>> good morning, everyone. another rally, that's how we started today. interest rates are actually falling, and there are some signs that inflation may have peaked as stocks are going up again. the dow gained, what, 700 points plus yesterday, monday, a good start to the week, the month and the quarter. up another, what ises that? up another nearly 400 points this morning. that would be a 1,000-points plus rally in a matter of hours. look at that nasdaq go again, that is a near 2% gain at the

opening bell for the nasdaq. all right, here's interest rates. look at the 10-year treasury yield. it's all the way down to 3.60%. that's what i mean by falling rates. is this a flight to safety or a recession indicator in we're going to try to answer that, but you've got 3.60 on the 10-year. cryptos up a little at 19,000, 19,9 for bitcoin and, let's see, etherium is at $1300. got that. oil, it's up. opec talking about a one or even two million barrels a day cut to oil output. oil's reaching $85 this morning. nat gas -- sorry, gassen lean, i should say, up again. up one cent overnight. but, look, the real shock, and i mean a shock, it's california. $6.41. there's a gasoline shortage in the west because special blends are the rule, and three of the

refineries that produce that gas are production issues. and newsome wants to be the president. [laughter] russian troops are on the run. on the run, seriously. the ukrainians did not stop after retaking a strategic town, they've moved further forward. it's a panic retreat by the russians, what will putin do can? talk about a retreat, that tent city they were building in the bronx, new york, is being taken down on the grounds that the site is prone to flooding. it's been moved to randalls island. aoc didn't want them in her constituency, the bronx. what is the country going to do with the millions of migrants who are here and not leaving? tuesday, october the 4th, 2022. "varney & company" is about to begin. ♪ ♪ ♪

stuart: that's a very rainy day in new york cityies but don't let that get you down. we're starting this tuesday morning with a rally. looks like a real rally. david nicholas joins me this morning to open up our market commentary. is this just a bounce, david, and that's it? >> well, stuart, this is certainly a rally. after the month we had in september, 9 of the 11 sectors of the s&p were down, but the market is bouncing because it believes that the federal reserve is going to pivot i think we're going to need to see weaker data, stuart. manufacturing's at a two-year low, so that's giving a boost for stocks. if you look at the 10-year, it's breaking trend lines to the down side. that's bullish for stocks. so i think bond yields are at a short-term high, and that's why you're seeing the market rally. and if it stays that way, yes, stuart, i think it could be a sustained rally if yields continue to bottom out. stuart: what's behind the

interest rate plunge? and maybe i use that word -- plunge is a little strong, but rates are way, way down, just about to break 3.of -- 3.60. is a flight to safety or a recession indicator? >> i think it could be a little bit of both. we have to be careful what we wish for, because if we are getting into a pretty sustained or severe recession, this whole idea is that interest rates will have to come down. so it is kind of a morbid signal in that if rates are coming down, thatten means growth is slowing, the job of the federal reserve is working, but it's the not great for most americans if we're going into a slower economic growth cycle. i think it's a flight to safety, but it is telling. i think the bond market is right here that we are going to see slower growth into next year. that's why we see yields come coming down. stuart: real fast, was last week the low? [laughter] >> you're going to put me on the spot here, stuart. if c fpi data the, if the amouns

down, i would say it's the low. if not, these markets are heading lower. stuart: okay, i got it. dave, thanks for joining us this morning. the mayor of new york city, eric adams, he's changing the location of the migrant tent city. it's moving from orchard beach in the bronx to randalls island. todd piro's here. the excuse is that the bronx site is prone to flooding, so you've got to move it. with what -- what's the real reason? >> we didn't know it was prone to flooding and, two, i guess nothing dries in the new york metro polling tan area. the real reason, aoc, who i like to refer to as the real leader of the democratic party, and that socialist, how can i put it, sanctuary socialist, if you will. she doesn't want sanctuary in her district, so she complained to mayor adams. mayor adams caved and moved these folks to randall island which is literally an island away from the city of manhattan. i have one major takeaway from

this. we've been talking on this show and throughout fox news about mayor adams needs to go to governor hochul and be stern and say we need to stop crime in new york city. if he caves to aoc who hasn't done one piece of legislation in congress, do you think he's going to cave to governor hochul? it's all a bunch of nothingness. he's all talk, he's no action, and this is the weakest display from him i've seen. stuart: but it's a national story. >> it is. stuart: because we've got to decide what are we going to do with these folks. my ideas? look, i'm going to make myself unpopular. at some point they're going to work. they're going to work. >> that's what nancy pelosi said. lauren: that's what he's trying to do, speed up the work permit process so they can get it in 30 days. now it takes almost a year. i don't know if it's popular in new york city. you can imagine some business owners happy, cheap labor comes in, but americans saying that's a job i could have, but we're doing jolts today, 2 to 1. stuart: hold on a second.

you've got another story to cover here, i mow you've been covering it all morning. donald trump is suing cnn for defamation by calling him a racist, a russian lackey, and he says they frequently compared him to hitler. you are a recovering lawyer. [laughter] how does this play out in court? >> this is going to be very tough for donald trump simply because he is a public figure. you've herald a lot of people hearkening to the nicholas sandman thing that happened. he was not a public figure, donald trump is the most public of public figures that we have. so that bar's going to be extremely high. that's the way the law's set up. that said, stuart, if somehow he is able to win a case that went to trial, which i think very, very low likelihood, that would change first amendment law and our country forever. stuart: okay. let's see how that plays out. thanks, solid. you're staying for the hour, please. house speaker nancy pelosi, she joined stephen colbert on

his show last night. what did she say? lauren: a midterm win for democrats. >> i believe that we will win -- hold the house. [applause] and we will hold the house -- [applause] by winning more seats. we won the 40 seats, then we lost some when trump was on the ballot, we lost some in the trump districts, but we held enough seats to hold the house. he's not on the ballot now. lauren: and then she asked if the show could bleep out trump's name. she said she couldn't believe she said it. in seriousness. these are fox news power rankings. they show republicans do have the advantage in november, but democrats have a chance, there is a chance of maintaining a slim majority in the house if they win every single toss-up race. so it is possible. where's the polling? it's been changing, right? this is the latest from monomouth university. 47% of voters prefer republicans

controlling both the house as well as the senate. stuart: todd, this election is very important for the market. if the republicans win, i think that's good for the market. if the democrats retain control, i don't think that's very good at all. >> i think that's a very important point. and the issues that nancy pelosi mentioned, january 6th, roe v. wade. those are very important issues, dot, dot, dot, for the 12 people who watch stephen colbert. for the rest of the country, they're worried about the economy and crime, and they're looking at their 401(k), their retirement go by the wayside, their inability to go to the store and buy three bags of groceries and not have it cost $150. their looking at gas and all that. i think if gas rises, you watch, november's going to be a land slide. stuart: i wonder if californians will possibly vote republican when they're paying $6.41 for gas. lauren: from that same poll, 82% say inflation is the most

important issue. stuart: there you go. a little bit more on the midterms. there's some concern, i understand, that rural voters won't show up in large numbers for the midterms, and that would hurt republicans. what's the story? lauren: okay. it's a politico analysis, and it shows that the gutting of roe v. wade hit rural republican turnout when they looked at four recent special elections, new york, nebraska and minnesota. so turnout slipped 22 points, to 22% in rural areas, and you can see there it was 5 points higher in the sub you aren ban and urban areas. that's for special elections, but what are the midterms? they are a referendum on the biden presidency, on the presidency at the time. and you're going to the polls, is abortion an issue for you, or is it all the spending and all the changes to society you've seen over the past few years? stuart: todd, i don't see how you can get around $5 gas, $6 gas. >> let's assume everything in that article is correct,

literally every single word. it doesn't take into account what's going to happen over the next month. gas prices are on the way up. i sound like a broken record, but nothing that's going to happen tomorrow with regard to opec and nothing in our country is going to improve that. it's only going to get worse between now and november 8th. you watch that changes votes wean now and then. obama said that. stuart: he did, a long time ago. all right. check hose futures, please. it's tuesday morning. coming off a big with rally yesterday, looks like we've got a big rally at the opening bell this morning. nasdaq up 200, that's close to a 2% gain again for the nasdaq. here's what's coming up. the russians are in a panicked retreat, but the ukrainians are mad as hell at elon musk. his latest tweet is setting off an uproar. we'll tell you what he said and how zelenskyy is responding. president biden visits florida tomorrow. i think he's going to be very

generous. florida congressman mike waltz here on that next. ♪ ♪ ♪ when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare

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of the state is without power. so areas like fort myers and here in charlotte county really experiencing. that's why we're seeing long lines of people like sue waiting at the distribution center. what are you looking for today? >> ice, if possible, but i will take anything for neighbors or whatever. >> reporter: and you said your house is, luckily, okay. but tell me about your neighborhood. >> neighborhood is a shambles. it's just all wind-blown, and everyone's on generators except for me. i don't have power, but i don't have a generator either, so -- >> reporter: which is why you're waiting for the ice. i know the line is moving, thank you so much. if you take a look, you see the whole line of cars here. they've been waiting, cars got here at 6 a.m. distribution site was supposed to open at 8, they just started rolling right before we went live with report. people will be getting ice, water and food. and this is a fema site. you also have the national guard here as well as volunteers. these sites are up around the state. but you hit on it, stu. when you look at the

devastation, you see fort myers, charlotte county, that whole area still almost a week later trying to night back from the storm. we're awaiting the president's arrival tomorrow, but people like sue still without power, they need ice and food. a lot want to stay because, one, it's their home, and for safety purposes they want to keep an eye on things. we expect distribution center to be busy all day long are. dozens if not hundreds of cars, and it's probably going to be running through 7:30 tonight. stuart? stuart: madison, thank you very much, indeed. florida congressman mike waltz joins us now. sir, the president, he's going to be in your state tomorrow. i think he's going to be very generous, handing out taxpayer money in desantis' home state. what are you expecting? >> well, stu, the short-term recovery is ongoing. the food, the water, the ice, you know, getting power turned back on.

i've been traveling around my district, and the flooding is actually still happening. all of that water is running off into our lakes and our rivers, and new areas are still being flooded as that water rises. so i think what the president's going to see is we have a long way to go. department of transportation will have a piece of this, even the department offing agriculture for our crop damage and on and so forth. this is going to be a long-term effort. what i hope the president will do is show leadership and encourage pelosi and schumer to not load up some future disaster relief bill with progressive priorities. and what i'd really like the congress to do is look at some of this covid aid and repurpose that in the short to medium term rather than spending new money. stuart: we've got "the new york post" with a report that venezuelan migrants in new york city are hopping into vans and heading to florida to help with the clean-up effort. they're going to get paid. sir, there are millions of migrants in the u.s. why not let them work? are you adamantly opposed to

that? because they're not going back. >> yeah. i mean, this is kind of where we're stuck, stu, right, with this broken immigration policy. on one hand, look, people need help, and neighbors are helping neighbors, communities are helping communities. and that's absolutely the way it should be. at the end of the day, we're all humans, and we need to help those that are desperate. but i also don't want an environment where word gets out and not only can you get here illegally, not only can you get government services, but then you can get paid on top of it by the government. i think that is even more of kind of a tractor beam for this wave of migration. so i think we have to be really careful there. stuart: understood. we've without a new poll, 49% of all voters in florida support sending illegal migrants to other states. that that's less than half support getting them out of florida. in other words, half, or 44%,

want to keep them. they want to keep them in florida, presumably so he can work on the cleanup. does that poll mean if anything to you, sir? >> yeah, that poll also shows ron desantis up by 8 points and marco rubio up by 7 points. but to your point, stu, and i don't know that it really gets into the motives behind that opposition. i mean, half of floridians say it's fair that the entire nation bear the burden of this migration crisis. and i would bet you the other half are are buying into the main steam media narrative that somehow they were abused or taken advantage of. they weren't. they were taken care of, and they were moved into, you know, it's only fair that places like hamptons, new york or martha's vineyard in massachusetts share the burden that is on our border states. and, oh, by the way, these people have been flown by the biden administration all over the country in the dead of night. the only difference is

desantis and abbott are doing it in the middle of the day, they're doing it transparently. but this is a national crisis. it's not just a border crisis or a florida crisis. stuart: it is, and that's a fact. congressman, thanks, as always, for joining us this morning. our best to the people in your district. president biden went to puerto rico yesterday. while there he made comments that are raising some eyebrows, todd. >> this is deadly serious stuff. we're talking about a hurricane, hurricanes kill people. but while assuring the people of puerto rico that, quote, all of america is with you following hurricane fiona, joe biden saying this about his upbringing, watch. >> i come from a little state, the little state of delaware. we have a very, in relative terms, large puerto rican population in delaware. we have the 8th largest black population in the country, and between with all minorities we have 0% of our state -- 20% of our state is minority. i was sort of raised in the

puerto rican community at home politically. >> raised in the puerto rican community, stuart, according to the 1970 u.s. census, delaware had about 2,000 people born in puerto rico, and that is roughly .39% when joe biden was first elected to the senate. possible but not numerically probable. stuart: the president was echoing vice president harris' claim to hand out aid on the basis of race -- >> which is patently illegal. stuart: and wrong. >> and literally day one law school, stuart, they sit you down, you can't discriminate on the basis of race. stuart: i'm going to move on. look at those futures, why don't you. i see green. up 360 on the dow, almost a # % gain for the nasdaq. that's the opening bell s. and we'll take you to wall street for that opening bell next. ♪ ♪ another day, another dollar, working my whole life away. ♪ another day, another dollar ♪

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stuart: ladies and gentlemen, i'd like you to meet a happy man. the market's going up for a second day in a row, and mike murphy's with us. he likes kind of price action.

all right, is this just a bounce or something more? >> well, it could be a short-term bounce with, but i think there's enough here, stuart, to push the markets higher. there's enough negativity out there. ask we're going to hear from the fed today talking about future plans. but the market got oversold. people got too negative, and we've already rallied 5% off our lows from friday. so hopefully, this is the bounce that gets us there. the bounce is coming, but i think there's enough here now, and look at big tech leading the way. i think there's enough to hang our hats on. stuart: do you think the fed's going to slow down the interest rate hike? is that why this market's up a bit? >> partially. i think one thing, they're not going to speed it up. they're not going to make worsen than they have already, so i think the negative is priced into the market. the risk here, i believe, is to the upside if the fed comes out and talks about slowing down the pace or talks about backing off a little bit, you're going to

see the market move substantially higher. stuart: okay. we've got on the screen right now the 10-year treasury. it's at 3.60. why is the yield down so much? >> well, i think, again, it just rallied -- the yield rally so much just with the fact hat fed if butted going to keep their foot on the gas, and it got -- too many people were in selling pushing the price of the yield higher, but really it didn't belong up over that 4 level to begin with, so now i think it's just normalizing. remember, that's a very positive sign for the market as that yield gets down into the mid 3s. stuart: do you think big tech looks best of all the sectors? >> not only do i think it looks best, but we should hope it looks best, because we need leadership. and the leadership, when it comes, it will come from big tech. stuart: you have a happy man this tuesday morning, aren't you? >> i am. happy to be with you and lauren. stuart: yeah, yeah, yeah. thanks so much, mike. the opening bell will be ringing

in about 30 seconds, and this is a most interesting day's trading. yesterday, if you're just joining us, the dow was up over 700 points. the nasdaq was up well over 2%, and morning when you look at futures, it's not exactly a repeat performance on same level, but it's another rally. the dow can's looking to gain over 1%, same with the s&p, same with the nasdaq all over again. we're looking towards a rally. it's now 9:30 eastern on a tuesday morning, and trading has begun. i can't wait to see what's going on here. all the dow 30 stocks, are up except for merck, and the dow has opened with a 400-point gain. s&p 500, read this and smile, up 1.6%. a 60-point gain. 3700. nasdaq up 2.15%. that is a rally. so let's see big tech. how strong is that this morning? it's strong. apple, 144. amazon, 119. meta, 141.

alphabet's reached 100. and microsoft, glory be, up 2% at 245. i want to take a look at general motors. they've had a tough year. the stock's down, what, 43%, but they're up 5% this morning because they got good news, susan. what is it? susan: they outsold toyota in the summertime, up 24% in the third quarter. 555,000 plus cars, and that's up from last year. you have to remember last year was a pretty bad year for the chip shortage which hampered supply and sales. electric cars are moving for gm, they plan to increase production of the chevrolet volt, and this is after both of these models reported best quarterly sales ever at 14,000 plus. that's kind of the talk right now in the car industry, is whether or not the gm, the ford, which have the capacity, could possibly boost up production and maybe challenge the likes of tesla, rivian, pollstar. i also want to note if you look at that number, 555,000, you

were talking about tesla yesterday, they produced 340,000 in the summertime. so ill say it's not that big of a gap as it used to be between gm and tesla. kind of, i would say, legitimizes why tesla's worth more than the next 10 car competitors combined. stuart: it still is, right? susan: right. at those levels. stuart: tell me about rivian, the electric car people. susan: so, again, goes back to that max bearishness. fact that they just stuck to the 25,000 car production target, that that's bullish because they produced 7,000 cars in the summer i'm, and that's up almost 70% from the if spring. but you have to remember that rivian originally guided for 50,000 last year. they said, okay, actually reality hit in march, and they said 25,000. the fact that they're sticking to their guidance, positive, and type of max bearishness helps the market. ache a look at tesla, up today. cathie wood buying on the dip, and she made her name in tesla.

she predicted the stock would jump to 4,000 by 20 the 26. but i don't know if she factored in all those stock splits. i just want to note in the broader market, you were just talking to mike murphy about what the expectations are and whether or not we'll see a pivoter possibly from the fed. so, you know, actually right now the market, wall street is only pricing in 125 basis points more in rate hikes, and that's less than the 165 basis points that the market had anticipated after the last fed meeting that we saw. and i think australia, you saw the central bank there only raising interest rates by half, only 25 basis points. and i think that's why wall street's having a rethink thinking, okay, if there is a slowdown, the fed could possibly be supportive. stuart: that's very interesting. we've got a huge rally here, over 1100 points in the matter of 36 hours, and the fed's behind it. susan: yeah. there's an oversold level that

mike was talking about, and there's room, i think, for a rethink and a buy on the dip. stuart: he nose our stuff -- knows his stuff, our murphy. >> if they just back off a little bit, you get this kind of rally. stuart: how about chipotle? i don't know whether deutsche bank made a call to go up or down, super. susan: well, it's -- [laughter] we do have that target price raise to 17.08. also we have domino's pizza, if you want to look at the fast food, quick service as we call it, also getting an upgrade from ubs, and heir saying that the -- they're saying pizza sales slowing down is overblown. stuart: i know your favorite is apple, and you've been away, and we haven't had your reports on apple for some time. tell me about apple and their iphone exports from india. susan: okay. you saw a billion dollars' worth

of iphones made in india, shipped in five months. that could be doubled to 2.5 billion in 12 months which would be twice e 2021's number. and that's a big deal because it possibly rivals china as a possible iphone manufacturing center. now, i think what's actually helping boost the stock today -- and, as you know, apple's almost 10% of the s&p, probably the most influence for any single stock, it lifts up the broader market -- but foxconn, the iphone assembler, they're pointing to a strong fourth quarter holiday shopping period, cautiously positive. so extrapolate what that means, apple iphone 14 sales could be positive as well heading into the shipping period. stuart: that was a fantastic corporate performance, to switch iphone production so rapidly -- susan: hard to do. stuart: -- and still maintaining quality -- susan: and foxconn is also the same contract assembler that's building up operations in india

as well. stuart: yeah. one last one, nvidia. i know they're exiting russia. susan: that's right. they're saying that the ukraine uncertainty, of course, makes it very hard to do business in the region. but also important to note that there has been no impact, you know, from the fact that the u.s. government is telling nvidia, other chipmakers to stop exporting some of these high technology chips that are using facial recognition and artificial intelligence to china. the stock is at 130. i think at the peak it was closer to 300. stoort suit it was the, actually. susan: so les some ways to go. i was in singapore for the milliken asian summit that i was hosting, and big money investors are saying that if we're really heading towards a recession, they said the markets haven't fully priced that in. so we could be down maybe 10-25 the % more from these levels if we actually see an official contraction in global gdp. stuart: that's the word from the milliken summit?

susan: a trillion dollars in assets under management. they're saying markets still are lofty at these levels. but if you have the fed on your side if we do see a slowdown, that could be stock positive. stuart: got it. welcome back, by the way. good to see you again. all right. check out that big board. we've got six minutes' worth of business, and we're up 400 -- i'm going to call that 500 points. the dow's very close to coming back to 30,000. dow winners, let's have that list, please. boeing, up top. salesforce, caterpillar, nike, american express. s&p 500 topped by lumina, united airlines up 7%, american is up 6%. dex con, not sure white -- quite what they do. align technology, intuitive surge call and amazon. one big tech -- susan: does diabetes, detection -- what do you call it? i'm jet lagged, help me out here. the device -- stuart: thank you very much, indeed. great to have you back, susan.

[laughter] all right. coming up, look at this headline: supreme court, new term should bring constitutional clarity as far left the turns up the heat on justices. carrie severino wrote that. she was formerly a clerk to justice thomas, and she's here to tell us how a conservative majority could change some big issues. mayor adams in new york blasting the far left for its handling of the border. roll tape. >> the far right is doing the wrong thing. the far left is doing nothing. i mean, the silence, i don't believe the silence that i'm hearing. stuart: this is a national issue. where are these migrants going to go? we're going to get into that throughout the show. ♪ i found peace in your body. ♪ show me there's no point in trying ♪

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♪ stuart: the national average for a gallon of gas is now $3.80. but look what it is in california, would you believe that? it's $6.41. grady trimble's with us. a month ago it was $5.26 in california. what's driving prices up so sharply? >> reporter: the greed of big oil, stu, if you ask governor gavin gavin newsom and other california democrats. but the reality is experts have been warning about possibility for months. heavy been saying that fuel supply is so tight that any minor disruptions could have major consequences, and that's exactly what we're seeing out west. and to some degree, in the midwest as well. right now in california at least three refineries are

unexpectedly down. add to that is -- the usual high taxes and regulations, and this is what you get. prices at pump in california are up more than 60 cents in just the last week. in oregon and alaska heavy increased about 50 cents. -- they've increased. in nevada, arizona and washington the price of a gallon of gas is up between 35-45 cents in the past seven days. the average in california is around 70% higher than the national average of $3.80. in fact, it's helping drive up the national average for the second week in a row. what would have helped the situation is if -- wouldn't help the situation is if oil climb back above $100 a barrel like some analysts are predicting. >> crude oil prices are rising, gasoline and diesel prices are going with up as refineries continue with their maintenance season. and, unfortunately, we're not going to see much relief in gasoline prices on a national level over the next few weeks.

>> reporter: the head of saudi aramco is warning that the world should be worried because global oil supply is so tight. but at the same time, stu, you have opec threatening to cut production which, of course, would tighten supply even more. hay want to prop up those oil prices. stuart: you got it. grady trimble, thank you very much, indeed. please show me yield on the 10-year treasury. actually, it's moved up a little, 3.64%. but that yield is way below where it was just a couple of weeks ago. larry kudlow joins me now. larry, i want to talk about this sharp decline in rates, the 10-year at 3.65, the 2-year well above 4%. that's a decline in rate. why is it happening and what does it mean? >> well, i don't know what is happening, and i don't know what it means. [laughter] i mean, you're talking about a couple days of trading. you know, look, the 2-year mote has gone up 340 basis points

year to date, so that's a trend. the 10-year is up 220 basis points year to date. so this has been a tremendous increase. by the way, mortgage rates have gone up over 7% now. they're up about 350 basis points. so, stu, i would not put any stock in the short-term wiggles and wobbles in this market. interest rates are going higher. the federal reserve is going to have to continue to tighten because underlying inflation is still running around 7%. that's more than three times their 2% target. i mean, i think there's always speculation mt. bond market -- in the bond market. for example, yesterday the ism manufacturing report came out, and it was soft. so what they're saying is bad news for the economy is good news for the potential of lower interest rates or less fed tightening.

that's not the game the fed is playing, and i wouldn't betten on lower interest rates at all. i think that 10-year note -- i think all these rates are going to continue to go higher. stuart: now, you don't always usually speak directly to the stock market, but judging from what you've been saying, it seems that you don't hold much store in this 2-day rally that we've got. you don't think it's going to go very far, correct? >> correct. look, it's, again, it's hard to explain these short-term wiggles and wobbles. and i don't think any human being can outplay that. that's why i think stocks for the long run, the s&p index for the long run, is always the best investment. bet on america and american prosperity. we don't have much of it now, but the cavalry's coming, and we'll bin begin to straighten things out soon. i love relief rally. the kudlow trust loves relief rallies. [laughter] but right now i'm not so sure that relief rallies can be

depended upon. stuart: so does my 401(k). >> yes. stuart: the west coast price of gas, $6.41 in california, is that going to add to national inflation? >> well, look, not per se. i mean, i think your reporter, grady, if opec+ cuts production which would be a very stupid thing for them to do for a lot of reasons -- global politics, russia, ukraine, u.s. relations -- but if this were to do that and the price of oil jumps back over $100, 120 a barrel, gasoline prices are going to surge again nationwide. right now they're up about 5 or 6 cents nationwide. but, no, california's california. right? hair problem is no pipelines or insufficient pipelines, insufficient oil, insufficient gas leap, right? that's the problem -- gasoline. california has air-conditioning everywhere, but you're not

allowed to use it. california has electric vehicles, but you're not allowed to plug you are the in and recharge them because they don't have electricity because they don't have natch natural gas -- stuart: california's problem is they've got governor began newsom who is an uber-green kind of guy. [laughter] i've got to go with, larry. i'll be watching you this afternoon. stop laughing. i will watch you -- >> [inaudible] stuart: he's never going to be president, you know that, larry. [laughter] see you later. on october the 17th, we'll be holding a special program in the 11:00 hour, a live studio audience, how about that? it's free but you've got to remmer is on line. submit questions to varney and you the president fox.com. coming up, king charles and queen consort camilla made their first public appearance since the queen's death. how were they received? kim kardashian will pay over a million bucks to settle an sec charge for a crypto ad.

her aspirations to become a lawyer could be in jeopardy. meanwhile, her husband, exhusband, kanye west, he's making headlines. he was spotted wearing a white lives matter at paris fashion week. he knows how to make headlines, doesn't he? ♪ that, that, that, that don't kill me can only make me stronger. ♪ i need you to hurry up now because i can't wait much longer ♪ 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.

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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. stuart: the supreme court will take up a case challenging big tech's liability protections. hillary vaughn on capitol hill. hillary, les a lot at stake -- there's a lot at stake here. >> reporter: there is. in fact, part of what's at stake is the way tech platforms operate. it would also have big implications for any web site that has user-generated content. making changes to how section 230 protects web sites and companies. the supreme court will hear a case against youtube. question in the case if web sites have any responsibility or liability over terrorist propaganda on their sites. court will also review a similar lawsuit against twitter. this marks the first time that

the high court will weigh in on section 230 in this case. they could rule the platforms can't use algorithms to recommend content to users which could disrupt how platforms operate and also how they make money, relying on algorithms to increase user engagement and ad revenue. tech companies have come under scrutiny from both republicans and democrats for the ways they moderate content. now they are under fire again after the united nations, an official at the united nations, bragged about coordination with google to manipulate search results related to climate change. the white house has also been tangled up in a similar controversy after they admitted they worked with social media platforms to take down what they consider to be covid misinformation. a judge ordered them to turn over all e-mails between white house officials sent to tech companies related to censoring and taking down that content. stuart? stuart: hillary, thank you very much, indeed. good story. all right. i also want to thank todd for joining us for the whole hour.

>> pleasure, my friend. stuart: you were quite good, actually. >> just today. [laughter] today, good. stuart: before we close out, look at the market, please. we're up 600 points for the dow. that's better than 2%. and the nasdaq's up nearly 300 points. here's what's still ahead for you, rachel campos duffy, new york congresswoman nicole malliotakis, brian kilmeade and sandra smith. the 10:00 hour of "varney" is next. ♪ ♪ ♪ my relationship with my credit cards wasn't good. i got into debt in college and, no matter how much i paid, it followed me everywhere.

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