pay more. maria: ryan, quick i know you are -- following this decline. >> one hundred percent look i think you got to discount what fed is saying what they say what they do. from that standpoint i think got you to be bullish vested stocks are great inflation hedge remember that. >> we leave it there fantastic panel we so appreciate your time, ryan payne mark tepper stephanie pomboy, thomas hoenig you will do last, cheryl casone thank you. we will see you tomorrow stu: good morning, everyone. the number is moving the market big time. the consumer price index went up 8.3% in the last year. in august, it went up 0.1% compared to july. that means the pace of inflation is slowing but only just a little. later on today, the president addresses the inflation number and he'll probably try for a victory lap on the grounds that inflation is coming down, but we will have above 6% inflation for

sometime to come. look at market reaction, we're talking serious selloff. the dow down 575 points and we're likely to open the market this morning and worse damage on the nasdaq, down 360, that's a better than 2% selloff. plenty of red ink this morning. bitcoin, same story all the way down to 21,457. interest rates, very interesting what's going on there. the ten year -- the yield on ten year treasury absolutely surging on that cpi number. you're now at 3.42%, and the two year way above 3.5% level. that's the markets. more on that in just a moment. strikes, popping up all over the place. over 100,000 rail workers may walk out friday. the president is pressuring the unions for a settlement. 15,000 nurses are walking the picket lines in minneapolis. they want more money and less

stress. teachers in seattle have reached an agreement, they've been out since the beginning of the school year. it's not clear if classes will resume there today. and twitter shareholders want elon musk's $44 billion takeover. they want it, but he doesn't. he wants out. two questions: how will musk vote? he has over 9% of the shares and how do twitter employees feel about getting a very reluctant boss, if that's the way it turns out? good questions. to the war, huge advances by ukrainian troops in the last three days. western media suggests that ukraine is winning the war, they use that word and the word victory is now being used. we're getting fresh video of the russian's panicked retreat. in britain, large crowds gathering to view the queen's casket being flown to lie in state. king charles is being very well received and getting a lot of good press and the queen's funeral will be held next monday

and a million of charles' subjects are expected to line the streets. it's tuesday, september 13, 2022. "varney & co." is about to begin. ♪ all right and it's coming on, we got to get right back to where we started from ♪ love is good -- stu: good morning, everybody. big day in terms of inflation. i have to tell you that inflation is still running hot. good morning, susan. i think you need to take us through this thing. susan: yeah, and the stock market reaction right now. we're penciling in a selloff with core inflation, consumer inflation, headline inflation hotter and higher than estimates. 8.3% from a year ago. still close to 40-year highs and core if you strip with the volatile food and fuel hotter than anticipated and looking at .3% on year-over-year basis and

higher than 6% and looking at fed funds and what traders are expecting from the federal reserve and have close to a 20% probability of a 100 basis point hike in just a few days in september. that was virtually at zero before this inflation report. now i'm looking at 81% chance still of a 75 basis point hike from the fed. but to -- the reaction that you're seeing, this 2% selloff across wall street is the fact that inflation is hotter, federal reserving has to get more aggressive. stu: yeah, came down from 9% in june, 8.5% in july, 8.3% in august. that's not a big enough decline to say inflation is slowing down a lot. susan: and fuel coming down 10% in that time and not enough to ease off and cool down inflation. i think it's a rental ca exceptd looking at -- component and looking at record rents across america pushing up inflation prices. stu: yeah, but what you said about a 20% chance that jay powell does a poor volkar with a

100% hike. susan: is he brave enough to do a 100 basis point hike? stu: it would be dramatic and the market is worried about that. we need a market watch and we've got one. his name is kenny palihapitiya d he joins me now. is it 75 basis points or 100? what is it? >> i think 75. it's not hot enough to necessitate 100 point basis hike and all it means is the fed won't slow down and potentially raises the possibility, stuart, for an october inter-market raise. if they think this is not coming under control, they could step out of place and raise rates again in october when the market doesn't expect it. that's more of a possibility than 100 basis point increase next week. stu: okay, can you show me futures for big tech, please.

put it on the left hand side if you can. i think they're all going to be sharply lower. yes, they are. in percentage terms, looking at 2 or 3 or even 4% down. that, i take it, kenny, that's because of higher interest rates; right? >> well, it's develop that be higher interest rates -- going to be higher interest rates and because the market convinced itself and trying to c convince everybody that inflation was 8% or sub8% and the fed had this and it was all under control and this report shows you it's not the narrative and it's not under control and not responding and therefore, yes, rate wills have to go higher and so the high-tech names like you said will get smashed. stu: does this inflation report today change your outlook for stocks for the rest of the year? >> no. so what it does is i've been saying to you that i've been cautious going into this. i thought a retest of the june lows was not out of the question and don't think it's out of the question now. i thought maybe we were going ts

maybe 3900ish but this could set us up for another test of closer to june lows and while i think that's true, i do think then it will stabilize. i don't think we'll get that complete destruction the way morgan stanley and goldman are calling for closer to 3200 or 3,000 and i suppose we have to see what the october cpi and ppi are now because if they remain as hot, then i guess, you know, we're going to see pressure lower for sure. stu: all right. kenny, let's wrap it up with the dow industrial showing a loss of sneerly 6 -- nearly 600 points at the opening bell and down at the board. >> that's an 800 point swing; right. they were up 200 prior to the report. report. stu: that's right. 7, 800 point swing. thanks, kenny. now turning to twitter. shareholders are voting today on musk's takeover bid. it looks like the deal will be approved, susan. susan: likely and elon musk has

a 10% stake and he's the single largest shareholder in twitter and he hasn't voted either way. but look, there's 90% of other shares, 20% held by index funds and most likely it'll when approved at 54/20 because there's no second bidder. no other white knight has come through with an alternative bid. also important is that we do have the whistle blower, peter testifying in the senate. that's today. elon musk tried to use that severance payer to the whistle blower as a way to get out of the twitter deal yesterday and saying it was not approved by me and violates the terms of our deal. twitter says we're closing this at 54/20. if you want, we'll go to trial in delaware in october. stu: i wonder how twitter employees will feel if musk does get the company. they are saddled with a poses who really doesn't the -- boss who really doesn't want to lead that company. susan: depends on price.

price is obviously important in this type of activity. if elon musk gets it at $20, that's cheap. that would be considered a bargain some would say. stu: very cheap. highly unlikely as well but there you go. back to you in a second, susan. the new york times sending a warning to democrats about the midterms, polls aren't always right so says the times. todd pyro is here. today's inflation number, that's not going to help the democrats either, is it? >> not one bit. what's interesting about this is it's in the "the new york timesd we report it's the arms of the democratic party. stu: it is. >> the second take away from this is we no that polls are always wrong. why do we fall for them year after year after year? it's sort of like when we have football here in the states, we have something called the preseason and every preseason, stu, nfl insiders talk about how this player on the fringe is going to make a difference. this is going to happen.

this is going to happen. none of it matters when you get to the regular season. it all turns out all that fluff the experts did is all irrelevant till one day in the four weeks we have to vote in the united states, till that all comes to the fore so there you have it. stu: look at headline in real clear politics. why democrats must support biden in 2024. even during a normal political era the article says not supporting a sitting president is a suicidal move for the party in power. are they really going to support him in 2024? >> did they not see what happened 40 minutes ago? stu: right. >> keep in mind inflation would not have been 8.3% this month had it not been for the biden administration. we're not playing politics here. that's an absolute fact. stu: it's a theory. >> are you going to counter

that? stu: no, i hold the same opinion. it's a opinion. >> their thought process is that biden has a steady hand. is that biden or not trump for the mainstream media who hates trump and views anything joe biden does has having a steady hand. biden's comments don't give off the presence of someone having it calmly in his grasp and calling 74 million voters extremists and trumpies and the like. stu: is stay with me, todd. you're here for the hour. the dow going to be down 580, close to 600 but the damage on the nasdaq is worse, down nearly 3% now, down 364. coming up, a knewly unearthed video showed -- newly unearthed video showing florida gubernatorial charlie crist comparing himself to jesus

christ. some people call him de-satan and it's crystal clear, he's bad and we're good. that's rather extreme. i wonder what the republican from florida makes of that comparison. new yorkers weighing in on congresswoman aoc's claim that too many americans hate women. watch that. >> really sad that she still thinks it's 2022. >> i feel like as much progress as we've made, women are still treated as if they're secondary to men. >> doesn't matter if it's male or female, i'd be voting for the best candidate. stu: all right, we've got more on that discussion coming up for you and, yes, we will be back. ♪

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so-to-speak -- cpi report did a number on the market and knack cause is down 3 -- nasdaq down 3%. big tech, i hate to use the cliche taking it on chin but that's what's happening. amazon down 4%, meta down 3%, significant losses there as interest rates rise. then there's this, railroad workers could go on strike as early as friday. todd, i guess the president is getting involved because the repercussions of a strike would be awful. todd: yeah, he's got to step in because this is bad. white house trying to help avert a strike by thousands of rail workers helping freight companies and unions on stalled negotiations trying to get them to the table. friday deadline to agree to a new contract and congress could have to step in as it does have the authority, congress, to delay and halt a rail work

stoppage. a strike though could disrupt the economy and hurt democrat's chances of keeping congressional majorities come november. stu: nbc, they say that "the air is leaking out of inflation as the dominant midterm issue". they're going to have a hard time convincing us that inflation is no longer running hot yet. todd: they might want another mulligan on this one. cnn, new york times, washington post all concluding that inflation receded and nbc citing falling gas prices and overall inflation rate slowing down until 48 minutes ago. their own polling that shows inflation behind threats to commodity seizure disorders as voters number one -- democracy is the voter's number one issues. democrats hammering republicans with abortion messaging while there's been an up tick on gop ads on crime and inflation report shows near the 40-year highs and not good. look at it again, 8.3% and see

if that changes nbc's thinking and polling and showing more threats to democracy over a real 8.3% nugget that people are feeling in their wallets. stu: see if they can make a change of their outlook there. president biden heads to columbus, ohio, this afternoon and touts his inflation reduction act. is the president going to take a victory lap on today's inflation numbers? how can he do that? >> yeah, i don't think it'll be a victory lap but he's arguing is just as implausible. the same people that didn't predict inflation then told us it would be temporary are now saying it'll go away or it's not an issue for voters. i think that's wishful thinking because, yes, gas prices have come down, but they're still very high. you know, i go to the supermarket and bring back one bag of groceries and it's like $75. i don't think you can say that

people don't notice that. stu: what does it do it the president politically if we have 6 or even 7% inflation from here on out? it looks like we will for the next several months. what's the political impact on biden from that? >> well, that's a good question especially with this president. you know, biden's shown a lot of anger in speeches and he's going to fix this and he's going to transform our economy, he's going to change the way we use energy, he's going to beat cancer. you know, when he rails against something and it doesn't come down, he just emphasizes that heavyweights weak. he's weak. when you huff and puff, you've got to blow the house down. it can't be still standing, and i think that's the danger now and now he thinks if he just doesn't say it, people won't notice. i think that's very wishful thinking. stu: can he run again in 2024?

>> i mean, i don't think so and clearly a lot of democrats don't think so but, you know, he's not going to announce before the midterms. maybe it'll be a gracious way to get him off the stage but the question is who? you know, gavin newsom, you know, it's largely people with the same policies. stu: i think you're right. i can't see him running in 2024. it would be extremely difficult but then again i can't see who would run in his place. haven't worked that one out yet. hey, bill, thank you for coming backtous. always appreciate it. see you again real soon. >> thanks, stuart. stu: left hand side of the screen, this is how the market will open this morning. you've heard it already but i'll say it again, inflation is running at 8.3% clip, far too high for invest investors and dn about 50 and nasdaq down 350. i have idea how the market closes but i tell you it opens

down. we'll be back. ♪ anything can happen, anything can happen, anything can ♪

stu: oh, yeah, take a look at it

again, dow down about 550 at opening bell and nasdaq down 360 at opening bell. that's because we have a nasty inflation report. it's hotter than we expected. mike murphy with us this morning. mike, does this change, this inflation report, does it change your outlook for stocks for the rest of the year? >> good morning, stuart. it does absolutely nothing to change my outlook for stocks. what it tells me, stuart, is what the fed has been doing isn't working, and it tells me that the fed is going to continue what they're doing and it's going to spook markets short-term, but just like you saw rally when the fed raised rates last time, if this may create a selloff, we're getting a selloff at the open this morning but it should have no impact on individual investors long-term portfolios. zero impact. stu: you never say sellout. you never say sell this bunch of

stocks or the company or the market. you never say that. >> i don't, stuart, because there's never once been a time in history where selling out was the right move to make. if i were smart enough to tell you when to sell, when to get back in, when to sell on this pullback and that pullback, i would do it but i'm not. i know that long term, any selloff in the markets has been a opportunity to buy, to buy more. so what the fed is doing right now trying to play catchup is very big headline news but for individual investors, for you and for me, this has no impact on our portfolios whatsoever. stu: the trouble is when you get a big sell off, and i'm not suggesting that today is a really huge sell off, but in past when you got a big sell off, the market doesn't always bounce back immediately. i was around in america in the early 1970s when the dow industrials first crossed 1,000. they didn't get back to a thousand for ten years. i mean, the market was in the

dull for ten years. i mean, did you really want to be fully invested in stocks in the 1970s? i don't think so. >> well, here's the thing, stuart, if you want to go back over the last 100 years and pick out one ten-year period, it -- maybe it wasn't the bl best plae to be but i don't know that we'll revisit the '70s but if you expand into the '660s or out into the '# 0s, the stock -- '80s was the place to be and something that cost more viewers money than anything else. trying to pick when to get out, which is on major selloffs and trying to pick when to get in, which is on major rallies. individual investors should get invested and stay invested. that's been the game plan that's worked every single time. stu: hold on a second. susan is with me. sitting right next to me as a matter of fact. i think sheme wants to get into this discussion about never getting out of the market. what are you going to say?

susan: i want to talk about if we see rate cuts in 2023 because you have fed swaps pricing in cuts and interest rates starting next year because of a slow down in the economy. isn't that stock positive? i mean have we seen the bear market lows and extend from here, mike? >> good morning, susan. yeah, you know, so a lot of people that aren't fedex perts are trying to predict what the fed is going to do. they've told us now, they're going to hike. how far they're going to hike, i'm not really sure, but the markets are telling us they're going to reverse course at some point next year. i think that's really tough to predict or tough to bet on, and the good news, susan, is that individual investors don't need to bet on that because if rates are at 2%, 3%, 4%, 5%, the stock market has always worked so for individual investors, they can look past the fed and stay invested, look for the long term

because this bump in the road will pass. the fed won't be hiking forever. susan: i think back in the '80s, we saw stocks outperform inflation, and i think maybe counter intuitive you see stocks actually as a great inflation hedge. stu: yes, as a matter of fact they are. all right, we'll agree to differ on when to get out, when to stay in. the market is about to open. we're going to see some red ink folks. 8.3% inflation reported for the month of august. that's putting out some read ink on wall street this morning. okay, we've opened with every single dow stock down. there's 30 of them, they're all lower. in a very early going, the dow industries down 500 points, 1.7%. look at level, the dow's back to 31,837. s&p 500, take a look at that one, please. that's down 2.1%, barely above 4,000 and the nasdaq, whoohoo way down, 2.87% on the downside

back to 11,900. take a look at big tech again. now the stocks ared and, boy, are they lower. apple holding onto $160 a share and amazon $131 and 2 or 3 or 4% on the downside. susan is with me going through the market as we open up here. big tech is getting chopped and because of rising interest rateds. susan: really no place to hide. looking at ten year note and we're closing in at 350 and that would be the peak for this year. as you know, big tech usually falls when you get more guaranteed money on government bonds. just to go through that inflation report and we were just talking about how energy prices were down 10% in the month of august, you still had a higher than expected rate on inflation, food prices continue to rise. you also have cereals, bakery products and 16% increases year over year and rents at record high and that's what you're

saying out whether food and also rents, i mean, this is -- if you want to talk about core, that is core to all consumers across america and looking at 8.3% still near 40 year highs. stu: inflation is still high and with us for some time. susan: what do you think about this rate hiking cycle that we're in then rate cutting next year? feds pressing in 50 basis points cut in 2023. doesn't that remind you of the '80s when it went up and down and stocks didn't go anywhere in that period. stu: always cycle of rate hikes and rate cuts and how the cycle is spread out, it always happens but now pricing in rate cuts. what percent? susan: 50 basis points next year. after hiking up 3.5, 4% in the the peak of march of next year. stu: that's what they're saying. dower is down 500. let's look at individual companies and start with peloton down 7%. they've got the cofounders are out, aren't they? susan: not a big surprise that

john phys foley handed over to r netflix ceo and the chief officer leaving as well. stock is down some 90% in the past year, 90%. you have the new ceo trying to find $800 million in cost savings with layoffs and historic closures and plants and sign new partnerships with amazon and the writing was on the wall that john foley and founders aren't necessarily great ceos shall we say. he was going to hand it off to an actual manager when a custodian of the company. stu: great product. perfect for the times as in pandemic but not good for post-pandemic. susan: that post covid boom or covid boom is done. stu: it is done. all right, oracle, the stock is down just a fraction. susan: not bad for this type of environment. stu: didn't they report yesterday? susan: yeah, short on profit. they met on sales, closed at $28 billion acquisition of health data software and good news is the acceleration in

sales growth said accelerated, which is always a positive word to use in your earnings report, accelerated from 5% growth they posted to start the year so cloud is growing to them but like every other company, the strong dollar is a bit of a head wind. look, if you're flat in this type of 3% selloff, that's outperformance. stu: and slightly higher you're doing well this this kind of market. how about the streamers and i ask because the emmies were last night. did they pick up good awards? susan: the emmies are telling us where content is going and that's from the streaming -- from streamers and no longer with the networks. comcast trying to save $1 billion somewhere and it's this transition that we're in so hbo max's success, euphoria, white lotus winning big and ted lasso and squid games on netflix and job iger joining jared kushner's vc fund capitol and bob said i can't tell you when but the precipice will be pushed

over. stu: linear television being ---susan: broadcast, network, and cable maybe. stu: on their way out. show me the big banks, please. now i would expect the big banks to do okay when interest rates are rising. it's relative, sus isn't it? susan: it's all relative and big banks using $350 in deposits last quarter and that's a drop because of fed's tightening cycle and less liquidity and indication of less deposits of upcoming slowdown in the economy and spending by the consumer. first drop in deposits since 2018, gol goldman sachs cutting hundreds of jobs next week and that's job cuts, no free lunch and coffee perks and end of no performance reviews. stu: how much came out of banks? susan: $350 billion. stu: that's because the federal reserve is tightening up and no longer printing the money and distributing to the banks. susan: last quarter $7 trillion

lost in stock market values. this is a -- you're losing all the gains you had yesterday when you had close to 5% rally including apple that had its best day since may, all gone. todd: i woke up for that one too. guess i'm working till 90 now. stu: susan and todd, thank you indeed. back to you later. check the big board, we've been in business for six minutes and down 600 points. dow winners, list headed by proctor & gamble. there's no winners amongst the dow. it's minor legalizers. s&p 500 -- losers. s&p 500, apache, kroger and diamond. susan: kroger is interesting and food prices is helping kroger and they're one of the largest grocers across america. stu: nasdaq, no winners. susan: serner acquisition closed with oracle that we discussed.

microsoft acquisition set to close at some point. stu: okay. what i'm interested in, the ten year treasury yield. where is it? 3.44% and rising rapidly. that doesn't help. check the price of gold, down 20-cents, doesn't help because of big tech. susan: but no, usually gold and bitcoin, supposed inflation hedges and down in this type of hot inflationary environment. stu: don't get it. bitcoin all the way down, $1,000 at $21.3. susan: all money coming down in the markets. stu: the price of oil at $88 a barrel and g nat gas up $833 and still at 370 and for a gallon of diesel $5 even. both down slightly. new york timesments its staff to return a -- new york times wants its staff to return to the office at least three days at least. employees in revolt.

cancel culture of scooby-doo's velma for her inability to call police. next, roll tape. >> i'm mr. ross' nephew. don't worry about it. stu: we're showing you that because new york state lawmaker are pushing for more people to be like george and allow some workers to sit on the job. what a story. we'll be back. ♪

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miens stu: it's 12 minutes into the trading session. the dow is down 2.9%. the two year treasury yield surging at 3.72%. that is the highest level in 14 years, and it has a sure recession indicator because that yield is way above the yield on the ten year. noodle rodded's inflation report shows a -- today's inflation report shows a rise over the bast year. larry kudlow joins us on this crucial day. does it look to you, larry, like we'll have inflation at the 6% level minimum for the rest of the year? larry: i think that's correct. look, the number today shows you there's no collapse of inflation. just not going to happen. inflation is very embedded inside the economy, inside wages, all of the federal spending and money printing

mistakes of the last couple years are still out there and will need to be absorbed by fed policy. i've given up on the bidens. they should be cutting taxes and deregulation to make this inflation fight easier, but it's not going to happen. so, you know, you look inside -- look under the hood, stu, you see booming food prices, booming food prices, which actually is a bigger component of the cpi. you also see goods prices continuing to rise, services prices continuing to rise, and the core prices so-called x food and energy is accelerating so the fed will move rapidly. they should go a full percentage point at their meeting, they won't. they'll do 75, but they're going to do 75, then they'll do another 75, and then they'll do a third 75 as this year ends. stu: how does the market rally or even stay relatively stable if the fed's going to be raising

rates like that and we've got a 6, even 7% inflation rate. how on earth does the market avoid a selloff? larry: well, look, it's not a great year for stocks. you see today's selloff, i think the s&p was off 15 or 16% year to date. look, i don't believe the stock market has bottomed yet. i think you'll have big trouble for earnings and the economy is in a slump and cdp tracker from the atlanta fed is down to 1.3%. the last time you and i talked i think it was a week or two ago, it was 2.6 so you have an economic slump. earnings estimates are going to be vastly reduced and the federal reserve will have to be tighter, even much tighter and you look at median cpi, stu, from the cleveland fed or look at the trimmed mean where they chop off the eight highest and lowest percent prices. you're right, they're running

6.5 to 7%. that's about what the core is running so that's the embedded inflation rate. that's over three times the fed's 2% target so these financial markets are going to have pretty tough ride as you just noted at the top, interest rates are adjusting upward and i think there's going to be more of that. stock markets are going to be very, very difficult, very, very choppy. stu: and it's not going to change. you're an optimist long term but over the relatively next year or so, it's very hard to see things changing because we've got these tax increases coming and massive spending increases coming, which will infact, i think, add to inflation and not subtract from inflation. things will not get much better from some time so come on the inflation front. larry: yeah, i agree, tua. stu. i agree. the latest legislation, so

called inflation reduction act is an inflation increase act and the tax hikes are very bad for business and consumers. middle class is going to bear the budget, you're absolutely right -- brunt, your absolutely right and the student loan cancellation is $500 billion to $1 trillion, that's a terrible bill. that too is inflationary and has a lot of other problems, but inflation is one of them. look, my hope is, and i know it's not going to be fast, we're in mid september, you got an election in early november, i think the calvary will come and think the gop takes both houses, but the congress doesn't get going until the following january and it'll take them months to repeal the biden legislation, which is causing high energy prices, high food prices, a recession and high inflation. so that's -- you're right. we're in for it. time to tighten your belt but we will get through this.

we will get through this. the country is rebelling. stu: i just want to live to see it, kudlow. that's all i want. larry, we'll be watching you at 4:00 this afternoon on fox business. thank you, larry. a proposed lawyer in new york striking this as a scene from seinfeld. explain to me, please. todd: are we going to play the clip again? let the clip from seinfeld will a warning to you, new york state legislators. watch. todd: if you guys keep the telepromter there, i got to explain a bit. george saw the security guard without a chair and wondered why you standing, stu, he felt upset and gave him a chair to sit in. well, democrats introduced legislation to allow workers to sit on the job despite the risk

of creating a future seinfeld security situation, supermarket cashiers, bodega clerks and thy did research showing prolonged periods of standing can create health problems and that's a memo accompanying the standard is tiring act or sit for short. state department of labor will determine rules on who would get to sit and who stands. stuart, the last line is the government is determining who's allowed to sit and stand. that sounds like socialism. stu: thank you, todd. coming up, don't miss out on special 11:00 hour on september 17. we'll have a live studio audience. districts are tree but -- tickets are free but submit request online at varney.com.

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stu: s visa, mastercard, and american express will use a new code to track gun purchasing at u.s. stores. gun control activists call that a win. how are gun shop oners reacting -- owners reacting to this, jeff? >> not too well. i love when i learn something new particularly at this advanced stage. merchant category codes, do you know what that is? i didn't know. apparently the credit card companies keep a code for each kind of business, shoe stores, florists, bowling alleys, every business has a code except gun shops like bob's little gun shop here in new jersey. now they do, american express, visa, mastercard are going to utilize that code and track those purchases as you can imagine,s gun store owners feel

like they have a target on their back, pardon the pun. listen. >> i consider this to be a huge deal, you know, i don't think the intentions stop here. >> we think that this is the one step in a long process that is meant to infringe upon the rights of law-abiding americans. >> national rifle association says it's not about tracking or prevention or any virtuous motivation but creating a national registry of gun owners. attorney general of new york says no, it's not about that but and i quote her now "credit card companies must take the next step and flag suspicion transactions on gun and am in en addition like they do on everything else". stu: pay cash and you avoid the tracking. >> exactly, i like cash, i even

have some. stu: yes, you're all right. see you again soon and thank you, todd, for sticking around for the whole hour. we appreciate it. thank you very much. we're coming up to the 25 minutes worth of business on wall street and down 600 and nasdaq down 360, that's 3% down. still ahead, will cain, brian kilmeade, miranda devine. the 11:00 hour is next. ♪

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stuart: you got it right. we heard the music. phil collins, he lose rapidly and faded dramatically. stuart: disappeared. lauren: everyone has their twilight. it is so selloff.

dow is down 650, nasdaq close to 400. the nasdaq is 3.24%. here is one of the reasons why. inflation report showing 8.3% inflation over the past year. the treasury yield is close to 3. 44%. the 2-year yield is 3.7%. that is a recession indicator. price of oil is down to 87 barrels dollars a barrel, we are somewhat similar to a stock. bitcoin we have down to $21,000 a coin. bitcoin, surprised to see it come down.

i thought it was something of an inflation indicator. lauren: it is trading like a tech stock these days. as the nasdaq one hundred goes which is a selloff, so goes bitcoin and crypto. stuart: a selloff down to 21,100, that is $1200 lower. major league selloff in big tech. the big tech sector is so important, so much money that you have to follow it closely, when they are all going down some sharply, you got to pay attention leading the market way down today. there are stocks, the dow is down 700 points, nasdaq down, kroger is moving slightly lower. susan: i was looking for performance for you, a high

inflationary environment with interest rates to come and more impressive fed everything gets sold off but kroger is flat, it is up, the cpi report and the market is open. you talk about 8.3% august inflation, a lot of inflationary pressure, grocery prices, double digit gains, and potatoes went up 15%, tomatoes costing 8% more and the wall street journal says americans are spending $460 more per month as a result of inflation. we are down 10% in the month of august, rents at record highs. stuart: i want to bring in scott schelladdy. we have 8% inflation over the past 12 months, the market doesn't like it.

inflation is going to run at 6% or 7%, no way around it. >> we have to raise interest rates more aggressively, as long as there is quantitative tightening, nothing is good when it comes to inflation and stocks, earnings get hit as well. we have a fuel issue problem that caused fertilizer to go through the roof and folks to use less of an endless props out there and you are seeing a lot of food increases so fuel is touching food, that is a big problem and nowhere to hide and because this number disappointed, that will let folks think this might be the fed's worst nightmare. green people who don't want

more fertilizer out there because it is natural gas product, that is why do so negative. stuart: what about the impact on the economy? is it recession guaranteed? >> those folks that are still in denial. that is what you said in version, the 5 and 10 year, what the fed is doing with interest rates and quantitative tightening, slowing at record pace of slowing. these raise rates faster, and with this quantitative tightening they do with their balance sheet, that will spell a massive slowdown and that has to be a recession. i think a soft landing is off the table. that won't happen either. stuart: the dow is that session

lows. always on the board. now this. the new york times has a huge office building in manhattan. management wanted everyone back in the building three days a week. the new york times is experiencing an employee report, 1300 journalists staying home. during the pandemic readers were urged to accept lockdowns, vaccination mandates and masks for little kids. the times has advocated for unions, huge government spending which created inflation and restrictions on the police which led to a crime wave. the times is facing the problems its own policies create. the pandemic is over and the times wants its people back in the city but people got used to working from home. they will don't want to come

back, hardly surprising new york city has become decidedly more dangerous and it was never cheap or easy. those 1300 journalists once more money and don't want any mandatory return to the office until july 2023. hate to say it but those chickens are coming home to roost at the new york times. will cane is here with me. what do you think of this? >> you characterize that, chickens have come home to roost. to live under the effects of their own advocacy and policy, it's not unlike governor greg abbott of texas saying illegal immigrants to sanctuary cities. next up for the new york times crime waves on the 15th floor,

homelessness in the lobby. i can tell you this as a fact, most of these companies are big advocates of woke policies living under the tyranny of gei policies but what was aspirational turns into a weapon in the game of thrones and the corporate board room. the chickens have come home to roost. stuart: i want to admit something publicly, i watched you on fox and friends dealing with this issue and you use the expression chickens coming home to roost at the new york times and it was so good i stole it. please forgive me. i want your comment on this. >> i grew up in a small town

with very little cases in california but all the small businesses are gone. in la and across the country, not just big cities but a crazy percentage will never open again. we won pointing out the results of the covid mandates. do you agree with him? >> absolutely. what i like about it, he's making this podcast, open invitation onto the podcast but he's not letting fallacies and sins of the past live in the past. he is saying and pointing out the affect on the present and future. the worst sins of the pandemic are fading away. i watched a video that was a mashup of all the worst things said by the president of the united states, jen psaki, cable news hosts and late-night comedians like jimmy kimmel about the pandemic of the

unvaccinated and how if you chose not to get vaccinated you were a monster threatening the lives of fellow americans and that is gone. for those to act so monstrously and fade away into the night or better yet back into the spotlight of celebrities unforgivable and rogers is bringing in the policy that crushed businesses, those businesses are dead and the monsters that stepped all over those businesses like anthills not only continue in the spotlight but in power most notably in california with governor gavin newsom. stuart: that is a good argument. will cane, thank you for being with us. wraparound clothing designer kanye west is saying he is done with corporate america. what is his player? ashley: he says it is time for him to branch out by himself, the wraparound designer say,

quote, it is time, i made the company's money, the company made me money, we created ideas to change apparel forever, time for you to make the new industry, no more companies standing in between me and the audience. it may not be so easy to make a clean break, west's long-term agreements to produce sneakers and apparel has also been at odds with his bank, jpmorgan chase criticizing executives including ceo jamie diamond. west says his creative juices have not been allowed to flow freely and he's going alone. stuart: thousands of nurses in minnesota, going on strike,. ashley: they are working in protest of hospital understanding, the nurses union

claims the lack of workers not only harming patient care but exhausting health workers as they negotiate a new contract with hospital executives, the strike slated to last three days highlight a nationwide shortage of health workers made worse by the covid pandemic, the union is negotiating a new agreement for 5 months, nurses have been working without a contract for weeks. the walkout is affecting 13 hospitals around minneapolis and st. paul. stuart: strikes all over, teachers, nurses, you got it. nba star stefan curry does not want donald trump back in the white house, says he is a threat to the country. the new york times issues a warning over midterm polling, worried the polls might be overestimating performance of candidates in the same places where they got it wrong for biden in 2020. things are heating up in the

gubernatorial race, charlie crist calling himself a uniter just know moments before slamming desantis as theysatan. byron donald deals with that next. ♪ ♪ ♪ good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. another busy day? of course - you're a cio in 2022. but you're ready.

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when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose.

golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. stuart: we are close to the lows, 700 and the nasdaq down, the inflation report shows 8.3% consumer price over the past 12 months, that is lower than it

was in july and june but it is up there. the big banks do better when interest rates are rising. the banks are not doing as badly as other sectors of the stock market. small business owners struggling with rising prices before today's number of 8.3%. what are small business people telling him? >> inflation is a problem for them. this is a leisure store, and what the owner tells me is units per transaction are down, they are buying less because their budget can't -- and christine know of no other with customers, with business owners as well.

what is the raised cost for the business? >> gas prices impacting customers immediately. a lot of uptick once back to school started kicking in and gas prices have gone down a little bit but we are seeing hangover affects from inflation, shipping costs are very high. fuel surcharges are not going away and are still ticking up and the cost of goods has gone up. as manufacturing costs have increased that is reflected in the pricing to increase prices on par with what is going on. >> reporter: you haven't set the slowdown from inflation. you talk about units per transaction being less, you see people spend less each time they come in. tell me about that number. >> looking at our back-to-school performances we saw units per transaction and

average dollar for up transaction has ticked out but overall number of transactions is gone up by 20%. that tells me the average consumer has fewer dollars to stretch and so while they were going back to school shopping they were not able to buy as many items or as expensive items as they normally would have purchased, that is where we saw the impact. >> reporter: you have been, just can't afford as much. the 10,000 goldman sachs, small business leaders in the community. 60% fear the recession is on the horizon. and they see it in their customer base as well. stuart: thank you very much.

plane ticket sales reach new highs. how much more do we pay? ashley: a lot. let's begin with thanksgiving. according to the travel site hopper, travelers will pay $350 per ticket for a good deal and airfares will be 22% higher than in 2019, that is more than last year. look at christmas. a good deal airfare for this year is averaging $463 a ticket, mid-september, currently averaging 31% higher than in 2013, higher than last year. after two years of depressed holiday season travel because of covid, half of americans plan to travel for thanksgiving or christmas or both this year. travelers being encouraged to plan early, be flex milan travel dates but try to book

before the week of october 10th. after that prices start to take off. ashley: i am shocked and surprised. the supply chain, it is endemic. the supply chain is in jeopardy over its rail strike. who is most in trouble? ashley: it will threaten shipments of grain, fertilizer, global food prices rising at the economy battles inflation. the rail strike could cost $2 billion a day according to association of american railroads, the us coal industry could be hard-hit as the vast majority is transported by trade, lumber prices reacting soaring to levels not seen in a month now. rail also part of the nation's agriculture supply-chain

especially should mentor fertilizer to farmers and their crops, cotton, livestock, biofuels will all take a hit if the rail strike goes ahead. the biden administration has been in contact with both sides of the dispute but so far without any breakthrough. it will have a big impact. stuart: my buck says there will be a breakthrough friday. ashley: last minute. stuart: xi jinping's going to leave china for the first time since the start of the pandemic the meeting with vladimir putin in his pakistan as the ukrainians rack up more gains against russian troops. jeff paul has the latest on a counteroffensive. jeff paul is next.

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stuart: not quite the low of the day, 750 points. we are down now. the nasdaq composite is down 409 points. that is a selloff. the whistleblower has begun testifying.

any headlines? susan: us senator grassley said the whistleblower disclosures, the fbi notified twitter, one chinese agent in the company and that is a revelation in the hearing. i didn't know this, but chinese local government and state media, the largest non-us revenue sources for twitter. twitter cannot operate in china but local governments will buy ads on twitter. stuart: an interesting headline, thanks. oracle, look at that. is down a tiny fraction. >> if you are flat you are outperforming. larry ellison's company says sales growth has accelerated. that is a big deal.

when you accelerate from the start of this year and pass the 5% sales growth they closed in on the $28 million takeover of healthcare data services, cloud is up. this is rare. earnings cycle especially in this slowing economic environment, 7 price target hikes. people talk about high expectations and the high bar for earnings that might be too high for this growth environment and aggressive fed. stuart: show me red the runway, down 30%. susan: restructuring because memberships are going down. consumer spending is not as strong as it used to be. stuart: 709 at that period of time? huge amounts of money. susan: shows where the consumer is trending. blue and ukraine continues to hold the momentum in their successful offensive ukraine.

zelenskyy claims his trips of reclaimed 2,300 miles of occupied territory. jeff paul is there. have you heard any response from russia yet? >> reporter: we should in the next couple days. we are starting to see that with some of these strikes from a distance. you talk about 2300 mi. , not just the amount of miles in land they have reclaimed but the speed at which they are doing it and volodymyr zelenskyy saying this happened in two weeks time. when you see these images that show the result of this counteroffensive it is powerful what you are seeing, regular civilians welcoming ukrainian soldiers with hugs, kisses and all the blue and yellow being hoisted up all over to these various territories, once in russian hands for 200 days, now safely in ukrainian hands but with those russian troops backing out of the area

especially the kharkiv oblast region, they are striking it from afar. president zelenskyy reporting homes and civilian targeted by russian strikes, leading to deaths, water outages. zelenskyy voiced his frustration the world is not recognizing russia as a state sponsor of terror. >> translator: citizens of the terrorist straight can still go to europe to rest and stay shopping, they can get european visas and no one knows if they are executioners and murderers among them who have just returned from occupied territory of ukraine. >> reporter: russia is admitting they are pulling troops out of the kharkiv oblast region but this is a regrouping, going further east to, quote, liberate the donbas but even now with these excuses and things they are saying to why these troops are withdrawing, they are facing

criticism within russia from pundits on state-controlled media to bloggers, pro-russia bloggers, the question remains how will russia respond? stuart: we will see about that. president zelenskyy calling on western allies to send more weapons to ukraine saying that would speed victory. kurt volcker, former us ambassador joins me now. mr. ambassador, strict the formal mr. ambassador, they could win. ukraine could win if we give them the weapons. are we going to give them the weapons? >> absolutely they can they should win. there is no justification for russia's aggression. they should not be rewarded. the ukrainians are asking long-range artillery systems. we are giving them an 80 kilometer range already, we get 300 km range artillery. the administration is still saying no, they think it would

be too much but the ukrainians need it. the argument is they don't want the ukrainians striking into russian territory but the fact is the ukrainians could do that today if they want to. what they need the long-range forest to go after the russian supply lines inside ukrainian territory, russian forces, ammunition, fuel depots, bridges that connects russia to ukraine. this is beyond ukraine's region, better and longer range weapons. stuart: everyone seems to be worried about what vladimir putin is going to do and if we push and too far, what will he do? that is a constraint on us at the moment. >> it is realistic to be concerned about that and think what are his options, what he resort to a tactical use? with you some other weapon?

the fact is putin's options are very limited. they have thrown everything they have into this war in ukraine already and have been losing. they probably lost half of their conventional combat capability already and suppose they do go to general mobilization which i don't think is likely, even if they did you are talking about recruiting people who have no experience, no training and no desire to fight in ukraine, ukraine is a friendly country so vladimir putin has very few options. stuart: good to hear the ukrainians are winning and we are using the word victory when talking about the war over there. thank you for being with us and as always good to see you. >> a pleasure to be with you. stuart: getting nasty in florida. charlie crist slamming desantis as theysatan.

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stuart: not quite the low. it is the low of the day, down 800 points, 2. 5%, nasdaq moving down 3.5%, that is a major league selloff, worst we've seen since august, the midterms, the halfway point in the president's first term. you are looking at the administration's scorecard. how much have they spent in the last 18 months? >> over $10 trillion. if you can imagine it. i want to walk everybody through the most expensive pieces of the legislation, march 2021 the american rescue plan, november 2021, $1 trillion per infrastructure, august 2022, the chips and science act, august 2022 of the

inflation reduction act cost $739 billion. i'm not counting student loan forgiveness. 300, $500 billion more. why is inflation at 8.3%? this is why in some of this, that is where president biden says all the spending is okay because i reduced the deficit. technically, it is true but grossly exaggerated so deficit in 2019, $984 billion, last normal year before the pandemic. 2022, once in a lifetime outbreak the one -- 2020. biden comes in and keep spending in 2021 and it is $2.8 trillion so he brought it down by $360 billion but if you hadn't done a thing it would have dropped a trillion on its own. that is why this is a

manipulative argument. we are two months from the midterms, the economy is number one and everyone after 9, inflation, shrinking savings, how people feel, their finances and future, one of the biggest voting issues this november. those numbers now. stuart: he's going to be using the inflation numbers to take a victory lap today. >> we are over 8% and people are hurting. stuart: we spend trillions getting into this mess. thank you very much indeed. democrat gubernatorial candidate charlie crist taking a swipe at governor ron desantis, quote, we gotta divider on the other side and a uniter over here. you know, some people call him de satan. he is bad, we are good. byron been donald, republican from florida, i would call that rather extreme and i think you would too. >> it is extreme but this is

because charlie crist has nothing to run on. he voted for every one of those bad bills, bad deals, overspending, massive inflation, defunding the police, he wanted to keep kids out of the classroom. america's governor ron desantis got florida children back in school, kept our economy open when charlie crist and so many on the left said we should keep the economy shuttered and close down, charlie crist doesn't know what he's doing, he wants to be in political office longer because he doesn't know how to hold a real job in america. i ignore him because everybody in florida knows that ron desantis has been the best governor in the country, he will win reelection and charlie crist will have to go find a job may be, we will see if he knows how. stuart: you called governor desantis america's governor, sounds like a campaign slogan to me. >> i've been calling him that for quite some time because

while so many people have cowered behind polls, ron desantis looked at the data on covid 19 and made decisions on behalf of the people of florida. there is a reason why florida has been the state to go to the last 2 and a half years, because when people see good policy and good leadership they want to be part of that, that is why florida continues to grow. stuart: for viewers who didn't watch the program yesterday your wife was on the show. she is an education expert and was telling us how florida ranks number one in education freedom. tell us about that again. so many people in america that is so important. >> we give opportunities for parents to choose the environment for the child, our public school systems are held accountable by state government and we have remedy plans for local schools, that's a recipe for success, nothing is perfect but florida is leaps and bounds

ahead of the other 49 states, that's why we are number one but florida is the best state in the country led by the country's best governor. we when do you by any chance have any political aspirations beyond being a member of congress? going to the senate for example, vice presidential candidate, maybe a presidential candidate? you have dreams? >> everybody's got dreams and aspirations, the only way you move higher in politics is you do the job and people have to want to support you. if that's the case we will see what happens. by job is to represent southwest florida and i will continue to do that and what we must do is get back to america first policies to stop the idiocy that is the biden administration and so many democrat senators, looking at you, rafael warnock, john federman, we can't continue to go down this road any longer. we when you know how to go

straight at it. byron donald, thanks for being with us. republican governors are urging biden to withdraw his student loan handout plan. telling more about that please, ashley. ashley: led by iowa governor kim reynolds, 22 gop governors sent a letter to president biden urging him to withdraw his student loan forgiveness plan. we know it will will cost a lot, they can't tell us how much about gop lawmakers site the negative impact it is having on lower income families, republicans say biden's plan is unconstitutional, illegal and unfair to working-class americans. the letter says 16% to 17% of americans have federal student loan debt but their debts are being redistributed and paid by the vast majority of taxpayers, governors go on to say americans who did not choose to take out student loans themselves should not be forced to pay for the student loans of others.

alone bail out would only encourage more student borrowing to sky high inflation boosted as jackie deangelis pointed out very well by government spending. stuart: gigantic government spending. new york city's mayor eric adams orders a 3% budget cut across agencies including the nypd. this despite a city with a surge in crime. brian kilmeade is on the show shortly. brian stelter found a new gig after being dumped by cnn, teaching college students about threats to democracy at harvard. first deblasio, now stelter. what is with that place? ♪ you had to be a big shot ♪ bigshot ♪ had to open up your mouth ♪ had to be a big shot ♪ all your friends were so knocked out

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stuart: we just headed south from "the opening bell". we have the news that consumer price inflation has gone to 8.3% rate over the past 12 months.

that's not popular among investors and the dow is down 854 points, 2. 6%, the nasdaq down 477, 3.89%. interest rates going up, the 10 year treasury, the guild is 343 and the two year has gone up to 3.73%. that is hurting, big tech, all of them down as interest rates rise, when rates go up big tech goes down. brian kilmeade joins us. i want to talk about something different, cnn host brian stelter, at harvard's kennedy school of government, discuss threats to democracy in the press can respond. former mayor of new york, gross failure, he will electrified, what is going on without premier academic institutions? >> they are brain-dead? no idea what the general public

is about, this country is 40% democrat, 40% republican and the rest in between. if you are neil eat institution, a number of institutions, yale, harvard, princeton, colombia, they speak for themselves, year them you think of excellence but no longer, you begin to think of partisanship. to watch brian stelter, and think he's breaking down media and not anti-fox, he wrote a book about how bad fox is with phony scenarios and things that never took place and they say he is the perfect guy and deblasio, early reports are he is a total 0, nobody appreciates him. not only was he bad at his job making decisions that were detrimental to the city, he was also lazy, got high all the time, showed up late for work, laid on the office with the newspaper over his head after spending the morning working out on his own. this is somebody i would not

pay two sense to take a lecture from and they are hiring him as fellows, totally brain-dead move. >> mayor eric adams, across all city agencies including the nypd. how do you cut the police budget when crime is rising? >> be reinstalled for all these cuts and 4% across the board. 50 million out of homeless, 467 million are coming across the nypd. all these retirees save money, this is a lazy way to look at it. where are the weights. how to roll up your sleeves,

what else are you doing? give up nightclub appearances, don't go to celebrity events, you cannot up taxes anymore. i would have an offensive to get the most successful people back in new york. governor huchul told everybody who is not a democrat to leave and go to florida, tell me that will help your tax base. go ahead and start fracking upstate and asking the state to keep more of the money here while we work at 46th and sixth manhattan. about is generated in manhattan that fans across the state. go there. to look at law enforcement, got to tighten is a joke. stuart: you and i work in new york city. don't think it is back to normal. as we look at sixth avenue outside our building, the foot traffic, nothing like it used to be. people don't want to come back

to work in this city, 1300 journalists work on remote. >> you are right and i don't know who is legitimate and who is just lazy but some site crime. the nature of crime, the stuff that you show on your show, these aren't reenactments. this is live stuff happening. some people are freaked out by the pandemic and some don't want to interrupt their lifestyle. they want to stay home and there moccasins or flip-flops, the british people call it and they want to call their day and decide to work four hours a day, go to dunkin' donuts and come back again. they take the train home three times a week, i stay there, get on the train the busiest time possible, never, first time in 25 years, i have never not

gotten to see and after 2:30 your wrestling for a seat, now sometimes i after doing the 5 and 6:30 no problem getting a seat so that shows you traffic is bad getting out but mass transit no one feels secure on the subways and even though it is safe, long island railroad no one is safe doing that. cutting the budget won't make anyone feel better. stuart: see you again soon. maranda devine, lara trump, and theologian jonathan morris. the western world obsessed with climate change and it is getting kind of ridiculous? we pursue extreme painful policies that don't deliver, that is my opinion and "my take" and it is next.

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>> this might be the fed's worst nightmare to see this inflation entrenched. it will spell a massive slow down and that has to be a recession. >> same people that didn't predict inflation told us it is temporary are now saying it will go away. that is wishful thinking. >> there is no collapse of inflation.

earnings estimates are vastly reduced. it is tighter. >> this could set us up for something closer to june lows. i don't think we will get that complete destruction way, morgan stanley and goldman have fought for. ♪ stuart: great music on this show. we've got 11:00. 11:01 to be precise. the markets are in selloff mode. the dow is close to the low of the day, off 844. the nasdaq is down 466 points. the inflation report upset the apple cart bringing the stock market way way down. big tech, talk about going way

down, all of them in significant percentage terms losses, 4% down for alphabet as well. that is a selloff in one of the reasons big tech is down, the yield on the 10 year treasury, 3.44%, the highest in three months, the yield on the 2-year treasury is the highest in 14 years. mike lee with me to watch the market for us. inflation hotter than expected, 8.3%. does that change your stock market outlook for the rest of the year? >> not so much. it is more next year. 0.6% month over month, is shocking, terrifying, if you look at the contributors to this, how do you fix up? at the beginning, it was used

cars and hotels, that seems to have subsided but how do you come up with more rental units, how do you stop this tide of rents increasing, the people at the bottom are getting squeezed by higher food prices and rent. i think we are entering a recession unlike any other where the bottom half is devastated and those in the upper quarter to upper 10% will spend less, not do as well but pretty much to weather the storm. the gap between rich and poor will get wider and wider. stuart: no question a recession is coming. >> i would say we are in a recession. we had two quarters of declining gdp. how deep does it get? how long does it last? what happens today is the fed movement is further in the future. those a month or so ago were expecting at at some point first or second 1:45,023, the

good news for stock investors is most large institutional investors were priced in, expecting this and already bearish. i don't see the bottom falling out of of the market. we went back to the same old question i asked you before. a moment like this what is wrong with the buying a 2-year treasury which yields me 3.73%. if i hold it to maturity, what is wrong with that? >> absolutely nothing wrong with that. in a month or two, maybe 4%. you could be reinvesting those interest payments at higher coupon so as a cash alternative, it is a good idea to be out there buying short-term treasuries. stuart: i wouldn't be maximizing my income but maximizing my potential loss. a very defensive position. >> that is what the fed wants.

risk off money out of the system to slow the economy down so inflation slows with it. stuart: would you like to make a prediction about where is the bottom for the s&p 500? was it right at 4,000 now? >> i will be interested to take out roughly 3900. i do not think we go back to levels we were in mid june. once we rally 17% off the low we don't go back and retest that and never look back. i think we will be in this choppy trading range longer than expected but i don't see the bottom falling our the market taking off. stuart: tough for you guys as investment advisors. a tough market. >> i use a system that worked really well. at staples and utilities it is outperforming the s&p, i have a good system in place, it is a lucky index.

stuart: i am with you on that. we appreciate it. now this. the western world is obsessed with climate change, we are pursuing extreme painful policies that just don't deliver. case in point electric vehicles. if every country in the world achieved its stated goal for ev sales by 2030, that is a stretch, the temperature of the planet would be reduced by 0.0002°f by the end of the century. that analysis comes from a committed environmentalist who used the united nations own climate model to come up with the number, what is the point of all this? enormous pain virtually no gain. and watch the point when china cancels out america's emissions cuts by going back to call. that is what they are doing big time.

they are opening call minds and building coal-fired utility plants at a furious pace, the global energy mondi, china is working on 174 new or expanded call minds, 258 coal-fired power plants under construction. on climate they are going backwards deliberately. they are not going to sacrifice their economy. bad enough with the 0 covid policy and china under the paris agreement doesn't have to cut emissions at all until 2030. we are being played. when are we going to figure it out? miranda devine, are we being played by china? >> i think the american people are being played by everybody, by their own government and by china and russia and europe and everybody else. i think american people are

hurting and we've got a situation you find out today the government is telling military personnel that they should apply for food stamps because inflation is so bad it is they can't make ends meet for their families. sad state of affairs. stuart: but later on today president biden is going to take to the podium and defend his inflation policy and no doubt say we've got a victory here. we are on the right track because inflation is down from where it was in june and july. he will take a victory lap. >> he sure is and he told us a little while ago that inflation was at 0 when it is at record levels, 0.5% and so the democrats basically twist the language, the inflation reduction act is another green

boondoggle, this one hundred $24 billion to give to john podesta for a slush fund so he can maximize democrat success at the polls. that is all he is. everything is political, it is not about easing the pain, it is about pretending to the american people that there is no pain. stuart: do you will believe the polls some of which have shown a rebound for the democrats and the president in the run-up to november? do you believe that? >> yes because that rebound for president biden came off the back of 45 days he was out of action, a couple weeks from that double covid, then went on an extended vacation, popped back to work for a couple days and went on another long weekend to the where. this is a man who fares better when he is invisible like during the election campaign. the less the voters saw of him the more they wanted to vote for him. we one who would have thought

've thought we would come to this 18 months ago, great stuff, thank you for joining us. see you again soon. i'm going to check bitcoin for you. that has come down like stocks. bitcoin at 21,000. it is down $4300 a coin. light coin is up a little. not sure of the disparity. financial stocks sometimes do well when interest rates go up. not happening today. you could say big banks are suffering less than big tech but not by much. jpmorgan is down 2%. let's get to big tech, down across the board, significant declines, apple close to 4%.

meta is down 7%, these are giant companies losing enormous amounts of market value. alphabet down 5% and microsoft is down 4%. big time selloff because of inflation, what the fed might do about it. remember the cartoon scooby-doo about kids solving crimes with their dog? and characters being called racist, calling the police in a video game. in new york city crime is up 35% from last year, why is the mayor ordering the police to cut their budget? queen elizabeth met with a total of 12 american presidents including donald trump, he said very fond of the queen, will pay attend her funeral? i will ask lara trump next. but if you're lucky enough to earn it, it's on you to do everything in your power to hold on to it.

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(soft music) stuart: a little misty in new york city, a bright sunny week, look forward to that. not very sunny on the markets. it is a selloff. the market has gone straight down since "the opening bell". the nasdaq close to 500 points. big tech taking it on the chin, the 10 year treasury yield, 3.43%. the yield on the 2-year treasury, 3.75% and because of that not only are big tech stocks taking it on the chin but housing stocks too come mortgage rates, going up from

where they are because of the rise in the 10 year treasury yield. the homebuilders down 5.4%. remember when aoc said she could not become president because americans hate women. i know you are looking at reaction here. ashley: new yorkers have a variety of responses to aoc's claims. >> a strong contender for the residency, still thinks -- >> americans will definitely elect the right woman absolutely. >> she wouldn't make it. >> doesn't matter if it is male or female, voting for the best candidate. ashley: pretty strange responses. her name has been floated as a potential democrat candidate in

the presidential election particularly if biden doesn't run for reelection. misogyny is a problem across the political spectrum. along, she says, with the grip of patriarchy. stuart: margaret thatcher was elected prime minister 40 years ago. nothing to do with being a woman, just a good candidate. thanks. election analyst in the new york times has a warning for democrats, learn from past elections and don't rely on poll numbers, could be too good to be true. look who is here. i am -- this is -- the inflation number is not going to help democrats, is it? >> i wouldn't think so but if you ask president biden, it is 0% so i'm sure they will do what they've done in the past

and continue to lie to the american people with hope that somehow that helps. the truth is as we head towards november people can very clearly see what changed 19 months ago when the country took a turn for the worse, president biden and the democrats took control of this country and whether you are talking about inflation, open southern border, fentanyl blowing over the open southern border and killing youth in america at a record rate, standing on the world stage it is all knowing in the wrong direction and we know who is to blame. you've seen polling suggesting democrats have a little bit of a better handle than republicans as we head towards november. they said it would be a red wave. my suggesting as someone who played sports my whole life is you play every second of the

game until the game is over no matter how positive you feel or how far ahead you may be and that is my suggestion to republicans and republican voters across the board, campaigning in thing for granted as we head towards november, let's put the gas pedal down and winning a big way. stuart: you visited buckingham palace with your father-in-law, donald trump, you met the queen. what do you remember most about that trip? >> what a dream. someday -- something i never imagined i would ever be able to do. it was such a special experience and this is a woman who for 70 years held a position and did it flawlessly to so many around the world, and i can tell you her presence was felt in a giant room, and for my father in law, his

mother was scottish, the queen loved her and i think growing up even as a kid in new york city he always had such respect and admiration for her. i know for him this was a highlight not just of his presidency but his and higher life, something he will cherish, that our entire family will cherish and i was very aware while i was there, 7 months pregnant with my daughter caroline and i was aware that one day i would be able to tell her in some kind of way maybe she also got to meet the queen of england, very special. stuart: here is the $64,000 question. will your father-in-law attend the queen's funeral? >> that i do not know. i haven't been privy to any information on that, not going to break any news but i will tell you i think if he felt he was invited and that was something that would be acceptable for him to do he would love to go and pay his respects.

stuart: i have visions of donald trump on president biden's air force one over the atlantic. i can't imagine what the conversation will be like if it ever took place. >> maybe president biden will extend an invitation to flyover with him, they are trying to conserve greenhouse gas and since he is taking air force one over it would be a good way to kill two birds with one stone. we will hold our breath. stuart: thanks for being on the show. see you again soon. here is the scooby doo story. the woke police are coming after the character of velma in a new video game. i don't get it. what is going on? ashley: velma was the cartoon's brainy crime solver in the

black square glasses, being dumb daycare and for her ability to call police on black characters in a new videogame called multi-version, she's one of the characters players can choose from, her portrayal is creating a backlash, some players call character's actions inappropriate and insensitive by holding up wanted posters and calling police on black characters, following the complaints warner bros. interactive entertainment who released the game decided to change velma's powers, and thank goodness for that, crisis averted. stuart: i have no further comment on that and neither do you. ashley: please don't. stuart: a programming note. on october 17th, we are holding a special programming in the 11:00 hour with a live studio audience. tickets are free but you've got to do that.

submit questions to this programming, varney and you. submit those questions, varney and you@fox.com. a blue origin rocket, at moments after blastoff. this is the first launch accident for jeff bezos. the faa is getting involved. nation ride railroad strike could cost $2 billion a day and widespread supply shortages and manufacturing shutdowns, the latest on union negotiations next. ♪

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stuart: back to the markets, the market selloff is what we've got, dow industrials down 878. the nasdaq is down 500 points. the man himself, eddie ghabour. is this your i told you so moment? >> last thing i want to do is pound my chest and say we were right.

what it goes back to, investors, and the bear market. we are in a bear market, huge reps with people in, and give them false hope. since december of last year this is heading in the wrong direction and the federal reserve tightened monetary policy at the worst possible time. the number means they will raise rates even more in september so we have a dollars that will stay strong and get stronger. the market will stay hot and continue to earn and i think we can start taking off the table a soft landing. we are the biggest fear, they are going to tighten a lot more than they should and it is going to cause things to get more materially worse than here and there are fine assets but investors need to make sure they don't just bury their head

in the sand with the market down big today, it could get materially worse from here. how bad are we going to retest the lows that we hit in june and go down one thousand points, 1500 points off the dow and will it be 800 points off of the s&p. are we going to see that? >> i think so. is it hard to imagine a market that goes down 10% from here considering the backdrop we have? when we look here we have a global energy crisis happening. families, as we go into the winter months, utility bills will go through the roof and have a hard time making ends meet and this is one of the most challenging business environments we just talked to business owners around the country and one after another telling us how challenging it is from employment wage aspect of, to demand disruption happening and the cost of

capital where some of these companies are double what they were 6 to 8 months ago you cannot stay in that environment and not expect some companies to go out of business and us to go into a recession. stuart: all right, eddie ghabour, you have been right so far. i just hope you are wrong from here on out. we will see you again soon. here's another threat? railroad workers could go on strike as early as friday. kelly o'grady, if there was a strike this friday. how much havoc could wreak out-of-court? >> 75,000 shipments per day in the early half of 2022. if goods can't get where they

do, with the and inflation and supply chain. they are halting transport of hazardous material left unattended. beyond safety and report estimating it will cost $2 billion a day. with long-haul trucks on the road, they depend on a rail. evaluating a shutdown of processing plants and a theoretical solution with those challenges and they support that shift, the white house is reportedly planning senior level engagement today, congress has the right to step in. experts are telling fox business, quote, failure to act, retail product shortages,

widespread manufacturing shutdowns and disruptions, hundreds of thousands of passenger rail customers. all this, it takes place where workers can't wreak further havoc. if no strike happens the white house's involvement puts priorities against each other. 's support of labor unions, he certainly doesn't want an utter meltdown of nation transportation system just as the shipping season comes upon us this fall and winter. stuart: i want more input on the inflation story for someone who knows about it. the grocery store chain in new york city. 8. 3%, go at it. >> this recession doesn't have to happen. they attack the fossil fuel

industry, when president biden became president and we went downhill from there. during the covid crisis the fact is the government took action not to force our country into recession by acting to help small businesses and interest rates steady. we are in a temporary problem, oil went up to 420 and down to 81. it wants to go back down again, the russians don't want it down, $100 a barrel, and the price of oil down to 65, 75, there is no recession. i call upon the federal reserve, let's have a little bit if we keep raising interest

rates, we destroy the rest of the country and it doesn't happen. somebody has to stand up and say it doesn't have to happen. they destroy the rest of the country and the recession -- stuart: there is no way to do the opposite. they stop raising taxes, it's not going to happen. >> we used to say something rotten in denmark. if president biden wants to stand up, open up north america, the recession goes away. so somebody better get on phone to tell the white house north american oil. stuart: next not going to happen and you know the fed is going to raise rates, and inflation at the same time. >> a bad spiral with labor

increases to pay for food. labor increases. utility increases, labor increases. and the price has to come down or pay more than 6%. stuart: you run a chain of grocery stores. there's a lot of information about rising food prices, they go up some more. >> if labor keeps going up, diesel fuel is up. and put into a vicious spiral. stuart: the vicious spiral

being more inflation. >> talking about higher interest rates, with more labor increases, more food increases, mortgage increases -- stuart: we hear you, you deliver your message with passion. glad we gave you a soapbox to say what you're going to say. thank you. i will change the subject. queen elizabeth served for 7 decades to head up the church of england. will the up his couple church, that is what the church of england is called in america, will the episcopalians have an answer to her death? i will ask resident theologian jonathan morris next. twitter's former head of security testifying before senate panel accusing the company of prioritizing user

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>> a low for the day. the nasdaq is down 490. down across the board, interest rates are rising, mortgage rates are rising, the homebuilders, and they are taking on lunch on the chin. the blue origin, explosion. ashley: it was the unaccrued launch of the new spacecraft

that ended up in that fiery explosion. it is being investigated by the faa. a minute into the flight they suffered an unplanned separation from rocket booster. the capsule did return to that safely. that is a silver lining, blue origin isn't giving details. in the meantime, the faa -- >> connell mcshane has been listening in. what are they saying? connell: there's a lot being said. working inside of twitter,

senator chuck grassley, a week before he was fired by the company, and the former executive, he goes by the online handle budget. the timing of the testimony is here on the same day that twitter shareholders are voting on offer by elon musk to take over the company. the same offer musk is trying to get out of it. a big picture, what mudge is telling me? prioritizing profits over social security, they don't even know what data they have. >> employees than have too much access to too much data in too many systems. you can think of it this way which is it doesn't matter who has keys. >> mudge says that led to

concern, chinese government would be able to collect data on users. then he was told nothing could be done because twitter didn't want to lose the revenue stream with companies advertising on its platform in terms of actual foreign agent infiltrating the company. there is this. >> i'm reminded of one conversation with an executive when i said i am confident the have a foreign agent and the response is since we have one what does it matter if we have more, let's keep growing the office. >> reporter: twitter app stock prices down for the rest of a market. we have more on this in the days and weeks and months to come. we should have more results on a shareholder vote this afternoon and elon musk and twitter will go to battle. people wonder if he was watching today's hearing, we noticed a tweet musk put out in the last hour, it is a popcorn emoji on his twitter account. he has not named elon musk on

twitter. his name is noddyus maximus. stuart: i will leave it right there. show me the dow 30 stocks. a sense of the market. that is a major league selloff and the dow was is down 900 points. the queen's coffin is headed to the airport in scotland, later it will be flown to london where hundreds of thousands of mourners will pay their respects as her coffin lies in state. for report from buckingham palace is next. ♪ ♪ ♪ ♪ ♪ ♪ trelegy for copd. [coughing]

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>> there' s a new low for the markets, almost at another low, down 900 points, 8.3% at the consumer level between august of this year and last year, look at the 10 year treasury, that's a key indicator, those yields going up, interest rate. queen elizabeth after death

sparking new interest in the netflix series, the crown. it shows her life and career over several decades. and 800% increase in viewership over the weekend compared to the week before, viewership in america quadrupled. that is the crown. queen elizabeth's casket making its way from st. charles cathedral to london where her majesty will lie in state. jonathan hunt joins us from buckingham palace. what are the crowds like? >> reporter: crowds are in the thousands outside buckingham palace, and increasing by the minute as we approach the time when the queen's coffin will arrive at buckingham palace. it will be driven to edinboro airport, it left saint child cathedral just about 30 minutes ago, crowds lining the streets as the hearse carrying the queen's coffin going through the streets of edinboro, on the

outskirts of the city getting close to edinboro airport. from their the queen's coffin will be flown to the royal air force base in west london and by road for the 14 mile or so drive to buckingham palace. the coffin is being accompanied every step of the way by the princess and the princess royal. when it arrives here in buckingham palace and we believe it will be in a couple of hours time it will be greeted by king charles iii and the queen consort camilla. they spent the morning today in belfast, northern ireland, they have just left the airport in belfast to get here, back to london ahead of the arrival of the coffin. they will be joined at buckingham palace for the reception of that coffin by

other members of the royal family. that would include the prince and princess of wales, william and kate. stuart: thank you very much. i will turn to another jonathan. this one is our resident theologian, jonathan morris from britain. the queen was head of the church of england. will the up this couple church, that is what the church of england is called in the united states? might there be a renaissance for the upper scope aliens in america, looking at wonderful services in britain. >> reporter: fascinating for me as an american, and listening to all of the brits say this was my queen. all the brits, i'm talking people from all different walks of life, from different political persuasions, also

different economic backgrounds. this was my queen. you only say that with of that tone of voice if you have great respect for her. what were they respecting in her? she was a woman of grace, her big call, a place of unity in the united kingdom. in answer to your question, when we look at somewhere with no respect -- with someone with that much respect, doesn't matter if you're with the church of england or up his cup alien in the united states, respect people for the values they heard. she was a woman of great value and faith. and she looked to her savior jesus christ. stuart: looking at where you are now. it seems king charles was given

a good and warm reception. >> i spent the last two days in london and coaching companies, but global companies, someone who said candidly as the prince usually are, and tongue in cheek, he looks more like a king now than i would have expected. he has taken the mantle to say i am not just promoting this or that agenda for my personal political persuasion but i'm a unifier and people are starting to warm up to him and say this is a king i can follow. this could be my king. stuart: come the coronation next year king charles will be anointed with holy oil, part, becoming king, what do you say to that? 30 seconds. >> it is a sign of dignity of

the office, dignity of the office to say you are anointed which has a spiritual meaning, anointed means blessing from god but it is a dignity of great respect. blue when you make a good point, thank you for being with us, see you again soon. tuesday trivia question, got to take it fast. in which year did mcdonald's launch the happy meal? 79, 84, 95, 94? what is the answer? coming up after this. . .

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stuart: which year did mcdonald's lawn of the happy neil? give you the answer right now, 1979. back then a happy meal cost $1.10. today 2.50 and $4. 1979. the markets are way way down. neil cavuto will cover it for you. neil: you hit on a key point. i don't know how much competition bonds are in the environment. as you said, stuart, two year note fetching 3.75%. maybe in this environment adequate enough competition for stocks. that is what i felt. they disconnect us after a while. has nothing to do with him. back up on interest rates on heels of august retail