tv Varney Company FOX Business July 20, 2023 10:00am-11:00am EDT
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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.
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stuart: a little queen. have you ever heard of queen? lauren: i haven't i've heard of the song. i look at the screen. stuart: 1960s, eric clapton. lauren: you are a fan? stuart:. i saw the song clapton is god. i saw that. good morning, everyone. 10:00 eastern, straight to the money. the dow is up 200 points, us be a couple stocks in the dow industrials which are sharply higher. the nasdaq is down 87 points as we speak. the 10 year treasury yield is going up again. 3. 83%. the price of oil in the high 70s, $76 a barrel, bitcoin around $30,000 a share.
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30,200 as we speak. important numbers just coming to us, important for realtors across the country, the latest reading on existing home sales. lauren: more than expected declining 3.3% in june to seasonally adjusted annual rate of 4.16 million units, inventory of unsold homes, 3. one months supply. that went up a little bit. median price, 410,000 $200. stuart: that strikes me as a weak marketplace if you are only selling 4.1 million existing homes on an annual basis. lauren: all your existing home sale people, 70% have under 4% mortgage rates. you are not going to trade that. the fed is good news because
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they can sell this. stuart: no impact on the dow but homebuilders are down across the board. thanks very much, that's the market. now this. the president will arrive in philadelphia later this morning to deliver a speech claiming success for bidenomics. he will speak about job creation, low unemployment and receding inflation. that's fair enough. he is running for reelection. of course he will play up anything positive. when he is in philadelphia he will not see the problems that arguably could be laid at biden app store, crime is out of control, defund the police didn't help, did it? drugs, especially fentanyl have wrecked that city. we reported on street people with rotting flesh. biden's open border did not help the drug crisis, did it. migrants, another busload arrived yesterday from texas.
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the open border isn't helping philadelphia, just as the president arrives the whole country is learning more about the biden family's corrupt financial deals, those irs whistleblowers expose $17 million worth of payments for no apparent work. i can't imagine, with shift yard workers with him the president will meet today. biden should drive through the city and go see the drugs, homelessness, the stores where everything is locked up. the empty office buildings because workers are scared to come to the city. it is a democrat city and our democrat president should go see what is happening in the city of brotherly love. second hour of varney just getting started. ♪ stuart: jason chaffetz, the president is not going to see
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the problems in philadelphia. do you think the media will pick up on that? >> no, obviously not. but you are absolutely right. the president offers no solution to the fentanyl problem, to the crime problem, to the homelessness problem. not even attempt to have a solution, the democrats who have been running the city for so long, if you are not going to enforce the laws, back the blue, if you are not going to fight to reduce the cost of energy you are going to have this rapid inflation that continues to persist, wages are outpaced by inflation. that has been the case for a long time. those are the things about bidenomics to talk about. stuart: the big story of the day, we watched the irs whistleblowers testify yesterday pressed on investigations into the president. roll tape.
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>> you stated to cbs news there were certain steps you could not take that could have led to president biden. >> references to the father of subject president biden and in the course of a normal investigation, the subject's father is related to the finances of the subject, normal course of the investigation we would have to go into that information to properly vet the financial flows of money in the investigation. of the one lot of points were made yesterday. what was your take away, what did you focus on? >> it was not a full and complete investigation but they are going to get into a plea deal, attorney general garland and mister wise, us attorney in delaware, somebody is not telling the truth because to say that it is an unimpeded investigation is not true. these people -- the democrats did nothing to refuse what
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these two had to say. they didn't make an attempt to discredit them. stuart: in fact, it was a democrat who inadvertently revealed that president biden had indeed talked business with his son hunter. we didn't know that before. >> the democrats confirmed it and part of the testimony that came out, andy biggs, congressman from arizona, that hunter biden was spending money as a business expense for president biden to travel, to be with him on a business trip. i don't understand how in the world the traditional mainstream media continues to ignore this story, it's one of the biggest stories of corruption we have ever seen in politics. stuart: thank you for being with us. i know we will see you again soon. president biden announced his
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reelection campaign headquarters will be in delaware. why the republicans taking issue with that? lauren: they call it a shield. it is déjà vu, that was headquarters in 2020, even though headquarters were philadelphia but he was relegated to the basement. also where he spent 1/4 of his time so that is how some republicans feel. they also want biden's two delaware homes to have their visitor logs released. stuart: that is interesting. biden has been touting bidenomics. he is out there. is it resonating? >> of monmouth university paul, 52% disapprove of resident biden's job when it comes to inflation because inflation robs you every time you get your utility bill and he is out there touting bidenomics saying you are making more money but you feel like you are not.
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30% say they are recovering post pandemic and that's not a big number. stuart: not by any means. back to the markets please. netflix and tesla reported yesterday but you don't like either of them at new lower levels. what's the story? >> reporter: no chance i not like netflix because their earnings over the last year are down while the stock has been a valuation move and sales growth is in the low single digits and that is inclusive of the password deal they got going. i don't think it's a growth company anymore. i think valuation is high. i stay away from it. tesla, different story. i think right now a lot of these big names are priced in, i don't see anything wrong with tesla and i'm looking at their battery business going forward.
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i think it will be gargantuan. if i do get back into it it will be because it's a huge growth industry for them and a lot of automakers will adopt their batteries. adam: do you think we will continue with this steady as she goes gradually rising market? is that where we will continue it? >> the market does not gradually rise. it has certain days, the bulls are smiling, the bears will be smiling. i will say this. the broad market bottom and woke up on june 2nd and it continues at this juncture and that is the area to go to, that's the best place and one of my favorite areas on a technical basis is the regional banks, off of the lows and they
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are underowned and underloved and if they ever normalize they have a long way to go to get away from what happened with silicon bank and the other ones that went out of business. blue one for someone in their 70s, what's a mix what the mix of stocks and bonds? 70% stocks? you've got 20 seconds to answer. >> you are getting 5% on money markets but always use a sleep indicator. if you can't sleep you have too many stocks. stuart: that's what my guy said to me. thanks for joining us, see you soon. lauren is looking at the movers. lauren: stock is one hundred 50%. americans are buying new homes because they can't find old homes. we gave you the existing home sales report at the top of the hour. so use the pace, the slowest pace in 14 years, supply is the
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issue, 400,000, by the national association of realtors. one out of 3 homes sold about their asking price last month. this is an affordability issue. that's the same. stuart: a contradiction. bidding wars at a time you have a difficulty of 40 minutes. what does that tell you? some people have a lot of money. let's have a look at carvan a. lauren: they were downgraded to sell. they reported their earnings yesterday and better-than-expected restriction happening but already baked into the stock which doubled in the past month. stuart: doubled in the past month? we missed that one too. estée lauder. lauren: down 3. 5%.
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barclays cut them, a disclosure with cybersecurity incident caused, expected to continue to cause disruption in part of their operations, that increases challenges for them. they used the word systematic. we won they really got hurt by the cyberattack. i can see that. thanks. california governor gavin newsom wants to give undocumented farmworkers free legal services. we will get into that. artificial intelligence experts warned our military is at risk of falling behind china when it comes to ai. lieutenant general keith kellogg takes that on. ukraine under heavy fire for the third night in a row as russian threats to target any ship leaving ukrainian waters. this is all about the stoppage of grain exports and it is a big deal. alex hogan has the report next.
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stuart: on the markets this morning, dow industrials up 170, the s&p is down 12 and the nasdaq one hundred 25. j and j, goldman sachs, both up, both dow stocks and are adding 95 points to the dow industrials, 95 of the 170 points accounted for. and this, russian troops launched the third night of drone attacks on ukraine, concerned about russia targeting ships in the black sea as well. alex hogan joins us. this is all about stopping ukraine's grain exports, right? >> that is right and russia is take it a step further issuing this warning that it will see any ukrainian ship as a ship
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that's attempting to move military cargo. keep in mind the black sea grain deal not only allows shipment of ukrainian grain and other food but protect these ships from any potential attacks. that protection is gone. moscow is clearly laying out how it will perceive attempts to continue those shipments. noting the warning came hours after volodymyr zelenskyy said that ukraine was not afraid and urged other nations including the united nations for support in the continuation of grain shipments through the black see. the threat of potential attacks on ships is causing wheat prices to soar on global markets but that is not all. russia also hammered ukrainian port cities once again for the third night in a row as you can see in this video of buildings and homes on fire, 21 people wounded and two killed overnight in odesa from russian missile and drone strikes.
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new security assistance is on its way to kyiv. the parent tag on announced an aid package, the latest round will include drones in four air defense systems, artillery, munitions, vehicles and even defense systems to counter russian technology like drones which we've seen continuously use throughout the war. there are new satellite images we can show you of a growing presence in belarus showing construction on the base, reportedly using by wegner forces. it has been a month since the attempt an armed uprising of russian mercenaries on russian soil and now videos also show the leader of that group, welcoming other forces saying his soldiers will not return to ukraine but instead moving to another assignment in africa. >> thanks very much. lieutenant general keith kellogg joins me now. as you just heard russia's
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drone attacks in odesa reportedly destroyed 60,000 tons of grain meant for export, this is a very aggressive move by the russians. wise putin doing this? >> thanks for having me. it's a response to what the ukrainians did on that bridge that connects russia with crimea. it's a real bridge and the road bridge that moves logistic supplies for the russian military. but it is deeper than that. this is a classic attempt by putin to continue to attack ukrainian infrastructure, now he's going after grain shipments and port facilities. waiting for the un to stand up. originally the deal, grain deal was brokered by the un and turkey to allow grain to be expanded. the 60,000 tons of grain that was destroyed, down for china.
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it needs one third of the low yield countries like ethiopia and sudan, classic russia pruden going after infrastructure, no reason for it. i'm surprised somebody like the un hasn't already gone in. stuart: i'm surprised this has not become a major story because it's a major deal. artificial intelligence experts are warning our military is falling behind china on ai. is america falling behind china on ai? >> china is in the lead because they focused on the military aspect of it. the cognitive ability, the machine won't make things fast and hamper -- happen faster. that is 1000 million million computations per second.
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i started with a slide rule, there was a movie 43 years ago called wargames. they let the computer take over nuclear exchange with russia, the soviet union at the time into got out of control. one thing that would remind everybody when you get into ai, keep man in the loop, person in the loop. if you let machines take over, with the speed they are doing and the speed they compute it gets out of control really fast. what the military uses it is simulation of warfare and decision-making because speed is crippling warfare and the chinese have seen that in advance. it is sort of like microsoft should be taking the lead on that. will come out of the commercial, not the military role. >> it is could go to the future. stuart: human beings can't be taken out of the control loop when talking weapons and missiles. you can't have that. >> no. not at all. that is my concern.
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let them go weapons free, let the machines take over, you are always trying to get inside these decisions. it used to be what we called the loop, you want to get inside the decision, what they are doing, that's what ai is intended it to do to build that speed and decision-making but if you take the man or the person out of the loop, you have a big problem. never let the machines take over. stuart: we admire and need your expertise, thanks for sharing it with us today. appreciate it. president biden using an old law from the cold war era to change the status of illegals to legal. ashley is with us. how many migrants are we talking about? ashley: more than 500,000 according to cbs news, the biden administration using a 1952 provision in federal law that gives officials the
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authority to grant parole to migrants which lets them enter the country legally without any visa. as a result, 541,000 immigrants have been granted legal status including latin america and the caribbean as well as ukrainian and afghan refugees. the only catch is the entry is limited to two years, immigrants would then need to have their status reviewed or obtain a visa at that time. meantime california governor gavin newsom is touting 4.5 million-dollar pilot program that will provide immigration assistance to undocumented farmworkers involved in state labor investigations. about half of california's farmworkers are undocumented. newsom says employers used the threat of deportation to stop workers from summoning labor claim so now they will get free representation. stuart: as in free lawyers. thanks very much.
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climate czar john kerry came up empty after his meeting with china. role tape. >> we had very frank conversations but we came here to break new ground and it is clear that we are going to need a little more work to be able to complete that task. stuart: why should we continue to suffer with our attempts at co2 reductions while they still pollute? the administration issued new rules on mergers, business leaders say it will stifle growth. grady trimble has the story next. ♪ ♪
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lauren: they reported earnings of a 7% increase in the second quarter, that's customer confidence in this regional bank. a lot of people pulled the money, put them in bigger banks because bigger was considered safer. stuart: gary said that a few minutes ago, mutual banks. abbott labs, what's the story? lauren: stock is up 4. 5%. they are seeing recovery in surgical procedures and demand for their devices. for abbott's it is their diabetes care. stuart: discover, credit card company. lauren: it is up 14%. week earnings, they are pausing the share buyback because they have to figure out how much money to return to merchants for charging them for wrong fees for 15 years. there is this regulatory review going on and because of that they paused their buybacks. stuart: we don't know the dollar number. as soon as you get the dollar
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number you will have some reaction in the stock. thanks. the ftc and the justice department have announced new rules for mergers. rated trimble joins us. is this about going after big tech? >> reporter: it seems like it but this could affect a lot of industries. think of the pga liv golf deal for example. i want to show you a few of these new guidelines the department of justice and the federal trade commission are unveiling, mergers shouldn't increase concentration, lessen competition or create a monopoly. president biden explained why he says his administration is making the changes. >> president biden: we cannot accept what leads to mass layoffs, higher prices and workers and consumers, capitalism without competition isn't capitalism. its exploitation. >> reporter: critics of the
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proposal like republican lawmakers at the us chamber of commerce, they say the biden administration is only changing the rules because it lost several high-profile court challenges notably the ftc failed to block the merger between microsoft and activision. the chamber argues the rules will deny smaller companies access to capital and could stifle their growth. a case activision's ceos concerned about. >> when you look at the companies leading in our industry, talking about the best companies in the world, so many companies are competing in videogames but this gives us the opportunity to be effective as a competitor but there is no shortage of competition in our industry. >> reporter: critics say the biden administration is ignoring the positive impacts like innovation and in some cases lower prices, the new
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draft rules will be over public comment for 60 days or so, those who don't like them can speak their minds. it is not clear when they will go into effect. stuart: the europeans want our money, as simple as that. next case, climate envoy john kerry came up empty during his climate talks with china. >> nobody should be dictated to and we are not doing that. that is why we have intensive discussions. it is a clear exchange of ideas. if anything is dictating, it is the sites -- the science. we had frank conversations, but we came here to break new ground and it is clear we are going to need a little more work to be able to complete that task. stuart: he came up empty. mark mills from the manhattan
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institute joins me now. xi jinping says china is going its own way on its own time on climate. so we sacrifice and china continues to pollute, is that where we are? >> it's better than that for china. they produce cheap electricity by burning more call anywhere in the world, to manufacture the silicon for solar panels, manufacture lithium for our batteries. it's a pretty good trade for china. very good trade. stuart: nothing is going to change. what occurs to me, the united nations plan to reduce co2 emissions is not working. what are we going to do? do we have a new strategy? >> you need a new strategy. china's increased call consumption the last two decades is more than the carbon dioxide emissions since the industrial revolution. we need a new strategy.
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china is burning call and they will keep burning coal. power matters and prices matter. they plan to keep on. stuart: you have a new study out, i believe it's casting doubt on the push for electric vehicles. you don't think much of the electric vehicle push, do you? >> i love evs and admire what elon musk has done, he friend dolly automakers. the idea of mandating, subsidizing evs is plain silly. my study points out the data in the very studies the organizations that are pushing for evs like the international energy agency, their own data shows they have no idea if and how much co2 emissions will go down in a world full of evs because all the energy used to manufacture the battery chemicals and materials, a lot of which are produced in china and coal-fired grids.
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stuart: all this news about temperature changes, floods, rainfall etc. and a lot of people trying to link it to climate change. is there a link to climate change? is this severe weather caused by co2 emissions? >> the short answer is no. even the ipcc, international body's documents point out if you read them carefully they do not see, their languages cautious, they have low confidence of any linkage of current weather with climate change, they are talking forecasts for half century to a century from now. the hyperbole is understandable but no, they are not linked. today's weather is not linked to climate change. tomorrow, next century's weather may be possibly a little bit. stuart: we have to leave it, which we had more time because this is fascinating, direct opposite from what you read in almost all the conventional media and that is a fact, that
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is the way it is. you better come back soon. thanks for being with us. always a pleasure, governor of new jersey phil murphy jumping onto the ban on gas powered cars. come on in please. how long do i have to keep driving my gas powered ford f 150? i live in new jersey. stuart: microphone. >> those are. blue when he's putting his microphone on. trying to find it after he fell under his seat. he's doing it as we speak. i think he's got the microphone on. lauren: i am so sorry. i trod on it. let's rewind. by 2035, governor murphy proposing a mandate that would lead to a total ban on the sale of new gas powered vehicles should take place in the next 12 years by 2035, new jersey is the next state to join new york and california in addition to the european union, great
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company in banning new gas vehicle sales by 2035. the announcement drew criticism from new jersey republicans who called the plan extreme, expensive and unrealistic. in fact, senate republican minority leader said it seems the governor was serious when he said he wants to turn new jersey into the california of the east coast, somebody, he says, should tell him that's not a good thing. stuart: at the good comment. i really liked that one. i doubt i will be living in new jersey by 2035. thanks very much. we are moving on. colorado will pay for your college tuition but you have to study in a field that is in demand. we are going to tell you what you have to study if you want it for free. robert f kennedy junior is testifying on covid censorship, the democrats want to block kim.
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stuart: down the street is up 160, nasdaq down 200 points. capitol hill, president will candidate robert f kennedy junior testifying about the government's role in online censorship. hillary vaughan is there. the latest from the hearings. >> reporter: multiple democrats on capitol hill tried to stop robert f kennedy junior from coming to capitol hill to testify but in this hearing they had attempt to try to shut the hearing down and silence kennedy. congressman stacy plaskett and clashed with jim jordan how much time every giving kennedy
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for his opening statement, then after that democrat a argus woman debbie wasserman schultz tried to essentially close the doors to the hearing and continue in a private session. republicans say both blatant attempt to censor and silence kennedy. >> point of order. i know witnesses usually have 5 minutes. ic 10 minutes. is a going to be 10 minutes? time problem witnesses. >> if you want to cut him off and censor him some more. >> that is not my job. that is your job. why don't you threaten the witness so that they cannot want to be a witness. >> recognized for his opening statement. i move the we move into executive session. mister kennedy repeatedly made despicable, anti-semitic and anti-asian comments as recently as last week. >> point of order. >> is the custom of this committee to censor viewpoints that we disagree with? >> the hearing today is focused on the government's involvement in content moderation decisions that led to people like kennedy being the platform down stories like the hunter biden laptop story being censor.
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kennedy wants the term misinformation is being used as a way for the government to silence narratives that are inconvenient and unfavorable to them. >> this kind of division is more dangerous for our country than any time since the american civil war. every democrat on this committee believes we need to add polarization. do you think we can do that by censoring people? i am telling you you cannot. that only aggravates and amplifies the problem. >> reporter: attempt to interrupt the witness in today's hearing did not end. from the beginning of the hearing it continued throughout where kennedy was repeatedly interrupted by some democrats on the panel trying to interject and contradict or correct what he was saying. stuart: is the world turned upside down when democrats attack a kennedy, things have really changed. hillary vaughan right there in dc.
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elon musk and alexandria ocasio cortez going at it again on twitter. ashley, what is the argument this time? >> musk ridiculed aoc's complaints. ocasio cortez tweeting this, i've never experienced more harassment on this platform than i do now. people now pay to give their harassment more visibility. the verification of journalists, civic organizations and figures made it impossible to follow conversations. i wish it could be usable again. musk responded with somebody protests too much. twitter safety chimed in saying it has partners with a company called spengler, a data management company, to understand measure and reduce hate speech on the platform but twitter estimates actual hate speech is down 30% from on
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average versus the preacquisition by musk. they say they are doing a better job. stuart: thank you. now this. artificial intelligence is a big concern among hollywood writers and actors. they are on strike, they are worried about their jobs. we will speak to a top executive at a holiday had -- hollywood ai firm in our next our. brother activists try to cancel the no anti-crime song that just hit number one on itunes. is cancel culture losing a little steam maybe? we will deal with it next. ♪ you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. take the first step to see if your small business qualifies. there are currently more than 750,000 unfilled cybersecurity jobs in the u.s.
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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.
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stuart: the same situation, the nasdaq is down nearly 200, the dow is up over 200. the governor of south dakota firing back at liberals over their push to cancel jason alldean. what she saying? ashley: she can't believe people are trying to cancel his song, why are they doing that? the country star is welcome to perform anywhere in south
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dakota including the front lawn of the governor's residence. >> i'm shocked but i wine i'm seeing in this country with people attempting to cancel the song and cancel jason and his beliefs. a lot of times people fight every day on these important issues and have an opinion and remember the freedom and liberty this country was founded on get persecuted from it and we are seeing it with that and the songwriters that work so hard on this and i want them to know we support him, we love him, thank you for writing a song america can get behind. ashley: that is what supporters are saying, the song upset liberal activists who claim the tune has racial undertones, blasted him for using black lives matter writers in the music video. he says there's not a single lyric in the song that references race or points to and there isn't a single video clip that isn't real news footage.
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number one on itunes. stuart: precisely. cancel that. singer sheryl crow having a go at new music video saying there's nothing small-town or american about promoting violence. evan nearman is author of the cancel culture curse. wouldn't it be easier if artists stayed out of politics? >> this is still america. artists have the right to artistic expression. the notion that people have to silence themselves and live in fear is fundamentally un-american. stuart: the song is actually gone to number one. i presume this cancel attempt has failed miserably. >> it has and it will. country music television will end up singing a sad song down
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the road because it may quick to move to pool the video. what you are likely to see is jason alldean's song getting more attention, jason's presents going up in the united states. the principal thing to understand is he did the right thing by refusing to be canceled, one of the key elements when cancel cultures comes you and seek to take you down you have to refuse and if there is misinformation, false information, you have to combat that. he did a good job of public statements saying you describe these nefarious motives, as a pro-lynching song, that is not the case at all. at the key thing people have to understand, when the online mob comes for you, be prepared to push back. stuart: would you say in general terms cancel culture is losing its steam? >> i believe it is. we've reached a christian know in this country.
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i wrote the cancel culture curse for people to understand the danger this poses not just to famous people and celebrities and performers but every day citizens. there has never been a more dangerous time for a woman or man to be a small business owner. as people understand that when the online mobs, the keyboard warriors come after people based on their thoughts, their views, that is detrimental. every single one of us could find ourselves in the crosshairs. we have to push back against this. there are a lot of signs that americans have decided this is not who we are and that we cancel cancel culture. blue on the keyboard warriors. i will steal that expression because i like it. thank you for joining us. appreciate it, see you soon. the governor of oklahoma on countering china's dominance of critical murals.
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joni ernst on john kerry coming up empty after climate talks with china. jimmy fallon on the media marking republicans for criticizing the new barbie movie. the wall street journal has a new op-ed titled america is becoming a nation of early birds, people of all -- dining out earlier, hanging out earlier. that is "my take" next. ♪
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