maria: yeah. >> but do we hi oil supplies are tight? yes. are they going to remain tight? yes. will we be looking for other places to get back into an overweight position on the energy sector the, i think so. but right now we're neutral, and we're comfortable with that. we think commodity prices in general over the next five years are likely to be higher, not lower. maria: it's a good point and, of course, hard assets have been a place to look in this uncertain environment. great conversation, everybody. we so appreciate your time this morning. kevin hassett, andy puzder, thomas hoenig, scott wren, john lonski, we appreciate if it. thank you so much. have a great weekend. i will see you tonight on "wall street," 7 p.m. eastern. 30 minutes before the opening bell, with we've got a market that is trading up on the economic data. are a good weekend, everybody. thanks for being here. "varney & company" picks it up now. stuart: good morning, everyone. the u.s. goes on offense,

airstrikes on facilities used by iranian-backed forces in eastern syria. s the a correct clash -- it is a direct clash. two drones aim at israel launched from yemen. they landed in egypt, injuring six. iran-backed houthi rebels launched those drones. rockets launched from gaza hit tel aviv, three injured, thousands in bomb shelters. another tank incursion into gaza. action on all fronts. and there is movement on the political front too. look at this, a new poll shows president biden's approval rating among democrats has dropped 11 points in a month. why in the president's support of us radioreel is popular with the -- israel is not popular with the left. not hutch of a bounce for -- not much of a bounce for stocks, this week was a big tech slaughter e. the dow industrials might open with 157-point -- 17- point game, but look at the nasdaq, that's a nice bounce. not bad. the two stocks doing well this

morning, both in technology, look at 'em go. amazon up $6, intel up $2, what's that, 5% up for amazon and 7% up if for intel. significant gains there. little change in interest rates, the 10-year treasury at 4.86, and we've got the 2-year just over 5%, 5.5 05 right there -- 5.05 right there. gold once again approaching the $2,000 an ounce mark, 1990 right now. gas down again, $if 3.51 for regular, national average, that is. down 2 cents. and diesel down 1 cent, breaking below $4.50 at 4.49. bitcoin holding gains, $34,000. let's get to politics. the new speaker, mike johnson, off and running. the second's of legislation under his leadership just passed. it cut $5 billion from biden's climate spending. on the hoe today, riley gaines campaigning against biological men competing against women in

ports. haas night she spoke at -- last night he spoke at harvard. a hundred people inside gave her a warm reception. demonstrators held a trans party outside. friday, october 27th, 2023, "varney & company" is about to begin. ♪ ♪ stuart: a lot of movement in the mideast overnight. american forces in action. good morning, lauren. who did we hit? lauren: u.s. fighter jets hit two facilities in eastern syria used by iranian-backed soldiers to to store weapons and and ammunition. this after two more u.s. bases in iraq and syria were attacked yesterday. if you're keeping track, 19 attacks targeting american troops stationed in the middle east in the past 10 days. those have injured 3211 u.s. service members -- 21. defense secretary austin says the u.s. does not seek conflict, he continues, these attacks are

unacceptable, they must stop. iran wants to hide its hand and deny its role this these attacks against our forces. we will not let them. separately, israeli troops and tanks briefly raided northern gaza for the second straight night as they continue to prepare for this long-anticipated ground attack that. stuart: okay. that's the action. now this, president biden's approval rating among democrats has dropped 11 points in the last month. that's a record low for his presidency. byron york is with me this morning. byron, this is because of his support for israel, i guess. this highlights really the split in the democratic party, doesn't it? >> it does, and it's particularly problematic for the president among younger democrats who were more likely to be pro-palestinian, more likely to oppose israel after the hamas attack on israel. so that's a problem for the president, there's no doubt about it. as a matter of fact, it just

happens to come on day that a representative not very well known, dane phillips from minnesota, is actually going to the declare his candidacy against joe biden, the first what alling call main treatment democratic challenge to president biden. stuart: in what way does this divided party impose itself on president biden's policy options? >> well, you know, i think one of the extraordinary the things we've seen about biden white house is that how sort of out of touch the president is with the number of trends in his party. and as far as the mideast is concerned, with a lot of reality. the president came out on wednesday at is the ceremony with the australian prime minister and talked about the two-state solution, we must have a two-state solution in israel. and i think a lot of people these days are saying, you know, the idea of israel and a

palestinian state coexisting peacefully next door to each other is just dead at the moment. it's just not going to happen. and the president seems to be completely out of it. and this didn't get a lot of attention but, you know, jake sullivan, the president's national security adviser, wrote an article for "foreign affairs" in which he basically praised the biden administration and said it had disarmed conflict in gaza. unfortunately for him, it was a print article. it went to print before october 7th, so we have it, and they've since changed a lot of the online version. but it kind of shows you the biden administration's completely unprepared for what happened. stuart: i think it's a test this weekend, a test of president biden's support for israel. because if the land invasion starts, there will be some significant bad publicity coming out of the damage that is done in gaza, and that will put pressure on this president. >> yeah. stuart: how strong is his support in defense of the israelis. last 30 seconds to you, byron.

>> well, the president got a lot of praise very early after that mass attack on israel for coming out and saying very clearly, look, this was pure evil. hamas is the bad actor here, israel is the good actor here. it was very clear. but ever since then he's basically tried to the hamstring israel, put weights around a israel's ankles in its efforts to fight back against hamas. and i think when with israel actually does undertake this ground action that we've been hearing is imminent for quite a long while, there's going to be a lot of pressure inside the democratic party on the president to put more pressure on israel to hold back. stuart: yep. >> so i think it's going to be a very difficult situation for democrats. stuart: tense weekend. byron york, always appreciate it. i mow we will see you again soon. >> thank you, stuart. stuart: next case. what have we got here? we've got a few months back minnesota congressman dean

phillips called on someone, i think he called on 811, to step up -- anyone, to step up and challenge president biden for the democratic nomination. that's dean phillips, what's he doing? lauren: he's primarying joe biden, and he will file to run in new hampshire today. i love this. he outfitted his campaign bus with the slogan make america affordable again. i thought that was hilarious. look, he's rich. he's the former ceo of a liquor company and a gelato company. but his point is i can't sit quiet when lights are flashing that we have an emergency next november. he doesn't think that biden can win. does he have democratic support? some are actually saying maybe this is a midlife crisis for him and could end his political career because it's a long shot, but is he on to to something? i pose the question. stuart: i think he's on to something, because a lot of people don't think this president can be the president for another five years, so he's going to start moving now.

i think it's time we looked at the markets. green on the left-hand side of your screen. not much for the dow and s&p, but for the nasdaq, nice gain, 131. a lot of selling yesterday. kenny poll kenny polcari -- poll carry withs us. another a blowout for amazon, do you own it, and do you want to own it? >> no, i own it and and i'm going to buy more of it. this stock is down almost 18% in the last 5-6 weeks from the high, all the nervousness and anxiousness in the markets, all the stuff that we've been talking about has created a buying opportunity in amazon. in fact, look, i'm missing 6% of it this morning because i'm sitting here talking to you. [laughter] stuart: okay. well, where where do you think it's going? would you like to put a price target on amazon? if. >> well, i don't -- i'm not an analyst, so i don't put a price target on it but, look, i own it for the long term. it's one of those foundational names that i think should belong in everyone's portfolio because

it gives you broad exposure to that sector, and it's a big mega-cap name at a time when the markets are nervous. so you really a want to kind of put money in places that are liquid, that are mega cap in the sectors that they're in. you talk about it a lot with a lot of people, but i own it, i'll continue to own it, and i'll buy more. stuart: yields, treasury yields, bond yields e haven at elevated levels. a lot of pundits think they'll go higher still. that's got to be a problem for stocks, right. >> it's going to be, and i think they're going to be higher myself. yes, i think that's going to continue to be a headwind for stocks especially if we see the 10-year pierce 5% again, which i think it's going to do. look, i think the fed's going to pause next week, that's all clear. i think they've made that very clear. if they do anything other than that, i think it's going to send a different mention. so i think they're going -- message. so i think they're going to stay quiet. but i do think in the months ahead we're going to see the

10-year bond yo over 5% again, and that's going to cause investors to slow down and not be so ang a shus. the markets can function, it can the, it just needs to regroup and build a base. stuart: that's the world that i'm living in, kenny. i'm in the 5% treasury yield world, and i'm a very happy guy. i'm tempted to buy the dip in big tech but i'm staying out for now, because we've got a tense weekend coming in the mid if east. >> well, and that's the problem. stuart: it is, isn't it? a problem is always on the horizon there. rates, middle east. >> well, because it's friday going into the weekend, so it's risk off because people don't know what the next 72 hours could bring. stuart: yeah. 5% treasuries, here i come, boys. all right, kenny, see you next week with. thanks a lot. the manhunt for the mass shooting suspect is still underway in maine. the latest, please. lauren: 80 fbi units are joining, atf, dea, the coast guard, hundreds of officials in

this hunt for him on day two. investigators are also looking into whether card was targeting a specific person. could it have been his ex-girlfriend? he is divorced, he does have a young child. abc news is reporting he actually wrote a suicide note and addressed it to his young son. that's from abc. we do know that he has extensive military experience, also firearms training. there are three vehicles registered to him including a boat. that that boat is missing. it means he, with his skill and his resources, he could be anywhere, is and he has all these people trying to find the him and a community that is very scared. he did kill 18 people. some of them are starting to be identified at this point. these are the five that have been s. and when you hear from them and their families, i should say, it's t, it's tragic. stuart: it is, indeed. lauren: that this has happened again. stuart: we will keep you updated on the investigation as it comes in. more "varney" after this.

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muck. ♪ stuart: israel launched another incursion into gaza overnight. trey yingst is on the ground in israel for us. the latest, please, trey. >> reporter: yeah, stuart, good morning. a very active scene here along the israel-gaza border, you can hear gunfire in the distance. i am going to have my cameraman zoom in to the northern part of the gaza strip. the israelis have been hammering this one specific area trying to hit different hamas cells. we understand the israelis are launching more airstrikes across the strip in preparation for what is expected to be a large ground offensive into gaza. today we were in tel-aviv, israel 's second largest city. the pentagon of israel meeting with the country's

defense-inster, and he discussee discussed what a ground operation is expected to look like. and we understand according to from israel's defense minister who spoke with us today in person, israel is preparing for months of fighting, not weeks. you can hear the small arms fire behind me, the airstrikes in the distance. much of that fighting has begun already, but the large scale offensive is not yet underway. it does come as we are following another story out of the middle east. overnight american f-16s targeting a position in eastern syria that is used by the iranians to basically support their proxies across the region with ammunition. those strikes conducted in response to the attacks on american bases and u.s. forces across region over the past several days. we also know the israelis here along the gaza border, you can hear those explosions and gunfire in the distance, they are conducting mightily raids with both the navy -- nightly raids with both the navy and

also the army on the ground trying to destroy as many cells and positions along the border ahead of that expected invasion. stuart? stuart: trey, thank you. the u.s. did indeed carry out airstrikes in syria overnight. this comes after ongoing attacks against our troops over the past week. former pentagon official brent sadler is with me now. is biden's response to those attacks against our people, is it strong enough? >> absolutely not. and this is kind of a return back to bombing empty warehouses that we saw during the obama year. it really signaled at least some agitation on our part, but it really didn't change any calculation on the part of the iranians and the activities through their proxies. unfortunately, with the time that's been given, the number of attacks, it's going to require more forceful ponces to actuallo actually have an effect. stuart: but the president is, presumably, a wider war. going directly after iranian

targets would widen and war. >> i think at this stage not acting actually has more of a probability of widening the war and iran being compelled, actually, feeling that they could actually enter more directly. and they're making such threats right now. just yesterday in new york at the u.n. so actually going after their proxies and thumping them more effectively actually would be much more effective in containing. stuart: that's not in character -- >> no. stuart: -- with this president. >> absolutely not. stuart: he's not ayes, sir i in that sense, so it's hot going to happen. >> i agree with you. stuart: so we'll get attacked more. >> unfortunately, it looks like we're going to have more of this back and forth, and hopefully we're not going to have casualties on our side before we learn this lesson. stuart: the president wants netanyahu to delay because he doesn't want the bad publicity of a demolished gaza a hitting the world? >> i think it's different at the end of the day, it's the israelis that are going to the decide the right time to go in. part of that calculation is, of course, the support from the u.s. and the u.s. military

specifically. and this is one chess piece that still has to get into place, and that's the uss eisenhower in this carrier strike group. once that's in place, it seems like all the pieces are where they need to be, and israel -- america would have israel's back, and we'll probably see that. stuart: what's the function of a secondary craft carrier group? >> it's a good question exactly where and how it's going to position. now, if that secondary craft carrier goes into the eastern med, i think that clearly gives president more options for sustained aerial operations against hamas in gaza as need be, but it could also be to keep an eye on or to do counterstrikes against hezbollah should they get involved -- stuart: is that carrier group definitely going to the eastern mediterranean, or is it going to go into the gulf? >> it's not clear to me yet. i would have thought we would have seen reports of the crossing through gibraltar, i haven't seen that. stuart: why haven't we seen that? because we don't want them to know. whosoever the enemy is, they know where a carrier battle

group is presumably. >> for the last few years, the navy's been practicing up its lost art of having multiple carrier strike groups operating and showing up unannounced in places to surprise an enemy. this is most notably for china and its anti-aerial capabilities. stuart: we are stretched thinker aren't we? if china starts to do something with taiwan whilst we're engaged in the middle east -- >> absolutely. we have a military two week. -- two weak. stuart: you're a hawk, aren't you? >> i'm not a hawk, we need to be smarter about russia and china. stuart: brent sadler are, thanks for being with us. thank you. we know9 that the democrats are split over their support for israel, got that. but, lauren, where do the gop presidential candidates stand? lauren: they're also split. ron desantis was on "fox & friends," and he said, look, it's israel's war, and he called biden's foreign policy rudderless, and he's worried about u.s. troops in the region. watch here. >> it's not clear to me that we

have enough troops to really make an a impact with whatever they're trying to do, and yet we have enough troops to where they're going to be able to be targets. and so they're kind of sitting ducks there. i don't know what the strategic objective of them being there is, but this is an example of, i think, biden's rudderless foreign policy. lauren: what about the candidates who have foreign policy experience or none, like vivek ramaswamy? he says give no more money, just support the iron dome. then you have nikki haley, tons of experience, mike pence and also tim scott, they say full support for whatever israel needs to defeat hamas. christie says, look, you might have to commit u.s. troops if necessary. what's trump's stance? a bit unknown. he says this would not have happened if i were president of the united states. but he didn't give more on what exactly the military should do and if u.s. troops should be involved in combat there. stuart: okay, got it. thanks, lauren.

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stuart: futures point towards a little bit of green. up 30 on the dow, but 1000 points up -- 100 points on the nasdaq. mark mahaney, you're doing good. amazon had another blowout report. last time we talked about the stock, your target price was $190. are you sticking with that or raising it? >> well, we slightly picked it up, u stu. it's t not a dramatic change, but we took it up to 195. look, we've had big tech report this week. what did we learn? mixed results, but generally fundamentals got better. revenue growth acceleration at amazon, meta and google, you had margin expansion. there were a couple of issues along the way, but google with its cloud revenue and meta with its outlook for advertising revenue in the fourth quarter that may be a little bit under pressure, but generally the results were good. probably the cleanest report card belongs to amazon. stuart: what's so special about amazon? what within that that report tells you this thing's going up

some more in. >> there's about three or four things. one is that they went out of their way to show that their aws, their cloud business, is going to start showing accelerating revenue growth. they talked about a very large number of deals they closed late in the september quarter. it's a lumpy business, but the lumps seem to be going up for them. secly, their retail -- secondly, their retail business, what we all know, that business kind of showed very consistent, slightly accelerating growth. so the demand is there, but it's still depressed. consumer discretionary spend in this country and around the world is still depressed, so there's a reason why you're going to see this deceleration for amazon's retail business. and the third maybe the most important thing, profits. you just had record levels of profits out of amazon, 1111 billion in operate -- 11 billion that were the highest in the company's history. more than that, it's sustainable. you're going to see margins continue to rise. you're really getting the profit squeeze out of the amazon lemon, if i got that analogy right. the profits, that's what really

marrieded. stuart: -- mattered. stuart: another one for you is meta. it's around a, what, 32 the 94 right now -- 294 right now, you think it's going to 435. in 30 seconds, can you tell me why you think it's going to 435? >> i think they'll get through the fourth quarter turbulence in the ad market. i think they will. and if they don't, then nobody will. and that's related to brand pullback pause. but the rest of the business, you just have 40% operating margin, some of the highest operating margins they've ever done, accelerating growth story. they're clicking on all cylinders and really showing they can deploy a.i. effectively. stuart: i think you've convinced me to get into amazon. mark mahaney, have a great weekend. see you next week. all right. here we go. they pressed that button, i think. i've got to get a new script. i say this every day. it's 9:30 eastern tile. they lean forward, press the

button and the market is open. away we go. looks like a slight downside move for the dow in the very, very early going, but we'll recheck that later. let's see how they all open, on your screen just underneath the dow sign there, there there you go. it's a split, 50-50 just about. 50 up, the other half down. that's the way it goes right now. the s&p 500, what's the result there? just opened to the upside ever so slightly. .4 -- not bad, not bad, .4% gain. the nasdaq composite, where's that? it's up 1%. it was down a ton yesterday. lauren: still in correction, however. stuart: correct. lauren: down 3% this week. stuart: thanks very much. finish off my sentences -- lauren: but not today. stuart: would you like to go through big peck? -- big tech? lauren: am ason is -- amazon is surging. you take over. stuart: metathat's at 2955. alphabet with, 12 the 3 -- 123. microsoft was down a ton yesterday, up $2.

apple, only 167 on apple. figure that one out. i want to get more on amazon. you're the one to do it. give us the highlights. lauren: tripling of your profit, good job, thanks to advertising and their third party seller services. both of those things carry liar margins. the ceo, andy quaff my, says it's going to be a long time before we run out of services to sell to them. that's encouraging because aws, their cloud, hosts a a. i. and its revenue grows double digits. if aws were a stand-alone company, it would be $89 billion in annual revenue, the 40th biggest company on the s&p 500. and that's just a part of amazon. amazon's up $6 today. stuart: yeah. not a bad gain. chip makers, look at intel, that thing is surging. lauren: wow. stuart: 8%. why? lauren: they just add added $11 billion in value because of this. their numbers were good, and the

pc market, pc sales, that's where their business was struggling because the try was struggling, it bottomed. so things look better going forward. the bottom is in. the data center, that's their worry right now for investors although you're not seeing it reflected today. investors are buying into pat gelsinger's turn-around attempts, but their data the center is what hosts the a.i. chips, and nvidia is eating their lunch and everybody else's lunch. so their revenue for that category fell double digits. stuart: i want to see ford motor company, because i understand they're warning about some problem. look at that, down 4%. they're warning about electric vehicles. they've got -- what's the problem? i'm not surprised they're warning about it. lauren: the customer will not pay a premium for electric vehicles. they're admitting that,s and now they're putting their money where their mouth is. they're postponing a $12 million e vexer manufacturing investment. -- ev manufacturing investment. the cost of the strike, they say it's $1.3 billion.

factor that cost into the vehicles, labor costs are $900 higher per car that ford makes because of the deal that they struck where the union -- where the union. $900 added per car when they're already using -- losing $36,000 on each ev. the mathematics just don't add up for them right now. stuart: i think the market outside tesla for e verys is in real trouble -- evs is in real trouble. people are not buying them. lauren: and tesla keeps lowering their prices for market share. i think i'm okay. stuart: take a break, i'll do this one. chipotle, they did raise prices. they seem to have pricing power because the stock is up. by the way, chipotle's stock is already up 30% this year. what have you got? lauren: customers keep coming in despite the price. same-store sales rose by 5%. but they also have a loyalty program.

customers like that. you wouldn't know this, their car nay asaws a da -- asada, it's a limited thing, and then the so ceo said if you look at our lower income diner, they're holding up and the quote was really well. it was a good report card. their profits, despite high costs, rose by 22% in the quarter. stuart: not bad. i'll take that. some big oil names report before the bell. i see chevron down 4%. lauren: i know. profit missed, 6.5 billion in profit, a wide miss, and they're spending more money. cap-ex over 50%. ditto for exxon. it's flat because they increased their cash on hand, and hay din id -- they did increase their dividend, but if you take these two oil giants together, other $15 billion in profits and $110 billion in deals that are expected to close next year, chevron with hess and exxon wit- [inaudible] stuart: don't tell that to the

environmentalists. then we have -- lauren: kitchen appliances. stuart: they're down 2%. lauren: yeah. because the consumer is down and not spending as much money. sales across all of those categories fell and disappointed. stuart: and yet we reported this morning that personal income, spending, spending went up sharply. lauren: yep. .7%. stuart: that was not expected. lauren: look at the gdp report. stuart: now they're saying the consumer's strapped. doesn't make sense. lauren: the consumer's using their credit card, and those balances are adding up. and the interest rate on the balances is adding up too. so at what moment does it all come together, and you really feel like you can't get ahead. i think that's how most people feel. stuart: quick check of the big board, we're down 60-odd points on the dow, 32,700. do we have the dow win winners on the careen? yes, we do. intel, microsoft, cisco, boeing and wall green boots alliance.

got that one. okay, now the s&p 500, the winners there topped by dex come, capital one, intel's on the list, juniper networks, stanley black and derek. remember them? nasdaq winners headed by dex can com, amazon, old dominion freight lines. all right, let's get the important stuff. the yield on the 10-year treasury, 8 -- did i say that? i did. 4.86%. the price of gold, it hit $2,000 earlier this week, $1993 3 right now. bitcoin hit $35,000 earlier this week, 34 rgz 11 right now. oil, close to $90 at the start of the week, $83 a barrel now. nat gas, i don't check it very often, but it has been going up, and it's up today. the average price for a gallon of regular gasoline down 2 cents overnight, $3.51. and diesel down 1 cent at $4.49. coming up, whoa, it's not too late to be on the showed today. don't forget to send in your

friday feedback with. i want the good, the bad, the ugly. e-mail your comments, questions and critiques to varneyviewersfox.com. thousand look at this, a fox news op-ed, wake-up call to donors for these elite uniters. karol markowitz wrote it, i'll ask her what impact will the revenge of the donors actually have. the white house touts economic growth, but the boom is coming at a cost to america's financial security. grady trimble reports after this. ♪ ♪

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points. the dow is down of -- 60. chevron is sharply lower this morning, down a 5.5%. chevron is a dow stock. that is saving 55 or 60 points off the dow. so, in other words, without chevron, the dow would be dead flat. the white house wasted no time taking a victory lap after the stronger than expected report of 4.9% economic growth. i'm told it's not all roses. grady trimble with us. the problems seem to be we're taking on heavy debt, is that correct? >> reporter: you're right, stu. it's the consumer who proppedded up economic growth in the third quarter, or but it is coming at a huge cost to personal finances. americans are sinking further into debt and having to dip into their savings to keep up with higher prices. is so take a look at numbers. credit card can debt surpassed $1 trillion for the first time ever last year. credit card companies charged a record $105 billion in the

interest, but as you noted, the biden administration doesn't seem worried. >> president biden vowed to build the the economy from the bottom up9 and the middle out, ask that's exactly what we're seeing in the data. >> reporter: that gdp number could be another example of good news is actually bad news. mortgage rates are already as high as they've been in more than 20 years, and now the fed could raise rates again before the end of the year. >> very hot print. so the idea that they'll be lowering rates anytime soon, forget about it. and top of that, either it's going to be much longer at these levels at 5 a.5%, or more likely in december would be a 25 the basis point rate hike which is now back on the table. >> reporter: and, stu, i'm told mr. wonderful will be on your show later today, so maybe he will have more to say about the fed and what hay might do in december. [laughter] stuart: as a matter of fact, you're right. he's going to be on the show the

last hour today, from 11 to 12 noon. thanks, grady. take a look at some of the chip makers. we have an analyst who covers these things and who sounds -- it seems like angelo zeno likes some of these chip stocks. good to see you again. >> thanks for having me. stuart: amazon, a solid report. you have a price target of 39 on intel. it's currently at 36. make your case. >> yeah. so the 12-month target price is $39. we have a hold recommendation though, and, you know, in our view there is limit upside given the risk ahead of it. but what we do like here is, you know, clearly the fundamentals have bottomed here in the first half of the year. typically the stock kind of trends alongside gross margins, and the gross margins are how starting to recover more quickly than i think the street had anticipated. i think the question now the here is do we continue to see

that recovery on pc side of things as we to go into 2024 despite the macro conditions out there. and then on the data center side of things also, we think that looks like it's washed up. inventories look a lot better. they do is have some new products coming out in 2024 which should help the business as well. at the edge of the day, this is all about a manufacturing story for intel and the belief that in 2025 check kick, catch up with the competition. sue tooth okay. i'm a little short on time, so i've got to ask you this real fast. nvidia, are you still keeping your target price of $6900 a share? -- 600 a share? right now it's 408. again, make your case for 600. >> really quick on nvidia, this is a name that's really seen a nice pullback here. we are keeping it at the $600 target price. low 30s pe multiple on a calendar '25 basis which is well below historical averages. we see a number of new products

ramping in calendar '24 as well as, you know, them expanding their addressable markets in areas like cpus on both the pc and data center side of things. and the addressable market expense over the next 5-10 years is boeing to be absolutely enormous -- going to be absolutely enormous, so i'm giving the valuation in a low 20 pe range, the likes of an intel we have about 16 times on a 25 basis, we think the valuation right now is extremely compelling given the opportunitieses ahead. stuart: you've whenned our appetites, that's for sure. thanks. look at the 10-year treasury yield, please. that's always important these days. it's up a little bit today, 4.85, but well shy of 5% that it hit one week ago. what is the treasury secretary saying about the spike in yields? lauren: they're up because the economy is, oh, so so strong. and the gdp growth that we keep talking about might keep bond yields higher for longer.

completely dismissed recession fears. like, not -- soft landing is guaranteed, that's what yellen says. and also deficit fears. i mean, there's a $1.7 trillion federal budget testify the sit. the cost to -- deficit. the cost to service that is tremendous. i understand she speaks for the administration, but she's saying you can basically outgrow your deficit. it make no sense. stuart: it's a huge deficit, case closed. thanks, lauren. this weekend i think it's a test the how strong is the president's commitment to the defense of israel, how strong is his commitment to countering iranian attacks on our troops? i'll get into that, top of the hour with my take. sam bankman-fried took the stand the yesterday. he wanted to distance himself from any wrongdoing. he blamed his legal team for the crypto collapse. we're live at the courthouse after this. ♪ ♪

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and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. stuart: allege crypto crook sam bankman-fried took the stand in his fraud trial yesterday. kelly o'grady's at the

courthouse. all right, can kelly, who did he blame? >> reporter: stuart, blamed his lawyers. [laughter] is sbf is alleging that they oversaw everything, they approved everything to do with this alleged fraud, and yesterday was really interesting because we got a bit of a preview of what he will tell jurors today many terms of content -- in terms of content as well as his delivery. so yesterday the judge sent the jury away for a rare mid-trial hearing to determine if sbf can use key examples in the expected testimony today in front of a jury. in fact, one of the biggest questions is whether the judge will allow him to blame his lawyers. so the defendant claimed ftx counsel approveddal heed da using customer funds, that they even design the policy for auto-deleting documents and messages. prosecution did get sbf to admit that he hired in-house counsel knowing he had a lady pass and because he felt freed eberg would allow him to take more risk. he was very confident, calm in

his answers, but he really struggled on the prosecution's cross, he looked very nervous. i think the most used phrase was i'm not entirely sure and i can't recall. now, we are hearing reports that the judge is ruling at this very moment whether those things will be admissible when sbf is expected to appear in front of the jury. the question though becomes does the defense see how their client struggled as a test run for today. do they decide, hey, we don't like what we saw when he was questioned by the prosecution, maybe better to have him not take the stand. we should have an answer momentarily, stuart, we'll bring it when we have it. stuart: good stuff. lawmakers are sounding the alarm on the use of crypto to fund terrorism. fair enough, but how are they going to stop it? lauren: well, it's unclear how much crypto is funding hamas or other terrorist groups. but senator sherrod brown is chair of the senate banking committee says he is going to find out and cut off whatever

there is at the source is. he says crypto platforms don't use the same common sense protections that help keep illicit money out of the traditional financial system. safeguards like knowing their customers or suspicious trading, transaction reporting. some crypto services and tokens even help users keep their transactions anonymous. that's not good. so when law enforcement attempts to trace or even block a transaction, it becomes like a game of whack a mole, right? because then you can just see the terrorist or whoever the person is just jump platforms and even change hair names on that platform. so it's is hard to do. stuart: i can a see that, sure. quickly check the markets, please. in business now for, what, 24 minutes on a friday morning. dow's down 88, but a rot rot of that is account for by chevron which is sharply lower, taking 60 points off the dow. the nasdaq is up 79 points. the 10-year treasury yield going up a little bit, 4.85 as we

speak. the price of gold still edging away from $2,000 an hundreds, 1993 3 -- 1993. bitcoin really not doing that much, it's at $434,100. earlier this week it was 35. two weeks ago it was 30, so there you go. and the price of oil backing off from the $90 a barrel that it hit earlier this week. you're now at a $83.47. but i've got to tell you, the price of gasoline is still inching down. surprise, surprise. still ahead, americans want to send more aid to israel but oppose putting our boots on the ground. does pete hegseth, he's a military guy, does he agree with that? sam bankman-fried blamed the lawyers in his own fraud trial. what does ken o'leary say to that -- kevin o'leary say to that? he was an investor. and is it possible that in the next year's olympics a biological male will compete in women's swimming? i'll ask none other than riley gaines. the 10:00 hour is next. ♪ ♪

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