for any signs to slow down, as they are dealing with this tightening liquid and uncertainty about credit going forward that will take a little more time, and in terms of the stable economy, before they begin to really loosen that up. maria: a great conversation everybody we so pressure it thomas hoenig douglas holtz-eakim pete, adam john cheryl casone so appreciate it thank you great conversation again the opening bell 30 minutes away dow industrials right now near highs of the morning up 187, after we saw a better than expected cpi this morning at it tomorrow right here for the ppi to join us have a great day see you this is fun and good morning. we've got inflation number, very important for interest rates for the economy and the market so

here it is, the last 12 months consumer prices have gone up 3%. that's down significantly from the previous reading. the one month of june prices up 0.2%. that means the pace of inflation is slowing down. this is what the market wanted to see and here we go, this is what we got. dow industrial premarket of 180 points, solid gains there. the nasdaq up 140 points, close to 1% gain, premarket. that is a rally. interest rates going down, look at the ten year treasury yield coming in it 3.91%. for the two-year treasury, the yield was coming down significantly, it's back to 4.78%. interest rates down. going not much change, holding 30,000 $700.. throughout the show you will look at the impact on the market of 3% consumer inflation, all

through the show will have reaction on the market. politics, zelenskyy arrives at the nato summit surrounded by well-wishers. you will get more weapons about $3.8 billion worth you will get a declaration of support but there's no firm timeframe for ukraine's entry to nato. zelenskyy meeting with president biden as we speak. the president skipped the nato leaders dinner last night, his aides excused him saying he has a busy schedule. a very important event he missed and raising more questions about the president's ability to do the job for another six years. huge defeat for the government's attack on big tech. federal judge throws out a suit trying to block microsoft's purchase of the video game developer. the leader fails to prove they would hurt consumers and reduce competition the left takes a hit with this one. throughout the show today, you will see zelenskyy, nato leaders and the president negotiating

the west response to russia's war and you will see the market's response to the news inflation is clearly slowly to 3% pace. a big day. wednesday, july 12, 2023 varney & co. is about to begin. ♪ it is, isn't it? sixth avenue new york, it is busy, of course it was. we are going to get straight to the big report of the morning, the biggest report of the week, june consumer price index. >> one year ago inflation in america was 9.1% and now 3%. it fell fast. still painfully high in categories like food, prices of 5.7%. shelter up nearly 8%.

shelter runs 70% of all inflation in june. here are bright spots, gas costing less, it fell 60%. the price of airfare down 19%. what's going on? used car prices down so the fed will look at the report, most likely they still hike, maybe not another hike. one incident. stuart: fair enough. take you. check futures. after inflation report like that, expect a rally. up 200 for the dow, 150 almost for the nasdaq on the upside. eddie go for his back with us. inflation is down. are you piling clients into the market today? >> we are not piling in. we've been buying, we started last month going into healthcare into india. we are still not completely out of the woods yet so we will have

defensive positions for clients but the momentum is bullish near term. it's starting to broaden out and inflation numbers will give us choose to have more upside here in july so this rally will have more legs because of this but we have to wait to see what the fed will do. my concern is there not going to get things timed down to where they want it to go because although the numbers are great, it's more than double what they want to see and they continue to be hell-bent. stuart: cap declines out of the market for some time. the clients have missed a significant run-up and still keeping them up. are they happy? >> i humbly say this and i hate to say this because i tried to stay humble, we had the best two

and a half years in our company's history. being wrong for three months last two and a half years does not mean he did not do a good job risk managing assets. we ran the market in 2021 and called top in december, instead of losing 20 to 30% last year, we were close to that and we caught a credit crunch this year end banks failed. since the bank failures, we've been wrong over three months but this two and a half years, our track record has been strong and clients have been extremely happy howie risk manage. stuart: fair enough, you are an honest man, he's admit to being wrong for three months. i hope you keep your clients and i hope to see you back here real soon because i think we've got a rally on our hands. eddie gabor, thank you very much. politics, president biden skipped dinner with nato lea leaders, his aides said it was because the president had four full days of official business and preparing for big speech. jason chaffetz with me now.

biden's physical position and his anger are two issues that are not going away and this skipping an important dinner provokes the question, is he up to the job? that's still hanging over everything, isn't it? >> this is not a person who's acting in full capacity. vigor is not a word associated with joe biden. the idea you skipped the dinner because of an upcoming speech, they probably been working on the speech for at least a month. i don't think he's up for a job. we saw video resting on the beach before he goes on this trip but all of these other nato leaders showed up at the president of the united states is unable, that's not a good sign. >> a series of records about the president's mental condition and physical abilities, almost a drumbeat here. i suspect the democrats are

behind because they don't want him to run next year. are you with me? >> of said for some time i don't think before the end of this calendar year he will be a candidate for the next race. that's obviously appear guess but if you think he's running out of gas right now has most of us i think do, do you believe he's up for another four years? another four years to go to get to the next election so i can't imagine democrats are going to put all of their marbles behind this person and don't have anybody behind them and kamala harris who can't spit out a sentence without repeating herself, one word sought after another so i think they are in desperate need to find leadership and excitement to get the base going in america can believe it because joe biden can't seem to negotiate speech without serious consequences.

stuart: the secret service will provide us a private briefing on the cocaine found in the white house. the chair of the committee james kohler says he's ready to get some answers. >> i don't know why it would be classified but they invited staff in the house oversight committee to talk about what happened and it's my understanding they may know how it ended up there so we are interested to find out and hopefully it isn't a sign of times to come the securities lapses or failures within the service. stuart: why is it taking so long to get a simple answer? >> we did multiyear investigation into the secret service we found one incompetence after another, there were shots fired at the presidents, they had shots fired

the white house that hit, they didn't know that happened. there were jumpers going in running to the white house and it happened repeatedly so they should not. what if this was anthrax, something that much more serious? there are videos everywhere. if the secret service can't come up with an answer, it's a huge problem, they need to show the chairman and democrats, then you show video, pictures, they need to know what they did to get to the result of this i don't know why is it classified briefing but they better have answers because it could have been something much more serious. stuart: thank you very much, we will see you again soon. it's get to the 2024 election. referred gop candidates including trump and desantis, the only ones who can be biden.

>> warning consul, trump trails joe biden by one, desantis by five. desantis is going worse than he did in march when he was ahead of biden so desantis officially enters the race and pulling numbers keep going down. if you look among gop candidates, trump clearly has the bulk of the primary support, 56%. down 40 points from him is desantis as 17. third place, ramaswamy, a present among primary voters. he's moving up. stuart: you're going to like this, we've got a rally read doubt of 200, 20 minutes before the market opens up 150 on the nasdaq. a nice inflation report puts the stock prices up. harvard no less says young voters are not satisfied with president biden. harvard said they like to stay

home and not vote in 2024 against the democrat vote. fbi director christopher wray testifies on capitol hill next hour. he said to face criticism over the hunter biden probe. lance gooden will be at that hearing. does anything ever change with these hearings? will be back. ♪

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in politics as an fbi director christopher wray testified before the house judiciary committee top of the 10:00 hour. he's going to face hostile republicans. >> they are mad and loaded with questions about the politicization and resources of the fbi so they want to know specifically why did he get the sweetheart lead you on the tax issues and gun charges? what about suppression of the story of a laptop right before the election? what about pay to play schemes with foreign business people seeking access to joe biden? rate will likely defect champion fbi's work on functional on china and stealing of trade secrets, his first appearance before this committee since republicans wouldn't control the chamber. stuart: smorgasbord. lance gooden is joining me, he'll question christopher lay later today. what you want to get out of t

this? nothing ever seems to change. >> we realize we are in the house and we have a hearing today or we intend to explore wide range of overreach and politicization is taking place with this fbi and christopher wray, at the core of the fbi long before he got there but we expect him to clean it up and the american people see these hearings and the level of outrage is sometimes necessary to get action from congress and i know you asked earlier what changes after these hearings. i think highlighting mismanagement, abuse and not just what we see every day on the news, some things that will come out of this hearing today, it's important the american people see that and members of congress feel the heat from american constituent who should be rightly outraged after this hearing.

stuart: if the criticism of the fbi's it's become politicized, it's legitimate charged to me. how do you get rid of politicized fbi without getting rid of the people at the top who started it? >> that's the challenge because everyday men and women of the fbi believes are great amer americans, we stand with law enforcement but don't stand with corrupt leaders and i think it's a problem with got to continue these hearings, congress needs to take action but important bipartisan support rallies behind real reforms. there are reforms that have members of the fbi have talked about for many years, there's no reason fbi should be the political arm of whatever president is in power grade i think if democrats aren't careful, blindly siding with practices of this fbi will hurt them and at the end of the day elections are truly what makes meaningful changes. stuart: ron desantis was on this

program a couple of days ago and he said day one if he wins presidency, he'll fire christopher wray. do you agree with that? >> on day one donald trump will be president and he will make some meaningful changes to the fbi. i don't know if christopher wray will still be there but a lot more needs to be done for the head of the fbi, we need serious reforms across this fbi, some obligations that were told during the report hearing found in may and last month or disturbing, i think we'll see difficult topics discussed in a lot more. stuart: you think president trump, it will be trump being the president, you think's opponent in 2024 will be the president, joe biden? >> if i had a crystal ball, i probably wouldn't be on your

show now, i'd be on a yacht somewhere with you because you would be involved with joining me on that tour but i do think he will be the president. stuart: do think joe biden is a candidate in 2024 for the democrats? >> i think so, one thing democrats do a good job of is rallying behind whoever it is, they don't really care. stuart: with the age and temper and all of it. i'm afraid amount of time. >> don't hold me to it. stuart: thank you very much, always appreciate it. the chairman of the house judiciary committee jim jordan wants the fbi's headquarters out of d.c. why does he want him out and where does he want him to go? >> alabama and wants him out of d.c. because being centered in the nation's capital you are more political. they are building a new estimated 3 billion plus

headquarters or trying to and maryland and virginia, everybody is fighting where the headquarters will be and jim jordan is saying they already have an office in alabama, why don't you make that the headquarters and get them out of the country entirely? he's withholding money, appropriations of it doesn't happen. stuart: check those futures, love it. the dow will be up 200 plus points, opening of the market in about six or seven minutes time. the opening bell is next. ♪

on the futures market this morning, that looks like a rally, does up 200, nasdaq 252. if you're just joining us, the news is inflation and the consumer level of 3% in the last 12 months. mark is with me now. inflation is clearly slowly and the market is rallying nicely.

are you on board with this rally, are you going to buy into it? >> is pretty amazing jerome powell might be orchestrating this soft landing and today's number was a terrific number four investors and you can't ignore especially if you're a long-term investor not concerned about fluctuations cycle as an investing opportunity for people who can absorb stock so you have to buy into this on some level. maybe not all today but you better take that 5% cash you thought was terrific and reallocated to your risk bucket. stuart: why should anybody by apple or nvidia or meta or te tesla? why should they by now after a terrific run up? why buy them as opposed to buying smaller cap stocks? >> that's a great question because america's great

companies, apple, every young person, almost every young person is getting apple phones and involved in the system and microsoft is a great company you've talked about before so there's a real argument in these america's best companies but maybe not right now. i want to be a pagers and but the time was two to three years ago when tom brady was on the team. you don't chase yesterday's news or stock price opportunity when small caps rising new opportunities come out so investors should look at value, what are they paying and where is the opportunity in the marketplace and small caps made caps have been dragging, beaten down. stuart: the bottom line is this is a genuine solid rally because inflation is cooling and we are at the end of the just rate cycle. that's your summation so rally

is real. >> don't fight the fed. we saw that with the bull market and bear market, you don't fight the fed and inflation numbers continue to be denied, jerome powell will take his foot off the gas pedal and using of rates is good for stocks. stuart: easing of rates, the new territory. the rate hike and then done. here comes the rate declines. are you saying that? >> you look out a few months, the stock market six months ahead of time and 2024, rate might pull back a little whether induced by the fed or the ma market, he saw the two year end ten year, they are reacting favorably and it will tell you where interest rates go and not always jerome powell will tell

you interest rates were go. we think next year could be for bond investors as interest rates cool and that's what you will see. stuart: thank you for being with us on a very important day. always appreciate it. thirty seconds to go before we open the market. looks like we are in for a solid rally if i can use that word. we got 25 seconds to go, the backdrop your as we been saying all morning is benign inflation of the consumer level over the past 12 months, prices of just 3%. >> we have earnings coming up tamari. how does it affect their bottom line? stuart: three seconds to go and we will see the guy press the button. there we go. the market is open on this consumer price. >> you did a two-person?

[laughter] stuart: we are off and running and most of the dow 3026 of them are on the upside, 25 maybe and the dow is up 200 points in the early going. .64% and still rising. s&p 500.85%, a solid game and nasdaq composite of 1.1%, that's a strong game. then big tech, all of them on the upside. it was on at 130, meta- 337. meta is 302. microsoft is 337, it keeps changing. apple 189, almost back to the $3 trillion level. microsoft of $5, 337. individual stocks, netflix start, they've got a price target boost. >> they went from 390 to 525 and the reason is paid sharing, it's

working. kind of scary for netflix to say you can no longer share beyond a certain number of users and people didn't cancel subscriptions, they are paying for 18 million additional subscribers coming to netflix because of the cracked town and they see it with 5% revenue growth. stuart: 18 million will sign u up -- that's pretty good. >> it's there, i literally could not live without netflix, one of the first streamers and it's what people know and love. i do know anybody who's said they've canceled their netflix account. stuart: i haven't. have a look at amazon, this is now day two of the amazon prime day. what happened day one? >> was pretty good, the average size was $56 as of yesterday afternoon, $4 more than prior, spending a little more.

nice brand deals, apple, yeti. madison showed us yesterday. the advisory group says prime day sales could grow in a single to low double digits, amazon shares at $130 now. 53% this year and if you compare that to the nasdaq which has been great, it's up 31%. stuart: it's been on a roll and we have the fashion people, nice gains this morning. this is kim kardashian. >> rebuy 20% stake, her beauty line she sold three years ago for $200 million. she sold it, she wants it back, the number is not determined, we don't know the price. she wants to expand her business so she's got extensive skincare line, the closing brand valued

at 3,002,020, three years ago the skincare was valued at $1 billion so she wants to do more reportedly. stuart: how much will she have to pay to buy back her company she sold for 200 million? >> more than 200 million. stuart: she's got because the other products are great success. moving on, tesla. i don't know whether this story is affecting the stock what they settled a lawsuit. the something to do with the stock. >> they were accused of the terms of their contracts with customers but doubling in some cases, a plaintiff said i signed 72000 and during the course of installation, 146,000 in a class action, must settled it for 7 76 -- 6 million. stuart: huge gain for domino's and i know why. they are partnering with uber. >> up 14%. uber will list domino's menus on

numerous delivery apps. you might say does a lot of menus but not domino's. domino's business model was they didn't need a third-party delivery company. three minutes or less, we'll do it. not the case anymore and investors think it was about time when you look at share prices. the ceo hopes to generate a billing dollars in new sales because of teaming up with uber. stuart: just putting domino's menu on over eats. >> that's where people's eyeballs are, right on the app. they don't to the old-fashioned way, call. you think you're supposed to call, you supposed to do it want to know is doing with shovel five what did they do together? >> you could literally shop from your television set. if you watch tv and you see an ad for a company, you can use the roku remote to learn more and buy it from the television just like that.

ease of purchasing and roku pay to pay and then continue your show. stuart: too easy. [laughter] >> the companies don't know too much about me, what i'm watching and buying at the same time. stuart: tell me about alumina, hit with -- >> a record find. they were fined for $76 million by the eu, the eu is mad they closed the takeover of a cancer section company before for greenlight. the eu is mad, the most maximum find they could bring down. they said we closed prematurely because we were cleared in the u.s. and faced a deadline there so that's why.

stuart: stages come to us for money, don't they? >> 500 million from alumina. stuart: went to move on to check the big board, the dow up to 80 points, 289 to be precise. .84%. dow winners headed by -- look at them go. top of the list, 3m, caterpillar, walgreen. s&p 500 on the upside, look at the winners. domino's 13%. lumen, that's a look at the nasdaq. match group is in there. chinese based companies. i like to see the yield on the ten year treasury, it is coming down. we have nine inflation news and tenure yields 3.91%. the price of gold, don't

expected to do much but it's up $21 on benign inflation. sorry, don't get. 1958. they claim 30,000 600. oil moving up recently, 75, almost $76 a barrel. the average price for a gallon of regular, unchanged nationwide, 354. california price has gone up, up 489 is the average for regular. zelenskyy frustrated, he wants to join nato but will have to wait, he will get billions of dollars worth of weapons and some republicans are not happy with that. former lgbtq activists says he regrets indoctrinating children with gender identity. >> i didn't know what was going on. that was normalizing policies and practices pushing irreversible medical damage on

healthy children. i look back like what have i done? stuart: a wave of lawsuits coming and more where that came from. consumer prices of 3% the last 12 months but food prices still going up, we got a report on that coming up. ♪

plenty of green on the market, the s&p 500 and the nasdaq are on pace to finish at the highest level since april of 2022, down of 200, nasdaq 150.

consumer price report shows prices up 3% the last 12 months. madison alworth at a grocery store in new york. inflation is came in below the store so i want to focus specifically on grocery store food items. when you look at the category, we are seeing on average of 4.7% wanted to pull out some spoke to the owner of the grocery store that we are in what he sees from customers is aisle, prices are

still so high they are making adjustments. one big way they are adjusting is red meat. sales for red meat is way down, you showed you is $16 for just one state. new york is a little more expensive than the rest of the u.s. reviewers outside of new york city but regardless red meat is up on average so for meat section, a third of that i'll is red meat.

the rest is chicken and pork because there's so much more affordable for the american consumer. i want to go back and pull from just food. you look at overall cpi, the court number 4.8% of year over year so still dealing with that number, is just up to consumers to tackle all of this and i want to show an example of this, this honey nut cheerios, general mills cells here, 8.99. for viewers, i know it's alarming but that's new york city prices. and if you grab more offbrand, old, clearly material want to be, it's 5.99 so that's what he's seen. customers choosing this over cheerios because of the big brand names, they cannot come down as quickly as other products so it's up to us, we

are moving in the right direction but the reality is, up 3% from master, 9%, highest inflation we've seen in 40 years. a long way to go. stuart: madison, thank you very much. he miraculously appears on the right hand side of the screen, inflation coming down sharply. will reductions in price rises continue? >> we still have a lot of inflation, i'm glad the progress was made but in the car i see a lot of columns. housing. we are still waiting for lower rental price to arrive in the answer is they may never arise because the price of buying a new home is so large even though we have more apartments to sell, more people are looking to rent because they can't afford to buy a house. in the center aisles of the supermarket, we have major brands exercising but they believe is pricing power, they say costs are two years running

it down fast enough. we still have too much liqu liquidity, i money people have. my feeling is we're going to get pushback on inflation, the history is inflation goes up, uses back, if the fed cuts rates, it will pop up again. it's important the fed all the

line at least. stuart: peter, thank you very much. the mayor of new york city eric adams says we need to let the you can't have a job when you come to america. there's nothing more anti- american. stuart: if they don't work talk is will join me next hour to answer that. children need more than four months of extra school to make up for the learning loss. full blown crisis in this country. edward lawrence with a full report next. ♪

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what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch. you elementary and middle school students are months behind in learning despite billions in federal aid. edward lawrence is with me.

is the teachers union shutting down the schools? are they getting blame for this? >> students who resented the mandatory touchdowns and opened up earlier scored better. new study from the and wea found school academic gains in grades 3 through 8 showed less growth than pre-covid levels, the study found students need an additional four months of math instruction, 4. one months of reading instruction to reach the growth of pre-covid levels. ashley moody says florida bucked the trend. >> one of those states that didn't see this drastic decline in student achievement and student education as a result of the pandemic. even when the unions threatened to bring litigation against the governor and the state of florida, we fought back and kept our schools open. >> look at higher education. a new gallup poll shows americans confidence in

education felt a 36% because the cost of college. the department of education close to formalizing a rule that limits federal loans to colleges where students fail turn higher incomes when they graduate. >> does the president blame universities for that issue? do you think the rule is working? >> it is still in progress. it will be proposed and put in place but when it is in place it will go after the worst performers in this space, the colleges and universities charging the most and delivering the worst results. >> reporter: sometime in the future, we are hearing from this administration the lockdown for education and virtual learning and in person learning. stuart: a former lgbt q activist offered a mea culpa for indoctrinating children. what sparked the change in hard? lauren: she was hired in 2011.

she thought transgender wasn't as much of a deal, she was just fighting for equality for gay people and trans people. but she said in the end it was different than that. watch. >> i had no idea what i was doing at the time, i was being used as a trojan horse for this huge marketing campaign that i didn't know was going on that was normalizing these policies and practices that are pushing irreversible medical damage on healthy children. lauren: she didn't know she was being told to groom them. it was new territory for her. she went in fighting for equality based on sex preference and turned out to be gender pushing gender on children. stuart: still ahead. congressman mike walt's about florida attorney general ashley moody and senator mike braun, the 10:00 hour is next. ♪

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