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tv   Varney Company  FOX Business  July 3, 2023 10:00am-11:00am EDT

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♪ ♪. ashley: you can't go wrong with them, get down on on this holiday in the market is closing early there could be up at 1:00 p.m. in the empire state building in the middle. good morning it is 10:00 o'clock eastern i am ashley webster and for stuart varney, bit of a mixed bag, the dow slightly lower in the s&p up a quarter of 8% in let's look at the ten year treasury that is lower down five basis points now at 3.79%, let's take a look at oil if we can, oil is around 70 bucks and bitcoin is up 176 bucks at 30076
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bucks per coin or less we got the latest read, lydia hu joined us now, what is a never say. 46.0 for manufacturing, that is coming in lower than what's expected, polls showing 47, that is a sharper contraction than what were anticipating for manufacturers and folks in the supply chain arena and prices paid were seen that coming up 41.8 in disinflation that is showing disinflation moving faster or prices faster than what was into the pagan, we're expected 44.0. ashley: interesting, every word and piece of data to see what the fed might do, not much reaction on the market, thank you very much. measuring financial security the fed has engaged households of
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400-dollar emergency. and it doesn't seemed like much, the new cost of the surprise expenses is around $1700 or m more, great to see you. the fed is surveying people using the very low outdated number. how bad is it really in your opinion? >> the number is ridiculous so that is why they have to update it and it goes to show government statistics can be very lagging in terms of what's happening in the economy and misinterpreting statistics and africa buddies went through to get people to work and layoffs getting back to working in europe is in a mess and britain
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is in a mess and they're talking about a stimulus package, always bad news when the government engages which means wasteful spending, the world economy is not in good shape. ashley: talkative stimulus, student loans, the supreme court says you don't have the power to do that mr. biden, i would imagine you agree. >> it is preposterous spending 400 plus billion dollars without an approval of congress and they knew it was illegal, nancy pelosi when she was speaker said it was illegal in joe biden of said it was illegal and an election coming up, votes count more than the constitution so the supreme court reinstated the constitution into put kids in a box, now for three years that have not had to make payments, now suddenly another 20000 added to the tab. >> we have someone on earlier, they have been guilty of the ridiculously high prices.
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>> the biden administration was serious about real reforms and if the student takes alone to go to your school you get the money today pocketed and you should have a liability for part of that in the future. you have a stake in the student doing well and taking courses that might help the student in the workforce. >> what an idea. very quickly i know i said earlier the data that comes out is a good news or bad news, vice versa you see the fed hiking rates two or more times. >> i wish they went about probably. alice in wonderland any kind of strength we must stamp it down a bogus theory to fight inflation to trash the economy in an experience shows that nonsense and stabilize the currency and leave the economy alone and leave banks alone instead of putting on crazy regulation, were capital regulation and is going to hurt lending, the economy is slowing down and you will make lending harder really
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smart. >> you have not gone down the rabbit hole, we are out of time, thank you very much we appreciate you being here. the cdc is going to track cases of bacteria that have been linked to the baby formula shortage. you have the latest on this. >> i'm sure you remember after the corrado bacteria very deadly bacteria discovered at a plant last year operated by abbot with a were making baby formula, sup public health changes been recommended last week the territorial epidemiologist an organization that supports public health work they recommended the proto- factor be reported to the cdc by every state. only michigan and minnesota report the cases right now but some believe many more babies are getting sick than what we know because there is not a nationwide tracking, i got to talk to one family who supports
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the change. this is reichard night, his mom said he got sick in 2021 with corrado factor after he consumed contaminated baby formula net for premature infants, his brain swelled and he suffered multiple seizures, 75% of the left side of his brain was removed. >> what was it like in those moments in the operation? >> i remember telling my doctor that if he passed away that i felt like i could not go on anymore. that was my final. it was hard. >> riker is doing okay now, getting routine therapy, he continues his recovery but the family's lawyer is preparing to sue abbott the company that they say is responsible.
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>> they make conscious choices in the face of knowledge knowing that this bacteria is in the formula and they cannot get it out and yet they continue to market it. they market for premature infants. >> of course we reached out to abbott and the company said it spent decades researching and developing and testing and producing formulas. samples from every batch of powdered formula products are tested. the company said is supports making corrado factor, nationally notify able and they are cooperating with the government and numerous investigations that are ongoing the company says is not aware of riker's case at this time it does acknowledge the circumstances around riker are tragic in all of us as viewers, riker's case is a reminder that the formula crisis that we live through last year meant much
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more than the shortages that we saw on the shelves it change the trajectory of the lives of the most vulnerable it is heartening to see that there are changes in the public setting. ashley: thank you very much. let's take a look at the markets on this monday morning. just about 40 minutes into the session the dow slightly off in the dow up a quarter of 8%, ths bringing scott shellady. good morning to you, i want to talk about big tech. a lot of people seem far too late to get in on the rally that you missed it. what say you? >> you've got to be careful of your grandmother died and left you $5 million i don't think i would run input into big tech today and leave for the next five or seven years and the nasdaq celebrated up 31% the first half of the year, they of
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a hundred dollars. january 2022, last year the nasdaq was off 44%, the hundred dollars to get to $66 for a 12 month period. you get a need to see a 51% return on the nasdaq tissue to get back to your $100 that you started a year end a half ago with, we need to see a 51% return in total for the nasdaq to have a breakeven party. be careful getting out tech leading the way especially artificial intelligence and it's gone up so quickly so fast you will get a better chance to get involved in to do it now will be probably not very putin. ashley: we hear you. i want to pose this question to you. it is interesting senator ted cruz accepted a proposal that would bar bills passed by democrats from impacting republican led states.
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what do you make of that? >> that means we are two different countries. you can do the same thing by renting a u-haul and leaving the states that a lot of people have advocated for that. i was on a radio show on friday in chicago and their suffering some of the big problems that i'm sure a lot of folks are in the cities and states that can harmonize with. if you chicago or illinois the second or third on annual basis. you have another metric, the jobs are also leaving, they're calling it a doom loop or negative spiral you cannot get out of and that's happening in the blue states and blue cities and less and less people to tax burden and small amount of people paid a much higher rate and that means people leave again, you could not get out again in the top three states that they just mentioned are
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suffering from. ashley: the dreaded doom loop. thank you so much, happy fourth of july to you. >> you to. >> lydia looking at the moves in the early goings, rivian's deliveries dropped 59% in the second quarter to 12640. they produce 14000 manufacturing facility in illinois which is 5000 more cars than the first quarter. here is the next one, astrazeneca shares are down after disappointing results from the phase three trial of a lung cancer drug they raise concerns that might not work as well as it initially anticipated, peloton they launched a new game to help you work on running the lane break tread game to motivate you to put 1 foot in front of the other and you can earn points by switching up your speed of incline, i bought a tell engine peloton bike. it's really great at drying my
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clothes in the laundry room. ashley: alondra accessory. i thank you for your honesty. in california thousands of hotel workers of more than a dozen hotels are on strike. we will have that story in the next hour. elon musk temporarily limiting the tweets allowed to read and causing the social media meltdown, new restrictions for twitter, the university of north carolina says they will comply with the supreme court's ruling on affirmative action in college admission, will speak to a member of the unc board of trustees on the upcoming changes next. ♪ ♪ ♪
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ashley: welcome back take a look at the markets a day when were going to close at 1:00 p.m. the nasdaq moving higher, the s&p slightly higher or essentially flat, the dow jones just a tenth of 8%. the u.s. supreme court restricting the use of race in college admissions, come in here, what are people saying about this decision, the majority of americans say they approve of the supreme court ruling in restricting the use of race as a factor in college admission in a new poll from abc. as you remember the supreme court ruled race cannot be a factor in this process, one third of americans say they disapproved of the opinion. the american opinion changed will be asked about racial groups and whether a fair shot at college acceptance.
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americans are less likely to think black and hispanic students have a fair chance of getting accepted 47% think black students have a fair chance of acceptance of schools, 67% think white students have a fair chance, it's worth noting asian-american students that the application of affirmative-action was hurting their chances, they felt that there held to a different higher standard in poll shows 65% of asian pacific islander psychologists should not consider race and colleges, not a universal agreement but all americans across the burglary with the outcome. ashley: thank you very much, the chair of the unc trustee board released a statement after the supreme court ruling on affirmative action within the university will comply with the decision. a member of the unc board of trustees joined me now. thank you for joining us.
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how does the board, how are you going to do this? how radically do things change? >> i things can change pretty quickly but the question how do we enforce a lot of the new changes we are going to make to the policy manual. we've already done some audits of different admissions criteria as well as the admissions for the campus tour process. we are next going to address this by dialing in what we can and can't do. i think the university still has an interest in a holistic approach of evaluating the whole individual and there's not going to be a change i don't perceive a lot allowing people to describe your personal history and the things that are important to them and the obstacles they have overcome. but we need to make sure were not pressing down on a scale while reducing opportunities for
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another. that is really the crux of the problem, take it away opportunities. ashley: there are people that say black and hispanic students are really going to be underrepresented, how would you respond to the. >> i would say we need to address the root problems they aren't necessarily at the college level we need to look at k-12, we need to look at societal issues. we cannot look at the quickfix band-aid thrown on at the college level or the appearance of their not be a problem we need to dig into the root problems so were applicant pool reflects a lot of free choice as well as opportunity for everyone out there. again we cannot window dress we have to dig into the root problems and i think that's what the supreme court has allowed to dig into the root problems.
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ashley: president biden announcing new steps to help borrowers repay their student loans after the supreme court blocked his relief plan but does any of this address, what about the root problem of student debt what is the root of that the crisis in student debt. >> the root problem is not student debt the root problem is college affordability and our board has taken steps for seven years with flat tuition for in-state for students for undergrad that is how you solve problems you dig in and look at fiscal management of the university. the university cfo and chancellor has done a great job of solving $100 million deficit and were digging into departments and looking at the cost there that's how you fix the problem you don't write off debt and ask electricians and hairdressers to pay for someone's college degree.
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you also have to look at the value proposition. are we offering enough, are we moving the needle enough in someone's outcomes. are they earning more when they graduate with a college degree. there is a real need for transparency in education lending. congresswoman fox has championed efforts like that and i hope we can see that occur at a federal level. ashley: i think a lot of people would like that. thank you so much for joining us and sharing your expertise. we appreciate it. thank you. some democrats promising the fight for student loan forgiveness is not over, mark meredith joined me now. what is the new plan from democrats? >> good morning the plan is if uterine elements but what is most interesting is the rhetoric from the president and the democrats on the hill the president was saying he was disappointed in the supreme
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court ruling but you have democrats urging major changes to the supreme court. >> the far right extremist and valid supreme court which seeks to make history for all the wrong reasons, they were a caucus in congress they would be the boot strap or, don't say gay caucus. >> i support expanding the supreme court because we have a radical extreme super majority on the supreme court out of touch with american public. >> these are the types of rulings that signal a dangerous to authoritarianism in the court. >> president biden says he does not favor expanding the supreme court, last year he blasted the justices after rule to eliminate affirmative-action and collagen mission. >> the supreme court had questions its own legitimacy. is this a rogue court?
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>> this is not a normal court. >> odds are we will hear more about the supreme court between now and next year's election. republicans are praising the decision by the court to show voters they want to see more of the same. >> can i say god bless the supreme court. [applause] they are making a lot of wrongs right. we have seen. >> former president trump has tried to take credit for what's going on with the supreme court say the just disappointed the three justice over his term that made a big difference, mike pence echo we the same. is very clear we get here a lot over the next few months even though now there in summer recess. ashley: mark meredith thank you very much. youtube is being accused of censoring an interview with the democrat contender rfk junior. ricky schlott says this is
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making them more popular with voters and she will explain later on in the show. president biden teaming up with an old friend to raise money for his reelection campaign. >> five reasons why i'm asking you to donate $5 to my campaign with the help of a friend, hey barack obama. hey joe. >> good to see you. >> so unnatural. what about kamala harris. joe concha will take that on next. ♪
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ashley: welcome back everyone a little change from opening the dhow off a little bit but the nasdaq up slightly in the s&p up slightly indeed. come in here lydia were you looking at the moves, let's begin with microsoft. >> about to be another investigation by the european union i open up an investigation to the tech giant two parties were trying to negotiate the
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office products but those negotiations seem to have stalled. let's take a look at otto. they had the best quarter when it comes delivery under deliveries with over 30000 this is the first time that li auto a clips the number, the ev maker with on sales guidance, finally let's wrap up the market check with this, monster the energy drink will be acquiring a bang energy plant in arizona it is dependent on the outcome of the bankruptcy filing by bang energy. have you ever tried monster energy. ashley: i have it i thought it would be quite dangerous, same with caffeine. >> coffee is good for me, i've tried them, they are effective. coffee is good with me. ashley: elon musk announced big changes to twitter. kelly o'grady on the story this morning. the question being what is the new world?
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>> there is a limit if you can imagine to the number of tweets you can read on the platform. i had a lot of unhappy twitter users over the weekend. saturday morning elon musk shared this tweet announcing the new limits, to address data scraping and system manipulation we have applied the temporary limits, verified accounts are limited to 6000 posted a, unverified 600, new unverified to 300, shortly after that musk shared ultimo updates increasing the recently settled on 10000 for twitter blue and 1000 for unverified and 500 for new unverified. you might be thinking 1000 tweets, that is more than enough or 72 read in the day but dedicated users they can hit that easily in a few hours of scrolling especially on travel with the holiday weekend, context data automated services like a.i. scoop up the publicly available data on the website. i will say not everyone is
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buying elon musk's explanation, many are accusing of putting the town square behind the pay wall that is what he called it when he took over twitter and arguing the changes to our incentivize to pay for twitter blue in his quest to make the company profitable we reached out to ask if musk would see the rate limits or police and emergency service account, we have not heard back but i'll admit estranged term for twitter as they pay with advertisers many were getting the messages trying to read tweets from corporate brands that's not really ideal on engagement from for the company whose revenue is primarily address and. >> making the money on the social platform is very difficult indeed. thank you very much. i appreciate that. president biden has tacked barack obama and a new campaign ad. watch this. >> there's five reasons why i'm asking you to donate $5 to my campaign with the help of a friend, hey barack.
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>> hi joe, good to see you. number four, joe might even call you, not a joke the fundraising deadline of the campaign and we need you with us, makes a difference to me and i really appreciate it, take it from me. >> and me. >> go to joebiden.com to join our campaign. ashley: i don't know why that makes me laugh i think it's a vice president doing the wooden move it is so unnatural. and that joe may call you, sound like a threat. joe concha joins me now. why didn't biden use his own vice president kamala harris, i guess he doesn't want her anywhere near it. >> that is so odd you wouldn't use your current vice president you use your old boss in the situation. where in the world is kamala harris, was she not included because she's pulling lower than this president who is currently pulling lower then any president
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in this history of his term maybe that has something to do with it. by the way, the whole notion that joe biden and barack obama are bfs it does not fly. it's a most praiseworthy thing that we see in politics when but under biden shared he has friendship bracelets with barack obama because all guys do that with a celebration there friendship. ashley: sarcasm every day. let me ask you this. is barack obama so popular among democrats, does he have the pull? >> i would think people long for the days of obama, no drama obama so his presidency as successful, democrats do anyway. compared to joe biden, barack obama if he could run for a third term again i think 99% of democrats would take the deal right now because as we seen in poll after poll, majority of democrats do not want joe biden to pursue another four years in the oval office.
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he is popular but it feels like it's very much in the past. he has not been in office for seven years. >> i want to get into this issue, president biden facing backlash following a report that his aides have been told to say publicly he only has six grandchildren, look at the quote in the new york times, and then there is president biden, the public image centered around his devotion to his family including hunter his only surviving son. in strategy meetings aides have been told that the biden have six, not seven grandchildren according to two people familiar with the discussion. how do you think the average american feels about the president, the patriarch of the family not acknowledging one of his grandchildren, it is very sad. >> is a 4-year-old girl, this is absentee president when it comes to so many things of the border and somebody things of the people care about. and when it comes to his own
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granddaughter the biden's are absentee grandparents by design and is so appalling by the way the hunter biden that made millions of dollars overseas like china and ukraine explored the family name and made hundreds of thousands of dollars of selling paintings as if he was michelangelo even though he never painted before always arguing he can't afford child support payments, joe biden joe biden of caring people can acknowledge that this kid exist, the whole thing is rancid that's only thing that comes to mind. ashley: joe concha joining us. thank you so much. nikki haley says the national polls don't matter right now, probably because that's where she is in the polls, she's not doing so well. is that why she is saying this? it is early day. >> that's exactly what she said to early to look at the polls and tell us anything about the outcome that is going to be for the republican primary for
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president, she was talking to shannon bream yesterday on "fox news sunday" of the fox news survey showing haley pulling at 3%, while behind former president trump who leads 56%, watch. >> we can look at past presidential elections and understand national polls don't matter right now. we have a debate in august and september and october and i'm qualified to be on the debate stage, having been 3% of five way governors race, i know this is all about hard work. >> she said the hard work means shaking hands and that's what she's been doing she hosted more than 30 events in new hampshire, 25 events in iowa adding that polling will turn around by the fall and she mentions the debate the first one in august by fox news and the question is whether former president trump will participate. do you think he will be there. ashley: i think he will be there eventually and give up the
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center stage, we will see. thank you. a former executive at anheuser-busch is calling for the currency to step down from the company. he says the ceo continues to botch the bud light situation, the former president of anheuser-busch joins me next. ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like...
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ashley: the bud light boycott is hurting more than the company itself. who else is getting hit by this? >> apparently workers at a bottling company. reports that the controversial promotion that bud light did with dylan mulvaney is going to cost them jobs, the our dog group is a global class producer the contracts anheuser-busch. they will close two plans this
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month, one in north carolina and one in louisiana it will cost 645 jobs. the bottling company did not reveal the reason for the move for the plant closure. investigation by local news outlet w ral found that the plans are shattering because of tanking bud light sales. from bob wilson shows a bud light sales were down 24% compared to a year ago for the week ended in june. , that's been pretty steady since the controversy first broke turning investors and now we know workers. ashley: unfortunately so, thank you. now we have the former president of anheuser-busch anson frericks joins me now and i am so great to have you here to talk about this. you are calling for anheuser ceo to step down, you said he had several opportunities to ride the ship but he failed. explain to me why he needs to
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leave. >> as we've seen this week, we had 600 workers that one of the anheuser suppliers were just laid off, there will be more workers laid off if we can find the ceo who is going to successfully and confidently address the situation. we had three chances to come and articulate that this campaign was not in the best interest of anheuser-busch shareholders. the shareholders of anheuser-busch of the firefighters, doctors, police officers, et cetera. to make sure that their retirement accounts and 401k accounts are done well, great products and services. that is not necessarily to get involved in a lot of different political issues or social issues that are being pushed like blackrock, state street, vanguard and the ceo has been unable to clearly serve the shareholders and unless he does that, we're going to have to unfortunately find another ceo who can. ashley: are you surprised how
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long this has gone on, these things happen and there is a pushback and then it kind of fades away this is been long-lasting has it not. >> it has, we are in the fourth month, this is something that should've been addressed three or four months ago coming out and saying bud light historically with the brand that did not get involved in politics it was about sports, backyard barbecues, everything except for politics everything that made at the successful beer brand in the united states. as were going to month for if we don't, find some but you can articulate the were knocking to get involved in the political issues going forward month five, six and seven in chaz in between bud light and its consumers will only intensify every time you, with a weak statement in the platitudes same her hearing her consumers are trying to create a future with more cheers that is not addressing the problem.
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until you address the problem i don't see consumers coming back and coming back to the brand. ashley: anheuser-busch responded to dylan mulvaney's claims of the company essentially abandoned her during the bud light backlash saying as we said we remain committed to the program and partnership that we have forged over decades with organizations across of communities including those in the lgbtq+ community, the privacy and safety of our employees and our partners always is our top priority and as we move forward we will focus on what we do best, brewing great beer for everyone and earning our place and moments that matter to her consumers. what you make of that response. >> i think the sad response anheuser-busch has failed to give to dylan mulvaney they were the ones that developed the partnership with her, reached out to her and said we want to do partnership or going to send you cans and all of a sudden they were not able to support dylan mulvaney after the fact
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and dylan said it best what's worse than supporting somebody, if you're going to come out and do a campaign with somebody you have to support them, otherwise don't do it at all they said don't do this campaigner, say it was a mistake if you cannot support me or come back and say this is an investor to the company then you should not of done it and that did with the ceo of anheuser-busch should've done weeks ago which was cut ties, this is a mistake and not in the rate interest of the brand and on the right interest of the shareholders of anheuser-busch. we will move on and focus on other campaigns. when you get the indecisive answers you will continue to alienate your customer base and does not want the politics and alienate the other side that does not want them to come out to see will support dylan mulvaney. right now nobody is happy with bud light and bud light is trying to be everything to everybody and there nothing to anyone. ashley: feeling on both sides. anson frericks thank you so much. >> will have to find a co that can be very clear about this in the situation head-on.
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ashley: thank you so much, we appreciate your time. >> the creators of south park are opening a restaurant in denver in their banning customers from tipping their staff. interesting we will tell you why teenagers are cashiered in a labor shortage there desperate to fill jobs that paying 16 -year-olds as much as $70 an hour. is that the answer? next.
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we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity...
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and we'd have a better view. do you need mulch? what, we have a ton of mulch. when people come, they say they've tried lots of diets, nothing's worked a literal ton. or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works."
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my advice for everyone is to go with golo. it will release your fat and it will release you. be when the labor shortage paying great jobs for teens some getting $70 an hour. i find that hard to believe but josh eisen for morningside evaluation joins me now. who is paying $70 an hour, goldman sachs banker paid a kid to wash the car? i can't believe $70 an hour is floating around out there. >> if it is send me the job listing all make time on sunday to fill the role. ashley: is a labor shortage that chronic? >> i think $70 job is hyperbolic but it presents leverage that workers have in the labor market that they did not have an a long time, it reflects wealth of many
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companies and also reflects the national wealth unprecedented in the country in the history of all nations. this is uncharted territory of one nation being so wealthy of having these kind of companies and resources. ashley: do kids just not want to work these days? i say kids i think of minimum wage jobs, summer jobs, that used to be standard. >> it used to be standard and i know many companies we do hire college kids in high school kids over 16 and many will work for $18 an hour. in the teenagers and college kids are reasonable and employed in jobs where people can afford to pay them. most people cannot pay $70 an hour. ashley: a lot of small businesses can't afford to pay half of that $35 an hour, where is the line awarded these businesses, what can they do can
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they go without employees and you have to work themselves. >> some small businesses are in a bind that's always good to be the case in the companies that are in a tough position because of conditions because that's a way of open markets and free-market economies and at the same time big companies that are extraordinarily profitable and orders are making a lot of money are being forced a more leverage on the part of the worker and i prefer this to union leverage. if you think about it. we will leave it at that, thank you for being here. the creators of south park opening a restaurant. >> there is a twist. >> you're saying i'm cheap? >> there may be a tipping fatigue, this is coming from south park creators, matt stone and trey parker they recently
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reopened the famous mexican restaurant called casa bonita and colorado it's relaunch made a big buzz the 52000 square feet you can see it features live indoor cliff divers, walk-through cave into enter and dine there in during the relaunch, the owners said customers were not tipping, they theorize maybe because of the ticket system and customers that they didn't have to tip in the gabbana altogether pay their staff $30 an hour but what we don't know what is going to do the prices to go when that's outstanding question. ashley: going up, that would make sense. cliff diving, still ahead deroy murdock on a majority of americans approving of the supreme court ruling to end affirmative action, new york post on democrat candidate rfk
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