universities closing two days before break and what they reopen. i'm concerned because i don't see any evidence that closing schools and the university decreases the spread of violence. as for the into the community window put people in a central location all of that back to two years when it was an effective i'm expecting more about instead of what i would like to see which is the president talk about tools. look at the stock price, the booster itself gives you 37 times more neutralizing antibodies against omicron and 100 micrograms of old dose of the booster gives you 83 times more in pfizer has been shown to be useful. if they would talk about the effectiveness of the booster or money from the federal government to create more boosters that are targeted. imagine what gsk would give the government would buy 100 million doses of the monoclonal antibody that works against this work the fda would get off it's tough and approve the new pfizer pill that decreases hospitalizations by 90%. it would definitely work against invariant. that is tools and tools create optimism rather than fear. stuart: i see new research which shows this year's flu shot is a bad match and does not work. then we keep you green the breaker cases of covid and people have been vaccinated and got the booster as well. the whole thing seems to be undermining confidence in vaccines. >> that the fairpoint i want to parse that out, the flu shot quite frankly is not a great shot but we've been talking about it for ten years later decreases hospitalizations and visits to urgent care significantly. even if it's a bad match like this year not a great shot. but the new shots for covid are tremendous shots. we were talking about 95% effectiveness. if you are fully boosted against covid and omicron and you get a mild case with a sniffle or fatigue for a day or two which is what were seen in people who are boosted, that is not the same thing is ending up extremely sick for a week or two are in the hospital, god for bed these shots work they decrease severe illness. a study out of the uk shows a fully boosted by either shot your chances of a serious illness goes down 90% against omicron, get boosted. stuart: get that out there, doctor thank you very much for joining us, the entrance you again really soon. the white house is playing cleanup after the vice president's comments on omicron is before we did not see delta coming, most scientists did not upon his advice and direction we relied did not see delta coming. we did not see omicron coming that is the nature of what this awful virus have been which is mutations invariant very poor choice and true choice of words she does anticipate the variant. there seems to be a shock in the administration who celebrated independence from covid july 4 that we are still dealing with this. we know what she met but your job is to expect the variant and that expected not to say you didn't see it coming. stuart: one more important thing, israel may ban travel to the united states. lauren: they voted to ban from traveling here, no fly list includes germany, italy, canada and other nations and we do have new rules announced in germany, after christmas starting on the 28th you cannot gather private groups of more than ten regardless of vaccination status. stuart: the netherlands went to full lockdown today. travel is completely interrupted throughout europe and coming to the united states. it's then disrupted throughout the world. stuart: that has the market worried everything slowed down look at the airlines, were gonna check the market in the moment the opening bell is next. were looking at a lot of red ink. ♪ today, business is a balancing act. you want your data to be protected and secured. and your customers want seamless and easy. with ibm, you can do both. your company can monitor threats across your clouds, address all those regulations, and still create all new experiences. trustworthy ai powered security. that's why so many businesses work with ibm. stuart: as selloff at the opening bell reading across the board and keith fitz joins me right now. something tells me you are not buying the step, are you. >> you are correct in your assumption i am in no hurry to do anything today. this is headline central, psychology central, like watching ping-pong except all the action on one end of the table. stuart: now we have the omicron variant spreading rapidly. not strong symptoms, nonetheless it spreading, if you got it you don't go to work and if we come in contact with somebody those people don't go to work. that is one of the reasons for the selloff, what is the other one, build back better, dad, goldman sachs says it cuts economic growth, what is the story. >> i agree with both of those it introduces uncertainty to the markets, traders don't like that and they don't understand leverage, the fed is in left field. between all of those things people are simply stepping back and say way you know minute we had to reassess this. i really wish we would see santa claus this year but it might be the grinch who steals the rally. stuart: do you think this is the end of the bull market? >> it's too early to make that call, the selloff is very technical in nature, the business case for many of the companies visors, bitterness, apples, microsoft is getting stronger, if you look at anything today i'm going to be looking at walmart is proven to be a savior in the midst of all of this for millions of families and may well be again. stuart: you're not jumping into by very vigorously are you questioning. >> this is not what are the days where you want to make grass decisions. this is the day you want to be careful very measured and delivered. the path forward is always going to be looking into the future, it's not looking where we've been, the return to normal is off the table. it's the world will look like is what you want to think about. stuart: it build back better is dead, if it is and it's on life support. that means there will not be tax increases on capital gains and personal income. i thought that would've been a plus for the market. >> it is interesting i have to disagree on that one little bit. i think the beltway are going to find a way to push the taxes through regardless of not the cash for the build back better plan i would not be so quick to dismiss the tax component. i think they will find another way to grab at it. stuart: what do you think the fed's response is going to be to the rapidly spreading omicron in the slowing economy. >> i think the feds response should be we messed up here's why it's not going to happen, here's what were going to do to fix it, this is terrible and morgan have accommodated things, who knows what the going to say. i tell you what i would want to hear them say. stuart: tell me again what do you want them to say. >> one, why did this happen, why is inflation out of control, what they're doing about it in the mirror, what models, what was broken, how are they going to fix this going forward, we need accommodation that importantly we need a fed that understands real money. i want to see those explanations. i don't just want to hear that were thinking about inflation and raising rates, people confuse having a plan with actually doing something. i want to see the fed do something. stuart: are you working from home? >> sam. stuart: you been doing that for a couple of years? >> yes we have. >> it's been great we reboot the entire office above the garage apple started above the garage. stuart: good luck, merry christmas, if i don't see you before christmas day we will see you again real soon. >> the opening bell will ring in about 30 seconds. as you can see from the left-hand side of the screen i regret to say this monday morning the market is going down. i hire a lot of caution from the analyst that we speak to, summer suggested that the bull market is over. it is certainly in trouble. omicron is spreading rapidly. things are slowing down and when joe manchin said no one the back better that really set the political world into a turmoil that's the backdrop to today's sella. here it com three, two, one the market is open and a 30 down, quite significant as expected as the first couple of seconds of business the dow down 435, 29 of the dow 30 all of them every single one of the dow 30 stocks again in the nasdaq the dow is stopping with the loss of one in one third% 460 puts the s&p 500 on the downside, better than wanted a quarter% down. the nasdaq composite, what an half% down. big tech is down across-the-board, it is a significant loss microsoft is back to 320, apple 168. google 2792 amazon 2325. nevada $329, all down 1% or better. show me tesla. we know elon musk sold $14 billion worth of stock, selling three in the last three weeks. i believe he did that to settle a tax bill. what was the tax bill. susan: most of the $11 billion will go to pay taxes this year which elon musk says is the largest individual tax payment in history. here's the build back better implication. he could've waited until next year to pay the tax bill but there were concerns over the build back better that he might pay higher capital gains were billionaire surcharge so we know that's unlikely with joe manchin saying no. there was implications for the huge stock cell from elon musk. we had guggenheim is 924, nevada upside in increasingly crowded rivian and lots of other names jumping in volkswagen and gm. stuart: i would imagine with the spreading omicron that travel stocks are down under pressure today. can we go through them. stuart: the netherlands imposing a hard lockdown in the middle january. this is christmas lockdown, the uk nonessential travel, hurting the airlines, cruise lines and hotel operators yet to feel for these companies, isn't this supposed to be the holiday and see normalize travel once again. it is tough for these travel operators. stuart: i feel very bad for those people that wanted to see relatives over christmas. now i have to cancel because they can't come back. especially with the elderly at home. >> i'm sorry to hear that. the stay-at-home companies they're doing well back to 200. stuart: zoom says the hybrid worked while she boost growth that's why there was an outperformance. almost 4% in the free market, the peloton, netflix there is more outperformance and gift binds and some of the lockdown trades compared to the rest of the broader market. stuart: the vaccine makers all i presume are a big especially my moderna. >> novavax, my moderna third booster shot and antibody levels, 37 fold in a double dose of the booster, i don't know if were there yet but a double dose is more effective against omicron that comes off either of the third shot the resource protection in novavax is another vaccine getting a boost today said to get emergency approval pretty quickly. stuart: i want to go back to at&t, we were talking about this last week $24 a share, it has 7% dividend, $24 a share, who likes it. >> you're getting an outperformance call from berkeley, at&t saying it's worth $34 and that's the upside of 20% not bad in this jittery environment. they say it's time to buy the struggling stock the reason we have a catalyst that's been out with this discovery hasn't been fully priced into the stock and you have helicon for the broadband side. stuart: if it has a 7% dividend yield that is attractive. it's guaranteed this environment quite right, 7% looks pretty good to me. i agree with you. seasonally this is supposed to be the strongest quarter of the year for stock markets. that doesn't seem to be my moderna. stuart: five days to christmas in the market down 500 on the dow industrials. have a look at bitcoin, it is down $45000 a coin, is this about omicron. >> absolutely, it's interesting, bitcoin is supposed to be decentralized trade something away from government policy and if the hedge but now it's macro trends which tells me and tells a lot of investors that bitcoin has gone mainstream a lot of the institutions and individuals own bitcoin crypto currency so you get one and after i dollars in value this year end crypto in the study really tells us who is holding bitcoin. the study from mit shows there are 10000 accounts that hold 5 million bitcoin, $332 billion that's 114 million around the world that means they hold 27% bitcoin, isn't that scary if they decide to sell, they could create an outside reaction encrypted currency and bitcoin. you really have to be trusting the system they want to hold long-term. stuart: that is fascinating and very small percentage. >> extraordinary leverage, i did not know that. >> and compare that to the u.s. economy 1% of the wealth is held and controlled by a third of the wealth. stuart: thank you very much indeed, let's take a look at the dow winners on your screen. 72 merck and walmart, how about the s&p 500 do we have any winners there, i'm sure we do my moderna is on the list and so is pfizer and kroger. more on that later. clorox is on the. the nasdaq winner looking at zoom the top of the list check the big board down 500 points, 1.4%, back to 34800 the ten year treasury yield 1.39% as we speak. gold what is happening to that, under $1800 per ounce, bitcoin 456. the price of oil, we got that mixed up, $67 per barrel of oil, not gas, 389, the average gasper regular gasoline not until now at 331. not much movement. down 10 cents for the month, california, still going strong, $4.67 a gallon for regular and golden state. here's what's coming up the last latest excuse for inflation, rising prices are the result of greed. watch this. >> it's not inevitable economic force of nature, it is greed. >> the president the secretary of agriculture has both spoken to what we seen as an meek conglomerate. stuart: the greed of big meek conglomerate. steve forbes is going to take that on. he's on the show later. he was running the white house. one interviewer tried to ask the question. >> who is a real president in this country, is it joe manchin or joe biden, madam vice president. >> , on. stuart: we have more on the video coming up, it got really heated. it may or may not be joe manchin who killed the president social spending plan. hillary vaughn has a report from capitol hill. maybe there's other reasons that build back at her is a nonstop. ♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. 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[ marcia ] clearchoice dental implants gave me the ability to take on the world. i feel so much better, and i think that that is the key. ♪ ♪. stuart: why are we showing you charleston west virginia. i'll tell you that is the home from senator manchin that said no one go back better. it is sunny, 20 degrees. the progressives wasted no time attacking senator manchin after he said he was a no on build back better. hillary vaughn on capitol hill. are there other reasons the spending plan could be dead? >> there are there is focus on senator joe manchin in the news that he made yesterday on "fox news sunday" essentially saying he's done negotiating and done tried to reach a deal. he is no on president biden's build back better plan. there are other roblox in the pathway even the democrats in the senate and the house are pushing to get this pass. what is the senate parliamentarian that throughout once again the immigration proposal that would try to give legal protection for millions of undocumented immigrants in the parliamentarian essentially said it does not meet the standard for pass-through budget reconciliation but there's also other areas of concern. a lot of focus on senator manchin and his concerns of inflation puts a spotlight on senator cinemas concern, corporate tax rates can be back on the table if manchin must have the fully funded for the full ten years, they will have to find the money somewhere in output senator sinema and a tough spot, they had to find enough money to pay for this and corporate taxes raising the rate overall has been off the table. there is also a major division of her state and local taxes, senator bernie sanders has raised issues of what are the most expensive parts of the plan. he says as written raising the cap to $80000 is a handout to the rich and overall it changes to try to appease the moderates and the progressives in the senate. it'll have to be kicked back to the house you can see house progressives take back their power, the early morning last week that some of the climate provisions were going to be gutted from the final bill. maybe they're not going to sign off on whatever deal is made with senator manchin and sinema to get them on board maybe they flex their power and back to square one. stuart: it sounds like a mess for me, thank you very much indeed stephen moore joins us now. does it hurt economic growth as goldman sachs as it will? >> merry christmas going to be with you, this is the best thing, what an early christmas is for america. kudos to joe manchin for killing a bill that is destructive to the economy. higher tax rates, massive increases in debt, assault on american energy, i spent a half an hour going through of horrific things in this bill the big question now as you were talking about is whether this bill comes back next year. i think it is hard for joe manchin to even support a skinnier version of this bill after the way he ripped into this bill yesterday. the best thing that could happen for the american economy and the higher taxes and debt and spending to go away. one other quick point if i may, if bernie sanders wants to bring this bill to the senate floor as he is talking about, do it, let's have a vote in the senate. we know joe manchin is about how about john kester and montana have awarded in virginia, how about the two senators from new hampshire. a number of moderate democrats in the senate or people who call them cells moderate who are very nervous about this bill. it is not just joe manchin i would love to have a headcount inquiring minds want to know where do all the democrats stand on this bill. stuart: put the build back better joe manchin on one side and look at omicron. it is spreading how much does the slow the economy. >> it is so uncertain. the one lesson hopefully that we have learned from the first round of covid in 2020 in early 2021 when we shut down the economy and businesses in schools and parks and churches, it had almost no impact whatsoever on the spread of the virus, lockdowns were a failure. i shudder to think that we could see another round of lockdowns. already i was looking on the internet this morning i was happening with schools. you now have some school districts around the country saying they're not going to reopen in january. this is very frightening. the overreaction that we saw in 2020 and 21 we don't want to replay that. i'm afraid there's a real risk of that although i'm going to make a prediction. biden is supposed to make a speech this week. stuart: tomorrow. >> i think he's going to be good on this i think he will say we don't need to do lockdowns again. i think he will say that we need to be smart about this and if he does i will applaud him. yes we have to be smart and people should get the booster get vaccinated but let us not shut down our businesses and our stores and kill our small business effort. stuart: thank you for being with us, merry christmas to you. >> see you next week. stuart: "saturday night live" tried to make it work without an audience and without music performances and without most of its cast. we will show you how it turned out. sports league changed the game plans as covid infection climb, what is the nfl doing to prepare for monday night football, grady trimble at the chicago bears with a report on that after this. ♪ as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. a must in your medicine cabinet! less sick days! cold coming on? zicam is the #1 cold shortening brand! highly recommend it! zifans love zicam's unique zinc formula. it shortens colds! zicam. zinc that cold! it's another day. it shortens colds! and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities. stuart: covid is causing major disruptions that the nfl surgeon cases, some games had to be moved to tonight and tomorrow night. grading trouble in chicago, the nfl as i understand it has changed some of its protocols. what is the change to testing. >> no more weekly testing for players who are vaccinated and not showing any symptoms. the argument from the players, there was a lot of them who felt perfectly fine that were isolated. now the plan only players who feel sick will get tested and isolated and also targeted spot testing and everybody will have to wear masks indoors. here is a new schedule chicago bears were set to take on the vikings. that game is in jeopardy with 14 bears players testing positive for covid. the raters are taking on the browns today as well and tomorrow the seahawks and l.a. rams and washington eagles will take on each other, all of this because of the surgeon cases in the league, we had to move things around monday and tuesday. the nba also dealing with some issues postponing several games. so is nhl with several teams on pause shut down through the holiday break, cross-border games between u.s. teams and teams in canada have also been postponed to the holiday break. and now the outlook looking good for those who play in the nhl and hoping to compete for the country in the olympics because they had to ship the schedule around. a big mess in professional sports. the same thing in college sports with so many college athletes testing positive for the virus. mta dealing with a lot as well. hopefully things get resolved pretty know-how compounding this is when one game gets moved to have to move the other games. it's causing a lot of trouble for all of the sports leagues right now. stuart: is causing a lot of trouble for the premier league in england holding a big meeting as we speak because they had to cancel a whole series of games. for almost all games in the past week have been canceled. >> chelsea plate this weekend, i watched that game. stuart: you are a soccer fan i knew you were. will be back later in the show apartment she that. check the markets a little bit further south for the dow industrials down 620. the nasdaq is down 214. ahead on the show today florida congressman michael waltz, what's the situation with mandates and porta. pete had checked, near congresswoman nicole malliotakis, charlie hurt and we are following the big market selloff, here is my question, is this the end of the bow market. the 10:00 o'clock hour of varney is next. ♪ . . he's really on his game. once-weekly trulicity lowers your a1c by helping your body release the insulin it's already making. most people reached an a1c under 7%. plus, trulicity can lower your risk of cardiovascular events. it can also help you lose up to ten pounds. trulicity is for type 2 diabetes. it isn't for people with type 1 diabetes. it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. serious side effects may include pancreatitis. taking trulicity with sulfonylurea or insulin raises low blood sugar risk. side effects include nausea, vomiting, and diarrhea, which can lead to dehydration, and may worsen kidney problems. show your world what's truly inside. ask your doctor about once-weekly trulicity. 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because he wants to be fdr. why did he say spending trillions costs zero dollars? that is practically untrue. why, why, why. joe manchin allowed america to dodge a socialist bullet. now what? the democrats will have to regroup but it will be extremely difficult. how do you get socialists to abandon their socialist dreams? you don't because they won't. so the democrats will close out the year a bitter, angry and divided party. ps, if they're too nasty to joe manchin, he could just switch parties. then a republican majority in the senate could kick bernie sanders out as chair of the senate budget committee. we live in hope. the second hour of "varney" is just getting started. ♪. pete hegseth with me this morning. i was dying for this. i've been on the air for an hour waiting for pete hegseth to appear. you know i think you should give the democrat as lesson in politics. why on earth did they try to transform society without a majority in congress? why did they, just completely confused on inflation but my real question, pete, sorry taking up so much time here. >> no, it is all good. stuart: with a divided and bitter party at each other's throats how can they come through with anything, any part of build back better next year? >> they can't, they won't. god bless joe manchin and the courage that he showed. they say he doesn't have courage. you know the courage it took for him to stand up to this onslaught? because he actually represents people, the people of west virginia. the businesses and industries of west virginia that are under full assault because of leftists in washington. and you talk about the current state of the party, why would they try to do this with a divided congress. this is the party of bernie sanders and comrade cortez. yes joe biden was the nominee but it was because they rigged it against bernie twice. he is the soul of that base. and it may be joe biden in the white house but it is barack obama's advisors. it is hillary clinton people. it is hard left folks that are actually driving the agenda and the priorities. so they went for everything they thought they could possibly get. they went green new deal, renamed as build back better and they didn't count on a roadblock joe manchin. they will keep trying by the way. they will keep shaming him. there is no evidence that worked at all. in fact probably backfired. stuart: i will run a few sound bites from the progressives slamming manchin. my point here is that if they're so nasty to him, i mean he could switch parties. it is not entirely out of the question. roll that tape please. >> i mean, we all knew that senator manchin couldn't be trusted. you know the excuses that he just made, i think are complete [bleep] >> he has never negotiated in good faith and he is obstructing the president's agenda. >> if he doesn't have the courage to do the right thing for the working families of west virginia and america, let him vote no in front of the whole world. stuart: you remember jumping jim jeffords back in early part of this century. he was a republican. the republicans were nasty to him. he jumped ship to the democrats and democrats therefore got the senate. am i too far out of bounds here that the same thing could happen with joe manchin. >> i don't think you are. with friends like these, who needs republicans. why not just join the republicans to have some real friends, a party that could tolerate that kind of perspective that believes in federalism. what the democrats are captured by national narrative and national activists. joe biden is reminding them that he represents real people. his job is not to vote lockstep with with the dnc. people who voted for trump overwhelmingly also voted for joe biden. he knows how utterlily unpopular it is. i would love to see a change. it is not easy. you have got staff. you have got campaign people. you have got the state party. all the reasons not to do it but everything else over there says do it joe, come on. stuart: lastly, pete, i was watching you on day 3 of turning point usa's a marry amerifest. america's schools are in the state of extreme. what say you. >> we were coming all of a a covering all the them. as conservatives, patriots, we abandoned that. there is over 100 year plot by progressives to take over the american classroom and they have done it. we're teaching kids not to live our country and not love our system. until we take it back, talking universalhe tax dollars to go wherever they want. the monopoly of the government run system is poisoning the minds of our kids. conservatives have been behind the curve on this. i will do the tease, i haven't mentioned it a lot. a five-part series on "fox nation," miseducation of america, 100 year progressive plot to take over the classroom. it is more insidious than i thought when we started the project. it is not just about critical race theory in some schools. it is the whole pipeline how kids are being taught. that is how you get here. stuart: put it on this show too. thanks, pete. >> thanks, stuart. stuart: while we're talking about political messes, listen to this, vice president harris got heated during an interview, tell me more, lauren. lauren: she did a comedy central interview with charlemagne the god. her aide stepped in the site president couldn't hear the question. speculating she didn't like the question. here here is the question how harris answered. >> who is the president of t