underway. nasdaq bouncing 368, that's 1.75%. s&p 500 higher by 88, up 1.5%, that after the better than expected consumer price index and, of course, strong bank earnings. final thoughts, adam johnson. >> if you have extra money in the bank with, go buy stocks. this is going to be a very good year for stocks. maria: kenny polcari. >> i agree. move money out of bonds and into stocks. >> yes. maria: the cabinet picks who will sit in front of the senate committees today beginning at 9:30 a.m. eastern to, pam pam bondi. jonathan pay hi. >> all trump picks are getting confirmed. the democrats were unhinged yesterday, and it's going his way. maria: that's the bottom line. "varney & company" takes it up. stu, take it away. stuart: good morning, everyone. it is inflation day, and the news is this: the consumer price direct connects went up 0.4% in december, up 2.9% in the last

year, that's as expected. now, the pundits, they're trying to figure out what this means for stock prices and interest rates. they really do like what they see. look at this. with a half hour to go til trading begins, we've got a massive rally on our hands. tons of green. the dow up close to 700 to points, the nasdaq up about 370. the 10-year treasury yield, that's moving lower. that's a big deal on wall street. we have the yield on the 10-year at 4 4.68%. it was 4.80 just yesterday. the 2-year, same story. the yield is down, 4.28%. now look at bitcoin. last time i checked it was at $98,000, now it is $99,100. on wall street this is a rally all across the board. to the wildfires. more red flag warnings today. the wind is the problem. gusts in the 40 mile-per-hour range. the danger is the fire jumps quickly from place to place. now, there's a fight over federal aid to california.

speaker johnson wants to attach conditions. one democrat congressman from california says no strings are acceptable. question is, why should taxpayers in other states approve billions of dollars for the incompetent california authorities? politics. hearings today for attorney general nominee pam bondi, secretary of state nominee marco rubio, john ratcliffe for cia director and chris wright for energy secretary. watch that one in particular. wright is a fossil fuels guy who sees some positives in climate change. the the democrats will go after him bigtime. tuesday pete pete leg was grilled. -- pete hegseth was grilled. the questioning from democrat women was harsh, but republican joni ernst says she will vote for him. on the show today, a hostage release deal looks imminent. trump's hostage enjoy, steven wit cough, kid more in one day

to get a deal than joe biden as cone in a year. it is wednesday, january the 15th, 2025. "varney & company" is about the begin. ♪ ♪ stuart: let's get this thing going fast. the inflation report, we just showed it to you, up .4% month over month, 2.9% year-over-year. good morning, lauren. [laughter] this is all good stuff for wall street. lauren: well, it's good stuff because it's the bad stuff. inflation remains stubborn. that 2. 9 increase is the highest annual increase since july. core inflation, that cakes out -- takes out the volatile food and energy prices, that did tick down to 3.2% in december, but that's not much comfort to middle class americans when, look at this, the cost of transportation up over 7% in the past year, shelter up nearly 5. the great reaction in the stock

and bond market is because traders now think thed fed will cut rates this summer as opposed to to this fall. stuart: really? lauren: yes. stuart: i'll believe you. [laughter] let's hear it from kyle wool. he's going to cover the markets for us. look, investors clearly like what they see in the inflation report. is this rally all because of the the inflation report? >> >> it's all because of the inflation report, but i do agree with laura that they'll wait -- cut rates in the summer, not wait until the fall. the banks are doing tremendous. they're up not only because of deposits and interest rates moving up because of investment banking activity and deposits and wealth manager if management. i think you have positive earnings as well. stuart: can treasury yields come down some more in an environment like this? >> it would be nice if they would. they've been moving up, right, which mange makes the price of bonds go down.

we would like them to come down a little bit because that'll help the housing market. the fed's going to have to fight this a little bit -- stuart: but i'm surprised to see such a big drop this waits -- in rates, 4.67 on the 10-year? all of that because you've got an inflation report which is just a little okay? >> well, it wasn't too hot, right? kerr inflation was better -- core inflation was better like laura also said. we're going to start drilling, we're going to open the pipelines which'll help the middle class citizen. stuart: okay. so this rally's for real? the. >> i like it. i like 2025, i like trump being the the president. i think we're going to have deregulation and positive energy which'll help the markets. stuart: kyle wool, i know you're going to the inauguration, have a good time. we'll see you later. >> thanks, student. stuart: the latest on of los angeles, officials bracing for extremely critical fire conditions thanks to the return

of the santa ana winds. high wind warnings in place through this evening. the fires have claimed 25 lives so far, 40,000 acres have burned, 12,000 structures have been destroyed. evacuation orders are still in effect for 88,000 residents. the worst of the blazes, that would be the palisades fire, still only 18% contained. and now los angeles county has issued a health emergency warning due to to the smoke. chair of the house democratic caucus, congressman pete aguilar, he will not support any conditions on disaster assistance for california. jason chaffetz, come on in, please. jason, what do you say? are you okay with no strings at all on all those billions going to california politicians? >> absolutely not. i don't trust them at all to deal with this. and there's no way he's going to vote no on this bill. there should be some conditions to deal with the mitigation efforts, the movement of water,

other things the that will help solve the problem long term. and i also hi they ought to throw in there that they're going to cooperate with i.c.e. why not do that? they said they won't cooperate with the deportation of the criminal element? they should be doing that as well. and those california democrats when there's billions there for their constituents, they'll vote yes. if. stuart: i just don't see why taxpayers in other states should be forced the hand over literally tens of billions of dollars to an administration in california which has just proved itself incompetent. i think there'll be outrage if they just got hundreds of billions of dollars just chucked at them with no strings. >> well, we don't trust them. and, look, they've proven that time and time again they've wasted that a money on efforts like the dei and giving health care to illegal immigrants. and they haven't been able to manage their own money. they're in severe debt, and you can't throw them tens of

billions of dollars and expect them to manage it well. stuart: next one for you, trump has hand-pecked an historically -- hand-picked an historically young administration. the average age of his nominees is 54. that's the youngest group since george h.w. bush back in the late 1980s. so, jason, are we looking at the next generation of republican leaders? >> yeah, i think so. i think every year they get younger and younger every year, don't they, stuart in of. [laughter] so, yeah, but i think it's a good thing. this is all about a movement. the trump effort is more of a movement, the maga movement p. and these people are loyalists, they believe in it, and it's a fundamental change in the way we do politics in the united states. and they're believers. so i think there are a lot of young new, fresh faces, and i think that's what government needs. stuart: does it need, and we'll see them in force in public and doing their jobs in about five

days. jason, hope to see you again soon. >> thank you. stuart: tonight biden delivers his farewell address 8 p.m. eastern from the to oval office. do we know what he's going to say? lauren: he will reflect on his record. he will say the economy is strong. the u.s. leads the world in science and innovation, and he will also warn of the future. so this is a letter released by the white house addressed to the nation. the president writes: i ran for president because i believed that the soul of america was at stake, the very nature of who with we are was at stake, and that's still the case. stuart: ooh. lauren: america is an idea stronger than any army, larger than any ocean. he'll speak for about 20 minute- stuart: that sounds a little bit like sour grapes. lau lauren well, it does. he will do, on the one hand, cap his five-decade career of public service but, yes, this is a moment. he did not run, in the end, for re-election. and, yeah, sour grapes as he essentially hands over the baton and retires to delaware.

stuart: traditionally, the outgoing president leaves the letter in the oval office can desk drawer for the incoming president. lauren: correct. stuart: i'd love to know what's in that letter if joe biden writes one. lauren: if he writes one. that's the letter he wrote ott nation and likely what he will say tonight. stuart: thanks very much, lauren. since 2023 the administration has allowed almost 1.a 5 million migrants to enter the country either through an app or being flown directly in. is trump going to stop that on day one? if he says he will. border guy, lieutenant chris oliveraz, will take it on. pete hegseth told the senate armed services committee donald trump chose him because he is a change agent. >> i don't have a similar biography to dependence secretary it is of the last 30 years -- defense secretaries. it is time to give someone with dust on his boots the helm, a change agent. [laughter] stuart: change agent, there you go. it was a contentious hearing.

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stuart: well, let's tell it how it is. that, ladies and gentlemen, is a rally. dow up 650 at the moment, and the nasdaq up 345. i guess it's favorable inflation numbers and a downside move for treasury yields. that's what's doing it. elsewhere the in politics, the first of trump's picks, defense secretary nominee pete hegseth, well, he was put through the wringer at his confirmation if hearing.. --

confirmation hearing. lucas tomlinson joins us. >> reporter: it got spice city at times. he's looking like a lock after republican senator joni ernst said she would vote for him and released the following statement which reads in part, quote: after four years of weakness in the white house, americans deserve a strong secretary of defense. i will support president trump's pick, i will work with pete to create the most lethal fighting force: during the 5-hour hearing yesterday hegseth faced tough questions about women serving in combat from female senators including this exchange with ernst. >> i had the privilege of serving in uniform for over 23 years. and let's make it very clear for everyone here today, as secretary of defense, will you support women continuing to have the opportunity to serve in combat roles? >> yes. women will have access to ground combat roles, combat roles, given the standards remain high. and we'll have a review to

ensure the standards have not been eroded. >> reporter: in his opening statement, hegseth said politics are playing no part in today's military. he vowed to keep standards high and and equal, not equitable. he wants leaders selected purely on their performance and merit. he also a had this impromptu statement when speaking to senator tuberville. >> we won world war ii with seven four-star generals. today we have 44 four-star generals. there's an inverse relationship between the size of staffs and victory on the battlefield. we don't need more bureaucracy at the top, we need more war fighters in power at the bottom. >> reporter: there's more confirmations here today. pam bondi, her hearing is underway to be trump's attorney general, then john ratcliffe and marco rubio at the top of the hour. stuart: thank you very much. senator roger marshall making -- joining me now. what do you make of the

treatment pete hegseth received yesterday? i was shocked senator hirono wouldn't let him speak. >> yeah. well, good morning, stu. i think that some of my colleagues across the aisle embarrassed themselves. regardless, i think america got the see what a modern-day patriot looks like. look, these nomine knees that -- nominees that president trump has nominated, they are the cavalry. we're going to see pete address cuting and morale as well as a lack of efficiency. i think he'll be the greatest salesman and recruiter hat military's ever seen, and when he brings back this meritocracy, then that's going to bring the morale back as well. we're excited to to get pete confirmed and awe cross the road there and on into the pentagon. stuart: let me turn to dealing with the california fires. do you believe there should be conditions on federal aid the for california? strings? should they be attached? >> stu, absolutely. and just remind if all your listeners that in the past when

we've given money for hurricane relief in louisiana or wherever it is, there have been strings attached. point number two, let's not forget the people in north carolina, the flood victims that still don't have homes as well. we do need strings attached, we need accountability. we need the make sure these monies, and and they're talking about $so billion, that they're -- 150 billion, that that they're in the right place. we've seen them mismanage forests and water. absolutely, we need some strings. stuart: what kind of strings? i mean, should, should president trump say, look, california, you made a mess of it last time especially with these climate rules, repeal them or you don't get any money? would you go that far? >> absolutely. again, i think need to say here's the guardrails. is it managing forests, is it more water retention, what do we need to do with the homes as well. we need a long-term solution or we're going to be right back here where we were before.

some type of buffers around those communities as well. there's lots of mismanagement, and they do need some forward rails. -- guardrails. stuart: what about tying it to the debt limit as speaker johnson wants? >> yeah. i think that's a good political decision. i think dealing with the debt limit is always a major, major challenge, and i think if we can find a way to deal with it before it actually hits home, it might help your bond market and stock market as well. so i thinks it's a great idea, it's the best solution i've seen so far. stuart: well, the stock market's doing well this morning, mr. senator, thank's -- that's a fact. see you again soon. the house doge caucus outlined goalings -- goals for cost cutting. i like the sound of that. what are the goals? lauren:ed today marks their second meeting, so they are outlining how they're going to to create a lean, efficient, transparent government that brings value to taxpayers. they highlight eight different goals which are more like

mission statements, but they do include putting federal offices and federal most on notices and putting regulations not authorized by congress on the chopping block without giving specifics. look, there is bipartisan buy-in for what doge is doing. three democrats atentedded their first -- attended their first meeting. today the second house meeting, we'll see. maybe more democrats show up. stuart: well -- lauren: there's a new sheriff in town in a few days. stuart: yeah, you're right. let's see who attends today. thanks, lauren. check futures, please. this is a rally, and a solid rally at that. 650 up for the dow, 330 up for the nasdaq. we'll take you to wall street for the opening bell next. ♪ ♪

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so the next time there's a power outage, your home powers up. power your life with generac. call or go online to request your free quote today. stuart: just to the make sure you know there's a rally on wall street, it's in progress right now. favorable inflation numbers, i guess the investors think they're favorable. we're up 650 on the dow, 330 on

the nasdaq, and the s&p is up nearly 1.5% with an 83-point gain. come on in, eddie ghabour, joining me now. all right, look, we have very strong -- we've got a rally. lots of good news. good inflation numbers. trump takes office in five days. bank earnings, strong. have i got it -- have i missed anything out? >> you have not. and the most important thing this morning, to me, is the reaction in the bond market. last week i shared with you and the view viewers that we would like to have seen the 10-year get under 4.7% because that is really bullish, and that's what the reaction is right now. right now this is a very bullish sign. however, i don't want the spike the football because the bottom line is core inflation and inflation is still 50% higher than the fed's target. and we think by the time we get to the second quarter, we're going to see inflation continue to reaccelerate. so the battle with inflation is not over yet, and there's going to be a lot of zigging and zagging in this market this year. stuart: but that's an

extraordinary drop in the 10-year treasury yield. yesterday at this time we went on the air saying the 10-year's at 4.80. now you're all the way down to 4.66. is that just because of mildly favorable inflation numbers? >> it's that and then the manufacturing numbers that that came out today were really weak as well too, and and that's also contributing to the 10-year bond coming down. but mainly this core inflation. people are really worried about the acceleration being too fast and getting that 10-year to 5%, and now we're getting a cooling off. but again, i think you're going to be range-bound in this 10-year, and i do expect it to get over 5% sometime in the first half of this year. stuart: i read your stuff, and you say that buy and hold doesn't work anymore. hold on a second, eddie. i've done that my entire life, buy and hold. i've not always done well with it, but mostly i have. what's wrong with buy and hold now? >> there's nothing wrong with buy and hold, stuart, but we

still take on new clients each month, and the number one thing they share with us in this new market environment of volatility is they want an actively-managed strategy. and that means when things are bullish in whatever asset class it is, stocks or bonds, you buy. but when they turn bearish, don't just say ride it out, it will come back. pivot and go in other areas that the trends are stronger. and i think 2025 the is going to be a moment in time where investors are going to need to really derisk because there's going to be some asset classes that take a big hit because there has to be the tough decisions made by the administration to to get our balance sheet back to where it is. and that's going to be very negative short term for risk assetsment so why would i tell someone to to ride it all the way down if i see danger? if we're going the sell. if we see trends up, we're going to buy. and that goes for fixed income as well too. stuart: okay. if i had some spare cash on hand and i go with down to my broker's office this lunchtime, what should i buy?

>> so right now i wouldn't buy anything at the open because i want to see how strong the market is. but, to of course, depending on your asset allocation, fixed income, there's some great yields. some of our yields are between 7-8% on the fixed income side which is very attractive the for our clients. but we're still bullish. we've still bought tech on dips. we did raise a little bit of cash last week as certain trends broke down, so we're going to wait and see, watch how things go, and then we'll go back into those names we sold last week. right now i think you have a lot of opportunity in fixed income. but this market is still very narrow, and there's been lots of damage in other asset classes that we have stayed the heck away from. stuart: okay. eddie ghabour, thanks for joining us on an important day. thanks, eddie. i want to the bring lauren back in, new economic data, is this the new york fed manufacturing index? if. lauren: yeah. new york area manufacturers. this number was at 31, positive

in november, and it went down to -12 in december. so a huge decline, and it flipped back into contraction territory. so it's the regional, but that is a warning sign, and it was very unexpected. stuart: that's another reason why the yield on the 10-year treasury has dropped all the way down to to 4.65. that is a huge drop. if you know anything about bonds, 14 bays sis point -- basis point drop is a big, big move. thanks, lauren. we're getting ready for the opening bell. it's going to ring any moment now and then they're going to press button. can't wait for this thing to get going. [laughter] this is, at least in the very early going, this is going to be exciting. if you own any stock, watch this program and find out how you're doing. you should be doing well. right. it's open, and the dow has kicked off with a gain of 1.5%, 682 points and rising. at some point we'll get all of the dow 30 opened up, and we can see what's going on. meantime, let's have a look at the s&p 500. that shows a gain in the very

early going, 1.3%. how about the nasdaq composite, please? that shows a gain of 1.6%. if across the board, dow, s&p, nasdaq you're looking at gains of.5% -- 1.5 or better. big tech on your screen now, they're all up. meta up 3%. amazon, 2.2%. alphabet's up. apple is up and microsoft, a gain of just .8%, but it's up $3. bank earnings, a lot of them coming out this morning kicking off the season. morning, taylor. let's start with jpmorgan. >> yeah. i mean, biggest fourth quarter or ever driven by trading thanks to sort of the volatile markets around trump election. jpmorgan traders took advantage of it. trading revenue was up 221% year-over-year are -- 2 1%. fixed income, your favorite, was the star. stuart: not my favorite, but it was the star. [laughter] goldman sachs. >> equity traders had their best year on record, also driven by investment banking and asset

management. stuart: citigroup. >> an interesting story. now, they launched a $20 billion share buy back, but they measured one -- lowered one measure of profitability, lowered it to from previous guidance from 11-12. really confirms maybe some fears analysts have that you can't keep expenses really low when you're in the middle of a massive turn-around plan, but still the buyback helping. stuart: it sure did. blackrock. >> pulling in $640 billion in cash. both active and passive funds. they are just ballooning. they pulled in $4000 billion in etfs -- 400 billion, 226 billion in equity funds and 164 billion in fixed income. total assets, a whopping $11.6 trillion. stuart: trillion with a t. wells fargo. >> also a story the about cost cutting today, and analysts like it. you're up 5%.

head count has gone from 270,000 five years ago to 217,000. so they took a severance charge, but again, people like that they're trying to sort of get back, reare deucing head count and sort of refocusing on their core business. stuart: you know, banks have gotten us off to a good start for earnings season. >> i know. stuart: next one is microsoft. they're pausing new hiring. why? >> they are. in their consulting business. this is cost cutting. this is a pullback. this actually isn't new. we heard last week he were going to plan on laying off some employees. meta yesterday said they were going to cut bottom 5% of employees. brown forminnesota, the maker of jack daniel's, is cutting 12% of their work force. southwest southwest airlines is pulling back on internships, so is there's something happening within the job and market. we're following it. stuart: certainly is. what is microsoft saying about quantum computing? >> that, you'll like this one. they've announced their new quantum ready program. they say it's here for business. we are at the advent of the

reliable quantum computing. it is here. take a look at quantum stocks. you're up 26% in some cases. and this is a good turn-around because remember the ceo of nvidia, jensen huang, had said they were 15 years away from a reliable, useful can what tunnel computer. this seem -- quantum computedder. this seems to confirm from microsoft that we're closer than that. stuart: tesla up $13. they're pausing manufacturing of their model y in china? is that enough the give them a 3, 3.5% gain? >> you know, it isn't really bad news. they're pausing manufacturing so they can redo the plant to make it more efficient. they do this periodically. when you yet a new model and you want the make the line more efficient, it shouldn't hurt them materially. stuart: okay. let's have a look at bitcoin. i'm wondering if it's hit $101 100,000 -- 100,000 again. 99 and change. it's following the stock market, isn't it? >> it is.

remember, the record was $108,000. all of this, i have no fundamental news for you, stu. this is speculation are. people think day one trump's going to come in and maybe do a big techstive order on pro-crypto policies, but we don't have any details. stuart: how about sofi? the stock is up nicely; 6%. did somebody say i've got a big price target -- >> yeah. william blair. they came out, they initiated coverage with an outperform. citigroup separately hiked it up up to 18 from 12.50 a share. william blair said these old school, traditional blanks -- banks are just not keeping up with consumers. young consumers want the fast, super interesting technology. sofi, affirm are the ones that are going to do it. stuart: these youngsters, messing around with the market. [laughter] all right. here's an important number. the yield on the 10-year treasury, it's going down. you're now down to4.66. that is a huge move. how about the price of gold? when the markets rally and

bitcoin's rallying, gold is up $23 an hundreds, $27000 per ounce -- 2700. bitcoin, 98,900. the price of oil, $78 a barrel. it's going up. nat gas, i presume that also concern -- yes, going up. it's the about $ 4, whatevers, per million british thermal units, i think, is the measurement. the average price for a regular gone of -- gone of gasoline at $3.08. california, regular there costs $4.39. coming up, president biden will deliver his final prime time address from the oval office tonight. bill hemmer's going to the examine the legacy he's leaving behind. congressman anty ogg -- can andy toking tokings will be -- andy ogles will be here in the 11:00 hour. five days til trump's sworn in. the world can feel him coming, and he's ready the hit the ground running.

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stuart: we like the point out that there's a rally in progress and the dow, the s&p 500 and the nasdaq, they are now back in positive territory for the year. dow's up 600 points. as for the 10-year treasury yield, that's having its biggest decline, the biggest drop since november the 25th. it's down 13 basis points, 4.66, is your yield there. brett baer is coming on screen for us now. bret, trump's made a lot of promises for his first hundred days. what do you expect on day one? >> hey, stuart, good morning. i think i was on your show last week and said i'm hearing trump world is ready for shock and yaw

on day one in the first hours of being in the oval office, and now we're starting the get some granularity to that. it will be north of 150 executive orders signed in the first hours the oval office. finish now, what that covers will run the gamut from immigration to to riegelations -- regulations, to rollback of some of the green executive orders sign toed in the first hours of the biden administration. but it is an undoing of the biden executive orders and even some more on different topics. so as we get more and more of what that covers, obviously we'll reveal that. but it's going to be a flurry of executive orders that change the way this country operates. stuart: i think what your saying pave some influence on the market -- may have some influence on the markets whether you like it or not. because the idea of having 150 executive orders, changing policy on a mass scale like that, wall street likes it. and i think that's a factor in

today's rally. but relate me move on. -- let me move on. the president gives his farewell address, 8:00 eastern tonight. what do you think we'll hear from the president tonight? >> listen, stuart, i think he's going to try to defend his administration and what was done, a laundry list of things including the infrastructure bill which was a bipartisan effort, and there are things that president biden can take credit for. but he will gloss over some of the biggest problems and, obviously, the country has decided to turn the page with that election. it was very significant. kamala harris was running on separating herself from joe biden but also trying to take credit for all of the things the administration did. i think it will be interesting to kind of watch him walk through the garden of different things that this administration did without talking about the negatives. stuart: i honestly feel a little sad to see this president go out

like this. there's no joy in reporting his decline and leaving office something under a cloud. but, again, let me move on, bret. the senate confirmation hearing for trump's energy secretary nominee, chris wright, that's going to begin at 10:00 this morning. he's previously said there are some positives to climate change. that sounds to me like a setup for a very contentious hearing. the democrats are going to go after him. >> they will. and, you know, i do think, stuart, that there is this mindset up on capitol hill now that all of these nominees have the necessary votes. it appears that republicans are sticking together in line, even on the controversial ones. pete hegseth yesterday, today you have pam bondi, john ratcliffe, cia. as you mentioned, can chris wright at energy. there'll be some tough questions, but there will also be, i think, from democrats an effort to try to find issues that they can work with the

incoming secretary of whatever agency because they realize that the votes are there pretty much if for all of these nominees. we'll see if if you will city gabbard fits that -- tulsi gabbard. i think all of them have enough votes to get through. stuart: but the climate guys would be abandoned if any democrat goes for chris wright and drill, baby, drill. that really is the abandonment by democrats, some democrats, of the climate program. >> yeah. i think they're going to to, especially democrats in red states that trump won, i think the message was we need to to increase our energy output and the effort to take the yolk off -- yoke off of these companies. that's what's coming through, and some democrats are going to get that. stuart: i want to talk to you about golf. [laughter] i know you're a golf guy. tiger woods and rory mcilroy have launched their own league. it's a team golf played on a

simulator. looks like a video game to me pbret. >> it's really interesting. i watched it last night for the first time. anytime you see tiger may, it's a thrill. this is a way he can continue playing. it's a team event. his team last night with max homa and kevin keyser in, they got walloped by the the l.a. team. believe it or not, and it'stch, interactive, and they were actually putting on real greens and have real bunkers, and it's in front of a crowd in west palm beach. so it's really interesting, and i'll see if it's a success. so far the ratings have shown positives. stuart: is it a commercial operation? are today trying to the make some money here? >> oh, yeah. espn airs it. genesis sponsors it. there's all kinds of differe team ownership opportunities. it's interesting. it's almost like a liv model -- stuart: yeah, that's it. has it got anything to do with ligolf from saudi arabia and the pga? >> whale, i think it might be --

well, i think it might be an effort to tap into that younger audience that may see that as exciting. i would expect eventually there will be liv players that go into tgl. right now i don't think there are. stuart: i've got to get up to speed with these youngsters -- >> anytime. [laughter] stuart: thanks for joining us. we'll be watching "special report" 6:00 eastern and, of course, your special coverage of biden's farewell address, 8 p.m. eastern tonight. thanks very much, bret. president biden ordered capitol staff to remain at half -- flags to to remain at half staff through january. trump had a problem with that. lauren: yeah. he wants them not lowered while he's being sworn n. he says it's inauguration day. it's a day to celebrate our new administration. so then on tuesday, the following day, the flags can return the half staff, of course, to honor president jimmy carter. and they will remain there through january 28th.

so for the one day -- stuart: that's a perfectly reasonable compromise, i would think. israel appears closer than ever to to getting a hostage deal done, and it's because trump is showing real strength. that is my take, and it's coming up at the top of the hour. donald trump says he's going to to create an external revenue service. it's going to collect the money from trump's tariffs. edward lawrence explains how it works next. ♪ -- put your mind at ease. ♪ a little less conversation, a little more action. ♪ all this aggravation ain't satisfaction in me ♪ [city noise] investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? (♪) or, let curiosity light the way. at t. rowe price, we're asking smart questions about opportunities like clean water.

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♪ stuart: president-elect trump announced he will create an external revenue service to collect tariffs, the money, from foreign nations. edward lawrence is live with us at the white housement how's this going to work, edward? >> reporter: yeah, it's going to be on goods coming in. everybody knows the internal revenue service. the external revenue service will collect tariffs, money, from other countries as they do business with the u.s. under the next trump administration. president-elect trump on truth social says that the u.s., quote, will begin charging those

that make money off us with trade, and they will start paying finally their fair share. the new agency would oversee tariff collection like possibly 25 president tariffs on mexico and canada. the president-elect wants 60-100% tariffs on chinese goods, also 100% tariffs on brics countries including brazil, india and others. he vowed to impose a 10% across the board tariff on goods coming into the u.s. which some say won't have a big effect. listen to this. >> right now the american consumer is hurting from the price of eggs and milk and household staples. those are not the goods that are going to be impacted by tariffs, you know? if certain imports from if around the world, we have to looked at really what is being tariffed and what prices are going to be affected. >> reporter: so this as president biden plans to take credit for his tough on china policies in his farewell address. he will say he added targeted a tariffs that stood up to the

communist party. but his top economic advise exercise still criticize president-elect trump for his use of tariffs. >> we still believe in very robust trade flows so, obviously, part of my if advice would be not to do sweep swing tariffs. certainly, small tariffs, you know, targeted tariffs that protect against unfair dumping, sure. >> reporter: sill, the tariff policy -- still, the tariff policy under the first trump administration did not produce if inflation, if you remember, stu. stuart: edward, thank you very much. gotta get back to that rally. look at this, ladies and gentlemen. the dow industrial average is now up 646 points. moments ago it was the up over 700. there's an awful lot of buying going on this morning. take a look at this, this is the dow winners. these are dow stocks which are big winners today. just look at 'em. goldman sachs, the bank, up nearly $30 a share, that's 5%. home depot, 3%. american express, microsoft is up 2.25%.

amazon a gain of just over 2% there. the s&p 500, these are the winners -- [laughter] they're big winners. edison international. bank of new york. p if g and e corporation. -- pg and e corporation. builders first resources, etc., etc. they're all up 5% or better. maas nasdaq dinners -- nasdaq winners, costar, tesla up 4%, that's $16. constellation energy up another 3%. here's a big reason why the market's up so much, a huge decline in the yield on the 104-year treasury. -- 10-year treasury. that's pushed the price up and the yield down, and we've got a yield now at 4.666% on the 10-year treasury. the price of gold, that's going up along with just about a everything else in this rally. you're now hooking at $2, 700 per ounce. and bitcoin, well, has it hit $100,000? not quite. 99,2 is the latest quote.

price of oil, that's up as well, $78 per barrel. nat gas, that's up over $4. the average price for a gallon of regular up just one cent overnight at $3.008. look at car, $4.39 per gallon. it's a rally, sports fans. still ahead, liz peek on biden leaving the left in ruins. border czar tom homan wants to create a tip line to report illegals. border guy chris oliveraz coming up on that. pennsylvania congressman dan meuser on trump's plan to make the u.s. energy dominant again. and bill hemmer responds to the laiders of "the view" who say you can't love america and support donald trump. oh, really? the 10:00 hour is next. ♪ if. ♪ if. ♪ ♪

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