Transcripts For FBC Varney Company 20240714

Through to the open. The s p up about. 87 . Nice gain. The nasdaq up better than 1 . It is a rally. Please note, the market has completely reversed, the selling that greeted the inverted yield curve scare and the china trade scho scare even though that is a threat. The Hong Kong Police have banned the giant demonstration planned for this saturday and beijing has brought in fresh troops. The scene is set for a crackdown. If that happens, it would likely affect china trade talks. By the way, monday, the hong kong protesters have called a general strike when our market is closed. Watch out Tuesday Morning. Heres what we have for you. The markets rallying bigtime. Interest rates are falling. The president speaks to Brian Kilmeade and here comes dorian. Likely a cat 3 hurricane when it hits florida. Varney company about to begin. Stuart ive got to say this. The market just seems like it just wants to go up, bearing in mind yesterdays rally and what weve got coming at us first thing this morning. It is a headlinedriven market and the latest headline suggests i will call this a softening tone from china. Hopeful for mutually agreeable solution. Thats whats sending futures sharply higher. We will be up 235 at this latest count from the dow industrials. Market watcher omid malek joins us. China moves the market, not a still inverted yield curve. You agree with that . Absolutely. The inverted yield curve was never about recession. It was about return. You have negative yields in germany and japan, really all across europe, so investors were piling into u. S. Debt and that was driving the yield down. Thats why we had an inverted yield curve. It was actually a positive but spun as a negative. Moreover, i point out we have had inverted yield curves in the past. Hasnt always led to recession. To the extent there has been a correlation, there has always been a 16 to 24month lag. So much ado about nothing. This is really about china and we are going to see if the president can be successful. Stuart now, it seems like the market just wants to go up. Do you think the high for the industrials was 27,359. Were not that far away. Do you think that new highs are coming soon . Absolutely. Particularly in the environment we are in right now. We have to also be aware we are in august. Theres very low liquidity levels so any news is going to increase volatility quite a bit. You are going to get these kinds of pops and lows. It will be interesting to see what happens when everybody comes back from the break but things are certainly turning in the right direction, especially the news we are hearing out of china today, where they are taking a more relaxed stance towards this trade. Stuart you have been on this program many times and you are telling our viewers dont sell, you might get some more gains later this year, if not in the immediate future. Can i wrap it up with that . Absolutely. Thats why i say stay the course. This is about trade, not an inverted yield curve. Stuart got it. All right. That was short, sharp and to the point. Thats why we like you. You can come back any time you like. My pleasure. Stuart good guy. Buddy, thanks very much indeed. Look at this. Its another joe biden stumble. He tripped over his own comments on tax cuts. Watch this, please. Even the Heritage Foundations pointed out that his tax cut did not work. It does not help. It does not help. Stuart then he clarified what he meant to say about trumps tax cuts. Roll that tape, please. Early on they said they talked about whether or not it would stimulate the economy significantly and the early studies, there was no great argument that it stimulated the economy and generated Significant Growth relative to the amount of money that was being spent, and the debt is serious. I think the Heritage Foundation acknowledges that the increase of the debt by 2 trillion is a serious problem. Stuart it just wasnt sharp and focused. Thats my point. Jason johnson is with us, Senate Campaign strategist for ted cruz. Look, joe biden still leads the field, the democrat field, and he still beats the president in headtohead matchups and so do the other three frontrunners. What are the republicans doing wrong here . Well, first of all, i guess you and i didnt get the memo that this has become such an occurrence for joe biden to stumble over his words that the campaign has now fallen back to saying you know what, its just part of his charm. Hes in new hampshire, he thinks hes in vermont. Hes talking about the g7, he calls it the g8. He cant remember Barack Obamas name just the other day. Now, of course, claiming the Heritage Foundation miraculously just decided to oppose the president s tax cuts. To answer your question, i still think nothing of these pretend polls that look all the way out to 2020. We dont know who the democratic nominee is but youre right, i think this says a lot about the democrat primary voters. The leader even after all of this, when i think anyone has to step back and question, is mr. Biden truly fit to be commander in chief. He still is leading the pack. No doubt about it. Stuart let me turn this around and look at it from the other point of view. The socialists, the left, they are offering free stuff, free this, free that, all over the place. Almost all of them, free stuff. You know, that is a powerful inducement. Vote for me and look what you get. Its hard to run against that, isnt it . It is. Its always been the case. The old joke is that its santa claus, the Democrat Party is the Santa Claus Party and the Republican Party has always been perceived as taking things away. As you know, we have moved way past that now. We are now having a legitimate debate in the United States of america about socialism versus Free Enterprise and its scary when you look at the polls, particularly with young millenials, that there are growing numbers of americans who believe that somehow, free stuff is actually free and that socialism could actually work in america when its never worked, as you know, in the history of the world. Stuart i know only too well. Jason, thanks for joining us, sir. See you again real soon. Okay. I do want to alert our viewers or update our viewers on Hurricane Dorian which is now making its way across the caribbean and headed for florida. It likely hits land, florida land, sunday night or into monday morning, and again, its likely to be a cat 3 hurricane when it arrives. You can see it on the screen. The projection is that east coast of florida, not quite sure where, of course, but a cat 3. That means pretty strong winds and some flooding. We are watching developments, obviously keep you updated throughout the show. Happening momentarily, health and Human Services secretary alex azar and Surgeon General jerome adams making remarks on Public Health and marijuana. They are going to be taking a closer look at how pot affects pregnant women and young people. Secretary azar will be on this show this morning, 10 30 eastern. Got it. Best buy, whats happening to that stock . They reported this morning. It is way down, 5 lower. They have shown signs of weakness and they are worried about tariffs. A rosy forecast, though, from these two dollar stores. Dollar general and dollar tree, both of them up very nicely. Dollar general is up 7 and dollar tree is up 3 as we speak. President trump just tweeted on the economy. I will read it for you. The economys doing great. With tremendous upside potential. If the fed would do what they should we are a rocket upwards. Okay. Thats not affected futures at this time. We are still sharply higher, a gain of 235 points as we speak. What we are really waiting for here is the president s speaking to our colleague Brian Kilmeade. Around 9 30, 9 35 this morning on his radio show. I want to know if hes going to address china trade and the tariffs going on this weekend. Will he address again the fed . He just hit that ashley probably. Stuart probably. We are looking for financial headlines as of 9 35, which would move the market. As soon as we get something, you will get it. Thats real fast. Guaranteed. In fact, you are in charge of this. Ashley im in charge of that. I have my ear to the ground. Stuart cant wait. The ecigarette maker juul rolling out a system to help prevent underaged purchasers. Ashley basically an i. D. Machine that you have to provide a drivers license or some sort of government i. D. And they are going to provide 100 million worth of incentives to retailers to install this system in their stores. Listen, this is a big thing. Lets not forget the fda earlier in the year called out some major retailers for not doing enough in stopping the sale of these things to underage, including walgreens, riteaid, walmart. They ended up raising the age limit to 21 to buy these things. But listen, by the time may 2021 comes around, juul will stop selling through any retailer that doesnt have this identification system, this age verification system. Stuart that is strong action. Ashley very strong. Stuart yes, it is. They needed it. Check futures, please, the president just tweeted about the fed. Got to lower rates. Didnt really affect the market. We are still going to be up well over 200 points. Look at that nasdaq, a gain of over 1 . The Trump Administration is considering changes to birthright citizenship. That is, you give birth in america and your baby is an american. Thats birthright citizenship. Want to change it. What does rnc chair Ronna Romney Mcdaniel think about what is a fundamental change to our society . How about google . Its moving its phone production from china to vietnam, trying to avoid tariffs that would raise the price of its products. Google is up 12 bucks on that. Partly on that. 200 Footwear Companies and others sounding the alarm about new tariff hikes scheduled to go into effect this weekend. Those Companies Want the white house to cancel them. We are on that story, too. Here comes the president in about 20 minutes. We are just Getting Started. G hey, who are you . Oh, hey jeff, im a car thief. What . im here to steal your car because, well, thats my job. What . What . . What . laughing what . . What . what . [crash] what . haha, it happens. And if youve got cutrate car insurance, paying for this could feel like getting robbed twice. So get allstate. And be better protected from mayhem. Like me. What about him . Lets do it. Come on. This summer, add a new member to the family. Hurry in and lease the glc 300 suv for just 419 a month with credit toward your first months payment at the mercedesbenz summer event. Going on now. Play it cool and escape heartburn fast with new tums chewy bites cooling sensation. Tum tum tum tums with n tums chewy bites cooling sensation. Stuart look at this. I would call that a rally for the dow, the s p and the nasdaq. What is going on here . Remember, please, we were up 258 points for the dow yesterday. If we gain another, what, 245 now, you are looking at a 500 point gain, in, what, a 24 hour period. Thats pretty good. Even though remember that yield curve . Its still inverted. The tenyear is what . Ashley 1. 47. And the twoyear is 1. 51 . Stuart thats a big inversion. So what, the dow is up 500 points. We also have what could be a softening in the tone from china on china trade. But ive got to caution you here, the two problems on the horizon. Number one, hong kong could get real messy this weekend. That would affect the china trade talks and therefore our market. And President Trump talks with Brian Kilmeade, our colleague, in about 20 minutes. What he says on china trade or the fed or anything else could move the market. In either direction. So we are waiting on that one. All right. We done that . I just want to make everybody aware that we have got an exciting market here. We are all over this thing. More than 200 makers of shoes and sneakers have written a letter to the president , other producers as well, warning that tariffs set to go into effect on sunday will hurt. Gerald storch is with us right now. That was ashley drinking his coffee. Welcome back. Now, you tell me, so far, has the consumer really been hurt by the tariffs which we have imposed on china products . You sure cant find it. And when you take a look overall, i believe the hysteria surrounding this is way overblown. In fact, the market should be trading on fundamentals of these companies and the economy and not on these tariffs as it appears to be doing. When you take a look at the 300 billion of goods that will be subject to these tariffs, much of which is not until late into december of this year, those goods imported from china represent approximately 3 of total Consumer Expenditures so you are talking about 15 tariff on 3 or fraction of a fraction and its just not material to the consumer. It may be material to individual companies who have, you know, may have a beef with it or case and i congratulate them on petitioning the government as they should do in a democracy to try to see their business interests improve, but the consumer as a whole, its just not a big deal, despite everything everyone talks about, the rest of it, the numbers do not say that absolutely. Meanwhile, the consumers very strong. These tariffs are nothing, nothing like the smoothawley tariffs during the depression. They were 50 to 60 levels that we all learned in economics class destroyed the economy and its why we all heard tariffs are bad. This is a small percentage tariff on a small percentage of total Consumer Expenditures. Its ridiculous to talk about consumer pain or bringing things down. Stuart you are being objective. Thats what we like. You are objective about the impact of these tariffs. Thats good stuff. Now, lets just suppose the prices did rise over the longer term. Prices did rise. Would americans, do you think, be prepared to pay more in the interest of confronting china . Depends on how much more. I do think some product prices will rise. My point is its just not a lot of total expenditures. Some prices will have to rise when companies arent able to mitigate the impact as most of them should be acting to do. I think the question is how much pains there. Consumers right now are fully employed, they have good wages and they will spend money. Listen, this is all background noise to the consumer. If prices rise up to that level you had during the depression, thats a different story. At this level, its just not going to play through and have a major impact on the consumer as a whole versus individual products. Its just not. Stuart lets not forget that gas prices are falling quite sharply. That puts more money in your pocket. Well, theres a huge deflation in the price of cotton, one of the major commodities that goes into apparel. Who talks about that . And the decline in prices, nobody talks about that. Stuart nobody except you. Thank you very much. We appreciate your objectivitob. Again, look at futures, holding with a much better than 200 point gain for the dow industrials, a lot better than 1 for that nasdaq. Its a rally. Msnbcs Lawrence Odonnell apologizes for going on the air with an unverified report that tied President Trumps finances to russia. And the president is responding this morning. You know he would. We will tell you what he said after this. Managingaudreys on it. S . Eating right . On it staying active . On it. Audrey thinks shes doing all she can to manage her type 2 diabetes and Heart Disease but is her treatment doing enough to lower her heart risk . [sfx crash of Football Players colliding offcamera. ] maybe not. Jardiance is the number 1 prescribed pill in its class. Jardiance can reduce the risk of cardiovascular death for adults who also have known Heart Disease. 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I repeated statements a Single Source told me about the president s finances and loan documents with Deutsche Bank, saying if true, as i discussed the information, was simply not good enough. I did not go through the rigorous verification of standards process here at msnbc before repeating what i heard from my source. Had it gone through that process, i would not have been permitted to report it. I should not have said it on air or posted it on twitter. I was wrong to do so. Stuart you got that right, lawrence. What did the president say about it . Ashley as you can imagine, the tweet was poised and he let go with both barrels. Here we go. The president s response. Crazy Lawrence Odonnell who has been calling me wrong from even before i announced my run for presidency even being previously forced by nbc to apologize which he did while crying, the things he said about me and the apprentice was again forced to apologize this time for the most ridiculous claim of all, that russia, russia, russia or russian oligarchs cosigned loan documents for me are guaranteed totally false, as is virtually Everything Else he and much of the rest of the lamestream media have said about me for years. All apologize. Stuart wait for that one. Ive got to remind everybody, we are in for a rally five minutes from now. We will be up about 250 points. President trump just promising a big new package for farmers, a softer tone from china in the trade talks, and the president wants to get the fed to lower rates pronto. Well be back. At fidelity, we believe your money should always be working harder. 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Stuart the big news from hong kong this morning is that the Hong Kong Police have banned the big rally that was proposed for tomorrow sorry, saturday night. What else is going on . Ashley we also learned that the chinese army has rotated fresh troops into those military that we have seen right on the border. Saying they are just there for military exercises but it certainly sends a message that planned rally this weekend has been canceled because the police say they fear violence and protesters throwing molotov cocktails. Stuart i dont know that its been canceled. I know the Hong Kong Police have banned it. Ashley doesnt mean to say theyre not going to come out. They want it to be canceled. Stuart this sets up a nasty crackdo crackdown. Our markets closed on monday. Lets see what happens Tuesday Morning if theres action over the weekend. Here we go. Its 9 30 thursday morning. We are looking for a rally right from the getgo. Thats what weve got. We are up 217 points. We have only been open for seven seconds. We are up. That is a gain of. 85 . Sea of green, lefthand side of the screen. How about the s p . Guarantee thats up, too. It is. 92 . About a percentage gain. As for the nasdaq, thats really going up. Look at this, up 1. 1 , a 90point gain there. Let me check the yield curve for you. It is still inverted. You still have this whopping great big rally. The tenyear yields less than the twoyear. Wrong way round, thats called inversion. Its certainly not hurting the market this morning. The price of gold, rush to safety, where is it . Up a bit more. 1550 per ounce. Big day, big team to cover it. Joel shulman is with us, scott martin is out there in i think chicago and Ashley Webster is right here in new york city. Scott, first to you. This is all about at this moment, the softer language from china on trade. Thats whats propelling this rally. Is that correct . Yeah. I agree, stuart. By the way, yes, im in chicago for now. We will see what the politicians do over the next couple years, if i stay in chicago. Similar to that notion, youre right, with respect to china, now we are seeing things calm down a bit but i got to warn everybody, the market gets in these moods where it overreacts to negative china news and probably underreacts to good china news. Just keep in mind the market goes through these psychological phases and its just one bad news item away from having another big selloff. Stuart im astonished that yesterday we were up 250, this morning we are up 270. Thats an extraordinary turnaround. Well, we have been seeing this all year long. Particularly since may. We had a really rough may and then we had an outstanding june, july and then a tough august. Here we are nearing the end of august, early september. We have had a lot of volatility. It all seems to be going to china. Good news bad news. Markets responding very strongly. Now its the end of the summer, we have Light Trading stuart we completely recovered from the Interest Rate scare and the china trade scare. Ashley i would be really interested to see what happens tomorrow because we go into a long weekend. Are people going to take money off the table . For the facts you mentioned, we have tariffs going into effect on september 1st, we have whats going on in hong kong, could be stuff brewing up again. Or tuesday. Ashley or tuesday, yeah. So what happens tomorrow and where do we go on tuesday . Theres still a lot of angst out there. Stuart right now we have been open for two and a half minutes and are up nearly 300 points. We are up 100 points on the nasdaq composite. All of the major indicators are up much better than 1 . That, ladies and gentlemen, is a strong rally this morning. Quick look at the yield curve. It is inverted. I will get you on this real fast, joel. We are hearing a lot about this. Twoyear, tenyear, threemonth, because the china news is dominating. We are talking about month end, right before a holiday weekend. Fairly Light Trading. The traders are gone for the long weekend. This is not unusual to see loss of volatility right before a holiday weekend. Stuart okay. We are now up 307 points for the dow. That amounts to 1. 17 . Its a rally, first thing, right out of the box on a thursday morning following a big rally on wednesday. Got it. Look at some individual stocks. Best buy, sales showing some signs of weakness. Its concerned about tariffs. The stock is down 7 . What have you got on that one . Well, this is a company that for at least a decade, they are around 20 in revenue but ten years ago they were at 2. 5 billion in profits. They improved margins a little. Another retailer in the news last week, walmart, similar margins, 23 , 24 , but one of the multiples, the enterprise value to revenues, is about half the industry. So this is still strongly valued and certainly when you compare it to other Companies Like game stop, they are much better positioned. Stuart want to ask you this. I think walmart and costco are the two best retailers in america. Where am i going wrong . Agreed. I throw in amazon there, if you like, with a little tech mixed in with obviously the web services. I love the shoutout to game stop. They are likely to still be in business at this point. Hes right, its interesting how messed up retail is these days, guys, because there are a few winners, walmart, costco, amazon, you saw the costco opening of the store in china, absolutely bonkers. Then theres others like macys, nordstroms, that are getting crushed. Targets another to keep an eye on going forward. They look pretty good. Stuart look, we have the dow up 300 points as we speak. Little background here. Softer tone from china in the china trade negotiations. President trump, just about ten minutes ago, issued a tweet in which he suggested a big new package for farmers was on the way. And literally right about now, the president is about to start to speak with my colleague Brian Kilmeade. Whatever he has to say, you will hear it first. Lets see what it does to the market. The dollar stores, Dollar General and dollar tree, both came out with a nice rosy forecast for the future and they have gone straight up. Dollar general, 8 higher, 12 bucks. Dollar tree, up 3. 5 , 3 higher. Look at this, though. Abercrombie fitch cut its forecast because of the impact from tariffs, down nearly 10 . A good report from buildabear workshop, higher profit, higher revenue, doesnt matter, down five cents which is 1. 4 . Google reportedly moving some production of its pixel phone from china to vietnam. So what do you make of that, scott . Well, its good news in the sense it shows you that these Tech Companies which are obviously very leveraged to china have the ability to go other places like singapore, vietnam, korea and so forth. Just remember this was something that was kind of already in place and if you talk to other Tech Companies, if you look at some of the other supply chain concerns they have, china is still a stop on their route for making their products. While this is great news in one sense, theres a lot of other supply chain concerns that we still have with respect to putting out china in this whole place. Stuart a lot of them are moving out. I agree with scott on this issue. We are going to hear more about the mighty five, malaysia, india, thailand, indonesia and vietnam. These companies, these countries are wellpositioned to take on china. In fact, im surprised we havent already heard one of the advisers to mr. Trump say why dont we give incentive to move to the mighty five and bring china to the table by doing that. Ashley good idea. Stuart thats an interesting idea. Not yet proposed. Ashley its not easy to undo production lines. It takes time. Its a big commitment. I think that will bring them to the table. Stuart take a look at apple. Its at 208 a share as we speak, up three bucks in a big movingup market. Its apologizing for letting Third Party Contractors eavesdrop on audio recordings picked up by siri. Some of them reportedly intimate. This may be a black eye for the company, it may be a black eye in terms of p. R. , but absolutely no effect on the stock. What do you say . Yeah. Nobody cares. Its just like alexa. Nobody really cares that they are listening. Tell you what, they are real quick on siri, we had a very intimate relationship for seven years and she still cant understand me. So whatever those guys are hearing, i dont care. Stuart we raise the prooivacy concerns. Pretty soon everybody is on camera all the time, everybody is listening to everything. You cant stop it. You got to get used to it and accommodate it somehow. I think the markets have already anticipated all these companies with listening and so forth. This story has been around for a year plus. To scotts point, i dont think anybody cares and half the time theyre not really hearing it properly anyway. Stuart i want to give out this, won of the most fascinating stories of the day. Steve mnuchin thinks tsays the thinking seriously about issuing a 50 or 100year bond. I love the sound of that. It would make the deficit financing much cheaper. If i can get a 100 year mortgage i would take it. Borrow as much as you can if Interest Rates are going to go. You take it all day long. 50 years, 100 years, whatever the Interest Rate, its low. The government, too, why shouldnt they join the party. I think if this happens, great. Its good news for the markets, good news for ashley is that a response to negative Interest Rates we are seeing elsewhere . Stuart i think its a response to the plunging Interest Rates worldwide. So if you can issue something for 30 years, you are locking in an exceptionally low Interest Rate. Or 50 years or century, for heavens sake. At 3 . Stuart i like 3 . At the moment, the 30year bond, the longest outdate at the moment from the treasury is what is it . 1. 96 . Ashley 1. 97 . Just turned. 1. 973 . Stuart i got a hundred year bond, 2 . Take it. Stuart could you get a tax break on a treasury bond interest . You dont pay state taxes, i dont think. You dont. Stuart im in. Its moving real fast today. The president has i believe begun his interview with Brian Kilmeade. Ashley still waiting for headlines. Stuart we are waiting for the headlines. Not seen anything yet that will move the market. When we get it, you will know it real fast. Its 9 40 eastern time. Thank you very much for being with us today. Very active and frankly exciting day. Glad youre here for it. Again, check that big board. We are up 303 points. 1. 17 . Well above 26,338. By the way, that means the dow is almost precisely 1,000 points below its alltime high. Got it. Lots of excitement around peloton. The exercise bike guys filed for their ipo. Next hour, we will talk to an early peloton investor. I want to know whats so special about that company and why did he invest in it . This weekend, going to be a big one for Climate Change activists. It started already with 16yearold greta, who sailed across the atlantic in a zero emission yacht. My take on these headlinegrabbing climate warriors coming up in our 11 00 hour. Facebook ad prices expected to soar because of spending by 2020 democrats. But with all that demand for ad space, how will facebook decide which ads to make and which to cut . That story is next. And we are getting headlines from the president s interview with Brian Kilmeade. We will tell you what he said about china in just a moment. All right brad, once again i have revolutionized the songwriting process. Oh, here we go. I know i cant play an instrument, but this. This is my forte. Obviously, for auto insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. Stuart we are getting some headlines from the president s interview with my colleague Brian Kilmeade. Ashley he says there are trade talks today scheduled but at a much lower level. He was asked is the uncertainty contributing to the economic slowdown in the United States and said quote, what do they want me to do, give up even though were winning. He just says the same thing hes been saying for some time. Listen, china really wants to make a deal, their economys in trouble, they need to come to the table. Nothing groundbreaking so far. Same message. Stuart no serious impact on the market thus far. We are up about 300 a few minutes ago, now up 278. Okay. Theres the big board. Just over a 1 gain. 281 on the upside. Bitcoin, wheres that today . 10,000, yes or no . No, 9,400. Its down. Price of oil, wheres that . 56, im guessing now. It is 56. 29. Okay. The National Average for gasoline down again, six days in a row, 2. 57. Dont you love it right before labor day weekend. All right. Facebook, its ad prices reportedly surging thanks to an advertising barrage by 2020 democrats. They all want to advertise on facebook. Joining us, jim anderson with social flow, his firm helps companies with their social media strategy. Theyre not going to cut anybody, are they . They run them all. It may cost you more depending, you know, this is capitalism 101, supply and demand. Big supply, great deal of demand, ad prices go up. Thats basically whats going on right here. Stuart are they going to be in a position of deciding which ads are boring and which are ugly, for example . I have heard this. They do have some standards. Like any advertising business, they want high quality ads. Thats a subjective term. But sort of the lowgrade internet ads, lose belly fat ads is the classic joke, you see around the internet, you start running those and you look like a lowrent district. It is in facebooks interest to try to make sure the production quality and the engagement value of the advertising is high. Stuart are ad rates going up . If i want to put an ad on facebook and im a 2020 democrat candidate, in the unlikely event, but how much have rates gone up . Without a doubt they are going up significantly. Theres a couple things stuart like what . Doubling compared to what it was this time last year. Stuart thats why facebooks stock is up this morning. What am i looking at, 3. 54 up, 186. Its a short term, its a bubble effectively. You have a whole bunch of democrats trying to reach the 130,000 small donor grassroots threshold by the debate coming up here so you have a whole bunch of effort concentrated in a very narrow window. Stuart they already have done the ads because the cutoff point was wednesday night. Okay. There you go. Stuart they chopped a lot of people out of the debates. Only ten survived for the debate next month. So rates have already gone up. They go up and down. Its an auction process. They are up today, down tomorrow. I wouldnt infer a longterm trend from that. We hit a particular supply constraint with a bunch of democrats trying to get their message out in a short period of time and that caused rates to spike. Stuart its likely to be an absolute bonanza in 2020, isnt it . Political advertising is very lucrative for a company like facebook, especially when you are trying to recruit donors. You can run Television Advertising and people do, you can put yard signs out but if you want people to donate, the little button you click to just donate, theres no quicker, easier way to do that than digital advertising. Facebook is one of the biggest platforms out there. Stuart they dominate it. And google. Stuart what do you tell your clients when faced with rising ad prices to get on facebook . You telling me its worth it . Depends on the candidate, i suppose, in this case. We dont necessarily work for political candidates. You want to go where the audience and the attention is. In this case its facebook or the other platforms. You either pay the price or you wait and try to find a moment when its not so expensive, or maybe use an alternative strategy so you arent spending so much per reach. Stuart can Facebook Channel ads to certain people . I mean, like if they know you are a democrat and they know whether you are a democrat or republican, they can do that . Definitely. Thats the whole point of facebook advertising. Think about it. If im trying to reach human beings on the planet, advertising is very cheap. If i want to reach a woman aged 30 in montana who is a democrat and speaks spanish, probably 100 of those people on facebook, only 100. The more targeted and narrow your criteria are, you can get amazingly precise with your facebook advertising, the prices go up. Stuart im told that they know who is a lefthanded truck driver who doesnt drink in northwestern kentucky. They know that. I would believe that. I havent heard that one but i would believe it. They kcan infer things. They may or may not know for certain but they can infer behaviors. Maybe you like the lefthanded page. I dont know about the lefthanded part. But they know an awful lot. Stuart which tells me that all this bad p. R. That facebook gets and all the stuff about regulation coming down and the bad privacy problems that theyve got, it doesnt make any difference to the stock so long as they can keep on charging ads and direct them towards exactly the right people. In the near term you are exactly right. Stuart got it. 185 right now on facebook. Jim anderson, thank you very much indeed. All right. Its a rally on wall street. Lets check the dow 30 stocks. All 29 are in the green. That means they are up. Only one, cocacola, is down. Its not down that much. Overall, the dow is up 285 points. Let me remind you, we were up 250 yesterday. What a gain, over 500 in a matter of 24 hours. Got it. Amazon, thats the company, not the river, amazon under fire. A new report claims its trying to steer customers away from big brands to its own private label products just before they check out. That story for you after this. Oh, wow. You two are going to have such a great trip. Thanks to you, we will. This is why voya helps reach todays goals. All while helping you to and through retirement. Can you help with these . Were more of the plan, invest and protect kind of help. Voya. Helping you to and through retirement. Theres a company thats talked than me jd power. People 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. Stuart weve had no marketmoving statements from President Trump, who is currently being interviewed by Brian Kilmeade, our colleague. Nothing earthshattering, nothing that affects the market. We are still up nearly 300 points. By the way, weve still got an inversion. Ashley we do, but we are just forgetting about that now. Stuart we are. Ashley it was all day yesterday, its already through the first hour or so of trading today. This is all about china saying theyre not going to immediately respond to the tariffs that are set to go into effect on september 1st. Thats just seen as a very positive sign and one of the commerce ministers said we should be thinking about taking tariffs off, not putting them on. I think that sentiment shows perhaps, you know, you try and read into every sentence thats said and every word, just suggests perhaps china would like to get some negotiating done. Stuart on the screen now is this yield curve inversion. Yes, it is still inverted but not as much as it was a few minutes ago. So we are still hanging on to a 300 point gain. Ashley we have seen equities go up. Stuart look at the financials for a start. Interest rates continue to tumble. What effect on the financials . Doesnt matter, in an up day they are all up. Goldman, morgan, citigroup, on the upside. Heres what im interested in. Big tech. Look at them. They are all up and very nicely so. Thats a huge gain for google. 2 higher. 2 up on facebook. Nearly 2 up on microsoft. Ashley is this all on china . Stuart i would imagine so, yes. Ashley you know. Stuart if theyve got this softer tone in the speeches from china, the market seems to be taking that as a positive, and i just get the feeling it wants to go up. Ashley i feel like its algorithms that pick up a word, calm or, you know,200 points, yu know . Until it hears something im not optimistic and we lose 200 points. Stuart we are up 310, 309 points. Thats a rally and a half. Let me move on to this. We have a new report that says amazon pushes shoppers away at the very last minute from bigname brands to their own private label. Is that right . They do it at the last second . Lauren you are just about to buy your glad bags and poof, something shows up and its a private label from amazon. One of amazons own brands. What do you do . Maybe you buy that instead. The sellers and third parties dont like this and i dont think regulators will like this, either. I know in europe, they dont. Stuart is it a dirty trick . Lauren its a little bit of dirty dealing because it points to potential misuse of amazons power as a marketplace, a platform for those sellers and also competing with them by selling its own products. When you think about it, isnt that the job of Many Companies to promote their own products . Ashley its supersneaky but you dont have to push that button, right . Stuart the problem is ashley its not forcing you to push the button. Stuart amazon has such power in the selling business. Theyve got are they exploiting a near monopoly power . Ashley europe would say absolutely. Lauren if the consumer is saving money, then that is how can you prove its antitrust . Stuart yes. Lauren its good for you and me. Stuart yes, but the unethical use of your monopoly power. Ashley thats it. Stuart a lawyer will come up with some reason why we will punish you. Lauren i was reading a report that 37 of all online sales this year in the u. S. Will be on amazon. Stuart huge. Lauren thats power. Stuart we are up 300 points. Thank you, lauren. Events in hong kong this weekend could have a big effect. Big protests scheduled for saturday and organizers say the police have just banned it. That could mean a confrontation. My take on that coming up. Check the big board. We are seconds away from finding out the latest read on mortgage rates. Should be down again. Well see the number, next. At fidelity, we believe your money should always be working harder. Thats why, your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. So chantix can help you quit slow turkey. Rkey. Along with support, chantix is proven to help you quit. With chantix you can keep smoking at first and ease into quitting so when the day arrives, youll be more ready to kiss cigarettes goodbye. When you try to quit smoking,. Aggression, hostility, depressed mood, suicidal thoughts or actions, seizures, new or worse heart or blood vessel problems, sleepwalking, or lifethreatening allergic and skin reactions. Decrease alcohol use. Use caution driving or operating machinery. Tell your doctor if youve had Mental Health problems. The most common side effect is nausea. Talk to your doctor about chantix. But how do i know if im im getting a good deal . I tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if im getting a great price. This is how car buying was always meant to be. This is truecar. Stuart 10 00 eastern time. Were holding on to a 3400point rally for the 300point rally for the dow industrials. Just got latest read on mortgage rates, before we get the number, ash, i got to tell you i was expected a sharp decline. Did we get it . Ashley i wish i could deliver to you. This week 3. 58. Went up a hair. Historically low. It hasnt goosed the housing market. Certainly the low rates will help. It is surprising what weve seen with the treasury yields we wouldnt see this come down more. Stuart 30year fixedrate mortgage is based on yield of 10year treasury which is way under 2 . Ashley it is an outrage. Stuart it adds, 1 1 2 . 10year yield . Ashley correct. Stuart there is the mortgage rate. That is not the case now. Ashley next week, stu, next week. Stuart i pronounce myself disappointed s that all right with you . Ashley not really, no. Stuart wait for this one. Ashley okay. Stuart mortgage default rates have increased for the First Time Since 2018, financial crisis. Ashley kind of a bad news, good news. Give you bad news. Estimated 243,000 borrowers defaulted on their mortgages in the Second Quarter this year. In fact the National Default rate is up 3 yearoveryear but on the other side serious delinquencies 90 days or more delinquent, fell below 445,000. The First Time Since june 2006. That is good sign. I tried to mix in the positive. Ashley i dont want you disappointed. Stuart back to the big board, still that rally in progress, now up close to 300 points. By the way, President Trump has concluded his conversation with Brian Kilmeade. No earth shattering statements made. Nothing that would move the market. The president said nothing that would move the market up or down. So were holding on to a 300 point gain. Here is my story of the day. Treasury secretary Steve Mnuchin is floating the idea of offering 50, maybe even 100year bonds. The longest bond we have at the moment is 30 years. They might extend that way out there. Stephen blitz with us, lombard chief economist. We have an economist in the house, ladies and gentlemen. I approve of this. I would love to see 100 year bond. What is wrong with it. I thought you would say you approve of having a economist on the show. Stuart you know what youre talking about. Go. It is a good thing. It is a good idea for two reasons. It fill as demand. Without long explanation theyre looking for very long duration. No one buys a 100 year bond, they dont expect to cash on 100 years. Portfolio need on liability side, against liabilities for Pension Funds. The more you extend out obviously, the rollover issue for the government gets pushed out as well. Stuart saves the government money, doesnt it . It saves the government money only in the sense if you issue, two year paper, when you roll it in two years, Interest Rates could be a lot higher in two years, right . That is where it potentially saves the government money. You push out past the Interest Rate cycle. Stuart okay. I would like to have 100 year mortgage. What is my chances . Slim and none . I would. 100 year mortgage, would be dirt cheap. Well it would be. That is why youre not going to get it. Banks need to make money. One of the reasons why theyre lagging on dropping the on mortgage rates. Stuart oh, thats it. Sure. The yield spread is one thing. There is a dollar spread also. There is a certain amount of money they want to earn. Stuart lets get serious about the stock market. Okay. Stuart were up 280 points at this moment. Up 258, whatever it was yesterday. Seems like theyre forgetting about this yield curve inversion. That doesnt count any longer. Taking some sustenance from softer words from the chinese on trade. I have a feeling the market wants to go up. What say you . The market wants to go up because dont forget, the inverted yield curve, is telling the market, over the next year the fed will lower the funds rate from 50 to 100 basis points. Depending how you want to manage it. The feds game, they would like all of that to turn the economy, so they dont have to actually cut rates that much, right . Now, when you look back historically though, when you start with the very first inversion, the equity market typically continues to go up for 6 to 12 months afterward. Not as if minute the curve goes negative, the equity market goes negative. That is partially because of what i mentioned about rates. The markets feels like the fed will be easing. Easier financial conditions. As a positive, at some point if the economy really slows down, it cant count ear drop in profits but we got a little up tick in the profits in the Second Quarter this morning. That is obviously, obviously a positive thing. Stuart all good. Thanks for joining us, sir. Thank you. Stuart the Trump Administration is seriously considering, their words, seriously considering changing birthright citizenship. Ronna romney mcdaniel, rnc chair is with us now. Wouldnt that require what were talking about here, if you give birth in america on this land, of our land, that baby is an american. Now we understand that the president wants to change that but would that not require a constitutional change . Well i think the president s right to look at Immigration Reform as a total, as a whole. He is saying we need meritbased immigration. We need to make sure we dont create a magnet system where were enticing pregnant women to come at the nine month, have a baby. Puts the baby in danger, puts the mother in danger. Lets look at it all. Well let the congress, courts decide what is constitutional. No other country has this in the western hemisphere. It is something we have to look at. We dont want pregnant mothers coming in our country in the ninth month to give birth. That is not healthy. That is not good for everyone. Stuart that is what it is all about, isnt it . Immigrants that come to america specifically to have a child. Absolutely. Stuart anchor baby for the rest of the family later on. If you do, if you change the birthright citizenship you really change a very longstanding policy of the United States. I think it could be unpopular . Well i think the president s right in saying we need comprehensive Immigration Reform. I think this is one part of it. This meritbased immigration, so were bringing in people that will fill jobs that are open, making sure we dont have chain migration, so youre bringing in families. Visa lotteries bring people based on what country theyre coming from, not based on skill. The whole package needs to be looked at. We know we have a immigration problem. Congress kicked it down the road far too long. This is a president taking action. Stuart i will refer to the latest polls, specifically the one from quinnipiac, it shows four democrat frontrunners, biden, warren, sanders, harris, all lead President Trump in headtohead matchups by a substantial margin. I have asked other republicans on this program about this poll, they dismiss it. Saying very early. They dont count. These polls are irrelevant. But i got to ask you, how is it possible that President Trump is so far behind sanders who is a flatout socialist . Elizabeth warren, who is extremely harsh on the economy and capitalism . How is it that the president , even now is losing to those four . First of all this poll is ridiculous. These are suppression polls. Theyre trying to help lift democrats, help their funding hurt the president. You look at fundamentals of this poll, they did things very differently. Quinnipiac, lets remember had Hillary Clinton winning by seven points on election day. They never had donald trump leading. So rnc we dont use polls. We use vet voter analyst ex. President leading in many battleground states. Were expanding the map to states he didnt win in 2016. I look very good where we are, ground game were putting in place, where the president s numbers are in states that were tracking. Stuart we hear it loud and clear, thank you very much for joining us. Thanks, stuart. Stuart okay. Now this. Watch out. This weekend, events on the other side of the earth may have a profound effect on us. Im talking about hong kong. A huge protest is scheduled for saturday. The Organizer Says the police just banned it. They cite safety concerns. Sounds like an excuse to crack down, confrontation that turns violent would affect the u. S. China trade talks that would affect your 401 k . Beijing has moved fresh troops into hong kong. That is ominous. The Chinese Government says it is just a regular rotation, which they do every year at this time. But coupled with the protest ban, it is still ominous. Then on monday, the protesters have called for a general strike, a serious thing for a city known for the dynamism of its businesses. If saturdays protests are indeed put down, more people would surely support the strike, increasing the disruption of asias financial hub. Xi xinping, chinas leader, is in a corner. If he puts down the protests, he loses. If they continue, so does the chaos. He has lost control, which is seriously bad news for communist leader. Meanwhile, over here, well be celebrating the labor day weekend. The stock market is closed on monday. Come tuesday, things may look very different. Here, because of whats happened over there. We shall see. The second hour of Varney Company just Getting Started. Coming up we have health and Human Services secretary alex azar. Were asking him about the Surgeon Generals warning on the risk of cannabis use. Well ask secretary azar about regulating vaping. Ecig ecigarette maker juul getting criticism on teens being hooked on it. Can anything be done. 400 Police Departments are partnering with ring, the doorbell camera people. 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[announcer] norton 360 with lifelock. Use promo code get25 to save 25 off your first year and get a free shredder with annual membership. Call now to start your membership or visit lifelock. Com tv stuart it is happening now. The department of justice Inspector General Michael Horowitz released a report on james comey. Whatted did it say . Ashley all about memos being leaked. The conclusion from the report, as described in the report, we conclude comeys retention, handling, dissemination of certain memos violated Department Policies and his fbi ememployment agreement. Stuart what is this all about . Give us clarity . Ashley conversations that former director comey had with President Trump. The accusation was, took some memos, leaked it to a friend, ultimately would go to the media. The department of justice is doing much bigger report on the russia probe done about it fbi, but this was a separate report just on comey. That is what they found. Stuart what has james comey responded with . He has. Ashley couple tweets. He first tweet, dojig, that comey or his attorneys released classified information in any memos. I dont need a public apology. With a quick message sorry we lied about you would be nice. He goes on to say, all of those spent two years talking about me going to jail or being a liar and a leaker, ask yourselves why you still trust people who gave you bad info for so long, including the president. Stuart to make the point, this is just one small section of a much bigger report. Ashley correct. Stuart that will come out a little later. Ashley on the russia probe. Stuart got it, thank you very much. No impact on the market. Still holding to solid gain. Dow industrials up 1 , all true across the board. All major averages up better than 1 . There is ring, okay . The video Doorbell Company owned by amazon. Yes as we reported theyre teaming up with 400 Police Departments. Joe is with us, blue lives matter, new york city founder and president. I know this helps you guys, the police, if you have access to the doorbell video. I know it helps but it is an invasion of privacy too, isnt it . Im not too sure about that, facial recognition, for instance is under fire. That is great tool that Police Departments he have where use. We have to understand the packages are being stolen at record high, burglaries inside of cars and driveways this is a great tool to get bad guys off the street. Weve seen last couple years progressives going way they are they want to keep bad guys on the street, not off the street as Police Officers this is a to do that. Stuart what youre using these cameras, video as if the Police Department looking out at people. I mean you, you are not asking for homeownerrers permission to look at the video, youre taking it. Behind the scenes there is all different agreements theyre probably not letting out, for amazon to be able to team up with Police Departments in that sense, there is more going on, which they are not going to release. At the end of the day it wouldnt be happening, wouldnt do it if it would violate someones right, because you will have lawsuits against you anyway. Stuart do you think we have to get used to this . Look, cameras are everywhere . They are. 2019 with crimes happening all over, Police Officers are going in the direction and progressing. Not like old days you had to seek people out. This is big tool. We need it. Stuart does it cut crime . It will not cut crime because the crime is happening. Help the Police Officers make the arrest get the guy off the streets so they dont continue the crime. Stuart i dont know how many ring doorbells installed, must be about a million . It is, everyone i talk to have it. I dont personally have one. It is incredible they use it for the kids if they need to get in packages delivered. Video surveillance is huge. Stores, street corners, cameras, cctv. This is another tool, people, the overall job of the Police Officers is to keep people safe. This is another tool we can use. If you look at it that way, hey, my Family Member might be safe because of this, its a good thing. Stuart were glad you came in for this one. Privacy concerns, amazon, its a big deal these days. Correct. Stuart youre a cop. We are. Stuart joe, thanks very much. Appreciate it. Thank you very much. Stuart we have peloton, maker of the exercise bikes, they are going to go public. The problem is, they have been losing a great deal of money. Im going to ask an early peloton investor, does he regret his investment . Were tracking Hurricane Dorian. This is a big deal. It is making its way across the caribbean. It is heading to florida where it is forecast to hit as a cat3 hurricane sunday night, monday morning, sometime. It will be the, rather the east coast of florida, that it slams into. That is a big deal. Look at this, elon musks spacex, test launching that new rocket that could take humans to mars. Only went about 500 feet in the air, but it was a success. I want to know, is putting humans on mars a realistic goal . Well ask a former astronaut later this hour. Would he go up in it . I will ask. What do you look for when you trade . I want free access to research. Yep, td ameritrades got that. Free access to every platform. Yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. No hidden fees. No platform fees. No trade minimums. And yes, its all at one low price. Td ameritrade. From the 5am wakers, to the 6am sleepers. Everyone uses their phone differently and in different places. Thats why Xfinity Mobile created a Wireless Network that auto connects you to millions of secure wifi hot spots. And the best lte everywhere else. Xfinity mobile is a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Click, call or visit a store today. Stuart holding on to a very nice gain, thank you very much. We were up 300. Now were up 250. Well take it. Look at the hurricane prep stocks as we call them. Home depot up. Lowes up, jenner rack, generator people down a fraction. We do know people are stocking up ahead of dorian in florida. Well keep you up to date with. Fbi raiding home of the United Auto Workers president , gary jones, this is part of a corruption probe to illegal payments to officials. Jackie deangelis is with us. As i understand it mr. Jones is not the only official . No. There was another raid in california. The former president. His name is dennis williams. He was involved. There were no arrests yesterday. This has been going on some time. Nine people charged. Eight convicted. Three are Fiat Chrysler workers. The probe is expanded. This is up the stakes. There were bribes potentially, kickbacks in the top ranks of the uaw. This is one of the most powerful unions in this country. It is actually in the midst now negotiating new fouryear contracts with detroit carmakers. They will be up in midseptember. A lot of folks, workers are worried about this. This reduces confidence in the leadership. Stuart if you have raids in the middle of contract negotiations which are due couple weeks, i would say that has to interfere with the negotiations. Distracting if anything. It could also interfere. There is a lot at stake here. Federal investigators are not let up. Stuart youre on it. Thank you very much, jackie. Disney wants to make it easier for guests to visit the star wars park in orlando. Dont tell me theyre cutting price . Ashley they learned, what happened in californias park in anaheim back in may a ton of restrictions. You had to reserve on line or staying in one of the companies hotels. All that filled up quickly. Even disney employees were not allowed in for free. There were a lot of restrictions. That hurt attendance. In orlando, in orlando, no reservations. No restrictions. Get there early. They are hoping to give it a boost. Were outside now of the main Holiday Season whereas in california, you know, may that was the beginning of the summer season, people thought it would be too crowded. I will go. The wait till later. Stuart im wondering if it is affected by dorian . Ashley orlando stands directly in the path. They have no you clue where the storm is going. Im sure theyre making plans. Stuart disney, 138 as we speak. Juul, very big name, the big name in vaping accused of marketing to toons. The companys chief executive admitted he doesnt want his teenage children to use the product. Now well talk to health and Human Services secretary alex azar. What is he going to do about vape devices getting into the hands of youngsters . He is also talking about an advisory on risks of marijuana use by young people and pregnant women. Well ask him about that, after this. At fidelity, we believe your money should always be working harder. Thats why, your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. 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What is bigger issue, lawsuits are being filed. Certainly already filed in scotland. Probably one in ireland, maybe wales, so on. Saying essentially Boris Johnson is abusing his power. Therefore it is illegal to suspend parliament for five weeks, which is 23 working days. Coming up to the october 31st brexit deadline. Will probably end up in the uk supreme court. I dont think it will be overturned. He has every right to do this but well see. Stuart the queen said yes. Ashley conservatives come november, they will call for a general election. Stuart negotiate, get out of europe on october 31st then general election, but get out first . Ashley right. That is the aim. Stuart smart move, mr. Boris. The Surgeon General issued an advisory on the risks of marijuana use by youngsters and pregnant women. Come on in alex azar, health and Human Services secretary. Mr. Secretary, can you conclusively say, yes, there are risks for pot use by young people and pregnant women . We can absolutely say that. The Surgeon General is saying that. There is no amount of marijuana that is safe for adolescents or pregnant women to use. Stuart what are the consequences of its use by youngsters and pregnant women . Stewart. It has to do with Brain Development. So a critical factor in Brain Development is the cannabinoid receptor. What happens to marijuana, it actually binds the cannabinoid receptor, that is where we get the pleasure seeking. That receptor fires off Brain Development in youth and utero babies. It blocks that. It slows that. That can impair i. Q. That can create early onset of psychosis, including schizophrenia. It can include reductions in attention. It can increase depression. It is quite, quite significant. The Surgeon Generals advisory is based on Peer Reviewed Scientific Health data out there. Stuart does that mean well see warning labels on marijuana where it is sold legally . Does it mean preemptive any move at the federal level to legalize marijuana . This is part of hhss mission of Public Health education. Were the Public Health agency, not the Law Enforcement or marijuana regulating agency. So what were doing is making sure that adolescents, that pregnant women, doctors, teachers, parents, who care for them, are aware of grave risks to them of marijuana use. Stuart is that warning labels . Because of course there is no such thing as Legal Marijuana in the United States, it is against federal law. There is also no labeling regime for illegal products this is about Public Health education at this point. Stuart i want to talk about vaping. Im sure, as you know, mr. Secretary, the ceo of juul says he doesnt want his own children to use this vaping device. Hold on for a second, mr. Secretary. Let me roll the videotape, please. As a parent of a six teenyearold, 19yearold, i dont want my kids to use the product. It is not intended for them. They are not smokers or former smokers. We dont want them to use the product. I have empathy trying to go through their kids, dealing with difficulties with a product that has nicotine in it. Stuart mr. Secretary, juul is spending 100 million to help retailers install technology would verify at point of sale the age of people who buy the vaping products. Is that enough . Will that stop these vapes getting into the hands of kids . We welcome any effort that keeps these products out of the hands of kids. Were simply not going to permit another generation of children to become addicted to nicotine, that is onramp to tobacco utilization. Let me be very clear. Were facing epidemic of youth using vaping, products. 80 increase of high schoolkids vaping, using ecigarettes. 50 of increase of middle schoolers using it. Well use every regulatory enforcement power that we have to prevent this epidemic from continuing. We will stop youth use of ecigarettes and vaping materials. Stuart can you say for sure that the use of vaping device, which puts these vapors in your lungs, regardless of what youre vaping, whether it is marijuana or tobacco, whatever, is there absolute proof that it is dangerous to use a vaping product . Well, first off you have chemicals in these vaping equipment, and we do not know all of the Health Consequences in terms of the impact on ones lungs. Second you have the product being consumed. I have just told you the Surgeon General issued an advisory, thc, which is the element of marijuana that gets one high, is incredibly dangerous for youth and pregnant women. Nicotine is incredibly dangerous for youth using that. They will become addicted to nicotine t reviser the brain in terms of addictive patterns. It will provide an entryway into come bustive tobacco utilization. It is for ecigarette to be adapted, marketed, accessible for the youth of this country and we will not permit it. Stuart mr. Secretary, you have a tough job, were glad to have you on the show explaining what youre doing. Mr. Secretary, thank you. Yes, sir. Stuart check the big board. It has been like this all morning. Were have 1 gain. That translates to 261 points. Let me tell you. Softer language on china on the issue of trade. The president wants the fed to drop rates. The market is screaming lower rates fast. What else have we got . Ashley treasury yields almost not inverted. Youre excited about that. 1. 50 on the 10year. 1. 51 on the two year. Stuart virtually noninverted but it is close. Were up 260. Ashley exciting. Stuart mcdonalds is teaming up with door dash to provide delivery from 100,000 mcdonalds locations. The delivery deal rolls on. Investors like it. Mcdonalds is nearly 220 per share. More bad news in the retail world. Forever 21, filing for bankruptcy. Lauren is with me still. What is going on. Bloomberg says potentially filing for bankruptcy. What is the maul going to do about this. Forever 21 is like macys, Department Store anchor for so many malls. Used to be before instagram. You saw what a celebrity wore and go to the Fashion Store like forever 21 and brought it cheap. Now theyre selling to you and me and working mother, to kids. It is too much. They look like Department Stores. There are many stories, second floor, first floor. It is confusing. Stuart look on my prompter. I will read it for you. There is 60 off sale on forever 21s website. It says, have we lost our minds . Can i 60 arrest off of sale on the web site. It is on sale, you take another 60 off of that. Stuart have they lost their minds . They lost their money. They are trying to negotiate leases with the mall operators. Close some stores. Ashley what malls . That is issue. Doublewhammy. Why are you laughing. Stuart the producer who is lady, got in my ear, you wash them once, they fall to pieces. That is true. I was in forever 21. Buying a basic hoodie, it said i love tacos on the back. I just wanted a basic. Stuart i like my hoodie or whatever, which does not have somebodys name or advertising on it. Ashley hard to do. Stuart can i get something plain . Not at forever 21. Stuart i dont want to say i have come from burning man somewhere. Ashley even though it is true. Stuart no it is not. All right, sports fans. Lets go. Big news from d. C. , as in the district of columbia, washington, the Inspector General just released his report on former fbi director comey. Bret baier is combing through it. He joins us in our 11 00 hour. Tell us all about it. But next, peloton, fancy bikes, exercise bikes, fancy, they want to go public but theyre not turning a profit. In fact theyre losing a ton of money. Well ask a early peloton investor, would you put your money in if you had the choice now . Well be back. Hey, who are you . Oh, hey jeff, im a car thief. What . im here to steal your car because, well, thats my job. What . What . . What . laughing what . . What . what . [crash] what . haha, it happens. And if youve got cutrate car insurance, paying for this could feel like getting robbed twice. So get allstate. And be better protected from mayhem. Like me. Thats for sure. Hange and when those changes might help more people, especially those in retirement, i think its worth talking about so, aag is introducing a new jumbo reverse Mortgage Loan so you can now access as much as 4 Million Dollars in cash, tax free, from your homes equity. Aags new jumbo reverse Mortgage Loan can give you more taxfree cash than ever before find out more in your free aag jumbo guide. Call the new aag advantage jumbo gives you another way to effectively manage your Retirement Income sources. Tell me something, what other asset can give you that kind of taxfree cash right now . And the sooner you call, the sooner youll know if a jumbo reverse Mortgage Loan can improve your retirement portfolios performance. 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Were going back up by the looks of it. Have a look at apple. Ceo tim cook, show, what is it, show me. 265,000 shares. That brought him 54 million bucks. Ashley nice. Stuart first time he has sold apples stock this year. He has sold before but this year first time. 207 bucks a share for apple. Lets get to peloton, popular, very expensive exercise bikes, getting ready to go public. The company is losing a lot of money. Michael duda is with us, he is one of the first people to put money into peloton sometime ago. You got your money in this thing. Youre stuck with this thing. It is losing a ton of money. It has a really increase its subscribers, youre laughing. Wouldnt you change your mind . Would you have put your money in, if you knew what you know now . 7 years ago, when we put money in. You tell me, that this would become a global phenomenon. Probably number Digital Fitness app in the globe. Have 915 million in revenue . Sign me up twice. Stuart more money. Absolutely. Stuart they are making progress you want to see. They have to get way above the 1. 4 million they roped into this thing. That will be difficult, isnt it . Roped in, you know what i mean. It is 2,000 a bike. 4,000 for the treadmill. 40 bucks a month thereafter. A lot of money. Youre thinking of getting one, that is great, no, im not. There were 18 million cars sold in the u. S. Those cost 30 or 50,000. This is a 2,000dollar investment you can pay over time too. I laugh when people talk about how expensive it is. You can go to a gym in new york city pay that much money. You look at community this company built, look at scores over past several years, just fan dom. I remember in 2015 we grouped together, invite people to new york to meet instructors. Maybe well get 100 people. They had 1700 people. They were overloaded. 17,000 people in a ball couldnt meet. A mom in massachusetts that couldnt wait to meet ali love because she lost 30 pounds. There is strong allegiance. For 1. 4 million. Not commenting on future. Im not smart enough to do what Goldman Sachs does, the growth over last couple years is pretty phenomenal against all odds. I would be long on this company. Stuart okay. Maybe for other reasons. Stuart i see people riding away. I see the screen, shouted at, come on, come on. Not quite for me but they play music, streaming music. You have a problem with that. Because the rights to stream that movie, you havent got them yet. Can you tell me what is happening with that. Im not involved with the legal situation. That has come out publicly well before the s1 was filed i have never seen a young company, not endure some bumps along the way. What this company overcame early on before, johns team overcame that. Im not saying it is not an issue. Im not fully aware of it. Im long this company. Stuart you believe they can establish a truly upscale, exercise at home reg again . That is your belief . I think term upscale, well take that out for a little bit. We talked about apple selling a lot of stock . Isnt apple upscale brand . Tesla is upscale brand. They have done pretty well. Stuart 40 bucks a month. 2,000 for a bike, 4,000 for a treadmill. That is upscale. 1000dollar iphone you get rid of in two years is upscale too. This is investment in health and wellness. This helped commercialize outside what competitors were doing. Theyre serving people in a way that werent served before. Stuart michael duda has no regrets . None. Stuart most forceful statement, none. None regrets. Listen, were early stage investors. So it is just like we have to have a belief in a lot of things. Is this something Consumer Needs . Is there something broken out there, whether you invest in harrys when gillette is king or Lovely Company warby parker. When you get glasses. They want to buy into a believe system. Peloton has that. Allegiance they have people have. Instructors, technology, equipment. What is great about this teamings they know how to keep ahead of those things. Im bullish. I never thought it would be this big. Theyre Getting Started i think. Stuart michael, fascinating stuff. We appreciate you being here. Absolutely. Appreciate it. Stuart check the big board. We were up 300. Now were up 200. Now well take it. Elon musks spacex, we told you this, they tested a rocket. Ashley star hopper. Stuart star hopper. There you have it. Youre looking at it now. How long before we send a manned mission to the red planet . I will ask a former astronaut next. Could be violent demonstration in hong kong. Police banned the big demonstration to begin saturday. It might affect our markets. More varney after this. All right brad, once again i have revolutionized the songwriting process. Oh, here we go. I know i cant play an instrument, but this. This is my forte. Obviously, for auto insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. You may have gingivitis. When you brush, and the clock could be ticking towards bad breath, receding gums, and possibly. Tooth loss. Help turn back the clock on gingivitis with parodontax. Leave bleeding gums behind. Parodontax. Theres a company thats talked than me jd power. People 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. To the wait did frowe just winners. Prouders everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy a new samsung note. Click, call or visit a store today. Stuart we held on to a solid rally virtually all day long. Were up 300. Now were up 212. That is. 8 . Solid rally all across the board. Quick look at boeing. They want a 500 milliondollar contract from the pentagon. That is not moving the stock. Of china trade softening talks. That is probably more in line. Boeing at 362 this morning. Spirit airlines is teaming up with facebook to make travel easier. What are they doing . Ashley it will cost you. Theyre allowing you to book reservations or perhaps change your itinerary using Facebook Messaging service, whatsapp. You can go on and book flights, change them. You get connected with a chat bot. Always wanted to talk to a chat bot. You put forward to spirit agent. You send a link. All of this for a 25dollar fee. But it makes it a lot easier and faster and spirit says it is good for them because the travel agent or the assistant can work on several chats at the same time as you message them on stuart 25dollar fee . Ashley 25dollar fee. Stuart who gets the 25dollars . Ashley spirit airlines. Stuart i thought so. Convenience. You have seen this before on the show, that rocket, that right there, that is the rocket ship that will take humans one day to mars. I dont know whether it brings them back or not. That is where the design is. Leroy chow, a former nasa astronaut. He joins us this morning. Welcome to the show. Good to see you, sir. Good to be here, thank you. Stuart is it truly realistic for a human to go to mars . I would have thought it would taken years and years and years . Im not sure you can come back . Well the technology is matured. The fact we have the technology to be able to put together a mars mission. You know, it is not a matter of computers. It is not a matter of propulsion or anything like that. Its a matter having money, resources, the will to go ahead and do that. Elon musk i think is putting all of that together. That is very exciting. What you saw was a prototype with would become his starship spacecraft he is working on. He ambitious goal to be sure. What i learned not to count him out. Stuart how long would it take . If you ask elon musk it will take five years. From now until five years before he launch this is mission. Very ambitious. Stuart hold on a second, once you launch this thing, i dont know whether you would be in it or not, once youre off and running how long does it take to get to mars . Once the planets are aligned, we have of course, different orbits. Once were aligned, the distance between earth and mars is the shortest, were talking about 6 to 8 months one way. Stuart oh. It is about what were doing on International Space station these days. That is not a coincidence. Were looking at effects on the human body for the transit time between the either and mars. Stuart so this is feasible . That is fascinating. I thought it was years and years and years to get all the way out there to the red planet. Apparently not. Bearing in mind your experience of being in space, would you go to mars . I would go to mars to explore, i definitely want to come back. I enjoy living here on the earth. Elon musk wants to live on mars. He has a plan to comize mars. Stuart you spent a long time in space. What was the impact on you and your body . A lot of biomedical effects happen to the u. S. Body in space. None of them are good. We were exposed to higher levels of radiation. We wont know until if that has an effect years down the road. Less important things happened, one of the things been in the news several years, astronauts coming back with changes in the eyesight, in some cases permanent damage to their eyes. We dont have a full handle what is it going on. We have good ideas. That is one example of things that happen as we fly longer missions in space, farther away from the earth. We find biomedical problems we hadnt anticipated. Stuart i find it fascinating. Leroy, thank you for coming on the show to experience your experiences with us. My pleasure. Stuart got it. Check the big board. We do it all through the show, especially on rally days. Market investors worried about a bad headline from trump and xi is worse than the tariffs themselves. She will make her case. New poll shows the president trailing the four democrat frontrunners. What is it that voters dislike about our president . Is it his personality, his tone, his tweets maybe . We will ask the question. 16yearold swedish climate activist arrived in new york yesterday after sailing across the atlantic on zero emission yacht. She is here for a Climate Summit. She is giving a big push to the flight shaming movement. My take on that is coming up for you. At fidelity, we believe your money should always be working harder. Thats why, your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. But how do i know if im im getting a good deal . I tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if im getting a great price. This is how car buying was always meant to be. This is truecar. Stuart almost 11 00 eastern time and this is a big day for the markets. Lets get right to it. It is a rally. Some renewed optimism from china, a softening of the tone in the trade discussion, that is helping the market this morning. Now, President Trump on the radio with Brian Kilmeade earlier today said china quote, really wants to make a deal, and he urged Speaker Pelosi to put the usmca, the new nafta, put that to a vote. He said farmers will be very happy with it. The markets way up. We also received the latest on mortgage rates. I would have thought they go down but no, they actually went up slightly this week. 3. 58 is the 30year fixed rate loan as of now. Big political news. The department of justice Inspector General, his report is out and it finds fault with james comey. Bret baier on that later this hour. First, though, to your money. Market watcher heather zumarraga. Heather, i want to get your take on this proposal, talking about it seriously, which is a 50 or 100 year bond from the treasury. Right now we go out 30 years. Mnuchin wants to go to 50 or even 100. I think its a great idea. What say you . I think its an absolutely great idea as well. If you think about it, other countries around the world already have these ultralong bonds so its not that crazysounding of an idea. The fact is that with our 30year below 2 right now, theres an insatiable demand from investors not just in the u. S. But globally. Its not a bad time for Something Like this. Stuart it would make it cheaper to finance our big deficit, wouldnt it . It sure would. Our big deficit as you know is ballooning to nearly 1 trillion. It would plug that deficit, it would help Pension Funds and this idea has been floated of an ultralong bond many times in the past ten years. It started after the recession in 2009. This is not something thats uncommon. I think its a great idea. Stuart i would just love a 100year mortgage. We could all be dead by then. Stuart i certainly will be. Thats a fact. Lets move on to the market and china trade. I believe you say investors are more worried about a bad headline from any talks, that is worse, you think, than the tariffs themselves. Make your case. Yes. I think that the economy right now hinges on the strong labor market and the consumer, and we have both. Therefore, the economy is firing on all cylinders. If you look at the impact of the tarif tariffs, i know best buy was stating the tariffs are hurting them, apple would be set to get hit on september 1 if we proceed with these tariffs on more specifically the apple watch would increase by 15 , but when you look at other Companies Like dollar tree, they are saying they are able to offset and mitigate any risk that these tariffs present. So right now, the consumer will be impacted by the tariffs set to hit on september 1 and october 1st but i think the uncertainty of the markets over the tariffs is more damaging than the actual tariffs themselves. Stuart heres what worries me about the markets and china. Hong kong. You know, they banned this big demonstration that was planned for saturday night and on monday, they got a general strike. That could really blow up, leaving us with a real mess come Tuesday Morning. You a little concerned about hong kong this weekend . No, i absolutely am. I think that President Trump and the White House Administration know that that is president xis biggest threat right now is what is going on in hong kong, and these protests. Its actually a much bigger deal than the trade situation right now and i wouldnt be surprised if we have some breaking news out of the u. S. Over the weekend, from the u. S. Side on the trade deal. Stuart to summarize, every time you have been on the program you have been bullish. You never said sell your stocks. You always said hold on for the long term, were going up. You still with that . I think it will be a bumpy ride but over the long run, theres no better place to bet on than the u. S. And american economy. Stuart well said, heather zumarraga. Thanks very much. See you soon. Next one, lets deal with apple. They have apologized for letting Third Party Contractors listen to your conversations with siri. Some of these conversations were intimate, werent they . Deirdre they certainly were. Apple apologizing and changing its wicked ways. It also makes the company look very bad because we know tim cook, the ceo of apple, has basically been the poster child of privacy. Hes actually said numerous times, even taking pot shots at facebook, saying at apple we believe privacy is a human right. This is really bad for their corporate culture, for their image. The company says now as a user, you have to opt in. You have to actually check a box that says i understand somebody may be listening and you have to choose that. Its not just by default. Tim cook is also saying we are not even going to farm this out even if you give us permission. This will not go to a third party contractor. Apple employees will be parsing your messages if you agree to that. The overall theme is to make the a. I. Better. The artificial intelligence. Stuart hes making a change here. Deirdre a huge change and with an apology. There was nothing else they could do, especially to the extent where hes been out in front saying privacy is actually what makes our tech company different. All these other companies have had difficulty with it, too. Facebook, amazon, google. So hes had to walk the walk. Stuart im kind of laughing because i have gotten used to the idea there aint no privacy any longer. Wherever you are, almost wherever you are, including inside your own house. Ashley thats true. Deirdre but have you to acknowledge you know this. Stuart thats precisely the point, isnt it. If you havent agreed to it, i dont like it. How about google . Moving production of the pixel smartphone, moving it out of china. Thats a big move. Ashley yeah. Deirdre i was like, i dont know one person with a pixel. Ashley they are going to vietnam. They will start production there. They say they hope to have it up and running by the end of the year. But this report from the Nikkei Asian Review that does a lot of these breaking stories says google could also move their hardware production outside of china, not just pixels, like home and nest speakers and other products as well and they are looking also at thailand. Vietnam for the pixels but maybe thailand for some of the other hardware. This is all terrible news for china. Puts more pressure on china to come to the table as these Companies Start to look, as the president asked them to do, for alternative places. Stuart once they get out, hard to go back. I want to deal with the price of oil which is hovering around the mid50 dollar per barrel range. Im more interested in the price of gas which continues to come down. Look at that. 2. 57 is the National Average for regular as we speak. And its falling, too. What have we got coming up . Joe biden slams the president s tax cuts. He cited the Heritage Foundation. He quickly took it back but not before the Heritage Foundation responded. Wait until you hear what they said. Bret baier is coming up, too. He will talk about the Inspector Generals report. Even with all his gaffes, joe biden still leads the field, beating the president in a headtohead matchup as well as the other frontrunners. They beat him, too. What is the president doing wrong . Its not his policies. Is it his personality . His demeanor . His language . We are talking to the 2020 campaign next. How do you gauge the greatness of an suv . Is it to carry cargo or to carry on a legacy . Its show of strength or its sign of intelligence . In crossing harsh terrain or breaking new ground . This is the time to get an exceptional offer on the mercedes of your midsummer dreams at the mercedesbenz summer event, going on now. Lease the gla 250 suv for just 329 a month with credit toward your first months payment at the mercedesbenz summer event. Mercedesbenz. The best or nothing. Stuart watch out. Earlier this morning in hong kong, china rotated new Peoples Liberation army troops into the city, and the police have banned, this is really ominous, the police have banned the big protest that was planned for saturday night. Deirdre bitter clashes could follow. That is the biggest worry. We have seen with some of these marches, we are now in the 13th straight weekend that sometimes upwards of a million people, really more than a million and a half, have taken to the streets. Now police are banning this saturday rally and march which was supposed to be a peaceful one, if you listen to the organizers. But they are concerned saying you know what, the police are squashing our freedom of assembly right and that is a basic right. Stuart look, we have to hit this headon. They banned it. That means they wont allow it. That does not mean the protesters, hundreds of thousands strong, wont show up. Deirdre no. And in the numbers that they have been, this is really concerning and setting the stage for what could be a very ugly weekend in hong kong. Stuart if its an ugly confrontation on saturday night, what happens on monday when theyve got a general strike in hong kong . The place will shut down. Deirdre i think the target, too, is very symbolic. The protesters were supposed to be marching towards the Chinese Liaison Office which as we remember a month ago was egged so the extra angle seems to be that the protesters are really rejecting chinas presence in hong kong, by particularly choosing this as the end spot for the protests. So its just ramping up the tension in a place where ashley refreshing the troops on the border, too. Stuart they say thats normal rotation. Ashley of course. Stuart but it is ominous. Ashley it is ominous. Stuart thank you, dreeirdre. Good stuff. I want to get to something i have heard many times. People say, okay, i like, we like the president s policies. They are popular. The economy is indeed booming. But the president s personality, his tweets, his language, his demeanor, rub a lot of voters up the wrong way. I will bring in kayleigh mcenany, trump 2020 National Press secretary. Welcome back to the program. Thank you, stuart. Stuart like it or not, the president s demeanor is an election issue. What do you say . Look, when you look at the president s demeanor, he has to fight back against the news that relentlessly attacks him. He must break through the negativity, he must break through the news cycle on some of the other networks and we see him do that by taking it headon, by taking the fight when he sees what he calls fake news and what he sees unfair stories. Its an important aspect of this president and i think a lot of voters understand that. Stuart you do understand it turns people off. Theres a lot of people that i know who are very sympathetic to this president , they really like his policies and have benefited from a booming economy, but they look at what he says and how he says it and the tweets and they stand back and say i just dont want this from a president. How do you get around that . I hear a lot of voters say to me at rallies, look, we were frustrated with past republican president s that when the media came after them, when liberals came after them, they just took it lying down and they said we found a fighter in President Trump and like it or not, the way he says something, he stands up for the values that conservatives hold dear and in the quiet of that voting booth there are a lot of voters who will say he did everything he promised he would do for our policies so we are checking the name of President Trump. Stuart i want to alert you to the Washington Post which just released an oped, heres the title, joe biden isnt just a gaffe machine, he is the l lamborghini of gaffes. Thats pretty strong stuff. My question is why is joe biden still leading in the polls and why is joe biden beating the president in headtohead matchups . Well, first, let me take on the headtohead matchup question. This is a year ahead of an election. We have yet to define joe biden for the fullon leftist, even socialist, i would argue, that he is. He tries to play the moderate card but hes not. So these polls are going to become a lot closer as we lead up to the election. A lot of turnout modeling in the polling is wrong and off and they oversample democrats. Thats one. Two, that is a really accurate headline from the Washington Post who doesnt always have many accurate headlines here. Joe biden, its incredible, the guy thinks Margaret Thatcher is the Prime Minister of england, he thinks he was Vice President during the parkland shooting and mlk and rfk were assassinated in the late 1970s. Thats all in a weeks time. I think joe biden is not in this for the long run. I think he will fall in the polls. Stuart are you forecasting joe does not go the distance . I dont think he goes the distance. He cant stand it on the debate stages. This time stuart is it his age . Its a degree of fraility that makes you say that . I dont think it has anything to do with age. What i think it has to do with is someone who was never cut out for this job or even president obama is not endorsing him. Even his own wife says swallow it and vote for joe. When you have your Family Members and former boss not giving you a ringing endorsement, i think he was never cut out for this job. Stuart are you prepared to work 24 7, 365 for the next 15 months . Great question. Indeed i am. I already started. Stuart come up to new york and come on the set with us. I would love to, stuart. Thank you. Stuart see you soon. Of course, we are watching Hurricane Dorian. Floridas Governor Ron Desantis has declared a state of emergency. The hurricane itself or the storm, i should call it, is about 220 miles northnorthwest of san juan, puerto rico. Right now its moving at 85 miles an hour. Thats going to become much stronger. Could be a cat 3 storm by the weekend, hitting florida sunday night monday morning as a cat 3 storm. This is a big deal. Here it comes. By the way, American Airlines has just put in place travel waivers at 13 airports in florida. They are telling fox news its too soon to tell what the potential impact could be on, for example, miami. They are getting ready. Next one. Greta thunberg is a 16yearold from sweden and shes a climate warrior. Instead of flying to new york city for the Climate Summit at the u. N. 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Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Stuart well, well, well. Weve come right back again, havent we. We were up 300. Then we took a little breather and the market went to a gain of about 170. We are all the way back up again, up 288 points. A softer tone from china on the trade talks, the yield curve is no longer quite as inverted as it was, and the president promises a big farm package. All that does the market good. We are up 286 as we speak. Now this. Here he comes. The Climate Change activists weekend. You may be pumping out the carbon with your barbecued burgers but the climate warriors will be grabbing the headlines. It started already. It will build to a crescendo for the u. N. Climate activists summit on september 23rd in new york. Greta thunberg has just arrived from sweden. Shes 16. She started the School Strike movement, High Schoolers walk out every friday to urge Climate Action. And shes given a big push to the flight shaming movement. That is, you are called out, shamed, if you fly. She came across the atlantic in a zero emission yacht. No toilet, no shower. At least shes putting her principles into practice. The media treats her like a saint. Just as miz ths. Thunberg arriv alexandria ocasiocortez issued perhaps the biggest climate scare to date, saying melting glaciers will release diseases and the sun will scorch the earth so we cant grow food and will starve. That seems a tad extreme but lets not forget this week, Bernie Sanders issued his 16 trillion climate plan which phases out all fossil fuels in ten years. Bernie turns 78 next month. Maybe hes trying to get out front of greta, who is 16, and aoc, who is 29. He could sure use the youth vote. But i digress. The media will go fullon with whats now called the climate crisis. You are a denier if you dont use those words. There will be a series of demonstrations which will receive maximum publicity. Demonstrators are planning to shut down d. C. For a day. A Global Strike is planned. The u. N. s Climate Action summit will be another series of demands on america but not china. Then there will be another allpurpose Climate Summit in chile. They are trying to scare us into drastic action but it has the air of desperation. They have not convinced us that the sacrifice they demand is worth it. Case in point. Georgetown, that is a city of 75,000 people in texas, they went all in, getting rid of fossil fuels to generate electricity. They got a Million Dollar grant to help them do it. Disaster. Energy costs went straight up. The local utility has a 7 million shortfall which has to be paid with yet higher electricity prices. The town Council Voted unanimously to kill their own green new deal. You wont hear much about that. Oh, no. The greens run the climate media show and you are in for a barrage of threats, scares and extremist policies. Ill pass. Am i being too harsh . Deirdre i dont think so. But i do support this young lady. At 16 years old, a young lady dealing with aspergers, putting her money where her mouth is. I have Family Members who used cloth diapers who criticized me for using hug huggies. Ashley there are a lot worse things a 16yearold could be doing but shes probably going to fly back to europe, right . Who knows. But listen, calling for strikes, getting kids out of school, 99 of the kids are like were getting out of class i think its very disruptive and not the way to go about it. Stuart i think you are both sort of right. Okay. Markets, get back to it, up big. Look at this. We are up 300 points again. Thats a really good gain. Up next, we have two major players. Market players, that is. Jason katz and thomas lee joins us after this. At fidelity, we believe your money should always be working harder. Thats why, your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Stuart dont you get the feeling the market just wants to go up . Look at it now. You have a 300 point gain and yesterday we were up 248. Thats a much better than 500 point rally in, what, 24 hours . I think it just wants to go up. Why dont we tap into the expertise of two powerhouse market watchers . Jason katz is here, ubs managing director. Thomas lee is with us. First of all, lets go to jason. Look, i think the market just wants to go up. What do you say . I say there is more buyers than sellers. By that i mean look, this week is an unusual week in that most people are at the beach but its interesting, in years past that was the case. This week, im at work and my clients are paying much more attention. So i do think the market wants to go up. I do think that they sense that a trade deal is possible but by the same time, we are a tweet away from people heading for the hills. I think we will be very headlinedependent and this trade negotiation is going to go to the 11th hour. Stuart let me deal with this market just wants to go up, thomas lee. Thats my impression. We have had the Interest Rate yield curve scare, gotten over it completely. The china trade scare, gotten over it completely. Complete recovery. It wants to go up. I think it should go up. Last week, i think there was a crescendo of fear around inverted curve, china trade and oh, a recessions going to start today. I think calmer heads are kind of prevailing and high yield has been rallying. Its a huge, huge leading indicator for equities so i think we have had a big divergence. I think its a catchup trade. Stuart am i right in saying you expect 3 Interest Rate cuts, not 1, not 2, but 3 Interest Rate cuts from the Federal Reserve in the next several months . Yes. I think a 75 basis point cut which is larger than consensus, the market is looking for 50, is needed because its really the only thing to normalize the curve. Stuart that takes you to spring of next year. 75 basis point cut in three stages. By the spring of next year. Or maybe 50 in september and another 25 before year end. I think it could happen before the end of the year. Stuart thats good for the market . Yes. I think its good for the market because it sends a strong signal. Stuart what do you say on Interest Rates . We are at threequarters of a point. Stuart down. 75 basis points down. Between now and the end of next year. Frankly, if we dont get a half a point at the next meeting, i think theres a little less room for error. I think Market Participants are actually looking for that. Stuart seems like the markets are screaming for a rate cut, demanding a rate cut. Certainly the bond market is. Stuart sure it is. Okay. I want to talk to you about hong kong. Because this weekend, weve got the chinese the Hong Kong Police force has banned this big demonstration saturday night. On monday, theyve got this general strike. That worries me. Any kind of flareup in hong kong over the weekend will really hurt us, i think, come Tuesday Morning. You think about the timing of the conciliatory tone out of china. I dont think its by coincidence. I think that perhaps taking a softer tone on trade gives them a chance to take a harsher tone and be more authoritarian with respect to how they will deal with hong kong. Stuart oh, okay. So they make nice on trade, then crack down on hong kong. That still bodes well badly, i should say, for hong kong. Badly for hong kong. Better for u. S. Markets. Stuart okay. Let me address the hong kong issue, if i could put it that way, with you, tom. I think its ominous. Youve got the police saying no rally. Youve got the pla rotating fresh troops into hong kong. A general strike monday. Thats combustible. Its really ominous. For people in that region, its a huge deal. Its probably less of a big deal for markets. But i think markets are still going to be nervous. I dont think that this is one of those things that would change anyones thesis. Stuart suppose there was a bloody crackdown . Im not suggesting that but just suppose. Speculate with me. That would be the end of trade talks, wouldnt it . I dont know. I mean, i would say its going to be something thats central to sort of how u. S. And china sort of come to resolution but you know, i dont think its a deal killer. I think its a really really big deal for hong kong and the region there, but for the u. S. And maybe more for u. S. Markets, its not as important. Stuart last story which i find the most intriguing of the day. That is secretary mnuchin says they are going to give serious consideration to a 50 or 100 year treasury bond. I think that would be a great idea. What say you . From the governments perspective, why not. Why would you not want to finance your debt at such accommodative rates. From investors perspective, that would be stepping in front of a steamroller to pick up a dime. Stuart okay. Got it. Quick one. I always think of you as bitcoin man. Hope you dont mind me saying that. Are you the guy who said it would go to 20,000. Its at 9,000 right now. What happened . I think bitcoin is kind of suffering from tremulous markets. You need markets to either break out or break down before someone decides incrementally whether they want to own bitcoin. I think at the moment, when stocks have no trend, Interest Rates really arent clear, theres really no macro direction, i can see how in a week like this, when theres labor day, there arent a lot of inputs into bitcoin. Stuart i will take your word for it. Last one. Youre not a bitcoin guy, are you . No. Look, i think that blockchain is here to stay. I think in the face of adversity you want to find stores of wealth, so gold is probably the better proxy, if thats your base case. Stuart okay. Argue it down to the green room when we get off the air. Both of you, thank you very much for joining us. Much obliged to you. By the way, as we were speaking, want to talk about the market just wants to go up, it went up. Now we are up 320 points on the dow industrials. I think that is the high of the day. Certainly very very close to it. Up 320. 26,355. Which means we are precisely 1,000 points below the record high for the dow which we achieved in july. Goodbye, all the yield curve worries. Goodbye. Now this. Yesterday, we broke the news that the fbi and the irs, and the irs, had raided the home of president gary jones, the uaw president. Now we have learned this could affect union talks with the auto makers. Ashley it could, although the uaw says no, we are not changing course. They are trying to renegotiate a fouryear contract with major auto makers but this certainly puts a big cloud over that. There are questions from those Union Workers about their leadership. Some asking for the uaw board to meet and address whats been going on because not only did they raid the fbi and the irs raided gary jones, the uaw president s home, they also conducted raids in michigan, missouri, wisconsin, california, all on this expanding corruption probe. So they say no, they say we are cooperating, says the uaw and theres no need for search warrants used by the government. They are grandstanding. Bottom line is, it must put some sort of cloud over these negotiations. Its a huge distraction. Stuart we are checking all of the markets for you, as you can see. Bottom righthand corner of your screen. We are up 330 points for the Dow Jones Industrial average. I will check it again one more time. Bitcoin, down 188. 9,500. The price of gold still right around 1550, i believe. 1546 per ounce. Here we go. Another gaffe from joe biden. This time about the president s tax cuts. You are going to hear it. Very big news from d. C. Today. The Inspector General releasing a report that finds fault with former fbi director james comey. Bret baier joins us next. Stuart thats a rally and a half, isnt it . The dow up 330 points. Now this. Inspector general has just released his report on james comey. Lets bring in bret baier, host of special report. He has been going through this. It finds fault with comey. What more can you tell us, bret . Well, stuart, it shows that the Justice Department is not moving forward with prosecution or an indictment of the former fbi director, but it essentially says that he was grossly negligent in the way that he handled materials, that he brought fbi materials, memos, that he brought home. It says that he handled it in a way that was not an example, it was a dangerous precedent for the 35,000 other members, workers at the fbi, and it essentially slaps him on the wrist saying that he broke fbi protocols and procedures and rules. Comey quickly tweeted out that basically crowing that he was not indicted, which is really quite something, if you look back at all the things jim comey has said about being a pillar of fortitude and now being happy that he wasnt charged. Its not a good look in these 86 pages of the i. G. Report. We should point out its just the first of multiple reports, including a big one on fisa abuse. Stuart yes, its a small part of a much bigger series of reports that we still have to come which will probably be coming out in september, maybe even october, i think, right . A couple weeks, i think. We thought it was coming for some time but we are now getting indications that probably within the next two weeks. Stuart another gaffe from joe biden, as you know. He says the president s tax cuts didnt work and he said the Heritage Foundation agreed with him. They didnt. Bret, does biden have a real problem with this constant series of gaffes . I ask the question because hes still leading the democrat pack and he still leads President Trump in headtohead matchups. I think that when you hear biden sympathizers and supporters say you know, this is just joe being joe, that only goes for so long. It only goes for as long as he remains top in the polls and the flight to safety for democrats who perhaps are fearful of a far left Elizabeth Warren or Bernie Sanders candidate. Once he goes into second place or third place in the polls, this really becomes an issue. I think we will see how he does in this next round of debates but the series of gaffes is serious and its not, you know, its not just small ones. Think about the parkland kids, where he said he was Vice President and they came to him and he met with them and they didnt meet with congressmen and senators on capitol hill because they were running away from the issue. The problem was he wasnt Vice President when parkland happened. Its a big one. Stuart its really come to something. Lefthand side of the screen, you might not be able to see it, joe biden is speaking as we speak and what we are doing is looking to see if hes focused and does he make a gaffe. Its come to that. Its unfortunate but thats what its come to at this point. Yeah, and i think the coverage of him will take that into account. I think more and more reporters are looking at that, for that, and that becomes pretty stressful for the candidate, especially if you have had as many gaffes as hes had. The Heritage Foundation thing was fascinating. The head of the Heritage Foundation said i was dumbfounded. I didnt know what he was saying. Stuart yeah. Thats right. Im sure you have not yet read all of the 86 pages almost. Stuart almost. Well, i know by the time you go on the air tonight at 6 00 eastern time, you will have read it. I will be tuned in to see the rest of it. Bret baier, always good. Thanks for joining us. Appreciate it. Thank you. Thanks, stuart. Stuart yes, sir. Lets have a look at a couple retailers. First of all, the dollar stores, as we might call them. Dollar general and dollar tree. Rosy forecast from both of them. Dollar generals way up, nearly 10 higher. Fractional loss on dollar tree stores. Then we have abercrombie fitch. They cut their forecast because of the impact they expect from tariffs. Look at them go down, 15 lower. 14 a share. Pretty good report from buildabear workshop. Better profit, better revenue but the stock is down 4 . 3 a share. Lets have a little fun. One musician made so much money on his latest tour that he no, they, i should say, they are quitting music for the next 18 months. Can you take a guess at who this is . Theres a company thats talked to even more real people than me jd power. 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. From the 5am wakers, to the 6am sleepers. Everyone uses their phone differently and in different places. Thats why Xfinity Mobile created a Wireless Network that auto connects you to millions of secure wifi hot spots. And the best lte everywhere else. Xfinity mobile is a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Click, call or visit a store today. Stuart i guess thats kind of a clue as to who is taking a hiatus for 18 months. Tell me the official name . Deirdre it is ed sheeran, the uks youngest soontobe billionaire musician. He will probably hit those nine zeros before his 30th birthday. Stuart really . Deirdre he tours more than most, so hes been on Six Continents for this tour. He actually beat u2s record and he sells ticket prices a little lower than average, about 90 per seat. If you do six years or Six Continents in two and a half years offering seats a little bit lower priced, you will get the masses. Hes making a lot of money. I want to point out hes a pretty savvy real estate investor. Hes investing in a lot of regions in london. He spent about 45 million buying in notting hill. Ashley out by the airport. Stuart not bad. Deirdre he said obviously he loves his fans and he loves the tour, but hes been on the road for two and a half years, recently married. Stuart there you go. Ashley young kid from halifax has made good. Stuart not bad. Deirdre i like his story. Everybody said he didnt have the look of a musician. You know, he may not have the look of a rock star but obviously a talented guy, writing for other artists as well. Stuart he should come to america. Deirdre he should come to stuart varneys show. Stuart well take that. Coanchor if you like. Why not . If youre a billionaire that works for me. Good stuff. Lets see. I have good news for aspiring podcasters or people who just like to talk. Spotify making it easier for you. Ashley they want as many podcasts as possible on their platform. Now they have apparently a little button that says create podcast. That would be the first clue. You hit that and it takes you to another app called anchor app. This is all free. Its designed for anyone to create their own podcast by recording right off of their phone. People have their own channels now on youtube, tv channels. This is just another example deirdre wonder if we hit peak podcasts, though . Ashley i dont know. Well find out. Stuart trouble is, if theres so many of them, how do you get an audience . Deirdre exactly. How do you find good ones even as a consumer. Stuart thats right. How do you do that . No idea. Name recognition first. Ashley that helps. Stuart you will make it. Ashley well see. Thank you. Stuart then we have this. Getting serious for a second. Ecigarette maker juul has rolled out a system to help prevent underaged purchasers. Looks to me like this is pretty secure, ash. Ashley it is. Its a system set up that you have to put in your drivers license or government i. D. Before they will allow the sale of this juul. They are trying to cap it like this. Some retailers already have this in place. Others, like walmart, have pushed the age allowable to buy any tobaccorelated products to 21. By may of 2021, juul says they want every retailer to have this verification system in place and if the retailer doesnt, they wont allow juul to be sold there. Stuart they are going to spend 100 million . Ashley hundred million. To help retailers get this thing set up which is a Huge Investment and a big move. Stuart theyve got to do it. Otherwise they face serious opposition from the government which says dont you dare sell to youngsters. Ashley they are still investigating some of these lungrelated problems. 200 people having problems. Stuart better check the markets. I dont mean to interrupt you. Another new high for the dow. We are up now 343 points, 1. 33 . 26,379. All that yield curve stuff, all that china trade problems, completely forgotten and done with. We are back where we were a couple weeks ago. More market rallying for you after this. 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I did not go through the rigorous verification and standards process here at msnbc before repeating what i heard from my source. Had it gone through that process, i would not have been permitted to record it. I should not have said it on air or posted it on twitter. I was wrong to do so. Stuart you can say that again, lawrence. What did the president tweet . He tweeted as you can imagine full blast. Lets go with it. Crazy Lawrence Odonnell who has been calling me wrong even before i announced my run for presidency, previously forced by nbc to apologize did while crying about things he said to me on the apprentice was forced to apologize. This time for the most ridiculous claim of all, that russia, russia, or russian oligarchs cosigned loan documents for me, a guarranty. Totally false. As is virtually Everything Else he and much of the rest of the lame stream media said about me for years. All apologize. Stuart there are no consequences. Nothing ever happens to the anchors on the two other cable networks. Ashley read retraction and move on. Nothing, nothing ever happens. Theyre just propaganda machines. Im sorry, that may be extreme i think that is the way they are. I want to do an update on the hurricane, dorian. The National Hurricane center says dorian could approach florida as a cat4 hurricane. You can see the path right there. Cat4 has winds of 130 miles an hour. That will be coming right at there, the east coast of florida. Ashley look at the computer models are all over the place, but could be central part of the eastern coast, maybe vero beach, maybe further north, maybe further north. That is the problem with these things. The bad news as it goes across very warm water, it is picking up more energy and speed. Stuart dont want to get personal. But your mom lives there. Ashley she does on the east coast. You want to come up to new york . No, i will hunker down. Read some books. Maybe that is not such a good idea. I think ashley will call his mom. Stuart when you say cat4, that is a big deal. Big deal. On labor day weekend. Making landfall, sunday night, monday morning. That is a rally ladies and gentlemen. Were up 340 points. We started out with a big gain right there at 9 30 when we opened the market. We actually moved to a gain of 170. We came roaring right back up, 340 points. I should tell you the yield curve inversion was extreme at 9 30 but is virtually even. So there aint much inversion left. That is where it is now. All the major averages are up 1. 25 or better. Neil, its yours. Neil thank you very much, stuart. Were looking at that right now. Look at corner of wall and broad where the dow is up 232 points. The catalyst for a lot of this began early today, overnight exactly in china, where we to the indications they were not going to immediately retaliate for that tariff hike they were considering. In fact still planning for 12 12 01 a. M. On september first, not coincidentally the hurricane hitting floor. Were monitoring that very closely. The idea this would be easy is still not out there, buts that the chinese are not escalating it. As stuart indicated. This yield curve, that had completely inverted, it is now at least come to two