seasons but it's hard to see how you justify any risk assets when you got kind of a multiple in this kind of environment. >> even as the economy is slowing, the gdp tapes coming down. >> keep waiting for the recession we've been talking about it for so long. we have that and the values in the market, it's astounding. we have a late market rally. >> doubt on an 11 day winning streak indicating the trading. michael balboni, karol ross, thank you for being here and we will see you soon. have a great day. we got momentum in the nasdaq. the opening bell 30 minutes from now. take away. stuart: i love that, momentum in the nasdaq. the elections have consequences.

biden team should be anxious about the consequences of last year's midterms. the gop in charge of the house. impeachment. speaker mccarthy says evidence of biden family correction mayors impeachment inquiry. hunters business partner agree to testify next week, devon archer moved the money around for the biden family. one more development, the president has denied talking about business with his son hunter. now kj pieces the president has never been in business with hunter. a subtle but telling change of language. dictate in politics, the big day and money. this afternoon to take giant report, micro soft and google. investors want to see what they are doing with ai and how they are making money. both are up. the data 11 session zero, that the raleigh conference like game at the open. maybe a slight loss but flat

open. s&p virtually unchanged. as that could be up 40. the court not doing much, holding on 29000 a coin. ten year treasury yields 390 not and to your living close to 5%, 488 as we speak. the markets to the are about big tech, ai and that meeting. nbc piling on biden's age. they delve into the anxiety democrats feel about biden's physical abilities. the alarm bells started ringing when biden slipped on air force one stairs. saudi stroke trillions into sports. they are buying into soccer, golf, horse racing, they are using the money that rolled in at the biden and america's energy independence. it's tuesday july 25, 2023. ghanaian company is about to

begin varney & co. is about to begin. ♪ ♪ ♪ stuart: ready to go, definitely freddie to go. google and microsoft report seven hours from now. these companies are making their money and ai. in new york sitting next to us, lord, a frequent guest on this program book% in new york. >> rock 'n' roll, they were kidding, man. stuart: start of tech earnings, which one of these two comp companies, author but, microsoft you think is best positioned in ai? >> i think if i absolutely had to pick one, microsoft. i'd be cautious on both because all that's happened is multiple

expansions in the market so it's time to deliver and these stocks accountable so how many times are the stocks going to mention? if you take a sip every time you mention ai, he would only consult so google will try to say will be microsoft and microsoft will take over google so now it's competition do not it's about picking winners and losers. stuart: we have to look for is a contribution ai makes to this earnings report. ai crackling six months ago but that's what we are looking for. >> is not going to be much. it will take a couple of years for ai to impact earnings and that's what it's multiple expansions so i think we are ahead of ourselves in technology and i'd be cautious during new money at work. cancel last week sold off 10%, they were high expectations,

didn't meet expectations so it rose 5% and i think something similar can happen. stuart: about some more for you. david is with us this morning for political commentary. speaker mccarthy uses the word impeachment in regards to biden. you think that's what the public wants? i think we got impeachment fatigue to some degree. >> publicans the obligation to see if an impeachment is warranted. ultimately taking sound advice from nancy pelosi you may remember in 2020 said it was the constitution and courts that made it clear congress has oversight of presidential affairs and it includes subpoena and should it require a wall, impeachment being that is congress' responsibility to

pursue it. it comes at a time when so many americans question whether there is enough transparency in government and uc polls essay the biggest concern is there trust the government. the best way to restore trust is to be transparent and house republicans simply are having david weiss and iris whistleblowers speaking to get to the bottom of this. stuart: that the development got today. the lead investigator in the hunter investigation, he's going to testify for the house judiciary committee. what was the significance of david weiss? >> for many americans, as the irs saying one thing and fbi saying something else, it's hard to know who to cheer for in this battle. that said, david weiss has the responsibility to share with congress and the american people why he made the decision he did and you either have made a decision based off sound

reasoning with evidence on his side or the whistleblowers will be proven correct. if ultimately these proven to try to cover something up, it will be another political headache for the biden administration. stuart: hunters former business partner devon archer is expected to testify next monday. it seems the case is about to be blown wide open. >> an interesting development from the perspective of we've been told by this administration and so many of his allies in the media president biden is this loving father and has been beside hunter throughout all his life and whatever he's been able to help, he has particularly with hunters unfortunate drug problem but now we're supposed to believe joe biden had nothing to do with his business affairs and knew nothing about who hunter biden was doing business with nor was he trying to help so is joe biden the loving

father was by his side? stuart: but change the language. subtly they are saying joe biden was not business with hunter, subtly different from saying the president never spoke about business 200 so it's a shift. >> there is shift their but that's on a premise americans don't see through that which many do. go back to america's number one concern is her trust in government and it's the slight of words, why transparency is important because it's the slight of words this administration loves to use the people question it. last week we had a house democrat questioning led to a testimony that yes, biden was part of hunters deals. his joe biden the person with

think he is in his problem is the powers of the democratic party ultimate deciding that too much baggage to go into the election as democrats will face no labels and can biden get through an election? stuart: how do you get him out? will see you again later. vice president harris, she's on a biden mom expressed to her. how is she selling? >> dynamics is about lifting everyone else. >> all of this is part of our blueprint together for what america can be. this is bidenomics, a plan to invest in america and build a future in which all people can truly thrive and i'm here to say we have more work to do.

>> inflation improving, bringing everybody down and while the fed might hike interest rates tomorrow, what is the effect? there is a light. i think voters would say bidenomics made life expensive but also regulated. stuart: what you have on schiller? i know is looking backwards but what you got? >> home prices fell 1.7 in may, is this supportive of this inflation trend we are seeing? down on the year 1.7%, up on april and may prices rose one and a half%. stuart: luke would still with me. the fed meeting starts today. are you of the belief they will raise rates and more time in the done? >> possibly two. fisher one more 25 basis points but they want to kill inflation once and for all, they want and 80s scenario to regard your 2%

and rebound 245%, they want to kill it and they will make sure they do. so one more, maybe two but from 0% to 6% or 5% heading close to 6% in the market is back to all-time highs, it blows my mind and silicon valley bank col collects, those are the last ones to fall. stuart: if we get to more rate hikes and you say the run-up in the tech is about done, that's not bullish. >> it's not. there are small pockets, small pockets you can pay attention to someone stop picked up, we think mergers and acquisitions will come back. big companies got bigger that want to buy smaller companies. stuart: wishes to be more

enthusiastic about big tech. >> i know microsoft -- i know. stuart: come back to new york when you're a bull again. all right, coming up to fed suing texas over barriers in the rio grande. they're keeping migrants out. that's not what the feds want to do, they want to bring them in. do member this exchange between an exchange? >> a liar, that's not true. no one has said my son has done anything wrong and i did not on any occasion, i set up my son to work in an oil company. stuart: will get into this, the question is, who is the liar here? will be back. ♪

♪ stuart: you can pick them. that is georgetown. delaware, 79 degrees. >> a beautiful shot. stuart: let's get into this. this is just coming to us, republican presidential candidate for governor ron desantis was involved in a car accident tennessee this morning on the way to an event in chattanooga. the governor and his team are okay. that just happened. check futures, they trying to

make it 12 in a row, down about 20. nasdaq 37. hunter biden's former business partner devon archer expected to testify next monday. jillian turner at the white house, what are we expecting to learn? >> deposition with devon archer will be behind doors but transcribed so there is the possibility in the future the transcript could be made public to have access to everything. it's important to note is a former business associate hunter biden, former board member burisma. he himself has been convicted of securities, fraud and sentenced to a year of person time. oversight republicans claims of by republicans the president and fbi document, the white house messaging subtly shifting. >> i've never discussed with my

son or brother or anyone else that has to do with their businesses. >> the white house and president still stand behind his comment is never involved or never even spoken to his son -- >> i've been asked this a million times in the answer will not change. the answer is the same -- the president was never in business with his son, i have nothing else to add. >> a major move from the date d.o.j., offering public testimony from david weiss, the key government official who ran the investigation into the president seven hunter biden. d.o.j. writes the justice department believes strongly in public interest for the american people in congress to hear directly from u.s. attorney weiss on questions about his authority of the public hearing. last week to irs whistleblowers testified in front of the house panel that despite public claims to the contrary, he was

hamstrung in his investigation into hunter biden and senior officials across the justice department blocked him from taking the moves they felt needed to be taken. stuart: hard to keep names and places straight it seems to be moving together at long last. thank you very much indeed. pat phelan is a member of the house oversight committee joins us now. could archers testimony break the case wide open? >> it very well might and i giving the sense the dam is about to break because there's a lot of various pieces of a puzzle but they are fitting together perfectly. the whistleblowers, bank records, 1023 been made public. hunter's business associates and devon archer was not only his business partner but his best friend so what he has to say i think will have extra weight and finally getting him in next w

week. stuart: what you think of the investigation has gone so far and impeach it probe is merited? >> there's no doubt in my mind. once i read the 1023 a month ago for i was convinced joe biden one hunter biden was doing and hunter was his black man so put it in historical context with watergate, that occurred in the middle of 1972 and didn't resign until august of 74 and we've only been at this investigation six months because we can have subpoena power until january. stuart: you think people want this? another impeachment procedure? >> great question -- i don't want one but if it is oriented we have to go where the evidence leads and serve justice. when i read the 1023 and confirmed my worst fears, my heart sank and i felt nauseous. the president of the united

states to the bride, the united states presidents son took a bribe and september of 2015 the u.s. ambassador appointed by obama, jeffrey piatt said the ceo of burisma was a poster boy for corruption and the vice presidents son was getting paid $80000 a month to work that. stuart: interesting to say the least. i will change the subject for second, justice department is suing abbott over the floating barrier on the rio grande. there's the governor's response to the lawsuit. >> the only lawsuit i am aware of they brought against anybody is against estate trying to impede illegal immigration rather than using any laws on the books already to stop illegal immigrants from crossing the border. the fact is they are using

obscure statute to stop us from continuing to deploy those and is not grounded in law and we believe we have the right to do so and will take this lawsuit all the way to the united states supreme court. stuart: forgive my opinion but it seems to me the feds will do anything to get migrants nothing to keep them out. thirty seconds. >> ) america first, amen to governor abbott. would never have a month in our history where we had 200,000 illegal encounters, we have 13 under joe biden, ten and wrote. 20000 pounds of fentanyl this fiscal year which is not over and enough to kill every american, man, woman and child 13 times over. need to secure the border and we say in texas, come and take it, who will protect our people. stuart: sounds like texas. thank you for joining us. check those features, tuesday

morning, where are we going? a mixed picture, not authority, not look up towards you. mixed picture. opening bell is next. ♪

that can set of the screen, mixed picture today. nasdaq up 33. market water of the morning, david, microsoft and off of it kick off after the bill today. in your opinion, which of those two companies is best positioned with a i? >> in particular i believe microsoft has to be one of the best positioned companies today as they made the early $30 billion investment in the chat gbg which is the fastest act to reach 100 million participants, and two months. it to facebook for years to do that so who's going to be on top? i think google is positioned

well but a lot to lose in comparison to microsoft us microsoft is integrating chat gbg and a subscription -based model as opposed to google which is more on driven so subscription -based will ultimately win long run because it's got people going in here but microsoft integrated ai into the search engine so google has dominated, if we can get thing to give streamlined answers, i think you'll find google has a lot to earn. when you talk about ai, privacy is important and a big consideration when you give away information that all of google's ai engineers are actually china so i think that concerns americans including myself. stuart: of that meeting starts today, one more rate hike and then no more and off to the

races, or do you think? >> they are done after today. i don't see how they can do that with the banks right now. stuart: just one and done, is that it? >> i think we could get a nice rally, i'm just not seeing broad-based earnings recovery self the backdrop leaves me speculative but there are places to make money in ways we can be positioned for the future. will they technically the only answer? i think we learned that in the.com crash, we need diversification and a lot going on. stuart: i think the market wants to go up because i think the dow is going to go down. thank you for joining us, we'll see you again soon. the doubt opens with a small

loss. it's been up 11 days in iraq. this tuesday morning is open with a loss of 20 points, that's it. dow 30 looks like have up, have done but not all have opened y yet. down .03%. nasdaq composite, i'm seeing movement, of a quarter of 1%, show me the tech, they are running, we have meta, microsoft of, amazon, alphabet report at close as well. a big deal, report this afternoon, you have a preview? >> let's talk about the cloud, old moneymaker. microsoft cloud expected to grow 13.7%, best of the slowest 2017. investors will want to know if

ai growth can overshadow the slowdown. microsoft generative ai office products for $30 a month, promising, stock of 42% on the year. then there's google so you have artificial intelligence and chat box that steals advertisers from google search, 80% revenue from online ads so we are expecting big numbers but growth will s slow. 73 billion is expected, four and a half% growth. it is slowing down a little bit. stuart: let's see how investors take that news. some companies reported this morning general electric, what are they doing? >> people are going places and wind engine turbines, a separate

business. stock up 5%. larry says demand for what they sell is happening despite higher interest rates, all good. stuart: old name company doing well. another one, general motors. >> the stock is down. as i saw it, it was a good report because they raised the profit outlook again. revenue increased 25%, margins rose in north america and plan to double ev sales in the second half of the year, you will get new versions. stuart: general motors had to put aside $792 million in charge for the chevy volt. >> that might have done it. stuart: is only $792 million. how about spotify? i know they out of 10 million subscribers.

>> much more than expected and down eight and a half percent because they keep losing money. yesterday we said they are raising premium price plans by about a dollar, they need to bring in more because they keep losing money. stuart: all those extra money. verizon. >> the stock, waiting before i speak, stock is up 1.4% bec because -- now we know the reason, surprise increase in the number of wireless subscribers to upgrade phones and let's wait to see how stock trades because revenue fell three and a half% and missed estimates so it matters what investors will key into which part of the report, wireless subscriber addition. stuart: does anybody ask for a landline? >> i had a friend over last night and she asked to have a landline anymore? who has a landline anymore?

stuart: ubs, a week away from a possible strike. >> the plan to meet today, i here they are close to a deal and made concessions on the air conditioning. look at this heat wave i get that but still more to be done for part-time employees. we are not talking about this, the average salary is $80000 not including benefits fired at $50 billion. stuart: average earnings between 95000 a year plus benefits. >> but a lot of labor unrest and better scheduling, i spoke to patrick anderson of anderson economic group calling this labor militancy says ten day strike if that happens, could cost $7 billion in the consumer would almost immediately feel that because of the heavy value and tens of millions of packages ubs loses a day. stuart: somebody's got to be

bullish, up .25%. >> most people, a lot of people do grocery shopping at walmart now because they have better prices so diverse and there is saying using costs for walmart will mean even better prices for you and walmart is gaining market share so they upgraded to apply. walmart is the biggest grocery store chain nationwide, 25% of the market ended last year have costco and kroger so second and third. piper says walmart is going to to ten pressure. stuart: without be a substantial increase. [laughter] whirlpool obviously household appliance maker, what did they say? >> they are hopeful for recovery and well-positioned to benefit because you by a new home and likely a new appliance to fill out.

stock is down four and a half%, appliances cost more money because of inflation so they saw sales despite higher prices all 6% and profits fell 30%. stuart: that will get you every time. biogen, job cuts. >> 1000 but workforce of 9000 so intent of the workforce. they need to save money but don't they have to fully approved alzheimer's drug? we've been talking about it. they have it, it's great. it's not yet profitable for the first half of this year they lost $40 million because of the expenses that go to develop me and commercializing. stuart: that can be. thanks, lauren. an anonymous democrat sounding the alarm of biden's age, calls are coming from both sides of the aisle. the view cohost, not a fan of

ron desantis. watch this. >> i have been spitting mad about the cultural wars ron desantis has been creating so when he says he has nothing to do with it -- shame on you people in florida. stuart: so outraged that the audio was cut. tell you about that. white house county dynamics and does come in for criticism. i want to talk to very couple about this, low unemployment and absence of recession. i want to square that with bidenomics. larry kudlow next. ♪ in. ♪

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not much for the dow and s&p but the nasdaq up for the four points. big tech doing well. let's get to the economy. real wages have fallen since biden took office. 3%. edward lawrence with us, he's at the white house. you confirmed to the white house about bidenomics, what are they saying? >> they sidestepped. the issue is the wedge between main street and wall street we see the dow finish up 11 straight days in a row, the biggest win since 2017 but then you have average hourly workers, average hourly wages falling. 3% since the month president joe biden took office in january 2021 so the president trying to repackage his economy as bidenomics and raise poor poll numbers. under the tenure of this president, the federal reserve has had to go on the most aggressive set of rate hikes in decades with slower economic growth. >> high interest rates and 2% gross affected by economics.

>> i'm not going to get into what the federal reserve is going to make a decision on or not it when you see the data, inflation has gone the last 12 months, that's important. while wages are going up, this is bidenomics at work. >> goldman sachs believes there is 20% chance of recession, they been the most optimistic. other analysts are saying the economy leading indicators are showing recession is coming while the federal reserve continues to hike rates and handle sticky inflation. >> they signaled in june is likely to be tomorrow, one would be wednesday and another rate hike sometime in the fall. then possibly long-term pause. >> is the long-term pause and higher interest rates that has

some comments concerned about what happens this year end next year. stuart: . stuart: thank you. bidenomics really does come in for criticism. i want to bring in larry kudlow because i don't think we should dismiss 3% unemployment, 3% inflation. the economy is not in the text. i don't think we can say bidenomics is a gross failure. >> i can say it actually and i will say is a gross failure. twelve month comparison, the top line cpi has come back to 3%, still above the target but since biden took office, the level of cpi has gone up 16% and grocery prices have gone up 20% and energy prices have gone up over 30%. by the way, energy price and oil price and gasoline prices are

rising again which is probably going to disrupt and increase the top line cpi. on the other side of the ledger at edward lawrence reported, the take-home pay has fallen 3% under mr. biden and don't forget even though we are in the stagnant one to 2% growth range right now, we have a recession first half of 2022. two consecutive declining gdp quarters. i think people have forgotten that but they shouldn't forget that and as a general matter, i want to say bidenomics is basically a big top-down government spending five to 6 trillion-dollar spending to his cronies. it's a colonialist approach that says corporate allies, climate allies to all kinds of chronic interest groups, none of that

has done any good, we piled on deficits and debt. this year alone is cut 23 looking at $2.25 trillion budget gap so i hate to say it but i think bidenomics has failed. stuart: i think i was put in my place with that one. [laughter] you know what you are talking about. you really do so i'm deliberately going to change the subject completely. what do you make of tom's legal problems as we head into the election? >> i don't know what to make of his legal problems because i don't understand the indictments. i didn't understand the alvin bragg indictment, i'm not a lawyer obviously. i don't think there is a case there, i don't think there's a case on these documents. if something happens for january 6, i don't see the case. i think joe biden merrick garland justice department, now

they have their hitman jack smith who hasn't won a case in the high court in many years. this is weaponization and politicalization. here's the way i look at it, the higher trump gets in the polls and has an enormously republican primary and head-to-head with biden. the higher trump gets, the more biden wants to bring a crazy indictment and throw him in jail so won't run against him. i think the headcount now for jail sentence something like 550 years. think that's enough to bury? people see through this and seems to be helping trump spools. i saw foxbusiness put out in iowa and south carolina trump is gaining july 15 to 19th so a sense of what might happen in the next few days regarding january 6 indictment.

it's your politics and here's one thing. we learned this in the jamie , hearings last week from the chuck grassley release of the fbi reports. we learned it was joe biden who down head of burisma. biden said you got to pay, you have to pay me $5 million and you have to pay me/my son $5 million. that was coercion. the guy from burisma didn't want to do that and you will have this devon archer next week on monday, he could blow the lid off everything describing these dozens of conversations. it's going to be huge on monday. stuart: i'm out of time but thank you for bringing fire and expertise. we could use them both on this program.

4:00 eastern here on foxbusiness, thank you very much. coming up, two main challenges to biden's ability to do the job another six years. his age and the hunter scandal closing in on him leaving his campaign in my opinion, marooned. there's this, house judiciary committee considering a vote to hold mark zuckerberg in contempt of congress. what does that mean for his political influence going forward? we got a report on that next. ♪

big text censorship, house judiciary committee could hold a vote as soon as thursday to hold mark zuckerberg in contempt of congress. hillary vaughn on capitol hill. what has mark zuckerberg supposedly done? >> is to avoid this, all they have to do is turn over internal documents the committee is requesting but if they don't do that, sources tell me thursday would be the day they would vote hold mark zuckerberg in con contempt.

an escalation in the building pressure cooker around the not just capitol hill but attorneys general who made moves to hold social media accountable for unfair politically biased censorship on their platforms. >> if mark zuckerberg is allowed to consolidate power and make it easier for the federal government to violate americans free speech rights on his platforms, that's what it's about, we can't let cover consolidate power and make it easier for the federal government to violate our first amendment rights. >> meta- says they've been cooperating and will continue telling foxbusiness this, who shared 50000 pages of documents in response to the committee's request and made nearly a dozen current and former ploys available to discuss external and internal issues and look forward to continuing to work with the committee moving forward. if held in contempt, zuckerberg could face up to a year of jail

time if the d.o.j. or u.s. attorney decides to prosecute. this might end up being a symbolic gesture by the committee or a way to send big tech a message. stuart: odds are symbolic gesture. thanks very much, good to see you. back to the markets, where are we now? business 25 minutes. master doing well, a tiny loss for the dow industrial. ten year treasury yield, where is that this morning? 3.90%. the price of gold hovering around $2000 a month now 1997. they .29000 dollars, still 29 -- two. price of oil rising recently at $78 a barrel now. net gas 268. charlie hurt on impeachment, chad wolf on rio grande barriers. jimmy failla on saturday money, probably into sports and jason on a woman trying to save a 200 year old tree, she's living in it.

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