>> futures plunging as the global selloff is underway, we are looking at recession fears, dow is down 101,000 for the seven points, s&p down to 25. >> 10:00 a.m. the ism service number if that comes below 50 i think the selloff accelerates, pay attention to that number. >> i look forward to what kamala harris will tell the american people about the economy. >> that is a lot to watch. i'm going to hand it over to stuart varney, this market is all yours. stuart: good morning, everyone.

it is a white knuckle monday, dramatic selloff or stock markets all around the world is started friday with a week jobs report, it looked like a recession was coming. over the weekend warren buffett revealed he cut his apple holdings in half and he was a net seller of stock for some time, that is not send a positive signal. overnight japan's market dropped 12.4%, that is the worst one-day drop since 1987. here's where we are among the dow, the s&p and the nasdaq, the dow likely to be down about 1200 points at the opening bell in the nasdaq down a thousand, and percentage three or 4% down at the opening bell, all sectors have been hit, look at big tech all of them are down in nvidia is down roughly 33% from its high. heavy selling and crypto as well, if you look at bitcoin is down to 49000.

way down, interest rates also falling sharply this may be a flight to shape into safety tenure dropping to 3.69%, the good news that mortgage rates are falling, the two-year all the way down to 3.80, now 3.71 ever heading to recession demand for oil should fall that's why oil is down $72 a barrel, gold approaching $2500 an ounce, it is down $50. ward talk in the middle east that's not helping an iranian attack is considered immediate and israeli has an underground bunker for military leaders, males are told to prepare for power and wattage under water outages, american forces have been beefed up. a firestorm surrounding the federal reserve. many analysts and economists saying the fed waited too long to cut rates. there is talk about an emergency

rate cut soon. monday august the fifth 2024, this is a fast-moving market with political significance, the election is three months away and "varney & company" is about to begin ♪ ♪ >> there is only one story, a global market selloff, lou basenese is with me to help cover this. are you bashing the fed like everybody else. >> absolutely not what good does it do to point the finger at the fed. i know the fed will take most of it but if you look at bidenomics in the way we handle inflation, the economy, tax regulation, that is contributed to the point where were at right now but the fed will get most of the blade because everyone is afraid they acted too soon. here's the thing let's step back, we had two bad economic reports, if we get a few more this week that ism services and

ppi and cpi next week if those coming good it'll be called on the western front if they comment that everyone will start blaming the fed and you will see a lot more selling. stuart: if you think we got more numbers, positive numbers you can have this turnaround. >> i think you need something to stabilize were in a panic market, nothing national it's all psychological and josie fed presidents come out, one scheduled on thursday one or two others that will come out say were prepared what we need to do. stuart: are we going to get an emergency rate cut. >> i think that would be negative, if the fed comes out with an emergency rate cut it says things are a lot worse than anyone anticipated. think about the last emergency rate cut during the pandemic in the middle of that, before that in the middle of the 2007, 2008 crisis and one as the market sold off and another after stearns collapsed if they come out now and say were cutting 25 or 50 basis points, hold on the

bottoms going to follow and everyone will panic that there's a lot worse going on that we don't know about. stuart: the average everyday investor, the viewers of the program what advice you have for them. >> ecom and keep things in perspective, this is normal. 95% of market year is down by 5%. in two thirds is down by 10%. one in every four years we get a drawdown of 20% or more in the s&p 500 all the indexes up to you here's what i look at from this know where your risk is and where you would like to buy cheaper prices. i've never seen panic selling lead to long-term wealth. anyone that makes moves in market volume is selling at the worst possible time, think about the pandemic i was made this in my personal account during the pandemic going through divorce the market falls off a cliff in february 2020 then it came riproaring back. again keep her head in cool if

your assets allocated to diversified you were okay this is a buying opportunity potentially. >> you looking for stuff that came so far down is irresistible, will get to what you might find irresistible later in the show stay with your with me for the hour. guy benson joins me now. i want to talk politics and money what impact will the market selloff, it is dramatic what impact on the election? >> i'm not sure that has a long-term impact on the election but if this is one of a number of big factors in the headline blinking red to voters things are bad, that's obviously bad for the ruling party for, the here's who is the copilot of bidenomics for the last four years. people say huge market selloff on top of week job numbers and on top of recession talk and the other numbers come in worse than expected then there is an accumulation of sentiment where voters say it's the number one issue we knew that, the economy, is going in the wrong direction fast, we might need to make a

change. stuart: what troubles me is the idea that the harris campaign wants to raise taxes on business, raise taxes on people with wealth, you do not do that if you're going into a recession. >> she wants to do a lot of things that are economically insane and she promised to do them she wants to get free healthcare to illegal immi immigrants, she wants to eliminate private health insurance for americans to replace it with the government system, she is a cosponsor of the green new deal, if you get on the list, ban fracking even down to something small like banning plastic straws she is an ideologue that will come in and do whatever she can do whatever she wants from a hard left perspective, these are not my assertions these are her own words on tape over and over when she laid her vision for the country. i know some of her aides have sent e-mails to the new york times saying we don't believe any of that anymore, she hasn't answered a single question about any of it she's been effectively the nominee for two weeks she's

not answering any questions i would love to have her, with no notes and be asked a few questions about the economy and see what she could do with those questions because there's a reason why they're hiding her. stuart: stay right there. let's get back to you, bearing in mind what guy just said is the market selloff bad news for the harris campaign. >> absolutely i think as guy said do we get more bad economic reports and starts piling up accumulating it is back on her and divided the administration there's no way to overcome that, this could be what takes the wind out from the campaign sales right now the market pull down that economic data, is absolutely tied to that and as you pointed out we don't know what to expect under a potential president here's we know what to expect under trump or before that biden. we have some idea but not of its good i tell you as an investor

no one's looking at, the here's insane her as a president will be good for the economy and good for the market. >> the story is very straightforward, they drove up spending to a ludicrous degree fueling massive inflation, prices are 20% higher and then the punishment for that eventually was probably going to be recession and the recession is materializing before the election and you have the double whammy for election for voters they have prices 20% higher, they can remember what it was in 2019 and 2020 and then the hangover and potentially a painful one. stuart: laura do you want to get into this. >> i wonder if the writing for the past couple of days is because we have kamala harris as a presidential nominee on the democratic side and she's doing well in the polls she's writing a sugar high should probably write a sugar high tomorrow when she has her vp and they campaign together the seven battleground states and make their way to the dnc and all the enthusiasm behind that. stuart: sooner or later she has

to come on answer questions, what is your policy going to be. >> she is reversing all of them. >> i'm not sure she has to do anything. if they keep looking at the polls and they stay roughly in a positive trajectory i think they will try, meaning the democrats and the media make this a three month honeymoon they will try to wait this out until november 6 and then she will answer questions. >> absolutely at that point it doesn't matter i think that's what everyone is afraid of we don't know what were going to get. stuart: i cannot see them holding up that long but they will try that is for sure. i want to get on to, here she met with topics over the weekend, who did she meet with. >> reportedly the top three that would be pennsylvania governor josh shapiro considered a moderate, minnesota governor tim walz not a moderate in arizona mark kelly considered more moderate these are the top three she wanted to see if they had chemistry together.

she will make her pick by tomorrow, political is reporting that the announcement will come after the video and similar to the way joe biden introduced her as his vp pick four years ago that was a two minute clip five days before the dnc. the parallels are striking that was a basement strategy because you needed a video we wore masks we were in the midst of covid it might feel like the basement strategy right now but shall make her first live appearance with her running mate in philadelphia tomorrow and then they will tour seven battleground states in the next five days together. stuart: we should get an announcement very soon like today. >> it is hours away. stuart: i hope it comes in the next three hours i would love to announce that. >> she should go with shapiro who is more moderate and the liberals don't like that. >> they leaked by accident the philadelphia mayor put out a video last week featuring vice presidential nominee josh shapiro and no one covered it but someone hit send pretty

early on the video maybe it was a big head fake but he is the odds on favorite if not already the pick. stuart: we will find out hours, thank you for being with us. another big story iran rejecting calls to restrain its calls to israel after hamas leader was killed in tehran as an all-out war inevitable? kt mcfarland on that, look at intel they announced friday there laying off 15% of the workforce but in march they got a half billion dollars from the administration, they were fired about that and you can cover that story next. stay with us the global selloff continues and we are on it. more "varney" after this. ♪ you can cashback 5% on travel purchased through chase with freedom unlimited

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stuart: check the futures, they're all down sharply, we're going to look for any halt to the downside, has anybody come in big time flying. if that happens you might get a turnaround. we are looking for, have not got it yet. look at robinhood talk about extreme volatility, they halted 24 hour trading on the platform until further notice, that stock is down 16%, future selling off the dow is down a thousand points maybe 1100 points, that's a big selloff, is recession fears one of the reasons that this is happening, hilary vaughn at the white house joining us what is the administration saying about this if anything so far. >> the harris campaign is doing

damage control after the brutal jobs report showed unemployment is worse than they thought the harris campaign is defecting blame same donald trump failed americans costing our economy millions of jobs in bringing us to the brink of recession we made significant progress but vice president harris knows there's more work to do to lower cost for families but the progress on unemployment has been backtracked and on a plane is the highest it's been since 2021 the first year that biden and harris took office. we might be on the brink of a recess in under here's his leadership, economist at goldman sachs they get in recession is likely raising from 15 to 25% but democrats are not doubting their policies saying their campaign strategy is to keep doing what they're doing. >> i think what she's going to be doing is telling the american people what they have been do doing. there is no doubt that there is fear and anxiety for working

families all across this country in the history and the record of the vice president that she is stood arm in arm, shoulder to shoulder with the working families. republicans are going to make sure that harris does only economy vice presidential pick jd vance pain as biden here policies that it destroyed the economy. >> a lot of the economic policies were predicted even by economists on the left to lead exactly where they are now they went ahead with it because as, the harris said she the radical the didn't listen to common sense, she has no compassion or understanding that the worst inflation is in the price of groceries, americans cannot afford to put the same food on the table that they could when donald trump was president. in light of the report there is increasing pressure from democrats to try to get the federal reserve to act sooner than september if they're going to cut rates. stuart: we hear that, david bahnsen with me now, good to

have you on the show, do you blame the fed for the cello? >> no not at all. at the end of the day this is stuff i've talked to you about for almost a year that there was an evaluation access and things got way ahead of themselves. the fed is behind the eight ball there's no question that they waited too long in inflation expectations have collapsed, this morning the tip spreads are at 1.9% over the next five years the fed should be cutting but at the end of the day you could not have the big tech big growth sector this is largely a nasdaq collapse as those evaluations. it has to self-correct that is behind this. i think it's very ironic that investors have waited for the fed to cut now they make clear that they're doing it in markets drop like this. stuart: addressed our viewers, what should investors do?

>> it depends on how they're invested. i think viewers were largely overdone and big cap tech audit change the portfolio. i think that's been a.i. -induced bubble and is likely going to have to play out to get to some point of normalcy and evaluation, this is not a one or two day thing no matter how much people hope it is, the portfolio has to be diversified and were in a time politically, policy, everything else screaming for good quality, good value as you know for us that comes from dividend growing companies but investors need to reset to something less speculative. stuart: talk to me about intel, the administration, the chips act gave the meat half billion dollars, they announced a 15% cut for their workforce, 15000 jobs, was eight and a half billion dollar investment wasted?

>> of course it was it was absolutely outrageous it's called corporate welfare, intel was not the only company that makes billions of dollars to get it and just so i'm clear, president biden signed this into law this was on him but it was a bipartisan deal there are a lot of people in the so-called new right that want to pay american companies money to move manufacturing to america and then they go and demand all kinds of woke di requirements and here there laying off 15000 people. if we are supporting workers by giving them pink slips i think a lot of people have a poor understanding of what the giving of money to companies was supposed to do, this is a disaster. stuart: fair enough, david bahnsen thank you for being with us is an important day were glad you're with us. lou bethany's with me, are you staying away from the chipmakers? >> right now i think there's more downside and there's over evaluation in the sector with nvidia. were at the april lows for the

semiconductor index hit and i followed another 50% and go back to 2022 lows there is a lot of downside that could happen you could be opportunistic and ready and this is what this market is about when the selling happens you don't jump back and you buy when there's blood in the streets, there will be a lot more blood, let's wait a little bit. stuart: you think the market is further south. >> i do i look for what can calm us fed president intervening verbally to say don't worry we will take care of this we're going to make cuts and economic data and that is awkward be a remedy for solving get the markets rallying again i think it may stop the bleeding little bit but i'm with you you need somebody big and acumen were buffet and 70 with the magnitude says i see a compelling bargain in this area of the market and were putting billions to work to buy. stuart: were not seen that yet. check futures you gotta keep on top of the heavy duty selling this monday morning the dow looks like it's down 1100 points

and the s&p down 200, that is 3.6% the nasdaq a loss of 4.8% on 900 points, little earlier it was down whether the thousand points now you're down 888. the opening bell is next. ♪ did i read this?

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stuart: three minutes to the opening bell this looks omnibus the dow off 1100 the nasdaq noun 959, keith fitz-gerald joined eunice, do you believe with the severe selloff in process do you think will get an emergency rate cut before september? >> should we or could we, those are two very different ques questions. i hope the fed is paying attention and i hope they realize they made a gigantic mistake and i hope they don't wait until september. stuart: if they came in with an emergency rate cut in the very near future would that be good or bad for the market. >> i think it would be good for the psychology because it would let everybody know to lose a point earlier, everything's going to be okay it may not stop the selling immediately but it would go a long way which is largely missing into missing you

can see red ink across-the-board, what should they do take a deep breath, they got the right companies a to be okay, dividend producers, solid businesses that the world can't live without, go on the hunt even though there is blood in the streets, there is always opportunity at moments like this in the market never let us down, every dip comes a buy sooner or later. look for the person than the mere, if you're okay with that person looking back at you in your portfolio chances are you're going to get through this i'm tempted to turn the whole tv off today. stuart: don't do that, you know what i mean it's whether the things where you dissipate all of the news because of what you want to do is focus on the news that matters like you guys. stuart: have you seen anything this morning that is low-priced to say i'm going to buy that

today i intend to take another look at nvidia and palmatier but i also want to look at costco and walmart in particular. those are stock the balance to all the volatility that is cursing everybody else. stuart: wedding go for the safety of a treasury security report neighbors on a ten year treasury. that's a great point, i do hold some bills but here's the thing if you're holding 3% in the market rebound 20, 30% that 3% doesn't look so safe after a while. stuart: by the way did you know born buffet holds 4% of all outstanding treasury bills, yes 277 billion in cash, how about that. thank you for being with us, your work to do and we have work to do as well, the market is now open, we are up and running, i want to see how deep the red ink

is flowing, right from the get-go were down at thousand points of the dow, 2.7%, let's talk percentages that's what we have to watch the vast majority of the dow 30 are in the red they are being sold aggressively, three winners. >> back to points the dow has not been a down at thousand points in september 2022. s&p 500 also sharply lower, look at the percentage points down 4% much greater loss, now the s&p 500 is a broad-based indicator which indicates the selling and a broad base of stocks unlike the dow which is concentrated in 30 and down to 20% and s&p is down 4% this is all about big tech. they've never been down at thousand points, not even intraday on the nasdaq.

stuart: is that true. >> that is true. >> down 6% this is heavy big tech here we go, look at them go down, microsoft is down $20 down 5%, alphabet down 5%, meta down 6%, amazon 6%, apple 9% let's pull out apple, this is interesting, question for you, why did warren buffett cut his apple stake in half. >> i wish i had an answer for you. he might think what's best for him to sonata record stash pile of $277 billion, the question is why does he lack conviction and apple growth story and lack conviction in the market did his steak and apple was the largest investment get too big, maybe taxes have a little bit to do with this if harris wins in november he would likely have to pay more anytime he sold but the timing is curious admitted a global, i'm going to use the panic selloff because that's

what we saw in asia in a little bit in the u.s. on friday. >> i think it's really simple he says be fearful and be greedy when fearful are others of greedy everyone went from fearful of apple through mexico to really greedy and optimistic about a.i. and it was the biggest position he was doing portfolio rebalancing getting an attractive return and treasury. stuart: it would be good for the market be turned around today and said it had $277 billion in cash and here's where i'll put some of it not that i'm suggesting he says that. stuart: is a value investor here today 900% on his steak and apple he bought in 2016 that's how much the stock is up. stuart: now $204 a share down 7%. that's a look at nvidia i know it's down big it's down 13%, they have a problem with the latest a.i. chip, that is the problem. stuart: this comes from the information the estimated $40000 newest chip the blackwell is

delayed by three months, there was a design flaw late in the production process, microsoft, meta, google had large orders for blackwell, how meaningful is this delay this is called the b200 it is estimated to be 10% of their overall revenue in the first quarter of 2025. this delay would extensively delay $3 billion for sales for nvidia. stuart: $92 a share on nvidia. >> i missed out on it was priced to perfection both from a business and a profitability standpoint on the future of a.i. growth, 90 day, 30 to 90 day delay not that big of a semi conductor happens talking about a $3 billion those i think it os opportunities for big tech companies cannot rely solely on nvidia and this is proof positive. stuart: that we have amazon, they also are down big this

morning let me see the percentage drop it is down 7%, jeff bezos must've lost a lot of money over the weekend. >> i don't think you notice, $16 billion down seven another present today but on friday it was the worst day in two years. it was not just bezos. if you look at the world's ten richest men, they combined lost $45 billion on friday alone. it was elon musk, mark zuckerberg, you name it down $45 billion in one day in the selling obviously is continuing today. >> first world problems for the fellas i don't know what else to say to that. >> he's jealous i wish i could lose that money. >> amazon's report was not about the web it was about econ and the status of the economy and the consumer bringing it crystal clear it's not that good. stuart: show me the rest of big tech lauren you have to go through it. >> i was a made up the spending on artificial intelligence this

is the unwinding of the a.i. boom rally, microsoft spent $13.9 billion in the quarter on a.i., google 13-point to billion, amazon $17.6 billion that is a lot of money on a.i. bets that haven't fully monetized. stuart: is the air coming out of the a.i. bubble. >> i don't think you have any meetings going on a big tech today talk about cutting back on capital expenditures for a.i. they will be full steam ahead this is a multiyear multi-decade trend and i think they get a spendthrift as result let us been through in the last quarter in brief the rewards. stuart: let's get to the rest of the chipmakers, they had a bumpy ride all over the place, what we got this morning. stuart: intel is not on the board let's go to taiwan semi. >> look at taiwan semi down 8% at 138 i was looking at the stock overnight in taiwan they fell 9.7% the daily limit over 10% the triggers were about to

go when the taiwanese exchange had the worst percentage decline in history it was down eight have present overnight this is the biggest technology company this is one example of the chipmakers that are down big many hedge funds what was a popular trait, a.i. all the hedge funds got into the a.i. trade in maybe they're now reversing themselves and that could be exacerbating some of the losses that were seen. stuart: next group is the financials with a group by group across-the-board, most groups that i have seen are down and look at the financials what we have there. >> city is down 7%, all about the fed, everyone's on the fomc website that there's good to be an emergency meeting there is a 60% chance of a 25 basis point rate cut in one week, that is emergency meeting it is extreme not so extreme as the futures they are fully pricing in a half a point, 50 basis point rate cut in september that is a regular

meeting in a point in september there down on recession, but higher rate over other sensitive to a downturn the less loan demand. stuart: pay attention to the bottom right-hand quarter, the dow jones industrial average followed a bit more sense the opening bell, now down 1170 points, almost 3%. >> i think of the financials lauren hit it on the t as far as the spread between interest rates and what they can charge on bank loans, the good news we don't have any lingering crisis, the regional bank crisis is gone and were not worried about the commercial real estate that's been priced in, if you look at past panic selloff we had bad bank financials going on in terms of collateralized mortgage, we don't have any of that going on right now. >> seasonality, volatility, what

happens in being a little bit superstitious. >> october is just a couple of days before the presidential election i'm just putting it out there. stuart: you better go through the retailers before approaching or getting close to recession, the doctor to be doing very well. look at walmart there down the least in this group, there down not even to present. are they better than amazon and target for price conscious consumer, keep keep fit likes walmart and costco rbc raised their price target to $47 on walmart. >> i would agree with keith if you look at walmart and costco and all the only green on the screen is johnson & johnson parker enter procter & gamble those are defensive stocks that you're buying healthcare and consumer staples things liked with the people, diapers those of the stocks that tend to do well in dividend payers and the dividend market.

stuart: we've gone through all the groups and they're all down quite sharply, how about bitcoin, the crypto that's really sliding, now it's 51.7 a few minutes ago is 49.8. >> it went under 50 fl 13% last week that the worst week since 2022. if you look at the etf outflows the biggest in three months, what is bitcoin, what are crypto currency, what are ether are they safe havens of their moving in the safe direction. stuart: answer the question. >> are not a safe haven i did this over the weekend with kelly o'grady with a special report and was very adamant that this is not the next digital gold and is not where you flee and a safe haven the only thing safe is boring and beloved bonds that's where everyone has gone treasury yield is down because bonds are being bottom. stuart: you brought stock picks this morning before we saw the selling and your pick was merck, is it still your pick?

>> like keith said be opportunistic do not by the press button today if merck came down another 10% really attractive the fear is lingering over that key true to the number one selling drug is coming off a patented 2028 and they have ways to supplement that with moving from an iv injection to a subcutaneous in the dynamics and they have a good pipeline of other drugs this could be a value play in this market to pay attention to as we see when the market finds a bottom it's about 15 times earnings, not expensive. stuart: i'm going to put five stocks on the screen these account for half of the dalles loss right now those stocks are goldman, microsoft, apple, amazon, caterpillar, look at them go down, look at the airlines they are down big all across the board there is no winners at all if you're approaching a recession, it looks like you're approaching a recession the airlines take a hit. >> there's a fear gauge called the vix it is at 50 now.

it is doubling we haven't seen levels like this since the pandemic, we don't know if we talk about it because you don't need to it is under 30 but not today. >> you can go short the vix people play ranges you don't get spikes above 30 and you don't get it staying below 15, it's a range bound. stuart: goldman sachs have increased their odds of a recession, kelly o'grady is with me, according to goldman sachs, how likely is a recession. >> 25% chance, one in four. i will say that's up from 50% so that the significant jump after the last round of economic data but they still see the recession risk is limited and the concern is escalating. another key recession indicator is unemployment rate, that ticked up to 4.3% last month this triggers the psalm rule that is likely already underway when you have the three month moving average for an employment

it rises half a percentage point versus what you sell the low over the past year, bottom line hitting 4.3% checks the box and this is been accurate in defining every recession since the early 70s in you see the anxiety reflected in the market, the dow close to 12 at the point right now, globally the markets are really in every major market is down the nikkei was down over 12% that is the worst since you saw since 1987 and we just talked about it the crypto's lost every two to $50 billion in value in the last woody for hours. a lot of this anxiety is been attributed to the recession fears that the fed waited too long to cut. i will say we spoke to a lot of investors and they said this selloff is more than a correction you still have skyhigh evaluations woody comes to big tech driven by all of the a.i. hypes, the earnings weren't so great so i think a lot of investors are saying were taking profits, there is real concern over the economic data but it's too soon to tell.

stuart: 25% chance of a recession according to goldman. that is not helping the market. >> less than 50. >> joyous monday. >> thank you indeed, investors business daily executive editor alyssa quorum joins me now. are there any safe areas that you see today. >> it sure is brutal out there, i think defensive areas clearly getting a lot of spotlight to today, you had your typical areas, utilities, insurance, consumer staples. when you have things like campbell's soup at the top of the leaderboard that doesn't necessarily inspire confidence as an active growth investor. you're seen a lot of the flight to safety mentality but the best defense is cash, thursday, friday that was the time to be taking profit, getting to cash and stepping aside waiting for the dust to settle, we don't know how long were going to be in for this route. >> warren buffett over the

weekend revealed that he's been a net seller of stock for several quarters, that send a very negative signal to the market doesn't and it suggests that maybe we have not hit bottom and today selloff, what do you say? >> warren buffet that is not my lead indicator to where to put my money as a growth investor and of course i think he got a lot of spotlight when we had the pandemic and is he selling the airlines, what is he doing, there's going to be a lot of attention on what is buffett doing, matters to a lot of investors but if you look at a stock like apple, i was surprised at how well it held up last week but that was last week, the market moves so quickly so it shows stocks in the magnificent seven area that had been holding up are not necessarily going to be holding up now, you had the selling mentality and warren buffett taking profits and a lot of investors are following his lead and i'm looking for stocks over the next couple of weeks which

are going to be the ones that are going to weather the storm the best holdup show the relative strength and be leaders coming out of this in saving my ammo for that time and that's why want to put my money. stuart: we are waiting to see if there is any big buyers to puta floor under the market for today but we haven't seen anything so far today, have you? >> no, i think you want to look at the intraday charts, see if there are any buyers coming in to see a bid getting caught in the market but i'm going to wait a couple of days, i don't like just trying to be a bottom buyer, i like to catch trends early, that's where a lot of money is to be made if you don't wait until it's obvious but you have to see some support, a couple of days showing that we have changed the trend in the short-term and i think a 1% gain later in the week, maybe even early next week we could see some signs of life for this market but in intermediate

correction, you don't know how long you are in for this, 2007, 2008 at the beginning of something we all know in the back of her mind not saying that's going to happen at all but there were some times when you could trade a short-term trend in the market even though overall trend was down but that's yet to be seen was going to unfold in this market. stuart: it is not over at this point, alyssa, thank you for joining us. we appreciate it always. are there any safe areas in this market, safe areas what does that mean. stuart: is there a type of stock that is safe today. >> not right now but this week nothing's jumping off the screen as a compelling bargain at the pendulum excelled off in the end of 2008, for me what i'm going to watch in the coming days what are insiders doing, the famous fund manager peter lynch said insiders can sell for a variety of reasons but they buy for only one they think the price is going to rise and see how corporate insiders respond because profitability has been

good, the s&p 500 profit was up 11% through the latest report. if the insiders start buying that's a good buying signal. stuart: let's check the big board where are we now, were down a thousand points, 1049 points about 2.66%, show me the dow losers 30 stocks in the dow and these are the biggest losers, intel is down 9%, amazon down 5%, apple 5%, golden 5%, microsoft 3.5%, the s&p 500, which are the big losers in the list, intel, supermicro, nvidia, warmer brothers tapestry all down sharply nasdaq losers, put them on the screen, brutal stuff, intel, mongo dv that's the one all them down when you start talking percentage you know you have a big selloff. coming up, hurricane debby taken landfall in florida with

life-threatening storm surge the full story coming up. in economic slowdown is pointing to recession the housing market in deep trouble and were in the middle of an election, this is white knuckle territory, that will be my ticket the top of the hour. ♪ maya knows how quality care can bring out a smile. but it's been a few dog years since she was able to enjoy a smile of her own. good thing aspen dental offers affordable, complete care all in one place. with flexible hours and weekend appointments. plus 20% off treatment plans for everyone. loving our patients unconditionally.

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i think this will continue until we get a reason to turn it around. stuart: descriptors were not as flight to safety. >> they were never going to be. it's not something tangible, gold is tangible i can touch, feel, owned that, it zeros and ones and i know i'll get a lot of hate mail but the reality is we are supposed to believe in something limited in quantity that will have a value that is to be determined by the greater fold. stuart: let's get back to politics the trump hears campaign are spending hundreds of millions of dollars on advise on key battleground states, madison alworth with us, which state are the most focused on. >> pennsylvania by far will see the most advertising dollars through the election in nov

november, from march through november 5, $211 million will be spent in the keystone state alone is a state that is key to winning the election, more than double the next closest state which is michigan georgia will c $58 million from democrat spending $29 million from republicans, although these numbers could change as we continue on in this political cycle, analyst say both sides are treating pennsylvania like they had ohio and florida in past elections, posters telling fox business the trump advertisement in that state are going towards hitting here is under policies that many pennsylvanians disagree with. >> , the hears made the comment multiple times that she supports the complete elimination of banning tracking, the pennsylvania academy is very dependent of middle-class workers are very dependent on fracking in the oil and gas industry, you should hear that often that there will be a single voter in pennsylvania

verbatim. >> polls have tightened the battleground states particularly in pennsylvania we can see the fox news polling shows vice president kamala harris is in a dead heat with former president donald trump, looking at that 49% to 49%, vp harris and her soon-to-be running mate will be in pennsylvania tomorrow trying to win over more voters after finalizing her ticket informer president trump has vowed to return to the state and hold a rally after the assassination attempt almost took his life. stuart: madison alworth thank you very much. lou you're here on an important day, thank you for having me, still ahead the u.s. struggling to rally international opposition to venezuela's election fraud the key opposition is hiding in fear of a life, is this abiding failure, kt mcfarland on that, recession fears are ramping up as stocks tumble, is the fed to blame, steve forbes reports, look at wall street, investors are worried about the economy, what

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