against it. any day now we could see a strike from the two companies, and that's going to really add stress to this economy. >> yeah, maria with, i also want to point out the price of diesel just in is just over $5 a gallon. like kevin said, it's $1.50 more than gasoline. diesel is used in every aspect of producing our good supply -- maria: that's a good point. >> whether it's animals, raising animals for meat or producing vegetables. maria: yeah. we gotta the jump, everybody, great conversation. it has been a great conversation. thank you for being here. have a great day, everybody. dow industrials up 797. stu varney picks it up from here and "varney & company." stu, over to you. stuart: don't you love it? good morning, everyone. look, we've got a crypto collapse, trump's on the ropes, control of congress is still up in the air and, yes, we do have

inflation. the consumer price index went up 7.7% in the last 12 months. that means inflation is still close to a 40-year high. okay, i got that. but it is certainly a more tame reading than we were expecting. just in the one month of october, the cpi went up 0.4%, that's compared to september. that's month over month. that means the pace of inflation is slowing down. how about that? the market loves it. maybe investors think the federal reserve may go a little easier with. have they done enough already? good question. the dow is up 750 points. the s&p up over 100 -- have i got the right one? yeah. s&p's up over 100, and the nasdaq is up better than 472 points. how about that? look at interest rates, straight down. can you believe this? the 10-year treasury yield, you're back to 3.91. and the 2-year treasury, that's come in at 4.37%, down 22 basis

points. mt. bond market, that is a huge -- in the bond market, that is a huge move. all right. now look at bitcoin. barely holding on to the $16-17,000 level. the backdrop here is the collapse, i know that's a strong word, but the collapse of ftx, the big crypto exchange. their rival, binance, will not bail 'em out. huge loss for investors like sequoia capital. sam bankman fried, who's lost $15 billion, now says he needs $8 billion to let investors get their money out. who's going to lend him that kind of money in this environment? we'll follow it for you. politics. two races still a toss-up, could decide control of the senate. in nevada republican adam laxalt leads incumbent democrat cortez masto with 83% of the vote counted. that is looking good for the republicans. in arizona, the incumbent democrat mark kelly leads blake

masters 51-46 with 70% of the votes counted. the remaining votes, however, are likely to swing republican. masters is still confident. also in arizona the governor's race, kari lake are catching up fast. she's only a half point behind democrat katie hobbs. all right. donald trump catching some real flak. there was no red wave, and he's getting some of the blame. former allies and advisers are urging him to delay his bid for the presidency. one former supporter, peter king from new york, he doesn't want the republican party to become, quote, a personality cult. elon musk tells twitter staff the, no more remote work. get back to the office. president biden will meet face to face with china's leader, xi jinping. we're told they will be discussing u.s./china red lines. we're going to cover it all on this thursday, november 10th, 2022. "varney & company" is about to begin. ♪ ♪ your love is lifting me --

stuart: your love keeps -- well, just gets higher and higher. you talked about the stock market? look at this, futures are summering as inflation eases. -- surges. good morning, lauren. lauren: this is tremendous. inflation is moderating. i think we can say that. i'm not sure if it's a trend -- stuart: ooh, economist lauren simonetti. [laughter] lauren: i looked at what economists thought. the 16 different brokerages came out with where they thought annual inflation was going to be, 7.8-8.1, and bam, it comes in at a 7.7%. goods, used cars down 2.4% in october, clothing, furniture, airfare, all down.

look where it's spiking. month over month number, fuel oil is up 19.8%, gas is up 4%. okay, fine. what does the fed do about all of this? tons of fed speakers today. are they going to start backing off, going another 75 points in december? stuart: that's the question. lauren: one more cpi read, december 13th. the very next day we get the next fed -- stuart: we need a professor of economics -- >> you guys are giddy about this stock market. you love it. you're with those investors who want to see the fed pivot on this. we got 7.7% inflation -- lauren: terrible. >> -- still, and we've got a slug of federal spending coming in 2023. so is it coming down a little bit? yeah. maybe we get down to that 5, 6% range. but listen, here's the problem, let's talk about what's happening when we're near 4-5% inflation and how hard it's

going to be to get down to 2. that's my concern right now. the celebration's too early here. stuart: you don't think the fed is likely to pivot just a little on this kind of thing? >> i think the fed the could pivot, but that doesn't mean the inflation problem is over. we're talking wall street, we're not talking main street. it's not coming down fast enough, wages aren't going up fast enough. stuart: that's pair enough, we're talking main street, not wall street. >> that's right. gotta keep that in mind. stuart: gotta keep that in mind? is that what you said? >> yeah. [laughter] stuart: check futures one more time, please. dow's up 750 points and the nasdaq, that's the real standout here, 461 points higher. that's better than 4%. bill baruch is the lucky guy to be our market watcher morning. all right, bill, were you expecting inflation to ease like this? >> i was looking for it to come in maybe not so much like this here today. i'm excited, happy to see this.

but the market does have some damage to work through. and a lot of the resistance in the s&p actually aligns with the september number, in september when the august number was released, right around 39.25. we've got to get through that. if we can do that on the s&p, i think the path of least resistance could be higher for a bit. the nasdaq, similar area -- 11,750. remember, midterm elections, six months after the midterms and twelve months after the midterms the s&p has never been lower, and only once since 1950 has it been lower after three months -- stuart: so you're onboard with this rally, you like to see it, but you're not so sure how far it's going to go. next question. in your opinion, does the fed now become more dovish because of a 7.7% reading on inflation? >> i don't think this changes their path. i think what it could secure, i

mean, they should stay with 50 in december. they've got to take advantage of this situation here as they can. but what it could do is lower the rising terminal rate. so you saw in september they were looking at a term terminal rate about 4.6%. that's back at about 5% right now, and if inflation was hot, you'd be looking at a terminal rate maybe as high as 5.5. so this could allow them to hike 50 and maybe one more 25 before allowing it to sink in. stuart: okay. i've got about 45 seconds left. i want to talk cryptos. plummeting after binance backed out of the deal to bail out ftx. sharply lower. this is the collapse of ftx. is it also the collapse of crypto, in your opinion? >> there's a lot of damage, there's a lot of sentiment damage, ec call and sentiment.

it's going to have to work through. take a little while to do that. i heard you mention she kauai yo on the open. -- sequoia. i think it's about a 3% loss for them. so if you're managing your risk properly and diversified, this isn't that big of a deal. we've got to find out, you know, as the shore goes out who's swimming naked. there's going to be some damage out there. there are some banks that are going to be hurt. there's a lot of conspiracy theories on how this went down. it's exciting to watch but, you know, we've got to watch it unfold. stuart: it's not exciting if you happen to hold cryptos which you cannot liquidate. bill baruch, see you again soon. well, on the ballot several measures, this was tuesday. a higher minimum wage, that was on the ballot in some places. lauren: to deal with inflation. in district of columbia they've increased it to $16.10. nebraska takes it up up to $15. all this in the next couple of years. 30 states and d.c. have minimum wages above the federal wage

which is $7.25. that has not budged in 13 years. one last thing, in nevada they're still counting votes, it could be $12. stuart: $12? lauren: minimum wage. stuart: okay. what do you think, raising the minimum wage here. >> umbrella in a monsoon. it doesn't do a lot of good when prices are rising that fast. it's a wage price spiral. you're handing this to people and saying this is going to help deal with inflation, it's not going to help that much. this is not the answer to the problems we have. it's a political palliative for politicians to get credit, but it doesn't do anything fundamentally to help these economies. stuart: got it. during his press conference yesterday, president biden joked about who he could face in a 2024 election. good question. what's he say? lauren: i agree with president biden, the show is just starting. [laughter] >> [inaudible] victory in florida last night. who do you think would be the tougher competitor, ron desantis or former president trump, and how is that factoring

into your decision? >> it'd be fun watching them take on each other. [laughter] lauren: yeah. that was a good way to skirt the question are you running. so will trump and desantis primary each other? you know, ron desantis is only 44, and he's beloved in florida. does he wait it out? i think what's most telling here is biden won't say if he's running because he doesn't know. he's generally aloof, and i make the argument that a lot of people went to the polls on tuesday, and they said, well, we don't hate him. let's just stick with what we have, whereas in 2020 there were a lot of people who did not like president trump, so therefore, hay voted for biden. >> i think biden's absence is the reason that democrats did better. they blame him for the problems that they hate most, not messily the lower-down candidates -- necessarily the lower-down candidates. so him not being there was good. but this idea of it's going to be fun to watch desantis and trump, you know what's fun?

watching politicians take questions and debate each other which both of those gentlemen do. stuart: there's an awful lot of republicans who want trump to just back off. back off. don't declare, just back away. don't get out of the party, but don't lead it the way you're leading it now. i'm being told to concentrate on the market, so i should. [laughter] it's good news. dow's up nearly 800. nasdaq is up 465. i'll call that a rally. coming up, in his post-midterm speech, president biden vowed to unite the country. roll tape. >> i'm going to do everything in my power to see to it to unite the country. it's hard to sustain yourself as the leading democracy in the world if you can't generate some unity. stuart: what about all that maga talk? i thought that was rather divisive. we'll have more. former president trump taking another jab at governor desantis. could very well turn down to trump v. desantis in '24, so

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♪ oh, yeah, ready, ready, ready to run. stuart: now, what's this? ready to run, the chicks. [laughter] you have to call your band the chicks? you're looking at capitol hill. we're playing song because people are, indeed, gearing up for a 2024 run. former president trump celebrating the success of his candidates in the midterms. he says his plans for 2024 have

not changed. however, desantis overtook trump in the betting markets as to who's going to win the presidency in 2024. desantis ahead of trump. congressman byron reynolds, the victorious republican candidate from florida joins us now. congratulationses,man, great stuff. >> thanks. thank you, stu. stuart: we've got to get right at this. are you with trump or desantissome because you've got to decide sooner or later. >> oh, man, you're just going to hit me right out the gate. [laughter] right now trump's the leader in the clubhouse. i mean, come on, this where we going? it's an embarrassment of riches in florida, let's first say that. i'mgoing to -- i'm going to tell you right now, the next president of the united states is going to be from florida. you've got to go with president trump until you see something else. stuart: do you think trump could beat desantis in the primaries? >> yeah, i do, actually. you've got to understand,

florida was fantastic, but you also take a look at a lot of these states, states are doing different things. i think the electorate is really moving and shifting as we speak. so while everybody's trying to prognosticate what they think they know, elections are won door to door, street to street, town to town, county to county. that's how you put together state coalitions, that's how you win a state election. and if you look at the republican party and the republican base, donald trump is still the primary force many our party. now, ron desantis is coming fast, make no mistake about that, but the dominant force in our party is still donald trump. stuart: you should join the state the department, sir, because you are an excellent diplomat, and that is a fact. [laughter] it's true. you really dodged that bullet very well. now, if the republicans do end up taking the house, what's your first order of business? >> the first thing is we have to get spending under control. that stuff's going to come pretty fast. obviously, we have a debt

ceiling issue coming up in january. nancy pelosi kind of left that, that for house republicans to deal with in january of next year. we're going to have to deal with that. we've got to cut the spending. you just talked about the new inflation reads, and i saw that chyron inflation's down, but it's still up month over month, 7.7% year-over-year. that's disastrous for families. number two is border security. we can't have fentanyl pouring over our borders. those are the top two priorities from a financial, legislative capacity. and, of course, we know the investigations have to start is. you've got to hold this administration accountable because unfortunately, stu, your colleagues in big media on other networks, they're not doing the job -- stuart: that's the first time i've been called dude in years, but i'll take it in stride, so to speak. congratulations. you won a huge victory in your race in the fort myers area.

thanks for being on our show so consistently. always appreciate it, sir. >> all right. thank you. stuart: i think he's going to forbelieve can -- forgive me, i think. governor desantis won re-election in a landslide, but let's go back to the well here. the ladies on "the view," they're not happy about it, are they? lauren: no. it's like straight-up denial. desantis the beat charlie crist by nearly 20 points, 1.5 million votes, and this is what they say concern. >> yes, he won bigly, but he won against a corporation, a political corporation, and that's -- corpse. lauren: that was ana navarro of the -- stuart: calling charlie crist a corpse? lauren: strong word. he's been a republican, an independent and a democrat. he's had a long, maybe confusin- stuart: and he lost. lauren: bigly. he lost bigly. stuart: are they just worried about desantis running in 2024

and winning in a landslide? >> i think they're worried about can desantis crushes in florida. i noticed she didn't have any nicknames for val demings who got absolutely crushed by rubio. same comparison or not. look, crist towed the progressive party line perfectly. it wasn't about him being a bad candidate. he brought a set of ideas into florida, and florida said we don't want any of that, get out of here and take your battlefield of love -- remember that line from the campaign? -- with you. this isn't about crist, this is about what florida's proven works and doesn't work. stuart: i think you're right. all right. now, "the new york post" says desantis has a, quote, not so secret weapon in his political arsenal, i guess. lauren: it's the his wife, casey. former television anchor, mother of three, young children, 5, 4 and 2. stuart: i didn't know that. lauren: yeah. a cancer survivor, and she's calling the shots about his image, the gold gown, not to be

too girly about this, but most people on elections wear red or blue. she wore gold, gorgeous gown. to me, that said we're front and center on the national stage. >> agree. lauren: point number two -- [laughter] they have, the family, the desantis family, they have poise. they remind a lot of people of the kennedys. stuart: that's true. lauren: they exude confidence and ability. stuart: the floridian kennedys maybe. thanks, lauren. what have you got? >> it's not just about the dress. i mean, she does a lot for that campaign. she is behind the scenes running a lot of that. so this is not just somebody who looks good on the stage -- lauren: especially with hurricane ian. stuart: i'm glad you brought that up. look at futures. you'll want to see this. you're going to love this. a lower inflation reading, and the dow is up 850, the nasdaq's up 500 points. we'll take you to the opening bell, you're going to love it, next. ♪ baby, are you down, down, down, down, down?

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the nasdaq's up 500. d.r. barton with us now. let's talk the inflation. it eased a little. is the fed going to be more dovish? >> don't have audio. stuart: he doesn't have audio, so he can't understand what i'm saying. what a shame. let's see if we can restore the connection to d.r. barton. i'm looking at 867 points up for the dow industrials. it just keeps going up since we got the numbers about an hour ago, easing inflation, 7.7% inflation as opposed to more -- is he back? d.r., can you hear me? yes, he can. >> i can hear you, stuart. stuart: isn't this wonderful? [laughter] all right. inflation eased. do you expect the fed to be more dovish because of this easing of inflation? if -- >> stuart, if we stay on this path, i believe we have a really good chance for that. and i think what we're going to

see coming into this, into this cpi number, we saw used car prices which were the bane of the inflation numbers earlier in the year down five straight months. we've seen rents coming down in line more normally. so if those things keep going, i think we do see the fed ease. i think that's why the market's so happy. not sure we're going to get it in december though. stuart: okay. i want to talk bitcoin. as you know, a leading exchange, ftx, i'm going to call it, use the word collapsing. do you think this is the end of cryptos, or is that just going far too far? >> i think it's a bit too far, stuart. if you looked at the laundry list of people who had invested in ftx, sequoia, the tiger group, there is huge, huge fun behind them which shows the interest that was in this sector the, this whole space of crypto. crypto's not going away.

we've already seen it pouncing up today. so $2,000 off the bottom earlier this morning. i think crypto's going to be with us for a long time. stuart: are you going to put any money into any crypto today? >>ed today i don't think is the right day, stuart. but i want to see some more upside, and i don't think that's far from now. that would be prudent to put your most speculative the, tiny bit in there. stuart: okay. we'll take that. d.r. barton, thank you very much, indeed. [applause] this is going to be quite an opening bell ceremony, if i'm not mistaken. no wonder they're can cheering. they know perfectly well that this market is going sharply higher right there at 9:9 30, and it is now, boom, 9:30. let's see where we go, sports fans. straight up, is the probable answer. and now -- yeah. there you go. just about every single one of the dow 30 which has opened, now

all of them, they are up, and the dow is up 860 points, 2.65% higher. no wonder there's confetti coming down. as for the s&p 500, where's that this morning? i'm sure it's higher. it's up 3.5%, that's 134 points. that is gigantic. and the nasdaq is up 5%. back to the dow for a second. it's up 908 points. i've got to take a look at big tech. i presume they're all sharply higher, yes, they are. microsoft is up $13 per share. amazon up $19 -- whatever it wa- lauren: up $13, you've lost $900 billion over the past year many microsoft. stuart: don't pull it down, please. $13 higher, i can retire now, come on. susan: yeah. stuart: amazon, metathe, microsoft -- susan: we were just talking about interest rates because of the cpi prints. the terminal rates from march 2023 has come down. the highest in the peak for

interest rates from the federal reserve. they expect to raise it to maybe 4.75-5 which is less than what they anticipated before the cpi print. stuart: okay. we've done stocks, kind of. i think we better look at bitcoin and binance. they're saying heir going to walk away from the deal to acquire ftx. they're not going to bail them out. this is a crisis in crypto the. give me more on this. susan: we just had ftx's founder tweeting in the last few minutes saying, basically, that most investors will -- he will try to get their money back. that is his top the priority right now. stuart: but wait a second, he needs -- he says he needs $8 billion so investors can get their money out. who is going to give sam bankman fried $8 billion in this environment? susan: well, that's a great question, because it's not going to be binance which has walked away from the deal. i just want to get back to some

of these headlines because it's very fluid. alameda research is winding down trading, and there was this interesting interconnectedness between alameda, which is his trading arm, and ftx which is the crypto exchange. there were some transfers of cash, alameda then overlev reasonabled, used that money to invest back into ftx, used it to invest in other speculative assets and trades. stuart: that may have been illegal. susan: possibly, yes. because there was a lack of transparency. but then it goes back to the argument, where was the oversight? if there was none, was it technically illegal, right? it's not a publicly-traded company. who's going to save ftx, that is the question right now -- stuart: why should anybody do that? susan: why noter anybody -- stuart: why bail them out? susan: so binance, really ftx going under impacts the entire

industry. so binance tryinged to do their due dill gents, this was concerns about -- diligence, concerns about mishandling funds. sequoia marking down their $213 million investment in ftx down to 0 in their view. but who's going to step in here? white knights might be justin son, he's a crypto billion mare. he says he's trying to get a group together to try to save ftx. might be the ark, but this ark might need to be pretty big. you mentioned crypto, will it survive? a trillion dollar asset will sur survive. ftx may not since it looks like reports say they are in the process for filing for bankruptcy. stuart: a lot of youngsters put their stim checks into -- susan: it's buyer beware. i share the same concerns with you because, as you remember

after the to the can come -- the dot.com bubble burst, they didn't come back to the market in almost 20 years. so hopefully this doesn't deter them the from building wealth for their future. stuart: you're not supposed to say, but only time will tell. let's have a look at amazon. okay, they're up today, but they've lost a trillion dollars in market cap. stuart: -- susan: and microsoft isn't far behind -- stuart: you're killing me, susan. susan: amazon worth less than a trillion right now. microsoft has lost $890 billion this year -- stuart: a billion -- [inaudible] susan: yeah. you lost that on a whole trillion dollars, stu, you yourself. amazon, of course, had some big problems because they are forecasting the slowest revenue growth in the holiday shopping period in the company's near 30-year history. also reporting the first loss in almost a decade. amazon, that stock is down about 50%. i'll be heading to seattle and

talking to amazon next month, and i'll give you some more insight from the company. but also, you know, the five largest u.s. tech companies have lost a combined $4 trillion in market cap this year. so it's not just microsoft as i love to bring up again, but apple is down 15%: by the way, apple making some news this morning, investing $450 million in a u.s. satellite service called global star basedded out of louisiana, and that's how you get your emergency satellite calling on those new iphone 14 z. we'll see how much they charge. stuart: fair enough p. let's move on to tesla which i know is down can, i think, 20 the % in value this month. is because of twitter? susan: absolutely. well, web bush, dan ives, is taking tesla off its best ideas list this morning. they're calling twitter the albatross around tesla's neck, and that's why you're looking at a 2-year low in tesla's stock. musk sold another $4 billion in shares this week. that takes the total of share

sales to 20 billion this year. add that to the $22 billion in stock sales last year, and i find it strange because remember elon musk on the tesla earnings call said he thinks tesla will be bigger than apple and aramco combined. why are you selling the stock? cathie wood believes, she bought another 20,000 shares overnight. i want to look at nio and rivian. nio reported a loss, but they're going to see deliveries grow. also rivian just reported a smaller than expected quarterly loss. they're keeping their production schedule intact of 25,000 cars. stuart: you know, i thought the big story was going to be politics. i'm wrong. the big story is inflation and the markets9 and the collapse of ftx. that's a big deal. susan: exactly. stuart: susan, great stuff. coming up, president biden made this comment about a possible trump run in 2024. roll that tape.

>> we just have to demonstrate that he will not take power. but if he does run, i'm making sure, under legitimate issues of our constitution, does not become the next president again. stuart: the president is using the justice department, maybe, to stop the candidacy of his likely opponent? we'll get into that. >> aoc and the squad cruised to the victory in the midterms. socialism has a much louder or voice in the house. rob smith takes it on later in the show. ♪ ♪ ♪

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ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. stuart: we were up 800, now we're up 670. we'll take it. that's the market right now. i want to bring in scott

shellady this morning, a little earlier than normal. he's gotten up early for us, and that's all good stuff. scott, after this inflation number, are we off to the races on the stock market, and will it last? >> well, we're going to have a relief rally here, and we're going to have to wait and see still, stuart, because these things can pop up at any time. remember, cpi has got, 42% of it's going to be your house, right? rent, homes. when that starts to come down like it is, that's very good news. if that somehow recovers or you've got oil that bubbles up again, we have to be careful. but i do definitely think that a we've gotten over the hump here. now it's a question of how fast it comes off. and i think the market was not expecting a half a percent decrease in that cpi, and that's why you've seen the rally that you've seen today. remember, i don't want to be text by downer here, but -- debbie downer here, but the last time we had inflation this high, it took four presidents to get rid of it. finally it was eradicated by reagan.

not that that's going to happen this time, but don't deplete your savings is and use your credit cards just yet. stuart: as the inflation rate was coming down in the '80s and '90s, the stock market went up. if we have the same kind of thing now, inflation coming down, i think you can expect the stock market to go up. if it's sustained. you with me? >> yes. as long as the trajectory is on a downward glide path, the market will like that and stay healthy, right? there's still a lot of money that needs to be invested, and there's still a lot of folks out there that thought they were going to make new lows. yes, as long as that glide path is lower, see the stock market will like that. stuart: the other big financial story, in my opinion, this morning is the crypto industry. ftx, the exchange, it's crashing. it's the illiquid, it's insolvent. you know some investors just can't get their money out, they are stuck. what do you make of this messes? >> i think it's a mess, and i think it's unfortunate. you know, stuart, it's almost like a beyond meat story to me. i know that there are some

things that crypto can do that people like, but the longer this goes on, the more and more things like venmo and paypal, they start catching up, and they can do a lot of the things that crypto can, but you don't have to be long from if 66,000 down to 16,000, right? that's the problem. that's one of the worst performing assets this year, and i think it's because everybody that bought it thought the guy in line behind them was going to pay more than they did, and that's not an investment theory. you have to know how it's going to grow, and i don't think anybody that got into it really did. and remember how volatile things have been late, crypto's been hanging around 17, 18, 19,000. st not seeing the spikes, i think a lot of people took their ball and went home. stuart: i believe you're in florida right now, just south of jacksonville. i know hurricane nicole is coming. have you seen anything yet? >> oh, yeah. i mean, it's bashing up against the hotel. i'm on the ocean right here. it's bashing up against the

hotel. i'm on the second floor, and if i didn't have bad luck, i would have no luck at all. yesterday was my first day off, and we got evacuated from my first hotel before i even got settled in. i'm like charlie brown, i don't have any luck, and here we are, i'm just waiting for hem to come around and say we have to leave this one too. it looks to be over my mid -- by mid afternoon. stuart: look at the bright side, you made an appearance on "varney & company." scott, be safe, young man. all right. quick story on interest rates. credit card rates have hit a record high. quickly, what are they up to? lauren: 1904% -- 19.04%. good news is we have enough many savings that we're paying off our balances as best we can. that could change. inflation, you buy christmas gifts, you rack up your balance and you can't pay it down. >> this is an underappreciated story in the market that people ought to watch. rates and balances going up at the same time. we keep talking about the strong consumer. you know why they're strong?

because they're racking up a lot of debt. you can't persist in that for too much longer. stuart: god, you're such a downer. >> you heard scott say it, we've got to -- stuart: waving your hand in front of my face. you can't cut me off line that. thanks, brian. [laughter] don't forget to send in your friday feedback. e-mail your questions, comments or critiques to varney viewers@fox.com. still waiting for midterm results from arizona. the democrats' edge in the senate and governors' races are is vining. we've -- is shrinking. we've got a report coming to you next. ♪ waiting is the hardest part -- ♪ every day you see one more card. ♪ you take it on faith, you take the it to the heart -- ♪ the waiting is the hardestmu parttu ♪ (limu squawks) he's a natural. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪

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♪ stuart: the democrats lead in arizona, the governor and senate races. that a lead is shrinking. kelly o'grady is in phoenix. how many votes do they still have to count? >> reporter: is so roughly 25-30% is still out depending on what county you're looking at. i'm in maricopa right now, the biggest one. they've got about 73% counted. we did have a big batch that was released here last night, 62,000

votes broke for the dems, not what the gop was hoping or expecting. let's look at where the senate race stands right now. now, masters had closed an 18-point gap to 4.5% before that release. last night's release brought senator kelly's lead back up to 5 points, 95,000 now separating the two. there's still hundreds of thousands of votes left, so the gap between these two is not insurmountable. close to 400 of those right here in maricopa county have not been counted yet. fox learning yesterday a report 275,000 early ballots were dropped off day of election here in maricopa. that's partially what's taking so long to count through. now, those day-of dropoffs are what kari lake is counting on. you can see the governor's race is a lot tighter, lake trailing by just 13,000 votes right now. less than a point separating the two. i did speak with lake's team last night, they walked me through their voter analysis. they encouraged their base to

vote or drop off in person on election day, so they're expecting those remaining ballots to skew heavily for the gop. of course, that didn't materialize last night. there's still a lot of mail-in ballots over the weekend that are expected to break for kelly and hobbs, but, of course, when is this going to be done by? we were hearing tomorrow that 99% were going to be in, now we're hearing it could continue over the weekend, stuart9. stuart: oh, dear. kelly, thanks very much, indeed. nicole has made landfall as a category one hurricane. fox's robert ray in daytona beach. how's it looking there, robert? >> reporter: stuart, it is still very windy. and look at the atlantic. this is supposed to be daytona beach, the actual beach, but it is now full of the atlantic the ocean storming in and creating surge where i'm standing on the boardwalk here in daytona beach. you look down there, totally flooded. now a tropical stormy coal, it

came in at 3 a.m. look at this, guys, i want to show you this. we are seeing compromising situations here. the boardwalk here, part of it has collapsed by the energy, and you see the water flowing in and moving that concrete. it's going to cost a lot of money to fix this. unfortunately, they think that other areas here may experience more compromise as the day goes on, maybe even into tomorrow. and the thing is, stuart, all the -- can. [no audio] stuart: okay. that's what happens when you're reporting live from the middle of a hurricane and the water's coming right at you. you'll sometimes lose contact, but i'm sure robert is in good shape. are we going to get him back? no, i'm afraid we lost the connection. we didn't lose robert ray, we just lost the connection. all right. quick market check. you've got to keep coming back to that on a day like this. 7.7% consumer price inflation year-over-year. that's considered easing of the inflation rate, and and the

market has gone straight up. we're up 752 right now on the dow can, 535 -- that's a huge gain -- for the nasdaq. that's better than 5. -- 5%. here's another big impact from that inflation report, the yield on the 10-year treasury coming all the way down. look at that, ooh, that is a 3.88%. now, that -- brian, you know more about this than i do. >> wow. stuart: hundreds of billions of dollars to switch the treasury -- >> wow, that is a huge bet on a fed pivot. i would expect to see that come back a little, but that's -- stuart: you think that's a bet on a fed pivot? >> what else could it be? the market clearly is, i mean, 21 basis pointsesome. stuart: that's huge. >> on 7.7 inflation? stuart: remember when donald trump first appeared, everything was huge. we're back to that now. the price of gold, where is it? not doing much today. he's wrong again. it's up $34, 2%.

bitcoin, well, there's trouble in the background at bitcoin. it is up $1,000, but there's real trouble in the crypto industry. oil, down a little, $85 a barrel. nat gas not doing that much this morning, i don't think, unless -- until i see -- 2% higher. the average price of a gallon of gas unchanged at $3.80, and for a gallon of diesel, it's $5.36 which happens to be 36 cents up in one month. i want to say thanks very much to brian with all your energy. >> i want you to watch stuart, he's got his rally dance. i don't know if you ever noticed that, watch for the rally dance. i've seen it already. stuart: microsoft's up $10. [laughter] thanks for being here, brian. we coappreciate. thanks very much. still ahead, tom homan, pete hegseth and kt mcfarland. the 10:00 hour is next. ♪ we could do this all night ♪

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