the yield on the ten year 5%. "varney & company" picks it up.

stuart: the war is widening, israel has stepped up the targeting of hamas in gaza there have been on the ground raids beautiful land invasion has not started. president biden is trying to restrain israel from the ground invasion. hezbollah and iranian proxy has fired more rockets and antitank missiles into northern israel that is looking more like a second front. separately fox trey yingst has been interviewing witnesses to october 7 attack there is video which we will not show you the atrocities. it was a deliberate massacre. on the market this morning, here is the news the ten year treasury moves above 5%. it is at 497, ten minutes ago it was a 501. it hit the 5% level. as for the two year that is well above 5% were looking at five tend to be precise. plus the expanding were producing some stock selling this morning, the dow industrial done 140, nasdaq 1050.

here is a bright spot, bitcoin been well above 30000, 30600 to be precise, i thought the war would move oil up but now it's around $87 a barrel, not that much movement. gas continues to fall, the price of regular averages f $3.54. diesel $4.50 is a national average. gold still under 2000 announced, it is close, 1989 per ounce. politics, when is enough enough. no speaker, nine candidates are in the race, there may be another vote tomorrow, so wormer speaker mccarthy calls the whole situation abusing. jewish students at american colleges, the impact of anti-semitism. american troops face incoming while serving in the mideast, what should our response be, iran's proxies that are attacking. venezuelans outnumbered mexicans

crossing the border illegally biden begs for venezuelan oil in majuro sends the people he impoverish to america. monday october 23, 2023, "varney & company" is about to begin. ♪ start this word with an update from israel. what we have at the latest. >> israel ramped up across gaza hitting 320 targets overnight including tunnels and hamas command centers, clearing the way for the next phase of combat which is the ground invasion. trucks are being ludden, few contain fuel, israelis do not want it ending up in hamas' hands at hospitals and gaza doctors are using their cell phones for light to save energy. outside of gaza, israel telling dozen towns of the border to

evacuate and israel carried out an airstrike in the west bank hitting a mosque that israel and islam jihad were using as a tear compound. as it stands now, the work is in week three, it appears the buildup to the ground invasion is swelling but there is a phrase, the legitimization window, that is closing and or so it seems. stuart: pressure not to go when and they have pressure to go when and do what they want to do. >> as a revenge. stuart: a revenge for wiping out hamas is another story. by the way joint fox corporation in the israeli funded association with the united jewish appeal scan the keyword code or donate at. the administration is trying to stall the ground invasion of gaza, they want to get over 200 hostages out before israel goes in, charlie hurt with me this morning. biden is leading a badly divided

party, is that affecting his policy options? >> i think without a doubt. anytime you have to go into negotiations like this and you have the party as deeply divided as it is it is a real problem, the bigger picture, this i think demonstrates why the old adage you don't negotiate with terrorist is a very difficult situation when you negotiated with people who clearly you mentioned trey yingst reported over the weekend demonstrates that these people do not care about the value of life and we talk about the attack that happened two weeks ago but of course the attack is ongoing. there are 200 innocent civilians being held captive by these people in its internal question for people like us they care about human life and what you do at that point, do you go when and root out the evil which has to be done it's not a matter of

israel has a right to do it that have an obligation to root out the evil that will perpetuate the sort of thing i get civilians but what do you do about the people that we know or we suspect are still alive who could be imperiled by that. it's a really difficult situation. stuart: i want to move on to the house speaker contest. before we do that, your opinion on the war on the mideast. it is not going to be over soon, it's going to drag on. >> i don't see how it will possibly be over. i think when you step back and look at the larger political situation on the cusp of saudi arabia and israel reaching on historic agreement together, the hamas terrorist succeeded in changing the subject from that. that is going to hurt everyone involved. especially the palestinians. stuart: house republicans released a candidate list for house speaker, nine congressman on the list.

stop laughing, the republicans seem to be just as divided as the democrats. how do you see this playing out. >> who knows, what we see right now this is the problem with matt gaetz in the first place, he did not have a plan when he blew up the house, he does not have a plan now and this is the problem, i think at the end of the day every day that this goes on it proves that maybe you have a lot of legitimate complaints about kevin mccarthy. kevin mccarthy was probably the best republicans were going to come around. it does not matter, get a speaker in their, we don't care who is in charge of your little club, put somebody in there, this is more ironic, you are embarrassing yourselves. stuart: right on both counts, thank you see you again soon. working to get an important gdp number for the commerce department that comes out thursday morning. is there a magic number that we are looking for.

>> 4.2%. >> that was the other quarter. >> this would be for the estimate for the first read on july, august september growth. the fastest in two years, it documents a frenzy of summer travel and entertainment, a great number. a really great number it's almost unbelievable. is that the warm up of what's to come as we head into the holiday quarter which were in. stuart: if it's 4.2% growth in the quarter, what is the federal reserve's response going to be. they are not going to lower rates. >> not with growth like that. think about the headwinds you have inflation still high, student debt payments starting again, what's going on in the middle east and still in russia and ukraine, this can way on sentiment and may not be a rose final quarter of the year that were heading into. stuart: thursday morning, there is the yield on the ten year

treasury, earlier this morning was about 5%, now it's at 495, still up but not as much as it was before. jeff ceco with us this monday morning. i want to talk about gold and inflation hedge a time of turmoil, i know you like it, you buy into gold. keep in mind when hamas attacked israel, the price of gold went up $160, that conflict is far from over. you will have a lot of people running to gold as a hedge against geopolitical turmoil which in my lifetime we have not seen this much lifetime geopolitical turmoil in this much central bank incompetence. i don't know about you but every time i hear janet yellen or jerome powell speak it makes me want to run out and buy gold bars because they are the ones in charge of maintaining the money supply and they are not doing a good job.

stuart: how do you buy gold, gold mining chairs or gold coins or gold bars, what is your preference. >> being from new jersey, you know i have a guy. stuart: you are terrible, you're referring to is editor, gold bars. >> i would say the best way to buy is to buy from a registered gold dealer, by physical gold, stay away from the gold etf's, they're just paper gold, by physical, tangible coins, bars and find a good safe place to store them. stuart: something nice about a gold coin. it feels good and has some heft to it. i like it. before we go 5% treasury yield on the ten year, 8% mortgages, where do we go from here. >> it is amazing, with rates as

high as they have been in 17 years, i don't really see rates coming down all that much in the short term. in the long-term you and lauren are talking about the dilemma within extremely tight labor market, i agree with what lauren said mortgages see robust gdp and you will see bond yields potentially go up but then i believe in the middle of 2024 the fed will be faced with the dilemma and they may and fact lower interest rates. stuart: not in the immediate future. >> if they do, they have the 2% inflation target. if they back off of the 2% inflation target their going to come off as more dazed and confused then they already come off as. stuart: we used to talk to all the time buying the wonderful tech stocks, now were talking about buying gold. times have changed.

coming up, the house still does not have a speaker and former speaker mccarthy is not happy about that, watch this. >> this is embarrassing for the republican party, it's embarrassing for the nation and we need to look at one another and solve the problem. stuart: does the gop understand the damage being done to the party. israeli defense forces up 320 hamas military targets a 24 hour period, report from israel on that next. ♪ ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills

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stuart: israel has stepped up attacks in gaza. the warning citizens head south or risk being seen as terror partners. mike tobin on the ground in israel, what is the latest. >> the latest is that the idf did a screening of a lot of the video that was seized from a hamas go pro security cameras -- cameras. they displayed some of the audio that has been seized. it was a deliberate attempt by the israeli defense force to combat or to show how savage the hamas attackers are and try to combat the narratives of the demonstrations and some of the media that israel is the aggressor. most of the video that we saw we can't show because it is too horrible. we shall video from dash cam, israelis being ambushed and shot in their cars, we saw a girl hiding under her desk, executed, israelis sheltered and safe rooms and massacred in the safe

rooms. a father with his two little boys and they ran into the bomb shelter in the hamas attackers through a grenade into the bomb shelter. the father was killed and the boy survived and one lost his eye, they screamed for their father and their mother. we saw the attackers take selfies with a truckload of wounded hostages behind them. we heard a phone call in which what did the attackers called his parents back in gaza and bragged to him how he had killed ten people and they should be proud because their son is a hero, here is the idf spokesman. >> it was not sporadic freedom fighters, that is how hamas pretrade itself to the world. what you saw here is ruthless tactics even worse. the airstrikes are constant, they seem to pick up last night. the targets have been tunnels, operational headquarters, compounds and observation post. the prepping for the next stage which of course is widely interpreted as the beginning of

the ground offensive. something we don't see often a uav aerial vehicle came out of the gaza strip and israel intercepted the drone. stuart: mike tobin, thank you very much. secretary of defense lloyd austin says we are bolstering our military presence in the mideast. watch this. >> we are concerned about poteescalation. in fact, what we are seeing is a prospect of a significant escalation of attacks on our troops and our people throughout the region. and because of that, working to do what's necessary to make sure our troops are in a good position and protected and that we have the ability to respond. stuart: congressman pat fallon joins me now. iranian proxies are the ones firing on american troops, what should our response be.

>> first of all with to do everything that we can to protect our troops, that is obvious and give the israelis are allies all the machines, weapons and material that they need to win this war against hamas. if iran escalates there is deterrence, i'm sure were back channel to let them know we will hit iran where it hurts we have to enforce sanctions that the body to administration and the coddling of the iranian regime was not a good idea. stuart: do you think the iranian hezbollah will believe the threat from president biden. >> that's a problem when you have a president that has a projected strength, only weakness this is has emboldened not only iran but china and certainly russia, they launched a full-scale invasion two years ago with ukraine and they didn't do anything for the four years president trump was in office.

stuart: do you see anyway this board does not widen further from here. i certainly hope so, you prepare for the worst and hope for the best and is in no one's interest for this to escalate other than people are irrational and i think iranian hezbollah's are and we have to prepare for the best and most measured response. stuart: i know we talked about this before but we have to raise it again. the speaker vote we have a list of nine republican contenders, a budget deadline, were in israel and the presidential election season. the republicans are subdivided you cannot pick a speaker, how can you come together to rally around a single candidate for the next election. it throws into despair almost. >> i don't disagree with anything that you just said. what we found 224 members of our conference on the republican side. everyone has reached their

exhaustion point. let's hope now the third time's the charm we're going to have a candidate form tonight, working out election tomorrow. i hope and pray i can be on your show at the end of this week and we can talk about our new speaker. stuart: consider yourself booked and might not go the way you like it. pat fallon republican of texas, thank you for joining us. lauren is with us. the nine announced bids, does anyone of the nine support mccarthy. >> mccarthy supports one of the nine. stuart: who does mccarthy support. >> tom amber has mccarthy support, watcher. >> i believe tom amber and the bills to secure the border and the bill of rights from cutting to tricking dollars getting work requirements, he knows how to do the job across the street at the same time helping us when the majority. he sets himself head and shoulders above all the others who want to run.

we need to get him elected this we can move on and bring not just a party together but focus on what the country needs most. stuart: that is great that kevin mccarthy support them but can tom and margit 217 votes can anybody get 217. emmer has been hostile in the past toppled the 2020 election. now emmer's campus walking about, he has not publicly commented on emmer previous major sway of the republican party. his guy was jim jordan, no longer in the running, how much does donald trump control it. stuart: navigates as a trump guy two. stay tuned for tomorrow's boat. check futures, monday morning, where we going south for the dow 180, the nasdaq is down 70. the opening bell is next. ♪

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important these days, earlier this morning about 5%, now it is at 496. pretty close. keith fitz, the ten year write about 5%. very important number, how are you playing the market with a 5% treasury yield. >> you asked me for months should i go into treasuries, would i be thinking about it, 5% is interesting and safe given the fact that the middle east war could be widening. stuart: you can't get off the hook so lightly. are you buying treasury with a 5% yield, yes or no. >> yes short-term t-bills. stuart: what proportion of the portfolio would be in 5% t-b t-bills. >> there is no right answer or wrong answer, what i'm doing is sweeping excess cash in there because i want access quickly if the market drops i want to go into action with companies like microsoft or tesla or apple, any of the things that get a big dip

i want the capacity to go shopping. stuart: are you selling anything to raise cash to put into 5% treasuries. >> i had a hunch you are going to ask me that and the answer is no and stated the game i like the stocks in uncomfortable and reinvesting every last dividend i get because i want to lower my cost basis. stuart: earnings, a lot of big names, not big tech, which names are you looking at, what you interested in. >> number one is going to be microsoft, this is about a.i. in degenerative growth, this would be the new copilot program, this could be a or $10 billion on the top line i don't think the market recognizes that yet. this is the one to hold in 2025. stuart: i was looking at apple at 170 in danger of dropping 170 into the 160s, do you like that. >> absolutely that's another one that is a no-brainer the market doesn't have the story correct,

the dividend healthcare is totally underpriced and i'm not concerned about the iphone the date of the eco-seat in the healthcare, i will be buying more of that happens. stuart: you look at apple, microsoft and 5% treasury, that is your position this monday morning. >> don't forget amazon amazon is coming in and cost-cutting measures are taken effect. we will see significant profitability that is one of interest but i don't own at the present time. we keep going back to apple, amazon, microsoft, money goes where it's treated best, you are so right. thank you for joining us we will see you again really soon. 15 seconds to the opening market, were looking at the downside especially for the dow industrial, a half percentage point. a couple of stocks in they're down 30 on the losing end of this trade. hit the button, the dow has open

with 130 or 140-point drop well over one third of 1%, the dow 30 has open in most on the sales list, chevron the biggest loser over 2% that is hurting the dow industrial, moving on to the s&p 500 down one third of 1% right there, 14 points, the nasdaq composite on the downside, one third of 1%. consistent cell across the board in the big tech companies headed by data, the only winner 309. microsoft, alphabet, amazon and apple all loses. >> meta the stock of 150% this year on wednesday. stuart: up 150% this year quite a come back. >> it didn't work, they're done. >> advertising revenue. let's start with oil stocks. chevron is buying.

>> $53 billion, and all stock deal a low premium which could explain why has his barely higher this morning and values each share $170, has is at 173. this is days after the exxon mobil pioneer 60 billion-dollar deal, why, why now, consolidation absolutely but it is a hot oil guyana, south american country between venezuela and brazil, away from the middle east chaos, proven resources there. and then the energy companies flushed with cash, chevron is not using the cash for the deal that is ahead scratcher, their recommended returning it to shareholders and recommended in 8% increase to the dividend to a dollar in 63 cents. stuart: why is the stock down? >> not sure they're using the cash to rewards shareholders. >> that was an interesting deal

on guyana. >> i was reading no oil reserves proven a few years ago they put themselves on the map. stuart: now they do. next one apple, do they have a problem with the fox can't plant and taiwan. >> there are reports that beijing is probing their tax reporting and use of land, why now, foxconn is considering investments in india and the founder of the company is running for the presidency of taiwan. big china flexing his muscles, apple has a lot of problems in china. chinese retailers are offering deep discounts on iphone 15 as much is tutored and $5 off. stuart: why? >> checks are showing third-down four and double digits in china. stuart: apple is down to 171, struggling to hold that. taylor swift concert era tours out in theaters. how is it doing in the box

office. >> this is the second weekend and brought in $31 million. stuart: that's all. >> 131 million in two weeks time. that is a lot of money a record for a concert movie and eat in beat out the debut of killers of the flowers moon which is leonardo dicaprio and robert de niro. the major theatrical release cost $200 million to make and it was beaten by the taylor swift concert movie which i saw two hours and 40 minutes of it. stuart: did you like it? >> she was a great performer but i was expecting more it is just her l.a. concert, that's it, no information about her, no stories about her life, just her concert. stuart: only in imax theaters right. >> i went to a small mom-and-pop theater. stuart: was a full. >> completely empty, only five people in their. are you pooh-poohing taylor swift.

what is the word you used for the beetle. >> the goats greatest of all time. it is the beatles always will be. >> you switching back. stuart: crypto, crypto stocks on the rise, bitcoin is a 30000. >> 30500, five days in a row is this a flight to quality is bitcoin is safe haven along with golden treasuries? i'm not saying that but i think some people are asking themselves. >> i did not expect bitcoin at 30 grand but that's where it is. salesforce they were downgraded. >> they are down stock, they were cut to neutral at piper sandler. the evaluation is a concern and support for 50% tissue and uncertainty how they monetize their use of artificial intelligence. salesforce is a business software and the cloud company and piper takes a price target to 232 above where it is now down from 260.

stuart: walgreens i know they got upgraded. an interesting market. >> j.p. morgan says buy them there entering a new era for shares, the new ceo tom wentworth takes a corner office effective today he has healthcare experience, walgreens is printed onto healthcare. stuart: so far this year the announcement of the seo was made walgreens has done very well. >> it's down 43%, awful earnings but they see this as being a turnaround. stuart: i understand pfizer is selling off on part of the company one division, which division. >> rosh which is a swiss company $7.1 billion to pfizer and drove yet vivek ramaswamy's for the disease start. this is beyond cancer. stuart: ramaswamy emerges with a lot more money, yes money in

that company. maria: he stepped away because he is running for president. >> i'm sure he has an ownership stake and now more valuable ownership stake. we would have to declare that. and that company likes to take drugs that appear to be popular in late phase trials that are seen success in the market and commercialize them. stuart: pfizer is at $30 a share, the pandemic at 50, i will always remember that. check the big board, six minutes we are down 180, that is more than a half percentage point, the dow winners, walgreen, procter & gamble, johnson & johnson, on the list. the s&p 500, intuitive, walgreens waste management steel dynamics all up nicely. the nasdaq winners intuitive, surgical, walgreens on that list. netflix, that's a big name on this list. index, on the list to. here's what we have on a monday

morning jewish students raise $22000 in 24 hours for israel. will hear from one of the students organize a fundraising. if she comfortable at nyu. global fear following israel's attacks is natural but can be harmful. doctor siegel wrote it, how do we get over our fear. there is this energy prices going up, the cost of heating your home going up a report on that next. ♪

stuart: where is the price of oil, it is down a little bit $87.276 per barrel despite what's going on to the middle east. jeff flock with me, we have a

war in the least, winter is coming how high can we expect energy prices to go. >> i wish we knew, the government says they might know they have a prediction but were following the oilman around. if you're in the northeast you may use home heating oil, this is fox fee will they go around in your may be foreign to it but a guy comes in the truck and put oil in your tank so you can heat your home for the winter. here's what the government says we think we will pay this winter if you heat with heating oil, $1800. that would be an increase of 8%, that does not factor in any craziness in the middle east. this compares to natural gas, they will pay about $560, that is down 21% they think, electricity customers about $1000 per heat this winter, that is flat from last year if you look at the chart for home heating oil were not at the highs but there is a fear, wars,

god knows what can happen and we talked to john fox the fellow who owns box fuels, more and more people are getting into the price protection programs where they lock in a price because they are concerned about what could happen, here's what he said. >> where price protection programs, prepay program, price cap budget, fixed price budget programs. they lock in some of the pricing for the season which in my opinion you can't lose with t that. >> he has having to hedge. what happens if he promises heating oil for three to half dollars a gallon and that it comes back it gets crazy. he is hedging so he doesn't take a bath of things go wild, great to see the old oilman i remember this my grandma's house they had a tank in the back and they would fill it up with oil is not as popular as it used to be but then again a lot of things are

not as popular as they used to be. stuart: a little philosophy from jeff flock. it works wonders, see you again soon. ststeve moore. an open-ended question in the new york post, how has bidens energy policy hurt national security. >> this is so infuriating, we've been talking about this for two years on your show. is not just an economic calamity that were not producing american oil and gas as we should be in incidentally casey mulligan the university of chicago did a study to the committee to unleash prosperity and he indicates 3 - 5000000 barrels a day, lower than what we should be if we simply stuck with the trump baseline of drilling. if you do the math, that is

something like $250 million a day that the u.s. economy is losing. where do you think the trigger $50 million a day is going. first of all russia is a major producer of oil and they benefited from the crazy biden energy policy. iran as a major producer of oil, everyone knows that. in a lot of ways there was important interviews where reporters were asking republicans why do you say biden is complicit in these attacks. one way he is complicit he is inadvertently, also inadvertently put money into the hands of the terrorist. we know that. stuart: this is an op-ed from bloomberg and i'll quote it, bidens economy is great everywhere except in the polls. first of all you think bidens economy is great, where did that come from. >> obviously it's not. were getting get a good gdp

report for the third quarter it looks like the latest indication is for - 5% that is a good number and i'm happy to report that but americans are feeling the pain of the wallet, you talk about 2 - $3 billion of lost income since biden has come into office when you adjust for inflation and then you look at the trends that are so negative look at what happened to the national debt, look at mortgage payments, we went from 3% mortgage rates under trump to 8% under biden, that is adding on a monthly basis to someone who buys a new house about $1500 a month in mortgage payments. these are little examples of the fact that americans have consistently said we think the economy is going to the wrong direction and people are saying consistently my own finances are worse than they were four years ago. >> we consistently see that in the polls. >> 70% and has not moved.

it doesn't matter a fox poll or msnbc pool, gallup poll, they're all showing the same thing in those reducible numbers for an incumbent president. stuart: terrible in the cycle, the elites cannot quite believe it, they think why are you complaining so much, what is wrong with you will look what were doing, they could not understand it. if you get feet on the ground and out of that level you understand everybody's hurting. >> part of the problem i'm doing this interview from washington, d.c. washington, d.c. is a bubble we are not mainstream america. things are fine here. all this money coming to america, 6 trillion-dollar budget. his people on main street all across america and reporters and people in the media do not get that because of not in touch with mainstream america. people get so angry at me when i talk about the economy on your

show another's, they say it's worse than you say it is in montana and idaho and florida in these other places in the country. stuart: i am out of time i would love to talk to you all day. there is a new trend on the rise, the younger generation and younger folks struggling to deal with inflation, it is called being a dink. i know what that word is. >> i had to look it up, double income, no kids, child free couples, the luxuries, the highest net worth of all family structures at $399,000 versus georgia 50000 if you do have children. it is obvious kids are expensive. stuart: 400,000 without children. a quarter million with children. a big difference there. >> a cost over $300,000 to raise a child until high school, think about it like that. if you have more dinks putting off having children that means they are not buying homes.

stuart: the u.s. is upping the middle east present, lloyd austin says we will do what is necessary to make sure our troops are in the right position. america's military involvement is growing retired four-star general jack keen on that. the war is widening, it is not good, no silver lining along a nasty fight, heaven for bid there is a terror attack within our border, that is my take, top of the hour, stay with us. teeth sensitivity is so common. it immediately feels like somebody's poking directly on the nerve. i recommend sensodyne. sensodyne toothpaste goes inside the tooth and calms the nerve down. and my patients say you know doc, it really works.

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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. stuart: san francisco business leaders and billionaires have teamed up for a big ad campaign. kelly o'grady with us. a campaign for what. >> there looking to do a rewrite. we've been talking about the doom loop and the president is coming next month with business leaders across the world. it's very convenient time to do this. you san francisco celebrities like steph curry, business moguls putting together what is the it all starts here campaign. here is a taste of it. >> grit and guts, brainpower, optimism and openness. a confluence agitates into

action a restless age to create things that are brilliantly new and different. >> the campaign is a love letter to the city and showcases iconic companies like apple and pixar there will be signs around town that will highlight the city's rich culture history and the cutting-edge tech industry. the reality, the bay area has struggled post-pandemic, retail like nordstrom's have closed iconic locations in some copies left altogether in the city's reputation for homelessness and crime has become known worldwide. if you look at january to october of this year versus last, robbery of 15.8%, motor vehicle theft up 8.9%, foot traffic, businesses leave, where people stick to remote work, that is contributed to record commercial real estate vacancies that hit 33.9% this past quarter and all of that contributes to less tax revenue and unfortunately the prediction that we talked about has become a reality.

mayor london breed in san francisco her back is against the wall she's worried about the fact that there isn't enough tax revenue to maker budget reality she is telling police services to come up with budget cuts. there you go. stuart: good luck with an ad campaign to be all that. thank you. a quick market check, in business 25 minutes at dow is down 100 points, nasdaq 1050. we are still without a speaker, house republicans in my opinion should be embarrassed, where is this going, will cain takes that on. israel and gaza cannot return to the status quo, i will ask kt mcfarland. a bloomberg opinion pieces biden's economy is great everywhere except the polls, steve forbes on that, is a wider war inevitable, general jack keane is here on the show. the 10:00 o'clock hour is next.

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stuart: good morning, everyone 10:00 o'cloc