maria: welcome back. 30 minutes before the opening bell if sounds for a thursday. final thoughts, mark tepper. >> let's hope the market moves in the right direction today. looking like it's going to the move down, which is not good, but october's always a choppy month. maria: yeah, that's true. final thoughts, mac. >> i think kamala harris is badly losing this election. do not trust those polls. president trump is going to win with this, maria. >> we need help for these people that are suffering from hurricane helene. if we can spend $1500 billion of taxpayer dollars for illegal aliens, we can certainly help them. maria: good point. thank you so much. have a good day. "varney & company" picks it up. stu, take it away.

stuart: good morning, everyone. the president tells israel, don't attack iran's nuclear facilities. not sure netanyahu is listening. he is going to respond to iran's ballistic missile attack earlier this week, but we don't know how or when. high anxiety reigns. day three of the port strike. it's a political dilemma. both biden and harris support the strike and will not intervene to stop it. how long will they keep that up if shortages develop right before the election? to the markets. many investors on the sidelines waiting for tomorrow morning's jobs report. the dow industrials down maybe 1500 points, nasdaq down -- 150 points, nasdaq down about 90. interest rates are up a little. the yield on the 10-year treasury goes to 3.822%, and the yield on the 2-year moving up almost to the 3.70, you're at 3.68. yields up in treasuries. bitcoin right around $60,000, 60,400. oil at $71 a barrel despite the

extreme tension in the mideast. oil has not rallied that much. gas, $3.19 a gallon for regular, and diesel is $3.57. on the show today, the president visits the hurricane damage, asheville, the center of the devastation. if fema has a problem. secretary mayorkas says the agency's running out of money. turn it is out they took $650 million out of their budget and sprint on migrants. openai takes in over $6 billion. microsoft and nvidia, big investors. that gives the company a value of $157 billion just like that. we'll try to figure out what they're going to do with all that money. it is thursday, october 3rd, 2024. "varney & company" is about to begin. ♪ ♪ i'm in love with her and i feel fine ♪

♪ baby, since she's mine, you know, she tells me all the time ♪ stuart: not quite sure what we're looking at. i do like the music i feel fine by the beatles. we're going to start the morning with politics. j.d. vance followed up his tell lahr debate performance with a pitch to voters who may be on the fence. watch this. >> if you're watching from home and you're a democrat or an independent and you believe that the solution to america's ills is for us to debate with one another and come to some common sense solutions, you are welcome in donald j. trump's republican party. you're welcome with bobby kennedy and tulsi gabbard and everybody else. because we believe in protecting your right to speak your mind, and we're going to fight for that every single day of donald trump's next administration. [cheers and applause] stuart: all right. mary katharine ham joins us this morning. you can't blame him for cashing in on his debate success.

is it going to win him a chunk of the independent vote? >> well, i'm sure he's feeling fine after that performance. and one of the things that benefited him in that performance was the fact that media largely had been covering him as the weirdest, scariest, meanie guy you've ever met, and it turn out he's a dice nice dad with a -- a nice dad with a beard who's making a lot of smart points. [laughter] so i think the media didn't help out walz in that way. and i think his tone is really good for independents and undecided voters. there was a fairly large audience for that debate, and he's following this up with something that, frankly, is really pitched to me because freedom of speech is one of my number one issues. and i do think there are large numbers of people in this country who have felt, particularly since the covid era, that someone is out the make them shut up about things that are inconvenient to the leading elite and to the government. it's real. there's been a supreme court case about it. [laughter] there are currently cases happening right now to try to

get gavin newsom, gavin newsom's law about outlawing sort of a.i. and parody videos off the books because he's after things that are inconvenient to him, right in so this is not a bad pitch because it highlights something that democrats are pretty, frankly, dangerous on. they're the ones who decided a disinformation board inside the federal government was a good idea. thankfully, there was enough outcry to get that shut down, but they are still doing things secretly behind the scenes to to get americans to shut up about things that they don't want talked about. and that is inherently a problematic, un-american thing to be going on. stuart: well said. vance seemed to settle some worries, i think, with that debate. stay there, please, mary katherine. back to you in just a moment. biden spoke about the port if strikes while touring damage from if helene. >> this natural disaster is incredibly consequential. the last thing we need on top of the that is a manmade disaster, what's going on at the ports.

we're getting pushback already, and we're hearing from the folks that they're having trouble getting product, they need because of the port strike. stuart: if it's a manmade if disaster, why doesn't he step? in kamala harris praised dock workers. she supports the strike. she says it's all about fairness, and she went after trump saying he wants to, quote, take us back to a time before workers had the freedom to organize. bit of a stretch. adam johnson with me this morning. >> sir. stuart: i have the believe that they will step in as the shortages develop and the supply chain gets crimped right before the the election. i think they're going to step in. >> the white house has the to step in, and i'll tell you why. the selfishness of the port workers is staggering. they already make an average of $39 an hour and p stuart, they want a raise to $69 an hour. think of that. $69 an hour to unload containers and type ships? think about it this way, the port of new york did a study and found out three-quarters of the

several thousand employees at the port of new york are make over $100,000, and the average is $150k. and they want more money? and now kamala harris is saying, well, they deserve their fair share. no, they're already making more than they deserve. 150 tok? i think it's crazy, it's outrageous. the white house should show leadership the same way ronald reagan stepped in and fired all the air traffic croarls because they too were being selfish. joe biden doesn't have that kind of authority or leadership. he's pandering for voteses. that's why he's standing up for these people who are gouging us. you talk about price gouging and gouging at supermarkets? how about the port if workers who are strang strangling america because they selfishly want the make that salary? it's outrageous. stuart: trump is also standing by the workers. >> well, he ooh too wants votes, but i think it's outrageous. it's crazy. ups drivers, god bless 'em, we use ups every day, they're now making $180,000? right? and no wonder the port workers

want a raise. stuart: port workers are hold us all to ransom, that's the problem. >> yes, they are. it's just become a giant money grab, and it really upsets me. stuart: let me get to the finance in general, openai raised $6.6 billion from investors like microsoft and nvidia. that values the company at $157 billion just like that. what are they going to do with that money? >> spend if it. [laughter] stuart: obviously. on what? >> well, you know, you put together an array of those nvidia chips, and that costs six figures, hundreds of thousands of dollars, because that's what is needed to the try to train all these artificial intelligence models. you know, we're long microsoft, we're long nvidia in the american ingenuity fund, and this is why, because the demand for a. i. parts, components, infrastructure is just so high. stuart: jensen huang said the demand for the blackwell,s the new chip, insane, he says.

lauren: yeah. and production is -- >> and everybody wants one, everyone needs one, that's the issue. stuart: i've got an interesting story here. a body language expert wrote a piece in politico. he went after j.d. vance's beard saying it can't convey, quote, aggression and opposition to feminist ideals. he then praised walz for his wide eyes saying it revealed his, quote, emotional intensity. mary katharine ham, we need you. your thoughts, please, on beards and wide eyes. [laughter] >> i have thoughts on this. the idea that the demo of, like, sort of 30s and 40s suburban female voters is against beards is disproven by every man in my neighborhood. [laughter] because every husband here has been instructed to grow a beard. it's nonsense. the wide eyes thing is an attempt to, like, just make up a way that tim walz could have been successful that night when he just truly was veried bad. and this is a deeper problem

which is somebody who's, like, an expert, quote-unquote, using their expertise to make, clearly, a political point. stuart: right. >> they're trying to pile if on vance, and they're just trying to lift up walz. and we can all see what's happening which means you're not actually an expert that we can trust which is true of many experts who use their expertise for this kind of thing. stuart: well said. mary katherine, you're on form today. [laughter] thanks very much for joining us. >> thank you. stuart: now this. the trump campaign just released their september fund raising numbers. lauren, i take it they brought in a lot of money? lauren: $160 million last month, that's a 23% jump from august, and it leaves them with $283 million if cash on hand. we do not have kamala harris' september fund raising numbers with yet, but i can tell you she raised $55 million last weekend when she was on the west coast during those fund raisers, and she did end august with $3600 million cash. -- 360 million. stuart: at the moment, she's got

the money. a federal appeals court just lifted a freeze on political betting. does that mean we can gamble on this election? lauren: yeah, yeah. so we're talking about a political gambling company that is called callshe. you might not have heard of it. it's been out of the count -- in and out of the courts. so they are an exchange, and they are regulated by the cftc, and you can bet on elections and politics. but here's the problem, the cftc does not want to regulate them. they have been fighting this in the courts because if they don't want to be an election cop. they don't want to be accused of interference in any which way, shape or form. but a federal appeals court rules they can operate, sos it is the first betting mark in the usa. -- market. we use it in discussing what the betting markets say. it's tremendous. for the november election, there's been bets of a billion dollars plus made on polymarket.

so this is essentially doing the same thing in a regulated fashion unless there's a court movement that would prevent it but, yes, as of now -- stuart: how does do the the government get its piece of the billion dollars bet on the election. >> just look at draftkings, again, one of our holdingses. they created more taxes so they could get a bigger share. stuart: this you go. thanks, lauren. check futures, please. let's see what we've got. down 160 on the dow, down 90 toon the nasdaq can. some red ink today. meanwhile, msnbc's joy reid making this inflammatory comment if about trump while discussing the debates. roll it. >> democrats want to see someone get up there and give a knuckle sandwich to donald trump. stuart: what? what? a knuckle sandwichsome is that really lowering the political temperature? i don't think so. todd piro has more on that. biden saying this ahead of a meeting with g7 leaders about israel and iran. >> obviously, iran has done way

out -- i mean, is way off -- [inaudible] there's going to be some sanctions imposed on iran. stuart: meanwhile, he's asking israel to show restraint. why isn't he coming out strong stronger against iran, our mortal enemy? if we'll ask florida congressman corey mills. ♪ ♪

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stuart: 4 minutes to go -- 14 minutes to the to go, the nasdaq's down about 1000. if -- 1000. yesterday in north carolina president biden took an aerial tour of the devastation from the hurricane. fox weather's jane minar is in there nurse what's the extent o.

what's the extent of the damage? >> we go small town to small town, trying to get into these rural communities that have been very hard hit by these floods. these creeks that became rivers, unsuspecting creeks that were peace as they streamed through this beautiful landscape. we're seeing resources come together now as it's truly neighbors helping neighbors in these small towns. we're in about 20 minutes or so from boone, north carolina, which is where the national guard, all of the major relief foundations have set up base, and they're coming out to these small towns to distribute those resources. you can see these gentlemen working off in the distance as well. this is a campground, and they're working where they can now that we have daylight to move this debris, this asphalt, rocks that has been washed away because of these floods and try to fill nut roads that have --

fill in the roads that have broken a apart. i want to show you this over here, this is someone's home. now, it is a vacation home. it's not a full-time residence, but being this is a campground, we just learned a little bit more context. this was all the way up the hill. this shed, this home, it was carried by the river across the road and shammed into this power pole, sliced in half and dangles on the side of the road amidst the debris with. and you can see the man with his flat bed truck filling in the holes of the road here. this is what they're doing in these rural towns. we've been here for six days. for a while you couldn't get to these areas a because the roads were washed out. they've been filling in temporarily with the rock and asphalt that was washed up by the river to make these roads passable once again so that resources can come up. we were in cope creek

yesterday -- cove creek yesterday where we said, we saw is immense devastation. it was a small stream only a couple inches in depth that rose almost 30 feet over in that sugar grove area. the gauge on the river broke at 25 the feet and rising. so it's just incredible to see the immense damage. but they're hard at work, and it's people helping people p. stuart: jane, you showed us a picture of exactly what it's like, and we thank you very much, indeed. congressman cory mills, republican from florida, joins me now. for the last three days, you've been assisting in search and rescue operations, you're delivering supplies. what are you sering -- seeing on the ground? how bad is it? >> well, varney, i can tell you very similarly to what the correspondent just stated, you see widespread devastation across a lot of these remote and isolated areas. we've traveled across western north carolina, popular, south tow -- poplar, we've gone into

bailey, asheville, cello, we've gone into banner elk and elk river, and we've gone into all these different places, pensacola -- which is up in the mountain areas, we went in yesterday, we reported additional fatalities and also missing persons. in the last three days, our teams have been able to deliver about 13,000 pounds of supplies. this is just, you know, water and diapers and wipes and nonperishables, foods. but also oxygen, insulin, starlink systems to the ensure that we can get communication to people for the first time in nearly a week, can actually communicate with their families to let them know they're not a missing person and they are okay. but we've also done method advantage. we evacuated -- medevac. we evacuated a man who was showing signs of cardiac arrest, and we actually have -- i have a call with the mayor of bailey, north carolina, today to check on the status of that individual. but we're also relocating sar

teams, search and rescue teams. we talked to the fire chief harrison in pensacola, north carolina, yesterday who not only had four fatalities, but he had two individuals that he watched wash down the river that they've been unable to recover the body on. he believes with the amount of water and mud that he's going to be recovering bodies, unfortunately, throughout the year. we were in broad river and, varney, i talked to the fire chief there, their actual fire department saw 64 inches of water rise into their fire department bay within 30 minutes. so you can understand the amount of water damaging two fire trucks, completely moving them, washing houses and cars off the roads into the river area. so there's widespread devastation, certainly a need for fema and the federal government to step up. stuart: congressman, i want to switch gears for a moment. president biden says he called a meeting with g7 leaders about israel attacking iran. here's what he said. roll it, please. >> i called a meeting of the g7

today. we're working on a joint statement all of us agree on if from japan to france, to germany, to etc. and and what we're doing in that regard is remaining clear that there's things that have to be done. and it's obviously iran has done way out of, i mean, is way off board. we're putting together a joint statement that hasn't been done yet, it'll be with done before too long, probably by the time we land, and there's going to be some sanctions imposed on iran. stuart: congressman, why is biden restraining our ally, israel, from retaliating against our mort ifal enemy, iran -- mortal enemy, iran? don't attack iran's nuclear facilities. why is he depending iran? >> you know what? that's a great question, varney. here's the thing, not only has he defendedded iran, but he's released billions of dollars in unfrozen as sets. he's not imposed the necessary

sanctions to stop the oil deportation that is funding the terrorist attacks by hamas, by the houthis, by hezbollah. it has been israel in support of their own citizens that has actually had to to take the fight to these terrorist organizations that are all iranian regime-backed organizations. we need to take a stronger approach and understand that iran is actually the problem. we need to support israel's rights to its defense. but the other question is, is that the united nations was so quick to tell israel to do a ceasefire if during the holy month of ramadan, but where are they on calling iran and others to do a ceasefire during rosh hashanah which is the holy time for israel, for jews? so you see the hypocrisy. but the bottom line is that we need to stand firm -- firm with our allies and understand that the iranian regime and even the iranian people for the most part want to see a cessation of this type of terroristest activity that iran promotes. stuart: congressman, you're right. thanks for joining us. always appreciate it, sir.

>> thank you. stuart: still seeing quite a lot of red ink. dow off 140, nasdaq down 800. the opening -- 80. the opening bell is next. ♪ if. ♪ ♪ if you're living with dry amd, you may be at risk for developing geographic atrophy, or ga. ga can be unpredictable—and progress rapidly—leading to irreversible vision loss. now there's something you can do to... ♪ ( slow. it. down.) ♪

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stuart: a couple of minutes to go before we open the market, and we will have seeing some selling. dow down about 130 points. gary kaltbaum with me. so, gary, you got back into nvidia? does this have anything to do with openark i raising $6 billion -- openai? >> not netsly. yesterday i bought a very small position. i thought it hit real strong support, and we've owned it a couple of times this year and are up very big. let me fully disclose, if it can break above 128, we'll buy more, 132, we'll buy even more, and if it breaks above 140, we'll buy the heck out of it. it'll being out of a multi-month trading range and have another leg up just like january of this year. stuart: okay. we'll follow up on that one. you like southwest airlines. is that because they're going to the start assigned seating and premium perks? is that why you like 'em?

>> well, they're restructuring, changing, and i think they'll make more money. but here's the big story, the director and ex-ceo of us airways just bought, get this, $106 million of stock in the open market over the last few days. ex-ceo of southwest gary kelly bought a million dollars. and this number reminds me of to 2015-2016 when steve wynn bought $100 million of wynn resorts, and the stock went up almost fourfold in three years. this is the type of conviction we look for. we used to report on insider buying and selling, so this really stands out. it does not mean the stock has to go higher, but it definitely will hit our screen now, and if it starts to perform, we'll be looking at it, and we'll do a deep dive on the company also. stuart: sounds good. great stuff, gary kaltbaum with. see you again soon. the market is about to open. we're off. press that button, okay.

we're off. the dow is down 120, 130. about one-third of 1% in the very, very early going. that's how we've opened up this thursday morning. the dow up 126 at -- off 126, far more red than green when you look across the spectrum at all the dow 30 stocks. okay. let's see, we've got the s&p 500 also opening on the downside today. not quite sure how much. if down about a quarter percent. move on to the nasdaq, also a lore. that is down another -- lower. that is down .38. okay. show me big tech, please. probably most of them are down. they are except if for microsoft which is up all of 19 cents. not much of a gain. apple, meta, alphabet, amazon. all of them down. take a look at nvidia, making big investments in openai. good morning, taylor. >> morning. stuart: take us -- this was a huge fund raising haul. take us through it. >> they just closed their latest funding round, they raised $6.6

billion for a full valuation of $157 billion. so openai is now worth more than 87% of the companies in the s&p 500. that is how big this company has gotten. you know, the nvidia ceo saying demand for its chips are insane, and i think you see that when you see openai and these a.i. companies continuing to crush it in terms of valuation. stuart: now, an interesting story coming out of costco. i believe they're now selling platinum bars as well as those gold bars which are very, very popular. >> so popular, they're selling a clip of about $200 million a month. so costco is good, they're now getting into platinum. they're selling the bauers for just under -- bars for just under $12 -- 1100. every time they list these things, they sell out in a couple of hours. stuart: i take it they change the price every day as the price

of the underlying metal changes every day. >> yes. because there's a big arbitrage opportunity based on what it's trading on maybe the lme versus what you could buy it for the spot price. stuart: do you own costco's stock? >> i don't, but i just love this story. [laughter] it's just brilliant, right? costco, they're so good at marketing, and the fact that you can actually buy physical gold in the store, i love it. >> and you have to have a membership to do so. >> of course. >> important to get that membership. stuart: that's true. let's go to the tesla. they're down just a fraction. they're recalling, what is it, 27 the ,000 cyber trucks. what's the problem in. >> a rearview camera progress, these aren't physical recalls, it's a software update. they recall it, roll out software update, and usually it's good to go. it's important to know that that model 3 is no longer available in the u.s. the batteries fall under the 25%

tariff for the chinese tariffs because they're made in china, so they officially pulled the affordable model 3 off of its web site. stuart: adam, do you own tesla? >> i've never owned tesla. i think it's a tough company to own because it's such an emotional stock. if i could somehow get confirmation from mr. musk that it's not just a car company, but it's a battery company, i mean batteries that yaw tilts and companies use -- utilities and companies use, then i could get excited about it. but if all they do is make ev, no. stuart: okay. levis strauss, they are considering offloading one of their brands. which brand in. >> the dockers brand. the cautious consumer in the u.s. and europe is really hurting them, so is they want to streamline the business, focus on levis and focus on their sort of active wear line beyond yoga. stuart: that thing is down 9% this morning. >> they had a really tough earnings. they're really underperforming. they issued a light guidance, and this is a company that's in

the midst of a turn-around and still very much in the middle of it. stuart: i'm not sure i understand this one, but i'll read it anyway. starbucks is trying to to climate-proof their coffee. explain, please. >> buying two farms in central america, one in guatemala and another in costa rica. basically they, starbucks, is a buyer of 3% of the world's global coffee supply. there have been disruptions, they want to get ahead of that and use these two farms to really study the way that coffee can grow in hybrid environments. so this is a way for them to sort of get ahead of some of those climate issues. stuart: seems a little convoluted to me, climbing on the climate bandwagon. >> yeah, i know. it doesn't -- i don't own it, but it does tickle my american ingenuity curiosity. right? that's an ingenious way to get to know your product better. stuart: okay, whatever you say. now, you did bring some stock picks with you. you've gone back to the well. coinbase. >> yeah. i'll tell you why i mentioned

coinbase. it's the easiest, most practical way for most people to the effectively play bitcoin and the whole crypto ecosystem. i say that because this is the largest company out there that is publicly traded, and they're also the most ingrained here to the crypto ecosystem here in the u.s. blackrock, right? if world's largest money manager, uses coinbase as the back office for all of its clients that trade crypto. it's a lot easier the trade coinbase, you know, charles schwab, than it is bitcoin. stuart: as adam a was walking through grand central terminal today to, you came across a jobi aviation electric taxi, plane. >> oh, my gosh, and there's video. that's me -- holy cow. way to go, producers. that's me at grand central early this morning. this thing is a six-rotor drone. it's electric-powered. it's very quiet, makes the sound of rustling leaves, and they're ultimately going to become the uber of the skies.

they will transport people from midtown out to the airports, jfk and that guard ya, in -- laguardia in the call it 10-11 minutes for the cost of an uber. they're going to be up and running in dubai this time of year, and i imagine here in new york, los angeles and san francisco by 2026. yesterday the stock, it's down 9% this morning, fine. yesterday the stock was up as much as 35% because toyota that upped its investment joining swell and delta as equity partners in the company. stuart: have you got it in your portfolio? >> yes. we've owned it for a long time, i imagine we will own it for a long time. again, i imagine if it's going to be the uber of the skies. it's not really an airplane, they call it an electric vertical take off and landing vehicle. it's electric and since it has six rotors, it's very safe and stable.

stuart: jowy aviation. thank you very much. follow coming up, florida's governor, desantis, slamming biden's inaction on those port strikes. roll it. >> i think it's totally unacceptable to try to intentionally deprive people of the supplies they need. the federal government should be doing all they can. stuart: critical supplies could be held up. why doesn't the biden administration take action? try to get an answer on that one. florida congressman carlos gimenez will be here. but first, we're talking to a grocery store owner who is expecting a fruit and vegetable shortage by the end of the week. john dechico jr. joins us next. muck what about us? ♪ what about all the times you said you had the answers? if. ♪ what about us? if. ♪ what about all the broken happy ever afters? ♪

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stuart: 12 minutes into the trading session, the dow's down 2000 points. minor -- 2000 points -- 200 points. john dechico jr. is the ceo of the the grocery store chain dechico and sons. great to have you with us. i understand that you're expecting a shortage of fruits and vegetables by when? in the very near future? >> we're expecting a shortage of fruit probably early next week, primarily in the berry category coming from south america and peru, chile specifically. stuart: no way around this? >> not until this strike over. stuart: well, what happens if the ports are closed, just take an arbitrary time frame, supposing they close for months, what are you going to the start running out of one month from now? >> i think definitely the berry category's going to get affected very heavily, any product coming from europe. our italian imports are going to the season now, our prosciutto

and tomato, we only have a few months on the ground here, and we'll definitely see shortages. the bigger concern is packaging earlieses, if the strike goes oe goes on, bags and container thes, that'll affect us. stuart: do you think biden should step in? >> i think by the middle of next week, he should really start to make a decision hard to step in, yes. stuart: he says he's not going to, but do you think the pressure will mount to the point he's got -- i mean, we've got an election, what is it, four weeks away. if you go into that election with shortages in the grocery stores and the supply chain broken and you're holding things up, you're saying, no, we're not going to stop this strike, that's not a tenable political portion is it? >> no, i don't think that would be a very wise decision. i know for sure, you know, in new york state our food industry alliance are pushing very hard to try to get this resolved as quickly as possible and to try to have biden step in sooner than later.

stuart: have you seen any panic buying yet? we were told there's panic buying of to toilet patient or, anything else? >> no, right here in westchester county, we have not seen panic buying just yet. stuart: john, look, thanks nor -- for jumping on the show this morning. we appreciate. that's alexis mcadams is in brooklyn. what's the latest on the strike there? >> reporter: hey, stuart. over my shoulder in front of this port in red hook, brooklyn, they are all of those workers protesting saying they're not coming back to work or the bargaining table until they get what they want. i'm going to step out of the way. they stacked this terminal, they have these guys out here 24 hours a day. this is day three and counting, and they don't want any kind of automation. i asked them if it really is about the pay. they said it's not many -- not as much about the money as

making sure they're not replaced by machines. 45,000 dock workers across the east can and gulf coasts. the irk la says they want a nearly 80% raise in wages over their next 6-year contract deal. saying these guys don't work 9-5 job, they work extraordinary hours and sacrifice time with their families. vice president cam lacer that is one -- kamala harris is supporting these dock workers on strike. i asked them how they think this is going to play out here, how long they'll be going on strike, when do they think they're going to go back to the table and try to negotiate to come to terms. they say it could be days or weeks, and as you know, every single hour that passes is a huge threat to the economy. we're talking about inflation and all of those ships that are now just sitting there with perishable goods that can't come to americans across the country. stuart? stuart: adam, i think biden and harris will step in eventually because they'll have to. >> i think they have to, because

this is about, you know, people being able to just survive and go about their business and eat. stuart: it's about the election. >> well, but they're not accept accept the stepping in because they don't want to interfere with special -- potentially getting the union vote, but they need to step in. stuart: yes, the pressure will mount. lauren: its support for the 45,000 union workers or for the rest of the country who has to deal with the impact. >> that's eye why -- laura: -- lauren: i think it's that union. >> that's why they should step in, on behalf of the country. stuart: all right. the bottom right-hand corner of your screen, the dow is now down 3232 -- 322 points. the longer it lasts, the the worse it gets for consumers and for the biden-he's administration. -- harris administration. harris is standing with a wealthy union leader whose strike is #kreuing -- crippling the economy. that's my taking top of the hour. shelter costs including homes

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stuart: affordable housing remains one of the top issues for voters. edward lawrence at the white house. all right, edward, what are both trump and harris' plans to make shelter more affordable? >> reporter: you know, vice president kamala harris wants to give tax credits to first-time home buyers. she also pledges to add 3 million homes. now, former president trump wants to open up unused federal land for houses plus, as j.d. vance said at the debate, they want to attack one of the root causes. >> 25 million illegal aliens competing with americans for scarce homes is one of the most significant drivers of home prices in the country. it's why we have massive increases in home prices that have happened right alongside massive increases in illegal alien populations under kamala harris' leadership. >> reporter: now, governor tim walz and the debate moderators tried to push back, but the fact is the federal reserve board of governor michelle bowman outlined last june what she's

seeing. >> is given the currently low are inventory of affordable housing in the united states, the inflow of new immigrants to some geographic areas could result in upward pressure if on rents as additional housing supply may take time to materialize. >> reporter: under president joe biden and kamala harris, rent prices up almost 23, the price of all shelter up about the same. but in certain areas, the ability to to get affordable housing has dried up over the past three and a half years. the federal reserve sees a direct connection. the fed chairman also saying migrants will keep pushing up the unemployment rate because more people are looking for fewer and fewer jobs. in addition,, the the nonpartisan congressional budge office also says the surge in migration is pushing inflation. stuart: thanks, edward. adam johnson still with me. what is the solution for the housing crisis? >> there is no easy solution, stuart. housing affordability has been an issue since the 1950s.

that's when we first saw projects largely developed the try to help middle income families. it was a problem after world war ii the when the g.i.s came home. it's continuously been a problem. as population grows, you have to create new housing. but it's a function of income levels. and that isn't something that the government can command. that is just something that free markets try to address by creating demand for products so that there are employees who can earn a living, make money and -- i mean, there's no easy solution. stuart: don't we also have a regulatory program, problem? all these rules and regulations? lauren: trump -- stuart: you want to build something, and it's difficult. lauren: when president trump came into office, what did he say? for every new regulation he would roll back two. that great for certain industries, the oil industry, as an example. if you did something like that with housing, that could help make it easier for people to do what they have to do, so it's not restrictions, it's rollbacks.

and, you know, everyone always likes to say we're pumping so much oil right now. well, that's because of stuff that happened in years past, right? >> right. lauren: housing is similar. if you set the ground -- if you give the market what it needs, in the future you can have the supply that you need. stuart: can i just get back to the markets, the dow is now off 325 the points and coming down. any specific reason for this? is it anxiety over israel and iran? is it the 10-year and 2 2-year treasury yields that are going up? >> yeah, all of the above. but, you know, recognize markets have been making new highs every week for weeks, arguably for months. it can't go up every day. i wish they did, but i just doesn't -- it just doesn't work that way. stuart: that's the realestic answer to the question. now we're down 336. still ahead, biden does not support an attack on iran's nuclear sites. is he going easy on iran? florida congressman carlos gimenez here with that. trump getting more support from arab-americans than harris.

we'll ask carine hajjar why that is. has harris' momentum stalled? she's deadlocked with trump in battleground states. guy benson reacts to that. house oversight committee chair james comer investigating tim walz over his cergses to the chinese communist party. he's here with the full story. the 10:00 hour is next. ♪

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