thing but i don't know if we will. >> policy matters in the people of california are learning the lesson sadly. maria: for sure. >> one week from today donald trump becomes president, it cannot happen soon enough. maria: he said he would cited 100 executive orders right after the inauguration swearing-in. liz peek, michael lee and cheryl casone we will see you tomorrow. see you tomorrow morning, "varney & company" picks it up. >> good morning, everyone. the fires are not completely contained, the wind is picking up, gust of 40 - 50 miles an hour expected. los angeles is not out of the woods, 12000 structures destroyed 37000 acres burned, 24 dead, many people missing, political developments, trump says the authorities are incompetent. he takes the oval office next monday. california needs federal help,

trump is likely to demand change before taxpayer money is handed out to california. it is started already, sunday gavin newsom ended onerous environmental regulations for rebuilding. when questioned he refused to say the buck stops with him. another big story this monday morning, the market selloff for the nasdaq. the dow is looking for a job at 50 points, nasdaq 40 but look at the nasdaq down over 20 points, here's the problem interest rates rising the tenure yelled moving up to 4.77% as for the two-year treasury that yield coming in at 440 that is crossing an important milestone. bitcoin heading south, the quote is $90900. politics at 2:00 p.m. eastern president biden begins his exit from the white house with a foreign policy address, he will claim his legacy maintaining strong global alliance and american leadership he will not

have to deal with afghanistan, ukraine, gaza and iran. on the show today the first launch of jeff bezos giant new glen rocket it was scrubbed on sunday, this as basophils attempt to match elon musk spacex they will try for another lunch another day. monday generally the 13th 2025. "varney & company" is about to begin. ♪ >> we are starting with the fires in california first responders have been able to contain much of the place and some of the smaller fires they are working to create impassable fire lanes to prevent any further spread. as it stands 24 confirmed dead 16 reported missing, 12000 structures destroyed the cost of the damage is high as $150 billion families are beginning to return to what's left of their homes and

evacuation orders in some areas have been lifted. today officials are monitoring the santa ana winds which are expected to pick back up again it's raising concerns of flareups with all the devastation we did want to bring you good news, look at this a video of oreo a dog who's been reunited with his owner after being separated the palisades fire we are hoping the images like that in the coming days, listen to what senator barrasso said about california's management of the fires. >> when you see what's been shown on television in addition to the tragedy on the ground you also see gross mismanagement in california by elected officials, they will be requested congress they could not be a blank check on this because people want to make sure as rebuilding occurs i expect strings attached to money that is ultimately approved it has to do with being ready the next time because this was a

gross failure this time. >> charlie hurt with me, trump says he will not be giving california federal money without changes and compromise, i was intrigued to see newsom and environmental impact statements for rebuilding. do you expect more change in return for federal money? >> i think if senator barrasso president trump hold the line on this there will be an auto be because the idea of putting american taxpayers on the hook for billions of dollars to rebuild in order to fix these problems and have the state of california continue with obvious policies that have led to this catastrophe policies that are intentional and policies that have been warned about for decades would lead to this. the idea that they're not going to be forced to change those things and billions of dollars

in american taxpayers money to encourage them to rebuild and put themselves back in this position. not only is that unfair to make an taxpayers it is cruel to the residents of california who have to live under these ridiculous regulations that allowed this to happen in the first place. stuart: very true, stay there for a moment i have another issue to deal with a bit later in the block. thank you very much, take a look at futures, red ink for the nasdaq you looking at 233-point loss right there that is the nasdaq. david bahnsen for the entire hour. i said at the top of the show there is a selloff because interest rates are rising, you get a contest that. >> interest rates rising could be a good thing with the reason they are now strong economic data why would anybody mind a good economy, good jobs, the issues evaluation.

when evaluation is so stretched interest rates are going higher make stock prices about a triple-double are you suggesting the tech stocks are way overvalued in bubble territory. >> before we use the b word there is no question that evaluation is overstretched that is indisputable, far higher than the averages, they've grown well in some of the tech companies have good fundamentals, some don't but they're way too expensive. >> what did they come back down to. >> it's different company than my company some are more stretch than others, you notice microsoft up 13% in the video was up 150 or 160%, there is different things in different companies. i do believe the multiples are too high, they have to correct but we have to see how the whole year goes whether earnings growth this year. >> the coming of further earnings. >> fourth-quarter earnings in the first quarter, i'm looking ahead because markets of the head. i think expectations are too

high in their price too high for high expectations, that the double way of me in there very vulnerable, 2022 comes to mind where tech got hit and ask them to fundamental strong sectors did well, today futures, that always barely got a little, the nasdaq is up a lot i think we will have a lot of days where the dow may not be great but it isn't done as much as the nasdaq. >> you give me financial advice in the past. >> yes i have. >> you want to tell me to some microsoft. >> it depends on tax verification be done very well in microsoft my whole believe i want index investors to know that the big tech companies right now, the top ten companies are 40% of the s&p 500. >> that is too much. >> is brutal we have a market tether to nvidia. >> thank you for being with me for the hour, stay right there, listen to nbc stephen hayes sent about trump ahead of the

inauguration. >> i think donald trump is that is strongest right at this moment, look at the fight that were expecting of house representatives, his pick speaker mike johnson wasn't really a fight, senate republicans loving him right now, most of his nominees are on track, corporate america spending the need to donald trump, his legal problems seem to be over, this is peak donald trump right now. charles come back in do you agree with that trump is that his power right now. >> i think without a doubt, what are the reasons as such a strong hand is the fact that he's been here before and he admits he made mistakes eight years ago when he came into the white house because he did not understand washington or exactly how it worked, he did not understand what a snake it is in this time he's prepared for all of that. he's been preparing for four years but especially in the last not only how we campaign but in the last couple months since the

election he has been preparing every single thing that he wishes he had done differently the first time he does differently this time. when you come in he comes in and is a administration comes in they get to be set on day one to accomplish a lot of things that are going to be very effective but then w to position for the next four years to make it the most consequential for years we've ever seen, that's what he wants to do. i think he will do it. stuart: that is a game plan one week from today, the inauguration by after 12 noon is the president of the united states and 47th president and he will slam all kinds of executive orders and ideas. >> in the entire administration understands that. i talked to the president a number of times. he does not view winning the election as a victory, what he views as a victory is enacting

his america first agenda in doing it successfully and efficiently so all americans of the time he leaves office are grateful and appreciative that he brought common sense back to america. >> the magic words common sense. a political le's entrance logo. donald trump met with the premier of alberta, canadian, danielle smith, along with her friend kevin o'leary, the meeting was a mar-a-lago, kevin called trump a gracious host and says he shot a 68 in differently round of golf. biden's national security advisor jake sullivan is trying to defend the botched withdrawal from afghanistan. >> the strategic call president biden made looking back for years history has judged well and will continue to judge well if we were still in afghanistan today americans will be fighting and dying.

retired four-star general jack keane will respond to that. espn host stephen a smith fed up with governor gavin newsom and l.a. mayor karen bass, he wants the two to resign. >> after what i've seen. when you're hearing about an environmentalist compelling him to protect smelt and little fish and salmon at the expense of l.a. citizens of california citizens, i don't need much else than that. >> tell us how you feel stephen a smith. the next guest signifiers exploded quickly and lost his home because of the speed of the fires movement. california resident tells us exactly what happened next. where ya headed? susan: where am i headed? am i just gonna take what the markets gives me?

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stuart: future suggested downtime for the nasdaq composite, down 230 points, big tech taken on the chin this morning, let's get back to the fires in los angeles, max gorden and pacific palisades. can people get back into that neighborhood yet? >> not yet, there is a curfew in place from 6:00 p.m. until 6:00 a.m. police patrolling the neighborhood looking out for looters that folks will likely be able to get into the neighborhoods around thursday at the earliest that will be after pds expires, according to national weather service a particularly dangerous situation where we will have winds between

45 - 70 miles per hour that has the potential to kick up more embers, more flames and more fire activities most areas look like this things are relatively calm although it's absolutely heartbreaking you have house after house, block after block decimated it does look like a war zone and it looks like a bomb has gone off and nothing left and pacific palisades and firefighters have been able to make progress on the palisades fire after 13% containment and were now sitting around 24000 acres on the palisades fire but again as the winds kicked up with the santa ana wind of it starting early tomorrow into wednesday that is the fear that the flames could grow once again and crossed the containment lines. an area of particular interest is the brentwood mandeville canyon that's where the fire made a run two days ago essentially the fire pushed towards the populated areas and

nearly made it there firefighters made an effort and they were able to stop the flames but again with more wind and very dry conditions, the danger is not over people are being told to evacuate if ne needed. stuart: max gorden, thank you, joining me out to media resident brian hitchcock, welcome to the show i know you lost your home and it came at you real fast, tell us what happens. >> tuesday night when the fire kicked up in eaton canyon which is a mile northeast of us the canyon. it started blowing strongly east the whole time so we were as concerned at that time it was concerning that it was so low but it wasn't until the middle of the night within the winds shifted and started blowing more southwest and that's when the

entire site opened with embers coming down all of our neighborhood in the video is some of the footage driving to get back to my house on wednesday morning. stuart: tough stuff. i want you to listen to what governor newsom said about his role in dealing with the fires. roll tape. >> are you passing the blame onto other people. >> how could it be with an independent investigation and we want the adjudication of the fact is not about finger-pointing. >> does the buck stop with you. >> on your governor of california i'm eyes will be the mayor california were all in this together, were all better off when working together to take care of people make sure people are supported, we are empathetic and here not just in the immediacy of the crisis but were here after the crisis. as opposed to creating a crisis in the middle of this by trying to divide people and play

political shots. stuart: is not taking any responsibility. you blame gavin newsom for any part of this? >> i'm not trying to point fingers at anybody but we can't control wind. that is nature we get if there is a fire and wind kicks up i get that. but of all the homeowners that i've been talking with that lost their homes in our area. were all upset how could i not have water to fight a fire on my own property, how can the firemen that come to our neighborhood not be able to tap in to a fire hydrant and have water come out of it. they only have the water in their tanks. was desperation for anyone read i would've saved my home. it was starting to light in the corner of the main house after my other structures had bird but with running water from a garden hose which i had trying to turn on i know i would've saved my

home and so many other people feel the same way i've talked to them, were all frustrated and upset it shocking that this could happen on the scale and not have water to fight. stuart: thank you for coming to the program and telling us what happened. we appreciate it and we wish you the best in the future. brian hitchcock. >> fox corporation is donated million dollars to the right cross california wildlife relief effort you can donate by visiting go.fox/red cross sage or by scanning the qr code on your screen governor newsom executive and executive order no, he suspending onerous no environmental regulation to rebuild. >> i am worried about issues of rebuilding as it relates to scarcity as it relates to property taxes meaning scarcity of resources, materials, personnel. i am worried about time for getting these projects done.

we want to fast-track by eliminating requirements, coastal act changes that were making and when someone rebuilds liberal property tax assessment and then a increase in all of that has been done in executive order. >> david bahnsen from your perspective as a c assignment or regulatory change that california needs. >> at the most basic that he could do he should start by acknowledging all the regulations were part of the problem to begin with. i'm not going to do the political thing blaming him for all of it there is a human disaster here most important but i need to take responsible the environmental regulation he doesn't need to say property tax you don't get reassessed from rebuilding from a natural disaster in china take credit for something that is ridiculous. all the delays to get approvals to rebuild i should never be

there to begin with they made the state regulatory hellish nightmare. >> if you want to do with the housing shortage and other states this is what you gotta do get rid of the red tape. >> you have to build new houses. >> at least he starting to do that, david bahnsen more for you later. check features i see a ton of red ink on the nasdaq, you're down to 34. the opening bell is next. ♪ moo

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stuart: futures pointing south for the nasdaq up 250 points, keith fitz-gerald joining us why the selloff. >> is a combination of things fear, uncertainty but the extent of nature lands' end the feds lap in my humble opinion. stuart: that means you think the fed cut interest rates to quickly is that what you're saying? >> i think the fed doesn't know what it's doing and it lets loose commentary when it should not, the idea do we need or don't need it.

what really matters they come in when the market get settles and introduce uncertainty at a time with the markets don't need it it's all about team powell into using antiquated models that don't reflect the world we live in. i think we need more cuts people are still hurting. >> look at the left-hand side the yield 4.77%, do you think that is a factor? >> it is, the money the big traders used to leverage up to their eyeballs cost them a lot of money anytime that rises it makes borrowing more difficult more expensive the first thing they do is selloff starting with big tech because they can move easily, deep options and widely held. stuart: earnings season starts again very soon i'm not sure when that were looking back at the fourth quarter and we do that very quickly in the near future. it seems that we did really good earnings to keep up with the high evaluations, what say you. >> thank goodness were good to

go beyond the headline back to real numbers, a company like j.p. morgan potentially sets the tone, you to come in with strong growth and a lot of money in the first look at what wall street thinks about the newly incoming president trump's policies, or they could be more relaxed or not there to be a sign of indication and where we going to find things and i wonder how the be impacted, you think j.p. morgan is a bathroom break from america? >> no question in my mind and i could tell, 92 bucks a share, you like it where is it going. >> i prefer there joining me, that may be semantics, i like a longtime. from online traffic the beta,

major volatility is half of what the s&p is a source of stab stability. how are they using a.i. to enhance online traffic. >> there using an accommodation of ways to do shopping assist, when you click on something you see five or six suggested items, they are using it to do stuff like that throughput and how they do the purchasing. all in all it's good to make the company more efficient. not just with the customer sees. >> thank you so much, you took us right up to the opening of the market, the government has pressed the button in the market is open and yes we have opened lower. the doubt up 36 points in the early going, fraction of 1%, more red than green, were selling the buying, the dow is down 57-point, minor loss.

the nasdaq composite is going to be down 1%. it is it is down 1.3%, take a look at big tech all of them on the downside, amazon, microsoft, alphabet and data they are all losing ground this morning, check out tesla, the news here, the europe the largest pension fund sold their entire stake in the company. good morning, this has to be, it is about elon musk's pay package. >> you know like when the europeans don't like when elon musk is paid for innovation something that maybe he deserved, they sold their entire stake it's $585 million even though the judge remembered and stood by a lower court ruling in the pay package was void. and there citing the working conditions of the factory. those europeans are laughing,

those europeans, what are you going to do. >> the market cap is 1.3580 million, that was their lunch budget last week. apple, what is with the iphone sales with organization looked at the iphone and there down. >> the doubt about my present the holiday quarter for apple and its lack in china and the losing ground in china and 18% market share globally in apple sales fell 2% year over year, globally the smartphone market some concerns losing when it comes to gaining market share what is the story on nvidia it is down about 3%. are they having trouble with competition from other chipmakers. >> bear with me there trying to take on broad, and marble but we know they talk about the gp is that they make. the graphic processing units.

they want to expand to world beyond that. i'm going to call it asics asic application-specific integrated circuits. they see that this is more efficient when it comes to inference think real world a.i. stuff. they're hiring engineers to work on more of that type of chip, different than a gpu. it is complicated, we will get there eventually. >> nvidia was down 3%, you got me there. why am i not surprised to learn that the moderna is experiencing a lack or a decline in vaccine demand. they lowered their 2025 sales guidance by a billion dollars they say they only expect one in half, to a half-billion dollars this year previously expected to have, through half-billion dollars, low demand for the rsv vaccine and also the covid vaccine saying that they're not seeing the type of revenue that they traditionally got from the vaccines a few years ago. >> i'm not surprised what about

you. >> i believe when the stock was $160 they didn't go by other companies, they had to product why didn't they diversify with inexpensive stock. >> a question, down 20% to $33 a share this morning, that's quite a comeback. tell me about bitcoin, last time we checked, 90300. >> rp quiz 108,000, as crypto falls the crypto related stocks fall with it, take a look at coinbase, riot, bit farms, micro chatterjee, the i shares bitcoin the etf those are all down about five, six, 7% on the day tracking the price of bitcoin. >> the david bahnsen have anything to say good were otherwise about bitcoin and crypto? >> i have nothing good to say, therefore nothing to say at all. policies can go on for a long time. >> that says it all a ponzi scheme. lululemon, they've updated the earnings expectations apparently not enough.

>> this actually comes a bit of a surprise. lululemon has been working on the turnaround there see in the holiday quarter looking at sales to be about 11 or 12%. sales were only up 6 - 7% really seen an improvement the holiday shopping demand came in chicago than expected. this is what my favorite stories, the tale of two retailers do they shop at the caribbean finch, a thousand% is coming full circle. i shopped in the '90s growing up but none of them are going to macy's. >> that is probably true abaco be in fidget the comeback kid, everyone is going the stock is down today the overall they've said they are lifting their sales due to strong holiday demand macy's is on the other side of that, that is still very much struggling. >> anything to say about my grandchildren where they shot.

>> i don't have grandchildren and i have teenage kids in college age kids it is a very difficult area because you relied on consumers that change their mind every six months. have a couple of dividend pics. >> speaking of things that don't change your mind every six months how long has ups been the leader of delivering freight packages and had a bad year last year, we love stock that had a bad year that are great companies. 5.5% yield. growing every year, cash flow positive, ups is a great value we thoroughly researched we just added to the dividend portfolio last week. >> 5.5% at 121? >> that's correct. >> then you have the ici properties. >> you may think you heard of it but it's a real estate from caesar's they did a spin off in

the real estate at chelsea piers in new york city lay on the brick-and-mortar wonderful properties they did not miss a single rent check through covid it is paid over 6% yield. stuart: now you're really talking. well done. coming up mark zuckerberg told joe rogan corporations need more masculine energy. >> it's one thing to say that we want to be welcoming and make a good environment for everyone inhabited culture that celebrates the aggression a bit more and has its own merits that are really positive. ain't that something coming from mark zuckerberg. is it the trump effect, brian brenberg takes it on. people i tried to take advantage of the california fires, one man trust as a firefighter is stealing from homes allegedly there is reports of looters driving around the area on scooters. l.a. district attorney nathan hochman will tell us all about it. he's on the show. another week before donald trump

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their fragile reality will plunge into disarray. ♪ >> the nasdaq is still way down, it's up 320 points at the moment big tech getting killed, with a positive move up for the dow is up 22 points all thanks to united health which is up 3% in the ad 110 points to the dow industrial. where a week away from inauguration, trump is looking to shake up the global economy. edward lawrence joined us from the white house. what exactly is trump doing.

>> the president-elect of the world focus on him and, joe biden the currently in the house behind me is going to talk about his legacy which he may see slipping away he's going to talk at the state department later today we were listening for what president biden will not say. he will say he's going to support or did support israel, he will not say that he held back weapons impression israel not to go into the rafah area which ended up changing the work, president biden calling for cease-fire, we expect them to talk about russian sanctions including the latest which designed to go after russian oil sales. he will not mention the invasion happened on his watch. >> as i said he has his own problems economically, significant problems economically as well as politically at home. i decided to do everything i possibly could with the my power and authority to give ukraine and every advantage it could have to sustain support for an independent ukraine.

>> one post on true social from the president-elect and changed it from canada which is coming to the table to help with the border, national security experts not hopeful about president biden speech today. >> it'll be all magical thinking, he will say the world is a safer place that ukraine is thriving and he will take credit for israel's achievements even the president biden was the one who told israel don't do that, don't do that israel did it with great success against iran's proxies. >> greenland in the discussion to denmark set a message to president-elect trump to add security there president-elect also reportedly looking at meeting with russian president vladimir putin and kim jong-un from north korea. >> thank you, now this, china wrapped up a near $1 trillion trade surplus justin 2024. a trillion dollars that's an all-time high. stephen moore joining us, does this mean china is vulnerable to trump's tariffs.

>> you better believe it, those trillion dollar trade surplus will not stand. i think there will be tariffs imposed on china. i'm a free-trade but china is involved in a predatory trade practice they cheat, they steal and they still do after eight years of being exposed trump will either change their behavior or their going to get whacked with high tariffs. stuart: will china or the manufacturer's be forced to absorb those tariffs or do you think they will get passed on to american consumers? >> listen there is an old saying, china's economy cannot grow if they don't have access to america's markets, they just can't, china's economy has been lacking in the last few years far behind the united states economy, ours hasn't done that while, the value of our company is 10 - 15 times higher than the value of china's company.

they are much, much less important than the global economy and trump knows that. it is "the art of the deal" that is the book that trump wrote me as leverage as we do today on china and the best way to change them with their behavior. stuart: trump says the president-elect says he's going to increase the state and local tax deduction known as salt is this good economic policy and politics to get more votes in the house. it's bad policy but it's good politics, we have to make this tax cut permanent, there are 5 e state republicans in the house of representatives with the need to be relieved from salt, there's no argument whatsoever and no deduction for state and local taxes. why should people in porto and texas and idaho pay more federal

taxes to subsidize the people, i know you're there in new york, new york has twice as much taxes as the other states and they want to export to other states, there is no justification whatsoever. we should also get rid of the corporate state and local tax deduction but math is math, trump does not have the votes without doing something on salt, here is my prediction, i put this out there and it's gotten a lot of attention. right now the deduction is up to $10000, let's double that to $20000, not bring back the salt deduction, increase the cap to 20000 that will get to the republican votes that we need to get this tax cut done which means lower corporate tax rates and lower small business and immediate expenses for businesses but you have to make a deal with those on northeastern republicans. >> you gotta get the votes. thank you so much for joining us, david bahnsen raising the salt the duction, is that.

politics and bad policy? >> i'm with steve it's very bad policy and you and i are people that pay higher taxes because of it. however, he's right they don't have the votes without doing it they cannot have any house republicans in california and new york and not vote for what they want to do, they can have to do something in 20000 and indexed to inflation going forward. the key issue it is unfair to read states that manage the subsidize blue states that do don't. stuart: last week and fires break out in southern california. legislatures held a meeting, i see the fires prove how much california needs trump, that's my take coming at the top of the hour pre-melania trump opening up how involved she gets with her husband's policy decisions. >> i don't always agree what my

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stuart: let's get personal experience, joy dennis a resident flint ridge outside of los angeles, christian joins us, governor newsom has just abandoned environmental impact statements for those who want to rebuild their homes, do you think that the move in the right direction? >> absolutely think that the move in the right direction, me personally the restrictions on building california's ridi ridiculous, over 180,000 people were forced into a mandatory evacuation, the people that evacuate myself included couldn't even find a hotel room available as a limited housing supply in california so i think it's a move in the right direction. the fact that we have the regulations to begin with is an indictment of the current situation in california.

>> i think california environmentalists is having a religion to them it is a religion the governor suspended the environmental impact statements do you think that's going to go down well the majority of california residents spain. >> i think a lot of chocolates looking have a misunderstanding on how to preserve the environment they think they can protect fish and do things like that and the major crisis like a wildfire breakout and i'm sure the pollution from the wildfire is going to be exponentially greater then whatever was mitigating through the regulations. >> california i believe was legally supposed to clear the forest over the last eight or ten years, did they do that. >> you're absolutely correct gavin newsom the foresservice came to a memorandum of understanding gavin newsom agreed the state would clear 500,000 acres of forest land but the state is only meant to do 100,000 so 20%.

if gavin newsom and the geyer going to run the state baby to be responsible streets of the lyons. based on not falling a memorandum of understanding i don't have much confidence. >> it's possible when he becomes president president trump will insist on changes in california policy, christian, thank you for being with us, we appreciate you helping us. david we really appreciate you being with me for the last hour, you have contrarian opinions on the market, look at the dow up 130 points the nasdaq is down to 21, thank you for being with us. brian brenberg is here to respond to mark zuckerberg saying more masculine energy. nathan hochman on the looters take advantage of the fires retired four-star general jack keane flex on biden's legacy and congressman darrell issa on republicans talking to mar-a-lago as trump sure up support for his agenda.

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stuart: good morning, 10:00 o'clock eastern to the money a complete turnaround is up 190 points, unitedhealth is doing a lot for that particular index, nothing is helping the nasdaq it is down over twitter points. the nasdaq dragged down by big tech, the ten year treasury is moving up dangerous territory at 4.78% in the two year has gone to 440. as for the price of oil it is that $77 a barrel and rising. he can't see gas prices coming down, they go up. as for bitcoin, sell off their your back to 91700, that is the market and now this. >> last week the california state legislature opened a special session to figure out how to trump proof the state against the incoming president. hard to imagin