[laughter] >> it's not going to be mark kelly. it looks like a very high probability it is going to be shapiro. shapiro is the governor of pennsylvania. nobody knows -- i bet nobody on this panel, none of us know a whole lot about him. [laughter] so i don't think he's going to help much, but it is the certainly going to be about those four or five states, maria, pennsylvania, michigan and arizona and georgia and so on. but stephanie made a really good point that we haven't mentioned -- maria: all right. gotta jump. >> -- higher taxes. how's that going to help? maria: god point. julia, steve, stephanie, john with, cheryl, great conversation. join me on "sunday morning futures" for more of my interview with president trump sunday on fox news. have a great weekend, and we will see you next week. "varney & company" tick -- picks it up now. stuart: good morning, everyone. we're going to the start with the very good news. evan gershkovich and paul whelan are free and home in america.

they were greeted by the president and the vice president. a joyful reunion with family and loved ones, but in moscow putin was on the tarmac. stuart: the dow off 450 at this point, the nasdaq down a whopping 437 points. in percentage terms the nasdaq's down over the 2.25%. just look at apple and amazon

briefly. both reported, both are big techs. they reported late yesterday. they're being swept down yesterday in the downdraft that's covering the the well market. here's the real sensation of the morning, interest rates at new and far lower levels. will you look at that? that is the 101-year treasury. -- 10-year, the yield down to 3.86%. i think you told me that it was, what, 4.919 a week ago? lauren: one week ago 4.19. historic. stuart: that's a huge drop k. move to the 2-year, you're all the way down to 3.95%, down 19 basis points. that's huge. bitcoin, not much action so far today. we're at $64,7000. oil getting a little closer to the $80 -- no, we're not, we're down. we're up to $74 a barrel. that's because the economy is clearly slowing. gas, no change. $3.48. diesel down a cent at $3.80.

politics. kamala harris brings in $310 million just in the month of july. that is a record. more good news for harris, political analyst nate silver says the race with trump is now a toss-up. two days ago a he said trump had the edge. it seems the harris money moon -- honeymoon remains many place. however, will she take any of the blame for this slowing economy? the incumbent gets the blame usually. how will she get out of this one? on the show today, more on those weight loss wonder drugs. eli lilly's sepp bound cuts the risk of heart failure in obese patients by 38%. and you'll meet the youngest person ever to enroll at nyu. it's friday, august the 2nd, 2024. "varney & company" is about to begin. ♪ ♪

♪ if -- perfect day, nothing's stand ifing -- standing in my way ♪ stuart: ladies and gentlemen, i must explain myself. i asked for this song. i asked for this perfect day. i thought it would be a good start to the show until i found out that interest rates were tumbling and the job market's going to sea -- sorry, folks. lauren: and i mumbled to you, are you 13 years old? [laughter] stuart: we're starting with the friday morning show with a spectacular news on the economy. speck tack -- spectacularly bad, i think we have to say. only 114,000 jobs in july. lauren, take us through it. lauren: yeah, and that's 100,000 less than the 12- month average. stuart: ouch. lauren: unemployment rate up, 4.3%. that is the highest since october 20211. look at a total unemployment, the u6, that spikes to 7.8.

that, too, the highest since october 20221. wages rising 3.6% on the year. health care, construction, government still adding jobs. information shedding jobs. the r-word is back, recession word is back. hard landing. as we noted, as you noted in the top, we're seeing historic rate drops. the 10-year under 3.8 percent at one point, it was 44.22 a week ago -- 4.2. americans without college degrees are seeing spikes in unemployment. no high school education, unemployment rate there went from 5.9% in june to 6.7% in july. that's one month. the interpretation right now by many market watchers including on this show is the fed was foolish for not cutting a few days ago. stuart: in hindsight. lauren: in mind sight. just a few hours, actually. stuart: i do want to check the bond market. you've got the 10-year yield down to3.86. as lauren are was saying, it had

been under 3.800 moments ago. the 2 2-year, that yield with at, where are we, the 2-year we've got it at 3.9997. if. 3.97. extraordinary stuff. ryan payne is with me this morning. look, this is a huge selloff. stocks sharply lower. interest rates are way down. what's behind this? >> well, let's put this in context to the where the market was a week ago -- [laughter] the s&p is still up over 14% for the year, and even if you look at the unemployment number at 4.3, that's still well below historical averages -- stuart: yeah, but it's the trend. come on, it's the trend here. the trend is down for the stock market the trend is down for interest rates, you know? >> well, down for interest rate- stuart: this is a slowing economy, and this is the market reaction. >> i would disagree that, respectfully, of course. stuart: no, no, go ahead. >> look, we just had gdp growth come in at almost 3% for the

quarter, blew away expectations -- stuart: that's looking backwards. >> sure, but if you rook at the profit cycle, it's going to accelerate into next year, and when companies make more money, what do they do? they hire more people. but, again, we're only getting back to a normal job market. this is back to what a normal unemployment number looks like, back to what adding normal jobs pre-pandemic, and they's what you're starting to see, a normalization of the economy after we had huge stimulus, you know, we had a huge unemployment number and then people coming back in droves after the version. i'm sorry -- stuart: no, no, if you've got a case to make, you can make it. i happen to disagree with you because it looks to me like the economy is slowing down, and i think that's a huge problem for kamala harris in the election. how does she explain this? >> i think her biggest issue is inflation's going to come off of 0% over the last -- 202% over the last -- 20% over the last three years.

i think at the end of the day we still have gdp growth that's going to be positive next quarter, if can and i would argue unemployment's probably going to the stay very low because we have a tight labor market. you still have baby boomers rea- stuart: show me big tech this morning, have we got that board up? i'm sure we're seeing a ton of red. lauren: oh, wow. stuart: amazon is down 9%. apple is down $4, that's 1. why, what's with big tech? the air a seems to be coming out of -- i'm not going to call it a bubble, but the air's coming out. >> it's due for a correction, and i think that's what you're getting right now. bottom line is expectations are so high for tech. but meanwhile, we've had this magnificent rotation into small caps still up over 4, 5% for the month. we've seen money go into a lot of different asset classes. lauren: let's focus on amazon

down 7-8% before the jobs report, nowst down 9%. they are noticing a consumer that is cautious, a slowdown in the economy. e-commerce sales growing at a slower 5% pace. stuart: you're reassuring a lot of people, and that's all good stuff, ryan. i've got to move on. hold on a second. marine veteran paul whelan if "wall street journal" reporter evan gershkovich are back home in the united states after being imprisoned in russia. this is a prisoner swap what's the president saying? lauren: the president said that allies, friendships and diplomacy allowed for this joyous homecoming and, quite frankly, this is the largest prisoner swap since the end of the cold war. >> this still would not have been made possible outour allies, germany, poland, slovenia, norway and turkey. they made bold and brave decisions, released prisoners being held in their countries, justifiably being held and provided logistical support to get the americans home.

so for anyone who questions whether allies matter, they do. lauren: and kamala harris standing beside biden said, well, said everything he said but less eloquently. >> this is the an extraordinary testament to the importance of having a president who understands the power of diplomacy and understands the strength that rests in understanding the significance of diplomacy. stuart: okay. lauren: that's without a teleprompter. that is kamala harris. and quickly to answer a your question on how she can respond to the jobs report and the economy, she would have to do the an interview or a debate. quickly. stuart: yes. or put out an ad that refutes the idea that she's responsible for this economy. listen to what donald trump had to say about this prisoner exchange. >> well, as a usual, it was a win for putin or any other country that deals withs us, but we got somebody back, so i'm never going cob that longing --

to be challenging that. when you start making deals where you give the kind of people -- these are really some tough people that they gotting back, the toughest. the toughest in the world. you start doing that, and all of a sudden you have a lot of hostages taken prisoner, so to speak, and you'll have a lot of, a lot of things happening. it's a very bad precedent. stuart: mary katharine ham joining us this morning, you agree with that? a bad precedent has been set? >> well, the fact is that the it can be extremely good news that a we have americans back home and also that there might be bad incentives for the future. those things can be true at the same time, and you can talk about them. and i think it's worth pointing out, and i believe president biden's getting a lot of credit for saying that, you know, trump should have done this while he was in office because he was asked, you know, trump says he could do it without trading anything. what do you say to to that? why didn't he do it in office? well, with the hope of robert o'brien, he actually did bring many americans home without

trading anyone or paying money, so he had done it in the past. two or three of these americans were not taken during the trump administration. so he couldn't have helpinged them. paul whelan is the exception who was taken in 2018. and i think it's fair for these two presidents to, well, kamala harris actually should answer for her administration's policy on this. she should contrast the way that they would approach these to things. and this is an issue on which frump actually doesn't get enough -- trump actually doesn't get enough credit. so i don't think biden should be sort of flippant about the things that happened under trump because those were victories as well. stuart: exact ifly. mary katherine, hanks for giving us some perspective. we needed it and and we got it no problem. stuart support check futures, please. market selloff, that's what's happening. dow down 4000. nasdaq down 420. coming up, kamala harris' border policies under intense scrutiny, and this video resurfaced showing her priorities have always been way off.

roll it. >> only when they cleared that -- did we give them daca status. how dare we speak merry christmas. how dare we! stuart: okay. the border crisis has only deteriorated under her watch. tammy bruce takes it on. we just saw the largest prisoner exchange since the cold war. some experts warning the deal is setting a bad precedent with putin. the white house says this: -- >> nobody's delighted or doing back flips over here. that's what negotiations are all about. they require tough decisions. stuart: florida congressman carlos gimenez has a lot to say about this, and the congressman is next. ♪ ♪ ya know, if you were cashbacking you could earn on everything with just one card. chase freedom unlimited. so, if you're off the racking... ...or crab cracking, you're cashbacking.

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stuart: on this program we do politics and money, and there's no question that money is the subject today. look at this, red ink across the board. the stock market, that is, following a very weak unemployment report. a jobs report that was very weak. the unemployment rate strange, 4.3%, and only 114,000 jobs created in the month. right now with about nine minutes to go til the hoping -- opening bell, the nasdaq really take it on the chin, it's a 400-point loss, a 2% downside move. okay, take a look at interest rates, lauren. what have we got? lauren: they're moving sharply lore, historic declines especially when you look at them on the week. the 10-year is at 3.87%. some of the banks are moving lower by wolfe 1.5%. traders ramped up their bets of more easing from the fed. inging into this report, they

priced in or saw maybe 700 basis point points cut, now it's at 411 -- 70. stuart: how about big tech? they're down sharply. amazon's down 9, microsoft down 1%, alphabet 2%, meta, 2%. they're all down bigtime. lauren: and the first two on that screen had earnings, apple and amazon. amazon's weren't so good. apple's were fine, that's why they're down the rees of -- least of the bunch here. stuart: chipmakers mostly sharply lore. amd and monolithic power, they are the excepts -- exceptions. nvidia down 4%. 9 bitcoin, what have we got? lauren: it too is lower moving with equities. this is global slowdown, down at $64,800. stuart: and by the way, oil -- because it looks like the economy is slowing, you're back to $74 a barrel.

lauren: two oil giants reported earnings, exxonmobil, they did fine. and chevron, which is now officially moving its headquarters from california to texas, they're having trouble getting one of their deals through. oil prices were up in the quarter while natural gas prices were down. now you have the reverse situation. oil down 2, global slowdown -- 32%. stuart: -- 2%. another big story that's developing is venezuela. secretary of state antony blinken is calling for a peaceful transfer of power. he says it's clear maduro's opponent has won the election. congressman carlos gimenez joins us this morning. this is the important. how are we going to get maduro out? >> well, we need to put maximum pressure on the ma maduro regime. the biden administration lifted sanctions in exchanging for promises of a fair and democratic election. well, we didn't get a pair and democratic election in venezuels

trying to steal the election, and the united states has to lead the way. it already has recognized gonzalez as the legitimate president following peru's lead, which is a good thing. we need to reestablish really harsh economic sanctions on venezuela, stop buying their oil. and and then we need to support the venezuelan poem. the venezuelan people are in the streets right now demanding their freedom. and in the end, it's going to be the people that attain their freedom with the help of the international community. stuart: may just go back to the prisoner exchange for a moment in there has been some suggestion that it sets a a bad precedent. what do you say to that? >> look, it does. look, i feel for the prisoners. obviously, the prettiers' families. -- prisoners' families. i'd certainly want them back, and i'm happy they are back. but, you know, every time we do this it just says, hey, we want some of our spies and criminals back, all we need to do is capture a couple americans and

ors you know, we're going to get them back, you know, one way or the other. what has to happen is in the future it's got to be a very clear signal that, hey, or you take our people and you kidnap our people, you're going to pay, you know, consequences, economic consequences. the pain's going to be harder -- it's going to be more painful for you to keep them than it is for you to release them. i think under president trump that'll be the policy. but with under biden, they know under biden they can get whatever they want and that he'll bend and at the end he'll break and they'll get everything they want and, you know, we get our people back. stuart: congressman, i don't think many americans will be traveling to russia in the near future. or iran -- >> they shouldn't. they shouldn't. no, they should not. stuart: no, they should -- >> they should not, okay? yeah, because they're going to put america's, you know, national security at risking when they do that. they should stay away from those countries because they run the risk of being kidnapped and used as pawns in an international game. stuart: congressman, look,

thanks very much for joining us. sorry it's so short, but this is a huge news day as it usually is these days. carlos gimenez, thank you very much. we see the dow coming back a little bit. it was down 3500, now it's down 290 -- what have you got? if. lauren: the chance of a hefty september cut, of a half a point cut, it's now surging to a 65 percent if chance that the fed goes 50 in september to make up for what they didn't do, arguably, just a few days ago in the july meeting. stuart: i wonder if that makes a difference. it's coming back a little bit. the nasdaq still down 373. the opening bell is next. ♪ if you wannabe my lover, you gotta get with my friends. ♪ -- lasts forever, friendship never ends ♪ everywhere but the seat. the seat is leather.

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price target. let's see, two things went wrong. one is margins didn't rise. the profit levels weren't as high as people wanted, and secondly, the retail revenue growth came in a little bit weaker than expected. the company called out some consumer softness. their point is that consumers remain what what soft for the last year. it didn't get more soft, it was just people are more value conscious. those are the two incremental surprise, and the bar was high here on amazon. that's all right. i still like the stock. we had acceleration in the cloud revenue growth at aws, margins did rise on a year-over-year basis is ors just not as much as people wanted, but i think they're going to continue to rise. i think three months from now the narrative will change and poem will become more positive. anyway, we're sticking with it. stuart: okay. the big story of the morning to my mind in finance is sharply lower interest rates. and we've got the yield on the 10-year at 3.86 right now9 and the yield on the 2-year also below, i think right around 4%.

but will these sharply lower interest rates, will they help big tech? >> i don't think so. i don't think sharply -- i think they help small cap names. i think big tech has so much cash, it's not like they have any financing costs. actually, they get better returns if there are higher interest rates. i don't think it has a big impact on tech. the the concern for the market is we're going in for a hard landing. you look at some of these big tech name, and some of them can kind of power through this, and the one that's powering through the best is meta. if i look forward 3, 6, 12 months, i think the next product cycle is google search and gen-a.i., and if i'm right, it's going the surprise people with how strong the results are. i know what the concern is for the market, we're going in for a hard landing. i look at what i hear from google, meta and amazon, and it's not clear to me that we are companies are seeing modest

decelerations in growth and meta's seeing almost no deceleration in growth. so i think from those three companies, i think the picture is still healthy. stuart: okay. we're going to foil, obviously. it's quite a day today. mark mahaney on a friday morning, thanks very much. >> thanks, stu. stuart: we've got about 30 seconds to go before we open this mark. the backdrop is clearly the unemployment report. let me go through it for you. it's easy. very few jobs ad ad to the economy -- added, just 114,000. and the previous month, the number of jobs added to the economy was revised down, i think it was, like, 100,000 -- lauren: may and june together revised down by 152,000. -- 125,000. stuart: and the unemployment rate went all the way up to 4.3%. that is the backdrop to today's market action which is about to start on a friday morning. press the with theton and off we go. we're going to the open lower, and that's the way it is, sports fans. right now after a couple of

seconds' worth of business, the tow is down over -- the dow is down over 11. as you can -- 1%. there's still a few winners, but most of them are losers. the s&p 500, and we looked at the percentage decline there. it's opened up, down 1.5%. 811 points. that's -- 811 points. that's -- 81 points. the nasdaq, 2.3%, you're back to to 16,000 on that index, down 409 points as we speak. the markets are selling off. so let's go through some various vector -- sectors and and see how they're performing today. first of all, lauren, the banks. lauren: citigroup is down 4.5%. are lower interest rates good or bad for the banks? if the is -- the consumer is slowing down because the economy is slowing down ark that's the question. many people are saying, yes, i know, hindsight or foresight, maybe jay powell and co. should

have cut a few days ago a, but they didn'tings, and now there's a 65% chance of the first rate hike of this cycle in september will be half a point. stuart: let's go back to big tech. it's a mixed picture, but we have one winner, apple, up 50 cents -- lauren: can we drill into apple for a second? this is a company with $153 billion in cash. do investors care how much or how little they spend on artificial intelligence when they have that much in the bank? if their iphone ceals fell but not as much as expected. many people are upgrading their phones to the iphone 15 pro, that's what you need, plus the new pone to get their apple intelligence which is coming next month. apple being higher is very good news in a sharply lower market. stuart: amazon down9.8%. mark mahaney maintaining his call that the it goes back up to the 225. one more. lauren: a.i. spending was expected to be 43%, increased

from last year at amazon. it came in at 54%, and the ceo, andy jassy, said profits are taking a backseat to a.i. nonetheless, you -- they need to invest $17 billion in the quarter in a.i. in order for a long-term gain. stuart: okay. let's see, intel. i'm going to pick on one particular stock. now, that really is down huge. 26%. what's the story? lauren: off the a top of my head, this is like the worst drop in 50 years. the story is their turn-around a, where is it? it's too slow. and now they're making dramatic moves to focus on shoring up their balance sheet. 17,500 job cuts, suspending their dividend, cutting their spending by $10 billion in fiscal 2025. they are lagging in the market for a.i. chips. tsmc, another foundry, completely eating their lunch. and the ceo, pat gelsinger, is trying to right the ship, but it's happening way too slow. they do have an a.i. pc chip, it

is selling well, they're just not realizing profits fast enough because they cost so much to develop. stuart: 27% on the downside, intel at $2211 is a -- $211 a share. -- 21 a share. the chip makers had a huge rally a couple of days ago. lauren: nvidia's off 5.5%. super micro down 8 -- yeah, intel, 27%. so, yeah, this is an ugly story. typically, how nvidia goes is how the market goes because it's a $3 trillion plus company, and it's such a big part of the s&p 500 and the nasdaq. it's going with the market odd to. stuart: now, because it looks like we've got a slowing economy, the price of oil has come down. last time we checked it was $74 a barrel. oil companies reported before the start of trading today. start with exxon. they're the up even though oil's down several bucks. lauren: yes. hay bought pioneer natural resources. they have record production in the permian basin, also in guy january a. that profits over $9 billion,

stronger than expected, and they raised their output for the year by 13%. so they're a winnerred today in a down market. stuart: chevron, they reported. they're down sharply. lauren: it's the opposite story. weaker profits here, weaker refining here. they have two california refineries that are being reworked, so basically they're out. and as i said earlier, they're sick of california9 and the regulations, and heir going to texas. they also have a deal that is being held up. chevron is down 2. oil is down today. this quarter oil prices have been higher on average a 8%. stuart: check out the rest of the energy sector outside just those two oil companies. what have we got? lauren: chesapeake energy down 2.5 -- they're down with the exception of exxonmobil because of that strong report. stuart: again, we've got a slowing economy as revealed by the jobs report. how about the retailers? in a slowing economy, they're not going to do well. lauren: amazon is down sharply, e-commerce is slowing.

the consumer is cautious. they're going to teme and shein and the other sites. walmart's kind of the safe play for retailers because they bring good prices. that's your up arrow. target down almost 3%. look at kohl's, down 6% today to. stuart: it's down. lawyer lauren yeah. stuart: the cryptos. let's have a look, please. we've got bitcoin, $65,000, down a little. etherium, 311 -- down a little -- lauren: so bitcoin is actually coming off the lows. early this morning it was at 62,50500. it has been a worldwide selloff, and it is now day three of that. august is one of the two worst months for bitcoin in history. the average decline in the month of august is 15%. and i'd say we're on track for that on august 2nd. it's early part of the month. stuart:s it is a global stock market selloff. lauren: yeah. stuart: stuart japan was down, whatting, 6%? that's huge. stocks are selling off including here in america. look at this, the dow

industrials now down close to 500 points, 11.25%. -- 1.25%. look at the dow losers, plenty of them, headed by intel which is down 28%. amazon's down 10%. salesforce, 3.if 8. boeing is down 3.8%. the s&p 500, show me the losers there. intel, albemarle, amazon, bookings holdings, for heaven sake -- lauren: travel. stuart: in a slowing economy or travel gets hit. microchip technology down 8%. the nasdaq losers, intel right at the top. atlassian, amazon, asml holdings down 7%. wow. ing up, the historic prisoner swap with happening under biden's watch. trump says he could have done it better. here's biden's reaction to that. >> reporter: trump has said that he could have gotten the hostages out without giving anything in exchange. >> why can't he do it when he was president? if.

stuart: victoria coates to weigh in on that. j.d. vance taking the border crisis head on with some ideas on 40 thousand nix it. roll it. >>s this is not rocket science. it is not hard to secure the southern border. you've got to reimplement remain in mexico. you've got to stop catch and release. stuart: all right. is it that simple? art del cueto was with vance in arizona. he's going to join us. democrats split on how they want kamala harris to handle crypto. trump's all in. which candidate is better for cryptos? kevin o'leary is here on that. ♪ ♪ california girls, we're unforgettable. ♪ daisy dukes, bikinis on top. ♪ sun-kissed skin so hot we'll melt your popsicle ♪

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stuart: all that red ink on a friday morning. dow's off 460, nasdaq's down about 300 points.

the big story really this morning, yeah, you've got a sharp selloff in stocks, but you've also got a sharp downside move many treasury yields. the 10-year all the way down the 3.87, and the 2-year is below 4%, you're back to 3.98. kevin o'leary joins me now. kevin, look, it seems to me we've got a slowing economy that has produced a market selloff and sharply lower interest rates. what's your analysis here? >> yeah, i agree with you. obviously, the jobs report was weak. however, looking a little deeper into it, stuart, it's not so much that people are getting fired. remember, this is just one data set. it's that they're not being hired. and so companies are slowing down, they're pulling their horns in, they want to be more conservative because consumers are showing some of that behavior. but we're in a transition phase. i don't know if we stay flat here because i don't see a lot of firing going on. government was sort of flat on hiring in health care. i look at these numbers with a little bit of detail and and

also realizing i like to get three data sets in a row to give me a real trend. so, yeah, this selloff, i get it. i don't think the story's over, but no question it's a weak jobs report. stuart: i want to talk about cryptos. you are a crypto guy, so listen to what donald trump had to say about cryptos. role it. >> cryptos are a very interesting thing. very high level in certain ways, intellectually very high level. but if we don't do it, china's going to do it. china's going to do it anyway. china's already doing it. and if we don't do it, other countries are going to do it, so we might as well be at the forefront. and there are people in crypto that are very, very smart people who colove our country, and they think -- do love our country, and they think it's good. who knows, maybe we'll pay off our $35 trillion, hand 'em a little crypto check, right? hand 'em a little bitcoin and wipe out how our $35 trillion. stuart: kevin, you're laughing. [laughter] what do you say to that, hand

out a little crypto? >> you know, stuart, i'm really surprised that crypto and digital payment systems are a partisan issue. it should be bipartisan. there's been multiple attempts over the that's three years, both sides, red and blue, have tried to push this narrative forward, and they've run into a roadblock in gensler, and i totally get that. he's not going to change his mind. but the truth is digital payment systems are very efficient. bitcoin's just one of those, and there's many other tokens. but in this idea of digitizing finance is a good idea. i believe eventually it'll be the 12th sector of the the s&p. and i'll be surprised if harris doesn't get onboard with this, because she wants the young voter just like trump is going after them here with these comments. and he made big news at the nashville bitcoin conference -- stuart: sure. >> it's coming. remember, we've got an etf here both in bitcoin and etherium, and every institution i know wants to put a 1-3% weighting on it, but they just don't want to

make anybody in compliance unhappy including benzler at the sec which they have to work with every day. stuart: so you would say that trump is best for cryptos and harris has to catch up. that's what you're saying. >> well, right now that's the case, but she's not -- she's going to yet this pretty fast. you know, she just hasn't -- she hasn't talked any policy yet, and i know why she hasn't done that. she's in the euphoric phase. stuart: the honeymoon runs on at this moment. hey, kevin, you're in miami, have a great weekend. >> take care, thank you. stuart: coming up, voters are running out of money. they've tapped into their retirement accounts, they've borrowed over a trillion dollars on credit cards. a weakening economy hits voters, and the timing is terrible for kamala harris. that's my take, top of the hour. a boxer deemed to have male chrome somes won a fight against a biological women. she stepped away from the match after 46 seconds. riley gaines fired up about that, and she joins us next.

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stuart: an olympic boxer deem to have male chromosomes won a fight yesterday at the paris olympics. the female boxer quit after just 46 secondsful riley gaines joins me now. the authorities say she is -- the boxer who won here, she's a female and that's what it says on her passport. that's why she was allowed in. what do you say to that? [laughter] >> yeah, that's, that's the route that the ioc, the international olympic committee, that's what they're taking. they're trusting what is on a passport rather than what your chromosomes say which is the tragic reality for boxers like angela carini. if you watch the clip, the video, it's heartbreaking. she was on her knees in the middle of the ring bawling, crying, in tiers -- tears. imagine getting good enough to compete at the highest athletic stage hoping to win an olympic medal and getting into the ring and being forced to compete

against a man. stuart: vivek ramaswamy says -- and he knows something about this -- he's saying, look, if you've got a y chromosome, you're male. you can't compete with women. do you agree with that? >> it's really that simple. people say it's a complex issue is. the bide, kamala harris administration, they say this is a complex issue. it is the not. s it is simple. if you have a y chromosome, you are a male. this boxer, believe, is a male with a diagnosed sex disorder meaning appearses externally what appears to be female genitalia, but in reality has internal testees and went through puberty as a male. nonetheless, hess a male, and males don't belong in women's sports. stuart: the taiwanese boxer also a deemed to have xy chromosomes, just won a fight against a biological female. this was just moments ago. he won. again, what are we going to do in the future?

could these boxers go through to win an to limbic gold and -- olympic gold and have a y chromosome? >> yes. we saw this male boxer, i believe, place fifth in the last olympics. so what we need to see, stu, we need to see women coexactly what angela did which i know is not an easy ask. it's easy for us to say sitting behind a screen, but that is the most powerful and most effective way to say, no, enough is enough. we as women won't allow ourselves to continue being discriminated against on the basis of our sex which, might if i add, the same time yesterday this fight happened at to to the olympics is the same day that, again, the biden-harris administration, their harmful illegal administrative rewrite of title #r went into effect across the united states. stuart: that's a big ask though, isn't it? asking women to withdraw, that's a big ask after all that training and all that heartbreak. >> it's a huge ask.

but it's, i believe, it's worth it. of course, i competed against a man, and when i had the opportunity, i didn't do it. but looking back, i feel guilty for it because i believe if you're complicit, you're complacent. stuart: riley gaines, this story is not going away, and whop you come badge -- we hope you come back to follow it through with us. >> thanks, stu. stuart: both donald trump and jake paul have spoke out about this boxing controversy. all right, lauren, what did jake paul have to say? lauren: okay, pull up his statement, guys. i was going to start with trump -- can we start the trump? it's easier. he said i will keep men out of women's sports. it's very simple. but he actually posted the video of the one punch where the male boxer took the italian out in 46 seconds. she said she has never felt a bunch -- punch that fierce in her entire life. this is what jake paul said. to the boxer, the italian boxer,

although you dreams couldn't come true today because of the crazy agendas at a play in our world, ill love to offer you to fight on an mvp card. most valuable promotions is where he's fighting mike tyson. could you imagine? if carini says, yes, and that's the leadup to the tyson fight? the eyeballs would be huge. stuart: jake paul knows a thing or two about a marketing. lauren: at the end of the post, internet p help this find her. stuart: the nasdaq's off 4232, that's 2.4% -- 4222. the yield on treasuries way down. the 10-year yielding 3.85%. the 2-year yielding3.9 something, 3.7 now. there you go. still ahead, biden and harris spoke on the phone with israel's

prime minister netanyahu about the gathering storm in the middle east. security expert victoria coates has more on that. lie lily says their weight loss drug cuts the risk of heart failure by 38% in obese patients. is this a new wonder drug? dr. marty marty makary will answer that question. the southern border remains a talking point in the election. j.d. vance went to the southern border to address the crisis, art del cueto went with him, and he's going to be on the show later. the 10:00 hour is next. ♪

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stuart: it is 10:00 eastern. start with a market selloff. the dow is up 460, the nasdaq down 430 one, the nasdaq is down 2.5%. look at the deal on the 10 y