and his dog were stranded at sea for three months he was lost on his way to french polynesia after his navigation system went down. a mexican boat came to us rescue. he survived on a lot of sushi. the poor pup. >> i think about the pup if i were in that situation, a couple of weeks with me, that probably would be like i'm out, i'm jumping overboard. >> at least the pup wouldn't get lonely, keep going. >> this is why i'm not a fan of the ocean, you'll never catch me going this far out to sea. [laughter] >> especially all the sharks we are hearing about. great to have you this morning, thank you so much. have a great day, varney & co. except now. stuart: good morning, big day in politics. this is lord day senior irs officials describing how the

government refused to cover up the biden's family financial corruption. the opening statement of the whistleblower says prosecutors blocked the investigation. blockbuster hearings start 1:00 p.m. eastern. donald trump facing legal trouble, possible obstruction and fraud charges connected to january 6. there are other court cases that will stretch into next year's election, he could face prison. just as that drama was unfolding, president biden showed his aging problem but he mumbled his way through a greeting to israel's president. our struggling geriatric president wants to put his meeting opponent in prison. how does that look to enemies and rivals and allies for that matter? is this another rally stocks modestly higher in the early going, doubt one, s&p up one, nasdaq another from 30 points after yesterday's rally. microsoft, holding onto his huge

gain, 360 this morning. microsoft has monetized its ai offerings and investors love it but corn coming in around 29000, 295 to be precise. ten year treasury yielding 375 and the two-year around 480 to be precise -- he's wrong. 473, died today. extreme weather, new york times headline from a heat wave three confidence as climate change warms the earth. is it climate change? skeptic basin. student lanes, white house says 800,000 borrowers are owed relief, what? they borrow money and demand for not repay it? the world is turned upside down. wednesday july 19, 2023. varney & co. is about to begin. ♪

♪ stuart: i like this music. ready to go. >> very sleazy. stuart: that's right. traffic on sixth avenue this morning. >> midweek people coming to work. stuart: goldman sachs. [laughter] supposedly goldman is one of the bright stars of the investment packing, another reporter this morning, stock storm mohammed they do ask. >> we've made it to the end of the big banks reporting and goldman is the bad news, arguably worst of the big bank reports, the worst report under david solomon. topics fell 60%.

as goldman retreats from its consumer business and takes a hit from commercial real estate, yesterday remember we saw morgan stanley go up from 1% to 6% of its ceo says he sees a bottom in dealmaking meaning things are getting better. stocks surged, goldman sachs ceo has not said that at least not yet, look at its wealth management unit, it brought in 4% lower revenue and banking fees fell by 20% the stock is down one and a half% premarket spirit even though goldman has his trouble, big banks are solid and sound. >> and i think the recession soft landing. it's pretty strong right now. stuart: thanks, checked the futures wednesday morning, still looking at tiny bit of green. look who's here. eddie report is back. we are winding down, inflation is only 3% in the market had hit

a series of new highs. why are you not back in at least one 100%? >> if i'm talking to someone close to retirement and they are near all-time high, why would i go all in to equity when we are in an environment propped up by government bailouts, tremendous amount of regulation and tremendous amount of debt i can't put a portion of their portfolio is something yielding, a yield we haven't seen in a long time that allows them to sweep well at night and actively manage it based on where we go short-term. we did buy equities last month, momentum is strong, short-term, we are owing to buy gifts but not going anywhere near all in until we get the fundamentals and data because we have a data driven process that tells us the coast is clear. stuart: what are you buying? >> healthcare, india, we think

there's tremendous upside there. we are buying aerospace and defense. we think there will be actual demand and all of those areas even if we go into recession because the money is going to come from the government and we know our government will spend a tremendous amount of money in these areas so there's good upside and we are going to watch energy and this is why we are not out of the woods with inflation, we can't the fight with inflation is over. oil close to 80, 77 this morning. that could cause inflation to not stay sticky in the coming months but if we get a real acceleration because of energy calls going up, that's going to be problematic so still headwinds keeping a close eye on but the momentum is short-term, i'm not going all in. stuart: i jumped in myself earlier this week and not one 100% but i jumped in.

can't resist the idea of making a little morning money. it's time we got to politics, president biden's election campaign is off to a lackluster start. how's the fundraising going? >> adjust for inflation, biden raised $72 million to transform a loss by 38% some president obama pulled $160 million at this time in 2011 and $2023 and when trump was running for 2020, look at the size, $124 million so these are important because not only do they indicate enthusiasm, the indicate longevity. does the candidate have the ability and funds to go the distance? going the distance is what plagues president biden right now. stuart: sure does. >> reelection staff, no official

headquarters for the campaign, few appearances and no energy, slumping over yesterday. >> , president trump joins sean hannity last night, he was asked how he is the problem, biden's economy. >> so quickly. number one, a closing that border like i had it. i would make our border so strong get off the criminals, we have many criminals who work here three years ago, i will get them out. i will drill, baby drill. energy is way down. when energy comes on, inflation will conduct. stuart: hausa packed town hall. joe concha with me, close the border, drill more oil. is that enough to do biden's economic? >> it's a great start. we were well on our way to energy independence and joe biden came in and shut down the keystone pipeline and made us more dependent on saudi arabia

and we saw what happened with gas prices so you talk about closing the border which we have a huge problem, humanitarian, national security is first thing like 200 people on the terror watch list apprehended and those of the ones we know about. out imagine the really good terrorists for lack of a better word, can avoid being captured and who knows how many have entered the country as a result so these are things that resonate not just with republicans but independent or suburban moms, hispanics, caught on the line, this is something everyone would agree with, we need a border that has lost and placed in a law that prevents people from coming in illegally and drilling here at home, drill baby drill is something he hammered home, most people particularly in the middle georgia, arizona, michigan can't agree on.

stuart: during his meeting with the president of israel, president biden appeared, he slumped over in his chair and mumbled through his remarks. >> we brought israel and palestinians together a political level -- [inaudible] and as i affirmed netanyahu yesterday, the commitment is firm. >> that's difficult to watch, frankly and i want to know how it looks to other world leaders. >> you saw the expression on his face, he didn't seem to know how to receive what mr. biden is trying to say which was written out for him on a note card. this is the leader of the free world apparently, commander-in-chief of our armed forces meeting with the world leader looking and sounding the way he does, this is why an

overwhelming number of americans do not want joe biden seek a sequel, second term and majority of democrats don't want him to run again is anybody going to step up, gavin newsom for example and say i'll be teddy kennedy, will make this 1980 this president will have to earn this nomination but until then, this is what we are going to see on the world stage and adversaries must look at this and say guy doesn't have it anymore and there's a reason a lot of people are comfortable with the notion of joe biden winning reelection and being in the oval office until 86, i can't imagine what it will look like. stuart: a geriatric president wants to put a former president in prison. unbelievable situation. always a pleasure, see you soon. quick check on futures, wednesday morning little bit of

green, nice value market, a little higher today, at least in the early going. coming up, the white house defending the plan, $39 billion worth of student loans forgiven. >> the hearing is a key step in our work to get relief to as many borrowers as possible as quickly as possible. these are borrowers making payments for decades but were never given the relief they were promised. they are owed this relief. stuart: owed the relief? bad choice of words. former education secretary bill bennett will take on. it seems the of administration used government to protect the biden family. we expect to hear about the corrupt today. congressman russell fry who asked questions on the big hearing. will be back. ♪

this is spring semester at over 13,000 us school districts, which have become top targets for ransomware attacks. but there's never been a reported ransomware attack on a chromebook. which is why thousands of schools like the fairfield-suisun unified school district switched to google tools for education. so they can focus on teaching and 22,000 students can focus on learning, knowing that their data is secure. ( ♪ )

ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or

visit coventrydirect.com. with your hearing, if you start having a little trouble, you're concerned that it's going to cost you money. to this day i only paid what i had to pay for the device... when i go back everything is covered. there's so much you're missing by not having hearing aids. we'll find you a hearing aid that fits your lifestyle and budget at one of our over fifteen hundred locations. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. bridgett is here. she has no clue that i'm here. she has no clue who's in the helmet. are you ready? -i'm ready! alright.

xfinity rewards creates experiences big and small, and once-in-a-lifetime. back in the day, sneaker drops meant getting online to wait in line. now with xfinity mobile... ...we get the fastest mobile service and can get the freshest kicks asap. i got this. save hundreds a year over t-mobile, at&t and verizon with the best price for two lines of unlimited. nice job, little sis! they grow up so fast... i'm a fan. from xfinity.

1:00 p.m. today iris whistleblowers will testify before congress about buyers within the agency and officials interfere with the hunter biden investigation. edward lawrence with us, take us through what is expected today. >> expected to be a very interesting hearing from what the lawmakers are saying. the irs the center of a growing debate organizing government agencies to protect the president and go after opponents. the questions are likely to come up with the house oversight committee hearing today where the second irs whistleblower will be revealed.

>> i want to know who's lying. somebody clearly is lying. whistleblowers online, or the attorney general was lying. let's find out which one. >> we are expected to hear how the d.o.j. restricted the investigation into the president's son hunter biden allowing statute of limitation to run out in some cases and limiting scope of it and felt other investigations that led to what's on call sweetheart plea deal. >> with the president monitor updates on the house oversight committee with the whistleblowers testify? >> the president has a busy day tomorrow. >> is he concerned about the impartiality of the iris in terms of their work and investigations? >> i'm not going to speak to the hearing happening tomorrow, no comment from now. >> criticizing the address for making a house call to matt taibbi during the 2016 elections, only former president

donald trump had his tax records weeks. his level punished and the obama administration, irs director criticized for auditing only conservative groups greatly albany conservative groups during that time. stuart: thanks very much. russell fry is a member of the house oversight committee, will be questioning this afternoon and he drives me now. it seems the administration is government to protect the biden family. i'm going to hear about the cover-up today? >> i think so, think you have to brave whistleblowers coming forth, for the american people to see, their testimony is that the by fbi testimony released this week that corroborates statements made by the whistleblowers so having them in front of the american people serve great deal of justice. stuart: former president trump

ripped into the media trying to bury stories about hunter biden. >> they haven't even got to the bottom of the laptop, they have pictures in there that anybody who goes away for ten years, what happened to hunter is a traffic ticket. other people are being sentenced to many years in jail pretty much left, he got a traffic ticket. the only good thing is the people know it won't happen. stuart: for today's hearing change anything in the hunter biden laptop saga? >> i think so. at the end of the day the house oversight committee has judiciary have been more in six months in the fbi and d.o.j. have done in six years and tune into highlight problems with the investigations are railroaded, a cover were not allowed to ask certain questions for the fbi tipped off or people are tipped

off about irs wanting to interview hunter biden and look at documents in the storage facility so this will guide not only future legislation but the conduct in the course of these investigations so we will keep shining a light for the american people in everyday goes by are more things able to uncover. stuart: can you give us clarity? there's a lot of names, situations and titles, who said what to, i think the public has hauled time following it all, can you deliver clarity to make it clear that the administration is up to? >> at the beginning of this you have a career iris investigator is but years on this case uncovered all of these things ready to bring cases forward were stonewalled, doctor impeded

in every way and that's why they are here, the d.o.j. and fbi allowed charges for the statue of limitations to go, they impeded this for years and 11 our these brave iris whistleblowers were replaced, no longer part of the invest investigation. that's why we are here because for years these people dedicated their entire workweek to doing this work and when they finally uncover something about the president's son, they are replaced. stuart: how convenient. thank you for joining us. we've discussed the ties to china but is the president still benefiting? >> yes in terms of money donated to his campaign. i will tell you a story, there

brothers, they run a real estate investment fund, they been friends with the biden's childhood so when jill present -- when he was vice president, the chinese ties, hunter biden laptop, his business partners and zhang, they seem to be a project planning to build in china and turns out after the meetings in 2015, 2016, the brothers donated $33200 to biden's campaign. there's the money. could be a thank you, could be coincidence. stuart: $33000, there you go. check features, who got green, greatly for stocks. it will not nicely at least in the early going, stocks going off of it. we'll be back with the opening

bell. ♪

good week so far for the stock

market, might be another good morning. dow up about 60, nasdaq of about 30, precious the opening of trading this morning. let's bring in ray long, test reports after the bell. i know are a big fan, argue? >> definitely a big fan, this would be interesting. the key number two look at this morning's going to be the margin from a this evening when they report, state of 19% for vehicles, is an important number. tessa has the most to give, $9500 profit of vehicle. about 2150 gm. the carmakers by at 1000 and forth loses about $750 a vehicle and they have margin to give but do they go after volume at the expense of margin and that's what every investor is looking at. stuart: looks like pretty positive report, do you think the stock goes up next. i do, they are expected to be 2%

above last year comedian 24.9 billion and there is cyber truck 1.6 million orders in the back, they produced first cyber truck a few days ago and it's driving up stock. stuart: we got the news yesterday, i know the stock went straight up and i love it but microsoft is monetizing artificial intelligence in 90 seconds, can you tell me how they are doing it? >> microsoft in a couple ways, they have it on being, the search and putting applications. it's already in their and diffuse dynamics, finance software, it is embedded in a product called power ask for they add that to allow workflows and move things faster, get you analytics and make recommendations and also in xbox

they've been embedding ai within their cloud and work, companies are using it so get faster automation suggestions and will learn over time. stuart: what about $30, is it $30 a month for an ai program? >> thirty dollars a month overtime, it keeps your data center and secure and uses that to keep learning and connecting with other systems. >> i had to pay extra to search through thing, do i? >> you don't, it's there improving and their ability to give you better results. >> i love the results of this, talk has gone straight up and i love it. thank you very much, thank you very much. the market is open this wednesday morning, right from the get-go, a solid gain, up 100

points, more than half the dow 30 in the green this morning. over to the s&p 500, it's not huge, not bad. a quarter of 1%, 4500 on the s&p. the nasdaq composite opening higher, .29%, 14395. better look at tech and see how they are doing and this is the early going. also but of 90 cents, microsoft about 50. amazon is higher, meta, apple both slightly lower. we go back to microsoft. a lot of analysts seem to like what they are doing with ai. who's bullish? >> at least five brokerages raised on microsoft this mor morning. the catalyst is monetization of ai allowing business customers who already pay microsoft 365, that gives excel, word and etc.,

if you pay an additional $30 a month, you get ai capabilities. sit in a meeting, the computer tells us what the meeting was about. draft e-mails for us. the whole should i. very helpful and makes you productive. as a result, for $25 a share, thus the highest today. bank of america goes to four -- five but they are putting dollars on this. they say just 1% of microsoft for 22 million subscribers pay the extra $30 a month, that's one and a half billion dollar revenue opportunity. stuart: over $400. >> it is impressive, 362 now. one more thing, maybe we could put the screen to activision, companies are buying time. they still need to get the uk to approve the 69 billion-dollar

deal microsoft for blizzard, they've extended the deadline by three months to october 18. stuart: i just love it. meta was made the first, i think it's update the threads. >> a little over a week and edit shows who's following you and translates posts for you. no big deal. do you know what the advertisers form? the ability to search for hashtags so they can create a marketing campaign and you can search for the # so we are not there yet. stuart: to companies report after the bow, netflix, tesla, i know they started crackdown on password sharing, but could be a plus. >> absolutely. 50 million prediction the nonpaying subscribers will start paying. that's amazing. in the quarter, likely subscribers grew by 1.8 billion to 234, 235 million paying

customers. a lot of people. watch for comments on the hollywood strike, it's believed netflix is in the best position to get through it but bottom line, it feels now we are about to enter earnings season because you have the consumer stocks starting to report and big tech stocks which are really net weeks. stuart: what you got? >> he spoke about the margins, looking for 19%. the cut prices on the cars by as much as 29% in the quarter so watch the margins. what's the latest on the cyber truck or any new product? what does elon musk say on the call 5:30 p.m. eastern tonight? all in tesla affecting to report record revenue of 24 and a half billion dollars. >> one more thing, tim cook thing. >> i'm sorry, steve jobs. thank you for the correction.

stuart: google is restricting internet use for some employees, why? >> to lessen hack attempts on the network, i'm not sure this is the way. you have google restricting internet access to 2500 employees. you have to volunteer and obviously someone who can work without the internet can you actually work without the internet? stuart: can't tell them to work without internet at all. >> is not a mandate and it's a pilot program and they do have access to some things like gm gmail. it's weird. stuart: talking also but. >> could we work without the internet? not a chance. [laughter] stuart: probably could. >> to use the internet now? >> yes, occasionally. [laughter] carbonic, huge game. i know why did they've organized debt reduction. >> they got to be profitable

sometime so yes, they have a deal with private equity to reduce debt load by $1.2 $1.2 billion, a massive using of liquidity concerns and deemed the stock all year until recently. fifty-six right now, do you remember when it was $376? the all-time high. >> i remember when it dipped down to a couple of bucks. >> 355, the all-time low off the top of my head so something was happening because they were supposed to report earnings in august and i saw stop that 8%, they of earnings report, still losing money, they lost 55 cents a share announced this with apollo and that's why we've seen stock reverse course training 36%. stuart: at&t, i know they are bouncing and i fear it's because you got a deal on led cables. >> they had to address that story, they had a network of

cables covering toxic that underground or pulls above ground because stock plummeted so they are addressing this, the cables represent less than 10% of the copper footprint and 2 million so they say is 10% of what the journal says but they don't want to face what johnson & johnson phase, or 3m recently. the street is worried about liability and remediation cost because that could be huge but today stock is up 7%. stuart: now the big picture, dow jones industrial average, this is a rally, that out of 150, it's at 35000. dac winners, whose top of that list? >> verizon, same as at&t. stuart: united help up again.

salesforce, disney coming back a little to $87 a share. s&p 500 winners, a good chance to see august stocks. northern trust lumen, at&t on the list, elements health and sba medications. none of the big names were at&t used to be the big name, not now nasdaq composite, who are the winners? luna, who said, crowded strike on the list. a couple of china stocks, too. here's what we have coming up, listen to what trump had to say about our current border crisis. >> we had three years ago the best border we've ever had, today i think the worst numbers in the world, i don't know if there's any country in the world that would stand for what's happening. stuart: let me add to that, more than 100,000 migrants are now in mexico waiting to cross our southern border. we are giving ukraine billions of dollars, why is there counterattack going slowly?

christian right here to take them up. hundreds of millions of people across three continents currently facing the strength temperatures. if this is a climate change, what is it? we'll get into that next. ♪

or demand setting records, they are dealing with massive he way. casey steagall is in dallas for us. the forecast is the extreme heat to get worse. on the power grid keep up? >> everyone is certainly helping for but the state power grid has been put to the test but it's been holding despite record

demand, there's been plenty and reserves are plenty of supply. so much so, but it warning expired last night despite another day of excessive heat warnings and watches and advisories on top for much of texas but this is linked temperatures coupled with humidity put the index values close to or over 115 degrees in spots. yesterday here in dallas a church 5.26 alarms because of the extreme temperatures. firefighters rotating in and out forced to take frequent cooling breaks as the scorcher stretches across much of the south and southwest. >> california to texas and portions of southern florida experiencing record high temperatures so it is expensive abnormally strong for this time of year.

>> yesterday phoenix broke a new record, 19 consecutive days of the mercury reaching 110, 150 years ago, cooling and hydration centers have been opened across the region as the heat spells miserable for millions. >> we hear you, thank you. now this headline from the new york times, three continents as climate change warms earth. mark barada from the climate depot joins me know. we heard from casey steagall in phoenix, 19 straight days about 110 degrees. you are a climate skeptic, is as a result of climate change? >> this is not outside the normal bounds of summer. it could be one of the house but

joe biden's epa as a chart of the heatwave index going back to the 1930s, the 1930s are probably eight, ten, 12 times hotter in the united states than anything we are currently seeing. 75% of all state temperature records were broken before the 1950s, the records still stand. now this is the way statistics when you heard things like cnn, new york times and others have said is hottest, they were based on climate models which the oceanic atmospheric administration backed away from, they are organizing hot summer heat waves to turn it into a climate action. this is outside the bounds of normal whether. stuart: are you telling me this extraordinary weather which has been prevalent around the world, you are telling me that is not the result of co2?

>> it possibly could have impacted it but absolutely, keep in mind, the data went on and 1880s, coming out of ice age. 1930s is what biden's epa shows, hottest heat waves in the u.s. 80% of carbon dioxide globally came after world war ii. to blame the 1930s on climate change when they were worse heat waves doesn't add up. stuart: i'm sorry, you are losing me here. how many days is it straight in phoenix, 19 straight days above 110 degrees, nothing like that in the 1930s. >> you can go back and look, the absolutely was. 1936 was the hottest year according to this data. when you are looking -- your anecdotally picking a city, they can do this with floods and droughts, even the un

acknowledges extreme weather as declining or no trend, 50 to 100 years. any weather event you can get insight this city or area of california, this is unprecedented drought, climate change. look at it globally and if you look globally, the first united nations report had a warmer. then today in 1990 and they said we have to get rid of that so they altered data and cooled the past and erase it. there's an effort now by scientists in texas who want to get rid of the 1930s epa chart because it has the same problem, he can't blame today's heat waves on co2 when heat waves were worse in the united states when co2 went to the atmosphere. stuart: it's a good debate, a very good debate and i'm glad you're on the show today. i'm sorry, i'm out of time, i'm very sorry i'm out of time. will bring you back again, it's a good debate.

senator joni ernst going after john kerry, the climates are because of his talks with china. what is she saying? >> she's focusing on the wrong enemy. this is what she says john kerry is focusing on fossil fuel being the enemy when china is the enemy. pull up the quote, she told fox digital once again joe biden's climates are just off burning the same fossil fuels he rages against wasting taxpayer dollars to undermine the world stage while his head is stuck in the clouds, john kerry needs a reminder that fossil fuels are not the enemy, china is. the ccp is seeking to undermine the u.s. at every turn but the biden administration continues to back to beijing, the world's largest polluter. i think she does make points, biden administration is trying to find ways to work together with china because we need to but china is not only telling

us, they are showing us they are leading in energy and feeding in the energy transition. not afraid to use gold and they own the materials you need for ev batteries. stuart: thanks, lori. coming up, not everyone is loving country music star jason all things politically charged single, china and a small town. play that music. ♪ stuart: china in a small town. that music video is pulled from cmt. jason all things response. our developing entitlement culture, that's the direction biden is taking in my opinion and i don't think it's good. that will be my take top of the hour. ♪

this is american infrastructure, a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends these services for everyone who lives here. ♪ - this is our premium platinum coverage map and this is consumer cellular's map. - i don't see the difference, do you? - well, that one's purple.

- [announcer] get the exact same coverage as the nation's leading carrier. starting at $20. consumer cellular.

babies "r" us is back. they opened the first physical store in america in five years. madison hours is that the new location. i did they decide to open now? >> the brand acquired babies "r" us and toys "r" us in march of 2021 because toys "r" us has been so successful they decided his time to reintroduce it to the u.s. consumer with the store. i want to bring in the ceo), and the company launched 70 years ago we didn't have walmart or amazon. one to parents need babies "r" us with this online shopping environment we have? >> a lot of great places to shop, you know exactly what you want but if you want to browse and not search to discover and try out car seats and the strollers and the grips you got to come you have everything in one place, trusted destination here prepares on the journey. >> i think the trying is a good example because we are going to go the stroller test track here, i floated up a stuffed animal and i will ask as i test this out, not plan but you launched

at the same time bye-bye baby is liquidating at the same time consumer call it tightening. which will impact babies "r" us more? >> when it comes to baby and pet products, these are recession proof categories so by the way, you're doing great on a test drive. baby products, a great opportunity, a billion dollars in market share of opportunity because of competitor liquidating but more broadly, 4 million babies are born every year in the united states is a great opportunity for all of us. >> all right, some will be shopping here starting at 11:00 when the store opens. stuart: i want you to fold that stroller. it's a real difficult task but not on camera. madison, you're all right. still ahead, christian white and -- >> she doesn't know where to begin. [laughter] stuart: totally advocated.

sandra smith, tom, they are all on the show coming up 10:00 hour is next. ♪ ..

ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.