polls. i can't believe they're this tight,s i'm sorry. >> nate silver has a really interesting point in the "new york times." he said democrats are to 20% more likely to respond to the polls than republicans. maria: they may not be talking to the people who they think they're polling. >> sock thes are looking the rally after that 50 basis point rate cut, tech specifically. however, the best performing sectors after a rate cut, consumer staples, health care, utilities. stay defensive. maria: good info, mark tepper. scotty the martin, take us home. >> there's a new fed in town, and all they're going to do is bring volatility to the marketplace. they made what i think was a mistake if move yesterday -- maria: and political. >> yes, very political. maria: all right, thank you so much. great show, everybodiment thanks for being here. "varney & company" picks it up. stu, take it away. stuart: this is going to be fun. good morning, everyone. this is the day after the big rate cut. when the cut was announced,

stocks were all over the place, but things have settled down. investors like that half-point cut. it's a rally across the board. the dow industrials up probably 400 points plus, just over 1 president. -- 1%. but look at the nasdaq, a 415-point gain. this is premarket. that's over 2%, that is a very solid rally. take a look at big tech, straight up, i predict. i've not seen it yet, but i predict straight up for all of them. i'm right. all of them up 1 or 2 percentage points. bitcoin, that's now at $62,000 per coin. interest rates, though, they're holding pretty steady. the 10-year treasury yield's 3.76 right now, and the 2 2-year, that's up, that yield. the 2-year at 3.65. that the yield is also a little higher. not much of a move on the price of oil, it is up a buck at $72. gas, though, that is now starting to go up in price.

$3.222 for regular, that's up one cent overnight, no change for d.c. dell, $3.59. -- diesel. two the big appearances for donald trump, a huge and live lively crowd just outside new york city. he thinks he could be the first republican presidential candidate to win new york in four decades. he also appeared with greg gutfeld. he was funny, engaging and very likable. the audience did not know he was the guest until he walked on the set, and they gave him a rousing veption. we have new polls which show the race to be a virtual dead heat. harris leads 50-48 nationally, trump leads harris 50-48 in battleground statements. harris -- states. harris takes a hit from the teamsters' union. they will not endorse her or trump. they're normally solidly behind the democrat, but this year 59% of the rank and file support trump. on the show today, with the the race a dead heat, which candidate can break out? my opinion, trump has the best

chance because he's out there, knows the issues and shows boundless energy. kamala harris is not out there, does not answer questions and has not done a press conference since she became the democrats' candidate. we're going to ask why the left objects to israel killing hezbollah's leaders with exploding devices. aoc says it's a violation of humanitarian law. bernie sanders wants to stop arms sales to israel. why don't they ever rant about hostage taking or the rape and torture of israeli civilians? throughout the show we'll be updating what appealer to be -- appears to be a big market rally. if you're an investor, you're in the money. it's thursday, september 19, 2024. "varney & company" is about to begin. ♪ ♪ i can't get no satisfaction ♪ stuart: they're playing my song.

[laughter] >> they're playing the song, you, me and everybody else invested. stuart: we've got to the start the day the9 with the rally. it is a rally and a half, by the way. 400 up for the dow, 400 up for the nasdaq following the rate cut. adam johnson with me this morning. are we off to the races on the market? >> yes, we are, and with good reason. think about it. the economy is growing, gdp is about 3. we have employment at 4.2 percent. it's not perfect, but there's still a lot of people working, and they're spending money which is driving earnings 10% higher. if you have the economy expanding, people working, earnings growing and now we have inflation broken and the fed cutting rates, that is a very, very positive scenario for stocks. stuart: what do you think is the best election outcome for the market? >> so i have a base case, and it's pretty simple, right? i mean, trump is lower

regulations, lower taxes and drill, baby, drill. that's good. kamala harris is the polar opposite. so at face value, that's bad. but here's something i'm starting to wrestle with, and i may take some heat for this, but as money managers, we have to think about all scenarios. it's possible that harris will win, okay? i also think that the house will stay republican. think about that combination. harris wants to stimulate the economy with handouts. i'm not thrilled with that, it's stimulative. that's generally good for growth. a republican congress would hold her in check. tax policy always starts in the house, and historically if you look since world war ii, stuart, a democrat in the white house paired with republicans in the house and, ironically, democrats in the senate, that's been the best bow for markets with an average of -- combo for markets with an average of 14.9%. and that's the combo we've just had. biden in the white house, republicans, god bless 'em, in

the housekeeping him in check, the market likes that balance. i'm going to vote for trump. i like his policies, and i'm a registered republican. but if we don't get trump, i have to figure out how to make my clients money, and i think if harris is balanced by a republican house, we've got to keep the house, i think i can make them money. stuart: got it. adam johnson, stay there for the if hour, please. new fox polls out this morning, harris is beating trump by 2 points at the national level, but in the battleground states, trump leads harris by 2 points. take us through these polls. lawyer lauren it's all over the place. harris has a 50-48 advantage nationally. she's up 12 points among two key groups, hispanics and independents, and she's brought enthusiasm back to the democratic ticket. 69% of registered voters say they are motivated to vote for the her, compare that with 67% for trump. top issuing still the economy by far, 39%. then abortion -- sorry, then

immigration, then abortion. where does trump stand on those key issues. he's up 5 points on the economy. i thought he'd be up more. he's up 10 on immigration. he's down 16 on abortion. stuart: interesting. thanks, lauren. mollie hemingway with us this morning. the economy and immigration still the top issues, got that, but abortion is right there at number three. what does that mean for trump and harris? break it all down for us, mollie. >> yeah. the poll does confirm what a lot of people think about this election does seem to be the case. people are very concerned about the economy, they're very concerned about abortion -- actually, immigration and then abortions which is the main message that democrats are putting out there. this is something that seems to advantage donald trump. he's behind in this latest fox poll by 2 points, but the the fox poll four years ago halted biden up 9 points -- had biden up 9 points. kamala harris is running 5-10 behind joe biden and hillary clinton at the same point when they were in these races pour

and eight years ago. and you remember that 2016 election was very close with trump winning, the 2020 the election was very close with trump losing. but if you're running this far behind, that doesn't seem like it will necessarily be as close as those elections. but you also pointed out that enthusiasm figure. it's worth remembering that democrats do a really good job of winning elections regardless of enthusiasm because they have those ballot-harvesting operations. and so i would expect it would be close. stuart: interesting. listen to, please, listen to what trump had to say about his opponents calling him a threat to democracy. >> but the message is it's time to stop the lies, stop the hoaxes, stop the smears, stop the lawfare or the fake lawsuits against me and stop the claiming your opponents will turn the america into a dictatorship. give me a break. because the fact is that i'm not a threat to democracy, they are.

their open borders and bad elections, they have made us into a third world nation, something which nobody thought was even possible. americans deserve a campaign based on the issues. we try and keep it on the issues. and god has now spared my life. stuart: okay. mollie, do the democrats, should the democrats tone down the rhetoric? >> oh, i mean, it's unbelievable what we've seen even in the year. stuart: yeah. >> and people are responsible for committing violence on their own. it is also true that unstable people can be affected by some of this extreme rhetoric we've heard not just from top democrats, but also many media figures where they're doing this kind of assassination prep. they're acting like someone who, frankly, is pretty moderate in all his policies is worse than hitler, and it is not surprising that we have seen two assassination attempts. and what's really disappointing,

i think, is that you're not seeing a lot of these top democrats and media figures back down on their rhetoric at all, and they should be much more responsible. acknowledge there are policy differences and it's okay to have policy differences and kiss agree strongly without -- disagree strongly without being so extreme. stuart: got it. thanks, mollie. the teamsters' union has announced they will not endorse either candidate in this election. did the they say why? lauren: that's big. it's america's largest union, and they have endorsed every democratic mom me since bill clinton. did they say -- nominee. did they say why? or after reviewing six months of nationwide member polling and wrapping up nearly a year of rank and file round table interviews of of all major candidates for the presidency, the union is left with few commitments on top. teamsters' issues from either former president trump or vice president harris and found no definitive support among members for either. but polling shows 60% of their

members wanted trump, 34% for harris. trump took this as a win. >> great honor. they're not going to endorse the democrats, that's a big thing. and this is the first time in, i guess, 50, 60 years that that's happened. democrats automatically have the teamsters. i guess i was at 60% or more, and that's a great honor. i mean, it's really -- i had a lot of teamsters work for me. a lot of the concrete trucks that built all these buildings in new york city, they're teamster ises. exclusively teamsters. the leadership, sean o'brien and the group who are great people, they said we can't endorse the democrats. so i think this is the first time in decades that they haven't endorsed them. lauren: they like him. the republican party -- stuart: they like him. >> yeah. [laughter] lauren: -- has become the party of the working man. the union member is the working man. democrats have become the party of the elite. so the rank and file, the teamsters, are backing trump because he says i'm not going to

tax your overtime. that's huge for up union members, and he says they'll protect their jobs from cheap migrant labor or shipping jobs overseas. stuart: things have changed dramatically since i first became to to -- came to america. lauren: no endorsement is a silent endorsement for the republicans. stuart: i think you're right. >> i would argue that the democrat party has become a party that asks the question, what can government do for us as opposed to republicans who say what can we do for our families, building businesses to provide for them. and then, oh, we, there is this thing over there called government that helps provide a stable framework for the world so that businesses and people can prosper. republicans and democrats have a very different view of the world. stuart: you really are a republican. >> i am a true republican. thank you, sir, i consider that a compliment. stuart: listen to this, a former military official claiming that harris will impress putin with her diversity. >> as a black woman, the product

of a mixed marriage, people like vladamir putin are going to the say, hey, wait a minute, these guys, you know, they truly is have a democratic country. stuart: what? if really? florida senator rick is going to be here to discuss just that. trump rallying his base on long island making this pitch to the blue state voter -- >> i say to the people of new york with crime at record levels, with terrorists and criminals pouring in and with inflation eating your hearts out, vote for donald trump. stuart: okay. could trump win the state? if new york young republican club president gavin wax is going to be here to the answer that very question. he's next. ♪ come on in. ♪ riding town the highway, who wants to be the dj? ♪ i'll find a spot on the side of the the road -- ♪ you find something on the radio ♪

♪ ♪ ♪ pods biggest sale of the summer is ending. save up to 25% on moving and storage until september 23 and see why pods has been trusted with over 6 million moves. but don't wait, use promo code big25 to save. visit pods.com today.

stuart: oh, you're going to like what you see. the dow, 4922 to the upside. -- 492. that's the early going. don't know how they're going to close. the nasdaq, over 2.25%, 448 points. straight up. not bad. tonight, trump will be in washington. he's trying to court jewish voters. aishah hasnie joins maine what exactly will trump be doing? >> reporter: well, it's really interesting what the campaign is doing right now. they're sort of taking a break from the battle ground states and targeting some other groups out there. the former president was in new york yesterday on long island. t it's a big conservative strong thehold. he was trying to help house republicans up there win back some really tough seats over there because that's very important to to him. of course, the trump campaign also told us this that it is a

huge media market, is that was also important because whatever he says in new york cityies it goes and it feeds to the really homes all across america. listen the what he said up there. >> it hasn't been done for a long time. but we are going to win new york. [cheers and applause] and so i say to the people of new york, with crime at record levels, with terrorists and criminals pouring in and with inflation eating your hearts out, vote for donald trump. what the hell do you have to lose? [cheers and applause] >> reporter: and, of course, there is a large jewish population in new york as well, stuart, and that is who the president is going after. he comes down here to washington today to speak at the israeli-american council national summit, and he's trying to pick off system of these jewish voters who might be disillusioned amid rising anti-semitism across the country. he'll lead a big event with

dr. miriam addleson is, a gop mega-donor who's reportedly pledged $100 million to reelect him. and he does that after drawing some criticism last month for calling pennsylvania governor josh schaap. row a, quote -- shapiro, a, quote, highly overrated jewish governor. voters choose trump when it comes to the israel-hamas war although many that same fox news poll, he is behind harris by the 2 points, and our data also shows independents and hispanics are swinging through towards harris. but you can see here the campaign has a little bit of interesting strategy here, sort of taking a minute to not be in the battleground states and target thing these other very, very important voters for them. stuart? stuart: aishah, thank you very much. new york young republican club president, his name is gavin wax, and he's with me right now. gavin, welcome back. >> thanks for having me. stuart: trump says he can win new york state. do you want to the take that on?

>> listen, i think by any measure even the worst case scenario, he's certainly going to be doing better than any republican since ronald reagan. the polling has momentum, and that obviously was a shocker, lee zeldin getting 47% here many a blue state, so there's things moving in his direction. visiting new york, this is talking to americans across the entire country not just new yorkers. you go to long island, this is the birth place of the american suburbs. sub suburban reversion is a big part of this tragedy have, originally republican bastions, working over working class voters, he got the steam fitters' endorse endorsement haas night and he's helping the republican party all the way down to ballot. stuart: can he take the jewish vote away from the democratic party in large numbers? >> absolutely. we talk about electoral math like this, it's not about winning absolute majorities because the democrats is based

on these 90, 80% cohorts. so if you chip away a few percentages on the margins, you make a big difference. you don't have to win every group, but if you move the numbers in urban and suburban america, jewish voters, whoever it may be, all of a sudden your coabigs gets really big, really quickly -- coa bigs. stuart: i got that tell you, once you get out of the city, trump all the way. once you go north of the city, mastered with trump signs. i don't see any harris signs in upstate new york. >> it's true. look, the geographic distribution of president trump is looking like a reverse fdr coabigs. he had the urban and is rural vote. in urban america, you saw that with the highly successful bronx rally for trump, i think this can play nationally. he's building a new colation, a -- coalition, a new republican party. stuart: we've got a fox poll, martially trump and and harris are in a dead -- nationally.

what do you think trump has to do to break out, take the lead. >>? >> well, listen, i think he has to continue to do what he's been doing, staying on message, being focused, talking to the issues that matter. these suburban voters care about mortgage rates, inflation, crime creeping over from the cities. they care about, you know, their social services being overwhelmed by a migrant invasion. so continue continue to hit those points directly to the american people. think he's going to come on top top. these polls, historically he's never polled this well before, and even if you factor in the margin of error, polling bias, i think he's really up in a lot of these states, and these polls are certainly reflecting that. stuart: your hopeful. >> very hopeful. we'll see what happens, and i think we'll have a few, the a last month or two of a very intense race. stuart: oh, yeah. we're in the middle of it. gavin wax, thank you very much. check futureses, dow up an expected 500 points at the opening bell. the nasdaq, damage up 2%3%. --

2.3%. the opening bell is next. ♪ -- gin and juice, laying underneath the palm trees ♪ [city noise] investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? (♪) or, let curiosity light the way. at t. rowe price, we're asking smart questions about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price

everybody wants super straight, super white teeth. they want that hollywood white smile. new sensodyne clinical white provides 2 shades whiter teeth and 24/7 sensitivity protection. i think it's a great product. it's going to help a lot of patients.

new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job on indeed,

it's easier for talented candidates to find it. which makes it easier for you to hire them. visit indeed.com/hire

stuart: okay. the market opens in about three minutes. dow up 5000, nasdaq up -- 500, nasdaq up 2.3%. that's a rally, folks. d.r. barton with us now. 50 basis point cut from the fed, does that mean we're heading for a soft landing for the economy and the market continues to rally? what do you a say? >> well, i think the biggest surprise for me yesterday, stuart, was not that there was a 50 basis point cut, i think a lot of people were suggesting that even in the futures markets. however, i think the bigger cuts for 2025 were a bit of a surprise and going into 2026. i think they're looking at just a little bit more rate cut-itis, and i think that's going to be good for a lot of sectors that you and i talk about all the time that aren't only big tech. stuart: but it could be an across-the-board rally. i could buy an index, for example, and do well, right many. >> i think that is very true. we're getting such a strong pop this morning that many people

thought we might get yesterday which we did if then people fell back a little bit after the announcement. i think that from here, stuart, to the end of the year i just have a tough time not saying let's put everything in, make sure we're fully invested and get those indexes, whatever you need to be built up in your portfolio. stuart: why do you like the housing market in i notice you like a couple of home builders, nbr and lennar. why? >> yeah. they've been strong lead aring up to the rate cut announcement with people anticipating the it. home builders in general do much better in a dropping interest rate environment, stuart, with lower mortgage rates. people can afford more house, they have lower carrying costs on the materials they need. so a home builder in a down interest rate market is a good mace to be. place to be. stuart: train technologies. i know you like them. i don't know the company. what do they do?

>> yeah, we talked about 'em back at a the end of may, stuart, when they were 25% lower than now. we said buy on, on that little teeny pullback with. they are an hvac company, stuart, and not just in the u.s. where their big presence is, but they're getting stronger globally, and they have one of those beautiful profit charts that just keeps going up year after year as they do what they do. heating, ventilation, air-conditioning and servicing and building better than anybody. stuart: okay. we'll check 'em out. d.r. barton, you know you're going to have a real nice day, and i hope you do. all right, folks, the market opens in just, what is it now, 10 seconds to go. they'll ring the bell, there you go, and then they'll press the button and we're off and running. it's going to be most interesting to see how big this rally is. at least in the very early going. futures keep going up. okay. press that button, we're off, we're running, and the dow has opened with a 473-point gain and

rising, by the way. most of the dow 30 are in the green. people are buying them. i see two two losers, walmart and coca-cola, but not by much. right now i the dow is up 548 points, that's about 1.33 %. the s&p 500, now, that's a broader indicator, obviously. very solid gain there, 1.66% to the upside. now, the nasdaq come composite, i'm looking for the biggest gain of all the indicators, 2.3%, 411 points up. real close to 18,000 on the nasdaq. i would imagine that the three indicators, dow, s&p and nasdaq, they're going to hit record highs today at some point. well, dow and s&p have already hit those highs. show me big tech, please. all of them up. microsoft is up $9. [laughter] apple is up. alphabet, metaplatforms and amazon all to the upside. now then, let's focus on big tech. taylor riggs is with me this morning. what have you got?

>> generally are, when rates fall, tech does well. two things, remember that in general technology has long duration cash flows. all that means is that when rates are low, the present value of what apple or microsoft is worth is worth a lot more. so the minute the fed cuts rates, everything is worth more. second, remember during covid that if there is a recession, technology is the safe haven. we were all buying microsoft, amazon and apple products because we were all locked down. if there is a recession, big tech lately has become more of the safe haven. stuart: okay. you agree with that, adam? >> oh, yeah. exactly why i call these companies core holding, right? my thing's american ingenuity, so i want growth, i want tech, and i certainly want these names for all the reasons you just said. when the market's bad, you buy them. when the market's good, you buy them. stuart: pull out apple, because they just got a warning from the european union. what's the warning about? >> i want to be clear that a warning is not yet a formal

invest, but it is -- investigation, but it is one step. slowser -- closer to that. the e.u. wants the operating system. to iphone and the ipad to be opened up to be compatible on other devices. they want other developers to be able to go in and use the siri product, use the apple pay system. so the e.u. has sent a warning saying you need to start to make this operating system open up to other competitors and developers. apple in the past has said we may not be doing business in europe. we'll have to see how apple responds. stuart: that's outrageous. they don't innovate anything, but they try to regulate us and tell us how to run our brilliant company. >> well, they want our technology. of course they do. it's the best technology in the world. stuart: yes, it is. i'm going to move on. bank stocks, show them to me, please. they're all up. >> generally, banks do well -- and don't get mad at me, when i'm going to talk about the yield curve -- when the yield curve is uninverted. banks do well when rates are

lower on the short end and higher on the long end. that's how they make money on that spread because they're paying you out in the deposit which is less than the loan they're making to you on the long end. is banks generally do well in this interest rate environment. stuart: next case, the chip makers. they had a very -- they've had a very interesting time lately. they're straight up. tell me me. >> frankly, cost of capital. we talk about all of these day taxer or a.i. investments that need to be made. ing if you lore -- lower the cost of capital the, all of the fund raising efforts, the investment, if you now need to allocate your money, it's cheaper to raise that capital on big investments. stuart: fed the is pointed toward bigger rate cuts in the future. >> the market right now is pricing in another 50 basis points in november followed by 50 basis points again in the december and a full percent next year. think that's a little aggressive but, yes, for all the reasons

taylor has just enumerated, lore rates are certainly good for stocks. chip makers, that's my largest allocation in the american ingenuity fund. compute if egg power -- computing power is an incredibly powerful theme and that's because of artificial intelligence. stuart: i notice that bitcoin went to 632 the grand this morning concern 6 the grand. >> i don't know, is this risk o. i was also told that it was an inflation hedge and a way to diversify. if inflation is coming down, bitcoin wouldn't be the hedge. i think right now it's just a risk-on asset that trades just like an equity. >> agreed. absolutely. stuart: you don't have much crypto, do you? >> i don't have crypto, but i have coinbase. this is where you bite, down around 170. as it reinflates towards 70,000, i think coinbase goes north of 20 200 pretty quickly -- 200. stuart: solar stocks, are they all up? if they're the all up. >> two things. one, harris may be gaining a

little bit of ground, sort of neck and neck with trump on the economy. clearly more of an energy efficient type of campaign there. also, again, this is a capital-intensive business. think about all of the investments you have the make to get the solar panels, to to build them, to fundraise, to pit on the house. so -- put it on the house. solar stocks are cap-x heavy, companies are going to do well. stuart: i've never owned a solar stock. >> good for to you. i've lost money on every solar stock the i've ever bought. they just need all the subsidies from the democrats and that doesn't work. stuart: you've brought some stock picks with you. you like intel. >> i can't believe i'm buying intel because for years i told my subscribers and investors don't touch intel. i don't know what they are. are they making chips? are they designing chips? well, as it turns out, they're going to do both now. they are going to develop for amazon specifically artificial intelligence chips. they're also getting $3 billion

under the chips act to build new fabs in ohio. i think intel is finally getting its mojo back. they used to always make $5 in earnings. it's trading at $0. if you can get back to -- at $20. it's effect ily trading at a 4 pe ray show. when great companies stumble, you buy them the, stuart. that has served me well. stuart: classic line. i bought a couple of stocks when they stumbled, and they stumbled some more. [laughter] >> ge has worked out very well. that stumbled and they split them into aviation and ge health care. 3m i bought down around 900, that thing's now -- 90, that the thing thing the's up to 130. stuart: so are i you going to buy boeing? >> yeah. stuart: really? >> you have the allocate some amount of our your capital the these great american companies when they stumble. facebook went down to 82, now it's $550. stuart: that is true. sew pie is another of your

picks. >> sofi -- 8.16. this was the than that was found as the exclusively online bank. they started off doing student loans, i went from 25 the down to $5. i think it's the going back to 20. stuart: i would take that, for sure. stuart: -- >> the ceo is now the 17th largest shareholder. stuart: taylor, thank you very much for covering the apartment. we appreciate that, thank you. more criticism for harris for her latest word salad. >> i grew up understanding that children of the community are the children of the community. stuart: i don't know what she's really saying. >> they're the children of the community, stuart. stuart: that's clear, i suppose. [laughter] she has a speech habit that she just can't shake. guy benson on that shortly. the housing market in crisis, and alexandria ocasio-cortez is taking note. >> this country is stairing down a full-blown -- staring down a full-blown housing crisis where

with affordable housing is slipping further out of reach. stuart: her response? proposing a $30 billion social government housing authority. federal reserve chair powell says politics has nothing to do with the rate cut. >>st it's never about anything else, nothing else is discussed. our job so to support the american economy on behalf of the many -- the people. stuart: what does e.j. antoni think about that? we'll ask hill. he's next. ♪ (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) you can't be that different. (fisher investments) we are. we have a team of specialists

not only in investing, but also also in financial and estate planning and more. (other money manager) your clients rely on you for all that? (fisher investments) yes. and as a fiduciary, we always put their interests first. (other money manager) but you still sell commission -based products, right? (fisher investments) no. we have a simple management fee structured so we do better when our clients do better. (other money manager) huh, we're more different than i thought! (fisher investments) at fisher investments, we're clearly different. so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. (♪) car, this isn't the way home. that's right james, it isn't.

car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

stuart: don't can you love it when you've got a rally on your hands? dow up 464, but the nasdaq, that that's making the pace if today, 420 the points higher. that's 22.4%. -- 2.4%. goldman sachs, microsoft, caterpillar, sales forest, american express, they account for half the dow's gain.

next case, donald trump has promised to bring back the state and local tax deduction. well, there are questions over the costs of the plan. madison alworth with me this morning. can can you give me some numbers? >> reporter: of course, stu. if s.a.l.t. were brought back, it would be a loss of $1.22 trillion to the federal budget over the next 10 years according to the committee for a responsible federal budget. now, the cap of $10,000 on state and local tax deduction, that is set to expire at the end of next year, a key part of the tax law that trump signed in 2017. but last night in new york, trump promised again to end it in order to encourage jobs to come back to new york. >> by contrast, i will cut taxes for families, small businesses and workers including restoring the s.a.l.t. deduction, saving thousands of dollars for residents of new york, pennsylvania, new jersey and other high cost states.

[applause] it'll restore s.a. l.t. jobs and factories will pour back into new york. i know how to do it better than anybody's ever done it, and we can do it so easily. >> reporter: he also called for a temporary cap on credit card interest rates around 10%, part of his pitch to win over voters in reliably blue states like new york. congressional races could end up deciding the house, but there are questions as the how this revenue would be made up because this is just the latest tax promise from the former president. take a look. here are all the tax promises that trump has made. the federal government, when you take a look at how much this would cost, the federal government would take a hit of around $the 2 trillion if trump's promise to end taxes on tips, social security benefits and tax on overtime pay all went through. and, again, ending the $10,000s.a.l.t. cap would reduce federal revenue by up to $.

1.the 2 trillion over a decade. and and if the expiring tax cuts are renewed, that is another $4 trillion that the federal government will not get. a lot of tax promises, stu, and not a lot of explanation as to how that revenue would be made up. stuart: that's clear. madison, thanks very much, indeed. joining me now is economist e.j. antony. trump's tax policies, it's a grab bag. no tax on tips, no tax on social security benefits, no tack on overtime and bring back s.a.l.t. what do you make of that overall as tax policy? >> well, stu, frankly, you mad -- had me until the s.a.l.t. deduction. this is an incredibly inefficient deduction that we have within the tax code, and kudos to president trump when he signed the tax reform under his firsted administration where they actually -- first administration where they actually imposed that limb. let's not forget this deduction goes almost exclusively to very high income individuals in very

high tax states. and by, essentially, eliminating that cap again, what you're going to do is return to the situation where the rest of the country is helping to foot the bill for those high income earners, again, in very few locations. stuart: yeah. but he could win new york state by buying the votes of the rich people in high-tax states. what do you think? >> well, stuart, i think this is just one of those instances where as an empirist, i'm going to have to break from the politicians and say this is not good policy. it doesn't matter if this is coming from the trump campaign or the harris campaign. at the end of the day, the numbers are what they are. stuart: got it. next one, jay powell was asked asked if cutting rates by a half point was political. roll tape. >> reporter: how do you respond to the criticism that will likely come that a deeper rate cut now before the election has some political motivations? >> we're always going into this meeting in particular and asking what's the right thing to do for

the people we serve. and we do that, and we make a decision as a group and then we announce it. and that's always what it is. it's never about anything else. nothing else is discussed. our job is to support the the economy on behalf of the american people. and if we get it right, this will benefit the american people significantly. stuart: well, e.j., political or not, do you think the rate cut will have any impact on the election? if. >> oh, i think it's having an impact already, stu. look at the markets. they're on an absolute tear. look at gold, by the way, one of my best holdings year to date also on a tear. why? because everyone is anticipating the more inflation as the fed gets its foot off the brake and it's only a matter of time before they get it back on the gas, that's going to cause all of these things that are nominally priced to go up in price. even if there's not an increase necessarily in real value. stuart: okay, we got it. e.j. antoni, always a special guest. thanks for joining us. see you again soon.

>> thank you, stu. stuart: the election only weeks away now. the race is a virtual dead heat. my opinion, trump has the best chance of a breakout to. he's open to all questions, he knows the issues, he's entertaining. harris, however, she could break out if she gave people a better idea of why they should vote for her. that's going to be my take coming up at the top of the the hour. for the first time in four years, the fed cuts interest rates. profits strong, rates down, inflation moderating. does that set the scene for a really continuing, strong rally? adviser, investment adviser gary kaltbaum is next. ♪ ♪ jolene, jolene, jolene, jolen- ♪ i'm warning you, don't come for my man. ♪

♪ ♪ ♪ ♪

why do some things have to be so complicated? we don't know either stanley... but at least when it comes to dental care aspen dental makes getting new dentures and implants easier. with the technology and expertise to give you the right fit and $0 down plus 0% interest, if paid in full in 18 months. making things as simple as they should be. it's one more way aspen dental is in your corner.

stuart: we are, what now, 24 minutes into this trading session, and the rally is holding. the dow is still the up 3690, the nasdaq up 340. we've come back just a little, but that's a strong rally. gary kaltbaum joining us now. i'll repeat this, profits strong, interest rates coming down, inflation moderating, surely that sets the scene for a big and continuing rally. how do you see it? >> i'm always careful about using the word big, but if the s&p takes out and sticks the old

highs of about two months ago, i believe there will be more points on the scoreboard. and let me add one other part of the equation that must be talked about, this administration on purpose spent $6900 billion in the -- of 690 billion in the month of august, 380 with billion was debt. so they are definitely driving to the hoop into the election with unimaginable amounts of spending that helps gdp, gets flushed into the system also. if so we not only have a one-two punch, but maybe a one-to two-three punch at this juncture. let me repeat again, i take it day by day. if the s&p sticks, i'm a happy guy. and watch the semiconductors. they have been an anchor in the market. if they can get going, i'll get even more excited at what we're seeing right now. but again, day by day. stuart: are you looking at a debt bomb situation coming up in the near future? in the future? >> oh, it's an eventuality,

stuart. the cbo that's notoriously low says we're going from 3535 to $56 trillion in ten years while this administration says they're cutting the debt and deficits. i don't know what number it's going to be, i don't know when it's going to hit, but there's going to be the a day -- and all the people that are responsible will either be retired or gone, and everybody else will get the blame. and that is the shame. nobody seems to care at this juncture. they disrespect the taxpayer. we're nothing but a gargantuan slush fund for these people. the giveaways and the handouts and the movements of money, they've made the number $100 billion into a footnote right now, and it's a darn shame. stuart: all right, we hear you. of gary kaltbaum, thanks for being with us. see you again soon. adam johnson with me. >> yes, sir. stuart: what are you buying today? >> a little of everything. and i know that sounds kind of

flippant, but i mean it. i manage a portfolio of 38 growth-oriented stocks. i want to own them all because the tide, the rising tide of lower interest rates truly raises all boats. so rather than say, oh, maybe i'll just cherry pick this, just allocate to the portfolio. that's how i manage clients' money. stuart: okay, got it. thanks very much for joining us for the hour. still ahead, coordinated blasts from pagers, walkie-talkies targeted hezbollah in lebanon,. the administration is worried about a widening conflict. florida senator if rick scott reacts to that. the u.s. health system pg ranks dead last in an international comparison. we're going to dig into it. we'll ask dr. marty pa makary why we're dead last. tennessee senator bill hagerty will react to iran trying to pass off trump hacked campaign info to biden's team. i think the iranians are scared to death of trump.

carine hajjar was at the trump rally last night, and she's here to tell us all about it. the 10:00 hour is next. ♪ maybe you're the last train home. ♪ i'm on the last train running, i'm on the last train running ♪

business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. (♪) (♪) (♪) (♪)

tamra, izzy and emma... no one puts more love into logistics than these three. you need them. they need a retirement plan. work with principal so we can help you with a plan that's right for your team. let our expertise round out yours.