guidance set in inflation coming down, we hiked 5.25 percentage points and now effectively done. >> we are watching hearings and testimonies in washington, your thoughts? >> i'm watching not only hearings but what the judge will do in less than a hour or not whether she will rubberstamped the plea deal or say this isn't a good deal for the public. >> i think between the fed, gp and labor numbers we will see later this week, there's a hopeful path forward second half of the year and i'm looking forward to the. >> in the thank you so much, have a good day. varney & co. picks it up. stuart: good morning, everyone. i am a little poor this morning but a great run.

concerns over future progress, the stock down about $12. big tech, also but is called google and sharply higher. they are looking to the future and it looks rosy, huge company of 6%. minor reports tonight assume are to the numbers, meda is doing very well, is it $300 a share. let's get to the big picture, dow up 12 sessions straight that gained 5% in that time. if it goes up again, the longest streak ever. the dow looks to a loss of 100 words, s&p done ten, nasdaq done maybe 50 points. mark is scheduled for 2:00 p.m. eastern today when jay powell tells us there's another rate hike on top. gas prices are starting to rise and rise sharply. regular $3.68, nationwide and that is a 5 cents overnight.

diesel is moving up. up to cents to an average of 392 a gallon. a big day in politics, even before today's court hearing, drama swirling on hunter biden. jason smith wants evidence of political interference included in the hearing. the judge in the case accused one of hunter's lawyers, misrepresenting herself to remove damaging material. lawyers say it's unfortunate and unintentional this commun communication. hunter appears in court an hour from now on misdemeanor tax and in churches. "wall street journal" says you go to prison for what hunter biden did. then impeachment, speaker mccarthy has returned to the subject and says the actions i'm seeing on impeachment. i wonder if we've reached the

place of impeachment fatigue. we will follow this throughout the show. crane on fire in new york city, part of the crane collapse into the street. a neighboring hotel has been evacuated, the west side of manhattan seizing up. the fire has been put out. wednesday july 26, 2023, varney & co. is about to begin. ♪ ♪ >> a little west of sixth av avenue. nasty fire on tenth avenue west side of this freezing up, maybe that's why six avenue is. move for me cascade.

microsoft and of a but, first of big tech companies to report. as you know, i'm a microsoft stockholder so coverage has to go to you. you can be objective. >> microsoft wrongs, their cloud slowing origins flat. wi-fi? there's going up. ai but what else is coming in? the world factor. they've told us about the copilot ai plan but no plans to scale that for broader use until next year so i think investors were left uninspired with microsoft -- alphabet. we are still googling. ai did not kill search. search revenue increasing, as revenue rises 5%. youtube revenue rises 12%. one more piece of news, cfo ruth

is transitioning to a newly created position, president and chief investment officer. >> david is with us and will be with us for the hour and throughout the report, he was gritting his teeth. what's wrong? >> the idea they did something wrong and stock is down 3% after being up 70%. this is the problem of public markets, people are trading, is often done in evaluation, the you get dividend growth over time. right now microsoft had a great quarter and down 3% because it's so overpriced. they could have the best quarter of their life and be done 20% when you trade that, evaluations district reality. stuart: that's what you are gritting your teeth over? weight until we get to the fed. [laughter] stick around, we need you. after rebranding twitter, elon

musk could be facing legal trouble. this is a trademark dispute? >> there are 900 active registrations including microsoft and meta so elon musk will be sued by somebody at some time. he's already been, maybe now trademark infringement but the legal troubles could be costly. my opinion, probably gets to keep the x in the end. i'm not sure if i should call twitter export, should we go with twitter? >> what are you supposed to call them? >> i want the letter a. >> and the font of the letter, a complicated thing. 900 different trademarks. stuart: he wants to create and everything not. legal disputes and trademark, i'm not interested.

>> he needs revenue and that's why he has an added revenue as its ceo. "wall street journal" is reporting x, drastically cutting the price like in half and he's threatening the gold checkmark that verifies a real brand if you don't pay a certain amount. the past 30 days have you given us $1000? if so, you get your checkmark. >> i think he's doing what doesn't make sense and i don't want to bet against elon musk in. >> so the craziness. >> most of us are but it's really bizarre. >> would submit seven minutes on markets, we almost never do t that. as we get more on president biden's involvement with his sons business dealings, publicans are calling for impeachment inquiry.

>> what in impeachment inquiry does, it gives power of commerce for publicans and democrats to gather information needed. the only way congress can do that is to go from impeachment inquiry. stuart: governor huckabee with us this morning. i hear the arguments but i know you will disagree, i think america has impeachment and scandal fatigue. >> i think you're probably right and kevin mccarthy is playing this, he's not saying let's do an impeachment, he's saying let's enter into impeachment inquiry which gives the tools to get a different level and deeper level of records and force the information forward. then and only then would he push forward impeachment. i think the democrats are to blame for this impeachment fe fever. i think when they twice impeached donald trump over

things that were not impeachable offenses but they were headstrong from the day he was sworn in in 2017, democrats immediately call for his impeachment before his aunt was off the bible and the swearing in so it's now the neutral, we ought to let these things be decided by elections unless there is significant corruption and cover-up which there well may be that would call for impeachment. stuart: hunter biden goes to court, 10:00 eastern time. he's going to plead guilty on minor tax charge. has "wall street journal" says he go to prison for hunter biden did. he won't. what say you? >> the "wall street journal" is right. most every american and there are thousands of americans sitting in prison cells right now and probably asking what's the deal? how come i'm in prison and he's

not? your last name isn't biden, simple answer. he's been protected and people are disgusted with this standard of justice and ought to be angry but the more we learn about extraordinary web of deceit within government agencies and key players and now this attorney who misrepresented herself and pretended she was on the staff of jason smith, that's serious business, the kind of stuff that ought to get her barred but also because the judge to draw the plea deal out and say we will do a reset. stuart: that's not out of the question that could happen. governor, thanks very much indeed. 2024 race, governor to santos cutting staff from the campaign team. our people taking it as a sign he's losing steam? >> an identity crisis and i can't say -- i can say looking

at the numbers he's spending a lot of the trades in second quarter to narrow the gap with trump. the average of polls has trump ahead by 34 points so the campaign is frustrated. thirty-eight staffers let go, a third of the staff so the changes they will make will be town hospital smaller gatherings, trump is responding and he says team to santos has tens of millions of dollars on fire in return, a collapse in polling. the people left to suffer are a few dozen staffers. if ron cared about spending wisely, he'd refund every dollar he's left and go back to governing florida. stuart: gritting his teeth sitting next to you. >> this thing is early, a tough month. the media says everything is going poorly so is going poorly.

most campaigns would kill for his numbers and it ignores the pack. the super back. >> there is a great divide between the desantis team. >> i say this with good information. stuart: what an opening a block we have today. check features real fast, wednesday. don 100 on the dow in the nasa down about 40. listen to president biden's latest claim. >> if you do anything at all, what would you do? i said i'd cure cancer and they said why cancer? because no one thinks we can. we can. stuart: and were to leave it there but we will discuss it later. the other big political story of the day, impeachment, republicans going after president biden and secretary mayorkas. do we have impeachment fatigue? i'll ask that tom tiffany, he's

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♪ that's washington d.c. and it's back. republicans considering impeachment inquiry. mark my the fittest mark narrative, will biden be impeached? >> good morning, that is the big question the top house

republicans make it clear they are ready to move forward with impeachment investigations if not official proceedings even though the white house is brushing to stop saying the president is simply focused at the job at hand. the president was asked about this yesterday when leaving the white house of it in. the white house simply says the president is focus on the duties and responsibilities given by the american people. >> are not going to get into hypotheticals or with the house republicans may or may not do, i'm not going to get into hypotheticals i'm not going to get into the head of house republicans. >> republicans maintain slim majority in the house they do not have majority in the senate meeting even if the house in beaches, the senate with marlin likely equipped. officials say it's about using tools afforded by impeachment investigation to learn more how the president justice department an entire government has been operating. >> what i said is if they

withhold information, impeachment inquiry allows congress to have power to get the information they need. all of this information people are finding out now is only because republicans have investigated. >> the timing doesn't get complicated because you also have congress getting ready for summer break and thinking impeachment process will take time. it's not something they just do overnight. this will take a while and we may see a visit from house republicans from impeaching president biden to focus on cabinet member, home and security secretary, it's clear there's a lot of talk your whether or not we see a path toward impeachment still yet to be seen. stuart: tom tiffany republican from the state of wisconsin, the great state of wisconsin rent. are you on board with the impeachment of president biden? i keep saying i think we've got impeachment fatigue. >> i've supported inquiry.

think about how president biden's story has changed 2019 when he had no his dealings with hunter biden and associates to now it's proven he does. the story continues to change in the run-up when did the clip on green giant here, she said i don't want to answer these, i'm not going to answer. there's a reason, the story continues to change and oftentimes the cover-up is worse than the crime. stuart: secretary mayorkas will testify be the house judiciary committee, an hour from now. do you want to impeach him, too? it's a political move. i don't think america politically wants another impeachment. >> i think you bring up really good points, how many people can you impeach? i know many people will say you get one shot and that's it. secretary mayorkas i believe has clearly shown he's lied to the american people.

think about the former head of border patrol when he said the board is not secure, you will say all day long the border is secure while his chief present at the border a few months ago under oath said the border is not secure so he's been lying, obfuscating and people expect accountability. stuart: the temperature is rising, isn't it? >> it is and rightly so. walls are closing in around the biden administration, two weeks ago we had fbi director right and and he was grilled to show he's not telling the american people the truth. now you have the whole biden family problem. i think walls are closing in and you see the evidence every day in, especially having whistleblowers come forward, good people who work in government say that's enough, we

got to tell the american people the truth so we have to get accountability and speaker mccarthy said we have to get accountability for the american people and we are exposing that to them. stuart: republican, wisconsin, thank you, sir. a good debate, you got it. a federal judge blocked a key part of biden's board policies. which have been blocked? >> the policy that made migrants in eligible for asylum if they entered the u.s. illegally and did not claim asylum first in the country from which they passed. the white house likes this, it discourages irregular migration. aclu said it was inhumane and led the court challenge in the federal george decided with them so the biden administration and security has 14 days to appeal. stuart: likely more people will be coming in.

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oh, and happy birthday... or retirement... in advance. well, look who's back. the dow is down 100, nasa done 50. look who's back. put him on the show. eddie, there he is. same question i always ask you, are you lacking socks one 100%? >> we are not one 100% in stock, we are buying dips in areas we like. yesterday we had a big dip in aerospace and defense open up 4% yesterday. we did add to that position but we are still taking a cautious approach buying areas like because this seems to broaden out to be healthy but we are not out of the woods yet.

stuart: i take it you're not buying the tech stocks. >> big tech has had an amazing run here today. probably a breather in the coming weeks if this broadens out and then you'll get a viable dip, i don't think you'll see major drop in the next few months or the broader market because of where we are. stuart: jay powell announces interest rate move that the coming, do you think he could deliver a soft landing? >> i don't. we can debate whether they raise rates one or two more times. the biggest problem we have right now is a are not going to cut rates anytime soon so the cost of capital will stay really high for the foreseeable future. if you are seeing strain on commercial real estate, consumer getting weaker. small businesses are having issues, the only thing that has not broken down is the labor market and that's the thing to pay the most attention to.

acceleration in jobless claims and in close to 300,000, we now recession is close so you'll get everyone going to soft landing cap as the market grinds higher and the at consensus on one side and by then you'll see more cracks in this economy. i just don't think they can pull off. stuart: holder for one second. david is with us. do you think a recession is coming? >> i think it's possible and mild if it does but the labor market pulling together, it hasn't widened that much and commercial real estate weakening, new financing those challenges but no one would say it is weakening in industrial myself so storage and multifamily, it's office and retail there's select pockets. it's not related to costs and capital so overall is floated along in the fed's favor, they

could get out, they just keep pushing. stuart: i think he's in your camp that wasn't a question, that was a statement. [laughter] i guess he doesn't david, is in your camp, a green together, right? >> the biggest thing in the cost of capital is refinancing, trillions of dollars of debt refinance on the commercial side and corporate side and that cost of capital will be higher so that will affect the bottom line. we can't celebrate a soft landing yet. stuart: a couple of years ago it was easier, just pile in stocks as the bull market ran and ran. it's different these days. the way you grow, thank you very much. the market is open going down. the dow down a 34%.

look at that level, 12 straight sessions 35000 mark is still at 35000. when they are open, put them up. some winners, a lot of losers. the dow is down 113. s&p 500 opening to the downside but not that much. .15%. nasdaq composite down .10%. only microsoft marks big tex sharply lower. we got off of the and meta. look at microsoft down, two and a quarter%. let's get back to meta the reports after the bell. we'll be expecting. >> 31 billion in revenue, almost all from advertising so three themes are ads, user engagement to woo the brands but what about prices, of the coming done? artificial intelligence and early success flamed out. all of the reels, drugs, it's

monetized. stuart: homage? >> that is a, it was on 70% last year. you know why? because it's meta in now they are backup because they are not doing meta. it pays to be a ceo who gets to vote on stock. stuart: snap. i saw this humble in its still tumbling. 18%. >> revenue outlook. management revenue this quarter could fall 5% versus last are and continue to lose market share in digital ads. a bright spot, daily active users, young people, 397 million in some spend $4 a month. stuart: the stock is down 18%. >> i have just come on the show for years talking about the fact that they've never made a single dollar ever so revenues and market share, they just set money on fire every quarter.

teens act stupid, plastic company. >> spending 3.99 a month. stuart: i guarantee elizabeth warren and the chair of the senate budget committee will disapprove of the following story. the share buyback. >> i will give this to david. well fargo increasing dividend to 35 cents, they cleared the stress test reported he for seven% in the past. stuart: i love shared objects. >> i prefer dividend growth and its buyback plan, they don't have to do it, you know what they buyback until they report later to announce it and a lot of it replaces talk given to compensation so i like dividends because it's real cash. >> hold on a second. coca-cola what early this

morning, it's not just a soft drink. >> the stock is struggling, they raise their outlook for the year end then they said customers are unwilling to trade down to private labels, cheaper settles. they raised prices 10% in the quarter and apparently we are okay, so by soda and snacks. stuart: at&t is down $14 a sh share. >> earnings were better, free cash flow higher but they added fewer wireless subscribers and stock not reacting. stuart: i almost bought at&t because of wonderful dividend and you talked me out of it. >> the cut 150%. we sold it before and wednesday but direct tv, the over and get themselves. stuart: how about blowing? up resume is up because it got

good news. >> it's number one on the dow so ramping up 747 max production going from 31 a month to 38 and other good pieces of news in the report but they did report a loss narrower than expected and revenue stronger at $19.8 billion. stuart: i believe dishes up, it is, not that much. >> so $25 a month wireless plan on it was on starting this week so they don't have stores so they go to amazon with the golden prime base. there is speculation it would be free as a perk for prime members. not the case you do get a $25 credit so your first month is essentially free so amazon is competing with verizon and at&t. stuart: we got something on amazon. according to political, federal trade commission wants to break up amazon.

>> they do and ftc is said to be vitalizing antitrust lawsuit and they have been building this case since before lena con in the trump administration has been going on a long time. we know they are intent breaking up big tech, specifically amazon so if you could roll -- thank you. this investigation encompasses a number of fronts, is prime to big? bundling too much? about third parties, merchants worse to get the cheapest price and they have to accept paying for amazon logistics? looking into many areas trying for years to build the case that could be presented as early as next month. stuart: the government is trying to show the huge giant is the same as monopolistic. >> spousal principle is the

antitrust legal scholar of 100 years. he said it has to hurt consumers, being big is not enough. what she's talking about, who could argue it hurts consumers to get recommendations and other things on e-commerce? the issue is bundling of the crowd, the business they have unrelated e-commerce and i think the stock would go up a separate that. they have one with lower multiple and separate it out, it could be a bigger business. stuart: the stock is down on this like a talk. any breakup would take years and years. >> they fight it at every level and thus far the administration has been unsuccessful breaking up or quelling the power of big tech. stuart: 20 years ago they humbled microsoft with similar charges. i hope the same thing to amazon. let's get to the dividend.

in the first is -- which i've never heard of. >> an investment bank, a big company in wall street and all they do is advise deals and him and a is coming back, i think people will buy and sell companies and it's a big dividend player, so the yield is around 5% and that will stay 7% as they grow profits. stuart: five to 7%. >> goldman sachs and morgan stanley, they don't have a balance sheet, just advisory business. lyondell i've talked to you about before, petrochemicals and plastics, cosmetics so a lot of americans but using natural gas and liquids. arbitrage because crude oil. in 5% year, every year growth the tenures, undervalued 5.3%

yield. stuart: look at this. that headline. new york times great cover. great lady it's away with ignoring joe biden's corruption. liz peek will be here. electric vehicles 24 state attorneys general pushing back. jason is part of the effort, how is he going to get the government off my back? we will be back. ♪ thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts

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is in andthe fed is expected to

announce another rate hike this afternoon. edward lawrence with me. you know the drill, take us through it. >> it's easy to go through that a hard coat to swalwell. federal received 3%, higher than they want to see but core inflation is higher than the cpi

core is 4.8%, sticky inflation federal reserve projects rate hike after this one later in the year we might see a second hike if the inflation measure friday rises and core inflation continues to outpace overall inflation. an interest rate observer says the fed is in the mode of doing damage to the economy. >> psychomotor's who runs over you with inflation. stops and looks in the rearview mirror and notices you are on the street and twitches and throws it in reverse and that's part of the cycle we are in. >> they want to do the right amount of economic damage to slow down job growth and hold off wage price spiral allowing economic prices to stabilize and avoid recession. goldman sachs is a chance of recession is 20% and others are saying they see leading indicators of recession right

now. we could have the answers to this 2:30 p.m. eastern time when the federal reserve in chairman answers my questions. stuart: with regard, peter morici is with me, he is an economist. is this the end of it, one and done? >> i don't think so, i think we will continue to have price pressure, gas prices are rising again, used car prices are turned around. the court may fall but to stop pulling down headline inflation is going the other way and then influence of heat, drought and so forth. fresh foods have fallen, the pace is slowing i see a picnic. my feeling is they are not done with inflation and we will get increases today and see what the data says this fall, not september, maybe later they will go up again. stuart: there's great disagreement if inflation isn't dead yet, would more rate hikes

kill it? >> yes it would. the fed wants his cake and eat it too. he wants to end inflation or get down 2% without causing recession. that is theoretically possible but to say they will be resized as to accomplish that, that's pretty hard to swalwell especially from a guy who says inflation is temporary and doesn't matter how much money would print and so forth, it is it like having a long track record being theoretically so sound. stuart: give me an idea of the state of play for the economy generally. it seems like we're just going along with one, one and a half% growth, 3% inflation, 3% unemployment, is that an accurate statement? >> i think the economy is being held back by biden initiatives.

hard to control inflation when swelling the deficit and wait for? industrial policy initiatives are expensive. look at the plans in arizona, a taiwan company semiconductor manufacturing put off production until 2025 because it can't get engineers and technicians, software folks necessary to open it. the economy is not producing because of people biden's industrial policy wants. you could say everybody buys an electric car by 2030 but if you not producing batteries, you have a shortage of cars. >> no suppression insight, steady as she goes. >> no, i think the economy is slowing second half whether we get a recession in the first half of next year's semantics. we should go negative but the economy will have a low where

there isn't a lot of growth and then pick up again. i don't think it's bad but stocks know how to get along and companies can deal with 6% interest rates if they know that's what they are going to deal with and they can deal with inflation if they know that's what they are going to deal w with. my feeling is the economy will be the second half next year and growth but it will take a new administration to get to an a half% growth. stuart: we like booms and busts, we don't like steady as she g goes, kind of boring. you know how it goes here. david is still with me clenching his teeth. i did say if we raise interest rates, will it kill inflation? >> it will not in the sense of supply side, we need the economy producing services and right now inflation has come down for reasons separate from the fed. i think the issue about slow and

steady growth, low no caps locals, it isn't just study. we don't have economic growth or incentive for production. stuart: we need gross. coming up, seems to be hunter biden's middle name. my take at the top of the next hour. the strike is being averted, pilots and united airlines. a report on that after this. ♪

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that's 1-800-217-3217. strike by ups workers afforded a deal has been reached. lydia is on the story. they got a big pay raise. are we going to see wage inflation? >> i think we might and there are economist concerned about wage price spiral that happens when prices are high so workers demand more and companies have to pay higher wages and hike prices for goods and services to keep up in.

>> how about ups workers? difficult so you will see a surgeon costs for these companies and they will try to offset the margins by raising prices. >> the short-term good news is we averted the strike with this deal between ups and the unit and would have been the biggest bracket decades. relief for customers who rely on the service daily but his what it costs, all workers will receive $2.75 an hour wage this year and $7.50 raise over the next five years. part-time workers will start $21 an hour, that's a boost from the current 1620 an hour and less than what some workers demand, $25 an hour. tight labor market, high inflation, given unions leverage. we have 170,000 actors and writers on strike hollywood. negotiations for 6000 annexed

pilots are rocky. automakers bracing for strike, 150,000 autoworkers heading into stocks of a new contract. new employment deals, on his ups deal, five years and needs to be approved by union members and if not approved, we could still have a strike. stuart: , didn't know that. quick, you do not believe we will have wage inflation. >> inflation got 9% people talk about wage price spiral, it didn't happen the overall price level is misunderstood and you have wage deflation so some sectors are seeing higher inflation. others are seeing this but companies can hire, too so the total cost of employment doesn't go higher. he don't have to worry about economically the malls are

broken, they don't work. stuart: dramatic news here but thank you for being on the show all morning, appreciate it. check the market, please. got a little on the dow. red ink on the left-hand side of the street. shy of 4% but 3.88. price of gold around two grand an ounce i think it is -- $2007. bitcoin, 29.2 earlier. i've got a at 292 now. oil keeps going up. seventy-nine dollars a barrel and regular gas, the averages, 5 cents overnight. not much change, to present change. so ahead, this peak calling out the new york times. congressman dan newhouse and what his status strapped with the highest gas prices in the

nation. senator scott from florida, 100-degree ocean temperatures off the coast of florida. what does the senator say about that? 10:00 hour is next. ♪ .. it still does. what can you do with spy? ♪ ♪