tv Varney Company FOX Business September 5, 2024 10:00am-11:00am EDT
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blue skies and upper 70s. good morning, 10:00 eastern. straight to the money. the dow down 70 but look at the nasdaq, up 144 points. i presume big tech is doing okay this money come the 10 year treasury yield is 3.73%. the price of oil dropped below $70 a barrel, just inched back to $73.73 a barrel. bitcoin, 57,000 in small change, the latest read on the surface sector could move the market. what do we have? lauren: 60 one. 5, well above the expectation for august. it measures art, entertainment, hotels, food services, there's a crisis paid component in this that came in hotter, that level would be 57.3 in august.
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seven industries reported a decrease. agriculture, fishing, retail, construction, accommodation, food services, professional, scientific, technical services, insurance had nothing to do with it. stuart: i wonder. the market has reacted not with any kind of selling but a little more buying. the nasdaq, 172 and that it now is only down 20 one points. something to add? lauren: just looking at the fed's reaction. there's a 45% chance the fed will cut by 50. it'd been a but was 45 before. stuart: there's the markets, now this. when kamala harris became the democrats new candidate, new people started to arrive at our campaign office which former obama staffers drafted in to organize her new image, they tried to move her from the left to the center. they want to make her electable.
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if you look closely the centerpiece of her economic policy is raise taxes. all kinds of taxes. for high income earners, raise capital gains from 20% to 28%, get some income from your investments, the tax rate, 3. 8 to 5%, top income tax rate goes from 37% to 39.6%. the corporate tax rate nearly doubles from 15% to 28%, the biggest tax hike of all comes from letting trump's tax cuts expire, the most pernicious tax hike is the wealth tax, that means people with big-money have to hand over a portion of their wealth every year. you got it, we want it, handed over. let's not forget when president biden was elected, he was supposed to be a centrist but as soon as elizabeth warren, bernie sanders and kamala harris got hold of him he took a big left turn. if harris is elected president how do we know she won't take a similar left turn raising taxes even more? she will not abandon the green
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new deal which means massive spending so we could end up with tax and spend program beyond anything we ever seen. her handlers are polishing her centrist image but there's nothing centrist about socialists running the kamala harris show. second hour of varney just warming up. brian brenberg with me this morning. do you think harris will make another left turn? brian: i have one problem with your "my take," you said polishing her centrist image. i don't think they are polishing anything. they are inventing her centrist image. she's a tax raiser, she wants the government to have more of your money because you think ultimately they can spend it better than you can. at the whole election on economics, this whole election, can you spend your money better than they can yes or no and vote accordingly.
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neil: donald trump going to adopt elon musk's government efficiency proposal. all government agencies would be audited. i think that's terrific in. brian: all day long every day of the week twice on sundays this is, this would be awesome. i would love for elon musk to dig into every piece of the federal government and rip out the spending guts, destroy the bureaucracy. nothing would be more progrowth in america than that because nothing is growing faster than the administrative state, need to want to rip it apart. blue and if anyone can do it it would be musk. government unions are entrenched in the bureaucracy and getting rid of a portion of the federal workforce would be difficult but if anybody can do it. brian: they he doesn't care what they think of him. stuart: does he run the commission? we don't know that. brian: he is running a few other things.
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at some point he probably has to figure out what he can focus on but it would be a win for america if trump would hire him. stuart: donald trump returned to pennsylvania for town hall with sean hannity. listen to what he said about kamala harris flip-floping on fracking. role it. >> she said it a hundred times, there will be no fracking, there will be no fracking, there will be no fracking and recently she said yes, i could be pro fracking. the commonwealth of pennsylvania cannot take a chance because that is the real opinion from her. stuart: she cannot win the presidency -- brian: trump is right, do you think she's going to stand up to warren and sanders and aoc and the left? not a chance. pennsylvania, if you want to for act harris is not the
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person you want to bet on. i think all past history is evidence of that. stuart: stay there for the hour and see if you can return this energy. kamala harris is heading to pennsylvania to get ready for next week's debate. what is she doing to prepare? lauren: five days of debate camp in pittsburgh, likely the only opportunity voters get to see trump and harris square off. harris will be coached reportedly by karen dunn who also coached barack obama and hillary clinton. i think kamala harris will be prepared. so far so good. trump has practiced. he speaks on teleprompter all the time, this debate is tuesday in philadelphia. we have the rules from abc 90 minutes long standing at podiums, no live audience, no
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notes, 2 minutes, microphones will be switched on or off depending whose turn it is. stuart: at the rules. kamala harris on the capital gains tax proposal for small business. >> while we ensure that the wealthy and big corporations pay their fair share we will tax capital gains at a rate that rewards investment in america's innovators, founders and small businesses. here is the detail. if you are in one million dollars a year or more, the tax rate on your long-term capital gains will be 20% under my plan because we know when the government encourages investment it leads to broad-based economic growth. stuart: gary kaltbaum joins us, only pay 28% under capital gains if you've got real money instead of 20% where it is now.
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>> trust is low. that is the best way i can explain it to go from 20 to 28. the only good news is the insanity of biden wanting to go from 20% to 44.6% but weeks ago i said to you these words. there are two parts to the financial palme. number one is spend us into oblivion. they have done that. they've taken spending from 4. 4 trillion the year before covid to over 7 trillion. massive deficits, the media never asked about them, the second part of the equation out after the wallets and how do you do that? major tax increases across the board. i haven't heard her address the 25% unrealized tax which is more insanity than 44.6 so call me with the trust low. i hope we get better but her
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whole background is spend, tax, spend, tax. extricate more money out of the economy and put in government's hands in government has done such a great job. blue and that was sarcasm, low form of wit. you got it. back to the markets please, can you show me big tech please, big tech has had a great run. is it over? >> for now. a couple months ago they topped out, it's a simple equation. they had a monstrous run and all the money of institutions were jumping all over to the point where seven stocks, 50% of the nasdaq 100 and six of them were like 30% of the s&p so that money falls out, take valuations down a little bit and find other areas and that's all that's going on and i know what happened day today but to me it is a bounce at this juncture.
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the other parties semiconductors, very weak, semiconductors are the leading tech group out there. i'm wary in the nvidia thing going on now i think is in a multi-month trading range with lows in 9200 and we will see what goes from there. stuart: anything you are buying today? >> no. i am very patient. i will tell you the best looking big tech names are meta, i stopped with a little loss recently, netflix which seems to be doing well with their ads going forward. of those break out of range i will jump on them but they are range bound and nothing to do with this second. these are great names with greater earnings, great revenue growth and category killers but there are points they sit for a while. stuart: i am still happy with my 5% treasury bills.
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it is working for me. >> that is coming down. i will tell you that. stuart: they are jumping in. stuart: see you again soon. some stocks truly moving including c-3 ai. put it on the screen. it is way down. lauren: at one point stock is down 20%. it is now down 12. they reported subscription revenue in a quarter that missed expectation and then said they expect operating loss for this quarter. problem is enterprise ai spending is happening, high interest rates and uncertain economy some businesses are pulling back on what they are willing to spend. stuart: what is with apple this morning? lauren: there's a report that china's huawei faces at least two months of production delays for their newest phone. it it is up 1.5. we want how about jetblue?
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all the airlines i would never invest in, $5 a share of 8%. lauren: they expect revenue between down 2. 5% and up one% one% so there's a chance they could see higher sales in the quarter. better-than-expected. stuart: i'm not touching airlines. donald trump says the wars in ukraine and gaza would never have happened under his watch. >> we have ukraine and russia. that would never happen, that would 've never happened, october 7th would have never happened. if i were the president it would never have happened. we are heading into world war iii territory. stuart: is that how retired four star general jack keane sees it? he's on the show today. the philadelphia quarter which runs along the gaza egypt border has become a sticking point in cease-fire talks. israel says hamas has been using that court or to smuggle weapons for two decades. the latest from tel aviv next.
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oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff. stuart: markets all over the place. we are up one hundred 26 on the nasdaq, we are down 66 on the dow jones industrial average. israel's military released video of the tunnel in gaza where they found the bodies of six hostages murdered by hamas. this tunnel was uncovered in a child's room. is that right? >> yes. good morning. exactly. israeli ground troops continue to operate across gaza as we are learning more about the execution of those six hostages
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by hamas last week. you can see in this newly released video an area where the idf says hostages were being held underneath her offer -- rafah. it is the entrance to a tunnel inside a child's bedroom with paintings of mickey mouse and snow white. they killed 200 hamas operatives in recent days. hamas continues its psychological warfare. another hostage video overnight showing two people speaking before they were killed. diplomat efforts to get the remaining hostages out of gaza have slowed and recent comment from's israeli benjamin netanyahu are complicate in the process. the prime minister was on fox and friends speaking with brian kilmeade and had this to say about ongoing negotiations. >> we have to keep the pressure on hamas, really holding them
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in a choke hold and keep trying to get hostages out. i'm committed to that with every fiber of my being. >> reporter: there are huge disagreements between benjamin netanyahu, they agree about the ongoing threat against hezbollah, even today has fired rockets and drones into northern israel. stuart: listen to what benjamin netanyahu said about a potential cease-fire deal. >> hamas consistently said no. they don't agree to anything, not the philadelphia core door or the keys exchange of hostages for jailed terrorists, they just want us out of gaza to retake gaza and do as they vowed to do, a few months ago where we got half of our
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hostages out, half of the living hostages out and doing everything we can but hamas consistently refuses to make a deal. stuart: jack keane joins me now. will it be diplomacy or military action that settles this thing? >> hopefully a little bit of both. israeli, clear in terms of what they are talking about. why does hamas have these hostages. they've never done anything like that. one oh 2 is what they've done in the past. they got coached by iranians who had four decades of taking hostages and had a huge payoff for them. what they had in mind when taking hostages, get a lot of prisoners out of israeli jails who they value but secondly and even more important than that,
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use the hostages to ensure that they survive at the end, some of their fighting force also survives and a way to force the israelis out of gaza completely. that is what they are holding on for. leave gaza permanent cease-fire. you heard the prime minister. he's not prepared to do anything like that. that guarantees hamas will rearm, regroup, and likely at some point attack which defeats the whole purpose of why he is in there in the first place. stuart: last night's town hall, we are at, quote, and world war iii territory. >> ukraine and russia, that would never happen, that would have never happened, october 7th would have never happened. if i were the president, iran was broke, they didn't have the
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money for hamas and hezbollah or anybody. we went four years without any blowups. we had no radical islamic terror. we are heading into world war iii territory. stuart: are we close to world war iii? >> we are on a pathway. i don't want to influence voters here. i finished her congressional commission that looked at the national defense strategy of this administration, we looked, i was on the commission, what has fundamentally changed from one administration, they are collaborating and coordinating and helping each other, the
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fact that they perceive the united states as being weak, take advantage of it so they have been incentivized by their perception of us. no isolated event, war in europe for the first time since world war ii on a major scale, russia's invasion of ukraine. no accident or isolated event taking place in the middle east where iran has operationalized all their proxies to stranglehold israel into making people stop living there and destroy the state of israel and president xi's aggression has increased dramatically so our commission, we've not seen a period of time like this since world war ii. as a result it is possible that we could be in a conflict with china and at the same time russia and iran up their game because they believe the united
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states to handle conflict with china. >> iran moving as top threats to the -- disinformation. >> confidence in -- to hack the biden campaign got into roger stone's email. and to influence the november election. the doj indicted two state media employees for helping run a $10 million scheme to distribute content with hidden russian messaging. they seized 30 net internet -- 32 internet domain names to
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sway american voters. and while intelligence agencies say russia boosted trump, vladimir putin wants to see that. stuart: election interference on a grand scale. lauren: we spent so much time finding domestic people, and that was just debate, now americans look at the doj on this and say why now, why so late and what's going on? i don't know if a lot of americans look at this. why would they when attacking thomistic folks for saying things like i don't know about that. lauren: has its weight anyone's opinions.
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and russia and china and iran, >> we are in an endless search for the truth. >> hello artificial intelligence. stuart: google facing two major antitrust cases. the federal judge found it is running an illegal monopoly. the justice department considered breaking them up. grady trouble has that. seven republican states suing to block the third round of bail out. andrew bailey leading the charge. ♪ ♪
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awkward question... is there going to be anything left... —left over? —yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! i want a massage, in amalfi, from someone named giancarlo. and i didn't live in that shoebox for years. not just— with empower, we get all of our financial questions answered. so you don't have to worry. i guess i'll get the caviar... just kidding. join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next. stuart: we have some green,
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nice game, up 200 points. big tech doing okay, not much change for the dow, the s&p is up 0.42%. lahren is looking at the movers, start with microsoft. lauren: it's up almost one%. open ai of which microsoft has a $13 billion investment has 1 million paid subscribers for the business version of chat gpt double where we were in the spring. it is a big increase in a short time. that is according to bloomberg. separate report from information says open ai is considering increasing prices for those customers for up to $2,000 a month. stuart: if you've got pricing power, the people paying it, microsoft up 355. look at dollar tree. a huge loss yesterday. a little down today. lauren: it has lost a quarter of its value.
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dollar tree cut their guidance for the second time this year, losing market share to walmart and target and at least two downgraded the stock and cut the price target in half, going to 655 to 68, stock at 62. stuart: the low income consumer is running out of money and dollar tree and other places like that. lauren: running out of money. up nicely. they got up 6. 5%, wells fargo upgraded them to equal rate. the streaming channel, all sorts of programming, with third parties they used. google will stand trial in a second antitrust case next week, the justice department, and with google's adds.
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>> and connects website publishers to advertisers. the doj argues, and publishers and advertisers, the company has a privileged position as the middleman and controls 50% to 90% of the online ad market. google's advertising tools accounting for 3 quarters of its ad revenue last year. for its part we expect google to poke holes in the doj's case that its definition of the market is dated, the doj focuses only on big banner ads, the ads you see when you visit a website but all sorts of other ways to advertise online which it says the doj ignores. google sites other big tech companies like microsoft, amazon, facebook, tiktok and
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the streaming services as its competition. it has market dominance because it offers a superior product. this trial which kicks off monday is separate from the doj's case in the online search against google. the judge already ruled google had a monopoly by paying other companies to establish google as the dominant search engine. the judge will have to decide to fix the monopoly, break up that a breakup that is reported. we won't get those details until spring of next year and that's the earliest because we also know that google plans to appeal. stuart: thank you very much indeed. why are we attacking this administration? brian: i'm a skeptic of the ftc. this is a huge power grab. lena con's goal is to grab power.
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think about everybody and grocery stores and meet companies and airlines. if you run a business they will sue you and say you are a monopoly. what's going to happen as a result? the government will dictate prices and to you get to combined with, they will love that. elizabeth warren would love that. that is not how you get wealthy. that's not how we got wealthy. i hate government intervention in capitalism. stuart: i think we understand. they are attacking the crown jewel of american business. world leaders are american companies, we attack them and try to break them up. lauren: the golden goose is funding the next revolution, technology. stuart: now this. seven republican led states are suing to block president biden's third round of student loan bailouts. henry bailey leading the charge
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and joins me now. the supreme court keeps saying no to student bailouts but biden keeps forging ahead. what's going on? >> a constitutional crisis. a chief executive in the white house and his assistant, kamala harris, the anointed one of the democratic party who don't care about the law. they are undermining the rule of law by trying to unconstitutionally redistribute i have trillion dollars in debt owed in student loans and the supreme court in june 2023 said they were not allowed to do this without some act of congress, congress passed no such bill, congress rejected such a bill in the biden/harris, the supreme court put a stop to that as well and we uncovered evidence they've got planned see in the works and now they are doing it behind closed doors. a clandestine effort to order
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lenders to cancel repayment without promulgating a rule. we have a lawsuit without understanding what the contours of the plan are because the biden/harris administration is so embarrassed about their losses in the court process. stuart: if you ignore supreme court rulings, you are the chief executive and you ignore the supreme court isn't that a threat to democracy? >> that's a threat to democracy. there are illegal attempts to buy votes, if it to democracy undermine the will of lies effort to democracy and they are willfully defying a third coequal branch of government. it's a constitutional crisis. most media outlets are not covering this or giving it the magnitude it deserves. imagine if a republican had done this, the left would be apoplectic but somehow the biden/harris administration gets a pass. stuart: thanks for taking time out to be with us. donald trump speaking at the
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new york economic club at 12:00 noon eastern. you can watch it here on fox business. take a look at this. the east river in new york city flooded a midtown tunnel backing up traffic and terrifying drivers. we've got the story for you. home insurance in florida most expensive in the land. developers are building homes that can withstand hurricanes. do they get a break on insurance in these homes? ashley webster is at one of them in florida and has the full report. these next. ♪ ♪
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makes these houses hurricane proof and doesn't lower your insurance costs? ashley: let's begin with the first part of that. it is all in the construction, unlike a lot of homes in this area that are mediterranean in style, this for want of of a better word is more like a bunker but that is why it is so and resistant to storms. instead of pouring concrete as per normal construction this uses insulated concrete form. the result is an incredible stronger home. listen to the developer. >> instead of pouring concrete every four feet, it poured through the home. there is rebar and horizontal rebar every 12 inches. or building a bunker. ashley: there is the word
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bunker, to withstand flying debris up to 200 miles an hour. come on inside. thank goodness for the air conditioning. very minimalist in style but because of the construction you can save money on insurance which is a contentious issue in florida. realtors say that is one of the biggest selling points. listen to this. >> looking at the cost of completion of the cost to repair so this type of quality is sure to have an impact on the cost of insurance versus something that wasn't built to the same standards or home that isn't as new. ashley: there you have it. it also saves on energy because it is so well insulated. but how much? 6. $85 million, you get 7. 5 baths, six bedrooms, just under 7000 ft. . looks like a nice piece of art on the wall, looks like a
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television that converts into art. you can change the picture however many times you want. just a cool feature. thinking, don't know what you think, this could be the new florida headquarters for fox business. not too shabby. stuart: i will put a bid in right now. you are all right, see you again soon. wild video shows water from the east river flooding into the queens midtown tunnel. what happened? lauren: a drilling crew accidentally punched a 2.5 inch hole through the roof of the tunnel. this was yesterday at lunch time. obviously could you imagine being in that car and seeing that? shut down both tubes for hours causing gridlock during rush hour. not clear how much water entered the tunnel, plugged it temporarily and officials plan to replace the 10th plugged with a permanent barrier.
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stuart: it is scary. brian: in a tunnel filling with water. lauren: you can't get out because there is traffic. what do you do? stuart: i would be scared. lauren: i wouldn't want to be the driller. stuart: several family members of tim walz have come out and publicly endorsed trump for president. we will tell you about that. knew polls show trump improving monkey demographics like jen z voters. will that put him over the top in november? kaylee magee white next. ♪ ♪ ...to empty nest... ...to free birds. vanguard personal advisor can help you prepare for every chapter. we got this.
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trump has improved his standing with jen z folks. is that a big enough improvement in that demographic to put him over the top? >> it is a massive improvement. i've talked to many young adults about this and this is the demographic that is most likely to be persuaded by the vibe strategy kamala harris is running on. they are more likely not to care she hasn't released a specific policy platform. these polls prove even they are not that impressed by the campaign she is currently running. this is anecdotal but in my conversations with a lot of young adults, they cite specific issues they are concerned about. the housing market, inflation, the fact they are not earning as much as they would have if they had gotten a job under the trump administration. trump is speaking directly to these issues while kamala harris can't find the words to release her own policy platform. stuart: we've got one political analyst morning that kamala
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harris would lose a key battleground state. >> i've been asking people two questions in this state, national strategists, one is who is currently ahead in pennsylvania? where does pennsylvania rank in terms of one through 7 of the states harris is most likely to win? the source that i trust very much puts pennsylvania the sixth most likely stay for harris to win. of that is true and harris loses pennsylvania she almost certainly will not win. stuart: that is very interesting. will her flip-floping on fracking make her lose the state? >> there are a combination of things that could cause her to lose the state and it is important to keep in mind when we look at these polls that suggest that kamala harris is leading donald trump in critical swing states like
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pennsylvania, she is running behind where hillary clinton was at this point in 2016, behind where joe biden was at this point in 2,020. it is because she's losing support among key demographics democrats have long taken for granted such as young voters my age, black voters, hispanic voters. kamala harris is down in these demographics, in states like pennsylvania in november. stuart: thanks for joining us. now this. some members of tim walz's family just endorsed trump for president. who is endorsing trump and why? lauren: they did it in a photo, these are distant cousins of tim walz who live in nebraska where he is from. they are obviously estranged, they are pro-trump. trump. tim walz's older brother jeff, they haven't spoken in 8 years but openly supported donald trump, contributed to his campaign in 2016. there is a rift in the tim walz
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clan about politics. stuart: it will be an extraordinary thanksgiving dinner. lauren: darlene said there's jeff and tim, we don't talk politics, can't get involved. to be at loggerheads like this come most people in the same family have similar beliefs. stuart: thanksgiving dinner would take place two weeks after the election. can you see it? conversation around the dinner table? you can have a split here or there. lauren: trays in separate rooms. stuart: thanks for being with us. plenty of energy and catch you on "the big money show" at one:00 p.m. right here on fox business. make sure to watch your new special, anti-semitism on campus, back to school, streaming tonight, 6 p.m. eastern pm eastern, good stuff.
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florida congressman byron donalds on trump saying harris wanted to change the debate rules and have notes. pro-hamas protesters blocking jewish students from entering a kosher deli in new york, the protesters followed students off campus, dangerous develop an, steve hilton on the former state senate majority leader in california leaving the democratic party. she is becoming a republican and voting for trump. the 11:00 hour is next. ♪ ♪ ♪
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