tv Varney Company FOX Business July 24, 2023 9:00am-10:00am EDT
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he is retiring. by the way speaking of big things happening. mike lee, the orlando open in its jiu-jitsu, you won your age group and your weight class on friday night. congratulations. hats off to you. mike lee, liz peek great to have you here. i do want to point before i send over to see what the markets are doing, the dow is at 43, is looking pretty good yet the fed meeting this week pulling the futures up, what else is happening, first read, second quarter gdp, jay powell, the list goes on and on mr. varney. stuart: yes it does work to put all untapped, good morning,
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everyone. we have a blockbuster did the underdevelopment and the hunter biden case. joe biden did indeed know about his son's business dealings. hunter's best friend and business partner will testify this week that hunter put his dad on speakerphone dozens of times to talk foreign business. the president has consistently ignited and this could expose a life, to the marketeers of the week is starting, this is a big week for earnings reports, big tech on deck throughout the week. i see green at the early going just a little bit the dow up 40, the nasdaq up 30 points, modest gain on a monday morning. bitcoin currently at $29020 per coin. as for interest-rate still showing short-term rates well above long-term rates, the two-year yielding 483, the tenure just 381. we are facing a serious summary of labor discontent.
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teamsters strike looms at ups if no agreement 340,000 ups workers walked out, that is a big deal, they deliver one quarter of all packages. on july 28 flight attendants at american airlines they will vote on strike action, they want to go on strike. 150,000 united auto workers are in contract negotiations they say they are ready to strike, this would be bad news for the economy and consumers and it wouldn't make the pro union president look very good either. new polls show donald trump ready to way with the primaries, big gains for him in iowa and in south carolina. did we say huge, try this. as saudi soccer team has put a world record price of $332 million for gillian and bobby who plays. psg, 332 million. monday july 24, 2023, "varney &
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company" is about to begin. ♪' ♪ ♪. stuart: there you have it new york six avenue on a monday morning not that busy but it's going to be hot today that plays a role. a new fox business pole reveals where the 2024 gop presidential candidate stands into key races. take with your iowa and south carolina. >> trump territory. former president lee did and i was 46% of the vote. governor ron desantis trails by 3616 present. edward trump has 48% vote, nikki haley who was governor of south carolina in second place 14% and desantis at 13.
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this is who has qualified for the debates on fox next month, trump of course although were not sure if he shows up, desantis, vivek ramaswamy, haley and chris christie, programming no nikki haley jointed you later in the show. stuart: a few minutes time will be sitting right next to us in new york city. back to the markets. he always wanted to what your money is doing on a monday morning. we have a very modest gain for stocks in a very early going this morning. jessica is with us. we have the big tech stocks reporting the earnings this week. if artificial intelligence a.i. will show up in the results of microsoft and also but. >> i think they will. if you look at this rally and you take out the technology the seven largest technology stocks that have been focused on the a.i. capabilities of these
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companies, you don't have a market that is done as well as the numbers say. in the earnings coming up tomorrow, we have alphabet and we have microsoft. you are going to see if the hype over a.i. is justified. the way you will see that if they could point to how a.i. is helping to enhance their earnings and become a sustainable business model. stuart: there is a premarket, also but is up a dollar, i soft is up to box, .65%. in advance of the numbers, the market is walking the stocks up. >> when you have stocks in nvidia came out and there is a stock that is gained 700 billion in market cap at a single year. they have a high bar even though they might move up, their price
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to perfection and i said it before, these stocks are party like it's 1999. i get the feeling every morning when i wake up and i watched them throughout the day that i been here before and it was 1999 where every analyst kept raising and raising their price targets and all of a sudden the bottom fell out. it is a.i. that is a sustainable technology, it is groundbreaking and we have to see the proof is in the pudding. stuart: hold on, i have something for you in a moment. i want to talk about a much-anticipated oppenheimer, it finally arrived and lived up to the hype. >> 235 million and combine ticket sales over three days, that's pretty dumb. 155 million for barbie, the best opening of the year and 80 and half million for oppenheimer. this is unlikely but a successful confluence going on is a phenomenon imposed covid
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box office might be alive and well. it was weird and it worked. stuart: you can see them separately. >> i suppose but i think the combine ticket would be five plus straight hours jeff sica you are a movie guy these two movies were very successful. is this a golden road for the cinemas in the future. >> hollywood can make more money in the theater by stopping making terrible movies. they made a lot of terrible movies, they have been focusing on the tired sequels and it was relieving to me to see christopher nolan's oppenheimer which is a movie made for adults that don't want to watch, character, although i love marble and comic books. it was very refreshing to see you do so well.
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unfortunately looked at the lineup for the rest of the summer into labor day. there is a bunch of crap coming out. >> i'm looking at the movies saying i can't believe hollywood is putting these movies out. they need to make good movies. oppenheimer is a spectacular movie. i hope the numbers exceed a billion dollars. barbie i'm not hearing great things about. stuart: the new york post claims biden has been caught in a lie. his consistently said he has not talked business with his son. new information reveals numerous conversations about business. pete hegseth with us this morning. this comes out in public with devon archer's testimony later this week. it is a blockbuster. >> devon archer with hunter biden's close his business partner and friend. if anyone knows what was going
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on in the foreign business dealings it is devon archer. it looks like is going to testify because he wants to clear his name and give his side of the story. ultimately what miranda devine has studied the new york post's layout what is likely to say dozens of times, hunter would step out of a meeting or walkout in a meeting and say you want proof that i'm your guy, let me call the big guy right now. they would call the big guy, put them on speakerphone and they said he talked invade generalities but it proves a lie joe biden is on ball but has no idea what his son is doing. you can connect the dots on the story with a and. between whatsapp messages in the 1023's and the whistleblowers in the laptop and now devon archer. i wonder if this is gathering toward hunter biden himself having to testify. that could be possible. i want to talk to about education. it's a strong sue of yours even heavily involved in it.
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have a gallup poll showing only 36% of people have strong confidence in a higher education system. you're a strong critic in america. my question i think you went to answer is college a good deal these days. >> i don't think it is as of the 36% of the people on the left side of the spectrum who believe indoctrination should continue. that's exactly what the institutions do. i gave back my degree to harvard quite intentionally. it is become critical theory university. everything is framed through a marxist lens of how you look at education. other university has adopted the same mantra. why would you want to go $300,000 in debt to get a one-sided view and skills that don't prepare you to be a freethinker. those are the more important part of the numbers other 60% that is not worth it or not a good education. that is true. stuart: 36%, always good stuff, thank you very much indeed. twitter has officially been rebranded to the x.
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what is the significance of that. >> i would go with mucks personal fascination with the x. like reach app in china you could send messages all in one place, the super app, today if you go to twitter you will see a big x on the site and if you could ask.com you will be directed to twitter. are we axing or tweeting or is this when google became alphabet facebook became meta this is the ceo of twitter or x trying to explain x is the future state of unlimited in audio, video. creating a global marketplace powered by a.i. yes it is brandy but in the future it's going to be much more than bringing. it would be up on the ground a.i. has been mentioned.
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>> what is ticker x it is united steel should the company go public once again. stuart: i were on fossil fuels, this time it is your water heater. former reagan advisor are laugher has advisor president biden. rotate. >> joe biden needs to rely on basic common sense, lower tax rates, broaden the tax base, sound money, minimal regulation, free-trade, spending restraint and they get out of the way and let the economy solve itself. stuart: let the economy solve itself. where have i heard that before. are laugher will join us right after this. ♪ ♪ ♪
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stuart: this time it is hot water heaters. what issue do they have with water heaters. >> the trend update efficiency standards and they say and is going to cut emissions coming from the department of energy, the draft role would acquire electric heaters for heat pump technology and gas powered heaters condensing technology. they say this will cut 501 million metric tons over 30 years and will save consumers $198 billion over the same timeframe. industry sources say that these energy-efficient water heaters are already available on the market and the difference in
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cost is really sizable. a search for the product shows energy-efficient water heaters can cost two or three times as much as the standard water heater. >> this may not be a viable option to come out with a high upfront cost to think about a long-term savings. it's all whether or not you have the assessable and available cash to do the upfront as opposed to utilizing what you have right now. >> this is the latest applies to be the target of the biden administration regulatory mandate. you recall all the rules that take aim at our appliances like gas stoves, washing machines, air-conditioners and refrigerators of the role on water heaters is approved they wanted to take effect by 2029. stuart: the trouble you cannot tell me what is the future cost of electricity. forget abandoned fossil fuels, what is the cost. you're telling me you're going to save $198 billion, you can't tell me that.
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>> another big problem nobody is in the market by the water heater because they want to buy an emergency situation because they have to and forcing people to spend double or triple in an emergency situation is probably not going to go over well. stuart: thank you very much indeed. look who was here now art laffer who has graced the show in a number of months. welcome back why is the administration so focused on regulating their appliances in my house. >> they like control of everything everywhere that all times. it is amazing there making the forecast, the government has never been wrong on a forecast this is the silliest thing i've ever heard you should be allowed to get the water heater you want to get they should get the heck out of the way and let people do it. last segment you had twitter going ask. should we allow kids to watch an x-rated twitter.
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stuart: good question. >> is a x-rated? >> no idea i don't have a twitter account. >> i don't either i have a flip phone but for the record. stuart: you gave good advice to the reagan team back in the 1970s. what good advice would you give to joe biden right now. >> first-place recognizer agent recognize who you are i'm three years older than joe biden in getting old you get different things happening and you should be well aware of that and engage himself that way but then he should get lower taxes, broader tax, spending restraint, sound money, minimal regulation, free-trade and then he should get the heck out of the way and have some fun and let the economy solve itself with a minimal amount of regulation to have this thing go. he's always piling on with this fact and the others and it makes no sense.
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he thinks he can make better decisions. stuart: what does an economist say about the threat of climate change? >> they are saying if you believe the threat of climate change, i'm not a climatologist so i really don't know. what you want to do is put on a carbon tax and to offset the damage you want to cut income taxes to completely offset the carbon tax. al gore talked about this years ago i did some stuff with al gore a long time ago you put out a carbon tax in the lower income taxes dollar for dollar to make sure offsets completely and get out of the way and let the market solve the alternative energy sources should or should not be and how to control it, that's what you should do an externality and let it go at that and let it know that these guys have to direct everything that you buy and sell. your water heater, how silly is
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that. the stoves you can't do gas stoves. stuart: wait until the green new deal hits that every single building and house in this country must be inspected by the government for energy efficiency, just wait can you imagine that. >> it is crazy, i cannot imagine it. it is the worst ever. it's like being in a prison, everyone is watching you all the time, what are you doing there you walked around. goodness gracious, leave us alone. stuart: leave me alone. >> let us make her own decisions and set the conditions. stuart: we gotta get you back soon. you'll be back soon. art laffer the great art laffer, come back soon. the administration is still pushing the narrative that bidenomics has been a success. do you have any more on that. >> jared bernstein the white house counsel economic advisors
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was on was shannon bream, watched. >> we have an unemployment rate below 4% for over a year end a half that is a 50 year record, over 15 million jobs since this president got here, 800,000 in manufacturing and inflation down two thirds off of its peak if you and i were talking to year ago inflation would've been two thirds higher than it is today the gas price down a dollar 50. with some of our investments playing out 35000 investments in 4500 communities across this country were starting to see results. >> that's what they're selling but sentiment hasn't caught up to it that's up people feel. the polls say this is a most every single pull the economy is the number one issue for voters if it's the economy in the president's rating, the white house has a problem, they are saying don't believe the polls, things are getting better, voters are saying are things
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getting better because it doesn't feel like all those things that you just listened and checked off. stuart: monday morning futures. very early going you will see a little bit of green how the market in the day i have no idea but will take you to wall street for the opening bell next. ♪ you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education.
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or retirement... in advance. stuart: the market opens in three and a half minutes and were looking for very modest gain across the exchanges morning. keith fitz-gerald joining us now. big tech the earnings kickoff. in fact tomorrow they start pretty in your opinion which company is going to be the big standout amongst the big tech. >> for me it's very simple as a matter of microsoft or apple that the top of their game, their cast machines and only one of each. stuart: to apple and microsoft are going up in advance of those numbers, that is a good sign. >> absolutely, it shows the money coming into the stocks.
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they can play in the recent quarters to get a selloff after earnings but that the traders trick if you're an investor pay no attention take a deep breath and hold your nose and buy some shares. stuart: if this goes on to take a bigger share of the overall market when you put big tech together, 20%, i don't know the number but a huge proportion of s&p. >> they are i don't have that number off the top of my tongue but this is a lot like coke and pepsi, and players for the soft drink industry for a long time but competitors come around the edges and those continued to get bigger and more popular. stuart: these companies had a wonderful run using a selloff in big tech. >> is always a possibility but the likelihood is a different question the answer is no. everybody needs what they make you're not going to see coke or pepsi disappeared off the face of the earth anymore then you'll see these two disappear off the face of the earth. what's more likely you see new
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technology development come around but the rising tide raises all votes. stuart: why do you spend so much time watching waste management? >> that is one of my favorite stocks, there is two things, five year track record has a 73 beta which means it's roughly 25% less volatile than the s&p 500. it is the stability play, number two people constantly talk about retail traffic or purchasing a barometer for the economy, i think you have to put all that trash somewhere, that is ultimate barometer of where our economy is going as a gnu c strong numbers. thank you for joining us, see you later. opening bell will be bringing in moments from now. a small gain for the dow, s&p and nasdaq. were three seconds away from the start of proceedings on this monday morning. the trading starts in the dow has gone up 50 points, 50 points
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higher. when you've got some of the stocks open, some of them have open. we have some winners and a whole lot of unchanged as we speak. intel, got a half percentage point, american express is down, salesforce down, the rest of them to thirds on the upside for the dow. the s&p 500 is higher about one quarter of 1%, that is pretty solid. the nasdaq composite also hire 131%, nice gain, 50-point show me big tech there up all across-the-board, alphabet is up nearly 2%, apple reaching 193, meta very close to 300. amazon is up a dollar and microsoft up $2 at $3.45. i'm get a single out apple are they going to raise prices on the top-of-the-line iphones. >> the iphone 15 promax the most expensive iphone could cost as much as $1800 when it
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comes out. the 15 promax the most expensive one, the 14 promax is $1100. it is a huge jump, part of the trend p minimization were willing to spend more for the best features apple unveils the phone likely in september and bloomberg is reporting that apple is asking the suppliers to produce 85 million iphone 15th this year that is steady production despite a projected decline in overall smart phone sales. in that sense apple is bucking the trend i don't think demand will decline. they have pricing power people by them despite 1900-dollar price. a couple hundred word dollars to get the best features other period shall be netflix we had quite a time.
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they are up $4.24. >> they are saying is going to $500 in the analyst is baird increasing the price target by $160, the going to 500, two reasons, particular attention that netflix has paid on advertising and paid account sharing they say that will produce significant revenue acceleration that is a quote and increased confidence in management despite that the stock is down by 1%. stuart: show me tesla. ubs what did they say about tesla. >> no immediate for the company, they cut the rating by one notch and increase the price target to $2070, they are saying you cannot deny what tesla has done remarkable progress but that 30 price ten. the next catalyst. driving goes a long way out in cyber truck coming likely next year, ubs is saying wait until
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the second half until 2024 until they can be very confident on the stock again. i bring you this reuters is reporting tesla is talking about a factory plan in india with the india commerce minister to make and sell the car to 4000 u.s. dollars speaking of catalyst that'll be a major catalyst. stuart: got it. american airlines i believe they negotiated a new contract with the flight attendants union. have they sweetened their pilots? are they sweetening their offer to the flight attendant. >> they might have to, they have for the pilots by a billion dollars pre-were talking $9 billion over four years, that is the deal, it is more than money it is worklife balance. there is so much traffic and people are traveling. a pilot let's say there on assignment for three days in the ready to come home and they get the call we need you to fly this plane from there to there, they don't want to do it and now it
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is now the spent half a month away from their families. it is tough they want worklife balance. bitcoin we reported earlier down to $29000 it is now 292. >> exchange queen faces down, the minors like marathon all over and the reason is that said, investors on the sideline waiting for the fed says is that wanted done should they take on risk. i think this is remarkable, the crypto market got a confidence boost today, the founder of open a.i. is out with a true currency if you will and we need to talk about an 11:00 o'clock hour but more people who brought a.i. getting into crypto i thought that would've boosted the market but investors are waiting on the fed. stuart: interesting you said everybody is waiting on the fed, that is absolutely true, stock investors, bond investors, crypto investors everybody wants
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to know. >> 96% chance that they hike what next is a lingering question. >> five minutes in, checked the big board, the dow is up 105 points, 35300. take a look at the dow winners we have a list put on the screen chevron, apple, j&j, nike, 3m all on the list, s&p 500, generac, the generator people, nasdaq composite headed by match group, alphabet, alphabet, applied materials, land research, we have some movement where is the yield on the ten year treasury, it is going down to 3.80% to the price of gold around 2000, exactly $2003 an ounce. bitcoin, 292, oil that is up there at $77 a barrel and not gas not much change to 70. the average price all across the
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country $3.59 has gone up a bit. in california you will pay for 89. coming up country music star jason aldean addressed the backlash she's been getting over the music video for try that in a small town. roll tape. >> i feel like everybody is entitled to their opinion. you can think something all you want to but it doesn't mean it's true, what i am is a proud american. i love my country and my family and i will do anything to protect that. stuart: he is getting the last laugh, that song is number one on itunes. look at this, five months in, nikki haley is still waiting for her moment as nbc news but nikki haley says she has everyone exactly where she wants them, 2024 gop hopeful nikki haley is here walking to the set as we speak and what a pleasure it is. ♪
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stuart: 941, we've been open for 11 minutes in the dow is up 80 and the nasdaq 60, modest gain. a new fox business pole shows donald trump with a commanding lead in south carolina, nikki haley is in second place, 34 points behind trump in south carolina. look who is here in the studio, nikki haley. madam ambassador i think the is the correct term. those are moments in time. i can't say that kind of thing. in south carolina trump is beating you by 34-point.
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>> this is a marathon not a sprint what we can tell you we have received 160,000 donations from all 60 states, 95% are less than 200, we race between the campaign and supporting organizations $34 million and the other guys are spending lots of money. we have not spent any, the accountant and me is saving it that's why you're not seeing the numbers move. people are on vacation, once labor day hits you're going to see it go and that's when the time is to hit it hard. stuart: and nbc headline i showed our viewers earlier, five months in nikki haley is still waiting for her moment. how do you plan to breakout? >> i will tell you i'm saving my money and waiting for the moment when it matters. stuart: money spending and ads will that do it or do you need a breakout issue. >> that and the debate, we have our first debate in august with fox news and you have a debate in august, september, october
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and as we go through that, i think i've done over 30 events in new hampshire and 25 in iowa and another event in south carolina. were not doing valleys and leaving, we are going and making sure we do townhouse and answer every question shake every hand, touching every person. we have a country to save and there's no shortcuts no one will outwork me and no one will outsmart me you can look at the spending. stuart: understand you take one day off a week, totally off, you go home. >> six days a week 15 hour days and one day no makeup that's when i recharge and pack and back on the road again. stuart: you really need trump the debate, don't you. >> i think i want trump the debate, the reason i think the american people deserve to know what their options are. it's offensive for a candidate to say they're not going to be on stage. you are basically trying to earn the support of the american
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people. you could not earn the support of the american people if you are absent. stuart: number one do you have a climate plan? >> first of all we need to look at what's happened so far you look at the green subsidies what they're doing to our businesses they are killing us we should take in all of the above approach when it comes to energy number going hand-in-hand to saudi arabia number getting dirty oil from iran and venezuela. this is national security and bringing inflation down. stuart: drill baby drill. >> i think iowa is on an oil rig is the most patriotic thing i've ever seen. stuart: does not meet the demands of climate change? if were in extreme weather and you believe that extreme weather co2 emissions pumping more oil via climate plan. >> you know what would be a climate plan to go after india and china were the biggest polluters. america does things right. >> do you think it's true. >> what you do to china to go after him and stop them polluting. >> the paris climate agreement was not it.
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we got out of it. when we were pushing our businesses in heavy regulation china's plan was to deal with and ten years, i negotiated with china, ten years never comes india and china is our biggest polluters and if we care about the environment which i think we do we need to use the rest of the world to say we have to deal with this china, india is time for you to do your part. stuart: do you believe china and india would sacrifice their economies in the name of climate change? >> i think the rest of the world told them it was time they would have to do it free they don't like being called out they know they have problems and we need to tell them the rest of us are doing this they cannot be the only ones exempt, climate change is real we acknowledge that but don't go after the good actors of the united states let's go after the actors that are causing the problems in india and china. stuart: but also good to do the china plan you're the only candidate that apart from confronting them over climate
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what would you do to them. stuart: china is our number one national security threat. we need to treat them like that. no more allowing them to buy u.s. soil and get back what we've already taken. they're doing in the military installations, it is a threat no more putting money into our universities. we tell the universities you take chinese money or american money but the days of taking both are over and we get the infiltration out number passing fentanyl across the border, they know exactly what they're doing when they send it. we need to make sure we deal with the cartel and deal with china no more foreign lobbying by the chinese communist party or their chinese front companies, that is a problem when it comes to the military china is on the march in modernizing building up their military and we need to do the same thing and stop the gender pronoun and start focusing on a strong and powerful military. stuart: that's a pretty big problem. >> would you describe yourself as a classic republican, tax-cut, small government less
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regulation reaganesque. >> i'm a conservative republican. i believe small businesses with the heartbeat of the economy and of small business have cash flow they don't go on vacation they hire people. i believe government needs to stay out of the way and capitalism has been the one and only way to lift the people in the history of the world we don't need to start into the socialism and i think freedom rings and i think we need to let that happen. stuart: i am going to steal t that. >> you are welcome to. thank you for being with us is morning. >> oda nikki haley.com and join us. i should've put on the screen. thank you very much indeed thank you for being here. coming up nancy pelosi is not happy with the two gop lighthouse investigations. watch this. >> what a ridiculous clown show
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on the part of the republicans. they did not have a fair shot at what they came to say in light of the clown show. they said it twice, we will get into that. dangerous heat will blanket a large portion of the country this week more than 250 million people will feel it. we're going to tell you where and when it hits, that is next. ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.
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stuart: heatwave spreading across the country this week. period more than 2,050,000,000 people will be affected. nicole joined that she is in nashville. how hot is it going to get where you are now. >> good morning looking at highs in the mid-nineties by the end of the week. if it stays on track this could be the hottest week of the summer for millions of americans nationwide were not just talking about the southwest were talking about three quarters of the country but sadly we've seen a dozen people lose their lives because of that he whether they're working outdoors or
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indoors without air conditioning in that happen in texas, california, florida, idaho, georgia and maryland. sadly several children have also died after being left in sweltering hot cars, already 14 kids have lost a lives all across america, six in the state of florida alone in this video is going to get your heart rate up showing one father in southern texas breaking a window to save a child left inside of a car in a grocery store parking lot with the keys inside. officials telling us a few minutes can make that situation deadly and only takes ten minutes for the temperature inside of your car to jump 20 degrees. you're looking at a day with a triple digit heat index. it could mean absolute tragedy for you and your family and is
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absolutely what we seen officials take action here in tennessee, the secretary of state launching an initiative to help parents not make the tragic mistake, they're calling it baby in the back tag program. what they're doing the giving out the pain tax that they can put on the rearview mirror of the car that they believe will act as a visual reminder to parents to always check the back seat for the precious cargo especially as we look at the sweltering heat for the next few days. stuart: well said, thank you very much. lauren, i can get with how can you leave a child in a car with extreme heat. say i'll be a minute and then a minute becomes ten minutes and you saw what happened it is horrifying. >> that is the awful dreadful thing to do. >> you should never leave it child in your car. >> checked the big board were up monday morning up about 80 points as we speak, 35300 that is where the dow is, as for the dow winners we have the list
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headed by chevron, oil has gone up recently, chevron is top of the list, j&j, caterpillar, golden and nice rebound and apple upon 93 this morning. the s&p 500, dickinson, halliburton is on the list, another oil company. nasdaq composite headed by alphabet, they report later this week, the big subject here is artificial intelligence with the big tech companies show the results of the a.i. walking up to that with again for alphabet and also microsoft today, check the ten year treasury, where are we down a little, 3.82%, price of gold $2000 an ounce almost exactly, 2020. check for quite still below 30 grand, 29100 writenow. still ahead guy benson joe concha, mike waltz and chair of the house ways and means
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