a big big island... you ever heard of a waterfall counter?... for everyone who talks about doing that thing, and, over there. but never does that thing... a sweet little breakfast nook. chase has financial guidance. let's see how you can start saving to make this happen. —really? —really? really. at home or in-person. you could also check out a chase money skills workshop. that's guidance from chase. make more of what's yours. ♪ did you steal my money ♪ stuart: oh, yes. yeah, what a voice that guy had. does he still have his voice? >> it takes about two hours to warm up i think. my dad saw him maybe within the last decade. he said took about an hour and a half to warm up on stage singing and he really hit his stride and the show was amazing. stuart: he's almost my age. lauren: i'd lose my voice after two hours. stuart: well you're on with me for three hours. don't lose your voice, girl. good morning, everyone it's 10:00 eastern. to the money, please.

we'll start with the markets and we are heading south. the dow industrials down 338 points, the nasdaq composite is down 217 points we'll dig into that about what exactly is going on with that. the 10 year treasury the yield down to exactly 4.5%. the price of oil about 72.60 not much change. bitcoin, that was at 96,000 earlier and it's 96, 900 right now. all right that's a look at the markets and now this. here comes the diluge. elon musk has access to government data. the doge guys are digging in and the examples of wasteful spending are spilling right out. just in the last 24 hours, musk has revealed some very dubious spending. at the education department during the pandemic, 393,000 to rent out a baseball stadium. 80,000 for vegas hotel rooms. 60,000 for swimming pool passes?

also, at the education department, $226 million worth of dei grants. they have been terminated. at the irs, $1.9 billion worth of contracts rescinded. taxpayer-funded benefits for illegal migrants all of them, terminated. all of that in the last 24 hours. the revelations are coming thick and fast, but we have to point out that is not just democrat sacred cows that are taking hits. trump is an equal opportunity wasteful spending slasher. he's told secretary pete hegseth to cut 8% from the defense budget in each of the next five years. isn't the military a republican sacred cow? 400 workers at the federal aviation administration have been laid off. that's raised the anxiety level for travelers. 20% of the staff at the 9/11 health program cut or bought out. that could hurt people on both sides of the aisle. going into the doge era it was widely assumed it was just

the accesses of the biden administration that will be exposed and ended. not so. trump and musk are exposing and ending waste and fraud throughout the government, and that's the way it has to be. this is not conservatives purging liberals. it is trump and musk purging the entire burr bureaucracy. no one is more offended than the politician, democrat or republican, who loses a pet project, or who has to face voters after the loss of what the voter thinks is a vital service. difficult, yes, but necessary. painful, yes, but its got to be done. as musk explained to hannity, "if the debt is not brought under control, america will go bankrupt." the second hour of "varney" just getting started. all right here we go. brian brenberg joins us. as i said there, the cuts may be

painful but i think they are absolutely necessary. what say you? brian: i agree with that and the nice thing about musk and president trump is at the end of the day they don't really care who they offend. they know their client is the american taxpayer. that's who they're working for , and you've got to give them credit for that because most of the smart guys who know we're wasting money don't have the guts to go through with it because they want to be popular with the elites in d.c., or they want to signal their virtue. these guys don't care about any of that. their one purpose is to get this budget in order. can i say something about the dod budget by the way? stuart: please. brian: i love this. yes it's a huge cut to the department of defense, and that, i want the most lethal prepared military in the world, but here is why it doesn't bother me so much. the guy running the dod knows the mission of the dod. he knows what needs to be done, and he knows all of the stuff that doesn't need to be done and that's where his 8% comes from, stu. i like that.

stuart: all right in part two, i'm sure you've seen this of the exclusive interview with shawn hannity, trump explained why he chose elon musk to run doge. watch this. >> it was important for people to understand. he's doing a big job. he's doing a very thankles job. but he's helping us to save our country. our country was in serious trouble and i had to get the best guy, somebody with credibility, because if he would just a regular, very good solid businessman, he wouldn't have the credibility. he's got the best credibility for this , and people also know he's an honest guy. he's an honest guy. he's just a very very smart guy, whose do done amazing things and this is the biggest thing he's ever done. stuart: that's for sure. i can't think of anyone else who could get this done. brian: i can't either but look. let me say this. tons of credit to president trump. he turned loose a bull in a china shop and there are going

to be costs that the president has to bear as we talked about, going to make a lot of people angry but president trump has enough confidence in his own standing and mandate that he can say to elon musk, you do what you need to do, and if there's a political price to pay, trump says he will pay it. it's courage and smarts. it's caring and competence. that's what these guys talk about. they make a lot of people mad. they are going to make millions more happy. maybe the voiceless millions but they are out there and working for them. stuart: talk to me about new york city. president trump wants to kill this congestion pricing, which we're drivers who get into central manhattan are going to pay a fee everyday, for example, -- brian: got one sitting here. stuart: trump is killing it and he wants it to die. i think he's trying to improve his standing, political standing, in this city, which is very much democrat leaning. and he might just get there. brian: sure. apparently it's the federal highway administration that says we're not going to prove

this anymore. go away congestion pricing. look if you have a lot of money but not much time you don't care about congestion pricing, you'll pay the money, come in and the streets are empty but if you're somebody whose a little tight in the budget, this is really tough for you and what it feels like is a city that views its taxpayers and citizens like a pin yacht a and when they are running out of money they take a wack at the pinata, more of your money calls out and they make up the shortfall from the migrant hotels and trump says stop treating the people who make your city work like they are just candy in a pinata. start treating them like they matter and get your own budget in order. how about a doge for new york instead of a tax increase in new york? stuart: wouldn't that be something? ruffle some feathers. brian: i get elon musk would take it on too. he's that kind of guy. lauren: the people coming into the city are paying huge tolls. how much is the bridge now? stuart: i pay $16 every morning. lauren: and $9 to come to work.

stuart: it be $25. lauren: no matter how much money you have it's insane, and then park your car. stuart: i can see you're upset about this one. brian: no fara fans on this se. stuart: we'll watch you on big money show at 12 noon on fox business. thank you, brian. lauren, tell me more about the sweeping budget cuts at the pentagon. lauren: and they are sweeping 8% a year, each year, for five years. remember the pentagon has a roughly $850 billion annual budget. defense secretary pete hegseth says 17 categories will be exempt from the hundreds of billions of dollars of cuts. exemptions include nuclear weapons, military operations at the southern border, and he ordered senior military leaders come up with a plan, give me your proposal, by monday. where should we make these cuts? in a memo released last night this is what the pentagon says. we must act urgently to revive the warrior, rebuild our military and reestablish deterrence and the department of defense is conducting this review to ensure we're

making the best use of taxpayer dollars. and that delivers on president trump's defense priorities officially and effectively. stuart: comes as a shock though doesn't it when you hear 8% in each of the next five years. lauren: when defense is a major priority for many republicans. and democrats. stuart: thank you, lauren. check the markets again, please. this is a sell-off. not huge, but the dow is off almost 1% and the nasdaq is down better than 1%. we need somebody whose following the market closely. that be gary kaltbaum. i hate to ask you, but gary, can you give me an explanation for this decline that started about a half hour ago? >> i think that i'm going to give it a little bit, believe it or not, the other side of doge and that is a lot of companies that live off the government and government spending are getting hit and getting hit hard. i think that's a little bit of a combination, plus we've had good months over the past, so it's normal to correct a little bit, but today, no doubt. somewhat of a harsh day.

stuart: what would it take to get a real breakout, to the upside if that's possible? what would break us out on the upside? >> well the big industry it sees were right there coming into today, the dow about 1%, the small and mid-caps haven't done anything, so really all it would take is a couple of good days, interest rates coming down, some more good earnings reports, but i will say this again. we're due to have some corrective work in the market. take the smiles off the faces of people, and that usually sets the stage for higher prices going forward but today, again, pretty much a harsh day today. much more than i would have thought was coming in. stuart: a news conference between zelenskyy and trump has in been canceled at america's request i'm hearing about this now. could that have anything to do with the market slide? >> not so sure, and look. that is such a moving target right now, as far as what the war is concerned.

i think there's a lot more things going on and you know, with doge, everybody has to remember the spending of this government has quadrupled since the year 2000 and it's up over 60% in the last five years, so there's plenty that they are going to find and they will find plenty of corruption and if we could knock that out and really get back to decent, no budget deficits, and not having to raise $2 trillion this year in bonds, interest rates can come down and that could be a welcoming effect for the market also so there's a lot of moving parts right now in the marketplace. just keep in mind, america is still in pretty good shape. corporate america is in good shape, but corrections do happen. stuart: got it, garlinghouse on it.gary kaltbaum always apprecie it. lauren is looking at the movers and start with lam research. lauren: they supply the tools to make the chips at least six brokerages are increasing their price target, susquehanna

upgrades them going to $125 and that's a 43% upside from here, they see a major memory chip upgrade opportunity coming. stuart: nxb. lauren: citi goes to a buy, they see a recovery imminent in the analog market for consumers think a.i. devices this does not include auto. as the market falls they are giving up their gains that stock was up 2%. stuart: now it's up .19%. birkenstock, favorite company, down 5%. lauren: the sandals, they maintain, they don't increase, their full year revenue and margin forecast. they are a german company, meaning all of their manufacturing is outside of the united states. the ceo, despite great holiday sales, is flagging uncertainty over reciprocal tariffs. stuart: you don't wear birkenstocks on a farm. remember that, please. still ahead, shock to the senate. trump has endorsed the house republicans budget proposal

which includes a tax cut extension. that's why it supports the house version. we'll get into that one. we're going to get into the whole controversy a little later and the department of homeland security is serious about i.c.e. raid leaks. they will now use lie detectors to identify whomsoever is releasing the secret information. plus, a contentious confirmation vote for fbi director nominee kash patel happening today. does he have the support? we'll ask senator mike rounds. he's next. ♪ pronamel clinical enamel strength can help us to keep our enamel for a lifetime. it's backed by science it is clinically proven to strengthen our teeth. i would recommend this toothpaste to everybody. it's really an amazing product.

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stuart: you're still covered in red ink on wall street, dow is off nearly 400 points the nasdaq is down 161. i'll point out that goldman sachs, american express, jpmorgan, they are all dow stocks and all down sharply. there's something going on with the banks this morning, the big ones are down 2%. together those three stocks are taking about 200 points off the dow industrials, so concentrated losses there in the banks. president trump came out in support of the house budget plan. the house plan includes extending his tax cuts. the senate bill does not. hillary vaughn on capitol hill. hillary? why is the senate moving forward if trump says he wants the house bill? reporter: stuart, it's about having a backup plan. the senate is not defying president trump's wishes. instead they just want to make sure that he has options. senator lindsey graham who engineered the senate package that addresses border security, national defense and energy, but

leaves out the tax cuts. that's something that graham says he wants to address in a solo package. >> the tax provisions and the house proposal do not meet the test of what president trump wants and i think would have a hard time in the senate but nobody is pulling for the house more than i am because they can pass one big beautiful bill that meets the priorities that makes things so much easier. if they can't, then we need to move forward. reporter: president trump detailed more of his tax cut wishes yesterday. he doesn't just want to extend his 2017 tax cuts that are set to expire at the end of the year. he wants to do more, including lowering the corporate tax rate from 21% to 15%, but that's only a perk for companies, he says, with made in the usa products. he also wants a 100% tax write-off for new factories built here and other company investments. he also wants to cut taxes on oil & gas to trigger an energy revolution. >> i'll be working with

the republican congress to pass the largest tax cuts in american history. we have to extend the trump tax cuts which were until now, the largest. we're going to dramatically cut taxes for families and for workers and for companies including no tax on tips and hopefully no tax on social security and no tax on overtime. reporter: and president trump is not annoyed at what the senate is doing. instead this morning he posted on truth social praising senate majority leader john thune which is the house and senate are not two trains on a collision course. instead two trains moving in the same direction, hoping to arrive at the same destination and there's a chance that the two bills could merge. stuart? stuart: got it, hillary vaughn thanks very much indeed. come on in senator mike rounds republican from south dakota. mr. senator? there's no tax cut extension in the senate bill, but americans want fast action. the markets want those tax cuts. why the delay? >> not so much a delay but

simply recognizing it takes longer to get the details put together we plan on doing both. we hope that the big beautiful bill at the house is promising can come through, but we also want to back up plan. we're moving in parallel with them and taking the parts that we know the president really wanted to get upfront which was protection on the border, the dollars that they need in order to continue on the defense of the border along with being able to maintain and to hold those individuals that they bring out of the country, so we want to get that done as quickly as possible. it's part of the bigger package. we also know that we have to absolutely have a continuation of the existing tax cuts that are going to expire. otherwise, americans are going to see about a 20% increase but when we do that we want to do it correctly and if we can add additional tax cuts we want to be able to do that. we're all working in the same direction. we're part of the same team. vice president vance was in our dinner meeting yesterday and did a great job explaining they understand that we're working in parallel, and that we need to move forward and we are.

we'll continue on with our budget discussions and a vote beginning this evening and it'll go all night long probably. stuart: a vote-a-rama on budget decisions in the senate tonight? >> that's correct. we'll start i think about 3:00 or so, and continue on and this is part of a process we look at and we continue to accept amendments to this proposal until everybody is tired and if it takes until 3:00 in the morning, we keep on going and if takes until 7:00 tomorrow evening we continue going until everybody is exhausted and all ideas are put out there and when all said and done we'll pass the budget, i believe as proposed by senator graham and his team and once that's completed, that sets the stage so that we can actually begin the real process of going committee-by-committee and finding the additional revenues and talking about where the cuts are going to come from. stuart: would i be right in saying that the tax cuts, the extension of the tax cuts and the new tax cuts are not going to see them until

the summer? would that be pretty accurate? >> i think that's pretty reasonable. simply because as we've talked now foreclose to six months. it's technically we want to do it right. we want to make sure that we get , we dot our i's and cross our t's more the american people and for business, we know that we've got to get these correct and so we want to protect the tax reductions that were already in place, because they are going to expire, and this is going to be the easy part of it. the real challenge will be how do you continue to talk about having a deficit while still talking about some additional tax reductions that we know are very very popular out there. so this is the challenge we've got. we've got to do a lot of it. doge is doing their part and i thought over $55 billion in savings right now and working on more, but once again it's a coordinated effort on our part. we'll do it correctly but we're moving in the right direction. we're not fighting with the house. we're competing with the house, both of us trying to get to the end as quickly as possible.

stuart: senator mike rounds thanks very much for joining us it's a complex situation, but we get through this. we're going to get that tax cut. >> we will. stuart: we'll see you again later. all right, coming up, remember when the deadly l.a. fires broke out and mayor karen bass was in africa? she says, don't blame her. >> didn't reach that level, to me, to say something terrible could happen, and maybe you shouldn't have gone on the trip, but to me, i don't know. i think that's one of the things we need to look at. stuart: bottom line she says nobody warned her. we'll bring you her full bizarre excuse. an estimated $451 billion spent on in legal immigrants under biden but now, trump is taking action. we'll bring you his plan after this.

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some of the tech stocks not doing well. especially those affected by an 8% cut in the defense department spending. nasdaq down 144. its come back a bit and now down three-quarters of 1%. there are movers i'll start with boeing. it is down, but at 183. lauren: a dow stock and defense stock and the president says i'm not happy with boeing. you're three-years behind on delivering two new presidential jets. he's considering buying used boeing aircraft instead so he wouldn't do airbus, but a used boeing aircraft from overseas? he says he's considering it because they are so behind on this contract. stuart: shake shack. lauren: same-store sales grew strong 4.3% last quarter despite bad weather, keeping customers at home, high prices, still look at this. an 11% gain for the stock today, and shake shack, when you go in nearly everybody, they go to those big screen kiosks, and when you place your own order, you usually spend more money, because it tries to upsell you

on do you want the extra bacon, or this , upsize? and you spend more money. stuart: that's how it's done. shake shack up 11%. unity software. lauren: well, look at this. 21% gain. they make video game software. their revenue fell and it fell by 25%, but that was better-than-expected. and they said that their free cash flow is strong. a big winner. stuart: 25% is not as bad as expected so the stock goes up 21%. lauren: wall street reasoning. stuart: president trump signed an executive order ending all federal taxpayer funded benefits for illegal migrants. griff jenkins is with us this morning. griff how much have we spent on migrants under the biden administration? reporter: oh, billions and billions, good morning, stu, and look, this executive order is music to border official's ears because they have been saying for years that free stuff, like federally-funded benefits, are a major pull factor, for illegal immigration. now, this order is directing every department and agency to

root out and cutoff any program providing benefits to illegal migrants. let me show you what they're targeting. the congressional budget office estimates over the next 10 year the current cost to taxpayers would include nearly 60 billion for obamacare, 40 billion for tax credits, 40 billion for medicaid, 15 billion for food stamps, the list goes on and on, and the federation for american immigration reform calculates, stu, that taxpayers are already spending over 180 billion annually to house, clothes, feed, transport and support illegal immigrants. the manhattan institute estimates every new illegal immigrant is costing $130,000. now, this order also seeks to cutoff any funds to sanctuary cities and states and it mandates improvements in welfare eligibility verification. this one is important, stu. if you remember, in 1996, when clinton signed a law to end welfare abuse as it was known, it barred illegal immigrants are receiving a wide range of

benefits but under the biden administration, when they got paroled into the u.s., they then become qualified and thus eligible for various benefits. that will likely now end and it also comes on the heels of the administration just designating latin american cartels including tren de aragua and ms-13 as foreign terrorist organizations that crackdown continues. stu? stuart: wow that is draconian action, if ever i heard it on immigration. it really is. griff jenkins, great story. thanks for being with us, sir appreciate it. bring in former acting dhs secretary chad wolf. chad? we're not going to get any of the money back but we're not going to allow any more money to be spent on migrants in any way, shape, or form. that's draconian. >> well i think it's important, and it's what the american people wanted when they elected president trump and, you know, has been very clear he's going to prioritize the interest of american citizens first when it comes to taxpayer dollars, and so all of the money that we've

sent over the last four years to the ngo's or you're providing and public benefits, it's going to come to an end because these are individuals that have crossed the border illegally in many many cases, and they've had enough of it and so these executive orders with the ones really from week one and day one are sending a strong message that it's not going to be business as usual as it has been for the past four years, when it comes to illegal aliens into the united states. stuart: there's an awful lot of people, literally millions of people, who are not going to get what they are used to getting from our government. i can see a lot of pushback to that, and at the same time, is it the end of the sanctuary movement? >> well it certainly could be and it frankly should be, but look, this is about transparency and accountability and that's what the american people wanted to see from president trump and he's delivering on that almost

every day across many many issues and this is the issue today that he's delivering on, which is the american people want to understand where their money is going, and if it going to support house, transport and provide benefits to illegal aliens in the country, they've said no. we're not on board with that. the majority of americans say that is not what we want our taxpayer dollars spent on, and in the past, we've heard politicians talk about this , wanting to do away with it but it's president trump that's delivering through these executive orders and through actions that is really going to bring this to a stop. stuart: can this happen? what i'm asking is, can the department of homeland security say right, you're cutting off. you don't get anymore of that and it happens. there's no way around it, is there? >> well, it's more than just dhs. it's more than just homeland. it's a variety of different other agencies that provide benefits to illegal aliens, so again it's going to be a whole of government approach to this , but obviously, dhs plays a big part of that and look,

this isn't going to be easy otherwise it probably would have already been done before, so a lot of this is going to be breaking new ground, but again, this is again what the president campaigned on and it's what he's delivering and about transparency. stuart: there's been a lot of concern about leaks, when i.c.e. makes a radon illegal my grants. the leaks have gotten out and the migrants disappear. the homeland security department now says they can and they will administer polygraph tests, lie detectors to try to identify whose doing the leaks. is that necessary? >> well here is what i would tell you about these leaks. they are very very dangerous and the average american may not understand why these leaks are so detrimental because this is a law enforcement agency and when they go out to do operations, particularly i.c.e., goes out to do operations, in these sanctuary cities, they are having to go into neighborhoods. they don't know what they are coming up against and they don't know if the individual is armed

or not, and so it puts the officers at great risk and so any time you have a leak of that information or operation getting out there, you're putting law enforcement officers in danger and so it's very very important that they understand how this is occurring. they identify who these individuals are leaking and they hold them accountable in making sure they do that. it's not just a matter of leaking to the press so it gets out, but you're putting individuals and lives in danger, not just law enforcement but those in the community as well, so this is a very serious issue and look, the department and the secretary's trying to get to the heart of the matter of whoever is leaking sensitive law enforcement information needs to stop and they need to be held accountable. stuart: seven migrants from chile have been charged in connection with the nationwide spree of burglaries. they have hit high profile athletes. is migrant crime getting more sophisticated? >> i think crime in general is more sophisticated absolutely, and a lot of the migrant crime

that we see whether it's from cartels or other transnational criminal networks, these are sophisticated organizations that come into the united states and commit those criminal acts, so absolutely. we've seen it. now look, there is some petty street stuff that stealing and carjacking and things of that nature but there's high sophisticated operations as well and so the president targeting a lot of these transnational criminal organizations have designated some of them as foreign terrorist groups. this is the first salvo in really going after them and this administration has made it a priority to do so. stuart: chad wolf all happening in your world and that's a good thing. thanks for being with us. see you again soon. >> thank you. stuart: canada stepping up its fight against fentanyl by involving the banks. good morning, ashley. i guess this is a response to pressure from trump is it? ashley: it is. good morning, stu, and by the way the canadian government is responding by recruiting

banks to join a money laundering intelligence group. the aim, of course to cutoff the funds that support trafficking of the deadly fentanyl. according to the latest data though, less than 1% of the fentanyl seized by u.s. customs and border protection, actually comes across the u.s. canada boarder, but that could change, and quickly. canadian authorities just busted the country's largest-ever so-called super lab. it was in british columbia back in october and capable of producing close to 100 million doses of fentanyl, so the danger is there. canada by the way, also has appointed a new fentanyl czar who met with domestic banks this week, saying look, one of the most effective ways to attack all of the fentanyl trafficking business is to follow the money and then to cut off the proceeds for organized crime and the cartels. they are listening to president trump. stu? stuart: got it ashley thanks very much indeed. before we go further look at the

bottom right hand corner of your screen the dow is now down 500 points. still ahead, 500 points, 44, 130, better than 1% on the downside, a sell-off. still ahead one democrat trump is going to make voters miss sleepy joe. >> you will understand why it's important to maybe have somebody that isn't loud and ridiculous and maybe sleepy joe is what we wanted, because we could at least sleep at night. stuart: yes. she's serious. we have the full tape. and an affordable price tag and artificial intelligence? apple launched the new cheaper iphone 16e. we'll tell you when you could get your hands-on it, that's next. ♪ flush

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stuart: check the market we've got significant decline dow is off 500 points, nasdaq is down 160. the big losers among the dow 30 are goldman, american express, jpmorgan, walmart, and united health. that's really taking the dow down, across-the-board, across industry groups. if you then look at the nasdaq, the problem there is that the defense department is going to have 8% cuts in each of the next five years and that's hurting defense-related technology stocks, like palantir, for example. that's pushing the nasdaq down, still down .8% nowhere near as big as the loss on the dow which is 1.1% but there are wheels moving inside the wall street this morning. microsoft has just unveiled, wait for it, new meta that may be used in quantum computing. daniel newman joins me now.

i'm not going to ask you to explain this but i want you to tell us in laymans terms what's the significance of this new meta for microsoft? >> yeah, the quantum explosion over this year created a lot of excitement in the market. i think microsoft being able to deliver a more stable to help companies get to quantum more quickly. it's all about how quantum can work with traditional computing that we know and so what the team were able to announce is what they think is going to be a faster, smaller, more performance that is able to get to a scale that can start to derive value because we hear about quantum, stuart, in theory a lot. people want practical applications. they want to know if they are an investor how quantum can make them money, so microsoft is in on the game and doing some good innovation but there's a lot still needs to be qualified about these claims. stuart: it is a significant winner, on otherwise down day for literally all of technology. let's move on to apple,

unveiling their knee cheaper iphone 16e. i believe it starts at $599. the big thing here is that it has apple intelligence. is that a big new thing on this new iphone? >> yeah, there's two big things about this phone. one is a $600 entry point for apple intelligence but i've been underwhelmed with apple intelligence but apple can play the long game and continue to develop and roll out features and the other thing is the modem with a long and ongoing dispute with qualcomm. apple struggled building a modem in-house that has been problematic for the company. this is going to be a test moment and it's good to do it on a lower-end device because having the high-quality modem is really what gives us our experience when we're connecting to the internet and the world, so this is a big inflection but they need adoption and they need this lower-end product to work and improve their modem and they can be in that business. stuart: tell me about apple intelligence. what exactly does it deliver

for this iphone and why don't you think it's up to much? >> well, apple intelligence, the software isn't the same in the pro and higher end phones and that's what is neat is these people get access to these features. if you look at the adoption, apple's whole a.i. road map is a little bit underwhelming. people that are using it including myself have not necessarily found the value in it. a lot of the best capabilities of apple intelligence still depends on the partnership of open a.i. you know, we want apple to help us get through our mail, reply more quickly to calendar invites or to text messages, but right now, as you use it, and as people use it and if you read a lot of technology leaders and how they are kind of approaching it, i just think apple has not necessarily gotten out of the gate really leading in a.i. which is a bit surprising, but like i said because they have the install base and people aren't going to get rid of their iphones i also feel like they are taking time and being methodical about how they are approaching the rollout and the build of their apple

intelligence product. stuart: where do you see apple stock going to? >> well, apple will always continue to rise and i think now it'll continue just based on the install base, based on the services growth but i do struggle, stuart, to see where the innovation comes from. we're talking about microsoft launching the future of quantum. apple is rolling out a $599 iphone for the lower-end of the market with a modem. i think apple always finds a way to win, but i'm not incredibly excited about their innovation. stuart: okay. daniel newman good stuff today. thanks very much indeed we'll see you again real soon. thank you. still ahead president trump has tilted towards russia and away from europe and ukraine. that's a seismic shift. a seismic shift like this is like an earthquake shaking diplomacy around the world. however, my question is, has anybody come up with a better idea for peace? that's my take. top of the hour. more "varney" after this.

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stuart: the dow is on track for its lowest close since january 21. that is a sell-off, sports fans you're down 500 points, 1.25%.

the nasdaq is now down better than 1%. the slide continues. the vatican says pope francis is showing slight improvement. he's battling double pneumonia. the 88-year-old has been hospitalized for nearly a week. resident theologian jonathan morris joining me now. if a new pope has to be close en, is it going to be a battle between the liberal side of the church which chi associate francis with and a conservative side which is not happy with what francis is doing. >> that is a very fair assessment. i don't think a physical battle, but yes, an ideological one. it always is, a conclave always is but in this case in particular, let me just touch on the before we talk about the conclave, the situation of the pope right now. i would say his health is very serious. now, that requires reading tea leaves in a way that shouldn't be necessary, because the vatican, in 2025 should be able to give clear communication on his health, but there's been

this long tradition of saying basically, the pope is fine, until he's dead. stuart: until he's not. >> and that's not helpful. it takes away trust from the vatican. let me give you an example. he was in the hospital for over three days with serious chest pain so that's why he was brought in and they didn't do a cat scan until the fourth day in which they discovered that he has double pneumonia. why would you do that? it's either bad communication from the vatican or it's bad medicine. now, not many people travel to italy from the west for medical tourism. i've spent nights in this hospital as a patient myself. i wouldn't put the pope there. now, that's going to make italians very mad but italians are good at a lot of things. they do music, art, food but i would say if he's getting great treatment, well then the communication needs to be better. stuart: briefly, can you tell me

if there's any enthusiasm within the catholic church for a married priesthood. >> interesting pope francis gave light to that possibility and actually had people discuss it in a very official way, but his form of governance has been open up a can of worms, and then don't do anything about it. that's just the way he's talked about it. and so many things. stuart: you seem critical of the holy father. >> i love him as a human being. dedicated one of my books to him. he is i believe a very genuine, authentic human being, but as a person in charge of communicating clarity on the teachings of the church and governing, a huge institution, i don't think it's his strong suit. stuart: would you care to speculate on the nationality of the next pope? >> listen i could do that, but

then i would not be trustworthy, because i'll tell you how this works. as soon as the holy father dies, cardinals from all over the world will come together and start having conversations among themselves. they will be meeting in not dark rooms but in restaurants, in auditoriums, and saying hey, who do you know, who do you like? maybe that sounds like politics, but it's just the human factor. then all of a sudden, there's a group of 10, 12, 15 possibilities and they start voting and it comes clear whose a real possibility. it's a fascinating, very democratic, actually, way of governance. stuart: we're going to follow it closely and then we'll see the puff of white smoke above the sistine chapel i think. >> exactly right. stuart: jonathan thank you very much for being with us. we appreciate it, sir. still ahead, marc thiessen. on democrat congresswoman jasmine crockett suggesting that biden would have been better than trump because at least she could sleep at night. we'll talk to florida

congressman carlos gimenez on the possibility of doge dividend checks and tomi lahren on the mayor of los angeles blaming everyone but herself for her trip to africa as her city burned. the 11:00 hour is next. [air blower sound] ♪ okay, son. focus on what you can control. everything else is just noise. when you work with someone who knows a lot and cares even more... you're unstoppable. at truist, we believe the same is true for banking. i've got a lot going on right now. let's focus. what are your top priorities? ♪

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