i can't believe how much money people are prepared to pay for it. >> i appreciate it. stuart: it is all good. thanks everybody. great to have you with us today. we'll be back tomorrow morning, right now it is neil, your show. neil: stuart, thank you very much for that. we're focusing on hot things going on not in the market but as what is happening across the country. about half the country if you will enduring triple-digit temperatures throughout much of the west. this as the energy grid is tested like it has been tested in that part of the country. all of this in the face of skyrocketing prices go egg on for energy. not here but more to the point, in europe. we'll have more on that and what the british prime minister liz truss wants to do to address that meantime let's go to hillary vaughn on capitol hill with how these grid issues in california are