we're becoming detonation. maria: yeah, it's a good point. >> and that's also, you know, you were asking, you know, you look at these sector by sector, and and cheryl's gone over them many times already, but the thing that stands out the most is the largest sec to have the of job -- sector of job growth was in the government. that takes a lot of money to create those, you know? then you had leisure, hospitality and health care at 65, 69, 66, but it's tough. maria: all right. looks like a red-hot report. great conversation, everybody. we so appreciate it. the market is down 212 on the dow, nasdaq down about 200 as well. thanks to paul, steve, ryan, lee and cheryl. a great, great reporting on all. thanks, everybody. see you tonight on "wall street" and on sun on "sunday morning futures." stu, take it away. stuart: good morning, everyone. it's job jobs friday. judgment day on the labor market

and here's the story. new jobs, stunning. 336,000. that's way beyond any of these expectations. this suggests the labor market is still strong. the fed is probably not going to like that. the unemployment rate, no change, 3.8%. now, here's the market reaction, dramatic. the dow industrials down about 200 points. this is the premarket, of course. and the nasdaq's down 176. s&p also sharply lower. plenty of red ink. interest rates immediately jumped on the news. the 10-year treasury is now up to 4.75. it's the all over the place, actually. just a few moments ago it was almost 4.80. and the 2-year, 5.13 last time i checked and now it's a mere 5.05. as i said, bond yields all over the place as they absorb this extraordinary news on the labor market. the price of oil, that was at $82 a barrel, still is. it's come way down this week. you better start looking at gas. it's really starting to fall. regular now averages $3.74, that

that's down 2 cents overnight. california coming in at $5.87 for regular. as for diesel, that started to fall slightly. it's down 1 cent overnight to an average of $4.54. all right, let's go to politics. plenty of action today. donald trump has endorsed jim jordan for the speaker's job with. the former president has placed himself in the middle of the speaker's vote. he's offered to take the job himself if they can't agree. he'll go to d.c. next tuesday. the vote is wednesday. good campaigning. trump gets the attention, gop rivals like ron desantis and nikki haley, they're scrambling to break through. border or chaos. the president says he will build a 20-mile stretch. >> of border wall. he didn't want to do it e, but he says his hands before -- were tied. aoc says, not so. he needs to reverse course. the president was also asked if a wall works. he said, no. on the show today, an island between the u.s. and mexico has

been turned into a cartel stronghold complete with gang members and sniper posts. you will see is it. britain's prime minister comes out and says it, a man is a man, and a woman is a woman. he's opened up the trans debate by saying what you are not supposed to say. friday, october 6th, 2023, "varney & company" is about to begin. ♪ ♪ if. ♪ ♪ [laughter] stuart: get a job. well done, producers. get a job. we must be going back decades for that. >> i don't mean to make the obvious comment, but i feel like this song is even old for you, stu. [laughter] stuart: oh, very good. 15-love to you, pal. 336,000 jobs created in september, the unemployment rate 3.8%. what else you got for us?

lauren: can i use the word goldilocks? strong job creation, less inflation. wages are coming down. so we saw, as you noted, 336,000 jobs added in september. that was the most since january. leisure and hospital the city added 96,000 -- hospitality, government added 73,000, health care, manufacturing. look at all these industries adding tens of thousands of jobs. wages weakened. 4.2% growth annually, that is the lowest since june of 2021, and it is above the rate of inflation. the reaction is strong, stocks are down, yields are up. if you look at the 30-year, it's bumping back towards 5. so we'll see what the fed does with all this, but i use if word goldie lock proares, and i think that's true of what this report is. stuart: let's see who else would agree with you. kenny polcari joins us to look at the market this morning. lauren used the expression

goldilocks. you're not having it. >> no. stuart: o.k.. but doesn't this, the huge increase in the number of jobs here, doesn't that kill anied idea that the fed could be lowering rates anytime soon? >> absolutely, it killed the idea. first of all, that idea was killed weeks ago. but this number is double the expectation at a time when the fed wants to see it, you know, decline, not increase. and the fact that that, listen, and i love lauren, but, you know, she says inflation's decreasing. inflation is still a positive number. you can tell me it's decreasing when it actually goes negative. then i'll believe it. all you have to do is go to the supermarket to find out it is not decreasing. stuart: so we're not looking at a strong stock market in the immediate future, is that that correct? >> i think we're going to look -- no, i think we're going to look still bumpy. i'm going to watch the s&p 4200 today, because that is the long-term average. i want to see if the bulls are defending that level.

if they come on on an onslaught, the buyers are just going to step aside and bid lower, and then you're going to watch it move lore. you could see a flush down to the 4125, 4150 level which would not be surprising on the back of this number, and look what yields are doing right now. they shot straight up. and if the 30-year kisses 5, it's only a matter of time before the 10-year's going to kiss 5. stuart: okay, i think you made your point there, kenny. have a great weekend down there in florida. >> you as well. stuart: you'll get some time to respond later. president biden may finally hold a face to face meeting with xi jinping. lauren: in november, next month, in san francisco at the apex summit. it would be their first face to face in a year, back in 2022, of course, president xi stiped the -- skipped the g20.

tensions are obviously high. why would they meet? the -- to find common ground. the secretaries of state, treasury and and commerce are -- have all went there recently. human rights, advanced technology, taiwan all unresolved. separately, the senate majority leader, chuck schumer, is leading a congressional delegation to china, north korea and japan next week, and the big topic there, he's obviously working on the rules for artificial intelligence. so maybe the restricting of technology -- [inaudible] stuart: okay. so diplomacy at work, you could say that. lauren: i think that's fair. stuart: thanks very much, lauren. donald trump has endorsed congressman jim jordan for speaker e. todd piro's with us. are more republicans supporting mr. jordan? >> it certainly seems to be the case. in this time yesterday, i was on maria's show interviewing a number of guests, and the leader at that point seemed to be steve scalise. this overnight announcement from

donald trump obviously changes that because he is, by any measure in the polls, the number one candidate right now for president. he goes in there and says we're going with jordan, guess what? they're going to go with jordan. it's basically all done by the -- but the crying, at this point, i think. jim jordan has a lot on his plate, a lot of people say what happens to the investigations he's running if he has to take on the speaker role? that said, seems like a bright young man, he can handle all of it. stuart: i think it's a fine stroke by former president trump inserting himself right into the speaker's battle, backing the likely winner and drawing attention to himself and away from his gop presidential hopeful rivals. >> drawing attention to himself as the gop unifier, which is what the gop needs right now going into an election where even if it's joe biden or somebody else, the democrats will be unified regardless. they always are. stuart: next week's going to be quite a week -- >> oh, yeah. tier stuart trump says he's going down there on tuesday, the

vote is on wednesday. >> what do you make of those who say maybe he'll become speaker for a couple months, unify the party -- stuart: he addressed that. >> get the state of the union speech visual where it's biden, kamala and donnell trump staring over the -- joe concha raised that today. i thought that visual was fascinating. stuart: i'd love to see that. probably won't. thanks, solid. you're with me for the hour. >> yes, sir. stuart: now, the mayor of dallas, eric johnson, switched parties from democrat to republican. lawrence jones caught up with him, caught up with the mayor in dallas. watch this. >> there's a really big gap at this point many in time between who i am, what's important to me, what i'm about and where the democratic party is and what's important to them and they're -- what they're about. very soon after the whole defund the police nonsense started, activists showed up at my house trying to intentionally scare my family, my children, scare me into changing my clear position

that we were not going to do that in dallas. in this party is really serious about protecting the criminal element over the law-abiding folks and they weren't really going to change. stuart: wouldn't you know it? lawrence jones joins us in new york today. welcome back. what does that that party switch tell you about politics in texas. >> >> i don't know if it says anything about politics in texas as much more -- it's something i've been talking about when it comes to black males in the democratic party. i feel like the democratic party has not been messaging to them when it relates to the family, when it relates to crime and the border and all these other issues, and the economy as well. i think this is a mayor who governed as a republican but just wasn't telling anybody, that's what he talks about in the interview, and finally got fed up because the party left him, not he left the democratic party. stuart: what's the reaction of black men in dallas, texas, to this switch of party by their back mayor? >> you know, the mayor from sr.

is from oakland and west dallas, so you don't get in any more of the black male experience than that community. he goes, you know what? they know me. he never left his community. he continues to do exactly what he said he was going to do. so i think there's been a lot of love and respect. and i think that's the key for the republican party, you know? often they get black faces and they say this is going to be the person that's going to change the trajectory for us because they have black skin. but if they have no connection to the community, they're not going to be able to galvanize those folks that are in the community. the mayor's different. and i think the republican party should take him at his word. he doesn't want to really run for office anymore, he wants to have republicans run for mayor seats and d.a. positions where the republicans have a huge void. stuart: you're from dallas, aren't you? >> born and raised. stuart: so when the mayor stepses aside, you could be the

next mayor of texas. >> not. [laughter] met me tell you why -- let me tell you why. i like my job from the perspective of interviewing the politicians. i don't want to go through the cesspool they have to go with. i commend them for doing it, it's just not my cup of tea. stuart: lawyers, that was great. >> thank you. thank you for having me on the show. stuart: check futures, please. a huge surge in the number of new jobs created. the fed won't like it. down goes the dow. the nasdaq is down almost 1%. here's what we have for you later, hillary clinton did not hold back on what she sauls -- calls republican extremists. roll tape. >> they do not represent a majority of even the republican party when you look at the extremists in the house. they certainly don't represent a majority of the country. and, you know, somebody has to stand up and say, enough. stuart: you know, that reminds me of the deplorables speech. remember that one? we will get more of that that,

believe me. hours after saying there was an immediate need for a border wall in texas, dhs secretary mayorkas backtracked. he now says a wall is not the answer. we'll be back. ♪ ♪

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and our success stories are real. why not give it a try? ♪ stuart: all right, to the border. president biden says he will build a 20-mile stretch of wall. he didn't want to, but he says his hands were tied. jeff paul in eagle pass, texas. what's it like there this morning, jeff? >> reporter: oh, or yeah,

stuart, this whole back and forth of the administration seemingly change in policy isn't slowing things down here at the u.s.-mexico border in texas. we continue to see those large groups arrive to places like we're at here in eagle pass. and there really aren't any signs of it stopping anytime soon. it is the same story up and down the southern border this texas, especially in spots like the rio grande valley. and and that is where that new 20-mile stretch of border wall is set to be built. the department of homeland security says this busy sector is seeing high illegal entry. roughly a quarter of a million illegal crossings this budget year so far. now, despite initially saying there was a need for the wall, secretary of homeland security alejandro mayorkas changed his tune when asked about it during his trip to mexico city city. he says there is no new administration policy and that a border wall is not the answer. >> construction project reported

today was appropriated, funded during the prior administration in 2019, and the law requires the government to use these funds for this purpose. we have repeatedly asked congress to rescind this money, but it has not done so, and we are compelled to follow the law. >> reporter: another major shift, the biden administrations also announced it's going to start direct deportations to venezuela. migrants from there have made up a huge portion of the current number of migrants attempting to cross, the repatriation flights aren a i tempt to -- are an attempt to discourage them. the biden administration said a week ago it would give work permits to nearly half a million venezuelans, stuart, that arrived here before july 31st. we'll see what happens in the coming weeks. stuart? stuart: jeff, thank you very much, indeed. president biden says he had to use trump era funds to build the border wall, had to. watch this.

>> the border wall money was appropriated for the border wall. i tried to get them to reappropriate it, to redirect that money. they didn't, they wouldn't. and in the meantime, there's nothing under the law than they have to use the money for what was appropriated. i can't stop that. >> reporter: do you believe a border wall works? >> no. stuart: all right. tom homan joins me now. all right, tom, is it -- what the president just said, his hands were tied, is that accurate? >> that's -- they passed that appropriations four years ago. they haven't taken action in four years. i truly believe now they're taking action because the polls show that this border issue is going to affect the next election. this is a political move. has nothing to do with appropriations law. besides, the law doesn't is say anything about waiving 26 federal laws about environmental protection, endangered species and safe water act. they waived all those laws to build the wall quickly. there's nothing in the appropriations that said they had to do that. this is about them trying to do

something to save their butts in the election. stuart: dhs secretary mayorkas backtracked. he had said there is an immediate need for the wall. now he says the wall is not the answer. why are they so inconsistent, tom? >> that's why i've lost total respect for the secretary. when he was secretary in 2014, 2015, i respected him greatly, but since then, he's constantly lying to the american people. he knows they need a wall. he knows he has a problem on the southwest border. but because the white house says just the opposite, he has to take his word back. a man with an ounce of integrity wouldn't do that. he would say, look, this is an historic crisis. we've got 1.8 million gotaways. we don't know who the hell they even are or when they went to. they've already arrested 267 on the terrorist watch list. he knows how to fix this. in 2014 and 2015, stuart, when

he was deputy secretary and jeh johnson was the secretary, we had a thousand entries a day. we all got called this. it was a crisis. it was something we needed to address right now. now we're averaging 9,000 a day, and he's out there telling people it's not a problem. he knows how to fix this. in 2014 and 2015, we detained people. we made them see a judge. nine out of ten lost their case, we sent them home. the border numbers went down. what's he doing now? he's not detaining them. most of them are being released without a court date, and the nine out of ten that lose, i.c.e. isn't even looking for them because they're in the country illegally, and that's the only problem, the secretary says on its own it's not enough for i.c.e. to make an arrest. he's doing the complete opposite of what he knows worked. stuart: another one real fast, please. the administration is going to deport venezuelan mying grants, but didn't we just give, i think a half million of them, work permits. >> the secretary directed

because it's too dangerous for them to go home to their home countries. now they're deporting people from venezuela. i think it's just a side show. of they know they're going to lose the court learing, so -- hearing, so how can they keep these people here? let's dps them. that's a way for them to keep u. it's smoke and mirrors. stuart: keep on top of it, tom homan. see you soon. new national poll shows president biden has a slight edge over donald trump. hold on a second, is that the whole story, todd? >> it is not. you have to listen to these numbers. get a pen, we're going to give you a lot of them. biden has a slight edge over trump among likely voters, 51-49%. but registered voters who said they don't know whether they will vote or not prefer trump a whopping 62-37%. among all registered voters surveyed regardless of voting

intention, trump has a 51-48 edge. takeaway message, republicans, listen. you need to stop making excuses on border mobilization and need to get every vote wherever you can. republicans, i don't like early voting, i don't like this drop box. neither do i. i think voting should all be in one day, but i also like reality. and the reality is you need to deal with the fact that the democrats are doing all these voting things. if you're republicans, you need to as well. these numbers bear that out, stu. republicans gotta get going. stuart: bang that table, lad. go for your life are. thank you, todd. let's look at the numbers one more time, please. that would be the market numbers. well, we've come back on the dow. we were down 200, now we're down 60. nasdaq, we were down i think 150, now we're down 110. the opening bell is next. ♪ yeah, you think we're free, this one's on me. ♪ we're all chained to the rhythm, to the rhythm, to the

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amazon's stock has dropped, what, 8, 9% in the past month. what make you so confident you can get back up to 190some. >> yeah, i think, stu, it's even dropped further. and with the jobs news today, the jobs outlook is so strong that you're going to keep rates, the rates are going to be higher for longer which is always bad for long duration assets although less so for big tech like amazon, google and facebook. but amazonson's got specific issues. there are rising concerns about some of these chinese online retailers like teme, maybe they're starting to take away some of the growth. if the consumer's starting so se that in the employment numbers, that's a negative for amazon. and most importantly, there are concerns that aws is not reaccelerating in a way that the market wanted. it's hard to know. our checks are relatively positive on cloud computing, but

if they don't have reacceleration, it really caps them. stuart: that gives us a string of negative, but you're sticking with the positive new price point of $190. >> yeah. and i will. i just want to make sure we get out negatives. i always like to be thought 68 on both sides. i think we are going to see a reacceleration in crowd revenue growth for concern cloud revenue growth for amazon. i think you're going to see this really strong recovery in operating margins at, at amazon too. the retail side of the business, largely because they're comping against major price spikes, and they've taken cost measures. they've laid off some people. so i think you're going to have a better margin and revenue picture. i continue to like amazon, i'm sticking with it. stuart: amazon 190 by when? >> that's right. a. stuart: when in. >> 12 months. stuart: all right, mark, good man. thanks for joining us. see you again soon is. have a great weekend. all right. they pressed the button. the dow and the market is open,

9:30 eastern time here in missouri. when they're all open, we'll show you that board -- here in new york. the dow has opened down, just 50 points. that's not quite the huge slide that we'd been expecting in the premarket. there you have it. we've got a few winners in the dow 30, and the dow is off 60 points. the s&p 500, it's down a half percentage point, that's a significant pullback. 21 points lower, 4,200. the nasdaq down .71%. again, that's an improvement from just a few minutes ago. big tech across the board, where are they? down, is the word. 174 on apple, 134 on alphabet. microsoft at 317. meta, 302. amazon, 124. look at apple again, please. lauren, straighten this one out for me. lauren i lauren okay. stuart: did apple want to buy microsoft's search engine, bing? lauren: apparently. and i'm calling it a bargaining chip. apple dangled the prospect of using microsoft's bing as its default search engine, right? when you're on an apple device.

back in 2018, and according to reports in to -- 2020 as well. that implied it would buy bing or have co-ownership. apple pays google a reported $19 billion a year for its search engine. so if apple were able to say, oh, we're also talking to microsoft, maybe it could lower that price tagging google. how do we know all of this in unsealed testimony from the department of justice antitrust case against google. you have the apple head of machine learning saying all this. stuart: that's quite a story. okay, thanks very much. here's one that i'm really interested in, mgm. yeah, we covered that cyber attack last month. i know it cost them a ton of money. how much? lauren: $100 million. let me -- 100 million is 7 times what caesar's entertainment, the vegas casino, paid the hackers to get its systems back.

mgm if decided not to pay. was it worth it? was the $100 million cost worth it? much of it will be covered by their cybersecurity insurance, but what about the reputational damage? in reporting this, mgm also said, well, the hackers did get your information. they got passport numbers, social security number, driver's license numbers. they did not get bank account information, but they till got some information on your identity, and for weeks it was a headache to their customers out in vegas but also, to a lesser extent, in atlantic city. of you're not supposed to pay the hackers, i'm not advocating that, but -- stuart: chlorox. we reported that yesterday. lauren: yeah. and that hack attack they're saying is going to cause their sales to fall as much as 28% in this coming quarter. stuart: crazy stuff. all right. let's move on to a few headlines from tesla. what do you have there? lauren: everyone wants their ev charming network.

hun die's new evs will be equipped with that charging capability at the edge of next year and in the first quarter of 2025, they'll send existing ev ownerses an adapter. ev drivers are saying, okay, we'll deal with, you know, the struggles with charging up and all of that, but we want as much convenience and reliability as possible. and many people are saying that's tesla. . so the only holdouts who's not using the tesla are charging station is toyota and volkswagen. virtually everybody else has signed on to to tesla's superchargers. that is a huge win for tesla. stuart: sure is. lauren: and maybe they see all that business coming in, so they say, aha, let's cut prices once again when it comes to evs. they've cut the price on the model 3 and the y suv between 1250 and 2000 each to stoke demand. of course it hurts margins, we'll find out how much on october 18th.

stuart: tesla's down $6 today, that's the extent of that. let's move on to general motors. they've got another big problem besides the strike, that is. what's the problem? lauren: the stock's at $30. 3-year low. do you remember the toe cat that airbag story? stuart: yes. a lawyer lauren federal regulators think 52 million airbag inflators made by arc automotive should be recalled for similar reasons, they can explode, send metal shrapnel into the with air. it can come down on the driver and/or passenger and, yes, it has and kill them. the journal says gm has at least 20 million vehicles built with that potentially faulty part, so they're very exposed. but gm is pushing back. gm is saying, well, there is no systemic defect that we see, so there is no basis for a recall, at least not yet. that's the story there. but when you have the uaw strike, they've gone back and

forth six times, gm and uaw, and then the airbag story, you've got shares at a 3-year low. stuart: and i believe we find out today if the strike will be extended to any other factories. lauren: the uaw strike, all the health care workers are striking, the hollywood actors were out there a few days ago. dire straits in the economy in the administration, yet we got a stellar jobs report number. stuart: extraordinary stuff. tell me about levis, the jeans people. they're down about 15% for the year. they must have had a bad report. it just came out, and they're down another 3%. lauren: they cut their annual forecast again. they see consumers pulling back at department stores where they sell jeans and also at the big box store like target and walmart. in fact, that's where sales really fell by double digits. so now they're investing more in direct to customer, online, their own stores. look, jeans are expensive, right? they're 69, i think, for a

regular pair of levis after a price cut that they put in place a few months ago. stuart: $69 for a pair of -- lauren: made a lot of them 69, yes. stuart: i want to know about the mega deal between exxon and pioneer, the shale drilling company, obviously. lauren: are pioneer up 9.2%. major player in all of the permian basin. "the wall street journal" is reporting that exxon wants to buy it for a 20% premium. this is a $60 billion deal, biggest deal for exxon since 1998-99. i'm not shocked by this. there's been talk of tie-ups for months because the drillers are having their financial backing pulled are them because of esg. 40 no one wants to touch it. and exxon is sitting on all this cash, and they don't want to invest it into the ground because of esg, so why not tie up with someone when has proven resources? stuart: why not. lauren: spending the money instead of trying to find your

own. stuart: you've got all this cash, why not? thanks, lauren. coming up, the liberal media crying over wealthy college grads who have are to pay back student loans. they don't want them to dip into their fun budget and cut back on things like travel, concerts, even a spa days. what a story. [laughter] we've got it, of course. and mr. rogers said it best, remember him? old roll tape. ♪ boys are boys from the beginning. ♪ girls are girls right from the start. ♪ only girls can be the mommies. ♪ only boys can grow up and be the daddy ♪ stuart: well, well, well, don't times change? [laughter] britain with's prime minister, the gentleman on the screen right there, he's jumped right into this transgender debate. rishi sunak has made his opinion very clear, and that's refreshing because trans-activists want to shut the debate down. to them, free speech is

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stuart: tens of thousands of health care workers are striking for the third and final day. jonathan hunt in los angeles with us. there's still no deal, so will there be more strikes, jonathan? >> reporter: the simple answer is, yes, if a deal is not forthcoming, stu. the sun sun is only just coming up here in l.a. outside the los angeles medical center, one of kaiser permanente's biggest facilities across the country, and as you can see there is already a very large and passionate picket line forming

here for this day three, and they say they will be back out on strike next month if a deal is not forthcoming with kaiser. what they a basically want are staff thing levels increased significantly are as they say those have fallen to dangerously low level x. they say they want better wages. they do not want to be on strike, these workers, but at the moment, they feel they have no choice. listen here. >> patient safety is a huge issue for us, and we, we've been experiencing a lot of short staffing, and that's why we're here. we're here to fight for the patients, for our coworkers and get properer staffing. >> reporter: now, kaiser, of course, says it is trying to get back to proper staffing. it says it has faced some unique post-pandemic challenges but is doing what it needs to to bring staffing levels back up. as for wages, this is the offer that kaiser has made, a 5%

increase next year, 5 again in 2025 the, 5% in 2026. that, they say, will bring the minimum wage in california to $25 an hour and in the other states where kaiser operates to $23 an hour. but that is not enough and it is not quick enough for those on these picket lines across the country. they say kaiser has to step up with a 7% increase, bringing the minimum wage here in california, for instance, immediately back to $25. now, talks have completely broken down since wednesday, stu, and if there isn't a deal in the intervening few days and weeks, then these workers, 75,000 of their colleagues across the country, expect to be back out on strike sometime in november. and they say this time it will be a longer strike. and that, obviously, has a great effect on the 13 million americans who depend on kaiser

for their health care, stu. stuart: you got it. jonathan hunt, again, in the middle of it. thank you, jonathan. let's get back to the september jobs report. it was a real stunner. 336,000 jobs created last month. unemployment rate still at 3.8%. peter morici with us this morning. that was some strong report there, peter. of what do you think the fed's going to do now? >> well, i think they're scratching their heads as to how they managed to get so far behind the curve. think about it, the bond market's leading them up, the jobs market says they're way behind the curve. about two months ago i published an article in the washington times that said we were heading for 5% 10-year treasury rate. i think this might actually do it. i think i'll send the article out again on that day when we close over $5%. there's -- 5. there's still a lot of inflation in the system. the wage gains were not pronounced, but this job market is hot. stuart: yes, it is, it's very

hot. it doesn't show any signs of cooling down at all, does it? you look at all the industry groups, and and they all increased employment across the board. where where's the weakness? >> well, interest rates having no bite. corporation at all -- corporations at all levels, healthy ones and and unhealthy ones are leveraging up, they're roming over -- rolling over their debt. car buyers are taking almost a $6,000 hit when they trade in. they're underwater9 by almost $6,000 on average, yet they go in and buy new cars as if inflation will bail them out somehow. my feeling is, you know, on the trade-ins. hi feeling is these interest rates are just not enough to have the consequence that he wants. the other thing is we've learned that the pool of savings is not running down as fast as we had estimated from the pandemic. so there's still a lot of buying power out there, especially in the upper half of the income class. not so much for people in the first quartile. stuart: i notice the market's all over the place this morning,

up and and down -- >> well, it's confused. they're stuart yeah. >> but longer term, this is going to be good for the market. of course, you know, you can bear 5% interest rates if you have 3 inflation because you can raise your prices. my feeling is that this bears out that it's a fundamentally strong economy and the people that are pooh-poohing the market right now are going to be very sad about doing it. stuart: okay. i would never do that, peter. thank you very much for joining us, professor morici. see you again soon. sure thing. here's a headline for you, women are more ambitious at work now than they were before the pandemic. what do you say to that, lauren? lauren: i say remote work works for women. if you look at sheryl sandberg's lean in, that organization did a study, and they found that 81% of women are interested in a promote motion. that's up -- promotion. that's up 10 points since the pandemic. 82% of men also interested in moving up the corporate ladder, but that percentage has not

increased as much. therefore, flex work encourages ambition particularly for women. i think it's a loose argument, but let's go wit. [laughter] follow-up question -- [laughter] stuart: it's a loose argument so let's go with it? lauren: if you asked someone are you am establish at work, do you want to make more money, get to a higher level, most people would say yes. stuart: of course. who's going to say no? lauren: thank you. this is the problem, high aren't more women at executive levels in the c suite? just 28% of executive positions are held by women. women are not getting promoted early on in their careers because of corporate gender bias. i will let you guys respond to that. stuart: no, i'm not -- [laughter] todd's looking at his phone, studiously -- >> i'm trying to multitask, and i can't do it because i'm not a woman. women multitask much better, that's why when they can have time in the home, i worked on that for two hours, by the way.

stuart: time's up. >> when they have time in the home, i can't do my job and have kids attack me. stuart: coming up, it's not too late to be on the show today. goldilocks. [laughter] don't forget to send in your friday feedback. we want questions, comments, critiques, etc., etc. varneyviewersfox.com. after an explosive testimony, the first member of sam bankman fried's inner circle returns to the stand. today, i believe. you're going to hear about sbf's secret code. yeah or we'll be back. ♪ like a time bomb set into motion. ♪ we gnaw that we were destin -- knew we were destined to explode ♪ ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™.

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and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. stuart: all right. to the trial of sam bankman-fried. the first inner of his -- member of his inner circle delivered explosive testimony. kelly o'grady, tell me about this secret code bankman-fried ordered wang to create? >> reporter: stuart, this was a big revelation yesterday because part of the prosecution rests on proving this alameda used ftx customer funds at sam bankman-fried's direction. it was kind of a back door that

allowed alameda to siphon and withdraw unlimited amount of ft, and customer money. in testimony, wang shared that the code gave alameda the ability to, quote, withdraw funds or transfer funds regardless of what it add had in its account, even if that would cause the account balance to become negative. this is important, sbf founded both alameda and ftx with gary, and wang testified no other company or customer had the special privilege. he also alleged at immediate da could siphon money that customers thought was there, they saw it on the balance. so the crux is that the bankruptcy, when that happened, alameda had withdrawn so much money through that back door, ftx couldn't pay its customers back. wang has pled guilty to fraud charges testifying in exchange change for leniency. legal experts tell us one of the biggest downfalls in a case like this is confusing the your. that testimony from wang is expected to continue today, and he will paint a picture that sbf

was the one in charge which will go directly against the defense's case that he didn't know what was going on. back to you. stuart: kelly, thank you very much. todd, thanks for being on. >> have a great weekend, sir. stuart: tammy bruce takes on hillary clinton's calls for backlash against republican extremists. in chicago a measure to force restaurants to pay workers the minimum wage even if they make money there from tips. that means restaurant tips go straight up. "bar rescue" guy jon taffer on that. 'tis the season of strikes, but that's not stopping the administration from kicking off their investing in america tour. brian brenberg on that. and tomi lahren on college kids having to dip into their fun accounts to pay student loans. oh, the horror. of the 10:00 hour of "varney" is next. ♪

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