>> this could be the mother of all bear markets. something could break. we are seeing that with the actions of the central bank. it could be lower. >> inflation is just as bad today as it was four months ago. what president biden has done makes no sense. americans are smarter than that. they look at the gas pump, he did it. >> don't think we will hit bottom until the first half of next year. the only thing that will change my mind is if the fed changes course. >> the next read on consumer sentiment will be a down tech because the market selloff will affect the mood of the nation. how could it not? ♪ stuart: good morning.

it is 11:00 eastern time, wednesday september 28th. we better get to the markets. take a look at this, dow industrials 300, moments ago. up 250 now. nasdaq composite is up 60. show me big tech, all higher moments ago. apple the most valuable company in the world, the best technology company in the world is down 3. 6% today, $5 lower at 146, a problem with demand for the iphone 14. look at the 10 year treasury, you rarely very rarely see moves in that treasury market like this. the yield on that treasury was 405. now at 11:00 in the morning, it is 378. that is an extraordinary move called gross volatility. now this.

my first job in television was san francisco in 1975, stock market show, the only financial program in northern california do well but it was a very difficult time to report on the stock market because 1970s stocks went nowhere, pretty much dead flat for an entire day. we are going to repeat that in the 2020s, there are ominous signs, the problems back then are similar to what we see now, inflation, rising rates, surging gas prices, foreign threats and floundering administration. that hurt then and that is what hurts now, hard to see what gets us out of this mess. biden raising taxes as we head into recession, they will spend by the trillion. that makes things worse. of the economy and inflation get worse the market is not likely to rally. it is not a market forecast.

it is an investor alert. we have years of go nowhere in the markets it will be harder to grow our retirement savings. we will take a hit. the ceo of the sound planning group. should we be planning for a flat market for years to come. >> always great to be with you but i could not agree more. robert shiller's data tells us we are overvalued by 58%, that would indicate based on 120 years worth of data that we are going to see negative returns on equity markets the next 10 years to something positive. low, single digits there. but who knows ultima the what will happen? we need to have eyes on the

midterm election, eyes on earnings coming out, bank earnings the next three weeks, really critical to understand what is taking place in the mortgage environment. i don't think we've seen the full repercussions of that. stuart: where do you put your money? we have a lot of viewers in 60s and 70s. if we have a protracted period markets go nowhere, where do they put their money? >> you have asked the question but framed it correctly. based upon your age and what you need to accomplish there are different strategies. we like to have more of a tactical approach to things right now so portfolio is an example shorting the market and also long in a couple areas including metals and different things. there is not an easy answer for this but the answer is we have more of a sideways market going forward into the future and ultimately how does the fed handle this?

how do we dance with these news challenges coming up? house the biden admin a straighter responding? do we get a republican senate house in november? and that will bring changes on the supply side and not just affecting the demand but the federal reserve destroying our ability to do that. stuart: telling what you are staying away from. >> cash and credit card -- okay. staying away from things that seem to be overvalued, what we believe to be a bubble because we had so much cash and liquidity in the system so markets have been high. the p/e ratios have not been accurate. growth stocks have not come down yet. i think we have a lot more downside as well with areas that seem to be stable today. to quote warren buffett all ships arise when the tide comes in but when the tide goes out

you find out who is swimming naked. everything is retracted right now and we will see what is up or down. stuart: you are killing me. it depends on microsoft and if you are forecasting microsoft goes down, ouch. you will never be back on this program. that is a joke. you tell it straight and we appreciate that. check the market right now because the dow is up 270, the nasdaq is up 71 points. it is extreme volatility here that goes up and down all over the place all the time. have a look at this. an op-ed in the washington post, quote, the only agenda that unifies the republican party's revenge. it claims are for publicans win in november there will be, quote, ginned up investigations, cool attacks on the marginalized, even a concocted impeachment of president biden. look who's here. martha maccallum. martha is with us this morning. is that what voters want?

investigation after investigation? >> i don't think that is what they want. the problem is americans have become so beaten up by these investigations, endless investigations and it is not the investigations but there's never any accountability. they never see anything come from it. that is what is a huge frustration i hear on behalf of voters across the country, they are so sick and tired of people not being held accountable. back to hillary's cattle futures or nancy pelosi's stock investment or the russia collusion investigation which the origins of which were so suspect and given the millions of dollars that went into it it appears people never got a resolution on that. it cost so much in the past presidency. there's an investigation i think is important, it is hunter biden, the investment in china. this is an important issue.

they need to understand what the big guy meant, how much did the president know about these deals and are they a problem for him. as he compromised when it comes to china with these investments so those up questions that need to be answered. that being said how many people can tell you what is in the commitment to america? they need to go very specific, forward, optimistic in the next several weeks if they want to win the house in a solid way to show people what they will get and it can't just be investigations. stuart: i want to take a moment to thank you, say what a wonderful job i thought you did covering the queen, i watch your coverage from day one to the end of it. you made me feel i ought to have gone to england for the q. that inspired me and i realized i should have gone. >> reporter: the great thing about reporting the field which

we don't do as much as we do, you get to get out there and wait in line 7 hours and talk to people and see what they are thinking and feeling. what they care about the story, a piece of history. and those who witnessed too much over the course of a lifetime, i don't think you will see anyone remembered the way she was a member in our lifetimes. stuart: you made us feel what a big deal, the impact of it, you were there for 10 days. >> we had piers morgan with us. i was always interested in history across the board in english history and we were part of the same big family of history so it was fascinating to watch. stuart: should have gone.

>> did you try? i realize i should have gone when i saw the video of the q. you are in the queue for 7 hours. >> an hour behind me in that line the same night and made me feel good that people were doing it the way it should be done. i love my country more than any place in the world but you left for half an hour. why are you back in line, people were so warm, everybody doing what they can do to hold their pace, to put a number on your bracelet. you could take a break, every one was accepting of that. you made a lot of good friends. and experience i will never forget. stuart: thank you for it. we will watch you at 3:00 pm eastern today on fox. russia denying a report they

sabotage the nordstream gas pipeline. the kremlin because that accusation stupid. deli -- deadly fentanyl, the feds are morning parents colorful pills may be marketed to children. new video shows migrant smuggling bus in del rio texas. 11 migrants crammed into a single pickup truck. the border report is next. ♪ ♪ i earn 5% on our cabin. hello cashback! hello, kevin hart! earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. then i got the dexcom g6. i just glance at my phone, and

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stuart: hurricane ian. the eye of the storm is beginning to hit land in florida, flooding streets, 269,000 customers without power, the latest count is about to make landfall. janice dean is with me. what the latest on the storm abstract? >> we expect landfall in the next couple hours. it is on the verge of a category 5 storm but don't pay attention to the category because it doesn't matter. the damage will be catastrophic for this area of southwestern florida. really historic. they've never seen a storm like this. in 2004 we had charlie, this storm is 3 times the size of charlie. from sarasota to fort myers, winds in the venice beach area, the i wall, center of circulation hurricane force

winds, from the center of circulation we are already seeing the outer bands and the i wall moving inland and the full scope of the storm including the i we expect landfall in the later part of the afternoon but we are already feeling the effects of hurricane force windss. the storm surges the greatest killer when it comes to hurricanes but we see storm surge upwards of 18 feet, a lot of storm surge will come during a time of high tide and that means 18 foot storm surge on top of one to 2 feet of rising water, waves on top of that and a lot of these low-lying areas will be underwater and an extreme wind warning, hurricane force winds for a long duration for southwest florida. it takes 24 hours over the peninsula and onto the atlantic

side and not only do you have heavy rain over a foot, two feet of rain, the storm surge of 18 feet and low-lying portion of southwest florida but we have the tornadoes we could see spawned from these outer bands scraping across land. we had several reports of tornadoes that could cause structural damage on top of what we have seen but the biggest fear here is the storm surge. this is one of the most vulnerable areas across western florida to see storm surge and when talking 12 to 18 feet, that will potentially kill people and that is why the national hurricane center is saying this is going to be catastrophic. something we've not seen in our lifetime. i've covered a lot of hurricanes, this is one of the worst. stuart: all right, spell out how bad it is. see you again later. let's go to the north.

concerns growing over high energy prices as winter approaches, new hampshire's governor joins me now. new hampshire i believe is a standout in this lectures the crisis because prices have almost doubled in your state. is that accurate? >> reporter: across new england. new england, the rates are higher in massachusetts, we are all attached to the grid because we are the last in the line on the natural gas pipeline as demand increases this coming winter but this production can't or won't because there's no incentive to do so, and pulled back on a lot of that. folks have a hard time so we have a surplus, and to put gas in your car cost twice as much to keep power plants going during a potential cold snap. stuart: if you get a cold snap

and it is a cold winter you could have a problem with electricity and natural gas prices. that will add how the whole country feels. >> absolutely right. all natural gas goes through albany, new york. they are not turning up the valve anytime soon so the customers, resident of customers are first to get the drop on the gas. they we have a cold afternoon in the middle of january around 6:00 pm they turn their heat on and get the first draw on the gas, the pump is the last to get the draw on the gas so the price, the reliability of that is at risk so the price is higher. you have a lot of policies around the country that transition too hard too fast without understanding you need a resilient system, a reliable

system when making those transitions and if you go too hard too fast this is what we are seeing. across new england prices are skyrocketing. stuart: florida governor ron desantis is taking criticism for flying migrants to martha's vineyard. i believe you think he did the right thing but would you want him to send migrants to new hampshire? >> the issue isn't about 50 migrants going from martha's vineyard or folks being sent to washington, chicago or new york. that issue is this is a 50 state issue, not a texas issue, arizona issue. it is a 50 state issue. these governors have awareness of actual physical cuts through the problem. we are talking a humanitarian crisis, human and sex trafficking, unbelievable amount of fentanyl flooding over the border unabated.

the media talks about 50 migrants but at the end of the day 250,000 migrants not per year per month coming over the borders. having a negative impact, there's no system in place. that is where this is about. stuart: fox has been on it for years. stuart: for the third time this month, texas law enforcement, trying to fly migrants on private planes. are cartels running these flights? >> we are told by authorities the cartels being enriched by common-law enterprise. it is possible on these private flights as well.

they busted 3 of these private flights in the past 30 days. there are more of these flights all around us. texas dps, was a 21-year-old american woman who coordinated the flight for 6 illegal immigrants to fly to houston from texas. one of the illegal immigrants was a man previously deported wanted for sexual assault of a child. texas dps tells us these migrants or sponsors are paying $11,000 to be smuggled into us input on a private plane, helps them avoid being caught in a row on a car, walking across private properties are a check points. >> migrants voluntarily turning themselves in, these are the ones trying to avoid detection by any means whatsoever and if that is paying top dollar.

>> texas dps is illegal migrants can avoid tsa and security by using private planes and pilots might not be aware they are chartering illegal immigrants. the city of houston, texas be coming a central hub for migrants making their way further in land and texas dps says the quickest way to stop or slow illegal immigration or make a dent in this kernel enterprise would be a shift in federal government policy including returning to the remain in mexico policy which prevented people making it further inland in the united states. stuart: don't hold your breath, see you again soon. a very important warning for parents from the department, drug enforcement administration, fentanyl is being packaged like candy. this is right before halloween.

lauren: cartels, and skittles packaging? disclosing 15,000 deadly fentanyl pills, to target young kids. not talking teenagers or young adults, people trying to sell drugs for undercover dea agents indicted on february but this is a major one. something like this is happening to young children. stuart: how much they are making is what they should do. stuart: men in russia lining up at the border to escape hooton's draft, they find asylum in the us. hurricane e and gaining strength as it churns toward

sarasota, florida. that area could see life-threatening storm surge. they are out of time, they can't get out. ♪

stuart: on the markets i see green. the dow is up 300, nasdaq up 100. nice day for the s&p as well. i don't know how long this rally last, check the market at closing time, 4:00 eastern. lahren is here with the movers, start with apple suppliers. lauren: not only is apple down on the report, the big report they are scaling back to increase production of the iphone 14 but look at the manufacturers through the iphone, taiwan semi is down 21/4 and audio chips down 3%. stuart: apple down $5 or $6. then we've got eog resources. who are they? lauren: energy company, up 4%. the government reported a surprise drop in oil and gas

supplies. you have a hurricane expectation of russian sabotage on the gas pipeline to the rest of europe that would cause oil and related companies move higher. of the one marathon digital, a crypto company. what have they got? lauren: 7.6%, bitcoin still just under $20,000 at last check. but the lows of the session and here's why. crypto currency could have a renaissance if people lost trust in central banks and as you look at what is going on with the fed could this be the moment for crypto currencies to become very attractive once again? stuart: that' s what the crypto guys are hoping for. lauren: they are still at 19. stuart: it is not in the doldrums. disney, walt disney world closed today. do we have a dollar number?

lauren: $160 million for two days of being close, the company makes $80 million a day just from orlando for disney world. it is rare they close. it is happens we 8 times since they opened in 1970 one. stuart: $80 million a day. let's go back to ashley webster in st. petersburg, florida. are people still trying to get out? the governor says it is too late. ashley: the governor said a few made plans ahead of time, it is too late. the i wall touching the west coast of florida, one hundred miles south of our location as we look that way to give an idea how big the storm is, we are in these big bands of rain and wind the come through this area. it has been like this the last 2 or 3 hours. as you look at the bay, all the

water, we thought there would be storm surge and that could happen but the direction of the waves east to west all the waters pushed out of the bay and back into the ocean. at some point later today all that water will go rushing back in and that is where the concern about storm surge is. people who come out here, as for storm totals, rainfall 12 for 15 inches not out of the question. power outages 200,000 customers already without power. earlier the governor said millions of customers without power in 24 hours or more. and yes the governor is saying if you' re trying to get out it is too late. >> it is no longer possible to safely evacuate. time to hunker down and prepare

for the storm. this is a powerful storm that should be treated like you treat a tornado that is approaching your home. ashley: think about that, tornado bearing down on you describes what it is. the storm will move into central florida and out the northeast coast, warnings all over the state, orlando picking up strong winds. we expect guests of 18 miles an hour at their peak, that could come later today or early thursday morning. it will be significant damage especially south of here, fort myers, the charlotte area, 130, 140 or so on. stuart: we will see you again later. here is eric a royal, your big

worry is the storm surge. fox weather suggests that surge could be 18 feet. what would that do to sarasota? >> catastrophic effects in the sarasota. they prepared for this for years. they call the state of emergency, activated emergency operations center. we evacuated zones a and b and full briefings for utility departments insuring generators are up, public works, storm drains, last week anticipating this we fortify, and textiles, fuel farms, operational, ready to go, florida power and light on the ground ready, and now taking care of what we have to combat as the storm, the hurricane takes its toll.

there are 12 sites, sandbags being distributed, transportation hubs for individuals that couldn't get around, the governor here yesterday, i talked to him, press release and us senator rick scott gave me a call on the cell phone and they are fully supportive. plus, by u.s. news & world report, sarasota, we have so many giving, caring neighbors taking care of each other. stuart: there is a mandatory evacuation order in some parts of the city. what can you do for people who did not evacuate? are still there? >> he the governor's morning. hunker down and the as protected as possible. don't wait until the last moment. stuart: any idea how many people are still there?

>> avast minority. not many at all. some people said we live on the waterfront, we will hunker down. the house goes down we go down with it. that is a risk an individual person takes and personal choice. the governor, governor desantis, the national guard for florida, was heavily criticized, now it is turning out to be the things we could have done so we are praising him now and protected because these individuals are everywhere and like a branch of the military help those that need to be rescued when the storm starts creating some damage. stuart: got it. thanks for being with us, wish you the best of luck. eric arroyo, mayor of sarasota. changing the subject, those teenagers who ransacked the convenience store in

philadelphia caused $10,000 worth of damage. some of the children were as young as 10. the us stepping up intelligence efforts as russia threatens to use its nukes. what we know in advance of the russians were going to use a nuclear weapon? general jack keane takes that on next. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company.

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stuart: house democrats just introduced a bill to ban lawmakers from trading stocks. is this a complete ban? >> reporter: there's finally a bill that lawmakers can lay their eyes on after it has been drafted for months behind closed doors but the bill does ban lawmakers and spouses from trading while in office. applies to more than congress.

political appointees and supreme court justices of the bill will require all these people to do best financial investments before going into office and put in a quality blind trust. officials on mutual funds, etfs, and equity and small businesses that don't present conflict of interest but even though this bill was drafted by democrats, high-ranking democrats like steny hoyer will vote against it. he doesn't think an all-out ban is necessary. he support increasing penalties for people that violate existing stock act against insider trading. a lot of complaints this is drafted in the dark. in dark. republicans were completely shut out of the process and because of that, the long-awaited bill is uncertain. and it is not clear if speaker pelosi will follow on her

intention and promise, if it doesn't have the votes to pass. and if it is going to fail. stuart: i wait for speaker pelosi's vote. serious stuff now. stepping up surveillance efforts after the nuclear threats. jack keane joins me now. would we know in advance if russia was going to use a nuke? >> i think so. we know where the tactical nuclear storage sites are and from what i understand we have 24/7 surveillance of those sites using multiple means to do so. here's the complication. the fact is at least 10 of russia's weapon systems include different kinds of missiles and

aircraft used for conventional delivery of weapons and also for tactical nuclear weapons. trying to track adds to the degree of complication but nonetheless our intelligence services have been hard at this since the first time putin or surrogates planned to use nuclear weapons. it is likely our government would have early morning. whether they would share that when reacting to it is another matter but we are in pretty good shape. stuart: organizational question. do our generals have any contact with their generals? do we have a military attach a in moscow to speak to their military guys? >> we have regular contact for some time between chairman of the joint chiefs and

counterpart, but that has fallen off since the hostilities and tension and everything has raised. communication still exists with policymakers and that happened recently when president biden's policymakers, letting russians no with no uncertain terms that i understand, if they ever use tactical nuclear weapon inside ukraine the consequences as jake sullivan said the national security advisor, would be catastrophic and led to believe they have degree of specificity in terms of what that meant, wanting to share with the american people and i agree with that. we should not be debating what we will do on national television. stuart: russia denies they sabotaged the nordstream pipeline. what do you make of that?

>> i hold that in great suspicion. they have everything to gain from this. they are surprised the eu and nato held together as well as it has. hasn't been perfect and we discussed that. by and large they are together and also looking while this hardship of water and energy is going to impale them to a certain degree, they will toughen up to it and russians want to make this more serious when cutting off their own gas and oil exports look at the norwegians, have 5 different pipelines that go to the uk, germany, france, and belgium, they know full well they've got to protect the critical infrastructure because it is possible there could be sabotaged. nato and the european union agree the nordstream pipeline

was sabotaged in 3 different places. as far as they are concerned that is a fact and certainly suspicions of got to be russia who is doing it. stuart: thanks for joining us, see you again soon. the white house has a message for all men trying to leave russia and avoid the draft over there. the message? lauren: seek asylum, we welcome you. military age men are leaving russia in huge number, in kazakhstan, 10,000 russians a day, mongolia, the line to get in, 12,000, 12 hours of cars. there's even reports that men in russia are entering themselves to avoid being drafted into the military. shows how unpopular putin might be and how popular his war is in russia. stuart: thanks, good stuff. here's where you show the dow 30 stocks, plenty of buying

today, 7 with the dow 30 up, down, 23, the dow is up 300 points. shoppers finding more empty shelves, it is not because of supply chain problems, they are locking away items so they don't get stolen. jeff flock reports from philadelphia. ♪ ♪ transaction increases avino's resources to over 290 million silver equivalent ounces. avino silver & gold. as someone with hearing loss i know what a confusing and frustrating experience getting hearing aids can be. that's why i founded lively. affordable, high-quality hearing aids with all of the features you need, and none of the hassle. i use lively hearing aids

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stuart: we showed you this video of a convenience store ransacked by hundred teenagers. another nearby store is taking steps so it doesn't happen to them. lauren: a few blocks from the high school, and from monday through friday they will be closed from to:30 right when the kids get out of school. they don't want the congregation, that was ransacked on saturday night. blue when they closed the store when the school gets out for an hour.

>> they congregate at a local store. parents telling children this is wrong behavior and the police are asking parents to volunteer their children. it is a teachable moment. stuart: some businesses are locking up items so they don't get stolen. jeff flock has the story from philadelphia. what are they locking up now? jeff: there's an increasing trend, maybe expense items, not really. cvs behind me, i went and took some pictures, stuff like deodorant, shampoo, body lotion, toothpaste, all locked behind plexiglas covers and you have to ask someone if you want -- sounds crazy but this is a nice neighborhood, this is downtown philadelphia. is it bad? is it a chill, we talked to a retail -- what is even worse,

we don't have the merchandise to sell. >> consumers are more willing today to have to endure the minimal inconvenience of locking up merchandise. if they can get the product they want, they will walk out of the retail store. >> reporter: how bad is retail theft? this is organized by retail theft. not talking guys that steal a loaf of bread but organized staff that gets resold on line, worst cities, los angeles, bay area, and miami all hotspots for retail trip. stuart: now we know. see you again soon. time for the wednesday trivia question. california became a state in

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♪. stuart: you know this is one of the most popular parts of the program, the trivia contest? it is not a contest, it's a question. we asked california became a state in which year? >> 1868. and it should be a contest. stuart: i know i would lose. i think it is 1850.

the correct answer, thank you very much indeed, ladies and gentlemen, hold your applause, 1850. california was the 31st stated a mitted to the union. quick check of the market, the rally, if you call it that is still in place. not bad. i see green. i will call it a rally. whether it lasts i have no idea. you have still another four hours of trading is left. time's up for me. neil, it is yours. neil: stuart, thank you very much. we're following the hurricane and buying storm on wall street a lot to cover. the bottom line the storm they're worried about, the whole nation is getting concerned about it, leading potential economic disruptions that could go way beyond the sunshine state. your kin ian category 4 storm, couple miles an hour and it reaches category 5. nine storms have reached that and four