maria: 30 minutes before "the opening bell," we have a market the tire after latest economic data, dow industrials of 0.7, nasdaq 15, s&p 3.5. thank you. great conversation. have a great day, "varney and company" is up. stuart: good morning, hurricane idalia made run landfall near

fish creek in florida. between tampa bay and tallahassee. now comes the storm surge, a wall of water that sweeps into town on the floor to gulf coast. widespread flooding reported and the storm surge has yet to reach its height. we have highs along the gulf, you see idalia unfold. plenty of drama on the president will campaign. biden and trump neck in neck. he has legal trouble and mugshots but the latest poll shows trump in a virtual tie with the president and he has retained support of a large majority of primary voters, 62% believe he has the best chance of any republican of beating president biden. bitcoin down a little today. a court ruling makes it easy to introduce a bitcoin etf, a major breakthrough for the cryptos, bitcoin at 27 grand this morning. stocks showing a mixed picture,

the dow up 30, s&p up one, nasdaq up one. not a huge game. apple in premarket action up a little bit, a big event planned for september 12th. look at nvidia, new high after the developer deal with google, the company is worth $1.2 trillion. on the show today the standing of president biden, way underwater on every major issue. a majority of voters from all parties think he should not be president for another term. call to come back from all of that. he may be the most unpopular president in decades. we look at big tech and its charge into ai. the only companies with the money and expertise to keep us ahead of our rivals, why are we attacking the crown jewels of american business. we cover it all, wednesday, august 30, 2023. "varney and company" about to begin.

♪ stuart: hurricane idalia is a cat 3 storm a. tell us where it is. lauren: in the big bend region, it made landfall an hour and 15 minutes ago as a category 3 packing maximum sustained winds of one hundred 25 miles an hour when it hit. torrential downpour could cause coastal flooding. this is the danger, up to 16 feet. the gulf region has never seen a storm since records go back to 1850 one this bad. roads being turned into rivers, bridges closed. if you decided to stay, it will take a long time for rescue teams to reach you, 116 residents without power and now idalia moved north to georgia and south carolina. stuart: we will track it through the show for the next three hours. turning to politics, a new poll

puts trump one point behind biden. that would be in a 2024 rematch. does that surprise you, ben domenech? >> reporter: you ran through the difficulties president biden is facing in terms of how much he is far underwater. the other day, different emails from the trump campaign, seven different polls yesterday afternoon all showing the race to be essentially neck in neck. my problem is he should be far ahead at this point. look how bad things are going on the border, the lackluster economy, crime in the cities, a situation ukraine, not really seeing a path forward and americans feeling the direction of the country you should see republicans leading president biden. i think what we actually see is they are neck in neck. a coin flip election at this

point before the democratic machine and their allies go after the former president. i think the problem for republicans at this point, who do you put out that can actually compensate in a general election, you can take the case against president biden to use these bad things against him and have a advantage. just a coin flip, means republicans are running behind. stuart: a separate poll taken after trump's mugshots shows 62% think trump has the best chance of any republican of beating biden. are the indictments helping trump a little? >> i think they are helping him among republican primary voters. we have seen that solidly bump up over time. one of the reasons the former president will hold onto his lead over his opponents was the problem when you look at a general election that involves these independent voters,

independent voters are not enthused about voting for someone with a mug shot who is going to have a conviction on the list. i think that creates big challenges for the republican party. are they willing to run into this next year's election understanding they are going to have a candidate who will be spending much more time dealing with legal challenges and more money on lawyers than he can spend taking the case against the democrats and against president biden. stuart: i don't think president biden will be the democrat candidate in 2024. your comment? >> i told you i agree with you increasingly on this which i'm not all the way there yet but i think you are looking more and more write every day. his decline is very evident and the white house knows it. stuart: we are coming together, i can tell, i know it is going to happen. thanks for being on the show. now this.

miami's mayor francis suarez the first candidate to drop out of the 2024 race. what did he have to say? a very short campaign. lauren: he never qualified for the first debate last week. is not suing the rnc about the criteria to get into that debate. he is out graciously. his statement says he will work to find the strongest nominee and help the gop with hispanics, young people, people who live in cities and suburban women, he wants to widen the gop base. with him out you have two other republicans from florida very much in, trump and desantis and vivek ramaswamy, nikki haley, scott, mike pence and the other. i checked the rcp average, trump is up by 40.8 points. that the average. stuart: thanks. getting to the markets, a little bit of green here. dow is up 60 when we open up. the s&p 3, nasdaq 7.

david, welcome to new york. i know you are a bear and you are looking for serious trouble in the market in the near future. how have you missed the ai boom? >> we cannot miss the ai boom, we have hands and little bit of everything just to be able to make sure we are looking at it properly. i am in it. it has a got further to go. >> i'm in an earlier place in my life than someone like you. so i've got time with this stuff, cost averaging in, things are working out right. neil: i read your stuff. why gold? you want to get into gold now? >> it has real value to it. if we look where gold is today it is 1950, 1971, we are

looking at if it gets to 2100, it will go pretty quickly. if we look at their valuations relative to the s&p 500 never been a better time to be looking at gold miners here, they produce something, have tangible assets in the event those go up but if i see one layer to this, silver will outperform gold in the next couple years, 78:1 ratio here today, you can produce 9 ounces if you look at normal supply and demand. stuart: i don't remember many people making a great deal of money in gold or silver in the last 40 years. >> that and oil, will have strength relative to the us dollar. stuart: do gold miners pay any dividend? >> they do absolutely. stuart: strong or not? >> depend on the minors. they will not have as much in

the market side but $1,200 an ounce to produce, they are doing nice right now. stuart: have you ever thought of gold bars as an estate planning device? >> i do think physical gold, there you go, could be lost. stuart: don't put it in a safe deposit box. stay right there please, the white house responded to polls showing most people think biden is too old to run again. role that tape. >> it is hard for us to keep up with this president who is constantly constantly working to get things done. stuart: hard to keep up with this president? a might contest that but we will have more on it later in the show. that is a firm promise. hurricane idalia has made landfall in florida. grady trimble in the path of the i wall. 's report coming up next.

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and there's no catch, it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. stuart: hurricane idalia making its way inland, tell me what it is like on the ground. >> reporter: at the moment it is calm but you see the path of destruction the storm has left in its wake as we are experiencing the bands moving through. where we are standing is somebody's property. just beyond that is the steinhatchee river. the flooding is so bad that you can't see where the river ends and the floodwaters start. that is the power of the storm surge.

we have trucks going over the powerlines with an air boat in the back. i want to show you the power of the winds from the storm. it took out this tree and another tree behind it. as this truck goes by you might be able to see the powerlines that was snapped in half. power outages are a huge problem in this area where we are 75% of people here don't have power right now. i believe these are rescue crews or perhaps volunteer rescue crews moving into this area that has been inundated with water. we spoke with a local who was driving by and he has said he never saw the floodwater come this high. the town of steinhatchee is a small one. it is up the road, you go over the bridge and get to it. we are told the damage to businesses and homes could be even worse. lastly, if we haven't showed it already, i will show you some video we caught as soon as we

arrived here. you see the river back there. we have seen debris floating down the river including a massive steel structure being swept away through the current of this river. so this will give you a sense how powerful this storm has been in terms of the water damage these communities are experiencing and in terms of the wind damage and power outages. one final piece as we stand along the steinhatchee river, high tide is not until 1:45 this afternoon, so things could get bad before they get better. neil: thank you very much. fox weather's brandy campbell joins me in tallahassee, florida. what is it like near you? >> reporter: we are getting a lot of wind gusts. the rain consistent through this entire morning. in tallahassee, they are known for their tree covers. they have 55% tree coverage. with this storm, the man told

me he was expecting this to be pretty epic for this area because they are not used to getting high wind speeds, consistent high wind speeds, so they are worried about the winds knocking over trees, and that leading to a lot of power outages. i just checked, and right now they have 44,000 power outages in this county of leon county. that is the big issue. i'm told that they did request help from other states to help them get back up and running after the storm passes so there will be some relief but i can tell you 30 minutes ago, i heard a boom, that was a transformer and two hours before that we heard a boom and it appears some of the power is out around us as well. the good news, we are not having the big flooding threat that a lot of coastal areas being that we are in land, tallahassee, very hilly city as well, some people put out some

of the sandbags to protect their businesses but overall i was told that wasn't going to be a main concern but i will say we do have a flood watch right now so we will have to see if anything came out of that. stuart: thank you for that report. thanks very much. federal emergency management association or administration, fema is alarmed at the depletion of disaster relief funds, the bill to increase those funds is tied to ukraine aid. what has the white house said about this? lauren: it is a tone deaf message, the disaster fund fema has has 3. $5 million, the us is dealing with the catastrophic wildfire in maui and now the hurricane. karine jean-pierre called the linking of the $12 billion to replenish fema and double that, 24 billion to ukraine, hypothetical even though those were the same numbers that were in the president's requests.

>> why not separate the fema dollars from the ukraine dollars so you don't have that problem for those who need this fema money as soon as possible. >> the administrator came into the briefing room and laid that out for reporters in the room, for americans who are watching and she will have more to say in regards to the supplemental funding the president has asked for. i won't get into hypotheticals, the president put forward, incredibly important that we need. stuart: why the link? lauren: funding the ukraine wars contentious in washington with house republicans. the house freedom caucus might try to restrict a spending bill which means we could face a government shutdown at the end of september. stuart: that would interrupt the flow of disaster relief funds. lauren: to guarantee aid for ukraine seems likely white house is tying that to the disaster. stuart: the attorney general of

florida, ashley moody, has a warning for looters. i remember the governor, desantis, during the last hurricane came out with it and he said you loot, he said you loot, we shoot. that is what he said. lauren: that's the quote. ashley moody didn't go that far but the reference was clear that in florida, this is what desantis said, you never know what might be lurking behind somebody's home. lots of people moved to florida during covid. this is ashley moody's reminder to the. if you are concerned your property might be in jeopardy if you are not there, that will not be a concern in florida. we are a law and order state, we will not take it lightly if folks are looting. that is strong. if you read between the lines, not as strong as desantis last fall saying you loot, we shoot but the reference was there. stuart: a political point, how governor santos handles this

hurricane will have a lot to do with his electability. he's got to perform well, be tough and strong to make a good political impression. lauren: he went to florida, his message is directed floridians, doesn't treat them like children, this is what you need to know, you should heed the warnings and do what you are told. his ag is saying don't worry if you evacuate, no one will steal stuff from your home. stuart: sounds good to me. thank you. check the numbers on wall street. we are nine minutes from the opening of a market, not much price change, dow up 50, i see the nasdaq down a fraction of that. ♪

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ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. stuart: five minutes before we open up. not much price change on wall street, the dow up 60 are points. are you now dip buying in big tech again?

>> i am. time to purchase of edicts. we had a tremendous run up. not sure we will get another opportunity to purchase this dip. i don't think it is done yet. but it is an opportunity with big tech names 100%. stuart: wise big tech capable of moving further up? >> it has everything. the big tech names have everything in terms of revenue, giant companies with tremendous advantages in terms of cash flow, leverage on the balance sheet, most of the time, positive for the balance sheet. of 3 things they do, pretty much the best in, no one will catch it from google in my opinion or amazon or microsoft, and as far as the eye can see.

stuart: these five big tech companies are in a i plan? >> yes. we want to add in the ai player, nvidia will be in that group for a long time and it makes sense, the chips power ai, they have a dominant position, not that they are not going to see competition. they are but you have to own nvidia but it's a company that you purchase on the debt. stuart: tell me about apple. it moved up nicely, 184 this morning, may maybe, do they have new iphones coming out? >> not sure about the refresh cycle on apple. they have probably been least impressive with chesler and the big names concerned, apple is showing weakness in the supply-chain out of china, they have some pushback, may take some time for the supply-chain but not sure they will meet

demand when it is ready. i don't see the demand, don't think they have anything fancy coming down the line. they will rebuild laptops and the mac and all that but i don't think it's enough to bring in consumer demand and elevate revenues. stuart: you've been on the show, and way back when, you were invoking of by it buy it by it, the market has been going straight up over a period of years. are you back to that position? gung ho for the market? stuart: i am bullish, i am back in the bull market, very cautious in terms of the dips because i don't think, a longer rate regime we are experiencing for at least several quarters is done doing some damage to

the big names and the board because there's some profit taking, higher for longer rates, impacting consumers, the goods are higher. i'm not so sure we haven't seen i would say the tail end of the dip that already started. stuart: the jobs report on friday if it came in fairly weak that's a good sign for the market. >> yesterday proved if the labor market as tight as it is is loosening up, the fed is likely done and that means the next step, if we fall into recession, the fed will cut. that's of a theme, the narrative. the narrative will continue. we when good to hear it. thank you very much indeed. in two seconds, we start and open the market, press the button please. they did it. there you go. the dow opening with a tiny gain and a tiny loss.

the dow has opened up almost dead flat. i will show you the results, looks to me like the majority, i've got 18 winners and 12 losers. that ratio will change pretty flat opening, s&p 500 also pretty flat. 0.09% up. nasdaq composite is up at tiny fraction. let's have a look at big tech. apple moving up one hundred 85, alphabet is up, amazon virtually unchanged, microsoft down $0.30, that's down a buck. i want to take a closer look at apple, the date for the big event september 12th. can we expect, can we expect -- lauren: he doesn't think the iphone 15 will be anything cool. i can tell you what's rumored to be cool about it, periscope

camera gives you greater or stronger zoom, new chip so it is faster, newport so you can charge it faster and more memory storage, reading a report from citigroup they expect the high end model belch will be $1600 on the 14th to increase by $100-$200. does that mean $200 in the cards? stuart: sounds like it. stuart: does that justify $1,800? you have to convince people like me because i own a 10. a museum piece essentially. i don't need to spend a lot of money for these gizmos. nor should i. lauren: iphone sales down 3 quarters in a row and 2 thirds of apple's overall revenue, the iphone is half of it, so they are pivoting, expect a new smartwatch to be announced. the air pods are super popular, expensive, not one thousand

dollars. if you lose when you can purchase a new pair. stuart: apple? would you purchase at 185? would you purchase more of it? >> i would purchase more, my dollar cost averaging model. stuart: nvidia, not sure of the pronunciation, another record close yesterday. this morning it just opened up another one. 4%. %. lauren: it is $1.2 trillion company. here's the news. the ceo was at the google aie event yesterday and he said nvidia's chips are powering the google cloud. announced a partnership that expands the distribution of nvidia technology through google's cloud. we are talking the h 100, 8100 available immediately for google customers and google would be the first to get the next generation super chip from nvidia. stuart: that are dealing to half, isn't it?

lauren: shaw seem to think of is a stock even that was triple the value. stock price tripled. lauren: obvious. would you purchase nvidia which has already tripled? >> i like nvidia. there are other plays in this market shaping up to be the infrastructure backbone. of the when i don't have the courage to purchase a stock that has tripled in one year. $1.4 trillion. lauren: 15% of the overall gain for the s&p. stuart: it is extraordinary. then you have to has a, quite a run up this year. they are double this year, this calendar year. the government wants information on the elon mode. lauren: a dangerous mode, completely autonomous driving, no awards telling the driver, to keep their hands on the wheel. netzer is saying they want data on their autopilot software.

does that software removal the nag signal, this linking white and sounder mind you you're in autonomous mode but have to pay attention, hands on the wheel. when that has been disabled, they are worried that that is a safety, what is the word, impedes safety. >> i love the convenience of elon mode, and knowing someone who died in that mode i year and 1/2 ago. it is important to look at these measures because we are putting people in these cars and trust in our lives. lauren: that person knew what elon mode wasn't at a disabled? that would be a huge problem. stuart: let's move on. walmart. i don't understand this. walmart is reducing pay for its pharmacists. we to weight loss drugs.

so popular, huge sales. can't keep them in stocks. why? there is very little competition so manufacturers don't negotiate prices for the pharmacy. it's not a profitable trade. they are reportedly asking their pharmacist to take voluntary pay cuts and reduce their hours. they are in one hundred $40,000 a year. not including benefits. stuart: i'm astonished weight loss drugs would have this result for walmart pharmacists. lauren: they bring in the customers but a lot of that goes to the drug company. >> know -- walmart -- of the when you are in good shape. >> i'm doing good. lauren: a report that walmart, walgreens and cvs taking patients from the traditional

doctor's office -- stuart: the down movement, one 12:45%. i see rivian is down. the ceo, did he get a big increase? lauren: base salary from $650,000 a year, equity awards of $15 million. he gave me the price for rivian, 80% of its value looking forward, making 50,000 this year. stuart: i see a lot of them. good-looking machines. what you purchase rivian, not the car, the stock a? >> yes and no. competing against elon musk, not really there. stuart: thanks, that's the market. we are seven minutes into the

trading session and the dow industrials are up 0.2%. a 10-year-old student kicked out of his class because of her backpack, it had a don't tread on me patch on it. >> the reason they do not want that is due to its origins with slavery and the slave trade. stuart: the boy's mother fought back against being kicked out of class. we will tell you what happened. elon musk made a move that of the primary election season, we will tell you what he's doing with x, form depot's former ceo blames president biden for the uptick in retail theft. he says biden is fueling a lawless society can a national retail federation's matt shea on that next. ♪

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stuart: 12 minutes of the trading session, the dow is up 80 points, smaller gains for the s&p and nasdaq. the former ceo of home depot blames biden for the surge in retail theft. >> look at target, they are projecting one. $2 billion. the reality is it is theft. who is going to pay for this? it is you and i and the average consumer paying higher prices for goods to offset the costs of people stealing. the environment under this administration is fueling a lawless society. we've got to get this back under control.

stuart: fueling a lawless society. matt shea is ceo of the national retail federation and joins me in new york. fueling a lawless society. bob nardelli blames president biden, you are not your head. you agree? >> we are thinking of all those in harm's where, our members are down there working hard to get the retail stores serving those communities. this is a huge and growing problem, persistent threat that has gotten worse and we documented retail crime, $100 billion, recent study published underreporting the amount of theft that goes on, this is stealing at the end of the day. it is well-documented. stuart: is it because the administration created an atmosphere of lawless society? >> there are lots of contribute in factors that go back many years some of which go to the way we classify these crimes so

property crimes no longer felonies or misdemeanors, states and jurisdictions across the country, prosecutors deemphasizing prosecution, police forces understaffed, making priority decisions about other places to put their resources not able to proceed these crimes. i think we need to talk about solutions. think of this in three parts, the environment that creates the problem, the actual acts themselves and these goods have no value if you can't sell them. let's go after the market places where counterfeit stolen goods are sold. that was the in form act passed last year, elevates transparency about the goods and the seller, that has been in effect for 7 weeks but that will have a real impact. more currently pushing now for passage of the combating retail crime act in congress, bipartisan support, both parties across the country will ensure coordination in federal and state and local agencies but the point is how to get to

the source and that goes to the taskforces we've got set up across the country with attorneys general, new york, georgia, florida, kansas, utah, california, across the country recognizing the challenge. stuart: are you making any move towards local authorities like in california where it is okay to walk away with $950 worth of stuff because of necessities? >> that's reform of proposition 47, felonies above 950, below 950 is a misdemeanor, you can walk into macy's, nordstrom, saks, and take $900 worth of goods the same day and then do it again. we've got the overwhelming majority of prosecutors and the governor helping us with this. supporting reform for proposition 47. stuart: last time you were on the show sometime ago you were talking about the shrinkage rate in some places in some cities you are telling us the shrinkage is 15% to 20% in some stores. in other words whatever they

have on the shelves 50% to 20% walks out as theft. is that accurate? >> it is accurate in some stores and some locations, starts with it in terms of percentage. stuart: members are locking stuff up. the convenience stores, members of the retail federation. >> we have broad and diverse membership and you started with this as you opened the segment, the people who get hurt our local communities, and violence that you saw at this level. they don't have the goods and the stores close, it's a persistent pervasive problem and we are working to solve it. stuart: he's a market kind of guy, it occurs to me when retailers lock stuff up that's interesting.

>> they manner them directly to you. stuart: i am sure you didn't like that comment. >> lots of outstanding online website and the vast majority are operated by brick-and-mortar retailers. if you want to get some thing quickly you can go to walmart, target, best buy and get it delivered the same as any other marketplace. stuart: thanks for being here. chat gpt bought played doctor. its success rate 72%. is chat gpt making medical decisions? doctor siegel will deal with it shortly. the white house was asked where biden stands on the issue of transgender athletes competing. >> does he think it is fair for girls to compete against biological males? >> i just answered the

question. it is a complicated issue. it is truly a complicated issue. stuart: is fairness complicated? we are all over this story. we will be back. ♪ ♪ (upbeat music) ♪ ( ♪ ) ( ♪ ) ( ♪ ) -awww. -awww. -awww. -nope. ( ♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel,

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(soft music) stuart: the white house is dodging questions about whether transgender athletes should play in women's sports. they say as you heard from kj p, it is a complicated issue. hillary vaughan is with us. this is a big issue for many parents. why hasn't the white house come out with a stronger response? >> reporter: great question. president will candidate and former governor nikki haley calls this the women's rights issue our time, whether or not biological males should be able to compete in women's sports. the white house seems to be caught in the middle between trying to protect women's rights but also standing up for transgender athletes. >> the president agree that this is a women's rights issue? >> we talked about this many times, this is the title ix specifically. we talked about this multiple

times, a complicated issue and a wide range of views on this. >> does he care that girls are allowed to compete in sports? does he think it is fair for girls to compete against biological males? >> i just answered the question. it is a complicated issue. it is a complicated issue. >> reporter: for many americans it is not complicated. they made up their mind. a gallup poll from june found 70% of americans say transgender athletes should only be allowed to compete on sports teams that match their birth gender. nikki haley reacting to the white house, sidestepping the question on fox yesterday. >> the biden administration is wrong to say this is a couple catered issue. it is not complicated. we are not going to have to make our daughters get used to the fact that biological boys are in their locker rooms. it is pre-simple. biological boys play in boys sports. biological girls play in girls

sports. >> reporter: the white house tried to walk a fine line but it is complicated, likely not going to cut it from both sides. republicans are going to make this a huge campaign issue, progressives would like to hear the president say definitively the transgender athletes have a right to compete in whatever sport matches their gender identity. stuart: related story for you. vogue magazine released its list of 25 powerhouse women but only one athlete made the list. was the athlete? lauren: british vogue, biological man, the transit cyclist emily bridges who is 22 years old and was barred by british cycling from competing but not against women. vogue considers her a powerhouse athlete and the only athlete on this list that includes queen camilla because she works with domestic violence, she models a diabetes

device on her arm and her 5 and a trans athlete. stuart: i'm not sure of the relevance of that but that's another story. >> reporter: women who are advancing society in another direction. stuart: does the cyclist win as a biological male competing against -- lauren: not allowed to. she is barred from doing that. she is actually on the list of powerhouse women, giving some of her samples as they are doing tests to see if trans athletes can compete against biological women. stuart: thank you very much. i am still not sure. check those markets please, 25 minutes worth of business and the dow is up 152 points come in nasdaq 45. thanks very much to david for joining us for the full hour. thanks very much indeed. still ahead, liz peek on a vote for biden is a vote for kamala harris. guy benson on most americans

saying biden is too old to run again. kevin o'leary on attacks on big tech and ian pryor on parental rights and continuing coverage of hurricane idalia, the 10:00 hours next. ♪ th your erc tax refund so you can improve your business however you see fit. rosie used part of her refund to build an outdoor patio. clink! dr. marshall used part of his refund to give his practice a facelift. emily used part of her refund to buy... i run a wax museum. let innovation refunds help you get started on your erc tax refund. stop waiting. go to innovationrefunds.com you really got the brows.

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