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tv   Varney Company  FOX Business  December 4, 2024 10:00am-11:00am EST

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stuart: jingle will rock him. not keen on nonreligious christmas music but that's just me. neil: bah humbug. stuart: get to you in a moment. good morning, 10:00 eastern. better get straight to the money because we've got a solid movement of stocks up, dow up 20, 22, 223, nasdaq still over one hundred points. check on apple, amazon and meta, those three stocks all hit record highs earlier this morning and one is still at the high, the 10 year treasury yield has been going up. it is up 4. 23%. the price of oil $70 a barrel and bitcoin $96,000 and back to
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95, and change. we received the latest on the service sector, important number. >> we could than expected. it fell quite a bit, four points to 52. one in november so that is still expansion for five consecutive months. november is when you see people at hotels, going out to dinner for the holidays, prices 58. 2 would be the level, no impact on stock. blue one neutral for that. now this. you could see the battle coming a moment donald trump was elected and immediately installed tom homan is borders are. at the battle to deport illegal migrants from sanctuary cities and states, the whole idea of sanctuaries in question, sanctuary is under threat. consider this. elon musk and vivek ramaswamy, the dogego, say illegal migration cost the federal government one hundred $50 billion a year. that funding is on the chopping block, no more flying them in
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and flying them around, just find them and fly them out. that's exactly what homan says he's going to do on day one. starting with criminal migrants luge that puts the sanctuary people in a box. are they going to protect them? are they okay spending all that money year after year? the governors of illinois, arizona, massachusetts have all said no, they will not cooperate. the mayor of denver spend $350 million on migrants, the mayor of chicago spends 574 million. both have refused to cooperate. this is the trump resistance but the cracks are appearing. and appeals court has ruled that illegals can be deported even if local authorities object. that they win for trump and a blow to sanctuary. and new york mayor adams says he's willing to sit down and talk with tom homan. that is sacrilege to the left, that sleeping with the enemy but what does this city have? 6. 4 billion, migrant criminals
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run rampant to their. you can see where this is headed. street battles when ice arrives and endless lawsuits and that is just delaying tactics, the writing is on the wall. there is a new sheriff in town elected to fix the border, the sanctuary movement is on its last legs, second hour of varney just getting started. let's -- quick quote from the mayor of new york city eric adams saying he is going to work with the trump administration on deportation. listen to this. >> those are here committing crimes, robberies, raping innocent people have been a harm to our country. i want to hear the plan on how to address of them. those are the people i am talking about and i will sit down with the borders are and
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hear his thoughts on how to address of those that are harming our citizens. this is not a new position. in the state, in the era of cancel culture no one is afraid to be honest about the truth. cancel me because i'm going to protect the people of this city. stuart: that is new. liz peek with me this morning. i think the concept of sanctuary is on its last legs. almost over. liz: voters made their preferences known when they elected donald trump. he ran first and foremost on closing the border into getting people out of the country who shouldn't be here. the wonderful thing is 1.4 million criminals in the country illegally. that's a pretty good starting place for tom homan. i think eric adams is reading the room. incredible thing is other mayors and others are failing to do so. if you are a resident of denver you've been told by your mayor,
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mike johnson that tren de aragua is present in denver but the risk is very small. what comfort is that when you are asked to be paying more for schools, more for feeding and housing of them, voters are not not compassionate. they were very generous about immigration, when taxes start to go up, when your kids aren't being taught in the school because there is such a flood of kids in the classroom who don't speak english, when hospitals are overwhelmed with people showing up at emergency rooms, people say this is not right. i'm a citizen. i'm funding all this. and i am saying no. i think eric adams is on the right track. stuart: thanks for being here. back to the markets was a healthy rally this wednesday
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morning, dow up one hundred 92, nasdaq one hundred 50. is that looks like a strong rally going into the new year. >> that is easy to say but what's key to look at is in the last week or two we have started to hit a few more highs. we are well in excess of ten new highs on the s&p 500, we broke above 600, key level in the last few weeks. technically extended, now we are in december when it tends to go up and people put money in retirement accounts. stuart: ai seems to be a force in the financial world. you brought with you three ai plays, advanced micro devices, amd, let's start with that.
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>> it is knocked way down. there have been disappointments relative to expectations on its ramp into ai chips which the company raised from 4. $5 million for the ai chip for the full year this year to $5 million in q3. they have other segments that are cyclical, but that ai business is ramping, the stock is not as expensive as nvidia. not a lot of money going into amd and it is not a by. stuart: teledyne, i'm not familiar with that. >> makes a lot of things and it is not full eai but it has an ai business, testing equal and for chipmakers. every time a chipmaker decides we need more equipment to produce ai chips, eventually it will spark more for the business and you want to get it now. stuart: another ai play, micron. >> thick of them as the
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chipmaking version of teradyne. they make hbm related chips. micron is extremely volatile because chip earnings and sales are extremely volatile but it has a similar trend in place to what we are talking about. micron is on its way down. i want to get out of the way of nvidia. look at amd, teradyne, and micron, they have a tail wind at their backs. stuart: good story. thanks for joining us. see you soon. looking at maneuvers on the stock with amazon. it is moving. lauren: record high and it is jpmorgan's top investment pick. willey affirmed after cyber week sales, market researcher finds 80% of cyber weekend buyers shopped on amazon. 86% according to a data company. i can tell you black friday 2023, amazon was responsible for 18% of sales that day.
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these are huge numbers. stuart: next gen energy has to do with uranium. lauren: uranium powers nuclear plants. they are up 4% after signing deals with several nuclear utilities. this is the market saying they think nuclear is a reliable source of energy demand. stuart: you've got to have nukes to create electricity for these data centers. lauren: they are working on other stuff but none of it is proven or the right price point. stuart: marvell technology. lauren: another record high up 22%. they reported earnings, revenue growth better-than-expected. the reason is demand for artificial intelligence. stuart: thanks. back to this breaking news. we've confirmed through police sources that the ceo of united healthcare, brian thompson, was fatally shot just outside the
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hilton hotel in midtown manhattan, new york city, this morning. he was shot in the chest and the leg and this was not a random attack, it was, they believe, targeted. thompson was rushed to the hospital in critical condition and pronounced dead at the hospital. to be clear, brian thompson led the insurance business united healthcare which is under united healthcare group. the suspect is still at large and there is a manhunt underway. still ahead, trump wants to revive the keystone pipeline on day one. it would carry oil from alberta, canada come into our america. i will ask the premier of alberta whether she wants to open up, of course she does. this week, more trump administration nominees meeting with senators as the dea pick has withdrawn from consideration. more on that coming up. south korea has ended the emergency martial law declaration but is still in a state of extreme political turmoil. what does that mean for america?
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it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall.
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change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people. stuart: the dow is up one hundred 30 points and the nasdaq powering it with a gain of 155. a look at robin hood. that stock is down a fraction. they announced they have 400,000 new accounts in november and have money in them. stock went down $0.04. south korea lifted its president's emergency martial law declaration. trey yingst is in seoul, south korea. looks like political turmoil in south korea. a big ally of the united states. what is going on?
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>> reporter: we do know on tuesday night, the president south korea made a surprise address and declared martial law across the country. military vehicles were seen rolling through the streets of seoul and it was followed by clashes near the national assembly as lawmakers were blocked from entering. eventually the parliament voted to lift martial law and the decision was accepted by the president and his cabinet though it was the first time since martial law was declared and lawmakers in south korea's opposition party along with protesters are reacting calling for the president to step down. >> reporter: hundreds of protesters remain outside south korea's parliament building after a tense night, the military in the streets of seoul, south korea, the capital city. the decree of martial law was
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overturned by the country's parliament in a 190-0 unanimous vote. now the demonstrators on calling on the president to step down, saying he is no longer fit to lead south korea. >> i cannot believe that actually happened. it is insane. bazaar. >> reporter: today the us state department issued a warning to americans in south korea saying the situation remains fluid as officials canceled appointments. nearly 30,000 american soldiers are stationed in south korea as though they have not received special instructions. the americans are monitoring the situation on the ground. we know the largest labor union in the south korea that has one. 2 million members says they will go on strike if the president doesn't step down and there are calls this week for impeachment.
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stuart: we've got it. rebecca heinrich, south korea is in political turmoil. what does that mean for america, 30,000 troops they are in disarray. what does it mean for us? >> important to remember the pentagon spokesperson made clear there is no indication we need to change anything with our troops so they are safe and secure, haven't had to have a changing curfew so all of that is well and good. the martial law declaration which was shocking only lasted a few hours. there wasn't a lot of time for it to continue to be implemented. it is a credit to the parliament, the strength of south korean democracy, it showed how strong it is, that it quickly reversed the decision and now it looks like there will be printing some senior resignations as a result. stuart: relatively calm, our relationship not badly affected.
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that me turn to ukraine, will not settle for anything less than nato membership to guarantee future security. surely that is a sticking point in any peace talks with russia. >> it will be and it is important to note that ukraine and russia will be setting themselves up to have the strongest hand to play as donald trump says he will pressure to negotiate a final peace agreement so it is not a surprise that ukraine had a maximalist position at this point. they say they want nato invitations, nato said that eventually ukraine will join nato. it is a mistake to take this particular point seriously but there is so much more the united states and nato can do to help ukraine have a stronger position and be more secure.
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stuart: can trump impose a peace deal on russia and ukraine? >> i don't know. it will be difficult. you've seen russia, doesn't see any incentive at this point to stop. vladimir putin is increasing his defense budget, getting help from north korea, the irani in this and the backing from the chinese. he had part of his military arsenal provided by the chinese. it will be difficult for the united states. i'm confident donald trump is the dealmaker and has to have two things, peace that is good for the united states and nato and has to be tough to threaten vladimir putin that things will get tough if he doesn't take a peace deal. stuart: the russian economy is in terrible shape and that's not good for russia and vladimir putin. thanks for joining us. we appreciate it always. remember the chinese hackers
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who breached the telecom networks. of those hackers been found and expelled? ashley: in one word know. the federal agency responsible for cybersecurity says it is trying to figure out who and how deeply these hackers penetrated the major telecom providers. they say we don't have a time lien for when these agents can be identified and expelled. they are still working to find out what information has been accessed. the fbi says chinese government hackers are copping certain information that dealt with law enforcement requests but the portal that allows law enforcement agencies was apparently not the primary focus of the hackers. authorities say law enforcement intercepts were one of several targets once those hackers got into the networks but still trying to track them down.
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stuart: america's northern border was the big topic at the trump trudeau meeting. daniel smith is a trump supporter, alberta, canada. she wants to open the keystone pipeline. she is on the show. she is next. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. across all your benefits and savings options. so you can feel confident in your financial choices. they really know how to put two and two together. voya, well planned,
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better questions. better outcomes. stuart: the green is holding pretty much, the dow was close to 200 or 300. still a strong rally, the nasdaq up one hundred 60 one. 83%. i want to know what's going on with lennar. it is moving with other homebuilders. lauren: they are seen as vulnerable to the expected deportations and new tariffs in the trump administration, the wall street journal has a story that includes data from a pew study saying a document it workers make up 15% of the construction industry. stuart: what is the industry going to do if they are all deported? that is a big problem. jetblue is up this morning. lauren: they raised their q4 revenue and noted that demand,
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superstrong following the election november 5th. stuart: roku. lauren: streaming up 9%. they expect roku to be bought within a year for a large premium. who is the buyer? would it be a tech company? a large language model type of company? netflix? stuart: you expect to that? fair enough. canada's prime minister justin trudeau and donald trump had a meeting raising speculation in the keystone pipeline revival. madam premier, you want to open the pipeline and send your oil to america. is that right? >> it is. i've been wanting to double production since i got elected a couple years ago and america is our best friend and trading partner. we benefit from production. americans benefit from more oil production because it is the
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stock that goes into gasoline and allows americans to keep those prices low and hope we can find a mutually satisfactory way of going forward to increase production and build more pipelines. stuart: do you think donald trump can exert enough pressure on your prime minister trudeau to make that happen? open the pipeline and get the oil flowing south? >> it was president biden who canceled the keystone pipeline the day he came into office. there was a willing partner in canada in alberta and on behalf of the federal government. i would say the ball is in the americans court. we stand ready to help. we know our brand of oil which is heavy oil is what your refineries have been retooled to receive. there's not many places in the world you can get it from.
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we are better trading partner than those countries. we are ready to help but it will depend on the direction the us administration takes. stuart: i understand you are coming to the inauguration in washington dc january 20th. are you a big trump fan? >> i am a fan of our biggest trading partner, one hundred $88 billion relationship. we had a great relationship with the previous admin a straight and we will have a great relationship with the new administration. i hear there is some good inauguration ball parties. i will be on the eighteenth and stay until the 20 third. don't want to miss out. stuart: what about saving the planet? what about the climate? exporting all this oil, you're killing the planet. >> we have 200 billion barrels in reserve, 200,000,000,000,000 ft. of gas and space that is best in the world, we are better trading partner and friend than russia, we plan to take carbon
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dioxide, capture it and bury it, we already have done this at scale. we've sequestered 14 million tons of co2. we intend to do more of that. the other part of it is we want to have lower emissions fuel being exported internationally to reduce the global emissions picture. we have a lot to offer the world where we cannot only provide energy security and affordability but reduce emissions. stuart: trump joked that canada should become america's 51st state. put that graphic up. looking towards canada and say you should be the 50 first state. are you offended by that? >> i think he has a great sense of humor. america is a very strong country. canada is a very strong country. we have fought side-by-side and last men and women in war together. we want to stay strong partners
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but we have so many common interests that ally us. because of our integrated interest on security matters, energy matters, trade matters, this is worth fighting for. stuart: we would love to hear you in the city. >> in new york i will see you and take you up on that. now this. trump's pick for the drug enforcement administration, has withdrawn his nomination. aishah hasnie on capitol hill. what happened? >> reporter: no one knows for sure what happened. he realized the gravity of our responsibility and decided to stay at his post as a sheriff but he was facing a lot of conservative backlash for
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firing or arresting a pastor who had broken some covid lockdown rules during the pandemic. he never made it to the hill to meet with these senators before a confirmation hearing. there are other trump nominees digging in their heels and that includes trump's defense secretary nominee pete hegseth. all eyes are on him as he is going door-to-door having critical meetings today and as multiple sources are now confirming to fox news that the president-elect is thinking about swapping pete hegseth for florida governor ron desantis. we are told they talked about it at a memorial service in florida yesterday and it comes amid some intense scrutiny that hegseth is facing over accusations of sexual assault, drinking problem, he denies both, and women should not face combat. hegseth told reporters he spoke
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to trump this morning at is not withdrawing. >> any conversations about replacing you with ron desantis? >> i spoke to the president-elect this morning a take said keep going and fight. >> you are in this all away? >> more fighters. >> not withdrawing your name from consideration to be clear. >> reporter: he is meeting with senator roger wicker, wrapped up that meeting, the incoming chair of the armed service committee, very important vote for him. he will meet with senator joni ernst, a combat veteran and sexual assault survivor. we are watching the whole for lee zeldin, pim bondi and linda mcmahon and we expect scott bessent this week, nominee for
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treasury secretary. tomorrow, everyone is looking for people who are going to run doge, elon musk and vivek ramaswamy hit the hill tomorrow to talk about how to cut one trillion dollars in two years. a lot of excitement for those two on the hill. back to you. stuart: a trillion here in the trillion there and soon you are talking real money. now this. alabama senator tommy to prevail calling on the department of government efficiency, doge to make daylight savings time permanent, don't move the clocks forward or back. musk and vivek ramaswamy on board with fat? >> they seem to be. senator tupper phil wants year-round daylight savings being we would end the process of turning the clocks back an hour. the sun would rise and set later. you get less daylight in the morning but more in the evening which is good for safety, less
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crime and businesses, more commerce, that the argument. the goal of doge is promoting government efficiency so more people are shopping because you get more daylight. people are sick and tired of daylight savings time, it is confusing and annoying antonin outdated practice. whatever doge does recommend, it is congress that need to change the law and determine if we get a next hours sleep. stuart: i like it. i like, you mark the calendar, it marks the year, moving forward to that. it is christmase. lauren: until you have an old oven or old car you have to change it your self. stuart: very few devices period.
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a loophole in the hunter biden pardon. if he is called to testify, guy lewis, opening the door for prosecution, we will ask him. the races onto one seat nvidia as the king of ai chips. amazon, advanced micro devices emerging as the contenders. can they compete? that is next.
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stuart: one hour and 10 minutes into the trading session, indicators are in the green, thousand one hundred 60, nasdaq solid gain up 189 points. records all over the place. look at amazon please.
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the washington dc attorney general suing amazon for squarely excluding two zip codes from expedited delivery. the lawsuit says amazon stopped using their own delivery trucks in those areas because of safety concerns. now this. nvidia dominates the ai chip industry but amazon and amd are emerging as competitors and introduce incredible alternatives. the ceo is daniel newman. who is the best competitor with nvidia? amd or amazon? >> thanks for having me. it is a 2-sided situation. everybody want to know who's going to beat nvidia and it is nobody. cloud competitors including amazon, microsoft, google, amazon with anthropic, google with gemini using their own
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chips which is a sign competition could be coming to. when it comes to selling as a traditional chip designer manufacturer, amd is most credible in building a full set of solutions, stacking up to what nvidia is doing, a company with sickle digit market share versus one that is up for $100 billion in revenue in the data center next year. stuart: regardless who wins the competition you're putting your money to good use if you go into amazon or amd because they have viable alternatives. >> both are building for a future with more ai being consumed. we don't have enough capacity. you heard nvidia is selling outsold out, everybody who subscribed to every chip they are making get some of these companies are looking to build alternatives. we've seen amazon succeed in the past to compete with intel
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and amd and that was a successful part of their business. same thing happening now with the chip that they announced that can be used for ai use cases, partnering with salesforce as well and apple on stage with them yesterday. we heard from qualcomm, so many companies lifting alternatives. they want to build the most profitable alternative and they need more capacity for this ai opportunity. we want extraordinary story. i hate to bring up intel and elon musk but musk has been buying anything and everything recently. i'm not speculating here, but what would happen if we were to see musk take over intel? >> interesting question. the alternative could be sam altman. here's an opportunity to come to the party. for elon musk, it would be deep cuts. we've seen how he runs
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companies, very hands-on, very flat leadership organization. until continuing to make more cuts. a lot of people saying there's a lot of flow, the company got large and distributed and bureaucratic. elon would bring it back to profitability and would not care what outside activists think because he's going to do it his way. stuart: the stock is up 8% or 9%. there is some suspicion they are late to the ai party but that doesn't seem to be true. >> the party is just beginning. we hear different metaphors, we are in the first half of the beginning of the game which companies like salesforce that guide, pivot to agent force.
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we are seeing it grow. it to tailwind for microsoft and adobe and all these other companies, they are not going to disappear. enterprise application companies are in a challenging situation, there will be a few that rise, people signal with sales forces, one of those companies that could rise from a challenging situation. stuart: we need you to explain what's going on in this market. thanks for joining us. see you again soon. china escalating trade tensions with america. ashley: beijing is banning exports of critical minerals with applications for military and civilian production. these include gallium, germanium and antimony. gallium and germanium are used in semiconductors, germanium is
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used in fiber-optic cables and service cells and antimony is used in bullets and other weaponry. the expert restrictions apply only to the us market and ratcheting up trade tensions between the countries a month before donald trump takes office. this sparks fresh concerned that beijing could target other minerals including those with broader usage like nickel or cobalt. in response the white house says it will, quote, take necessary steps but did not elaborate what they may be. stuart: young men are ditching traditional churches for so-called orthodox churches with strict rules and traditions dating back thousands of years. theologian jonathan morris will explain what is going on with young men making his way elegantly to the set. good morning. how are you doing?
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stuart: the dow is up one hundred 46 but the nasdaq up
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one hundred 77, the nasdaq doing better. trump says he will nominate peter navarro as senior counselor for trade and manufacturing and asked michael whatley to return as chair of the republican national committee. it is flowing fast. more young men ditching their churches for more orthodox churches, with strict rules and traditions. jonathan morris is the resident theologian. why are young men going to churches with more strict rules. >> they've been dragged to church by their wives for many years. if you look at the numbers, polls showing women stop ped going to church. a drop off of 30% in the last
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20 years and this is a question of men taking responsibility to say i have to do something to my family. i better make some decisions myself. it is more the question of a pursuit, this is what numbers are telling us of some sort of religion or moral ethical base for their families. stuart: reading between the lines, you're telling me young men are leaving liberal churches with a liberal philosophy. i don't like going to church and hearing politics preached from the pulpit. >> we are psychosomatic beings, mind, heart, spirit, in this case we see men pursuing the intellectual part.
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what have churches been teaching, where is the foundation of the religious faith and that pursuit is resulting in a return to more traditional churches. very interesting. stuart: don't give me politics, give me the bible. >> very emotional. stuart: a cold up his cup alien. stuart: working on it. should we end the separation of church and state? should there be a role for christianity in public schools? that is happening in some states. >> we see specifically texas some laws being put into place, basically what they are trying to avoid his ideology of any sort pushed onto kids and part of that is being let's teach the bible as a historic book. that is fine.
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do we want to involve the state in our churches? absolutely not. the only place our constitution talks about religion is in the first amendment, the state shall not establish any one religion over another and secondly congress shall pass no law that prohibits the free exercise of religion. that is sound, solid, we don't want to get rid of that and trust me, if we say other states should get involved with religion, one day or the next we are going to have a very sad involvement of state and religion and that is not healthy either. stuart: we have to -- >> proper separation according to the constitution. blue and come back soon because i want to discuss this more. programming note. martin scorsese presents the saints available on fox nation. a clip from the latest on saint sebastian.
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>> you are a defender of rome. we must establish order. >> i'm here to help you save your self. >> i can see right through it. >> i speak in the name of the one true god. stuart: i watch the episodes available so far and they are terrific. every sunday there is a fresh episode through december 8th on fox nation. still ahead, guy benson on what kamala harris's advisor say biden's internal polls were catastrophic before he hit -- quit the race. appeals court ruling showed trump can get around sanctuary rules and deport illegals. guy lewis on a fifth amendment loophole on hunter biden pardon. it means the biden family is not out of the woods. the 11:00 hour is next. ♪
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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. >> a lot of investors and money managers came into the election so afraid of

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