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why not when the market is doing so well. good morning, everyone, 1:00 eastern. oh, you're going to love this $ -- the dow industrials are up 916 points. the nasdaq composite -- just hold on a second, that thing might go up 600 points. no, 594. that's 5.7%, and the dow is up 2.8, the s&p up 4.2%. huge gains this morning. the 10 is-year treasury yield, and this is one of the reasons why you've got such a big stock market rally, it's all the way down to 3.87. how about that? if 3.87. that's what's moving the nasdaq in particular. oil, down this morning 44 cents. bitcoin, the backdrop here is the collapse of a big crypto exchange, ftx. bitcoin is up at the moment, but it's been way down in the last couple of days, and people have lost their shirts. the latest read on mortgage rates just coming to us. what do we have? lauren: 7.08% according to freddie mac, up a bit from the

prior week, and a year ago under 3%, 2.98% one year ago. so you feel that if you're looking for a home right now. stuart: you know, we desperately need some market coverage, don't we? when you're up 915 points, you need some coverage, and we just happen to be mr. bell sky is -- with us. lucky you, brian. >> it's an honor, stuart, it's an honor. stuart: okay. what do you make of this rally? is it going to last? 927 points. is it going to last? >> the more people say it isn't going to last the more it is going to last. this is like a tip in the dike. the big thing about inflation that people don't understand is you need to start to see the second derivative first, meaning less positive. now we're starting to see the first derivativetive is becoming negative. stuart: what on earth is that? >> it's a math thing. stuart: there's not supposed to be math on "varney & company" -- >> well, it's math today with the market up almost 1,000

points. stuart: give me a better explanation. >> inflation's slowing, we already knew this, and the big thing is the core, x food and emergency? -- energy, is starting to roll over. even though the fed may continue to go higher, the 10-year treasury's going to go in the opposite direction, we think. and i think this is telling of what's going to happen the rest of the year. stuart: you've got 15 is seconds to tell me whether this rally lasts until the end of the year. >> i do think it's going to last for the majority of november. remember, the second half of december people are basically checked out, so it's really key right up until december 15th. stuart: and it lasts. >> yes. stuart: got it. all right, folk, now this: we've had 24 hours to dissect the election results. who's up, who's down? here's my list. the president is looking good or certainly much better than he did on monday. it was the best performance of a democrat president in midterm elections in decades, and he celebrated with an hour-long

news conference. not particularly vigorous, but no serious gaffes. in my opinion, the president is on the upswing. so is the democrat get out the vote machine. they understood early voting. they were pushing their people to start the a month before election day, and it worked. to democrats, it's election month. to republicans, it's election day. socialism, like it or not, will now have a stronger voice. the six members of the so-called squad all won re-election by landslide. even worse, there are now four newly-elected potential members, texas, florida, pennsylvania and illinois. they're all socialists. of course, the biggest winner by far, florida's republican governor ron desantis. he crushed his opponent and looked very presidential in his victory speech. desantis is very much on the upswing. all right. who lost ground? i think you can start with the republican party. in the face of inflation, crime,

the border, the covid mess, public school failure and so much more, there was no red wave. and now two days after the elections we still can't say officially they've won control of either the house or the senate. but again, in my opinion, the biggest loser is donald trump. he reacted to the elections in typical fashion, he blamed everyone else including melania, his wife, for urging him to support dr. oz who lost his senate race. and he smeared desantis. e threatening to reveal unflattering personal information if he runs for president. conservatives, former allies and advisers are questioning his position in the republican party. they don't want the party to become, quote, a personality cult. republican politics is now down to desantis versus trump. it'll be messy, but the changing of the forward at the gop has surely begun. second hour of "varney" just getting started. ♪ ♪

stuart: vatia, welcome back. good to see you again. i want to quote your op-ed. it reads: ron desantis is the new champion of trumpism. there you have it on your screen. what do you mean by trump theism, and how does it relate to desantis. >> >> first of all, i want to make sure the viewers have seen your cuff links, because they're absolutely beautiful. stuart: yes. they're american flag cuff links, and i've been wearing them every day since i became a citizen. >> they're absolutely beautiful. stuart: thank you very much. this is quite a show -- [laughter] lauren: i figure, i never out you, brian's talking about your shimmy -- lauren: -- stuart: okay. would you answer the original question? >> of course. people are misreading what's happening in florida. the big red wave happened in florida. i think that's a mistake. i don't think florida is now solidly red. i think that governor desantis

won a lot of democrats. he won the votes of people who are still democrats and identify as democrats because this was not necessarily a win for republican,s but a win for a realignment around class lines that started with trump. now, what is trumpism? the democrats want you to believe that it's election denial, that it's cult of personality. republicans want you to believe that it's somehow something related to trump's ability to mobilize the base. but the truth is that what trump theism represented was forgotten, working class americans who have been abandoned by the elites of both parties. he put them back on the table, and desantis has taken that insight and macon -- made it a coalition getting a lot of support from working class americans, hispanics. stuart: do you think desantis' version of trump theism would work across the nation? >> we don't know a rot about what desantis thinks about foreign policy, about what he thinks about the economy,

protectionism, what trump did with the border wall. we know a little bit, that he's willing to take big swings on immigration which is very important to the working class, but we have to learn more. for now, i think he's picking all the right fights. stuart: fascinating. a very interesting angle on florida. thank you very much. always a pleasure, come back soon. and i'm glad you like the cuff links. all right. former president trump touting victories by the candidates he endorsed in the midterms. what's he saying? lauren: he told fox news digital it was a tremendous win, 216 of his endorsements won, i'm quoting. there's a fake news narrative that i was furious. it's just the opposite. the people i endorsed did very well. i was batting 98.6% in the primaries, and 216-19 in the general election. that's amazing. we had tremendous success. why would anything change? well, he's expected to make a big announcement next week, and 2024 could be a race between trump and desantis for the

republican nomination. and trump took another jab at his potential rival, desantis. quoting again, now that the election in florida is over and everything went quite well, shouldn't it be said that in 2020 i got 1.1 million more votes in florida than ron d. got this year, 5.7 to 4.6 million. making a point. i unnecessary. stuart: let's move on to president biden. he is brushing off concerns about him running in 2024. what did he say? lauren: so the question he was asked intimated his low approval rating and his age. in 10 days president biden is 80 years old. listen here. >> two-thirds of americans in exit polls say that they don't think you should run for reelection. what is your message to them, and how does that factor in to your final decision about whether or not to are run for are re-election? >> it doesn't. >> what's your message? >> watch me. lauren: okay.

stuart: okay. stuart: there's a far-left group that said we're not going to watch you, they just launched a campaign called don't run, joe, and they say it's clear he should not be the party's nominee in '24, calling that a tragic mistake. stuart: fascinating. a lot of democrats don't want joe to run again. a lot of republicans don't want trump to run again. stuart: lauren: we're more divided than ever. is that the bottom line here? stuart: i think there's a new generation coming on strong. back to the markets. why not? we've got a lovely rally. still up nearly 900 points on the dow and 160 on the s&p, for heaven sake. nasdaq's up 600. brian belski still with me. let's discuss inflation. 7.7% year-over-year. came in less than expected. do you think this market continues to rally with that inflation number? >> i think it can with respect to the trend. now, next year we need to see that trend accelerate even more with respect to inflation.

obviously, to get down to the 2% number that everybody is used to or the fed's talking about, we're going to need to see some work. the fed is probably going to have to continue to raise rates. but at the end of the day, the trend is beginning to unwind. it end9 up very fast, stuart, inflation, and kind of proved against the transitory thinking that inflation was transitory. but if you think about where we are now in the business landscape versus a year ago or even june, supply chains are open, we're making stuff, onshoring is increasing, commodities are rolling over, even food prices are rolling over. so the trend is continuing. so now it's going to take some time. now whether or not it's fast enough for the market to actually like that, the bond market, obviously, likes it. and the bond market's been kind of ruling the roost here friend wise for a while, so we think stocks are going to follow suit. stuart: it's a plus for stocks. is it a plus -- split government, is that also a plus for stocks? >> you know, it's interesting,

if you go back, there's been three administrations with a democratic president and a split congress, and going forward the next 12 months the market's up 13 percent. and we've seen, actually, when there's republican-controlled congress versus -- we're splitting hairs here, up 11%. but at the end of the day, you're probably heard it a thousand times, gridlock is good. and whether or not anything happens the next two years i think, whenever the government doesn't get involved in business, it's a good thing. stuart: brian belski, stay there. you're with me for the hour. lauren's looking at some movers. you could throw a dart and they're moving nicely. six flags? lauren: i did some counsel-digit movers. up 15%. the activist investor is taking out an option to boost their stake potentially to about 20% in six flags. six flags is not doing well. quarterly revenue fell because they priced families out. people say, yeah, not worth it. so it wasn't the best story. stuart: somebody's picking up what they think is a bargain

there. zip recruiter. stuart: lauren: they're benefiting from this tight labor market. so many companies are struggling and battling with each other for talent. that stock is up 13%. stuart: i've got several yetis, how about you? heroin lauren probably 10 -- lauren: look at that, sales increased 20% because they raised the price. i just gave you three stocks that are moving double digits. stuart: back in the day they had vacuum from as beings, and if you cropped them, they broke -- lauren: you can do anything to a yeti. stuart: yes, they're wonderful. what do you call them concern. lauren: cooler devices. >> made in austin, texas. [laughter] lauren: yeah. stuart: all right, let's move move on. we've got a rally going on. john fetterman has been elected to the united states senate, but an msnbc host thinks he could become president. [laughter] watch this. >> fetterman as a nominee at

some point for president, what he did in the super-red, deep-red parts of pennsylvania and the way he ran ahead of biden and trump, it just makes you wonder about his future. [laughter] stuart: yes, indeed, it does make you wonder, doesn't it? we'll try to explain it all, believe maine. military recruitment cute -- at a record low. we'll speak to the national guard bureau chief on what's being done to bring soldiers in. russia orders troops to withdraw from kherson, the only capital region that russians captured since the war began. greg palkot is in kyiv with the latest for us right after this. ♪ ♪

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stuart: the rally continues, will you just look at that? the dow is up 800, s&p is up 150 , nasdaq is up close to 60, sorry, 560 points, that be , and that's because we had a very, a good inflation report this morning. the rate to inflation ticks down year-over-year, market loves it. let's move to russian troops, they have been ordered to withdraw from ukrainian and the only regional capitol taken by a russian since the war began they are leaving. greg palkot with the latest. what's happening? reporter: stuart there are reports of more gains today and in fact though of more losses as well. ukraine says its forces have taken another dozen village they try to win back that key russian -held city and region of kerson after moscow announced its forces are withdrawing general mark milley says he sees indications that that is happening. officials here, however, are more cautious. they fear a trap.

as the fighting continues on many fronts general milli complains with 40,000 civilians killed since the war started 100,000 russian troops have been killed or injured and about the same number of ukrainian troops. the startling totals are yet to be confirmed but there is much sorrow here, take a look. >> killed in fighting this year , their losses marking beautiful places like st. michaels in kyiv. family and friends, loved ones and brothers in arms, remembering, not forgetting. >> ♪ reporter: this funeral honoring on older soldier who is a member of the famed battalion killed back in march in a terrible siege in the fighting in the city of mariople. its taken months for his remains to be handed over to russia and then identified but still at this service like so many others the feelings fresh, his emotions raw, his daughter said her father was strong. >> i will do everything so that

you and my grandson have the opportunity to freely walk around ukrainian cities. i understood he wants this land to be and remain ukrainian. reporter: she also told us that her late father when she was growing up would tell her bed time stories and was very good at inventing animals. back to you. stuart: all right, greg, thank you very much indeed. right there from kyiv. general daniel hawkinson is the 29th chief of the national guard bureau and the general joins me now. sir, first of all, as a military guy, what does the withdrawal of russian troops actually mean? could it mean the ukrainians are close to victory? >> well we think it's still too early to tell. obviously we're coming into the wintertime and russians have withdrawn in certain areas and obviously the ukrainians are making significant gains all along the coast or along the front line there so obviously it's important to maintain our support for them and also the training.

stuart: will we do it? will we give them the supplies that they need to push russians out of ukraine? will we do it? >> i think we are. we're providing a lot of the artillery and other systems to help them in the fight that they are in right now. stuart: you remember the joint chiefs? >> absolutely. stuart: so you see this going on you see us pushing to give them more? you see it? >> yes, sir. in fact the national guard has been part of the equipment that we've sent over there has been national guard equipment from some of our formations, and if you look at the national guard we have a partnership with ukraine in the california national guard since 1993 and actually, its been guardsmen training them ever since russia's invasion of 2014 into crimea in donbas in fact it was about 160 actually left ukraine three days before the unprovoked invasion and we actually continue to train ukrainian soldiers today in other nato countries around the area. stuart: tell us about the difficulty the military has in recruiting new soldiers. i understand that the navy is at a, recruitment is at a record low and taking people up to the

age of 41 now. how serious is this? >> so it is a concern of ours, obviously, when we came out of covid we were able to bring folks in particularly the national guard because we were making a difference related to covid and at the same time we had about 20-30,000 guardsmen deployed overseas at any one-time but when you look at the average 18-24-year-old in the united states only 23% of them qualified for military service. stuart: why? >> we have pretty high standard s to begin with. stuart: what do they fail on? >> some of them it's based on medical conditions, inability to pass standardized test and also, other derogatory information in the battleground. stuart: drugs? >> yes, sir. one of the many factors that we look at. stuart: well general, thank you very much for coming on the show today pointing out this problem and for your service in ukraine. all good stuff we appreciate it, sir. >> thank you very much. stuart: a republican flips the democrat strong hold in texas. we'll tell you what top issue

the republican says fueled her victory. border patrol arrested more than 2 million illegal migrants at our southern border this year. that's the highest number ever reported but it doesn't seem like border security was a top issue for voters. former acting i.c.e. director tom homan takes that on. he's mad as hell, that's next. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com who's on it with jardiance?

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stuart: the rally holds, dow is up 857 the nasdaq is up 577, s&p up 150. look at that. significant percentage gains. lauren is looking at some of the movers, that's the eye glass people. lauren: significant percentage pain, up 26%. they're still losing money, but not as much money, and then they raised their outlook, consumers are dealing with inflation just fine. this could be the best day ever for warby parker. stuart: here is a company i've never heard of ring central. lauren: cloud communication up 29% so actually cutting staff 10 % of their workforce, but that saves them money, investors kind of like the idea of getting your bottom line in order turned around and they raised their full year profit forecast after saying that. stuart: i'd like to know about bumble. i know they are a dating operation. lauren: the woman makes the first move. stuart: that's the one. lauren: this is an interesting story because i can't quite figure out why the stock is up

12-13%. they cut their outlook for the year at least seven brokerages are cutting their price targets on bumble. they cite product delays but maybe investors just think the bar for bumble was just too low and now it's going up from here? we're still going to online date it wasn't the best report card. stuart: you know what i'll do now? i'm going to move on. california governor gavin newsom criticized some republicans over the migrant crisis. all right back to you, lauren what do you say? lauren: um, this was during his victory speech in sacramento and it had a national tone and in it , partially because of busing the migrants and flying the migrants out of the red states, he called the republican party "cruel." >> we're living in a society where not everybody is being treated fairly. it's that zest coming from the other side, red states where there's a cruelty. that cruelty is extended by, you

know, flying migrants to an island and celebrating that as some fleeting victory that others expense. we have a responsibility as californians to do more about what we did tonight to continue to assert our values, which we hold dear. we believe they are american values, certainly california values. lauren: i just, i, i listen to those remarks and i just thought he's running for president, and he's going to contrast himself when it comes to values, with ron desantis in florida. stuart: because he doesn't point out it was the biden administration which has been flying migrants all over the country. lauren: in the middle of the night and you're not supposed to know that or report about it. stuart: that can't be cruel because it's done by democrats, understand that? lauren: and to sanctuary cities and states. stuart: okay let's get more on the border. take a look at this , texas dps found 34 migrants hiding inside a train near eagle pass, texas. well bill melugin is there. give us the latest, please.

reporter: yeah, stuart good morning to you. border patrol here in this sector report they recently just arrested two convicted sex offenders who tried crossing here illegally. one from nigaragus, another from mexico and these large groups continue every single morning take a lack at this video we shot earlier this morning after sunrise. this is a large group of several hundred migrants about 300 of them across illegal into camaro, texas on the outskirts of eagle pass and a large majority of them are single, adult men. most of them coming from cuba, colombia, and the dominican republic. we continue to see very few venezuelans anymore, after the new policy was instituted to start expelling them and then texas dps finding 34 illegal immigrants who were hitching a ride on a train right here in the maverick county, area, which includes eagle pass. this is something we've seen happen before, where these migrants get on these trains and they try to ride them deeper into the interior of the united

states. it's faster and it helps them avoid law enforcement but they found 34, and 24 men men and 10 women and take a look at these images out of douglas, arizona where border patrol agents stopped a vehicle after it crossed illegally. they stopped the driver a mexican national and they found inside 16 illegal immigrants being smuggled inside that truck , all in side hard to believe they could fit in there but they did. border patrol arrested and charged that mexican national with human smuggling and lastly, take a look at these images out of the rio grande valley. that's where border patrol continues to encounter large groups of several hundred migrants turning themselves in very similar to what we're dealing with up here in the del rio sector but what's interesting about these images as you'll see is theres one illegal immigrant riding around on an atv smuggling large bundles of marijuana. he also was taken into custody and back out here live, this sector where we are, the del rio sector border patrol

has been reporting every week they have been getting a little bit more than 3,000 known got aways so that's more than 3,000 people weekly in one single sector of the border, of course slipping past our border agents getting into the u.s. without ever being apprehended. stuart: 3,000 people, just extraordinary bill melugin, great reporting thank you very much. i want to bring in tom homan now tom, i think you're mad as hell, because the border issue was not an issue in the mid-term elections, and you're not happy about it. explain. >> well, you know, we all know the border is insecure but you have a secretary of homeland security goes on national tv all the time and says the border is closed it's secure. he testified in front of congress, committed perjury under oath but see , i guess denying it and saying that it's not happening and lying to american people works, because unless you are watching this network, fox news, other networks aren't talking about it i watch other networks just to see what type of coverage they

have on the border. a large population of this country has no idea that we have a border christ us and for all those people who border on the democrat ticket, many of them, probably know somebody or are familiar with somebody that's died of fentanyl overdose or fentanyl overdose have effected their community. they got to be able to relate that to the border, because dea says 95% of the drug says comes across open border so i think it's a misinformation. i think the democrats work for them and that's the only reasonable explanation i have is the american people don't understand because you aren't being told the truth by most of the media. stuart: let me move forward a moment, because it looks like the republicans will have a very slim majority in the house, a very slim majority. does that mean they will have a very limited ability to place any restrictions on this open border in the next couple years? >> they have less ability than i was hoping they have but if they have the leadership roles

in the house, we'll have the power and they can control the spending, and they may, look , if this crisis gets any worse, they need to make, they need to make the white house clear. you need to do something to help secure that border or we'll shut it down. we won't fund dhs, and that's drastic, but look, we've had over 1,400 migrants have died crossing that river since joe biden has become president. we have over 100,000 americans die from drug overdoses of a drug that comes across that border. they have arrested 114 known suspected terrorists trying to enter this country. you just heard bill. we have over 1 million got aways since joe biden has taken office and how many are known suspected terrorists so at what point is enough enough and we threaten to shut it down until they do something to help secure the border and save some lives. stuart: well-said, tom homan always a pleasure, thank you very much for bringing to our attention and the whole countries attention. it's worthy of attention, tom thank you very much indeed. republican monica de la cruz was

able to flip texas border district red. what did she say led to her victory. lauren: border security and support for leon the border. >> we stared the incumbent out of the district and made it an open seat was extremely beneficial for us to get our message out of the voters, and at the end of the day, it came down to two things. number one, the biden administration's disastrous economic policy coupled with the border, open borders that he has caused in his administration that is effecting our border patrol agents. lauren: her first priority in office she says is give the border patrol more resources fox news you're looking at it key races like florida, georgia, ohio, wisconsin, look at this , just 39% approve of the way president biden is handling the border, but -- stuart: they didn't vote that way. it wasn't a priority in the vote thanks, lauren. the senate race in georgia once

again heading to a runoff. this after neither candidate gained or got brought in 50% of the vote. connell mcshane will tell us what to expect as control of the senate hangs in the balance. connell is next. ♪ ♪ i may be close to retirement but i'm as busy as ever. careful now. nice! you got it. and thanks to voya, i'm confident about my future. oh dad, the twins are now... ...vegan. i know, i got 'em some of those plant burgers. nice! nice! yeah. voya provides guidance for the right investments and helps me be prepared for unexpected events.

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offering values-based affordable health care cost solutions for people just like you and me. learn more today at your chm.org about healthcare that puts you in control. stuart: keep coming up with market updates, and the story continues to be that the rally holds. dow up 800, nasdaq up 530, s&p up 145. that's a rally, based on improving inflation numbers. and then we have hillary clinton should just weighed in on the mid-term election results. what did she say, lauren? lauren: well new york was a much tighter race than it should have been and that's why we saw hillary clinton and the vice president come out in the campaign for kathy hochul

and this is what hillary clinton says about that. first of all, congratulations to governor hochul and everyone who fought hard for our values, fighting for what you believe in is always worth it. she continue, it turns out women enjoy having human rights, and we vote. she thought abortion was the main issue. okay. stuart: well it was a sleeper issue in the public domain, but it really counted in the election. i do believe. lauren: and what about christ because there's a lot of crime in new york, the human issue but she didn't talk about that. stuart: i'll leave that one alone. thanks lauren. the senate race in georgia between raphael warnock and herschel walker headed to a runoff. this seat could determine which party gets control of the senate so when is the runoff? connell: husband december 6 mark it on your calendar, stuart. that'll be on us pretty quick so these two candidates get right back out on the campaign trail and erase where we've already

seen $250 million or thereabout s spent to this point , so it's a fair bet you'll see millions and millions more flowing in here, to the state of georgia. senator warnock certainly knows that and sent out a tweet to his supporters saying let's do this again meaning get out and campaign and he had a button where you can click to donate, encouraging people to donate to his campaign, and it's not his first runoff. last time he spent $59.3 million just in two months between november and january then, and kelly leoffler, his opponent spent 4.8 million so that's 100 million plus between the two of them, now he's back at it. >> we got a soldier on for a few more weeks, shucks, i've been fighting for three years. i have faith in the people of georgia and whether it's tonight or a few nights from now, you mark my word, the people of georgia are going to get this right. >> i'm not giving this seat up because right now, the georgia people are hurting because of this inflation. the georgia people are hurting

because of crime on the street, so i'm going to keep fighting. connell: herschel walker's campaign telling fox they were able to bring in $3.3 million in new fundraising, just yesterday. meantime walker will be back out on the campaign trail later today, cherokee county he has an event where he will be campaigning alongside senator ted cruz in canton, georgia. walker needs better numbers than what he was able to put up the other need when he under performed the republican governor brian kemp by more than 200,000 votes. he needs to do a lot better than that. now the way it works here, they will have early voting, once again, even in the runoff. that gets underway thanksgiving weekend and then it's the one on one matchup, another election day, december 6. no third party candidate, nothing like that. just the two candidates, warnock and walker, with the man coming away with the most votes getting the senate seat. stuart: can't wait. connell thank you very much indeed. voters approved a higher minimum wage in member member and in

washington d.c., all right how much? lauren: the next couple of years in the district of columbia going to 16.10 for tipped workers and in nebraska, $15, 40 % of the country is living in these 30 states where the minimum wage is above the federal minimum wage. the federal minimum wage has been 7.25 since 2009. nevada could have good news here too, it is in green, as you can see they are still counting the ballots there, but it could go to $12 an hour. stuart: brian? is raising the minimum wage, is it inflationary and does it do any good when you've got inflation running at 8%? >> we're not keeping up with the pace of inflation. the wage structure has obviously been at issue. it's not like it was when i used to bag groceries back in the early 80s for 3.15 an hour then it went to 3.35 that was a big deal, but at the end of the day it is a bit inflationary but if you think about the earnings power of that person, it still pales in comparison to the high end wage so we're getting there but it's not, it's inflationary yes in

totality but not as much as you would think. stuart: i think i earned either $1.12 or $1.25 as a waiter in connecticut in 1973. lauren: but then your tips. did you write down the orders or commit them to memory? stuart: i wrote them down because you have to write them down and give them to the cook or chef. lauren: i used to memorize my orders. no one liked i did that. i only messed up once. stuart: but with a british accent you can make a lot of money. lauren: especially in connecticut. stuart: moving on, elon musk reportedly told twitter workers, brace for difficult times ahead. he's ending remote work. back to the office now. we have details. the media research center claims google manipulated search en dniepers to bury and hide campaign websites for republican s. we will see the findings after this. ♪

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golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) stuart: the market still in rally mode. actually it's getting better the dow is up close to 900 points the nasdaq is up nearly 600 points that is a rally based

on improving inflation numbers that we released. lauren: that is true but i've been meaning to say this the whole show. history shows if you look at the five days before a mid-term, and the three days after, on average , the dow is up 2.8%. so, we're fitting the bill this time. tomorrow is day three after. stuart: this market is up 5%. lauren: because we had bad days too. stuart: let's talk twitter, musk , elon, just sent out his first e-mail to twitter employee s. he's ending remote work. lauren: yeah, come into the office at least 40 hours a week, which means to me, no one is working 40 hours a week. look, if he worked for twitter, god bless you because it has been such a wild ride. about two years ago you were told that old management, don't worry you could work-from-home forever just get your work done. now you have to go in at least 40 hours a week and you're fired , you're hired, what's going on? in this first e-mail last point, musk said "there's no way to sugar coat the message that the slowing global economy will

hit our advertising revenues" and that's a major issue for the company. stuart: brian, tesla, that stock , tesla stock, is down 20% in the last month. i suspect that's because of elon musk messing around with twitter is that accurate? >> it's part of it but also tesla is one of those long duration assets with respect to very very high multiples that was a product of the free money between 2009 and 2021 and so they are going to need to prove they can grow into their valuation. we don't own the stock, we run almost $7 billion in normal stock. instead we own the bits and pieces of electronic vehicles, meaning freeport mcmoran and nvidia, so copper and semiconductors. stuart: that's it? you don't have to have the stock itself and you wouldn't be caught dead if you could by twitter stock. >> i would not. stuart: would you buy any crypto >> i would not. stuart: sharp expression. >> i've said for a long time that i believe that crypto and bitcoin is not an asset, it's a

trading instrument. it was a product of this bubble and what's happening in crypto in my view is very similar to what happened to some of the malfeasance that we saw during the technology bubble. i think this is not going to end well and i do not believe it's going to take the entire market down, because it is not an asset , it's a trading vehicle , and we've just now we're just being reactive. stuart: so, that's a pretty sharp condemnation of the crypto industry. ftx is in trouble. they are insolvent. the other guy won't bail them out, so i mean, does crypto go to zero? >> well if it goes to zero there will some sort of semblance of something there in terms of electronic currencies but i don't think it goes to zero but clearly, the days are over. stuart: having bashed tesla and twitter and crypto, what do you think of this market rally? >> i think it's real. i think we're in the process of getting back into real companies with great earnings and attractive valuations so we're moving more toward a value

market but that doesn't mean you need to sell your growth stocks just be more in growth at a reasonable price. we're becoming more reasonable and normalized. stuart: can we put up big tech because that's in particular, that is doing very very well today. yeah, there you go. they are all up, look at that. amazon is up 13%, even meta is up 6%, apple is 6%. that is an extraordinary gain, it's across-the-board for big tech 7% for alphabet, 6% for microsoft. now is that a reasonable price, look at google for a second, $93 a share. would you call that a more reasonable price? >> you know, google is taking it on the chin with respect to their earnings but these names, let's just call them the consumer staple-ish type tech is where we want you to be longer term doesn't mean you have to own six, seven, 8% positions in your portfolio. you probably should maintain a position, you shouldn't be overweight but these companies aren't going away. it's the emerging technologies will lead us into the next phase but for now i think these names

are attractive from a longer term side of things just in terms of the earnings, stuart but especially google, microsoft , apple. they aren't going anywhere. they are the foundations of really where the tech sector is going. stuart: show me the 10-year treasury please because the yield is so far down. it's almost amazing in this business. we're well-below 4%, last time we checked it was around 3.80 and dropped to 3.75 at one point that is particularly good news for big tech i think. >> it is, because of the whole notion of valuation and interest rates, and we saw that when we were speaking greatly especially above almost touching five that's where we took it on the chin. especially the teslas that don't have any earnings or cash flow where you take a look at where there's really true balance sheet strength, true earnings growth, and attractive cash flow like the names we just mentioned the big cap tech. i think you'll start to see some more strength there. stuart: down 24 basis points, yes, you don't see that very often. brian thank you very much for

being with us. >> thank you so much for having us. stuart: much a blowned. still ahead, pete hegseth, kt mcfarland, katie pavlich and rob smith. ftx, the big crypto exchange collapsing, rival firm binance taking a look at the books, that means a lot of people who own crypto can't get their money out that's my take and it's next. ♪ you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me.

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>> if you look at the republican bart it and the republican base, donald trump is still the primary force in our party. >> i don't think that florida is solidly red. i think that governor desantis won a lot of democrats. it's not necessarily a win for republicans but a win for a realignment around class lines that started with trump. >> inflation is slowing. we already knew this , and even on the fed may continue to go higher the 10-year treasury is going in the opposite direction we think and this is telling of what's going to happen the rest of the year. >> you look at the laundry list of people who had invested in ftx, there is huge, huge money behind them.