this ongoing slog by the equity market will not end and it will affect the outcome of the mid-term elections. >> cheryl: tiana, quick word? >> just continue to look at leverage loans, lots of people sounding the alarm this investment is alarms is 08 or worse because it's everything so i'm not an optimist. the markets aren't going to say. >> thank you so much, "varney" & company stuart i'm so sorry about the 406 point loss on the dow. stuart: that's okay we'll deal with it somehow or other. good morning, cheryl. good morning, everyone. i'm going to start with the border crisis. it's coming home to america's sanctuary states and cities and democrats don't like it. california's gavin newsom objects to republican governors sending migrants to chicago, new york, d.c., martha's vineyard and elsewhere and he's asking the judy miller to consider kidnapping charges. liberals are perfectly happy to open the border but talk about a humanitarian crisis when

migrants arrived on their doorstep. gross hypocrisy. senate leader schumer apparently speaks with a loud voice. he was overheard at a dinner with several other senators. he expects to lose the house. what will speaker pelosi say about that? well, we really should get to the markets, because we are, right now, looks like we're in sell-off mode. the threat of a recession, inflation, and declining earnings, all mounting up to put the dow down about 400 points at the opening bell. the s&p down 50, nasdaq down 171 , and look at this. look out below, for fedex. big sell-off. they're warning about a half billion dollar revenue shortfall next quarter, and a big squeeze on their profit margins. their stock is down 21%. that is an enormous loss for a company that size. interest rates very interesting today, pointing the way towards recession. the yield on the 10 year, 348. the yield on the two-year, have we got that on the screen, yes,

please. it's 391 and i just got this. the yield on the one year is 4.03%. that's extraordinary. hold that one year treasury for a year, and you have a safe, strong yield with a tax break. and it's a sure sign of recession at least that's what the economists say. bitcoin is down to the $19,000 level. on the markets this morning, there's a ton of red ink. looks like a sell-off in stocks to end an already brutal week. major averages are all looking to end the week down around 4%. that's a sell-off. on the show today, you'll be se- pierre. she says governor desantis is disrespectful of humanity and she says trump is to blame for the border crisis. she also said that prices have been flat for the last two months. okay, it is friday, september 16 , 2022. "varney" & company is about to

begin. >> this is frank mcdunough, and you're watching "varney" & company from the business channel, the fox business network. ready or not, here i come, where you are, the night is young ♪ stuart: ready or not, we've got a sell-off, that's what we've got and that's the name of the song. sixth avenue, friday, not many people on it today. all right, we've got to start with the sell-off, we're going down about 400 when the market opens this morning at 9:30 eastern down about 160 for the nasdaq, that's a sharp sell-off. when you start talking in percentage terms you know you've got a sell-off on your hands. part of it is because of a warning that's coming from the ceo of fedex. you better take us through this one.

lauren: raj subramanium says get ready for a worldwide recession. this is troubling because fedex is a reflection of everybody else's business that ships for them and that suggests this slowdown in demand is pretty broad. last night, fedex withdrew its guidance, said it's closing offices, parking aircraft because it's shipping less. it also said its business got worse last month and is on track to get worse in november, just for the holidays, right? that's a christmas warning. so you have rates going up. how many more fedex's are out there? how bad could this get? is it company-specific? or is it the economy? stuart: it's a huge warning, that's a fact to a global recession. look at that down 21%. that's gigantic loss. let's bring in jonathan hoenig for this morning, this friday morning. i'm looking at futures pointing way, way south. jonathan, is this the big sell-off? >> well its been a tremendous sell-off, stuart. not just in stocks. 400 points as you mentioned, a huge sell-off in fedex leading the whole market lower, but its been in bonds as well.

you know, as bad of a year as this has been for stocks this is one of the worst years for bonds on-record, trillions of dollars has been destroyed. that's keeping not only the bond market in a bear market but the stock market as well, stuart you've got almost 80% of stocks below their 200-day moving average so not a lot of stocks making any head way here. the irony is is that in the same week joe biden is claiming a victory doing a victory lap for supposedly getting inflation under check. it's inflation that's hall low ing out this economy and keeping this market under tremendous pressure. stuart: i'm looking to the future, and i see that we're going to be raising taxes soon, just as the economy slows. just as we've got 8% inflation. the future does not look bright, does it? well, i mean, look. the future, stuart, if it's anything like history, like for example, in 1980, the stock market was where it was in the late 1960s and that's because of exactly those policies. carter to his credit, invoked cuts and not a tremendous a lot of spending in the latter half, certainly the reagan years,

biden is going in exactly the opposite way and that's why you're seeing, stuart, so many good companies. you follow those big tech even big techs are getting sold off, selling off, despite the massive drawdown, so there's no place to hide in an inflationary economy. that's why we're seeing basically an entire market get hit, stocks, bonds and all the rest. stuart: no place to hide. ouch. that hurts us all. jonathan thanks very much, sir have a great weekend we'll see you later. thank you very much. the white house is attacking governors abbott and desantis. the transporting migrants to sanctuary cities, what the are they saying? lauren: they are saying it's deceptive and it is cruel. >> the migrants including children who arrived in martha's vineyard were mislead about where they were being taken and what be provide when they arrived. it's also deeply alarming. the children, governor abbott abandoned in martha's vineyard, the children that governor desantis abandoned as well

deserve better. they deserve better than being left on the streets of d.c. or being left in martha's vineyard lauren: where the streets are paved with gold, and where residents welcomed them. they were generous they welcomed them with open arms, and i did want to tell you this. the vice president, kamala harris, was asked about the bus loads. said right outside her washington d.c. home, she did not answer. i think the bottom line here is the texas and the florida governors political or not, they have drawn a lot of attention, and outrage with their moves, and there's this report of a high-level cabinet meeting this morning, as administration officials consider their legal options, but, call me optimistic, maybe a better border solution, because this , apparently, isn't working stuart: no. lauren: now everybody knowings it. stuart: let's move on. actually we're not moving on at all. still on it, florida's governor desantis calling out democrats for what he says is just virtue signaling. watch this. >> the minute, even a small

fraction of what those border towns deal with everyday is brought to their front door, they all of a sudden go crazy and they are so upset this is happening, and it just shows you , you know, their virtue signaling is a fraud. now what be the best is for biden to do this damn job and secure the border. >> [applause] stuart: that is governor desantis, and this is tammy bruce. he's right, isn't he? >> he is, very much so, and this is being right, not just rhetorically but people can see the difference, and that's important, because you can say a lot about people but then you've got to be able to demonstrate. people have to see for themselves, as you're talking about the economy here, americans are watching a lot of chaos unfold in their lives and they hear about the border but they don't hear necessarily about el paso where the smaller cities, and the 2 million immigrants coming inverse us the 50 that might land in washington, and they realize that this is affecting the economy of the entire country, and i think that this

reaction, which is of course shocking jean-pierre is saying this is cruel. the cruelty is in the signaling from places like boston and martha's vineyard and new york and chicago, incentivizing this kind of cruelty of moving into this country. she said that they are being mislead. how much more are you being mislead when you land and there's no border, there's no assistance, you're landing in a place like el paso or some other city that's already over run. people living on the street, and they're complaining about people being sent on airplanes or air-conditioned buses to cities that have caused this because of their sanctuary city rhetoric, and this is just remarkable to listen to as they pretend that this is new and the governors are the problem. when it started with the biden policies. stuart: in new york city, officials are saying they are complaining and saying look, we're nearing the breaking point because of these migrants. they are saying texas didn't

tell us who was coming and when. >> welcome to everybody's world welcome to the world of everyone else in this country. it is because nobody told us who was coming, and that was the invitation of the biden administration. the open border. the end of the remain in mexico policy. the rhetoric coming from all the blue cities. free healthcare, housing, getting their handshake en when they come off the bus, free testing for all, at least for certainly for covid that this is the place to come and that's what the immigrants have been saying certainly to fox news reporter outside of kamala harris' house. the border is open. we entered, you know, we're here because we've been asked to come here. stuart: and that gentleman was, and he says "it's free." >> and he is correct at least free for them, not free for us and in this economy, this is adding another element of wait a minute, it's like having 100 relatives appear who you did not

know were going to be sleeping on your couch. there's no food in the refrigerator for your own family. what are you going to do. this will only make it worse. stuart: and i think it's going to get worse in the future too. tammy thank you very much indeed have a great weekend. >> you too. stuart: i've got a little bit more, i hope it's only a little bit more, on the battle between twitter and elon musk. can you give me, do it in 20 seconds? lauren: i'll try. elon musk made public the updated response to twitter 's lawsuit to force this sale, and that's important because it included the whistleblower's allegations, so you're rolling your eyes but first, musk wants to get out of this. first he was trying to say the bots were the issue. now he's saying because of the whistleblower that security is the issue. so, that means twitter, i accuse you of fraud on both of those accounts. stuart: that's it? lauren: that's it. stuart: okay. lauren: court date next month, five day trial. stuart: thank you very much indeed. can't wait to hear the latest on this one. check futures, don't want to do that. the dow is down 400, nasdaq is down about 170.

that's a sell-off. congresswoman karen bass said she felt very safe in los angeles, then there was a break- in at her home. roll tape. >> i did feel safe until my safety was shattered like so many. we need to get officers on the street as fast as possible. stuart: she is running for mayor of los angeles. she was in favor of defunding the police and now she doesn't feel safe in her own city. californian steve hilton hands that later in the show. senate majority leader chuck schumer was overheard saying speaker pelosi was "in trouble." on this show conservative matt schlapp said pelosi was done. i wonder if his wife, mercedes, agrees. i'll ask her, she's next. ♪ ♪

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♪ this is how we roll ♪ stuart: nice day in new york city, really nice day and not so good on the markets though we'll get to that in a second. if you like the music we play on the show follow us on spotify, you just search "varney" & company or scan that qr code that's on your screen right now. i've got to show you this futures pointing way down south, not quite as bad as it was a half hour ago but we're down almost 400 and the nasdaq is down about 160. look at big tech please. look at meta in particular. you're looking at what is that, that 147 on meta. that be , if it opens at that level, that be a 2.5 year low, and all of the other big techs

are down significantly. got it. inflation is still an issue, and i'll tell you why. wages are not keeping up with inflation. am i right? lauren: cpi, 8.3%, wages 5.2% in the past year that's why this bank rate survey finds that 55% of people say yeah, our wages ain't keeping up with inflation and half of them actually got raises in the past year so you're still struggle together get by your buying hower has been stripped and that's why you have this feeling people are just struggling to get ahead. stuart: there's a political consequence to tax inflation is the big political issue. lauren: it's when you feel poorer. stuart: if this market continues to head seriously south. lauren: you are poorer. stuart: our 401 (k) are going to get hit and that's another political issue i guess for november. lauren: yeah. stuart: and by the way look the white house says inflation near 40-year highs is actually welcome news. watch this. >> look the question that the president was asked about

the day before yesterday which shows more progress that data, the cpi data which is what he was speaking to, shows more progress in bringing global inflation down in the u.s. economy. overall, prices have been essentially flat in our country these last two months. that is welcome news for american families. stuart: all right, mercedes schlapp joins us now. look, mercedes, i just don't think the administration is being honest here. that is hyper-spin in the extreme. how much longer do you think they are going to get away with it? >> look, i was in the communication shop at the white house. we could have never gotten away with this spins and the lies coming out of how they're pushing their message from the white house. it makes me wonder if the press sebaceous has gone to a grocery store lately and seen the price of milk and eggs, which has gotten so much higher. so look, stuart. i think that we have a dilutiona l administration. i think the biden administration , instead of being just straight-up and explaining

what is happening in america, and really being empathetic towards what the american people are going through, they're doubling down with this message that everything is okay. they're lying about the border. they're lying about the economy. they're redefining what a recession is, and i think it's going to backfire come the mid-term elections. the american people just don't buy it. stuart: i try to avoid the use of the word "lie" but i'm getting closer and closer to the point where i've got to use it. >> i do too. i know. stuart: i said dishonest but pretty, if this goes on you gotta start using the right word here is another one, you've heard this one. senator schumer speaking loudly in a restaurant in washington d.c. last night. he said, overheard, saying he thinks that speaker pelosi will, she's gone, she's done, she's finished. she's not going to be speaker any longer. >> right. stuart: your husband, matt, said exactly the same thing yesterday he said pelosi is done. do you agree with your husband?

>> well, everyday that we have coffee together, i'm always like are you still as bullish as you were yesterday when it comes to the mid-term elections and i got to tell you, i agree with matt in the sense not only because we're married but because the mere fact that when we talk to these members on the ground, these candidates on the ground, even those that might have not run for political office before, there is an enthusiasm in so many of these house districts that are toss-ups right now, and the issues that are resonating, it's the economy, yes. it's inflation and these kitchen table issues . it also crime. it is looking at these cities where women are not feeling safe in their communities. i think it's an important message for the republicans to continue to talk about and for the democrats who are so focused on the abortion message, they want to make that their top priority. well i just don't think it's going to cut it and i do think you're going to see the independents swing in the direction of republicans come the mid-term elections, especially when it comes to the

house, but i'm telling you. the senate is very promising in states like georgia, in states like nevada, and i think in essence, you know, it could be a slim majority that the republicans can take in the house. stuart: let me draw your attention -- >> i mean in the senate. stuart: just got it here, it says democrats show new strength in fight for congress. times poll finds, so bear that in mind, mercedes, because you have a fight on your hands here. we'll see you later. my best to matt. >> thank you. stuart: president biden, he's trying to take a victory lap on the tentative railroad worker deal. what's he saying? lauren: crisis averted for now and he says it is a win for the union workers. >> this is a win for tens of thousands o of rail workers, and for their dignity and the dignity of their work. it's a recognition of that. during these early dark uncertain days of the pandemic, they showed up, so every american could keep going. lauren: the new contracts provide them with a 24% pay

increase and the ability to take unpaid days off for doctor's appointments, for instance, without penalties. stuart: and $11,000 bonus back- dated i believe as well. not bad. check futures, please. still plenty of red out there. down about 350 now for the dow. we'll be back. the opening bell for you. ♪ ♪ businesses have to find new ways to compete in order to thrive in an ever-changing market. 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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stuart: still pointing south at the opening bell down about 400 on the dow, about 170-180 on the nasdaq it's a sell-off. mark mahaney is with us. mark, you're the guy on netflix, aren't you? and i believe that you say netflix goes to $300 a share? tell me why. >> yeah, we just upgraded netflix yesterday. we downgraded it at the beginning of the year. we upgraded it because they have a new offering coming up that's ad supported so for the history of netflix its been a subscription-only. there are no ads. it's the premium price offering in the market. it's also the premium product in the market, but that's changed, and the company was probably a year or two too late in rolling this out but they are and we

think it can lead them to grow a lot more subscribers and generation more revenue per subscribers, so the stock has been clobbered. it's down at a reasonable 17- times earnings with valuation reasonable and with a catalyst up ahead in terms of a new revenue stream, advertising, we want to be long netflix. stuart: so it seems like it's going to become almost a new company rather a different company. it's a turnaround essentially. you're betting big on the turn around you say it's going to work, right? >> yeah, and it's a turnaround with the same management team. they made some mistakes along the way but generally they had phenomenonally good vision, practically invented streaming, and then they levered well into international roll-outs and original content so it's generally a very good management team. they were a little slow on this transition but they will ramp up quickly and especially with this valuation. this is about one of the cheapest points you had to buy netflix in decades. stuart: that's for sure. what does fedex tell us about

amazon? i know amazon is way down today. >> yes it is, and big tech has got this movement, stu. you've got rising inflation and rising interest rates are bad for tech bad for growth stocks and now you get these warnings from companies like fedex, that yes, the global economy is slowing, and amazon doesn't really use fedex, fedex is deminimis for amazon but it's just a broad macro tell that as we've been increasingly worried about that as the economy slows that means demand will slow. sooner or later demand will slow for major companies like amazon that are fully exposed to macro, fully exposed to the consumer. stuart: we've got a sell-off in progress here. a nasty sell-off. yes. stuart: do you guys factor daily sell-off into your forecast for the future? >> no, i try not to but i do look at it as entry points, but i read the macro signals and the question for me, question for all investors and analysts is should we be lowering again our numbers on the big tech

names like microsoft, apple, amazon, and if we get more fedex data points, then chances are numbers need to come down again. this is a very challenging environment for big tech. stuart: sure is, mark mahaney always good. thanks for joining us, mark, we will see you again. >> [opening bell ringing] stuart: they are clapping and cheering on wall street. they look happy, but when this market opens i suspect there's going to be a lot of red ink and here we go it is now 9: 30 eastern time. it is friday, september 16. lauren: they look really happy. stuart: they are really happy. lauren: we watch this everyday they are overly enthusiastic. stuart: i guess it's a good reason why they are laughing but i'm not sure what it is. johnson & johnson is a winner, coca cola is a liver, everything else is down. j & j, coca cola are up, everything else down, dow is up 330. the s&p is down exactly 1% and the nasdaq composite is open down 1.3%. again, big tech all the way down , every single one of them. apple is down to 150, amazon 122

, meta 147, alphabet 101, and microsoft 243. want to get back to fedex because it's actually leading the market lower, and right now, it's just opened down 22%. lauren: wow. stuart: what exactly went wrong? lauren: i think they made a bad call. they thought when china opened backup they should, everything be busy, and there be big demand and the opposite happened and then the ceo comes out and says there's a worldwide recession and it's coming, so they have this warning on both profit and revenue that things are bad and they are going to get worse, so today, you see several brokerage s, half a dozen, cut their price targets. here is three of them, citi is the lowest at $180, bank of america downgraded fedex to neutral. the analyst calls the miss mass massachusetts and even though ci ti came out and said we don't think fedex's problems are ups' problems but ups is down 5% amazon is down 3.5% and xpo

logistics is down 8%. is this , are we going to see more warnings from other companies, more earnings shocks? stuart: if fedex is warning about a global recession that it sees coming then you can presume that other global companies will be affected by a global recession. lauren: yeah. stuart: people will start taking down their expectations. lauren: just as the fed continues to increase rates. stuart: exactly. in lower class so it's a rate shock. it's an earnings shock. it's a recession shock all in one. stuart: there's one more. it's a tax shock, because we're going to impose higher taxes on american corporations starting very soon and that can't be good for the stock, but have a look at apple. i believe the new iphone is in the stores now. well there is actually a line out the door. lauren: you're not waiting on it stuart: in new york city. lauren: how old is that phone again? stuart: several years. lauren: yes and now the new iphone 14 is out today. it starts at $799, dan ives says a quarter of iphone users, haven't upgraded in three and a

half years so i guess you gotta do it now. this statistic blew my mind. morgan stanley says the wait times, the lead times are very long for the 14 pro max that's like the most expensive one, the longest lead time of any model in the last six years, apple is, i'm saying this , recession-resistant. stuart: so that demand for that, the top of the line iphone 14 -- lauren: huge. stuart: a very heavy demand. that's what people want. that's where there's a long lead time. sorry. lauren: typically the case with iphones, with apple tech knowledge, they have the products people held on to for three and a half years. stuart: show me ubiquitouser please because i know they were hacked yesterday the stock is down 6% back to 30 bucks were there any consequences or what happened? so they were hacked. what services were down or whatever? lauren: no, none of that. the consequence is trust, and maybe an investigation. i'll get into that in a second. so a hacker that goes by the

name tea pot basically tricked an employee to get access to uber's entire network. really widespread access. compromising their systems, so now uber is investigating. i bring up what happened back in 2016 because they also had a massive data breach. 57 million accounts were impacted. they got drivers license numbers that's personal information. that's way more than your e-mail address. stuart: ouch. lauren: uber paid the hackers $100,000 and now, now, the former security chief, six years later, is on trial for this , so maybe there's going to be an investigation. you're a ride hailing company but every company is now a technology company. you have to make sure your platform is secure. stuart: and it's down 6%. back to 31 a share. how about that? oh, here we go, carnival cruise lines. cruise lines are back. they are all down today. i bet that carnival is thinking that things are going to turnaround because they've announced this new mega ship. they are banking on a new mega ship aren't they? lauren: they are banking on

bigger. if they build a ship, and they are, that's 20% bigger than their biggest ship, their princess ship, that is, that's 21 decks high, look at that, and has 4,000 passengers, it has a really cool glass dome on top, above the pool area. i mean, it's a cool ship. they are currently building it in italy now. they say they will get it on the water for 2024. stuart: it's a floating city. 4,000 people. that's a floating city. i'm not sure that's my style. i'm with you. if i go cruising i want it small lauren: especially with covid. stuart: that too. lauren: right? stuart: are we going to check adobe? i think it's down again 4% lower lauren: yes. stuart: it was down big yesterday after announcing that $20 billion bid for what was it? figma. i bet your investors thought you're bidding too much.

lauren: figma was worth about $10 billion in their latest private equity valuation and adobe is paying $20 billion, that is the biggest buy-out of a privately-owned software start up ever but look, they do business with popular clients like airbnb and coinbase, and the analysts are saying you over paid, deutsche bank is just one of those analysts and they took their price target down by $100 to 400 so still well above where adobe is now. stuart: let's check the big board we've been in business six minutes and we are down over 300 points, close to 400. that is 1.27%. just from 30, 500. here are the dow winners there's only three. j & j, amgen, and coca cola. lauren: staples, healthcare. a nervous market those are the type. stuart: s&p 500, comcast, phillip morris, moderna, crown castle. not significant gains for any of them, and the nasdaq winners,

not a single big tech stock on there at all. regeneron pharmaceuticals just making the list. i'm interested in interest rates because they are going up, indicating recession. the yield on the 10 year treasury, sorry the 10-year, 347 and the yield on the one-year, extraordinary, it's over 4%. how about that? how about the price of gold? we're at 1,667. it was supposed to be an inflation indicator. it's not. bitcoin, 19, 600. oil, where's that? $85 a barrel. nat gas, where's that? that is at eight bucks per million british thermal units. the average price for a gallon of gas is 3.69 down one cent you're still paying 4.97 for a gallon of diesel. there you go just dropped below five bucks. coming up president biden slam ming republicans for sending migrants to sanctuary cities. roll tape. >> republicans are playing

politics with human beings, using them as props. what they're doing is simply wrong. it's unamerican. it's reckless. stuart: oh, right get this and the city of el paso run by a democrat. going to spend $2 million to bus migrants out of there, to d.c., mostly. and there's this. 90% of americans identified as christians in the early 1990s that number is now down to around 64% and it's declining further. more on that trend, coming up. ♪ faith in something bigger ♪ ♪

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stuart: we're in sell-off mode. the dow is down 350. nasdaq is down almost 200. now this. president biden says republicans

are using migrants as props. roll tape. >> we're committed to fixing immigration system instead of working with us on solutions, republicans are playing politics with human beings, using them as props. what they're doing is simply wrong. it's unamerican. it's reckless. stuart: guy benson joins us, fortunately. we need guy benson today. now, guy? what do you think about that, using migrants as props? >> well, this guy has a lot of gall, complaining about his political opponents, using admittedly political stunts to highlight the catastrophic, in humane cruelty of the failures of this administration, when it comes to immigration policy. he's talking about working together to fix the problem. he came in and broke a problem that was already in relatively bad shape overall. he made it far, far worse. we've had a challenge with immigration, stuart, in this country, illegal

immigration, for years. its ebbed and flowed under both administrations of both parties. the trump people finally got their arms around it to a large extent. biden came in and for entirely political reasons, throughout a bunch of the successful policies and we've watched records getting shattered ever since and this guy never comes out to say one word about any of it unless it's an opportunity to attack political opponents like the whipping smear against border agents and now going after republican governors for simply highlighting his failures, he owns this. stuart: it's becoming evident in more and more places around america that the border is open and more and more places are paying the price. that's why i think it will become more of an important political issue in november, because the problems are now associated everywhere in the country. >> that's exactly right, and for a long time, the people of texas and arizona, in particular

, have suffered through this problem. they've absorbed a lot of the issues. they've been doing what they can to try to mitigate what the federal government will not do at the direction of the people running the country right now and the biden administration and what greg abbott and ron desantis have done just a little bit is to export a tiny taste of this border crisis into cities and jurisdictions that pride themselves on their progressive sanctuary status, and we have seen the left wing leaders of those places squealing and screaming and throwing fits for weeks now, because part of the policies that they support explicitly are being visited upon them, and i think that to that extent, this by the republicans is working, it is drawing attention to a problem, that for the most part, the elites, the media overall, and certainly the democratic party, do not want to talk about ever, and what these republicans

are saying is here is the problem that you have created, with your policies, grapple with it, and the response has been volcanic but i also think very revealing. stuart: the response has indeed been volcanic. did you see that governor newsom in california wants the department of justice to investigate, i guess, the republican governors for kidnapping these migrants. now that is a volcanic response. >> that's a man who wants to be president. talk about political stunts, my goodness, and they want to criminalize or have an investigation of the governor s? it's interesting now that you have some of these lefties appealing to sovereignty and the rule of law, when they do not have even lip service to pay on those issues, on the actual crisis itself. stuart: precisely. >> california is so enlightened and progressive and wonderful, they are after all a self- declared sanctuary state. i didn't see in that letter from gavin newsom, maybe i was missing the second page, where he offers to take in all of the

migrants from texas. why would they leave them somewhere so cruel, so inhumane. why not welcome them to california with open arms? i don't think that he wants to address that particular question he wants posture that is completely about politics to these people. they don't care about the humanitarian disaster at the border. they sort of support it, and they want to sort of applaud themselves and their own policies from a very safe distance. stuart: i think you're right. you and i should go together to martha's vineyard and see what it's like up there. because i know you know cape cod pretty well. >> i'll do that reporting trip with you, stuart. stuart: you're on, thanks, guy, see you soon. on a related note, the city of el paso, texas, has approved $2 million contract to bus migrants to other cities, and the mayor of el paso, he's a democrat. lauren: correct and the city council voted 3-1 to approve this $2 million contract with a charter bus company to transport the illegal border crossers on buses out of town, on el paso,

small section of this border sees on average 1,300 migrant encounters per day. stuart: and the people of el paso they've got to pay to bus them out. lauren: this story was so laid out for me when i went to cover an oil story in texas, right here the border, and the housing for the oil workers was being used to house the migrants and the illegal immigrants. it's just adds insult to injury to how the people at the border really feel. they can't even put up their own workers. stuart: got it. here is another one, lauren. mid-terms are just right around the corner, obviously. we know abortion is a big issue. how are democrats trying to use it to their advantage? lauren: to quote, he was just on , guy benson, yes, governor newsom wants to be president and he has taken out these billboard s, you can see them in seven red anti-abortion states including texas, mississippi, and ohio and the campaign says california will defend the right of any woman seeking an abortion

, and making decisions about her own health. the billboards came out just hours after senator lindsey graham called for a 15-week ban on abortion. then this. vp harris is speaking about abortion rights today in chicago , illinois. this is important because it's right next to indiana, right? abortion rights are safeguarded in illinois, but next door, an abortion ban just took effect yesterday in indiana so democrats see this as a winning issue for them. stuart: who knows if it's a winning issue or not but they are playing it that way at this point. i'm going to show you westminster hall, center of london. thousands of mourners in line to pay their respects to queen elizabeth. that line now stretches nearly five miles. we'll have more from london, after this.

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stuart: the fedex warning has to make retailers nervous. after all, they carry packages for everybody don't they? madison alworth joins us. hey, madison, christmas is only 100 days away, right? reporter: christmas is official ly 100 days away. normally this be a really busy time for shipping but we're not exactly seeing this. the fedex news showing that shoppers are being choosier

about when they buy and how often. i'm at the port of newark. behind me there's a ship off loading. normally we would see a lot of that activity but here is the thing. those companies, those big box retailers, they shipped earlier this year, because they wanted to avoid the problems that they faced last christmas season. >> retailers actually shipped earlier, because they were concerned about the west coast labor issues. they wanted to make sure that they had their goods in stock, they couldn't afford not to have goods so a lot was pre-loaded. reporter: okay, so the good news is, we should be seeing those items on shelves for this christmas, because frankly, they are already probably on our shores but the fedex news also shows us what experts have been telling me which is that companies are also shipping less inventory. this summer as inflation concerns hit, families purchased less, leaving more items on the shelves. this means inventory gluts companies are trying to move still exist. that is helpful for shoppers

because inflation is top-of-mind heading into the holiday season. excess inventory means sales and 41% of shoppers are seeking discounts and some 27% are already shopping to spread out that spend, even with the deals, americans are expecting to go into debt in order to put christmas gifts under the tree this year. when you look at the whole shipping picture, you know, we narrowly avoided a freight train strike. that is helping with the health of the industry but we are still facing some delays. right now, there are about 20 more ships just like this waiting to get into the port of newark so we are still seeing some backup, especially on the east coast because they took a lot of that west coast shipping, but compar ed to last year, the shipping environment much smoother going into the holiday season that's good news but you can't forget that fedex piece of the puzzle. what the real question is how much americans are able to spend this holiday season, because of our current inflationary problems. stu? stuart: and if we fall into a recession too.

madison thank you very much indeed. all right back to the markets real fast. we're still down still red ink, down 350 on the dow and down 216 points on the nasdaq composite. still ahead ben domenech, sandra smith and pete hegseth. the 10:00 hour of "varney" & company is next. ♪ ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is.

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neil: don't you love it, tom petty. the great tom petty. one of my favorites. that was after his contest with the people who tried to handle his music as i recall. good morning, 10:00 eastern, look at this, the dow is down 350, nasdaq falling a bit more, down 220 as we speak