tv Varney Company FOX Business October 26, 2023 10:00am-11:00am EDT
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it is 10:00 eastern time. the dow is down 11. nasdaq is down 129, nasdaq sliding because big tech is almost uniformly down. the tenure treasury yield is shy at 491. oil slipping below 85, now $83.79. bitcoin, $34,000 a coin, 34-1 to be precise. latest read on pending home sales. lauren: the number is 72.6, a surprise increase of one. one% in the month of september. august had an all-time low so a small rebound from that. it didn't he decline further, comparing this observer to last september home sales down 11% on the year. 3 problems remain, mortgage rates, inflation.
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stuart: the real estate industry and the market is in bad shape. now this. it was the first piece of legislation under the new speaker, declaring solidarity with israel. it condemned hamas, called for the release of hostages and israel's right to defend itself. nine democrats voted against it. it wasn't about sending weapons to israel. it was about condemning hamas atrocities. that is what those 9 democrats could not handle. deep inside the democrat party in the house the terrorists have their supporters. they want a hamas win, no ground invasion and a cease-fire. they want to lock in a terrorist victory. one of our guests said that's like emperor here hero demanding a cease-fire right after pearl harbor. the squad is not done. soon the house will discuss a
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$14 billion security package for israel that includes weapons and military equipment. the left will oppose it and not make a lot of any civilian casualties in gaza. they don't want israel to defend itself. what these 9 democrats say, all away around the animal -- enemies of freedom pick up on their propaganda and repeated endlessly on social media. they are fueling support for the terrorists who brutalized all those people less than a month ago. this is what congressman mike lawler had to say. is a republican from new york. they are not worthy of serving in this party. those members should resign in disgrace. second hour varney just getting started. [applause] >> mike huckabee joining us, 9 democrats said no on a resolution to support israel, that's a split in the democrat party and in my opinion are
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failure to condemn terrorism. where you coming from on this? >> i think it's a split from reality, a split from sanity. mike lawler is right, these people have no business serving in the united states congress. if you can't stand against massacre of innocent children and elderly people, brutal, vicious rapes of women you have no business in serving in government, this is shameful and this is a time when we are not talking about some nuance of political thought, we are talking about good versus evil. i had a conversation yesterday with a friend of mine in israel, he heads up emergency services, 7000 people, the first people going into some of those areas who got there before the military. what he described that he personally saw and his people saw is so horrific that anyone who can excuse it and somehow condone it or even look the
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other way is absolutely a part of the savagery. stuart: president biden is pushing for a 2 state solution once the war in israel is over. watch this. >> president biden: israelis and palestinians deserve to live side-by-side in safety, dignity, and peace. there is no going back to the status quo, that means ensuring hamas can no longer terrorize israel, and use palestinian civilians as human shields. it also means when the crisis is over there has to be vision for what comes next and in our view it has to be a 2 state solution. stuart: what do you think? at 2 state solution? >> nonsense. republicans have been pushing this idiocy for a long time as well as democrats. it's got to stop. if you are talking about palestinians live in the context of israel they already do. 21% of the people of israel are
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identified as palestinian so that's not the issue. they live better than they would under the current palestinian authority and certainly better than they wanted her hamas and gaza but this idea that you will have two governments in the same piece of real estate is utter nonsense and if there's an attempt to say let's have government all to itself of palestinians, let it be somewhere but not in the homeland of the jewish people who have a 3500 year claim on this little sliver of land which is one/644 the land size controlled by arab nations. if there's this desire to see another state, since the arab nations have 644 times the real estate, let them slice off a piece of it and create that state. stuart: agree entirely. thank you very much.
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appreciate it. chris christie says donald trump should be worried about his mounting legal troubles. what is that about? lauren: trump's right hand man, mark meadows, a reportedly granted immunity by special counsel jack smith. this is the federal election case. cell christie is saying donald trump should be very worried. will mark meadows testify that he advised trump those election fraud claims trump was making were baseless. separately the aclu says the judge that granted the gag order on trump was wrong in doing so, it says the order was too broad, violates the first amendment and is unconstitutional. in another case, trump's new york civil fraud case where michael cohen was testifying yesterday trump was fined $10,000 for violating that partial gag order, the judge
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took issue with trump's social media posted called the judge and someone else partisan. michael cohen as trump said or was it the law clerk? stuart: the judge said it was the law clerk and find him $10,000. have to raise your eyebrows at that. thanks. the real big losses on the nasdaq which is down 128, another big selloff protect. why is there another big selloff in tech? >> reporter: these big names are the most over owned over loved and overleveraged stocks in the history of the market where the big institutions are carrying 10, 20, 50, 100 million shares, the rest of the nasdaq has been plunging while these few names have been holding up so when things worsen, eventually they get them and that is what you are seeing and any disappointment is being taken out of the wood shed because of how much stock
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these big neutral funds and funds have so i expect more to the downside, you are seeing it again today and even the littlest of worry just like facebook that says something on advertising will take them down and i think there' s more to go. i sent out a chart yesterday of the advance declined on the nasdaq, the breadth of the nasdaq, it's not in bear market, we are talking last october, way below so this is just the big names playing catch up. i don't know how much they have to go and how far but there's going to be more selling as we move forward. stuart: so you are not into dip buying and big tech. >> not even close. it has to go through a process of a bearish face and that takes time. we when you've often written about interest rates and the debt and the debt is mounting astronomically. do you think we are heading for a debt crisis? >> we are in the midst of one.
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the debt ceiling we were promised have taken care of us and the taxpayer, since the debt ceiling deal five months ago our debt is up $2 trillion so they played a con and a scam on us and we are headed towards $50 trillion, we will be $1 trillion plus in just interest paid on the debt each year and where it stops i don't know. they are taunting the future, taunting the markets, taunting the economy and it seems nobody cares. i'm glad to see a few republicans speak up but i would like to see some action. hopefully some gets done. we one back to investing in 5% treasuries as a safe alternative to a dangerous stock market. is that where we are? >> there' s nothing wrong with that but i will tell you bearish phase is are my best friend. what i simply do is sit back and watch what companies are doing the best, their stocks refused to go down. the stocks that hold up best
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skyrocket and i will be ready for that, we are just not at that level right now and in the last week there were one thousand new yearly lows on the new york and nasdaq while the s&p is not even close. it tells what the average stock in the underbelly of the market has been doing under the guise of apple, amazon, google, facebook, microsoft and a few other biggies which are in trouble themselves. stuart: now you've got us all worried. thanks for being with us. i know we will see you soon. movers, let's start with mattel. is down again? lauren: it is down 11.5%. major box office success, that benefit, one hundred $25 million already reflected. mattel is worried about the holidays. i covered the toy fair. there is no it toy, something you have to have, they did not increase the full-year sales forecast. hasbro actually cut their full-year sales forecast, they
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see revenue dropping 50% so that stock is down. we want to kid want toys these days? don't they want electronic gadgets or games? lauren: kids always want toys to some extent. stuart: do they? your children and my grandchildren. my grandchildren are watching. >> is a time when's birthday? stuart: it's my daughter's birthday. happy birthday. line technology. lauren: their main product is their teeth online or down 26%. sales missed expectations and then cut their full-year sales outlook. getting hammered. neil: are back to quoting the cruise lines, royal caribbean is up. lauren: they lifted their forecast for the third time today, more people are taking cruises and spending more money on those cruises because the cruise lines of increased
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ticket prices. that's great news, stock is down 4% at one point. we when $82 a share. stuart: the ceo of mercedes-benz is speaking out on electric vehicles you will know what he's saying? lauren: they cost more to make and because of price competition they have to sell for less. another quote, i can hardly imagine the current status quo is fully sustainable for everybody. mercedes report lower profit, lower revenue. they were down 6%. still, despite this morning about the sustainability of the ev model, they are standing by their target at half of all their sales will be electric or hybrid by 2025 which is around the corner. stuart: that's very close and they want half their vehicles like that. tall order. thanks, now this, california governor newsom cozies up to xi
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xinping to talk about climate change. looks like you wants to be the democrat candidate in the election next year. on the message new synapse trip sells biden. the white house asking congress for $56 billion to handle domestic crisis on top of one hundred $5 billion in aid for israel and ukraine. can we afford this? house ways and means committee, jason smith, hold the nation's purse strings next. ♪ it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management.
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what's the first order of business for the new speaker? >> reporter: the first order of business is meeting with the prime minister of australia, asked if he thought that would be the first thing he was going to do a speaker, he said no but that is what he's doing right now. the other things he has to do is deal with legislation, he has to fund the government to the middle of november. rocky shoals to get through that. he also has to wrestle with the aid package president biden sent to capitol hill for ukraine and the middle east. 's members are watching this closely. listen. >> we are going to block a lot of this terrible foreign policy this administration is putting out and you not doubt it cannot pump america any longer. we need to cut every aspect of funding that's going to any government or country or organization sympathizing with these awful terrible monsters. >> reporter: there are
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investigations, johnson met with james comeer, judiciary ready chairman jim jordan could become speaker. >> he and i sat down and had a very long substantive meeting about where we are, what my future plans were and what i felt like judiciary should be doing so i feel like johnson is starting on day one with this. >> reporter: will johnson work with democrats to fund the government and avoid a crisis over the debt ceiling is what undercut kevin mccarthy. >> i don't know the speaker. he has not been tested. he hasn't been in leadership. a lot of crises going on and we need to address those crises. in a bipartisan way. >> reporter: the rule of the
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house, they need one member to offer a motion to vacate the chair. there's talk about trying to change that but that remains in place and could be a threat to johnson. stuart: thanks very much lose the white house is asking congress for $56 billion in disaster relief, childcare, high-speed internet. congas when jason and jason smith of the house ways and means committee joined me now. you hold the purse strings. this new funding request comes on top of one hundred $5 billion for ukraine and israel. can we afford it? >> we have just received $170 billion in supplement all spending request from the white house. the white house agreed to spending numbers back in may when they signed the physical response ability act. they need to live up to that. the money they requested in the last ten days, 10% of that
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funding goes to our greatest ally in the middle east, israel. the rest is a lot of ukraine spending, and domestic policy the administration is trying to supplement. blue and can you knock that out? >> we control the house of representatives. funding has to pass through the house and senate. there's going to be a lot of conversation but i hope we can pass funding for israel, separate it from funding for ukraine. stuart: what is job one for the new speaker? >> moving forward with the appropriations showdown which you know funding for the country is we have an appropriations bill on the floor today, the energy and water appropriations, several more that needs to move forward and go with the united states senate to conference so that is looming first but we also need
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to push the administration to make sure we have effective policy that addresses the crisis at the southern border. early one can you tell us which spending would be cut apart from money for ukraine and other things, the mystic programs, the bigger picture, what are you going to cut? that will be politically very sensitive. >> that's exactly what i asked the white house. they are proposing $175 billion new spending but do you just want to take another loan from the chinese which is not what the american people want? we saw in the first two years of one power democrat control, nancy pelosi, chuck schumer and president biden spend $10 trillion of new spending, increased inflation going up 17.9% since president biden took the oath of office, we have to stop the facet of spending. we when the democrats will want
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to raise taxes to pay for the new spending. >> that is exactly what they want to try to do. in fact they are so excited that in the year 2025 the tax cut and jobs act provisions will expire that will bring more than $3 trillion tax increase on all americans. tax policy start in the house ways and means committee. we are not going to be moving legislation that this administration is trying to push to raise taxes on working-class americans. stuart: you can do this if you retain loyalty and unity within the gop in the house. you got to have unity. >> you have to stay as majority. that's why i was extremely glad to see yesterday speaker johnson got every member of the house republican conference to vote for him on the house for to unify all of us so we can get down to business and take care of the issues all americans are facing right now.
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we one congressman jason smith, pleasure to have you on the show. back to the markets, i see a little red ink, the dow is down 60 points, the nasdaq is taking it on the chin again. we are down one hundred 60 on the nasdaq as we speak. take a look at uber, customers in phoenix now have the option to take a fully autonomous car, it will cost riders the same as a traditional luber, no impact on the stock, it's down 4%. turkey's president lashes out at israel while defending hamas. he called hamas freedom fighters. is israel losing the pr battle in europe? we are on on it. overnight israeli troops launched what been called the largest ground incursion in gaza since the war began. live at the israel lebanon border with the latest on this, greg.
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big tech is taking it on the chin all over again, 12,700. looking at the movers, one of the big tech stocks is moving down again and that is nvidia. lauren: morgan stanley is using the recent pullback of 15% since september to increase their position. they love nvidia. they call their exposure to ai their pricing power and growth opportunities underappreciated, down one and 3 quarters of one%. stuart: somebody on the show giving a target price of $600 a couple weeks ago. no names. whirlpool down again. lauren: it is a casualty of the housing slowdown. whirlpool came out and tempered their annual profit forecast as a result. stuart: what is this about dr pepper? stuart: stock is up 2%, other issue is many people are
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starting to go back into the office again so they are not drinking as much coffee at home. they are buying at. that is the problem that remains. however, they have pricing power when it comes to their sotos and other beverages so they hiked prices, stock is up two points. stuart: they have a pricing power -- that was your explanation. is real, northern gaza last night, live at the israel lebanon border. were the raids successful? >> reporter: it was an important test on the southern end of this country as israel tests in advance of a possible ground invasion of the gaza strip going after the hamas militants. it was called a tank array and it went a mile in to the gaza
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strip, they knocked down barrier wall and probed to see what kind of booby-traps, fighting positions they might face. reported not that much contact which is good news or bad news depending on what you are trying to achieve. appear on the northern border of lebanon, continue to witness clashes, between israeli military and lebanon-based uranian back hezbollah fighters. in the last 24 hours there were four rockets fired just in this area along the border, we heard 10 very loud blasts from israeli artillery position going out, all told 46 hezbollah fighters have been killed in the last two weeks, six israeli soldiers with civilian casualties on both sides but a member of his relapse war cabinet had this to say about the threat, take a listen. >> reporter: the idf had a strong shield on the entire
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northern border. there are significant casualties to hezbollah. i suggest to our enemy that when power is tremendous, ready to launch, better beware. stuart: the israeli defense forces of course. it is not a full-scale war here yet but the skirmishes are deadly and it is tying up most important for the enemy tens of thousands of is really troops, forcing on this side of the border 100,000 civilians to fully, 60,000 on the lebanon side of the border. iran is getting ready with its proxies to step this appear just in case or when there is more action down south. stuart: thank you very much indeed. the turkish president is criticizing his real for military operations in gaza. he has referred to hamas as
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freedom fighters. the global social action director joins me now. rabbi, turkey is a member of nato and its president is backing hamas. israel seems to be losing the pr battle in europe and in the muslim world. >> reporter: erawan plays all sides against the middle. nato has learned that the hard way with the russia dalliance etc. . i wouldn't start with turkey. we will see him zigzag all over the place when it suits him. there are some interesting developers, you've had prime ministers coming from uk, france, germany, greece to israel to show solidarity in part because in each of those countries they are concerned about the muslim and arab populations absorbing and promoting and going to the
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streets the hamas narrative so the following reality across europe for two decades millions believe what the nazis did to the jews in the 30s and 40s israel is doing to the palestinians. it is a huge live. in places like germany, israel is an uphill battle but october 7th, the mass murder of infants, of whole families, unlike the nazis who covered their crimes, they were broadcasting their crimes. right now you have the counter pr offensive because israel is in gaza and was 48 hours ago in the secretary-general's office when he was giving the speech that fumigated many jews around
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the world, hamas has an excuse, a reason based on that israel has haunted them. stuart: anti-semitic incident in the united states are surging. searching. you must be shocked at this sudden rise in hate. four weeks ago it was a different place, now there is hate all around, you must be shocked by this. stuart: you are based in new york and i'm a native new yorker, even during covid there has been a steady climb in the search and anti-semitic violence sometimes in the streets of big cities but now you have the embrace and parity of the hamas narrative in major universities, yesterday cooper union, jewish kids who take cover in a library, this is an outrageous situation that will only change when the presidents
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and chancellors of universities will speak up on behalf of the jewish community which their stakeholders, the people making the decisions including medical associations, the american bar association, hospital groups, in the name of diversity and equity, the jewish people not getting much in the way of equity in the united states of america and could be on the verge of a national security problem when you have such highly organized groups of people ready on the push of a button to go out on the streets and chant genocidal things against their neighbor. we wanted terrible thing, thanks very much for being with us this morning. we know there's been a surgeon migrants from the middle east crossing the southern border. how are the authorities labeling the palestinians who come across the border, any idea on that?
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ashley: those palestinian mannequins crossing into the us are being counted as other nationalities. spring shot from border patrol's internal system actually show palestine is not a category and searching for it result in no matches. federal intelligence officials report palestinian terrorists could be crossing the southern border and ordered border patrol to be on the lookout, border patrol agents confirm there are no categories or gaza or the west bank in the country of origin classification system. some border patrol agents say previously processed palestinians with passports issued by the palestinian authority classified as israeli, no idea they are coming in. stuart: thanks. american airlines flight attendants threatening to go on strike could create chaos in the airports in time for christmas.
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booming battery metals supply chain. ion energy. stuart: the auto workers union has reached a tentative deal with ford. jeff flock has been following the story from the beginning, 41 days ago. what do the workers get in this deal with ford? >> reporter: they said show me the morning and ford said show me the money, look at the numbers on this, a pretty big pay bump especially for new time hires, up 68% for new hires starting pay, the
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longtime wage earners at the high end up 33%. overall it is a 25% increase. 11% of that in the first year so a big bump there. as to benefits, cost-of-living adjustments which have gone away in the last contract after the bankruptcies, that's coming back, the high end wages, retirement benefits, that would be enhanced and for the first time they will have a right to strike over plant closure, that gives them great leverage. the other key thing uaw is doing is they are pulling workers off the picket lines even though the agreement has not been ratified, that's unusual. chicago explorer plant will go back to work, the assembly plant where they make the bronco goes back to work, the kentucky truck plant, that goes back. why is the uaw doing that? it's all about strategy?
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>> we are going back to work at ford to keep the pressure on stellantis and gm. the last thing they want is for ford to get back to full capacity when they mess around and lagged behind. >> reporter: these guys have definitely thought of that. stellantis still on strike, no word on the progress that has been made and no guarantee they will follow this path. afford statement, jim farley, the ceo comes out, doesn't say much, we will focus on getting the restart of our plants but i put this to you, if this big contract winds up making some of those nonunion workers, vw, toyota and the rest, even tesla, makes them rethink whether they want to be in the union, detroit three are not
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going to be using any sleep over that, they feel they are at a competitive disadvantage when it comes to wages anyway because they have to deal with the uaw and the competitors don't. stuart: thank you very much, see you soon. speaking of strikes, i want to know about a possible airline strike just in time for christmas. who may go on strike? ashley: the union representing 26,000 american airlines ramping up its threat to strike as the busy holiday travel season is fast approaching. it's called leverage. the flight attendants went immediate wage increase plus incremental races over the next four years that would raise their pay 50% from where they are now. the association of professional flight attendants have a november 17th deadline to make
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significant progress or a 30 day strike countdown meaning a walkout might start days before christmas. southwest airlines says it reached a tentative agreement with the transport workers union that represents 19,000 flight attendants making it the first major us airline to strike, southwest flight attendants have been demanding higher pay and better work/life balance. stuart: another one for you. we talked hotel workers striking in los angeles. the hotels then replace them with migrants. tell us how the strike is working with that. ashley: they are not happy at all. the union representing those hotel workers in southern california says employers have offered no new money for wages, pension or health insurance plus the union says hotels
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continue to fill gaps created by striking workers by employing migrant workers, who are now currently living on skidrow. george gascon continues to investigate claims that migrants being abused, workers claim they are being deprived of their required meal and rest breaks and being paid in handwritten checks with no explanation of their hourly wage or hours worked. the hotels deny any wrongdoing, talks don't seem to be going anywhere. stuart: the george washington university that supports hamas to be expelled. clay travis on how they should respond in the next hour. several states say so many parents are asking for private school vouchers they put state budgets at risk. school choice's cory deangelis on that next.
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[ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. 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: the big story on the markets today, the same as it was yesterday and that is the continuing selloff in big tech. look at the nasdaq go down some
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more, have a percentage point. they dropped today. a number of states report demand for private school vouchers far exceeds expectations. it is putting some state budgets at risk. cory deangelis from the american federation of children, spell it out for me. how often are these? >> is extremely popular. almost getting tired of winning and that is with these articles show where democrats are terrified so many families are flocking to education options when given that opportunity, in states like arizona, the democratic governor, katie hobbs suddenly becomes a fiscal conservative only when it comes to school choice, says giving families an option like she has when she was a kid when she went to private school but somehow bankrupt the state but they are using common core math or something because the public schools spend twice as much is the voucher. you give a family an
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opportunity to choose, they only take $7000 per student, it saves taxpayer money, they are only looking at one side of the equation, the cost and not the benefit. blue one school choice is only available in a widespread way in republican states. on my right? >> republican party platform and it has ballooned over the past couple years, conservatives got a look at what's happening in the classroom, parents who thought their kids were in good public schools because of standardized test scores started to see something more important, whether the school's curriculum aligned with the family's value so parents have woken up and basically under special interest group holding politicians accountable and if we want to expand it to blue states too we might look to educational choice for children act which i testified in favor of yesterday, one hundred 28 house republicans are signed on to it including the new speaker. stuart: that is what i wanted to ask, we got a new speaker and is he in favor, he is a
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conservative guy, i know sees a social conservative guy, he must be in favor of school choice. stuart: mike johnson is a cosponsor on the bill, 120 republican signed on in the house, 30 of them signed on in the senate but they should all be signed on. this is the republic and party platform internationally. republican voters according to clear opinion research have 80% support of republican americans supporting school choice so this is a gop litmus test issue and is also on the house commitment to america agenda to include school choice, the way they get it done and we should superspread school choice to read states and blue states. stuart: i would like to know the names of democrats who oppose school choice but send their own children to private schools. there's quite a few. >> president biden went to private school, nancy pelosi, gavin newsom, roy cooper,
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governor of north carolina declared a state of emergency over school choice but sent his own kid to private school, told hypocrites across the board. almost surprising when you don't find they are hypocrites on school choice. in texas, the chair of the texas house democrats sent his own kids to private school, went to private school himself at one point but fighting as hard as possible every day against expanding that opportunity to lower income texans. it's time everybody has that choice, not just school choice for me, not for thee hypocrisy. stuart: you are making real progress, come back soon and tell us what more progress you've got. still ahead, congressman steube on how the white house should be responding, doctor ben carson on oregon placing competency requirements for high school graduates and clay travis, california governor gavin newsom's trip to china. the 11:00 hour is next.
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