maria: well, a very happy veteran's day to all, and a huge thank you to the brave men and women who keep us safe. thank you for your service to this great country. of course, my favorite veteran of all, my father, who served in the korean war. i am wearing his army tags this morning to show everyone he was a great man and is watching down on us from heaven. that is my uncle right there, pa squali, who we lost in 1944. thank you, for being here. have a great weekend, everybody. "varney" & company begins right now. stu take it away. stuart: good morning, maria, and good morning, everyone. wouldn't it be nice if that huge market rally continued? 1,200 points is hard to match,

but stocks are moving just a little higher again this morning dow is up about 170 after up 1,200 yesterday, small gain for the s&p, nasdaq up 67. remember, the nasdaq yesterday was up 7%, that was huge. we've got to take a look at crypto. sam bankman-fried now needs over $9 billion to pay off the people who have money in his crypto exchange. he's unlikely to get it. fraud is a legal term, but that's the word being banded about this morning, the crypto world is in turmoil and bitcoin is down to 17,000. twitter is in turmoil. musk's takeover is not going well. he says bankruptcy is not out of the question. the top executive in charge of combating hate speech has quit. politics, donald trump issues a long statement attacking, again, florida governor desantis. calls him just an average governor, lacking loyalty and class, trump is losing support.

the wall street journal says he's a loser. his candidates in key arizona races are struggling, blake masters and so is herschel walker, in georgia. those races will decide the senate. president biden has arrived at the climate summit in egypt that meeting is in turmoil. delegates know they can't meet their own emissions targets and now they are demanding big money for climate mitigation for poor countries. how much will biden commit? it is friday, november 11, it is veteran's day and we say thank you to all who have served. "varney" & company is about to begin. >> this is pete crevis from rockville, indiana and when i'm not in the tree hunting deer, i'm watching "varney" & company on "fox business." take it away, stu.

♪ stuart: all right, pete, i'll take it away thank you very much indeed. that was a great early morning friday wakeup. thank you very much indeed, pete there. all right, let's get started this friday morning. you've got to start with cryptos we are following the collapse of ftx and huge turmoil in the entire crypto business. good morning, lauren, the latest lauren: so the bahamian sec has frozen its assets and the 30- year-old sam bankman-fried is scrambling to keep ftx afloat. $9.4 billion is what he needs. so, customers here in the u.s. are warned, you might not be able to withdraw your money. questions? how did he lose this much money? and did he break the law? the sec and the doj are investigating that. the wall street journal reports that sbf, sam bankman-fried, used $10 billion of ftx customer funds to prop up the sister

company alameda research, so investors, both novice, and elite, feel duped. softbank had invested nearly $100 million in ftx. okay? contagion. the lender blockfi pausing withdrawals because of the speed with which crypto is unraveling at this point. stuart: the whole question sku get your money out if you bought crypto and it's lodged somewhere in this extraordinary industry can you get it out and the answer is no you can't. lauren: and if it goes bankrupt then you're dealing with the courts. stuart: also, in turmoil, as we said at the top of the show that be twitter. look, lauren? i think musk's takeover hads is not going well. what's the latest? lauren: its been a complete disaster and has only been two weeks, so he had his first address to his staff and he said twitter could go bankrupt. it faces the debt burden of his acquisition, and advertisers that are pulling back in a big way. then you have key executives resigning, that suggests complete lack of confidence in his ability to turn things around. the ftc says it's tracking recent developments and it says that no ceo, no company is above the law. it gets worse.

remember musk said $8 a month, you get the verified blue check mark. there was a fake account for eli lilly and a fake account for lockheed martin. duping people into thinking it is free and lockheed had paused or stopped weapon sales to countries including the u.s.. that poses the risk of real danger. still, musk tweets this morning, all-time high of active users today. this is a slippery slope right now. he acted very fast in trying to fix this but right now he's not fixing it. stuart: tesla is being effected too. lauren: and he sold more tesla stock to prop up twitter. stuart: what a mess. thank, lauren, good stuff. let's get to the futures market. this is the friday morning after a huge rally yesterday, the dow is up another 160 points, the nasdaq up 7% yesterday, and up another 55 points right now.

ann berry is here market watcher of the morning. stocks saw their best day in two years yesterday, we're extending it a bit this morning. do you think this rally lasts, ann? >> stuart, i think it's a head fake and i hate being the bearer of bad news on a friday, but i look at this , i look at inflation still at 7.7% hitting consumer pockets, and i just think the market is not really factoring the impact that's going to have going into the holidays and for a lot of companies as they look to see their revenues roll into the back end of this year. stuart: big tech is clearly leading this rally some of the gains in the tech companies were just simply extraordinary. my question is why is big tech leading the rally? >> well, stuart, big tech is incredibly sensitive to interest rate news, because for a lot of these businesses where there is either cash yet to come, where growth is a very big part of the story, those kinds of companies and those kinds of business models are really to increases in fed rates and what we're seeing is coming out of the inflation this week, an

expectation that if inflation is still high but continues to slow, the fed will slowdown the rate hikes as a result of the impact of big tech will start to go in the way. i think we still got a little bit bad news to come, but that's at least the theory behind the big tech rally right now. stuart: now the crypto market is in absolute turmoil. bitcoin is barely holding at $17,000 a coin. is there any fallout in the stock market from the turmoil in cryptos? >> you know, stuart, looking at the size of the crypto and the crypto-adjacent market. there are very small part of the overall u.s. economy, but what's really captured the imagination here is crypto became the poster child for tech innovation, the next generation tech stories, but really, captured the public view over covid in particular and i think the fact that that story now seems to be breaking at least for now has called into question some of the broader appetite for new technology adoptions, stuart so i think we're seeing a shaking of

confidence as a result of this news but i don't think it's something that brings the u.s. economy down. stuart: okay, ann berry thanks for joining us on a friday morning always appreciate it see you again soon. president biden was asked about his plans for running the country, now that the mid-terms have passed. is he going to make any changes? lauren: not a single one. roll it. >> what in the next two years do you intend to do differently to change people's opinion of the direction of the country particularly as you contemplate a run for president in 2024? >> nothing because they are just finding out what we're doing. the more they know about what we're doing the more support there is. lauren: i think that means we're going to start to see the impact of the bipartisan infrastructure law and the inflation reduction act. we'll start to see them take effect. i'll say one thing, in 2026, four years from now, 10 drugs will be eligible for medicare price negotiation. stuart: okay that's a long time to wait. lauren: but what policies should he or could he, address the

housing shortage, loosen the regulations so builders can build more, energy policy. you're looking at a 7.7% cpi. you know, gas is a big part of that. fuel oil up 68% in the past year stuart: not to mention the border which he never mentions or fentanyl which he never mentions. thanks, lauren. former president trump went after governor desantis again, he said desantis has "the advantage of sunshine where people would go no matter who the governor was." he also called him "just an average governor." mercedes schlapp joins us this morning. look, mercedes, there is a clear split in the gop. it's desantis versus trump whether you like it or not. who are you with? >> well first of all i wish i could be the peace maker to unify the party because we need to make sure that herschel walker makes it to the finish line in georgia. we have this runoff happening december 6 and you're going to need both donald trump jr. and a ron desantis to go and campaign

and help get the base out, get the voters out as well as making sure that that campaign in georgia is well- funded, because it's going to, you know, warnock won the last special election. this is going to put herschel walker in a tough position. stuart: mercedes i'll put it to you. what herschel walker needs is the backing of governor kemp, not so much the overt backing of donald trump. what do you say to that? >> well, you know, i think you need both the maga voter to come out because they are the ones that are the high- propensity voters, the ones that go out and vote and you also need more of the established republicans. you need both to win. you also need that formula in states like florida, which gave ron desantis a very strong finish. it really is about the unification of the republican party and bringing along those independent voters that do not feel comfortable with where the democrats and biden are taking this country. so that's really where we are in order to really win these elections. stuart: listen to the lt.

governor of virginia. listen to what she had to say about trump. roll the tape, please. >> a true leader understands that it's time to step off the stage and the voters have given us that very clear message i could not support him. we have a clear mission and it is time to move on. stuart: do you agree with her? trump should step off the stage? i know i'm putting you in a very difficult position, mercedes, but i'm doing it anyway. >> look you're not putting me in a difficult position. i think the reality is you got to let the people decide. people will have their opinions following this past election. i think it's good for our process to have donald trump run and you know what? if other folks want to jump into the race they are more than welcome to. at the end of the moment, we will trust the american people. we will trust the gop voters to make the right decision for the republican party. i think to have just people, you know, they can have their opinions but i think everyone's moving way too quick to put the blame on donald trump. there's a lot of blame to go

around at the end of the day, what we do know is we've accomplished the goal. we will accomplish the goal of firing pelosi. that's a big step in the right direction. obviously, when you're looking at where the polls were, i think there was definitely a lot of misleading direction that the polls were taking us, the republicans, and i think it was really a disservice but at the end of the day we did make progress in states like florida, texas, ohio, you know, and i think it shows that strong governors with strong records are going to do very well in these states. we'll see what happens in nevada and arizona. i'm very hopeful for adam laxalt to get to the finish line and also for kerry lake to get to the finish line as well. stuart: okay, mercedes the issue has been raised and dealt with. thanks very much, mercedes schlapp we'll see you again soon >> take care, thank you. stuart: check futures coming off a terrific day yesterday, and we're still going up just a little, dow is up 160 and coming up, the mayor of new york city, eric adams, says fears of crime are real and democrats must deal

with it. roll it. >> this catch, repeat, release system, is just destroying the foundation of our country. we cannot talk our way out of this. we have to be real what people are facing on the street. stuart: that, to me, sounds like a change of tune. we'll get into it. then to one of the main topics of the day. whose the leader of the republican party? trump or desantis? i'll ask florida congressman brian mast, after this. ♪ ♪

what if there was a community of like minded people ready to support you when you need it most? christian health care ministries is an organization with over 40 years of trusted care who understands the importance of family. a group that sees you for who you are regardless of your health history.

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.

so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours.

♪ stuart: that's a at it chilly columbia, missouri, where it is only 42 degrees but then again it's november 11, so what do you expect? check the futures market, please a continuation, a modest continuation of yesterday's huge rally. dow up 100, nasdaq up just 7 points. hurricane nicole wreaking havoc, actually, i'm sorry its weakened to a tropical depression, after tearing up the east coast of florida. robert ray in daytona beach. how bad is the damage where you are, robert? reporter: yeah, stuart. you're looking at millions of dollars of erosion damage here. take a look as lloyd, my photographer, kind of pans the area here on on the atlantic ocean. this is the beginnings of what's going to be really a big-time rebuild that's going to take a long time here in this part of daytona beach shores. there are many buildings that are compromised to the point of demolition. hundreds of residents that are

out of pocket here, awaiting and you could see why. look at what the destruction and the waves crashing in did. this all began with ian, stuart, back in late november, compromising the shoreline, up and down here, and then nicole packed the final punch. palm trees, huge pieces of structures off of buildings, giant pipings. look at this , look at this pool over here, a swimming pool, that is literally hanging on by a thread, teetering there, about to fall here into the atlantic during high tide, that is happening right now actually. up and down emergency officials, structural engineers are going and checking the safety here of hotels, homes, and residents. this is going to be a long process, stuart, millions and millions of dollars, and this is just on the heels of hurricane ian. stuart? stuart: yes, it is. florida, this time east coast, really clobbered again. robert ray, thanks very much indeed right in the middle of it always. let's get back to former

president trump, another attack on florida's governor desantis. congressman brian mast, he is a republican from the state of florida. congressman brian mast joins me now. i've got to get to this , congressman. i'm very sorry about it but are you with trump or desantis? this is coming to a head and we've got to make a decision here about the republican party. whose side are you on? >> well i don't think you could ask it just like that but i will give you an affirmative answer. let's look at this. for the last two years myself included, every republican has been out there saying if president trump was president still, the border be secure, it wouldn't be what it is. we would have american energy policies, not canceling the xl pipeline. inflation wouldn't be where it's at so 100% i would still want to give president trump that opportunity to be president. that's where i'm at. he's in my backyard, but i'm not going to sit here and pretend as though for the last four years governor desantis hasn't done an incredible job showing the nation what freedom offers, how people come in for freedom, and low taxes and everything that florida has been providing,

so you know, i'm not trying to ride the fence but there are two incredible options. stuart: honestly, sir, honestly, sir, do you think that america wants to return to insult politics? donald trump has just in culted a very successful governor, ron desantis. this is my opinion. i don't think america wants to go back to that. how about you? >> there's a lot of people that don't like that flavor. there's no question about it. stuart: i won't vote for him. >> but in the end, these policies are what americans, i'm not going to say you because i don't want to speak for you but me and many others have been saying hey, i wish we had president trump doing this. i wish we had president trump doing that. i'm not going to turn around now and say i'm not going to give president trump the opportunity to do it. stuart: fair enough, congressman i want to refer to you it's veteran's day, you're an army veteran you served in afghanistan, you lost both your legs in combat. what does this day mean to you, sir? >> it's a recognition of my brothers and sisters in arms. the best that i have ever seen

on this planet. the work they've done under the most osteer conditions anybody could possibly picture taken sniper fire, mortars coming in, walking ink across ground with improvised explosive devices like what took my legs and these guys still get the job done, guys and gals still get the job done. that's the example for america on veterans day. stuart: congressman brian mast you're an honest man and we thank you very much for your service. thank you very much indeed, sir. >> thank you. stuart: i love that. let's get back to the mid-terms. some states are now under complete democrat control, which ones? lauren: four, michigan first time there in 40 years, gretchen whitmer held on as governor. minnesota, maryland, remember president biden campaigned for him he replaces republican governor larry hogan and in massachusetts it was all blue and gop flips nothing there. stuart: so that's the governor and senators and the whole ball of wax. lauren: trifecta. stuart: four states all democrat

s. thanks very much, lauren let's check futures again, we're up to the start of trading, 100 points up for the dow but the nasdaq has just slipped into the negative territory. the opening bell is next. ♪ money, money, money, must me funny, in a rich man's world ♪

detect this: living with hiv, i learned i can stay undetectable with fewer medicines. that's why i switched to dovato. dovato is for some adults who are starting hiv-1 treatment or replacing their current hiv-1 regimen. detect this: no other complete hiv pill uses fewer medicines to help keep you undetectable than dovato. detect this: most hiv pills contain 3 or 4 medicines. dovato is as effective with just 2. research shows people who take hiv treatment as prescribed and get to and stay undetectable can no longer transmit hiv through sex. don't take dovato if you're allergic to its ingredients, or if you take dofetilide. taking dovato with dofetilide can cause serious or life-threatening side effects. hepatitis b can become harder to treat while on dovato. don't stop dovato without talking to your doctor, as your hepatitis b may worsen or become life-threatening. serious or life-threatening side effects can occur,

including allergic reactions, lactic acid buildup, and liver problems. if you have a rash or other allergic reaction symptoms, stop dovato and get medical help right away. tell your doctor if you have kidney or liver problems, or if you are, may be, or plan to be pregnant. dovato may harm your unborn baby. use effective birth control while on dovato. do not breastfeed while taking dovato. most common side effects are headache, nausea, diarrhea, trouble sleeping, tiredness, and anxiety. detect this: i stay undetectable with fewer medicines. ask your doctor about switching to dovato. 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. when i first started ancestry, i had no idea what to expect. ethnicity inheritance, nigerian east central from you. benin. my dad's side. there's 30% japanese. thank you, mom. i love how it gives you a little bit of history. yeah! i feel like reading this, like, these are my roots. there's just still so much to discover. discover even more during our holiday sale.

stuart: check futures let's bring in got a modest gain at the opening bell, mark mahaney with us this morning. mark, big tech is leading this rally. does this have anything to do with the elections? >> no. i think it has all to do with the first sign we've had in a year of inflation rate, maybe eb bing. i think that's much bigger factor here for tech. it's a much bigger factor for what's called long duration assets so more aggressively rates rise the more you have to discount back those future profits and a lot of tech a lot of growth stocks all other profits are in the future a lot of the profits are in the future so it's all about inflation. i look at both parties i'm not sure this dramatic difference in their approach towards big tech both of them have been pretty heavy in terms of criticism of

big tech but i'm not sure when utility comes to policy there's that much of a difference. stuart: have you, because of the huge rally yesterday, have you made any price target changes like for amazon, for example? >> no, no changes. what's interesting about amazon, amazon is one of the best performers yesterday. there are a few of these names that are really macro-exposed. amazon is at the top of the list stu if you think about amazon, full exposure to fuel prices, shipping costs, labor costs, resource costs, much more so than any ad model like a google or meta so you get the full inflation monte if you will with amazon, so if you get signs that inflation is now finally finally starting to ebb, if it continues to ebb, you'll have a name like amazon that'll continue to outperform. stuart: the big subject for many many people on wall street as of this week is the crypto crisis. is there any sign that the crypto problem could spill over and become a problem for any stocks? i mean, i'm seeing crypto right

now. bitcoin down to 16, 500 as we speak, and sam bankman-fried has resigned as ftx ceo. any spillover in stocks? >> it's probably a modest spill over, stu. i can't help but make this comparison with the great financial crisis we all lived through in 2008, but that's when we had the housing sector go over and turnover and that's massively more important to the u.s. economy and to growth stock s and the tech stocks then the crypto world is today, so there is some spillover. there's some advertising spend, but i think crypto implosion is a lot more isolated than what we've seen in the past. stuart: if i were to put some more money into a couple of big name tech stocks, would i be above water or under water in one year? i know that's a strange question , but can you answer it? >> no, i think that's the right question. i think you'd now, if inflation continues, if we're just beginning to see an ebbing of

inflation, that's our view at evercore isi, if inflation starts to ebb, we think you'll get dramatic out performance in growth equities. it's the number one overhang on growth and tech stocks over the last year. stu you mentioned this last week you thought maybe it was finally starting and we're almost at the point where you want to get into tech stocks. if inflation is starting to ebb. we've been waiting for that and waiting for estimates. we have certainly had them. the next big risk we all have to focus on is how steep this recession will be next year , but the bigger overhang right now, the bigger overhang is inflation. stuart: got it. >> tech stocks can work. stuart: got it mark mahaney thank you very much indeed, in 10 seconds the market will open on this friday morning. >> [opening bell ringing] stuart: i keep saying that gigantic rally yesterday, i think it was the best day a couple of years, actually. we're rolling towards the opening bell, we started now here we go. press the button, we're trading. a modest gain for the dow, right from the opening bell, very modest indeed. they haven't all opened yet but look at that. at least two-thirds of the dow

30 are in the green. they are going up. how about the s&p 500? that was opening very little change, actually, gain of .2% i guess you could call that very little change. the nasdaq composite is up a tiny fraction, .07%. remember, it was up 7% yesterday these were the big winners yesterday. this morning, amazon continues to go up 1.4%, alphabet is up, microsoft up, about a buck, apple and meta down a little. meta is down 2%. let's stay on big tech. nasdaq as i said, i believe it was up 7 full percentage points yesterday, susan? >> yeah, you know, i think we should start with ftx given that cryptocurrency we're at sub- 17,000 right now for bitcoin , and look, we're looking to test probably the lows over the past few years , two years in fact. now, here are the headlines i just want to get them to you, because this just broke 15 minutes ago. ftx has now filed for chapter 11 bankruptcy.

this is a voluntary filing. ftx says sam bankman-fried, its founder, ceo, has resigned as his role as ceo. he will remain to assist in an orderly trans transition and they have appointed john jay ray iii as ceo and once they hand it over in the transition and the ftx subsidiaries are not included in this chapter is 1 bankruptcy, so that includes ledger x ftx digital, also ftx always, and ftx express pay. remember, that this does not include ftx u.s. , which is the u.s. arm of the crypto exchange. this is all international. this filing looks to be taking place here in the u.s. but it really is just a stunning collapse of a once high flying, one of the largest crypto exchanges in the world and really in a matter of four or five days, it's over. it's done. now here is the contagion effect because i just heard your interview with mark mahaney and they were talking about 2008

comparisons and there is a lot of comparisons to that mortgage, the mortgage bond debacle. a lot of people are stepping in saying what kind of exposure and relationship they have with ftx, blockfi being the latest saying we were shocked and dismayed last night to learn of the news regarding ftx. they didn't even know until they saw the twitter headlines and sb f tweets, so for the time being we are limiting platform activity including pausing client withdrawals. i've also had a lot of e-mails sent to me from the crypto community, whether it's from multi-billion dollar crypto hedge funds that say they have very limited exposure to ftx. abra is another blockfi competitor, another crypto bank saying they have no exposure, operations are as usual, but then you also have sky bridge, which had 30% of its ownership in ftx, sbf, also some of the philanthropic also political donations what happens to those with this chapter 11 filing? stuart: what an extraordinary

event. my big problem here is theres an awful lot of people who own crypto and who can't get their money back. >> well jpmorgan says that in their view, bottom could be $13,000 for bitcoin. however, i would say $13,000 isn't $3,000 which is where it was before covid. also, the celebrity endorsers, everyone is taking a look at the high profile endorsers with ftx, so if you can bring up this board for you that includes giselle and tom brady, they had warrants in the company , we don't know what value that was valued at, so we don't know what the percentage is in the company. also you have naomi osaka and steph curry, and larry david who paid a lot for that super bowl commercial and there are questions about whether or not there is that arena naming kerr still that's alive, because -- stuart: they did that. >> that's right they did $135,000,000.19 year deal, miami-dade county also concerned about whether or not they get that money. stuart: huge developments just coming ink across trans om as we

speak, big deal, thanks for keeping in touch with that. let's get back to big tech. i do believe nasdaq was up 7% yesterday. mixed picture this morning what do you make of this? >> yeah, so we had the best day since 2020 as you mentioned. yields went down by the most since 2009 for the 10-year, went down the most since almost 2008 for the two-year, also you have china loosening as well their covid restrictions that's good news for tech and money flows outside of china's borders which as you know is the world's second largest economy and also remember that traditionally this is the strongest time of year for stock markets heading into year-end, right? wall street usually also tilts so much and so far in one way, that when there's news and data that surprises them they obviously have to catch up, right? so that means that we're no longer betting for 5.25 for the terminal rate that's a peak interest rate from the fed and maybe, you know, maybe we could see also some pretty good earnings from tech companies, that $4 trillion collective loss and the five biggest tech names

up until yesterday, that still is by the way, precludes the fact that you're looking at a pretty strong holiday quarter for a lot of these companies so think about apple and amazon. both guiding for $100 billion- plus off those record levels from last year. stuart: is there any chance that the developments in crypto just in the last few minutes have effected the stock market, because i notice we opened with 100 point gain for the dow, the nasdaq was up and now mostly is down. >> we also have to keep in mind the tight correlation that crypto has to technology stocks. crypto, bitcoin has been trading like a nasdaq 100 tech stock so once usually it goes down if nasdaq goes down, maybe there's this correlation right now with crypto which as you know has a lot of speculative money in there, and young money by the way, which tech also draws, so when crypto goes down possibly takes down technology along with it. but as you know, as i mentioned to you about contagion in 2008- 2009 when you have declines in one asset class you have to

once you lose money there, saying cryptocurrency, you have to find money and sell elsewhere to makeup for that shortfall, so if you're losing money in crypto , you have to sell, possibly in stocks to makeup for the difference. stuart: i can't believe that this crypto crisis doesn't have some impact as it ripples out to other markets. >> it was a $3 trillion asset class a year ago. now it's $1 trillion and i was at the inaugural ftx bahamas event and i can tell you it felt so bullish in april. the biggest names in cryptocurrencies were there. you had big name celebrities, tom and giselle were there as well and it felt like this was the future but it's just a stunning collapse, so this just evaporates in a matter of four or five days. stuart: it is a stunning collapse, well-said. thanks, susan. do you remember this moment from the hit show "the office"? roll it. >> we will learn in lots of different ways, but experience is the best teacher. >> oh, my god!

okay, it's happening. >> what's the procedure? stuart: well, rain wilson who played dwight shrute is changing his name to draw attention to the melting arctic. yes, we have details on that too the feud between paul ryan and donald trump it's back. the former speaker says trump's kind of a drag on the republican ticket. question? is it time for the gop to ditch trump? and then there's this. president biden will be meeting with china's xi-jinping in person. will the president bring up the origins of covid? we'll tell you what the white house is saying about that, 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

stuart: all right, look at the market. it just took a sudden dip to the southland, the dow is now down 113 points. can you show, and now 125. can you show me the cryptos please because i believe this is the problem. sam bankman-fried at ftx group is going into bankruptcy, chapter 11 proceedings have started. he's resigned as ceo and cryptos are falling. i think there's some fallout in stocks right there. president biden, back on the world stage. he arrived in egypt about an hour ago for the cop-20 climate change conference. alex hogan is there. now he's going to deliver an address what, next hour? do we know what he's going to say, alex? reporter: hi, stuart so we do have an idea of the main talking points that we will see during president biden's time here in egypt as well as at the conference, cop-27 the annual climate conference. earlier this hour, when the president arrived he immediately sat down with egyptian president thanking him for the strong support of voicing opposition against russia's invasion of ukraine, in

his upcoming address, biden is also expected to bring up the inflation reduction act. now, this , in part, invests in domestic energy production and manufacturing, and it reduces carbon emissions. his administration is also touted action like ratifying the amendment to the montreal protocol. that's an agreement of 170 countries that are agreeing to protect the ozone layer by phas ing out hfc's those are cool ants often used in refrigerators or air conditioners. another major talking point that will likely be expected in his speech, biden is expected to address the major cuts to methane emissions. this week, u.s. climate envoy that will switch out of using coal power another big focus for cop-27 is if wealthy countries should compensate poor countries facing harsh environmental disasters.

uk prime minister sunak ruled out paying, and the white house says it has yet to decide its stance. this year pakistan suffered unprecedented disastrous flooding and the country's climate envoy today called out what she called a flawed financial system and a flawed set of priorities. >> it can bail out banks and mortgages and other financial crisis that money can bring to financial systems but it won't bail out the poor, the needy and the destitute right now. reporter: after this summit here and biden's time in egypt he will go to cambodia for the u.s. summit and then to bali, indonesia for the g 20 summit. stuart: alex thank you very much indeed. china finally beginning to ease some of their covid restrictions despite a sharp rise in cases.

gordon chang joins me. is china finally beginning to ease up just a little on the zero-covid policy? >> well, stuart, what they did was they relaxed rules on arrivals. i don't know if they are actually going to relax zero- covid which is the regimen inside china when cases appear. xi-jinping was very clear in his october 16 work report to the 20th communist party of national congress when he said there's no change in zero-covid. since then we've also heard lower officials actually talk about the same thing. no change to covid-19 rules. stuart: but gordon? i notice that the iphone factory , the foxconn factories, they have lots of new cases reported, but they've not locked it down. my interpretation is they cannot afford to stop iphone production the country can't afford it. now that's a limitation on zero- covid isn't it? >> well it is, but it's a very narrow limitation. so you know, you're talking

about the province, the capitol, 5 million people now are under lockdown, because of handful of cases and we have seen this in recent days as well. you know, there are rumors that there will be a relaxation to all of zero covid by the end of march next year. we'll just have to see. we've heard these rumors before. they have not proved to be true, maybe this time, you would think so but we just have to wait. stuart: okay, the white house dodging questions on whether president biden will confront china on the origins of covid. just watch this , gordon, roll it. >> well president biden ask president xi about the origins of covid-19 and bring up that issue with him in person. >> certainly we will share the conversation and what came up. the president has always been clear on getting to the bottom of covid and has been very clear in reports that we have put out on the origins of covid as well but i'm just not going

to get ahead of that conversation. stuart: gordon, i have to say this. there is a perception that the chinese communist party has something on biden, namely, hunter biden. is that why he won't go after them on covid? >> well, i don't know the reason, but we do know that of the five phone and video calls that biden has had with xi-jinping, he's not raised the question of the origin of covid-19. this is a disease that according to the johns hopkins coronavirus resource center has killed 1 million americans, and biden's failure to raise this with his chinese counterpart is basically an abrogation of biden's constitutional duty to defend the united states from foreign attack. i just don't know why the reason is, but it it is just in ex lick able. stuart: got it. gordon, thank you for being with us, this friday morning appreciate it, sir and we'll see you again soon. >> thank you, stuart. stuart: there's this new study that reveals that repeat covid

infections can be riskier than first infections. lauren: it's a study from the university of washington university school of medicine. so, patients reinfected had more than double the risk of death, triple the risk of hospitalization as well as lung and heart problems. stuart: whoa. lauren: it's bad. the idea of long covid, but the study was done at a va facility where the patients were typically older and typically sicker. i think the bottom line here is i know we've all put covid to the back of our brains, but you don't want to get it several times so be cautious. stuart: yeah, but, that's quite a report isn't it? lauren: yeah, absolutely. stuart: thanks, lauren: lauren: all those risks did not depend on vaccination status. you could be unvaccinated, you could have as many booster shots as they give out, and the results were the same. stuart: what does that tell you about the vaccinations? dock siegel i think later on the show. coming up don't forget to send in your friday feedbacks, not too late for today. you can e-mail your questions, comments, critiques to "varney"

viewers@fox.com and yes we are still waiting for mid-term results from arizona. polls closed three days ago. what's taking so long? we have the report, from phoenix , next. ♪ i will wait, i will wait for you ♪ ♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you.

as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.

stuart: polls closed three days ago, yet we are still waiting results in a number of races including the races in arizona. kelly o'grady, she's there. all right, kerry lake is behind right now but she's confident she will win. why? reporter: she is. i spoke with her team, and they are really banking on the votes that people dropped off on election day and stuart, i saw it on the ground. kerry lake really encouraged her base to either vote in-person or drop-off those ballots day of. an unprecedented 290,000 votes came in that way in maricopa county right here, here is lake's explanation why. >> people are so distrustful of our elections they wanted to hand deliver their mail-in ballot and when they did that we overwhelmed the system, and they don't have enough people to

count them, and this is why we need to reform our election laws reporter: now the governor's race is really tight. 27,000 votes separating the two, so these incoming day-of early votes could be very impactful if they break for the gop, like we've been seeing rural counties split 70%-plus for lake in some cases. on the senate side the margins wider. and increased when maricopa county released a big batch of 78,000 votes that broke for the dems but those ballots were dropped off friday through monday, not on election day. still, masters would need to win all of the outstanding votes in arizona by an overwhelming margin. there's roughly 520,000 right now, and we still expect some areas that are blue like tucson, to report in, so counting of those day-of votes begins today, stuart, but we're not expecting the full results to come in until next week now. back to you. stuart: got it thanks very much, kelly see you later. check those markets, please. we've got some red this morning, not much, but the dow has turned

from 100 points up to 94 points down. one of the reasons for this turn around is the crypto market. we have ftx declaring bankruptcy there is turmoil in the middle of the crypto industry. not helping the stock market and certainly not helping crypto. bitcoin is down to $16,000. still ahead, tammy bruce, leo terrell, steve hilton, david webb. the 10:00 hour is next. ♪ ♪ ♪ this... is the planning effect.

this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity.

and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance. but they often have higher monthly premiums

and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospitals stays, doctor office visits and your original medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. with no copays or deductibles on tier 1 prescriptions, and zero dollars for routine vaccines, including shingles, at in-network retail pharmacies. in fact, in 2021, humana medicare advantage prescription drug plan members saved an estimated $9,600 on average on their prescription costs. most humana medicare advantage plans have coverage for vision and hearing. and dental coverage that includes two free cleanings a year, plus dentures, crowns, fillings and more! most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. you get all of this for as low as a zero-dollar monthly plan premium in many

areas; and your doctor and hospital may already be a part of humana's large network. there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. >> what this? just got paid. lauren: n'sync. stu: in sinc. lauren: i should have let you do that one on your own. good morning, everyone. straight to the money. the dow is down 130 points and the s&p is down now ten points. just