our own gerri willis standing by with those details. gerri, lower interest rates supposed to help stocks, what happened? >> reporter: it didn't do it today as stocks sold off as fresh economic data stoked fears of a possible recession. let's look at the clothes, the dow down 495 points, the s&p off 75. the nasdaq off 2.3%, ouch. what was it? the ism manufacturing index, that's a barometer of factory activity in the u.s., slumping to 46 point 8% for july. that is worse than expected and a signal of economic contraction. meanwhile initial unemployment claims jumped last week to the highest level since august of 2023. now today's uncertainty pushed yields on the 10-year treasury below 4% for the first time since february. traders now see three rate cuts before year's end. and of course all eyes will be on tomorrow's jobs report. larry? larry: thanks very much, gerri willis. folks, economic storm clouds are gathering and that's the subject of tonight's riff ♪. larry: so yes fed head jay powell issued pretty clear forward guidance that the ce

powell gave forward guidance of an interest cut, gerri willis standing by. reporter: it d didn't help, stocks selling identify fresh economic data spoked fears of a possible resolution, look at -- recession. taking a look at the numbers. ouch, what was it? the ismrv sm manufacturing index to 46. 8% in july, worse than expected. and signal of economic contraction. initial unemployment claims jumped last week to highest level since august of 2023. today's uncertainty pushed yields on 10-year treasury below 4% for the first time since february. traders now see three rate cuts before year's end. and all eyes will be on tomorrow's jobs report. larry. larry: all right. thank you very much gerri willis. >> folks, economic storm clouds are gathering, that is the sfn subject of the riff. >> so, yesterday fed head j. powell issued forward guidance that central bank will start cutting policy rate in september and additional rate cuts might occur in november and then december. wall street has been whining and panting for the cuts for about two years. what does stock mar

he is standing by it but first let's go to gerri willis from fox business. she is in yonkers, new york. about the idea of praise gauging going on there. >> it's not going over very vague paired vice president kamala harris, her big idea for cutting grocery store prices, price controls. but i have to tell you the grocery industry is pushing b back. listen. >> we have had to compete with all of these big chains and we have done that through having great prices and offering customers a good value. i don't think the government can offer value to the customers better than the free market can. >> the grocery industry operates on a razor-thin margins at 1.2%, 1.5%, 2%. very narrow margins. it's a competitive industry and fragmented. let me put it this way. if stu leonard were to overprice this banana, some other grocery store would come in and undercut his price and take his business. he is also facing higher prices from suppliers like farmers and ranchers. ultimately what is going on here is we have seen prices go up some 20% since harris and biden took office. co

declining to rule on missouri lawsuit attempting to block gag order against former president trump gerri willisawsuit to try to broke legal predicting in so-called hush-money case against former president trump late may trump found guilty 34 counts falsifying business records missouri attorney general suing new york to try to block gag order sentencing of former president clarence thomas samuel alito would have loud missouri to file a lawsuit directly with supreme court but did not grant relief seeking. >> scheduled for july but delayed until september the earliest, boeing in hot seat national transportation transportation safety board two days of hearings on investigation into boeing 737 max store plug blowout in january pm. a left mid exit door plug blew off alaska airlines flight after deporting portland international airport traveling to california but after door plug blew off caused rapidly decompression forcing the crews to make merge landing in portland unite minor injuries reported boeing faa executives set to testify during two day investigative hearing, paris olympic games christians

cheryl: great time out there enjoy the day see you soon gerri willis from flushing meadows, hall of fameking about money big top players performing. >> yeah money definitely big, greatest tennis show on earth 75 million prize money i think doing okay because created 530 million in the other door it is amazing u.s. open one of a kind supporting event, but regarding the players, star-studded field everybody is there, all starts with number one seed, he won australian open number one in the world, but the leader in the clubhouse novak, 99 singles titles, 24 grand clams back pocket now in front pocket a gold medal won in paris. generational trent alcaraz, four grand slams only 21 years old, he rolled ankle saturday said gooding to. so if we go to women's side starts, stops with number one in the world, five grand slams 23 years old, lost last week, to one with more firepower than anybody on tour probably one of the best serves but fan favorite defending champion coco gauff you struggling a little bit listen gets confidence new york crowd gets behind her i think aoc will go cuckoo for coco. >

potential attack from iran any moment retaliation for the death of hezbollah and hamas leaders gerri willisn in the middle east good morning gerri: good morning to you, cheryl, that is right u.s. expecting iran to retaliate against israel as soon as today after idf took out self hamasless leaders lastly unique may be starting already israeli taking steps to prepare for prolonged conflict response could come in waves include drone attacks, prepping for water outages pour cuts evacuations in jerusalem security opening underground command bunker for government officials president biden to speak with jordanian king today a meeting in the situation room to discuss rising tensions white house said. israel ramping up strikes against gaza going after hamas killing dozens civilians in the process so far all diplomatic efforts for cease-fire filed department of justice filing against tiktok china based apparent company bytedance over alleged failure to protect children's privacy on platform doj arguing tiktok broke law allowing kids under 13 to create accounts and gatt personal information without th

let's get the market story from gerri willis standing by. my goodness, gerri, you have been very busy this week. gerri: you know what? smackdown is a good word for what's going on here. stocks plunging on recession fears after a weak july jobs report. let's take a look at those three major indexes. the dow, down 610 points, 1.5%. the s&p off 1.8%. the nasdaq down earlier 3% and now 2.4%. these are major moves for the indexes guys. all three major averages hitting their lows earlier in the day. we have a bit of improvement, not much. really nowhere to run. nowhere to hide. also down today, small caps, oil, gold, bitcoin, you name it. the headline behind the route, the july jobs report coming in below wall street estimates. the jobless rate rose unexpectedly to 4.3%. its highest since october 2021. wage gains were lower-than-expected, two-tenths of a percent month-to-month. now the power behind this years stock rally, tech stock, not a power now. chipmaker intel shares down 27%. that is the stock's worst drop in 50 years since 1974 as the compa

gerri willis is live in yonkers, new york with more. >> reporter: that's right.ng back against this rest are rick of instituting price controls, that's what kamala harris wants to do as a candidate for the dnc and as vice president. she wants to put prices on bread, butter, steaks, you name it. joining me now, stu leonard. you've got seven stores. you've been in the business for generations now. is this a good idea? >> i don't think it's a good idea at all. i mean, i don't know how i'd be in business. we've been doing this -- i've been doing it for 50 years now. i can't imagine the government telling me how much i should charge for bananas and lobster tails or anything like that. first of all, hi, maria. how are you doing? i want to say good morning. maria: thank you so much. >> reporter: i've got to ask you this other question, though. maria: i was going to say, gerri, i would love to hear stu's ideas in terms of margins. how large are grocery margins and how competitive is the business? because according to the white house, the margins are huge and there's no c

thank you, jer isly willis. -- gerri willis.erwin with an update. good morning. >> kind of a tough start for folks across the northeast. heavy rain on sunday that led to flash flood emergencies both in connecticut and long island. heads up, business travelers. we have problems in and out of new york city this morning. heavy delays and cancellations out of newark, jfk and also laguardia. throw on mass transit, it's a hectic start to the week. unfortunately for the northeast, we're going to have a round of afternoon thunderstorms that could produce severe weather and additional heavy rainfall, insult to injury as we're just coming off the a heels of a flood event less than 24 hours prior to that. meanwhile, down to the south a ton of heat and, yes, i know it's august. it's supposed to be hot in in and louisiana and arizona. but our feeling temperatures in texas are extremely high, hotter than 105 degrees, so excessive heat warnings for the dallas, fort worth area. all of the kids are back in school in texas so, please, remember to

fox business is gerri willis joining me now. jerry, how bad is the problem? pretty bad. >> good afternoon, aishah, good to see you. americans starting their adult lives and facing more than half a million dollars of debt to buy items previous generations may have taken for granted. the median price of a home at an all-time high at $423,000. even as the inventory for homes or means tight. meanwhile rising prices for cars and trucks causing consumers to lengthen their loan terms to 84 months, that's longer than the vehicle may last. education debt, another looming issue for many and putting a ring on it sets the average couple back $30,000. it is no wonder a bank rate survey found americans believe they need $186,000 annually to live comfortably. that's more than double the average income earned by americans of $79,000. now there is increasing evidence that this burgeoning debt is causing some americans to tighten their purse strings already. real retail sales peaked three years ago, about the time americans were spending their government pandemic bonuses. now

gerri willis, fox business. >> all right.now to bay area weather as we take a live look across the south bay, looking out towards milpitas on this wednesday afternoon. and our meteorologist, mark tamayo is back now with a look at your forecast. >> mark. hi there heather. yeah, lots of sunshine in that picture. and this pattern wants to stick around for the most part. as we head into your thursday and beyond into the weekend. so there's no major changes headed our way. in fact, here's one of the forecast graphics we look at, showing you the upper level wind pattern, and you can see that the trough kind of settling in over northern california. so as we put this into motion in the long range here. so here's that trough i'm talking about. you can see the dates moving on by the days. moving on by. that trough is just kind of moving around and drifting out there in some fashion. so it looks like we're not talking about any major warm ups even into the weekend. and as we take this into next week, this is into tuesday and wednesday.

gerri willis takes a look at the numbers and the financial burden many are facing americans startingir adult lives are facing more than half $1 million in debt to buy items previous generations took for granted. >> the median price of a home at an all time high of $426,900, even as the inventory for homes remains tight. meanwhile, rising prices for cars and trucks is causing consumers to lengthen the term of their loans to 84 months longer than the vehicle may last. education debt is another looming issue for many, and putting a ring on it sets the average couple back $30,000. it's no wonder that a bank rate survey found that americans believe they need $186,000 a year to live comfortably. that's more than double the average income earned by americans of $79,000. there's increasing evidence that this burgeoning debt is causing some americans to tighten their purse strings. real retail sales peaked about three years ago, about the time americans were spending their government pandemic bonuses. that money, though, is long gone, and now many of us are facing a debt hangover as delinquen

gerri willis ktvu, fox two news. >> three americans recently released from russia are back on us soil today, but there are dozens of other americans still being held against their will by foreign governments around the world. this morning, president joe biden reiterated his commitment to bring all americans home. fox's madeline rivera reports from washington. >> the deal involved 24 people and seven countries. but after months of negotiations, several wrongfully detained americans are now free. one by one, wall street journal reporter evan gershkovich, former us marine paul whelan and russian american journalist alsu karamysheva stepped foot back on us soil. they arrived late thursday at joint base andrews, greeted by president biden and vice president kamala harris. >> how does it feel to finally be home? it's nothing that's good. >> their release was part of a complex prisoner swap that involved the exchange of 16 detainees held in russia for eight russians being freed from the u.s. germany, norway, slovenia and poland. >> there's nothing beyond our capacity when we act together, no

gerri willis takes a look at the numbers and the financial burden many are facing. >> americans starting1 million in debt to buy items. previous generations took for granted. the median price of a home at an all time high of $426,900. even as the inventory for homes remains tight. meanwhile rising prices for cars and trucks is causing consumers to lengthen the term of their loans to 84 months longer than the vehicle may last. education debt is another looming issue for many, and putting a ring on it sets the average couple back $30,000. it's no wonder that a bank rate survey found that americans believe they need $186,000 a year to live comfortably. that's more than double the average income earned by americans of $79,000. there's increasing evidence that this burgeoning debt is causing some americans to tighten their purse strings. real retail sales peaked about three years ago. about the time americans were spending their government pandemic bonuses. that money, though, is long gone, and now many of us are facing a debt hangover as delinquencies rise. personal finance expert jade warsh

we'll see, jerry willis thank you. will -- gerri willisk you. >> we bring in kevin o'leary, great to see you. i know you are nonpolitical, you just want common sense to prevail. if you think like a democrat, you think that solution to that problem is what? more government spending and kamala harris has come out with her housing plan or one of them that including price control for people who have rental property. 25 thousand dollars for new homebuyers, how do you think that would affect housing market? >> well, i am in real estate market, i am familiar with what is going on, i want to add an element, i have over 54 portfolio companies. down mode el in terms of men, women ceo, some democrats and republicans we need policy, per can make our plans about how we'll invest, in quarter 2 and 3 andon wards, we're desperate for policy, we need it same thing with ra real estate market, i need continued to what is changing on cap gains in taxation, important when i s syndicate a billion in projects. we're all waiting for policy, there say 50/50

gerri willis has the details. gerri. >> that is right.since he dropped out? >> no, i have not. >> do you hope to? >> yes, i hope to, yeah. we're all busy. >> is everything okay with your relationship? you'd have to ask him. >> well pelosi denied rumors that she led the charge to push biden to drop out of the presidential race, he reportedly warned him that his polling made it clear to her he couldn't win in november. biden pushed back on that. and the latest in paris, olympic games news, american cyclist kristen faulkner took home the gold in the women's cycling road race event, something that hasn't been done since 1984. she was in third place before pulling into the lead and winning by nearly a full minute. and simone biles keeps on shining. here she is yesterday, posing with all four medals she won during these olympics including three golds. she fell during the beam event but bounced back to capture silver in her floor routine. brazilian gymnast earning the gold mow of medal. and we have this iconic picture of teammates bowing down to

gerri willis in flushings, queens.ing in, the u.s. open? how much? reporter: get read ready: $1.5 billion. u.s. open starting today, day number one. we're here right in front of the virgin king tennis center, and this event is huge as i say. taylor swift may be big, but sports tourism is massive. last year it generated $52 billion. folks took 200 million sports trips and what's the fastest growing event of that? think about mom and dad. listen. >> the sports tourism sector is currently growing at a pace that we've never seen before. driving there and moms and dads choosing to spend tourism dollars to go to sports events. reporter: the numbers are mind boggling and talking about the purse first and $75 million going to the winners and that's $10 million and it's the biggest of all time. usda sponsors the event going to pay $5 million in rent and they have hired 7,000 seasonal workers and very big indeed. all in $1.5 billion in economic impact for new york city and it's bigger than the final four last year. it was $430 b

our own gerri willis is standing by with all the details. gerri?david, burdened by persistent high prices and high interest rates more and more americans are saying achieving the american dream, owning a home, having a family, affording a comfortable, that is, retirement is getting more and more difficult. according to a poll from "the wall street journal" and the national opinion research center, 96% of americans believe financial security is important or essential but only 9% believe it is easily attainable. financial pressures are making it tougher to achieve goals not normally associated with the economy like getting married and having children. while nearly 2/3 of americans said marriage was essential or important to their american dream. less than half said it was easy to achieve. that complicating long-term goal saving for comfortable retirement, only 8% believe that to be an easy goal to achieve now. a lot of this has to do with housing, with young people feeling the pinch, that most housing prices are up 41% since the start of the decade a

fox business' gerri willis joins us now. gerri, make it stop. >> i wish i could.ve, good morning to you. >> steve: good morning. >> we have a global market sell off underway as recession fears hit investors. as you were saying the nikkei index falling 12.6%. worst plunge since black monday in 1987, 37 years ago. behind all of this, fears of recession stoked by a poor employment report friday. the jobless rate rising to 4.3%. not expected. shocked investors. on top of that, large consumer product companies are reporting that folks out there, consumers are weakening in their spending. among those companies reporting this, mcdonald's, proctor and gamble, that's the maker of tide and sharman, pepsi, who get this frito lay unit is reporting that consumers are buying fewer packages of potato chips. all of this as if while the pace of inflation is slowing. it's still hitting wallets incredibly. this playing into the election. trump on truth social saying, this stock markets are crashing. i told you so, kamala doesn't have a clue. biden is sound asleep. all of this caused

gerri willis from fox business as her finger on the pulse. >> good morning. good to see you.-off underway as recession fears hit, as you said, bill. stocks opening 3% lower but getting better now. the dow down 3.7%. it was friday's poor job report stoking the fears of recession as the jobless rate rose to 4.3%. it surprised investors. we have seen this coming if you were watching earnings reports, big consumer brand companies have been warning of a weak consumer spending developing. mcdonalds, proctor and gamble, the makers of tide and char min and consumers are buying fewer bags of company potato chips. in today's -- microsoft are sold off today. the silver lining to all of this may be that the federal reserve meets earlier than expected to cut interest rates. the market is betting on a 50% right cuts. maybe 75 bases points. traders i'm talking to are saying the move was a much-needed refresh and they point out that you've heard of the fear gauge, right? it is down this morning from where it started, which was sky high. so we're seeing little glimmers out there if you are lo

supreme court declining to rule on a missouri law to rock the gag order against president trump, gerri willis state of new york to try to block legal proceedings in the so-called hush money case against former president trump in late may trump was found guilty of 34 counts of falsifying business records missouri attorney general andrew bailey and block the gag order and sensing the former president, supreme court justices clarence thomas and samuel alito knowing they would've allowed missouri to file a lawsuit directly with the supreme court but could not grant the emergency relief bailey was seeking, trump sentencing was initially scheduled for july but is been delayed until september at the earliest, missouri senator josh hawley revealing new missile under whistleblower claims about secret service related to the assassination attempt against former president trump, watch. >> whistleblowers tell me that ids were not checked allow individuals into secure areas, nobody knew who they were, by the way it was a lead side agents job to make sure the line of sight from where trump was clear the age

gerri willis has details. >> the u.s.gainst israel as soon as today after the idf taken on several hamas and has believers last week the wall street journal reporting iran told u.s. and arab diplomats it did not care if the counterstrike led to war, israeli prime minister benjamin netanyahu commenting. >> the state of israel is in a multi-front war against the axis of evil we have each of his arms hard, we are prepared for any scenario both in defense and attack. >> israel taking steps to prepare for a prolonged conflict as iran's initial response could reportedly come in waves in include extensive missile and drone attacks, document sent to mayors of northern cities told officials to prepare for water outages, power cuts and evacuations. in jerusalem security agencies opening the underground command bunker for government officials, president biden scheduled to speak with jordanian king abdullah the second after jordan's foreign minister was in iran yesterday, biden will hold a meeting in the situation room to discuss ris

gerri willis has details. >> reporter: that meeting happening this morning, blinken also meeting withose the gaps between israel and hamas. but hamas this weekend rejecting the current deal on the table claiming it only benefits netanyahu which is why the terror group is saying no. it was a chaotic weekend in gaza is. israeli strikes reportedly killing five palestinians. we're also monitoring an overnight explosion in tel aviv. one person was killed there. police investigating if a man used an explosion e to detonate himself. >>> and the tour de france's female competition has a new winner, and it was nearly a photo finish. she took the first place beating out defend champion by just four seconds. she described that final stage as a roller coaster, giving her the biggest win of her career so far. >>> and if or you were watching the movies this weekend, alien: romm plus splashing onto the silver screen drawing enough viewers to take top spot at the box office. it netted over $41 is million in its debut, deloaning dead pool and wolverine. the seventh installment of the alien franchise f

. >> sandra: gerri willis is in new york city. we talked a lot about this. something people are talking about all over the country. >> all over the country and particularly with young americans. look, burdened by persistent high prices and high interest rates more and more americans are saying that achieving the american dream as owning a home, having a family and affording a comfortable retirement is becoming more and more difficult. according to a poll from the "wall street journal" and national opinion research center 96% of americans believe financial security is important or essential but only 9% believeist is easily attainable. financial pressures are making it tougher to achieve goals not normally associated with the economy. think about it like getting married and having children. while nearly 2/three of americans said marriage was essential or important to their american dream. less than half said it was easy to achieve. that complicating long-term goals like saving for a comfortable retirement. only 8% of us believe it is an easy goal to achieve no

gerri willis has those details. >> good morning, cheryl. that's right, the u.s.everal hamas and hezbollah leaders last week. the wall street journal reporting iran told u.s. and arab diplomats it didn't care if the counter strike led to war. israel prime minister netanyahu commenting. watch. >> the state of israel is in a multi-front war against iran's axis of evil. we hit each of it hard. we are prepared for any scenario, both in defense and attack. >> israel taking steps to prepare for a prolonged conflict ass iran's initial response could reportedly come in waves and a include extensive missile and drone attacks. a document sent to mayors of northern cities told officials to prepare for water outages, power cuts an evacuations. in jerusalem security agencies opened and underground command bunker for government officials. president biden scheduled to speak with jordan's king after jordan's foreign minister was in iran yesterday. preparations for war in the north with iran comes as fighting rages inside the gaza strip, israeli negotiators traveled to cairo, egyp

all of it weighing down on the middle class, and gerri willis from fox business has more on that. good morning. >> good morning to you, bill. you can call it a death bomb, that's what a lot of americans are facing, especially when they are starting their adult lives, with more than half a million dollars in debt taken on by most young folks as they buy items that previous generations took for granted. the median price of a home at an all-time high of $423,000. even as the inventory for homes remains tight. meanwhile, rising prices for cars and trucks causing consumers to lengthen their loans to 84 months. that is longer than the vehicle may last. education debt is another looming issue for many, as we talked about, and of course putting a ring on it. well, the average wedding costs $30,000. it's no wonder the bank rate survey found americans believe they need $186,000 to live comfortably. that is more than double the average income earned by americans, of $79,000. there is increasing evidence of this burgeoning debt already causing some americans to tighten their purse strings. re

i'm kayleigh mcenany with emily compagno, also joining us fox business correspondent gerri willis, foxcontributor and board-certified physician, dr. nicole saphier, and one of my personal favorites, former arkansas governor and former presidential candidate, mike huckabee. so good to have him today. listen to this. vice president kamala harris now supports a border wall. she backs a plan to spend hundreds of millions of dollars on trump's marquee border wall. this was a project that harris once described this way. >> this issue is about a vanity project for this president. and it is a problem of his own making. and listen, when i travel this country, folks have plenty enough problems that they need their president to focus on instead of a wall. on the subject of transnational gangs. let's be perfectly clear. the president's medieval vanity project is not going to stop them. we cannot continue to have been administration and a president of the united states who puts his vanity projects ahead of the needs of the people of our country. let me be very clear. i'm not going to vote f for a w

willie brown. he's attacked allies like georgia governor brian kemp. in short the kill says he lacks discipline. he can't deliver a coherent message. today, in the "wall street journal", gerry baker takes trump to task. here is the headline. trump is looking like a loser again. strong stuff. he writes, by my calculation about one-third of mr. trump's remarks fell into three categories. false,obtuse and he used foul language to describe kamala harris. how on earth will be win the vital women's vote. he's not listening. there's no way he could be removed from the ticket. it is not the same as the biden situation. he was removed when it became clear that his party didn't trust him to be president for another four years. he couldn't win the election. trump could do the job as president but can he win? there's a growing chorus saying if he won't win, he won't win if he can't stay on-message. can't focus on policy, and refuses to change his language on women. two weeks ago it was trump's election to lose. it's now on election he has to fight to win and he's brought this on himself. third hour of "varney" starts now. jimmy failla with us this morning. am i being too harsh? >> no,