so thankful for all that it stands for and all that it means. no matter who's in it. maria: well said. totally agree. your thoughts, chris. >> it's great the history of the country and i said something a few minutes ago, let's not forget to learn the lessons and make sure we don't make the same mistakes today. maria: yeah, it's a great point. john adams, in 1800 moving into the white house. it's been a great show, you guys. thank you so much. leigh carter and chris verone for joining us this morning. we have a market rallying at the highs of the morning and dow jones up 225 and we're waiting to hear what the federal reserve has to say tomorrow at 2:15 p.. eastern. have a great day, everybody, and "varney & co." is up next. stu, take it away. stu: thank you, maria. good morning, everyone. one week till the midterms and republicans are looking good. the markets are rallying and the

two are connected. fox power rankings show the republicans have the momentum and gop will have a 19 seat majority and in the senate, republicans are expected to take 49 seats and democrats 47. four tossups. so all though the gop has an edge, ultimate control of the senate is still in doubt. florida is now solidly in the republican camp and governor desantis way out in front of charlie crist. the president campaigns in the sunshine state today, seems like a lost cause, doesn't it? perhaps he's trying to save miami dade county a democrat stronghold. let's get to the markets. stocks are rallying, the republican momentum is a positive for rale street, a -- wall street and gop could roll back some of the democrats damaging policies and there's talk of a fed pivot and dow looking like a 200 point gain and the nasdaq solidly up about

59 points or 1.3% and interest rates are coming down sharply. 10-year treasury yield down to 3.39%. that helps the nasdaq. the 2 year down as well, 4.40 is the yield there. oil and gas very much in the news. regular gasoline averaging $3.75 but look at diesel, started to go back up again. it now averaging $5.31 a gallon and only 50-cents from the all-time high. oil is going up too and reached $89 a barrel. that's important because president biden has issued a threat to what he calls big oil. get the gas price down or we'll confiscate your profits with a punitive profits tax. this is the same as jimmy carter's obscene profits tax in the 1970s. didn't work then and it won't work now. it's tuesday, november the 1 already, 2022, "varney & co." is about to begin.

♪ >> i libraried it. it was upbeat music and it was appropriate. stu: we're one week from the mid terms and you heard at the top of the show, we have the latest fox political projections otherwise known as fox power rankings. lauren, give our republican viewers the good news. lauren: it is good news for republican viewers. this is the final fox news power rankings showing republican withs a 19 seat majority so that is as you see on the right, 236 seats. that effectively cuts off any democratic path to victory in the house because democrats need to win all 26 tossup races for

them to hold power in the lower chamber and take six more races where republicans are favored to win. flipping to the senate, anyone's game. it comes down to the four tossups that we've been speaking about for months. pennsylvania and georgia, arizona and nevada. fox power rankings project republicans to gain 49 seats and democrats 47. >> the four tossups could go either way. with republican momentum could go republican. lauren : i think it comes down to georgia and pennsylvania. stu: okay. let's bring in in rachel campos-duffy at a diner. are you seeing the republican momentum that fox projects? >> reporter: is it a tin island is on -- staten island is on fire for lee zeldin and he made

breakfast on the house for all his customers because we were l. we've been talking about prices and things that make it hard for small small businesses like his. tell us what the price of eggs was and what it is now. >> well, $24/$26 a case. $78 today. >> reporter: bacon? >> $1 to $3.79 : the lettuce is $80 case. >> reporter: what was it before? >> $30, $31. >> reporter: the american dream and started this restaurant, stuart, back in the 70s and built many of them. could you start this restaurant in this economic environment right now? >> never again. never again. everything going sky high. i can't afford it. i can't afford it. >> reporter: yeah, that's the american dream. he came with nothing, was working in the kitchen as a dishwasher, started this business, it's super successful

but how many more stavros can we get if we keep under this condition and that's driving people, stuart, in staten island. they want a change and talk about crime, inflation, and also the sleeper issue: schools. stu: i want to talk about crime. you're in staten island, new york. is the governor's race in new york, i know it's tightening, could lee zeldin beat hochul solely on the issue of crime? >> reporter: from all the people that i talk to today, yes. many people here in staten island work inside the city in manhattan and have to take public transportation, and they're scared. grandparents who are retired are scared for grant parents working in the city and i spoke to a mother whose son has to take public transportation to get to school. this is not a luxury issue. this is quality of life issues. crime is a major problem. stu: got it. rachel, thank you very much indeed.

i'm on my way for that free breakfast. i'll be there. >> reporter: it's been delicious. stu: glad to hear it. stu: expensive too. let's get to the market because we've got a nice rally going on, at least before the opening bell, up 200 for the dow, up 150 on the nasdaq and mark avalone is here. i like the look of the rally, mark. is it time to dip your feet in and do buying? >> well, good morning. i think it is for investors, and it's important to not try to time your entry. if you need a stock allocation for long term growth, the clients that we had this year put things at historical market amples if not on sale. to try and time the market bottom perfectly is very difficult and waiting in is a better way to approach it. stu: okay. are we past peak inflation sot fed can slow down rate hikes and do this pivot.

>> it's by for indicated on the -- buy for indicated on the lumber side and in the service sector >> i think parts of inflation are behind us and in some ways it's partial good news. stu: you don't sound too positive, mark. i was expecting a bit more yeah, yeah, maybe the bottom has been reached and dip our feet and maybe make money. but you're very cautious. >> i'd like to be more positive but we've been getting our butt kicked all summer and all year and hard to go out on a bit of good news saying we're all in.

being prudent and looking at areas of the market you want to be in. that's a better approach now as opposed to gung ho and just following a little. stu: would you be less cautious and a bit more gung ho if the republicans sweep the congress next week? >> the president can do a lot with executive action. stu: we appreciate that, mark. still cause of actioner to this moment. mark -- cautious to this moment. mark, see you again soon. >> thank you. stu: we showed you this video

yesterday of workers fleeing the foxconn plant after thousands of covid cases were reported and local media suggest iphone production will be affected and my question this morning is what are they doing at that factory to try and keep people there and keep them on the job? lauren: paying them quadruple bonuses that amount to $55 u.s. a day. there's many videos on social media and hundreds of thousands of workers conducting a mass walkout. they've been in isolation for two weeks because of china's zero covid policies and if they leave the closed loop system, that's how foxconn and other manufacturers keep production up, if they keep leaving, the foxconn iphone shipment in november could fall 30%. jp moray goon said you're seeins moving from china to vietnam to india and 25% in the next three

years according to jp morgan. stu: reportedly, it's rumored and speculation they've got a committee together to see how they can get out of zero covid policy. the result of that is that china tech stocks, straight up. lauren: soaring. stu: ali bb aba up 10%. that's huge news. lauren: it's not what we heard from president xi jinping at the congress a few weeks ago. stu: that was before the walk out at foxconn with hundreds of thousands of people. that's a big deal. back to the markets and check futures. we've got 20 minutes to go till the open. 200 up for the dow, 150 up for the nasdaq. and then there's this, cdc director rochelle walensky tested positive for covid again even after taking the antiviral

pill paxlovid. dr. marc siegel will be here. what's the point of the president visiting the sunshine state? i'll ask congressman mike waltz after this. ♪ d yois

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stu: that's miami, 82 degrees. looks nice, doesn't it?

if you like the music to play. search "varney & co.," scan the qr code on the side of your screen. futures, we open the market in 14 minutes. we're going up, plenty of green out there today. up 200 for the dow, 150 for the nasdaq. president biden hits the campaign trail today. he's headed to florida. stu: i think he's there to save miami dade county, which is a democrat stronghold and it's under pressure. he's flying down in a desperate attempt to save it. lauren: he's ignoring a lot of other places sending former boss in president obama to go and president biden will go to florida, miami dade, today to campaign for va val dem mings

noodle rod to try and save it. who's doing the heavy lifting here? it's president obama hitting the battleground, nevada and arizona this week. you saw the new york time's sienna college poll and the nevada senate race is a dead heat and cortez-masto and his opponent is tied at 47. obama goes there, not biden. he's unpopular but look, if you look -- just to key into that race, if you look at republican candidates there in nevada, they've all endorsed, endorsed donald trump. bring in republican congressman from the great state of florida. sir, i think president biden is going to florida and he's

desperate to save miami dade county. >> i think you're right, stu, i think the democrats operating under the fiction there's a chance in florida and it's a swing state but here's where all the secret sauce and it's been the florida republican party. they've reregistered all the people moving into florida and reregistered them to vote in florida and the democrats are voting absentee back in massachusetts or illinois or connecticut or wherever they're escaping from and what that's created is a million voter swing in the last decade and they were up 600,000 in 2012 and now republicans are up almost 300,000. just since last summer, stu, we've reregistered voters at a rate of 9-1, republican to democrat.

we're flipping four seats in the house of representative and florida no longer a swing state and it'll be a red state where people love their freedom. stu: my, how times change. one more for you, sir, president biden threatens the oil company. hey, you, cut the price of gas now or we'll confiscate your profits. what do you say to that? >> they need a basic economics lesson, stu, that all your viewers know that profits are invested into infrastructure and new invasion and to the extent the companies aren't doing that and they go out in dividends to shareholders and 401k andpexes and those on fixed income and what have you.

>> the student of the economic history tried in the late 30s and prolonged the great depression. stu: i have family in florida and they report they can barely find a charlie crist lawn sign and swamped with governor desantis lawn signs. that's the way things are going in florida right now. congressman, always a pleasure and thank you for being with us all these years i should say and today a week before the midterms. thank you, sir. see you later. >> thanks, stu. stu: looks l looks like house my leader kevin mccarthy is the next one coming on soon. lauren: he said he's better prepared now to be speaker than in 2015. he suggested that the house republicans investigation at the time into the attack on the u.s. consulate in benghazi was political and he now knows how to better deal with the

different current in the republican party and the leadership fund in the super pack from house republicans and $220 billion this 2022 cycle alone. he navigates the party well in the cross current is in it. stu: another look at futures running up towards the opening bell, dow up 200, nasdaq up 150. by the way, interest rates down, especially the 10-year treasury and that is helping the nasdaq. we'll take you to wall street for the opening bell next. ♪

jukes arkansas stu: we're a week from the mid terms, why would a republican sweep in congress, if that happened, why would that be a plus for the market? >> yeah, stuart, this election is about the importance of the

free market over free stuff. this is about americans battling 6.6% core inflation instead of january 6 distraction that democrats are focusing on and getting 201k back to a 401k and by republicans winning in november, that means that tax increases, legislation on tech companies, fossil fuel regulregulations -- stu: not off the table immediately and difficult to rescind all the tax hikes and regulations imposed and difficult to get back and a republican win would turn the corner and suggest a change of policy down the road. >> well there's a lot on the docket that democrats want to push through between november and january over the next two or three months. i think all that gets put on hold, and it's because of the momentum shift that po policymas

will see the tide and say let's not push this through and a shift that's happening and a lot of it is off the table, stuart. stu: is a fed pivot really close and a slow down in the rate of interest rate increases. i see the 10-year yield now 394. >> look, i want to believe it and a dramatic wealth effect loss due to tightening conditions from the fed and looking at inflation, we look at rents and rents are coming down and looked at used car market, housing market. i think inflation is close to peaking and doesn't feel like that but the fed may be tough in their language but doveish in the policy and we're getting top of the yield storage and bullish on markets and republicans winning in november and if we get a more doveish fed and 10 to 20% rally from the market. stu: are you prepared to buy on the possibility of 10 to 20% rally? >> yep, we've been buying. obviously look, tech had a

horrible week last week but here's what's bullish, as bad as that was last week, stuart, markets still were able to rally in spite of it. that's very bullish so we like that. we like financials here. we think a name like ally financial, full disclosure we haven't bought it yet, but a name we'll likely put money to work this week and 4% dividend and great stable outlook environment and those are some names and financials and some of the tech names have been beat up, google. amazon, microsoft. i still think you can put money to work at these levels and do well over the next 6 to 9 months, stuart. stu: tomorrow afternoon, 4:00, we're likely to see jay powell make the fourth aggressive 75 basis point move. is that going to have an affect on the market? >> it's the language. prepare for them to be hawkish in their language but i think this is the last 75 basis point

hike we see and we'll get 50 from here and we'll see a bit of volatility this week but you buy. if i can tell our viewers, buy on dips, buy on dips and it'll pay off six months from now and get ago new weakness, it'll be a great entry into the market later this week, stuart. >> i nice to be back to dip buying and haven't seen much of that over the past year. thank you, david. the opening bell ringing in just a few seconds and we're looking to see some green at the opening bell this morning. we've been saying, the republicans look good for elections and mildishly bullish for the market and it may be a fed pivot and now right around 9:30 eastern time on this tuesday morning, november 1, we're off and running. here we government he presses the button and stocks now open.

higher and dow industrials up dow to start, almost all at least 24 in the green and right from the start of trading, up 200 points higher. and p50 also on the -- s&p 500 up a solid 1% gain there and nasdaq solid gain up is .5% and -- 1.5% and downturn is a big tech in the nasdaq and all of big tech is up and look at meta back to 94, alpha get 95, amazon 103 and microsoft back to 235 so a gain of 1.25% for all the big name tech stocks this morning and some companies reported before the bell today including uber, 12% higher. what was so good about it? lauren: revenue rose 72%. the ceo says consumers are spending money on services and spending to go out and experience something. also active drivers, they're

back at 2019 levels because inflation is pushing people with other jobs to get side work. to seek -- to s add to their income any way they can and getting new drivers. stu: fox? lauren: ad spending up 8% because of political ad spending ahead of the election and up $3.19 billion. >> we do well in politics. lauren: and sports too. stu: eli lily, they're down sharply. lauren: they cut their four year profit forcast for the third time and cost them $100 million and blamed lower insulin prices and generic competition for line of cancer drugs. stu: johnson & johnson made a big -- they're buying this medical company bio-med, avionmed, they've evolved in heart, lung, and kidney

transplant. >> lauren: they make the medical devices and heart pump is popular and look at stock, it's up 50%. j&j is buying them because next year they're going to separate their businesses and have a medical device and prescription dragnet and then they'll have a tylenol, listerine, health unit and this purchase helps them beef up device and prescription unit. stu: at this par i want to get e foxconn story, that's apple's main iphone prizer and people streaming out after covid cases were sorted inside. what's the latest? lauren: the video was there was eight people that died at the dormitory because they said they got covid, foxconn came out and denied that. i would make two points here. the first is workers are just sick of the covid zero policies,

covid or not. the second is low immunity. when you constantly operate on a zero covid policy and someone does get covid, there's no immunity. it's going to cycle through the population really, really fast. at this particular time add to the rumors we were talking about yesterday and also today -- stu: this is the important part. lauren: china established an expert team to address different reopening scenarios with a target date of march of 2023. the china foreign ministry, cause this is causing -- if we pop up some of the stocks. stu: put up the china big tech. lauren: the big huge gains, #% for jd.com -- 7% for jd.com and the chinese foreign m ministry said they're un-aware of a situation where the reopening plan led to this but nonetheless this is happening. stu: it's speculation, lot of people believe it. they want to get out of zero covid and their stock prices go

straight up. how about that? lauren: sounds desperate. investors, people living there, companies. there's a dec desperation for president xi to lighten up a bit. stu: when he sees hundreds of thousands of workers fleeing from the big plant, the message is clear, we've had enough. get us out. i'm moving on, pfizer, do they have a vaccine for rsv? that's the latest respiratory virus. lauren: they do and they'll is the fda to expedite it this year and given a pregnant woman in second and third trimesters and it's about 80% effective of preventing severe rsv in the first three months of the infant's climate demand for drugs while covid vaccine sales is dropped 66% from last year. stu: why am i not surprised.

the fashion house getting together with fortnite, the video game. what is the relationship between polo ralph lauren and fortnite? lauren i'm going to say rl is going in on the metaer and altered the iconic polo on the shirts and other places. i don't know if we have a picture. it looks like -- it's on a le llama. little man on a llama and there's a line in real stores and digitally. they believe in the meta verse. i'm supposed to tell you that act ivision had the newest call of duty game $800 million in three days for sales. largest debut of the history of the franchise. stu: that's activision blizzard

modern ware fare 2, $800 million in sales in two days. and microsoft wants to buy them. lauren: yeah, trying to buy them and get the deal through. stu: sorry for digressing there. lauren: can we put up microsoft? stu: yeah, i know it's up. lauren: maybe not. stu: any day now. there it is. meta, microsoft and microsoft is up 0.7%. that's it. dow winners after six and a half minutes worth of business, dow up 220 and that's 0.69% and big winners on that index are nike, which is up 3%, home depot, walt disney, dow inc, jp morgan, freeport energy company. nasdaq winner, idex again inside, fox up there, nice 4% gain and xp semiconductor.

all right, folks, new york's governor hochul claims democrat states are the safer places to be. roll tape. >> they have this conspiracy going all across america trying to convince people that democratic states are not stay but democrat states are the safer places. stu: i don't think so. is lee zeldin going to beat kathy hochul because of crime. brian kilmeade is a new yorker and he's coming up shortly. more than a third of small businesses could not pay all their rent in october. which states saw the highest delinquency rates and larry kudlow is coming and you happen predicting a supra aural she lae president next week, stay tuned. ♪

is stu: democrats have shifting

their campaign strategies just days before the midterms. edward lawrence at the white house, which issues are they trying to turn our attention to you? >> it's actually the blame game is what they're trying to co. they're trying to say the president will say, hey, look, we want to have a wind fall tax on oil companies unless they boost oil production and it's a last ditch effort from the president to try and lower gas prices because the saudis refuse to hold off oil production till after the midterm election and insinstead of changing energy policies from the white house, he turned into a blame game and industry groups say more taxes will further reduce investment in industry in the u.s. and this president this, is the closing message from president biden before american voters decide who vols the house and senate. listen. >> give me a break. enough is enough. look, i'm a capitalist, you've

heard me say this before. i have no problem with corporations turning a fair profit and getting a return on their invest want and innovation but this is not remotely what's happening. >> so as oil companies record big profits after losses under the trump administration because of sagging oil prices, the president has not signaled long term support for the industry. instead accused the company of inflating prices and claiming republicans would make things worse if they took the house or senate. >> i listen to my republican colleagues describe how their democratic challengers are treating them. it's the same play book. why? is tort and assassinate people's character because that's all they have. it's a sad state of political affairs right now. >> the president is looking at federal reserve tomorrow, which will aggressively raise interest rates to try and get in parole control of inflation and that will further slow down the economy. that's the number one issue, inflation and the economy for american voters, and that's

something that goes against in every poll president joe biden and his policies at the moment. stu: got it. eedward at the white house. thank you. i want to get back to the stock market rally at the moment. scott shellady with me. scott, did the market see a fed pivot and that's why we're going snap >> stuart, there's no fed pivot till inflation comes down. to my among the cbi is over 8% and we'll get a new read on that soon but we have pci, personal consumption expenditures and that's less than expected but more than the last month. so you can 'til we see inflation reduced marketly, there's no fed pivot and sparked a 14% rally in the dow for the month of october. i'm thinking this is something folks will unload and see what happens in the rest of the year. we have things we have to get through. stu: that's disappointing and i'll change the subject.

here roe you go, scott, russia suspended a grain deal with ukraine. that's interfering with the world grain market. has this influenced food prices around the world? >> it shot up wheat prices yesterday but as it happens, they're still letting ships through and they're having a hard time getting people to insure the ships but things are still taking place and they're monitoring the situation rather than blockading the situation. yes, there's a bit more anxiety in the markets and volatility caused wheat prices to rise sharply yesterday and off a bit today. but it's not going to help the food situation around the world so we've got oil up again today, we've got food prices were up yesterday. thingsthe fed are looking at going back to previous comment of inflation are rising here and we all go back to stores for thanksgiving, i don't see where there's any break for the consumer anywhere in the short term here. stu: okay, as i said, -z --

>> there's a tiny fan in a cow jacket. >> it's a family that watches my show here and they're in oklahoma and he wanted to dress up as me for halloween. he's got it down to a t with all the hair jell. stu: where is he? >> he's in oklahoma and in my 30 years of tra trading and commeng and doing everything in my business, that's probably the neatest they think that's ever happened to me. stu: we put it on tv, why not. dock t scott, the young man, you're all right: see you soon. stu: lauren, i noticed something

here, former treasury secretary larry summers get as lot more publicity than the current treasury secretary janet yellen. what's the latest? lauren: he's been speaking out a lot lately and can i first say why he's getting more attention? he's a critic. he keeps saying i don't think a soft landing is possible and inflation is high and keep increasing interest rates 5% in order to bring down inflation. listen here. >> i do not think that the doveish pivot in some of the rhetoric coming out of the fed has yet been warranted by the economic statistics that i have seen. lauren: that doesn't sound optimistic. does the fed go 75 for the fourth time in a row? the answer is likely yes but then what? december, do they go 50 and say maybe 25 in the new year? we don't know. stu: army of people out there

watching the fed. it's a cottage industry. it's permanent. they're always there. thanks very much, lauren. coming up, jen psaki claims clas democrats couldn't have fixed inflation even if they tried. >> inflation is a global and shall happening around the world and not a lot democrats could have done to change that reality. stu: we'll have more on that and that's a props. the view halloween special gets full on political and that's got people crying foul and what all the uproar is about is coming up. ♪

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stu: loan musk de-solved the board of directors. kelly, what else has he done? >> yeah, well in addition to dissolving the board, stuart, he's named himself as temporal integration tray ceo but these -- temporary ceo but the changes are coming when it comes to content modernization and it's a $20 sticker price floated

and musk replied to one of the most prominent followers steven king saying i don't want to pay for that. what about $8. we have to make money oturu twitter. wouldn't just buy you verification and speaking to an insider, they're looking at more of a subscription service with pricing tiers and another change is listening to users. he's considering relaunching video at vine after 70% voted in a pom but the poll underscores another major change, transparency. for example a lot of users pushed back when twitter locked out an arizona gop candidate a week before election day. that account was restored after it was brought to musk's attention but even with the changes, you know, he's going to have to navigate potential regulation and chris mur fayetteville threatening -- murphy tweeting about saudi prince in the company that's just under 5% but that tweet was given a context disclaimer because the prince is just

rolling over his stake that he's had in twitter for over a decade. so, stuart, that gives you a taste of challenges but changes coming to twitter. back to you. stu: lots of changes by the sound of it. kelly, thank you very much. back to the markets, we have a rally still going but it's not as intense or as strong as it was. up only 80 for the dow and 70 for the nasdaq composite. still ahead, myrrh ran day devine, pete kilmeade, and more next in the 10:00 hour. ♪

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♪ ♪ and i'm feeling good ♪ stuart: i didn't know what was coming there. interesting introduction.

we are looking -- where is that? that is new york. didn't recognize it. the statue of liberty, didn't know where we were. lauren: that building in the center. stuart: you are a new yorker. lauren: different from where you stood. stuart: 10:00 eastern, see how that is going. the dow is up 90 one, the nasdaq is up 73. half hour ago, stronger than they are now. let's see if anything has happened with the 10 year treasury yield which has been going down and all the way down to 393. that's why the nasdaq rallied so much and not rallying as much as it was. when you open the market all of them went straight up. it is getting closer to 4%