predict this going forward? mixed signs. >> s&p 50017%, here today. the dow up 4%. is the one or two names your particularly focused on? >> not particularly, i'm holding in gold and silver which is doing fine and when the credit event does come it will also do fine so i'm good with that. >> holding gold is like cash. it's been a good show, that industrial down 32 and nasdaq weaker. we can expect retail sales. see you again tomorrow. jonathan and francis newton stacy, thanks for being here and we will see you soon. varney & co. begins right now. >> good morning, everyone. state of the banks important. the state of the computer consumer, that's important.

have news on both. retail sales, a modest gain of 0.2%. does that change the fed's interest rate? maybe, self-report. numbers are in two big breaks. morgan stanley getting to the rich. bank of america made profits but stocks of ever so slightly. overall, the markets pretty flat this tuesday morning. dow industrial down 30, s&p down five. not much of a loss. but going tops $29000 earlier, that's where it is now. twenty-nine -- seven. little change for interest rates, tenure pulling away from for present, while back from 5%. a split in the democratic party over israel. israel is a racist state. forty-three democrats say it's

an unacceptable statement. now that is a split among us. today biden hosts israel's president of the white house, he'll get a warm welcome. like most about your the split in his party sure is failing policy. have you heard of no labels? third-party possibility in 2024, last night they held an event featuring senator joe manchin. no labels is on in five states, aiming for 50. obvious question, if they do run, they take votes from democrats or republicans? another big number for you, the biden team. for $75 billion. that is the estimated cost over the next ten years of the president's latest student loan giveaway. for $75 billion. on the show today using lionel messy to bring in donations to the presidential campaign the mayor of miami. donald trump and republican primaries, larry kudlow says he's going to win big.

tuesday july 18, 2023 varney & co. is about to begin. ♪ ♪ >> twenty over favorites? >> no but i approve of the music. pretty gloomy out there. stuart: it is, but not that much. bank of america and morgan stanley earlier today, take a strip. >> morgan stanley, public down 18% on a deal drop, stock is up a little bit in the premarket, ceo james describes the quarter, it started subdued on activity but ended with constructive

tone. his words. there is a deal backlog. wealthy customers and reported record wealth management quarter 16%. bank of america, think of scale avoid was just riskiest of customers. 773, not that. that's an improvement from two years ago in the bank is reaping more interest from those customers because of higher rates so in the quarter, double for bank of america, the stock is up a quarter. >> still a pretty solid report. next case, latest read on retail sales. as all the numbers, he stopped. >> arise of .2% versus estimate .5%. this inflation going into the numbers. if you look at gas stations sales because gas prices have come down, they fell 1.4% may to

june. he would think that would give customers more money in their pockets to free up to spend on other things but that wasn't really the case in the retail sales report so overall, i think consumer remained soviet despite 100 basis points of piping from the fed. stuart: not particularly strong response in the market, soft retail numbers. >> everything is just okay when you look at the big banks recording and consumer, steady as she goes. stuart: i must not say the word boring but it is boring. [laughter] check futures, michael week, wanted what could keep the run on the stock market? i know we are done but we've had a good run. >> some earnings tomorrow will be massive so tesla, netflix both coming tomorrow after the close, good earnings from them, should exploit the market, both part of the magnificent seven caring us in the other name a as

a male, the component maker for nvidia so if this trend continues, we continue to see a i pronounce, we should see it but i would say that is what takes us to the next level. stuart: so if we don't see really good numbers, does the market come done? >> you could see it takes a little bit of a breather but when the market gets this high and extended, it normally keeps going, momentum factor behind it. new highs normally mean more new highs in the nasa has been 25% above, three times the last 20 years the last time was in the summer of 2020 for the market 14 months, then in the summer of 2009 and summer of 2003, so following large corrections, it

got extended and kept going for a very long time so you know the market will go up 30% from here but seems from a technical standpoint, it's headed higher. stuart: if i were to buy s&p 500 long-term investment will next. >> it's always a smart move even if you buy the high, longer-term time, it always works out. the 10% annually under 30 and there's never a bad time if you have a longer time. stuart: i do have a fairly long horizon. thanks for being with us, always a pleasure. the bipartisan no labels political group live streamed a townhome last night. the focus on the third heard candidate in 2024.

rotate. >> we hope we won't have to do it but the fact is, if my super tuesday we see the final two kingdoms frankly being donald trump or joe biden -- and joe biden, the american people are saying loud and clear will measure the can come super tuesday, 60 to 70% of american people are saying we can do better. stuart: thank damage joins me now. if a third party gets on the ballot, would take more notes from democrats or republicans? >> that's the question you hear in consultant circles, it's my you seen the effort push back against axis for the group and one thing they see is it takes more on their perspective, early pulling from joe biden then from

donald trump. they viewed as a situation where trump would win less than an overall high number in terms of percentage of the vote and we've seen this before back in the 90s. one of the things we can see is it's kind of where the vote come from that determine electoral college system, what the actual outcome could be. from my perspective, it's not necessarily something that cut cleanly, it could hurt trump in certain states where people would prefer to vote for joe manchin or something like that, similar economic program, someone who's viewed as a social moderate for the democrat party and something that is unpredictable. top bigwigs, they don't like unpredictable, they like predictable so the situation where is unclear who benefits, a

lot of working hard from having developed exits it needs. stuart: brett bear asked when or if you will announce his reelection campaign. listen to his response. >> everyone is fed up, enough is enough, parties retreated to the extreme left and right and that's what it's about, listening to the people of new hampshire. >> if you're in west virginia, a resident and they voted for you government and sender in their thinking i like joe manchin but is he going to be my senator next times? when do they find out? >> i have until january 15, 2 2024. it's ever filed earlier, it's one thing to be a speculated target and another thing to be a target. stuart: where you think sandra manchin is actually going?

>> he hasn't made up his mind yet and sometimes he's famous in washington and try to live in to everything he says but often wait until the last minute to make up his mind and it's another situation that is indicative, he's facing a real challenge, another former democrat, jim justice whose personal friends running against him. obviously a strong public and recruit in the state that donald trump won overwhelmingly. he has to think about the end of his political career, he 75, he is the thing about joy want to go out in a losing effort on a national campaign described as being a spoiler that reelected donald trump? i'm not sure he wants to do that either but i do think you'll be a powerful candidate in a lot of ways closer to where the median voter is that a lot of candidates are.

stuart: maybe he should run as a republican for the senate in west virginia, who knows? always a pleasure, see you soon. president biden boasted about wage increases on twitter quickly marked with a factual error sign but that's not stopping the white house from defending biden alex. >> we disagree because we are looking at data from february of 2021. we have gotten stronger, bidenomics has been really helpful getting to make sure you build the economy that leaves no one behind. stuart: we will definitely get into that and the irs whistleblower on hunter biden's case, testifying tomorrow. house oversight committee that is here with a preview, this could be a blockbuster after this. ♪

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feels like summer -- oh, weezer not to be confused with user. [laughter] you're looking at a nasty old first, i take deep offense. south carolina, 82 degrees. president biden welcomes israel president to the white house today. rich, there have been negative comments from the president and democrats about israel.

will there be tension in the meeting today? >> this is one way united states in this administration is trying to shut the front, fair about went but you've got this woman pergola this weekend calling israel basis state for its policies toward palestinians that led to criticism. she released this statement saying i do not believe the idea of israel as a nation's racist, i do believe that yahoo extreme right wing outright racist policies, white house says that was warranted. >> apologized and cried she did, the apology was the right thing, it was ironclad make that we're and state every chance we get. >> forty-three customer has signed the comet unacceptable and declaring is really only

inclusive democracy in the region. house leaders setting up a vote asserting israel is not a racist state. several progressive democrats are skipping the speech. >> at the democrats want to believe they do not have a conference that continues to make epistemic remarks, they need to do something about it because they depended the individuals time and again. >> the other element we're talking about, yesterday president spoke with benjamin netanyahu, biden called his coalition one of the most extremist over its controversial overhaul of israel's judiciary into the settlement on the west bank. biden invited benjamin not yahoo white house. stuart: as you just heard, 43 democrat signed a letter democrat congresswoman triable statements, the only vibrant

progressive inclusive democracy in the region, will never allow voices that embolden anti-semitism to undermine and destroy the consensus support in the relationship. republican from texas joins me now. congressman, i have to conclude democrats are but. >> i'm glad 43 democrat signed a letter condemning her remarks but 169 democrats did not and that's what's alarming and chilling because she did not say benjamin netanyahu was racist or his government, she said the state of reseal israel was racist. seventy-five years and clearly she has a problem with exis existence. stuart: there is great unity among the publicans i take it because today is going to be a memorandum, israelis not a

racist state. all republicans will vote and say you're right, not a racist state but the democrats will be split. you are united, correct? >> i think this complete unanimity on the republican side and a part of that but not the case on the democrat side. stuart: you remember the house oversight committee, tomorrow you will hear from the second irs whistleblower. i think it will be a big deal. is it a shoe stop her? >> it very well might be, potentially a blockbuster because when these people come in, government employees and testify under oath in congress, they risk not only their careers but if what they tell us isn't the truth, his criminal prosecution so a lot at stake. every one of them confirmed what everyone else said and confirmed evidence from bank statements and subpoenas and our own investigation so it's clear the biden family is corrupt in a lot of trouble.

stuart: we will not see a direct link to this corruption. what we might see tomorrow is evidence of the cover up on how the administration stopped the process on finding what went on. >> we got two different things, biden family corruption, alleged corruption on one end and the government covered in the up. what we will hear tomorrow is the fbi whistleblower and irs is of lower was say the same thing which is when they went to interview hunter biden december 2020, they were told they had to wait outside his house and have the subject contact him which is never happened, they never got the interview because he was told not to go aside because the secret service transition team were told by the fbi about pending interview and should never have happened. stuart: we may all have a degree of investigation fatigue, scandal fatigue but tomorrow we

may blow the lid off that fatigue and congress and pat phelan, thank you, sir, thank you for joining us. democrat congressman jamie raskin question legitimacy of the house oversight committee. what's his problem with the committee? >> the leading democrat on the house oversight committee and his problem with it is james,. >> legitimacy is being eroded by tactics adopted by chairman color. essentially said we will validate anybody who was say anything about the biden's. >> the tactics we are using in the house oversight committee is using a thing called evidence is something jamie raskin's has no concept of and the democrat liberal media will not consider. >> evidence being bank records, shell companies and as you mentioned before, one of the whistleblowers reveals themselves and testifies before the committee tomorrow.

stuart: they go to guys and blocked in their investigation. a quick check of futures, wednesday morning, a little bit of red ink -- it's tuesday next tuesday all day. stuart: we just confirmed it's tuesday. a little bit of red ink, get me out of this the opening bell next. ♪

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good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds, there's no upfront cost to find out. so why not check like i did for my small business? take the first step to see if your small business qualifies for the erc. definitely tuesday morning and futures show minor loss, lifetime side of your screen. octavia, with got the big banks which reporting, tell me big picture, are they getting bigger and stronger? >> certainly looks that way, j.p. morgan getting stronger, bank of america is and wells fargo seems to be moving in the right direction so it looks like the layers are getting bigger and stronger and doing very w well. stuart: morgan stanley did well,

managing the money of wealthy people. i see that in a lot of the big banks, the rich have got the money managed and big banks are coming to the rescue, that's a theme throughout the industry. >> wealth management has done pretty well overall. morgan stan lee in particular but where they fell down was equities trading, fixing trading was weak, investment banking showed life but nowhere near than a couple of years ago so wealth management is the right spot but overall, pretty bleak morgan stanley. they returned below 9%, but that was the one bright spot, just management. stuart: if there's just one more rate increase, if that were the case, one more one and done, is that good news for the banks? >> hard to say. rate increases have turned out good for the banks. a few months ago went through a mini crisis in the banking

sector in the u.s. but it seems they've shifted their deposits into the big banks to the big become bigger and they hold on and pay pretty little for the money they borrowed. a lot of deposits j.p. morgan has are still not interest-bearing so a lot of people intend 0% of the checking account returns rather than investing in the money market and that is the thanks margins this time around. i don't think they can replicate that, that will be able to hold on and eventually that will seek out and we will see people demanding more returns from the deposits and it will impact banks negatively. stuart: but that's getting bigger and stronger down the road. thank you for joining us, always a pleasure, see you again soon. someone is going to reach out and press a button and trade again -- there you go. we are up and running. 9:30 a.m. tuesday morning and market is open ever so slightly

lower. the dow is up fraction, .10%, dow industrial up 40 points. the big picture there of the 30 stocks shows five, six, seven, about ten from the rest, down. s&p 500 is down, fraction .11%. nasdaq composite is down more, almost a quarter%, 2.22%. show me big tech, always go where the money is. meta is the only one, apple, amazon, all of them down but slightly so. look at the banks, we been reporting yesterday and today, bank of america, citigroup, goldman on the upside, j.p. morgan turned around and now is slightly on the downside. anything more? >> on the banks, no. soft landing is certainly possible, bank of america survey 68% of those surveyed say they

will likely have this economic slowdown without recession and there's that subdued optimism of the. stuart: optimism and subdued, that's right. let's look at apple, my question here is close to a record high, 193. are there iphones selling well? >> up double digits year over year, is estimated 6 million iphones this year. for percent of every iphone sold around the world. number five behind the u.s. number one, top for market, china, japan and uk. now obviously supply chains to india to make the iphones closer to billions of consumers starting to buy them. stuart: apple 193. aaa, i know they've expanded to europe and i think canada, they go to the middle east? >> this is the first ever

franchise partner for aaa, 3200 restaurants in the u.s. and they own all of them. it will be different when they go next year to the middle east. they partnered with a company that's the same group that starbucks and shake shack in the middle east so they will open aaa starting in 2024 in kuwait and uae with local menu flavors as well but doing it through a franchise. stuart: another split. >> i thought about buying shares and i retreated. didn't realize it was expensive. stuart: i think the fraction. show me blackrock, they announced a new board member. >> the ceo of saud and his name is -- i don't know what to make of the story, is that a distraction for larry fink who's been under fire for his esg investing and mantra? house republicans are

investigating for what they say could be antitrust polluting to achieve net zero emissions. is this his way of saying i partnered with fossil fuel company out of the middle east who also does fields with russia, cut oil production and says they want to make their economy more green? i don't know what to make of this. stuart: is seems like a contradiction with esg. i presume they've done well, a defense company. >> they raised their forecasts, orders exceeding revenue, they have a backlog $158 billion. there will be management earnings call 11:00 eastern. listen to anything they say about the f35 because this month the pentagon stopped accepting certain at 35's and that could be $100 million hit for the company. stuart: i was looking at at&t yesterday and they hit a 30 year low.

what's going on? >> yesterday city cut at&t and stop down 20% this year. the lowest level since 1993 so up a little today, similar for verizon falling to his lowest levels since 2010. verizon should be up, it's about potential liability from miles cables installed across the united states. stuart: remember ge? your grandfather stock at&t used to be your grandfather stock. thirteen dollars a share, not good. mgm group source there partnering up and i think i know why. i thought there's a huge expansion travel. >> in the market would be biggest. >> marriott has a membership, 180 million numbers so that your most loyal customer, typically business travelers always want to stay out or whatever the

hotel is of choice. we have all these customers, let's them redeem their points at mgm hotels and resorts, there are 17 of them so way to expand back to mgm. stuart: both stocks are up. >> no stock is rising a lot. maybe tonight -- no, tomorrow. tesla and netflix report. the big names. stuart: five minutes in, a tuesday morning, let's get that we are up 50 points on the dow industrial, recovery from the open bell. the big board shows -- look at the dow winners, verizon is at the top, it's a 1% -- sorry, 3%. disney is up a little, 1% but look at $86 a share. open up slightly, cisco up

lightly. s&p 500 winners -- good to see. sixty-six dollars a share. fedex, verizon, dish network. nasdaq composite, charter, lucid, t-mobile, none of the big names on the nasdaq winners list. ten year treasury yield way below 4% market, 376. the price of gold edging closer to $2000 in acts, 1970. but going hit 29000 according earlier that's where it is, 297. oil still in the low 70s, $74 a barrel. it's up 3%, to 59. the average price. gallon of regular gasoline, nationwide 356. california dropped back by 1 cent. still pay for 90. coming up, house judiciary chair jim jordan may hold mark zuckerberg in contempt of congress.

jordan wants zuckerberg hannaford drugs, content, moderation. we will hear from him in the 11:00 hour. secret service white house cocaine investigation and democrats don't seem to mind no suspects. >> has anyone used it? is there a problem that has happened? who met gossip more than anything else. >> i'm sorry, i'm not up on the details. stuart: i wonder if you will get answers to the cocaine thing in the white house may be, they do not and then larry kudlow is a bold prediction for 2024. he thinks trump will win the primaries hands down. kudlow is next. ♪

market is tuesday morning after 12 days of business, little most game, the dow up 90 points. forty-two. 2024, a month from the first republican primary debate which will be on fox news. larry kudlow is with me. you say trump cannot be beaten in the primaries. tell me more, you sound emphatic about that. >> is not quite what i said, i said at this time he has insurmountable lead in the polls and every poll shows that but the key thing i want to say, trump is running an issues campaign. nobody else really is with the possible exception of defect vivek ramaswamy. trump has understood almost day one that because of the failure of economics, this will be a

kitchen table pocketbook election so has emphasized drill baby drill, energy dominance, low taxes, deregulation, getting inflation back to where he left it at one and a half% several years back and also, on other issues, public safety, on the border, and the scores, on woken things of that sort, is campaign put out a couple dozen videos from policies, they are running besides his experience, they are showing a forward-looking agenda. i think helped him enormously in the polls. stuart: not kitchen sink but kitchen table discussion, it's economics are about to saying it's the economy, stupid? we heard that back in the 1990s, that's where we are going. what about cultural wars?

>> i didn't hear that -- trump was the original anti- woke guy fighting culture wars. trump made conservative supreme court justices nominations and trump argued he wants to clean up the swamp and i think he has credibility on those issues but having said that, i think will be much more about the economy. i don't want to downgrade the border or public safety and things of that sort from a very important but i think other candidates have made the big mistake obsessing about local issues and have no economic growth prosperity agenda which trump his head from day one and every speech gives he has multiple paragraphs about these

kitchen table issues. for example, he spoke in west palm beach last week and i think friday, young people's conference. he spoke about falling real wages 26 months killing the middle class, that's an important part. nobody else is making those points. i'm not saying the others don't have good conservative instincts, they do and it's pretty strong and a good feel but one reason mr. trump is almost lapping the field in terms of holes is because he's been so strong on key issues that matter to people most. stuart: inflation is coming d down. 3% of the consumer level, not going to say it's a success but people understand inflation is coming down, isn't that a plus for biden going into the

election? >> biden will try to sell it but when you say inflation is coming down, the level of consumer prices has gone up 16% mr. biden first took office and that's what the killer is. prices fall very much, maybe in some cases, even gasoline. sure it's done $5 to three and a half but it was under $2 when biden took over. you can confuse wall street year to your changes but the level of prices continue to rise much greater than level of wages and that's what people feel the most. the money in the pockets dozen but i would've bought a couple of years ago. you are worse off than two and a half years ago and people know that very well. stuart: president biden was fact checked for his tweet on biden alex, he said real wages for the

average american worker, higher than it was before the pandemic. twitter said tweet contains a factual error. where is the president going so wrong on this? [laughter] >> well, his facts are wrong. real wages today are lower than they were when he took office. so many of these, my favorite, this one is pretty bad because it goes to the pocketbook but my favorite is, he cut the budget deficit by 1.7 trillion and none other than the washington post that well regarded conservatives supply-side newspaper, that's a joke, none other than the washington post gave up bottomless pinocchio for that and keeps repeating it there's another one i saw, liz peek has an article, biden keeps saying

creating 13 million jobs so liz went back three pandemic i think december 2019, about the same as we were then, 13 million jobs so where are these manufacturing jobs had? the level hasn't changed in three years, almost four years so what is he talking about? it's a real head scratcher, a real head scratcher. stuart: it is. larry, we will watch you this afternoon for khakis and on foxbusiness. all good. coming up, congresswoman jayapal called israel a racist state. that's not going down well. forty-three democrats say her statement is unacceptable. that is a split party and gives the president a problem, another foreign policy problem. that's my take top of the hour. airlines with massive air races for air pilots. will that solve the airport

problem? a report on that next. ♪

stuart: flying blind trouble. 5200 delays every day in america. madison alworth is at a new york airport. airline delays and cancellations are so bad. >> airlines will tell you what the combination of weather and staffing. the passengers tell you they don't care, they just want to get to their destination. last year was such a mess. the unfortunate thing is it is as as bad this summer especially if you traveled recently. i want to show you exclusive images from dc producers, trying to get from las vegas back to dc yesterday. what should have been a simple trip turned into a nightmare. they sat on the tarmac for four hours on a hot plane, returned

to the gate when there were multiple heatstroke emergencies and flight attendants running up and down the aisles with oxygen masks, a number of people passing out. there was another passenger who urinated on themselves, five were wheeled off the plane. at that point delta crew offered flyers the option to get off the plane but that if they did they would be giving up their seat and would have to wait days to get to their final destination. you ran through the numbers on average, this past weekend there were 19,000 delays in us airports, 2000 canceled flights, each of those flights with a story. apparent trying to get home, a trip mr. . unfortunately you see this percentage of flight delays continue to climb. from 16% of flights in 2021 to 20%. so those frustrations are piling up.

they are agreeing to fork over huge sums of money, pay raises. once the new agreement goes into effect we will see pilots get a raise between 13 to 18% and they have the opportunity to make 40% more in the next four years. united not alone in this. they joint dealt with this agreement, southwest airlines negotiating a contract. all three airlines hoping to hire 8000 pilots this year in an effort to get things running smoothly but unfortunately as we can tell and as you can see with the line behind me problems are persistent. ask anyone who travels, anyone has a story, i'm a perfect example of that. i was supposed to be on to be on airway yesterday. my flight was canceled, got on a different airplane. stuart: i could match that several times over.

still ahead, byron york, byron kilmeade, mayor of miami francis suarez and ohio congressman jim jordan, 10:00 hour of "varney and company" is next. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. 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

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