Transcripts For FBC Varney Company 20240712

Claims. 1. 3 million last week, and that is the 15th weekly decline, so the downtrend continues. However, 17 million are still unemployed and still collecting benefits. Ive got two big tech stories for you. First off, the twitter hack. Fake messages appeared from big name celebrities. It was a bitcoin scam. The important point is the hackers took over the platform and could have sent out messages to disrupt the market or the election or anything. They showed they could do it and that is a huge problem. Stocks way down. Second tech problem, the top court in europe will restrict the transfer of the personal data of europeans to american companies. They are worried about our surveillance of them. This could severely disrupt big tech operations and big tech stocks are down. While stocks generally are moving lower, especially those technology issues, the dow, we are looking at a minus 180 at the opening bell, down 21 for the s p and really, the nasdaq taking it on the chin. Again, technology problems. Nasdaq will be down about 120 odd points. There may also be some election jitters this morning. A new poll puts the president s Approval Rating at a very low 36 . The president is worried. He shuffled his campaign team. Brad parscale, no longer runs the show. Varney company is about to begin. Stuart the caseload continues to rise, 41 states, its rising in all of those 41 states. Nationwide, more than 65,000 new cases reported on wednesday, 137,000, that is the total number of fatalities. Arizona, florida, and texas, they account for 40 of all new cases in the United States. Look at florida. 10,200 new cases in the latest reporting period there. That brings their total to more than 300,000. Governor desantis, hes pulling testing from labs that cant return results in less than 48 hours. Get a move on, he says. Look at texas. They hit a new single day record for virus deaths with 110 and more than 7,000 new cases on wednesday. Texas Governor Greg Abbott says the military is coming in to help. Got it. To the markets again. Futures still pointing lower. I see a lot of red on the lefthand side of the screen. Market watcher d. R. Barton is with us now. Your reaction to the rising virus caseload. What do you have . Well, stuart, i think that theres an interesting dichotomy here. We have seen the caseload go up, up, up and you have talked about 41 states, but the mortality rate i think is what traders and investors are seeing gives us a little bit more optimism that despite rising caseloads, the severity is not showing up. Now, that will usually have to have a little bit of delay to see if that happens, but i think the fact that that mortality rate has ticked up just a little bit, that its lagging so much, we are dealing with this better, our hospitals are not as overloaded. They are overloaded in some places. And thats giving the market some continued optimism that the fed wont react to this and be worried about an economic downturn because of the caseload. Stuart all right. Tell me about the election risk. That was a very low Approval Rating for the president in the latest poll that we have seen here. Is there election risk being built into this market . Oh, i think there is a bunch of election risk but theres still a lot of uncertainty around that. One of the most interesting polls i saw this week was that the people that are giving biden the lead that were seeing in the polls also answered another question, do they believe the silent majority will still give trump a strong chance to win and more than 50 said yes. So i think that uncertainty keeps the market a little propped up in that maybe the republicans can hang on kind of state. Stuart i saw that poll, d. R. The secret trump voters. Apparently there are a lot of them out there but they dont want people to know they are going to vote for trump. That really undermines confidence in some of the polls we have seen. I saw that, d. R. That really stuck out to me as well earlier today. Look, we are out of time. Look, thanks for joining us. We will see you again real soon. Thank you. By the way, in our next hour, health and Human Services secretary alex azar is on board. Hes blaming the rise in cases on young people. Hes on the show 10 40 this morning. All right. Crossing this morning, june retail sales up 7. 5 . Lets bring in gerald storch. Hes with us now. 7. 5 up in june compared to may. That sounds pretty solid to me. Whats your reading . Its a very strong number. In fact, its up since june of last year, so an increase over even normal times. You get the real sense of an economy thats like a thoroughbred racehorse raring to take off and the reins are being restrained by this virus and some of the shutdowns but these numbers would be considered pretty good even if the coronavirus didnt exist. The mix is different. You see big increases like in Home Improvement stores like home depot or lowes, big increases in discount stores, food retail and things like that, big decrease in restaurants. Clothing, even though they are up versus last month, still down pretty significantly by 23 . But you know, if we can just get this virus under control, this economy is poised to spring back. Stuart whats your big takeaway from this . Pick on any particular factor in that report. What strikes you . What stands out to you . Well, it definitely shows more of a return to normalcy. You see growth in some of the categories that were very depressed getting back to where they were before. The Internet Sales while still robust were actually down month over month. They were still up 24 year over year. Its still growing really really fast but they werent as big as they were the prior month, when people were hunkering down. You see a general trend towards more normal activity. I think as we go forward here, this is a big question, right, whats going to happen with more lockdowns, more virus, i think the numbers are still going to be good. Where you going to see a pullback, the restaurants and bars but thats only running about 9 of retail sales. You know, it would just be a 1 drag so im not that worried we will go backwards. We just arent going to grow quite as fast until we get this virus under control. Stuart youre not that worried even if we do get a whole new series of relockdowns and reclosures, youre not that worried . You still think were on track to get to normal retailing pretty soon . I think we are on track. I believe that people are getting smarter. People are taking more responsibility, wearing more masks, et cetera, and governments are getting smarter. You notice theyre not shutting down all of retail. They are shutting down bars, shutting down Indoor Dining and restaurants. Again, that part, i do expect a decline. But that doesnt mean you are going to see a decline at target or walmart or costco or the grocery store, home depot, maybe even some of the clothing stores, theyre learning to work with this a little bit. Thats why i dont think we will get back to where we were at all. We cant really take off and have the kind of robust growth we all want to see until the virus is checked. Thats for sure. But i have a lot of confidence, by the way, in our Health Care Industry and the pharmaceutical companies that are working all kinds of therapeutics on top of vaccines to eradicate this. Stuart gerald storch, thanks very much. See you again real soon. Now lets get to that twitter hack which is a major league story. Susan, this is a hack that hit ceos, celebrities, politicians. They really, its a huge deal here. Tell me more about it. Susan big deal. Biden, obama, elon musk, jeff bezos, bill gates, kanye, uber, probably one of the biggest Security Breaches in social media history, at least in more nan a dethan a decade. All of these accounts are posting the same message leading back to a bitcoin scam that may have netted the hackers 100,000. Twitter says it was a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools, and what that means is employees were tricked into giving up passwords and access to the internal system and the account. Jack dorsey, twitter ceo, tweeting his apology, writing of a tough day for us at twitter, we all feel terrible that this happened. This has also raised questions about security on social media, especially heading into the november elections and the president ial election and you are probably wondering why hackers couldnt get into President Trumps account. Well, speaking to security experts, they tell me that there are probably heightened security around the president s account, very limited restricted access internally which proved to be a good thing in this case. Twitter shares down this morning and looks like its going to be a sizeable selloff for the stock with volume because stu, people just are not confident in the Security System and the flaws within the social media platform. Stuart it brings into question what could have happened. This was a bitcoin scam. But supposing they put out these fake messages from important people talking about wall street, the economy, the election, politics. You could really disrupt things with that. Susan or cause political and diplomatic turmoil. If a tweet came from say the Chinese Foreign ministry and the state department, i mean, there are a lot of implications here. Stuart there really are. We will discuss them throughout the show. Thank you very much. Lets look at some earnings. Blowout report from Morgan Stanley in the Second Quarter. Huge trading numbers. Their revenue was up 30 , 13 billion came across the transom, better than expected as they say. Check bank of america. Strong trading there as well. That boosted their revenue a little bit in the Second Quarter. It was overshadowed because they had to set aside 4 billion for virus related loan losses. Other big banks have done the same. Bank of america stock down 3 . Johnson johnson profit down 35 . The virus cut the sale of Beauty Products and medical devices. That stock virtually, however, unchanged. Move on to abbott labs. Medical device company. Strong revenue, strong profit. They expect a good strong second half of the year. The stocks up just 1 in a generally down market. Generally down, yep, plenty of red ink if you check the futures. All across the board we are on the down side, especially technology on the nasdaq. Now, believe it or not, theres a demand for robot cooks. We will show you one. The man behind it all joins me next hour with a live demonstration. I believe that thing is [ inaudible ]. You are looking at states rolling back reopening plans after what appears to be a second wave of the virus. Thats going to hurt the comp. Economy. We go at that after this. Hey, can i. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Maria had to do everything for me. 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Stuart big techs got its problems this morning. There is the twitter problem and the problem with the europeans and big tech is down across the board. Not a huge selloff by any means but some of those stocks are coming back down below, well below their record highs that they reached earlier this week. Facebo facebook, they are rolling out a new section to debunk virus myths. Mark zuckerberg will personally interview dr. Anthony fauci today. The stock, though, down another 1. 50. 238 on facebook. Amazon extending their workfromhome policy all the way through january 8th, 2021. That stock is down 28 bucks. Firmly below 3,000 a share. Lets have a look at netflix. They report later on this afternoon. Walking it up, they are up four bucks at 527. Susan, this will be they will be reporting on the quarantine quarter, right . Susan thats right. The first of the big tech highflying Growth Stocks report today so that will be interesting. Subscriber numbers always a key. Netflix guiding for around 7. 5 million new global subscribers in the Second Quarter. Might be a bit conservative, given the covid lockdowns and the record Netflix Streaming we have seen during the quarter. Thats why analysts are looking for something closer above eight million. This is especially after that blowout 15 million plus number for new subscriptions and ads in the First Quarter of this year so subs usually move the stock. Checking the options market, they are pricing in a near 12 move in netflix stock up or down on friday, according to how i guess earnings play out but theres a lot more competition coming online as well when it comes to streaming, so peacock started this week, you have disney plus over 50 million subscribers in its First Six Months and thats why i think guidance is going to be pretty clear here and key here, stu, because you need to know how well does netflix think it will do with the increased competition. We are looking at subscriber forecasts and people are needed above six million for the Investment Community to be bullish. Stuart i am a netflix addict. Susan i dont know how that happened. Stuart the virus did it to me. Thats the truth. More than 65,000 new virus cases reported all across america in the latest that was just on wednesday alone. Weve got reports, i will show you a map, actually. 24 states rolling back reopening plans. Everywhere from california to maine. Monica crowley is with us, assistant secretary of the treasury. Monica, are we going to get a sharp vshaped recovery for the economy if we are now starting to close things down again . Great to be with you this morning, stuart. This virus has certainly proven to be quite resilient and in the areas of the country where we have seen it raise its head, governors have taken certain measures including imposing restrictions back again on certain businesses and certain activities. We do expect that theres no question that might impact the economic recovery. But lets remember that President Trumps progrowth economic policies that delivered the booming economy the first time around remain in place. The tax cuts, regulatory relief, unleashing the energy sector, freer and fairer trade deals and so on. As we safely open the economy, even with these new restrictions in some areas of the nation, those policies are kicking back in and thats why you are seeing Green Sprouts in a lot of different sectors of this economy. Stuart treasury secretary mnuchin talked about a big new emergency payment program. Wouldnt that keep people at home . Extending these emergency payments through to the end of the year is whats being talked about. That keeps people at home, doesnt it . That doesnt open up the economy. Well, there is a consensus that this pandemic is going on and it is impacting americas workers and businesses in a longer period of time than maybe anyone anticipated so theres a consensus that there is the need for additional assistance to the American People. The top line conversations between the administration and congressional leadership have been occurring but negotiations will start in earnest next week. One of the things that is being discussed is Economic Impact payments, another round of that, perhaps another round of ppp funding for Small Businesses, Unemployment Insurance and what to do about that, and of course, Liability Protection for businesses, hospitals, health care workers, and schools. Stuart thats going to be vital. That will be a nice big push for the economy. Monica, thanks very much for joining us. Im sorry im always so short on time with you. Better come up to new york and see us right here. I would love to. I would love to be back in person, stuart. Thank you. Stuart im looking outside at sixth avenue and its absolutely deserted. Come up and have a stroll down sixth avenue, see how it goes. Thanks, monica. See you soon. Weve still got a sea of red ink on the lefthand side of the screen. Implying stocks are going to go down at the opening bell. Well, we will see about that. We will take you to wall street after this. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. In a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Look, this isnt my first rodeo and let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. 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Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better stuart i dont have an explanation for this. Im showing you china stocks because they are down quite sharply all across the board today. Look at alibaba, down seven bucks, all the way back to 241. Theyve had a run but today, they are down and i dont know why. On the other side of the coin, we have china saying their gdp grew 3. 2 in the Second Quarter. Susan, that sounds pretty strong to me. Susan well, it could help push the Global Economic recovery along from covid. We had china putting in that gdp number of 3. 2 in the Second Quarter so from the march to june period and thats actually better than what economists had anticipated, especially after covid, and that means that china is the first major economy to grow again after covid. But when you dig deeper into the numbers, this is when the stocks started to fall, the stock market started to fall and thats what we are looking at this selloff being priced into these chinese names listed here in the u. S. And also why we are looking at a lower start to the session is the fact that some of these numbers may be overinflated. If you look at the retail sales portion, it was down nearly 2 in june, a fifth straight month of decline. How can the economy grow faster than anticipated when a consumer that drives more than half the economy still isnt spending at much, at least theres no growth in spending and the growth was mostly stimulated by the Chinese Government through staterun companies. That type of growth is not sustainable as you know. Thats why you saw the biggest single day selloff in chinese stocks in five months. However, i would argue that growth anywhere, especially for the second largest economy in the world and we know its a globalized open border world, you know, i know may not sound great for some viewers but thats how finance and money markets work so when one economy is growing, thats good news for the rest of the economies, especially when its so big like china. Stuart yeah. I was wondering why china stocks are down when they are reporting a three point whatever it is susan 3. 2. Stuart you answered the question. The answer is the skepticism about those numbers, 3. 2 gdp growth. Susan yep. Also stuart might not be all its cracked up to be. Susan thats right. We have a history of trying to dig deeper below the headline numbers because a lot of people say theres a lot of opacity when it comes to chinese economic data. I think some good news, you have been pointing to it, came yesterday when it was reported by bloomberg that President Trump said he doesnt want relations with china, at least a trade relationship, an economic one, to deteriorate further. Doesnt want to inflame tensions from here. We know phase one, the phase one trade deal continues to hold. He says thats already a positive baseline at least for stocks to go higher from here. Stuart all right. Thanks very much, susan. What weve got on the screen is chip makers, all of them on the down side. Quite sharply so, actually. They are down across the board. But this fits into the overall situation here, which is a down side move across the board. Pay particular attention to the nasdaq, particular attention to big tech. Its been on such a tear recently and earlier this week, you had some of these big names on the screen now, i mean, look at microsoft. Earlier this week, just a couple days ago, it was at 215 a share. Look at amazon. Again, earlier this week it was well over 3,000 a share. Now its 2900 and microsoft is at 205. Big tech has its problems today. The europeans are kind of acting up and we have got twitter, theres a nasty hack job being done there with all kinds of implications, and plus, youve had a terrific runup and inevitably you are going to get a little selling as you advance further. Thats what we are seeing now. Apple, for example, i think it actually did hit 400 a share. It was monday or tuesday of this week. Now its back to 386. Its not a huge selloff by any means. It is, in fact, a dip and lets see if that dip is bought. On every other occasion that you have seen big tech come down in the last couple of years, people have bought it and the dip has been reversed and big tech went back up again. Lets see if that happens now. There you go. The bell is aringing, the masked men and lady there are ringing the bell. When it stops ringing as of right now, trading begins. Here we go. Im expecting to see quite a lot of red and im seeing it. In the first couple of seconds, weve got the dow down 168 points, 26,700. Worth remembering the level. 26,700. Remember the day that President Trump was elected in 2016, the dow was at 18,000. Its now even on a down day 26,000. The s p 500, show me that, please. I will guarantee its down. Yes, it is. But not much. 6 . Now, heres the big one. The nasdaq. We showed you the premarket situation with big tech and look at that nasdaq composite drop, almost 1 on the down side. Have a look at twitter. Still reeling from the bitcoin scam. It affected several high profile users. No word as to who was responsible. There are reports that it may have been a twitter employee, an inside job, in other words. Its down 3 at 34. Netflix im sorry, netflix they report after the bell today. Again, this is all about subscriber growth as the pandemic lingers. Walking up the report, the stock is up 5. 82 at 529. Tesla, watch out, new numbers on car registrations in california not looking good. Susan, tell me more. Susan well, its sliced in half. So the report released on wednesday shows that registrations in california which is the biggest electric car market in the u. S. Plummeted almost 48 from a year ago so youre looking at 9700 vehicles that were signed up from the march to june period. Model 3s did pretty well, accounting for more than half of the tesla registrations but still, down over 63 from last year. As for the rest of the country, registrations were also down nearly half as well. Thats roughly the numbers we are looking at. Then you had tesla reporting much better than expected delivery numbers in the march to june period. So how does that square . They had 90,000 deliveries and it only fell 4 from last year while registrations may not accurately reflect the number of actual cars that were handed over. Dmv was closed and it also takes 30 days from the time of sale to be recorded. Tesla shares taking a breather here but next week, earnings are very important because we will see if tesla reports that fourth straight quarter of profit which analysts dont think is going to happen, but if they do report that fourth straight quarter of profit, they get included in the s p 500. That looks likely. Or the s p can actually make an exception for such a high brand name like tesla to be included which means that its funds have to buy and therefore the stock goes up. Stuart yeah. Down today, 63 lower as we speak. Thats a 4 selloff. 1482 is the price of teslas stock. It had been well over 1500. Cue organ music. Another retail ice age story. Who is this one about . This was jc penney. Lauren, whats happening there . Lauren jc penney is closing another 152 stores and cutting 1,000 jobs. It hopes to emerge from bankruptcy organization as a smaller store. According to previously announced plans, they are likely to still shut 100 Additional Stores but this is very much a story of the big and the strong getting stronger and bigger, think walmart, think amazon, and the weak getting weaker because penney was struggling way before the pandemic. They were hit by confusing pricing, old marketing, and a poor digital presence. Now with the coronavirus, they were really hit hard, filed bankruptcy and now closing some stores. Stuart goodbye. Thanks, lauren. Check that big board. We are down across the board. Couple of concerns here. A second wave of the virus is rippling through our country. That does not help the market. There is some election risk. The polls not looking good for President Trump and that is putting some jitters in the market this morning. We are down at 180 on the dow. The tenyear treasury yield, lets have a look at it. Where are we . 60 . The price of gold i believe is still around 1800 an ounce. 1808. The price of oil still in the upper 30s. No. Tell a lie. 40 per barrel. Thats oil for you as of right now. Krogers sorry, kroger and kohls. Kohls down, kroger up. Ash, both those Stores Requiring Masks fully, right . Ashley yes, they are. Good morning, stu. We know walmart will begin this on july 20th next monday. Kohls says we are with walmart starting july 20th, all shoppers have to wear a face mask. They will have greeters at each of the entrances saying good morning and please put on your mask. Kroger says yes, they are going to do this as well beginning july 22nd, next wednesday. They will require all customers to wear a mask. If any customers cant because of some medical reason, says kroger, please use online methods, either to order online and pick up or have delivery. But there is a growing list now of stores and shops that say you have to wear a face mask. Stuart yeah. I guess they want to project an image of safety and thats how you do it. I guess. Kroger is up on that, too. Now heres a stock we covered a lot a few months ago. Peloton. Its a stayathome stock basically. Its just been downgraded. Who downgraded them and why . Susan downgraded to neutral at ubs because they believe the stock is fairly valued at these levels as investors are already, they say, pricing in a high degree of expectations going forward, meaning higher subscriber growth and that means sales and also path towards profitability they say in the coming years. But you know, we saw peloton seeing its biggest oneday drop of 10 this week, that was the biggest drop for the stock since march, because a lot of these workfromhome stocks, they have actually come off this week because there is hope of a vaccine and that means people get back to work and go back to offices, there isnt that much need to stay at home and get on your bike on the peloton or to work and use your cloudbased computer or work computer from home. So a lot of these workfromhome stocks have actually lost a little bit of steam this week. Stuart but look at that chart for peloton. They have had a terrific run. I did not see it coming. I remember arguing with you about where this thing was going to go. I remember it back in the low 20s at some point. Susan thats right. Thats where it ipoed, thats right. It has had this runup but its not profitable just yet. A lot of people say they can lose a lot of their market share. Its not that hard to make a bike. Im not saying that. Stuart okay. All right, thanks, susan. Dow industrials, we are six, seven minutes into the session, down 140. Coming back just a little for the dow industrials. Heres my opinion. I think we are in the era of what im calling mob rule. I think its taking over our country. I think it threatens our democracy. More on that, that will be my take at the top of the 11 00 hour. I dont like whats going on. Did you catch this. Protesters in portland taking a page out of seattles playbook. They set up their own autonomous zone. Dont count on the citys mayor to fix this. Hes blaming the violence on President Trump. More on that coming up for you. Twitter trying to undo the major damage caused by an apparent coordinated cyberattack. How does this even happen in the first place . And what does it mean heading into the election . A cybersecurity expert joins me after this to explain it all. Instead of trying to decide should i invest in stocks or not . Meaning, are stocks going to rise or not . , lets instead stop looking at the investments, which we cant control, and lets now look at our goals, which we can control. In other words, we only want to take as much risk as is necessary to achieve our goals. We need to protect the money thats there. And that says you should be investing in. And im an area manager here at amazon. When you walk into an amazon fulfillment center, its like walking into the Chocolate Factory and you won a golden ticket. Its an amazing feeling. My threeyearold, when we get a box delivered, he gets excited. He screams, mommys work when the pandemic started, we started shipping out all the safety stuff that would keep the associates safe to all the other amazons. All of these are face masks, weve sent well over 10 million gloves. And this may look like a bottle of vodka. When we first got these, we were like whoa [laughing] with this pandemic, safety is even more important because theyre going home to babies, theyre going home to grandparents. So, our responsibility is to make sure that they go home safe every single day. Stuart this is a really troubling story. Twitter, back on that bitcoin scam. It affected some high profile users. It could have affected the whole of our society if the messages, the fake messages that were put out could have been about wall street or the election. Andrew borine is with us, cyberreason managing director. Welcome back to the program. First of all, have you any understanding of how this happened . Yeah. I mean, its an emerging picture of how this happened. An attack of this scale on social media platform is unprecedented in the history basically since we have had the internet and since the past decade of social media platforms really rising. It looks like as in most of these massive breaches theres a human factor and twitter is currently reporting right now it may have been an insider working with an external group, and so again, i think the human factor is involved in these complicated hacks are always something you have to be considered and i think many folks in the general public dont seem to necessarily understand that theres a Technology Aspect and theres a human aspect, and thats why we need really sophisticated cyberthreat intelligence and Research Platforms to get after these criminals and state funded actors. Stuart do we have those platforms in place to do this . Yeah. In fact, here at cyberreason theres a group which is a global group of really advanced investigators and you know, not to get off topic but similarly, twitter was hacked, its 365,000 some verified users which are its most trusted users, and an operation called soft sell recently revealed that one of the most persistent threats on the internet being funded by the Chinese Government looks to have been tracking daily patterns of life data on a number of Telecom Leaders and other leading individuals to map influence and sow chaos. Stuart im just getting this report here, the National Security agency, nsa, says a Hacking Group associated with russian intelligence is targeting Health Care Organizations in america, canada and britain, looking for information on vaccines. It seems that the good guys are losing all across the board to the bad guys. Well, i mean, i think you raise a really important point that there are significant state threats to what we might consider western stable democracy and u. S. And allied interests from advanced threats from china and from russia, and not to digress too far from the twitter breach yesterday, this russian activity seems to be targeting Coronavirus Research and vaccine research. Its also not just u. S. Authorities saying russia may have been behind that, but also United Kingdoms National Cybersecurity Center also released a report detailing the research theyre doing on these hacks that are emerging this morning. These are very serious considerations and i think, you know, i know youve got a lot of ceos watching the show and i love being on your show, but if a ceos verified twitter account is abused and it impacts trading day volume and stock price goes down, thats one thing. You got to think 187 countries now have verified twitter accounts and if a world leader or the representation of a formal country in the state of World Politics and military affairs is hacked, yesterdays events should be very troubling to people and we really need to amp up the good guys resources to defend our net works. Stuart very troubling development. Supposing it had not just been a bitcoin scam. Supposing it had been some kind of totally fake message about wall street or a particular company, or some Election Results of some kind. Thats really serious stuff, andrew. I dont think at this point we are in a position to say thats not going to happen again. Were not there yet, are we . No. And to your point, i think its premature to say its just a bitcoin scam. This is a sophisticated breach, leveraging an insider and you have to think that this was at the platform level. Somebody hacked, it appears, at this point, that someone may have hacked into administrative tools by twitter with Privileged User access, maybe they used a human being as the conduit, but that doesnt mean thats where it stops. Im not sure that 100,000 or so in bitcoin proceeds really is even remotely reflective of the scale of the damage that this breach causes and the undermining of public trust. We talk about three aspects in cybersecurity, the cia triad. Confidentiality, integrity and availability. This breach undermines every one of those three components of the triad. Stuart serious stuff. We dont really have a handle on it at this point. Andrew, thanks for joining us. You explained it very well. We appreciate that. Thank you, sir. Thank you, stuart. Look forward to seeing you again soon. Stuart yes, sir. Look at google, please. Update now on that workfromhome apps that will put the prods to their competition. I didnt quite understand that word on the prompter there. Lauren, explain all this, please. Lauren yeah. You can do everything all in one spot. Gmail is so popular that the company is putting three of its other services, chat, meet and rooms, into the gmail app. So translation, the consolidation helps it compete with microsoft and zoom and slack as more people work from home. It means users can open and edit a document with colleagues in the same screen while also video chatting and saving messages to each other and i just wanted to point out, zoom is trying to leverage its pandemic popularity. Its now selling hardware. It came out with a 27inch touch screen with a really wide lens and eight microphones, as we all adjust to teleworking we want to feel we are in the office so theres a lot of competition in the workfromhome space. Stuart thats very interesting. Zooms getting into hardware. They will actually sell you a screen, i should say, not a tv, a screen with microphones and all. Thats very interesting. Nonetheless, zooms stock is down eight bucks, 3 . Good stuff, lauren. Thank you very much. One more check of the markets. We are coming back a little bit. We had been down, what was it, 150 odd points for the dow. Now we are down just about 98. The nasdaq, home of the techs, still on the down side bigtime. Dominoes pizza reported earlier this morning. Yet another winning quarter for them. Sales in america up more than 16 . We are calling this one a virus winner. The stock is up around 53 since the pandemic started. Pizza business was a Good Business to be in. Silicon valleys billionaires backing joe biden. We will tell you about the familiar names and how much money they are throwing behind the democrat candidate. And American Airlines teaming up with jetblue. Its all about wooing customers. We will tell you what they are doing to keep your business. Thats next. Tada did you know Liberty Mutual customizes your Car Insurance so you only pay for what you need . Given my unique lifestyle, thatd be perfect let me grab a pen and some paper. Know what . Im gonna switch now. Just need my desk. My chair. And my phone. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Iredefined the wordng thschool this year. Its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. Stuart im going to bring you up to speed on travelrelated stocks. These things go up and down on a daily basis. As the economy improves, the stocks go up. As new lockdowns come along, the stocks go down. Youre looking now at travel bookings companies. All of them today on the down side. How about hotels . All over the place, constantly, today, all on the down side. This is probably because of the second wave of the virus thats coming on strong and because the new lockdowns. Same story with the casinos, relating specifically to macao and las vegas. All of them today on the down side. Heres the biggest drag on the dow, boeing. It is a dow stock and its down 2. 7 . Nonetheless, i see the dow coming back a bit. Its now down only 60 points. American airlines sending out some furlough notices to workers. Ashley, how many . Ashley yeah. 25,000, stu. Theres no way to sugarcoat this. This is tough, tough go for the airlines and american really putting it on the line. 25,000 potential furlough notices going to front line workers. When you break it down, those notices went to 18 of its pilots, 37 of its flight attendants, 22 of its mechanics. Basically put revenue was already down more than 80 in the month of june. Travel numbers are turning sluggish again because of the rise of more virus cases, and the company says look, once we get to october 1st, thats when the government Payroll Assistance Program runs out, we are going to have to take action. They cant lay off anyone, they cant cut anybodys pay through september 30th as part of getting part of the government bailout but they are warning that come october 1st, based on everything theyve seen, they are going to have to make substantial cuts, and 25,000 furlough notices as we say have gone out. It could rise, stu. Stuart ouch. That hurts. Thanks, ash. Now, american teaming up with jetblue. Lauren, to do what . Lauren well, to sell seats on each others flights. Its all about a speedy recovery if the virus ever recedes. So in the new york and boston markets, they can sell seats on each others flights to gain market share against their rivals, specifically delta and united but you have to remember, american provides the international options, thats good for jetblue which is more of a domestic carrier, so this partnership should help them recover. Stuart thanks, lauren. Lauren not today, though. Look at those stocks. Stuart yeah, right. Not today. Look at those stocks. American is down 6 . Ouch. Still ahead on this program today, steve forbes with the stock market warnings you should not ignore. Health and Human Services secretary alex azar blaming the viral spike on younger people. And pete hegseth, surely fired up about the chaos happening in our countrys biggest cities. First, though, really tough times for twitter. Jack dorsey has a serious problem on his hands. I will go at that in my take, which is next. Its easy to get lost in the economic uncertainty. The volatility. The ambiguity. This moment calls for more. And Northern Trust delivers more. And helping you uncover new paths forward. Northern trust. Wealth management. Stuart 10 00 in new york city. Heres where things stand. You will see quite a lot of red ink this morning. Across the board were on the downside on wall street. 1. 3 million filed for unemployment last week. That is the 15th weekly decline for jobless claims. However, overall, 1million are still out of a job and still collecting benefits. Were spending more as the lockdown eases of the retail sales in june up solid 7 1 2 . Clothing sales picked up, gain of 105 in june compared to may. Drugmakers, look at them. The race to develop a virus vaccine continues. The administration hopes to have a vaccine bit fall. Alex azar joins us later this hour. I want to know will we have a vaccine in place, tested and in use by the fall of this year . I will certainly ask him. Drum roll please, big day for ashley. Mortgage rates. What have you got, ash. Ashley only, im still waiting on oil inventories. I can give you freddie mac. By the way, stu, this is magical moment for you and so many people. 2. 98 . This is the first time in 50 years, in fact since the survey first began all the way back in 1971 that we dipped below 3 . Look at that. Believe it. Its true. 2. 98 . A survey said homebuyer demand is continuing to be strong with incredibly low rates. They have noticed there is a little bit of fear because of the rise of the coronavirus that jobs may be threatened. Those furloughed could become permanent job losses so on. Very quickly, 15 year fixedrate, 2. 48 . Thats amazing. Stuart that really is amazing. 2. 98 on a 30year fixed. Ashley incredible. Stuart 2. 98, good lord. There is a related news item here. We got the latest read on homebuilder sentiment. Lauren, tell me more. Lauren incredible too. Homebuilder sentiment rallied back to. A 14 point jump from june. This is for new Single Family homes. That is it what many families want. National association of homebuilders says exactly what weve been saying for months. I will quote. They say the changing geography of Housing Demand is benefiting new construction. Home demand is improving in low density markets, including small retro areas and large metro exurbs as people seek out larger homes and seek out more flexibility for telework. 2. 98 Mortgage Rate, you might want to buy a new home. Stuart with 2. 98 Mortgage Rate i buy just about anything quite frankly. Lauren, i want to tell everybody, jerry howard, National Association of homebuilders, he will join us to break doesnt extraordinary numbers in real estate. A quick check of the market. Were still down. Not that much for the dow. A bit more than that for the nasdaq. Still sharply lower, down 138 points. All right, now this. The twitter hack is very troubling. Whom so ever did it pulled off something remarkable. They took over twitter accounts of a dozen major league celebrities. They demonstrated the ability to create havoc. Here is what happened. I will use the fake tweet put out from supposedly from former president obama. Quote, i am giving back to my community due to covid19 all about it coin sent to my address below will be sent back doubled. If you send 1000 i will send back 2,000. Totally fake. And similar fake messages came from the hacked accounts of politicians joe biden. Business people like elon musk and bill gates. Entertainers like kanye west and hackers reportedly used a technique called social engineering. That is the hackers sent fake messages to you from people you know and trust. So you think its real. Now suppose the fake message concerned the stock market or politics, the election . It pops up on your screen and you have very limited time to assess whether its fake or real. You can see the opportunity for malicious manipulation. This attack was about bitcoin. No serious damage done. But it could obviously have been so much worse and so much more damaging. Founder jack dorsey put out a statement which read in part, tough day for us at twitter. We all feel terrible this has happened. Fair enough. But mr. Dorsey has a big problem. His platform can be manipulated to hurt us all. Better fix it. The second hour of Varney Company is just getting started. Stuart well, technology has got its problems today. So look at the stocks. Were looking now at all of them. Ive got apple now down five. Full retreat from 400 a share. Amazon at 2952. Full retreat from 3,000 a share. The list goes on. Lets bring in gary kaltbaum. Seems to me big tech is no longer leading this market. Is that accurate from your point of view . Yes, stuart. I put out a note this past weekend i thought we were getting a little changing of the guard out of what we call high beta, fast moving Technology Names that have been leading for a very long while into more boring names out. I can tell you home depot and lowes are breaking out to new highs. Some of these names got extended and stretched to the upside. There will get 10 corrections in a bull market when it comes to Technology Names. I think youre in one now. How long it lasts i dont know. I believe there is more time and price to go. This is normal normal can be. Some of these went up 30, 40, 50 past few months and that is too fast. Stuart if big tech is not leading what is . I think well get into other area right now. When i do the screens, things showing up, names like home depot and lowes, air products, Restoration Hardware some old line boring names. There is nothing wrong with it. The market needed a change and things got two crazy on one side, unloved on the other side. Nothing wrong with it. Stuart, im a tech guy, i love tech stokes. It got too far too fast. I told it earlier this week. Im staying with microsoft and facebook but Everything Else i let go. Stuart Everything Else you let go. Doctor 3459 i can stuff, gary. Well see what happens later. Thank you. Spotify, that of course is a music streaming company. Theyre announcing a new podcast from former first Lady Michelle obama. I will call that a coup for spotify. Cvs joining kroger and kohls requiring masks in all their stores. That starts next monday. Investors seem to like it. Other companies doing this have gone up and stock of cvs is up this morning. Facebook getting ready to launch its competitor to tiktok. Whats this all about susan. What will it look like . Susan instagram reels will let users make and share 15 second video clips set to music. Just like tiktok users can borrow and remix audio from other peoples videos. This has similar featured reels section highlights most Popular Videos on the platform. Nbc news launch as new feature will launch in a matter of weeks. There are security concerns over tiktok especially over its chinese ownership and threats made by the state department to possibly ban it here in the u. S. Several Companies Like wells fargo have asked them to delete the app off their work phones and work email. Its a global sensation. It has been downloaded 2. 2 billion times. Breaking a record in the first three months of this year with over 3 million downloads alone. Facebook is not just rolling out instagram reels. We have reports saying they will introduce instagram shop, where users shop from brands and creators directly from instagram according to one report. Rolling out instagram pay coming out in next few weeks. Stuart im surprised. All the items you mentioned were good for facebook. Susan very positive. Stuart positive but the stock is down away from the high of recently 250 it reached. It is down today. Our next. Guest is out with market warnings we should not ignore. Our guest, steve forbes, forbes chairman editor around chief. Good to be here. Stuart what is the biggest risk investors now face . The biggest immediate risk what will happen in the stimulus bill. As you know markets try to anticipate the future. They have been focused on the vaccine. Now these negotiations in washington are heating up. What is going to be in this bill . If they perpetuate at that for example, that 600dollar a week Unemployment Benefits that will hurt job creation big time. But if they go for a payroll tax holiday President Trump wants but the Treasury Department opposes, that will be, if they get that through, that will be a big boon for the economy. Conservative friends will not like it, stuart, when they let the 600dollar a week benefit lapse because it hurts job creation, they should do another round, another round of individual checks, 1,000, 1500, 2,000, pick a number. Nice thing about it, it is one shot. Does not distort the labor markets. Are we going to get the payroll tax holiday and avoid hurting job creation. Stuart surely theyre focused on the election as well . The polling numbers are not real good for President Trump. Arent they worried about a joe biden win . Oh, you bet they are. A joe biden win will be dependent how well the economy is doing and how people feel about the future. If they botch this next stimulus bill by hurting the economy, by not doing that payroll tax holiday and some other dumb things theyre considering, that will hurt the election. So this stimulus bill will have a major impact on Economic Conditions in september and october, especially on job creation. Stuart well watch it. Steve forbes, dont be such a stranger to the show, steve. Come back to see us sometime. Thank you. Appreciate that. Stuart okay. By the way the dow is still down about 100 points. That is where we are on this market this morning. Virus cases surging in florida and texas but the president expect as vaccine by the fall. Good news. Roll tape. Were doing very well on the vaccines. We have many, many different vaccines being studied right now. Many of which are looking really good. And were ready to distribute the vaccine when we get it. Were all set. Stuart okay, but is a vaccine by the fall a realistic timeline . Tested, distributed, in place, in use by the fall . Realistic . I will ask health and Human Services alex azar about that later this hour. Asheville, north carolina, approving reparations for africanamerican residents. This as a new poll shows voter think the president recently increased racial tensions. What impact will that have on the election . Well break it down for you. Where are you . honey, did you hear about these new geico savings . Mom . Youll get an extra 15 on top of what geico could already save you. Can i call you back . You know your fathers learning to make sourdough. Even though he knows i prefer rye theres never been a better time to save with geico. Switch by october seventh for an extra 15 on car and motorcycle insurance. Hey, next time lets do a face call on car and motorcycle insurance. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. One of those inflection points in history. The challenges are great, this moment requires bold, serious solutions. I think we can deliver it together. For black workers, black communities, the entire country. That is what i think this election is all about, truly delivering racial around Economic Justice in america. Stuart that was Joe Biden Campaigning for the vote of coalition of black trade unionists. He made that speech last night. I want to bring to your attention this, another poll. 67 say that the President Trumps President Trumps response to the goering floyd arrest increased racial tensions. 67 blame him essentially paris denard with us, black voices for trump board member. How do you respond to that. 67 of this survey say it is mr. Trumps fault. Forgiver me for smiling because i was almost laughing at joe biden of all people trying to lecture black america about wanting to do something to help us when he has been directly responsible for mass incarceration, for leading to manufacturing jobs leaving American Cities and for saying bigoted things throughout his entire career. I find him laughable trying to care now about the black community, but when you look at the poll you recited, it is not surprising when you see the Mainstream Media constantly putting out a false narrative about President Trump and his response. There is no way americans would feel this way if they adequately and rightfully and fairly covered what the president has said and done. His executive order on safe communities and safe policing called for, it was responsive to the results of the murder of george floyd. He met with families of people who had been impacted by deaths, deaths of family members from police force. He met, he called George Floyds family. His executive order was responsive. It directly dealt with the issues of the day. He talked about siding with the peaceful protests of george floyd in response to that. So the media has been pushing a false narrative which is clouding the minds of what the American People actually see this administration doing. Stuart paris, i want to know what you think about this development here in asheville, north carolina. The city council, apologizing for its role in slavery, voting unanimously to approve reparations for black residents. They will not give cash but make investments in areas where black residents face disparities. That is a form of reparations. What do you make of it . Are you in support of that . Well, look, if local governments want to do things to rectify past wrongs i think that is a good idea. Local residents have appointed in these people to do so. I dont agree with cash reparations. I think what asheville is doing is smart policy. If there are areas in the economy, the least of these, people or groups or economic desserts that need to be, have more investment to help them grow and prosper and have more prosperity and opportunity, that is a good thing. You have seen President Trump do that with support for historically black colleges and universities and for students. President trump looking to access for capital for minorities and opportunity zones, these are positive things to help distressed and under served communities f people want to call that reparations so be it. I think it is smart Economic Policy to make sure everyone is doing well in this, inclusive economy. Stuart give me 20 seconds how people react to you a black man in support vigorously out in front of President Trump, what is the reaction to you . It just depends. A lot of liberals, black liberals come after me very hard. I remember my papa, granny, parents know who you are and where you are. I know who i am, where i come from, ive been supporting and working for the black Community Inside the Republican Party most of my adult life. That is important. We have to balance, fairness, people advocating for our communities on both sides of the aisle. I know who i am, why i am supporting President Trump, he is the one candidate a true champion for the black community. Stuart we know who you are, we like you on the show. Come back soon, paris denard. Come back soon, we appreciate it dow is down 60 points. Morgan stanley, the bank had a blowout profit report. Strong trading revenue did it for them. Very important banking company, up a buck at 52. Bank of america, setting aside another 4 billion for maybe pandemicrelated losses. That is not going down well. Down 2 1 2 on bofa. Dominos pizza, the pizza chain of course, the samestore sales climbed 16 . Obviously more people eating out or rather ordering in pizza during the pandemic. The stock is up 3 bucks. 416 on dominoes. Chipotle is on a hiring spree. How many people are they bringing on board . Lauren 10,000 new employees to staff their drivethroughs. They have been very popular. Online orders for chipotle rose 80 in the First Quarter. Demand has not cooled. I was reading a note from keybanc, the analyst says, weekly online sales at chipotle are up 200 percent. The why the chipotle lanes, drivethrough lanes will be in 60 of their new restaurants. The stock is down 1 today, but it is up 34 this year. Chipotle has certainly beenenwer. Drivethrough, online ordering. It is not just chipotle. Starbucks, theyre adding pickup locations and starbucks is expanding pickup capabilities. Stuart stock price level, lauren, 1123 a share on chipotle. I remember discussing whether it would go anywhere about 200 a share. Extraordinary stuff. Lauren yeah. Stuart i missed it of course. Thanks. Sony boosting production of the playstation five. Is this a big deal, susan . Susan its a big deal. We know gaming has surged during the stay at home orders. Another lockdown winner there. Videogame sales jumping 35 to more than 1 1 2 billion dollars sold in the month of march alone. That was a record number. Amazon twitch, videogaming streaming platform saw gaming hours jump and surge 50 in march and april. Sony recognizing this trend. It is boosting production of the playstation five game console by 50 . Placing orders for nine million of the playstation fives. Sownly only planned for six million for the launch. We have no idea how much it will cost but exact release date. Sony tells two versions one with the cartridge drives with videogames and download. That not the one for you, stu. Investing quarter of a billion dollars in the fortnite game maker, epic games which i thought it was smart investment. A surge in 2 billion in revenue the fortnite, most popular game on the planet. Surged last year. Stuart ever play a game against a fiveyearold . Dont do it. Susan what about playing a against a 72yearold, Stuart Varney . Stuart youngsters win every single time. Susan annihilation. Stuart could be. Slamming democrat run cities as portland protesters set up their own autonomous zone. Watch this. The leftwing group of people that are running our cities are not doing the job that theyre supposed to be doing we have other cities that are out of control. Theyre war zones. Well not put up with that. Well not put up with that. Stuart pete hegseth will have a response to this in our next hour. We have a guy who says joe bidens eyepopping two trillion dollar climate plan will make us more dependent on china and it will damage our National Security. He will lay out his case next. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Is more important sthan ever. Rp wheres my tablet . You have to remember the names of your grandkids, pets, your soninlaw. Favorite soninlaw. And the eternal question, where did you put your glasses . Sure, you can spend the day looking for things that you misplaced. Or you can take natrol cognium. Cognium improves memory and recall in healthy adults. Its safe and is shown to be effective in multiple human Clinical Trials. Six letter word for head . Noggin. Stay sharp. Stay you. With natrol cognium. And my password . [ind mom ct radio chatter] come on, hurry up all systems go . 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And its taxfree cash just when you need it. Its about making your retirement better. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Of course, you can use it to pay some bills, cover medical costs, update or repair your home. But best of all, it eliminates those monthly mortgage payments so you get more cash in your pocket, every month. Learn how you can use a reverse Mortgage Loan to cover your expenses, pay for healthcare, preserve Retirement Savings, and so much more. A lots changed since 1961. Since then over a million Older Americans have used a reverse Mortgage Loan to finance their retirements. It meant so much to nellie, maybe it could mean as much to you. Call now and get your free infokit stuart all right. Pay attention in particular to the nasdaq composite, home of big tech. It is way down 1. 25 lower. That is big tech for you, really taking it on the chin today. Moving on to johnson johnson. Second quarter profit down 35 but the company raising fullyear guidance. The stock is only down 50 cents. Look at tesla, the registrations of tesla cars in california cut in half almost in the Second Quarter. That stock down 4. 25 , 64 a share. Lets get to politics, Joe Biden Campaign pushing his 700 billiondollar economic plan there will be a Virtual Event with senator elizabeth warren. Hillary vaughn is with us today. Hillary, dig into the plan, tell me what is in it please. Reporter this looks like a Big Government timlous plan as opposed to a plan for Economic Growth if biden were president. He started out rolling 700 billion manufacturing plan to boost made in america goods and building goods here in america but investing 400 billion of taxpayer money to federal purchases of u. S. Products, including clean vehicles, american steel, medical supplies. Also Artificial Intelligence. He wants to put 300 into research and development into Industries Like the National Institute of health, 5g technology, Artificial Intelligence as well but part of this plan also calls for in ad deck to this a 2 trilliondollar spending package to combat Climate Change which in turn will generate millions of jobs. He says one million jobs would come from making electric vehicles and charging stations here. Millions more union jobs from building Green Infrastructure an a million jobs from upgrading millions of buildings an homes to be clean energy. But his plan also calls back for cutting back on Industries Like power plants, colburning factories. Manufacturing lines that produce gas burning vehicles. He is making an interesting case here, stuart, for the jobs that you already have versus the job that the government wants you to have. Stuart . Stuart i hear you, hillary. He does have the plan on the climate and how to get to zero emissions from power stations by 2035. Thanks, hillary. I want everyone to listen exactly what joe biden had to say about Climate Change. Roll the tape, please. There is no more consequential challenge that we must meet in the next decade than the on rushing climate crisis. Left unchecked, it is literally an existential threat to the health of our planet and to our very survival. That is why the today im releasing my plan to mobilize millions of jobs by building sustainable infrastructure and Equitable Clean Energy future. Stuart Daniel Turner with us, president of power the future. Daniel, why do you think that bidens plan will make us, america, more dependent on china . Spell it out . Yeah, stuart, always great to come on the show with original research, my organization purposes out. In the past we talked about fracking, right, comparing new york, pennsylvania. We put out a new study that talked about how much Green Technology is based in china. 95 of rare earths, metals, minerals, elements that make all technology work. 95 of them come from china. In addition to that, 90 percent of the wind and solar production comes from china. You can say what you want about fossil fuels but you cannot offshore fossil fuels. You cannot get rid of the jobs. You cannot outsource them. That is american, domestic. That makes us safe. We are going to go green, we are going to transfer trillions of dollars of wealth to china, put our dependency on them going forward. Do we want to be dependent on china for anything . Stuart does your research say whether or not america can get to zero emissions from power plants by 2035 . Can we do it . No, it is absolutely impossible because the big lie about green energy is that it is somehow carbon neutral. The amount of fossil fuels required to make Wind Turbines and to make solar panels is larger than the amount of fossil fuels it pretends to offset by using green energy. We use more fossil fuel to make Green Technology. Here is question for joe biden if we can burn coal to make Wind Turbines and solar panels why cant we use coal to make electricity . Stuart we cant get to zero for power plants by 2035. We cant do it. Daniel, we appreciate your original research. Administration reexamining policies towards china, given pandemic and rising tensions towards hong kong. Edward lawrence is with us. What is the president intending to do . Reporter were certainly seeing a rise in frickion over the past few weeks. I will liz a few of the things. The president now saying he has no interest in working on a phase two trade deal right now with china. Also, mandatory restrictions against any companies or people that break the agreement with hong kong is now law in the u. S. The u. S. Also considering a ban on all Chinese Communist Party Members and their families coming to the United States according to the New York Times. That is 92 Million People t would expel anyone currently in the United States including children going to school. Now the white house chief of staff also saying for National Security reasons theyre looking at chinese apps like tiktok and wechat for a possible ban. The chinese threatened sanctions from their part, not only against people but also against companies within the United States. Now for various reasons the chinese are already looking at lockheed martin. They have already sanctioned travel on senators ted cruz and senator marco rubio, representative chris smith, ambassador of religious freedom sam brownback. That tension, stu, really jumping with china. Stuart it really is. Edward, thank you very much indeed. How would you like, im not talking to edward, im talking to our viewers, how would you like a fourday work week . The mayor of jersey city, new jersey, the stay thereof, making this an option for city employees, four days a week forever. How will that work . I will ask him, because he is on the show. Dr. Fauci dismissing reports of conflict with the president in a new interview as trump insists their relationship is strong. Roll that tape. Well he made a statement representing himself. He shouldnt be doing that. No i have a very Good Relationship with anthony. Stuart all right. I will ask health and Human Services secretary alex azar about that. What also is driving the new cases were seeing. When exactly will we see a vaccine . He is next. Just over a year ago, i was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. Which is why we keep taking care of ourselves, like screening for colon cancer. Because when caught in early stages, its more treatable. Cologuard is noninvasive and detects altered dna in your stool. To find 92 of colon cancers. Even in early stages. Its for people 45 plus at average risk for colon cancer, not high risk. False positive and negative results may occur. So, dont wait to screen. Ask your prescriber or an online prescriber if cologuard is right for you. We could never do what they do. But what we can do it be a partner that never quits. Verizon is the most Reliable Network in america. Built for interoperability and puts First Responders first, giving their calls priority, 24 7. We do what we do best so they can too. Stuart virus cases on the rise across our country. More than 65,000 new cases reported yesterday alone. The u. S. Death count crossing 137,000. Arizona, florida, texas. They account for nearly half of all new cases in america. Well look at florida. 10,200 new cases bringing their total to more than 300,000. Governor ron desantis pulling testing from labs that cant return results in less than 48 hours. He is saying look, get on with it. Look at texas, they hit a new single day record for virus deaths with 110. 7,000 new cases reported wednesday. Governor greg abbott says the military is coming in to help tackle these rising levels. Joining us health and Human Services secretary alex azar. Mr. Secretary, is it realistic to suggest that were going to see a vaccine in place, distributed, tested and in use by september . Is that realistic . I dont know that well see that by september, stuart, but weve now got investments in four major vaccine platforms. More of them are on the way. One of them will be entering phase three Clinical Trials in just a couple weeks. More very soon thereafter to follow. Well get the data. We believe it is very credible to be thinking of the high tens of millions of doses of approved vaccine for use later this year, with hundreds of millions of vaccines early next year. Now, obviously were going to insist it be safe and effective. Stuart but who gets them first . If youre looking at tens or hundreds of millions of vaccine doses by the end of this year, that is a pretty optimistic outlook but who gets them first . Well be working with the public process to look at the ethics as well as look at the actual Clinical Trial data as we test these vaccines. Who can be it most effectively used, who will get the most benefit from it. Well pace that out through a public process as we distribute as supplies come off the line of approved or authorized vaccine. Stuart is it going to be a vaccine that you need to take every year . We dont know. That will be part of what we learn from the vaccines. So we wont have data of course on durability over the course of a year at initial launch. That will be part of the enduring Clinical Trials. Even of a vaccine or vaccines are thorpe rised or approved, we will keep studying it in terms of longterm Data Collection and that will be part of it, stuart. Stuart we reported a significant rise in caseloads across the country. I think it was 65,000 new cases just yesterday alone. Are you blaming young people for this search . It is not about blame. It is about our behaviors. We know that we reopened our economy. We got back to work. We need to get back to school. We connected with health care again but to do so we have to each as individuals be responsible. We need to practice social distancing. We need to wear face coverings, especially in type of a hot zone or unable to socially distance. We have to practice good personal hygiene. What weve seen, certain areas we got lax on that. We need to get back to that. That is it what weve been calling for. You know, stuart, we put out modeling information on this, if we do all of those things and if we close bars and hot zones and we restrict Indoor Dining to less than 25 capacity and keep family and household gatherers to below 10 people we can see a turnaround in infection rates while not as steep, is very comparable to shutting down or sheltering in place. So we can do this but we all have to do it together. Stuart we have some new closing down measures in various states across the country. Weve got masks being mandated in a lot of big chain stores. You think then, that this reclosing, the use of masks and social distancing, that will have a very quick effect an bring down the number of new cases . Are you looking at that . I dont want to use the word very quick because of course there is a lag in terms when we get testing results, infection rates et cetera, but it will be a real and discernible impact if we do these things that. Doesnt require us to shut down again. We can be back to work, back to school, back to worship, back to health care if we do the simple things. Wear face coverings, practice social distancing, good hygiene and areas where we havent been able to social distance like bars or Indoor Dining settings, yes it is appropriate for hot zones to be restriction there is. We clearly havent been able to do that in a way that protects ourselves and others effectively. Stuart there is some tension between President Trump and dr. Fauci. Has that interfered with the correct functioning of the governments effort against the virus . So dr. Fauci is a trusted advisor of the president. He is one among many of us that contribute information to the Vice President , to the president. You know, you know the president , stuart. He wants to hear from many different sources and he wants to hear different perspectives. Dr. Fauci will present a perspective. Im going to present a perspective. The president s job to deconflict that how guyeds the country. Doctor fauci is doing his job and president is doing his job to hear from many, many sources. Stuart would you characterize the recent surge in cases or increase in new cases would you characterize that as a second wave . I dont think i necessarily would. I dont know that there is much meaning whether its a continuation of the first or second wave but i dont think it necessarily represents that so much as a, were learning, were learning about this disease every day. Were learning about the impact our behaviors have on the spread of disease. Were seeing a lot of younger individuals be affected that are asymptomatic. And with an asymptomatic spreading disease like this, it takes different behaviors were not used to in the United States like wearing face coverings. We need to do it. That is the price we need to pay to get reopened. Stuart got it. Mr. Secretary, alex azar. Always appreciate it. Thank you. Thank you. Stuart check the markets. Look at the Dow Jones Industrial average, if you hold on long enough we might see it turn positive. It is only down two points right now. Down 1. 6, 1. 7. You might see that turn green any moment now. Leave it on the green. Yeah, look, it went positive, thank you very much. Days after opening disneys animal and Magic Kingdoms, two more disney parks are open, epcot and Hollywood Studios. Lauren, are people actually going to disney world. Lauren hard to say. So four of the orlando parks are open. Pictures show theyre relatively empty, no lines. However, there are lines at Hollywood Studios where the average wait time was an hour 10 minutes for the new mickey and minnie run away. And star wars is hour long. Disney is keeping some shops closed to alleviate some pressures. As for epcot, disney postponed the mary poppins ride, Spaceship Earth update. Why is that important . A cut has to cut somewhere as they reevaluate plans as they deal with the pandemic. Disney is not revealing exact attendance numbers. I can tell you, forbes reported that the Magic Kingdom did not reach the capacity limit. Hollywood studios did. Shanghai is operating 30 capacity. Plans to increase that. Of course hong kong is closed. Stuart okay. Got it. Thanks so much, lauren. Record low Mortgage Rates helped to create, pretty strong real estate market, especially for millenials, firsttime home buyers. Well tell you where they are looking to buy. By the way the new record rate is 2. 98 on 30year fixed. Thats low. Look at this. A live look at a robot cook. You heard that right. Demand for these heating up since the pandemic. Theyre already in some white castle kitchens a live demonstration from flippy after this. vo the time is coming for us to get out and go again. To visit all the places we didnt know meant so much. But were all going at our own speed. At enterprise, peaceofmind starts with our complete clean pledge, curbside rentals and lowtouch transactions. With so many vehicles of so many kinds, you can count on us to help you get everywhere you want to go. Again. Whenever youre ready, were ready for you. Enterprise. 49i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Stuart the man on the righthand side of your screen is buck jordan. He is the ceo and cofounder of niso robotics. Separate the man who has a robot chef. He is in a white castle kitchen. I can see the robot chef in action behind him. Welcome to the show. Buck jordan. Good to see you. Thanks for allowing me to be here. Stuart i know you have one of the robots behind you. Show me what is happening, what is going on. The robot is agitating the fryer. So it is really, a full Service Autonomous fry maker, essentially. Stuart wait a second. Looks like it is taking french fries offtheshelf kind of thing, sticking them into the fryer. Does it take testimony them out at right time. Doesnt matter if there is rush. Robot never feels the heat. It always cooks the product perfectly. Stuart how much . If im a restaurant owner, way ton know how much that robot costs. Are you going to tell me. That is my core focus. Right now the Restaurant Industry is under pretty tremendous strain. These are Small Business owners they cant really write afford to write massive checks. 30,000, 1500 a month Software Service fee. Next year, nothing up front but just the. Were building it for Small Businesses trying to price it that way. Stuart 1500 bucks a month in the early going, that takes care of servicing, i take it. If it breaks down, youre on the spot and comcast back to fix it, that is what happens . Thats right. So, we, it is full service. We make sure its, it cooks properly and functions 24 7. We make sure it stays up all the time. Stuart buck, i think you have got a nice niche market right there. I think youre in for some success. Buck jordan, miso robotics, with flippy right behind him. Thanks, buck. That was interesting. Thanks very much indeed. All right. I will change the subject completely away from flippy. Lets go to joe biden. He lost the a endorsement from the National Association of police. They supported the democrats in 08 and 2012. Now theyre backing President Trump. Theyre on the show. I will ask them why they did that. My take what im calling mob rule taking over our country, threatening our democracy. Pete hegseth will be here to respond to it. My take coming up next as the third hour of varney gets rolling. But what if you could stdo better than that . K. Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Stuart precisely 11 00 eastern time. Heres the state of play on the markets. The overriding factor this morning is the shift away from big tech. Look at that nasdaq composite index, down 155 points, 1. 5 . All the big techs are down. Tech has some serious problems. It no longer leads the market. Thats the major trend today. Earlier, we got the latest read on jobless claims, 1. 3 million first time claims. That represents the 15th week of declines. However, weve still got 17 Million People out of a job and collecting benefits. Now this. Suddenly, were in the era of what im going to call mob rule. That is a terrible thing to say about this great democracy but i think those words are justified. I think theyre accurate. On the streets of so many cities, its not the rule of law, its the violent crowd that intimidates and rules. The mob took over in minneapolis, seattle, atlanta and in portland, oregon, theres been ongoing rioting for weeks. Portlands democrat mayor ted wheeler says his biggest concern is violent federal officers and their lifethreatening tactics. Hes just given in to the mob. In new york, heres the mob in action. A Senior Police commander beaten on the street. Then theres the twitter mob, nasty, venomous. They will come after anyone whos not on board with every radical idea thats out there. The New York Times caved to a tweet storm. All those statues toppled, defaced, demolished. Thats our history being wiped out. You think all of this happened after reasoned debate . Nonsense. It was the mob, out of control and subject to no authority or rule or law. Perhaps it started on college campuses. For years, anyone who might not agree 100 with the far, far left could not make a speech. Theres a story in the wall street journal today about an antislavery professor, some students wanted to run him out of town because they say he opposes slavery for the wrong reasons. At so many colleges, the campus mob has killed free speech and free debate. This corrodes our democracy. The mob threatens us all. Intimidation on the street, in the media, on twitter and at school. But maybe, just maybe intimidation will backfire. A monmouth poll showed more than half of those surveyed believe there are secret trump voters. They will vote for the president but they wont tell anybody about it. Interesting, isnt it . The mob cannot intimidate a secret ballot. The third hour of Varney Company is about to begin. Stuart its thursday morning in the 11 00 hour. Nou wh you know what that means. Our ratings go straight up. We have pete hegseth with us. I believe hes got a smile on his face. Always when im with you, stuart. Stuart look, im really concerned about this, this mob rule. I absolutely hate it. And i think you do, too, but i want to know if you think anythings going to improve. Only if donald trump wins reelection in november. I think those numbers are accurate. Imagine being in 2016 there was uncertainty around what level of support he had, Trump Supporters may have been tepid but they werent afraid. In 2020, when you have this mob mentality both online, in the workplace, on facebook, in the streets, of course youre going to have lots of Trump Supporters that are going to stay back and say hey, who i pulled the lever for in the ballot box is my decision and no one else needs to know that. Its unfortunate but its a reality. When you look at these mobs, stuart, no, its not going to change right now for three reasons. One, the retreat of the Minneapolis Police precinct originally signaled to the mob writ large that its open season on police and federal facilities. Good thing they sent them to portland but of course, the mayor doesnt want them. The second thing is reeducation. Listen, you talked about the indoctrination of young people who believe this country is defined by its sins, that 1616 is its founding, not 1776 and everything is justified because america is evil. That needs to stop. Government schools in america are teaching a side ways view of history. Young people raised to believe that america is not good. The final thing is if umbrella of joe biden and his candidacy, which has passively endorsed these things by being unwilling to stand up to them so the mob believes potentially after november if he wins, they are going to be able to go even further. That creates an aura of inevitability and enables them even more. Stuart all the polls show joe biden has a significant lead over President Trump, virtually every single poll that i have seen. Do you think joe biden can win . Honestly . Do i think joe biden can win . Sure. Do i think stuart will win. No, i dont. No, i dont. I think theres too much time. President trump has accomplished too much. Hes too much of an empty vessel completely incapable, lets get to these debates and the contrast is way too clear. There might be people that dont love how covid19 has been handled in every way. They dont love, you know, the clashes in the streets so they are uncertain right now but when the contrast comes down to that month before the vote, and you say do you support Law Enforcement or not, the Law Enforcement union supporting the president is a big thing. They went for obama and biden before. Do you believe in borders or not. Do you think we should, you know, go back to school or should we stay shuttered. I think the contrast will be so clear and as long as the president simplifies it, meets people where theyre at, its not about i know you love the stock market. A lot of people do, too. This is about Small Business and peoples ability to live their lives. You can do that and make sure you have equal justice in this country at the same time. The president s speech at mt. Rushmore laid out the groundwork of how you can draw that contrast. If he hammers that home, the contrast election at this moment gives i believe the president a huge advantage and we should ignore the polls right now. All the polls in 2016 at this time were similar. They are oversampling democrats and President Trump is in a great position. Stuart there is always that secret number of people, voters who wont admit they are going to support him when they get in the secret ballot box, they can vote their choice freely. Pete, thanks for joining us as usual. You have done your duty all over again, lad. Thank you, sir. Stuart thank you, sir. Lets get straight to your money, shall we. Bring in market watcher heather zumarraga. Heather, look, heres my big concern. Im seeing a lot of retail investors, you know, the individual, start to do day trading. I think they are pumping money into the teslas of this world or spotifys of this world. Traditionally when the little guy jumps in, when the cab driver starts to give you stock tips, traditionally thats a danger signal. Do you think this is a danger signal now . I am worried about low yield investing in the markets and on a day trading basis, near record levels because they are not long term buy and hold investors and unfortunately, many studies prove that if youre not a buy and hold investor, long term investor, it could end very well so im very worried about it. Stuart are you worried about the overall market in the immediate future . I think that today when you look at the good news that we have had, for example, we had retail sales that was positive, the banks overall except for wells fargo was very positive. Yet the market is selling off. I think that is a problem. Maybe we have come too fast, too far and when you think about the day traders, you cant talk about day trading without talking about barstool sports and dave portnoy. Hes hilarious. Some would say hes worth watching but his mantra is that stocks always go up and as evident today, as you know, thats just simply not true. Stuart surely there is some worry here about a second wave of the virus. Maybe theres worry about the elections as well. I mean, lot of concerns right now. I just feel that maybe we are at a turning point for the market. What do you think . I havent heard you say that in a very long time, stu. For you to even be pointing that out when you have been optimistic, the market may be due for a pullback. Yes, you have a surge in cases. Yes, a lot of the market meltup has been due to the fiscal support we have had from the fed, the ecb, the European Central bank confirmed they are going to hold Interest Rates lower for longer, continue the massive bond buying program. When you look at what the government has done, supported millions of Small Businesses and helped keep millions of jobs through paycheck protection program, we have record debt and deficits. 3 trillion. All of this has helped the markets surge and especially the nasdaq to new alltime highs recently but it is concerning. Stuart advise me, heather. In ten seconds, should i sell my remaining microsoft shares . I know the stocks down five bucks this morning. You know i cant do that. I will tell you this. There is a big shift out of tech. Look at the nasdaq, down about 10 this week, into the s p or dow. I cant recommend because im not your adviser but i would love to become your adviser some day. Stuart okay. If im lucky. Stuart that would be a very tough job, believe me. Heather zumarraga, thank you very much indeed. See you again soon. Quick check of some of the movers on the market today. Start with twitter. Still reeling from what we know now as a bitcoin scam. Actually, the stock is it affected several really high profile users. No word yet on who was responsible for this hack. There are reports it may have been a twitter employee. The stock has come back a bit. Its now only down 50 cents. Tesla, new numbers that point to a big decline in registrations of tesla cars in california. Cut in half, down 48 in the Second Quarter. Teslas stock is down 67 a share. Boeing, it was the biggest drag on the dow today. Still is, its down 4. 4 . Then theres amazon, extending their workfromhome order again. Susan, whats the story . Susan thats right. They are extending it until next year, january 8th, from what i see. They actually pushed that deadline out to october 2nd so amazons spokesperson saying for those that do come back to work there will be extra precautions like social distancing, extra cleaning, face masks, temperature checks, of course. Tech Companies Including facebook, google and apple have said they dont expect workers to return to the office before the end of this year and some, including twitter, have allowed their employees, those that can, to work from home forever. Its not just twitter. We also have facebook saying for those that can, yes, you can work from home, slack and shopify have also directed their employees to do that as well. Wouldnt that be great . Stuart yeah, but just a few days ago, you and i were talking about and looking at amazon, well above 3,000 a share. Now its 2931. Do you have any idea how much market value they have lost in the past few days . Susan 113 billion in market cap because its been down every day, every single day so far this week. That includes this thursday as well. Thats around 8 . Investors are rotating more to value from these growth tech stocks like amazon, especially with hopes of a vaccine on the horizon but its still a favorite name on the millenial trading app called robin hood because you look at the trading action from monday to wednesday, more than 16,000 robin hood traders bought shares of amazon. That represents an increase of nearly 5 according to data that tracks robin hood trading and this also suggests investors are actively buying amazon on the dip. But we are so far away from that record high. We hit 3344 and Morgan Stanley this morning reiterating and maintaining the 3450 target for the stock. Stuart its one of the more significant dips we have seen for amazon or other big techs. It remains to be seen, as they say, whether or not investors will buy the dip and push it all the way back up again. Theyre not buying it at this moment. Amazon is down 77 a share. Next case. American airlines sending out maybe furlough notices to workers. How many this time, ash . Ashley 25,000. This is tied to the expiration of the government Payroll Assistance Program which runs out on september 30th. So come october 1st, the bell rings and those potential furloughs could indeed become reality. Revenue for american down 80 in june and now the airline reporting that sales have gone sluggish again because of the rise of the coronavirus and more new rules put in place by states across the country. So tough for American Airlines. They say they hope that congress can give them more help and stretch their payroll help out to march of next year. But if not, then come october 1st, there are a lot of people facing furloughs at American Airlines. Stuart just to be clear, a furlough is where you have not lost your job, you are just not working at that point. They will tell you whether your job is whether you go back to work later on. Difference between layoff and furlough. Ashley correct. Stuart American Airlines down 6 . Ive got a question for lauren. What do disney and Virgin Galactic have to do with each other . I know you know the answer. Lauren Virgin Galactics new ceo is a former president of disneys International Theme parks. His name is michael coblazer. Its fitting that he oversaw construction of star wars at disneyland in california and transitioned from that galaxy to Virgin Galactics. Virgin galactic is working on private passenger trips to the International Space station. The stock is up 14 today. If this gain holds, it will be up 82 this year. Space is where you want to be in 2020. So the guy in charge of disneys vacations, if you will, is now going to plan space vacations for researchers and the rich. Stuart i missed Virgin Galactic. I missed chipotle. I missed peloton. I got boeing. Okay. Dont come to me for stock advice. Lauren trading microsoft or leaving it alone . Stuart its down five bucks today. I dont know what im going to do with it. Thanks, lauren. The Washington Redskins could announce a new name at any time. But wall street journal guy Dan Henninger says why stop with the redskins . Hes got a whole list of team names that he says really need to go. Hes kind of joking, too. Record low Mortgage Rates could drop even further. So whens the best time to refinance . Well, we will try to tell you. And President Trump says hes the right guy to keep the country safe. Watch this. Its probably never been a time when candidates are so different. We want law and order. They dont want law and order. Stuart now, a major Law Enforcement group is endorsing President Trump. Their leader will join us after this. As a caricature artist, i appreciate what makes each person unique. Thats why i like Liberty Mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart its a rich mans world. Thats why were playing the song, because were tracking the big bucks thats being poured into the Joe Biden Campaign. Silicon valley is opening their wallet, is that right, susan . Susan yeah, public filings where the Company Executives have to declare their political donations shows that biden has a lot of supporters with deep pockets in Silicon Valley and some of the biggest names when it comes to business, media and tech. Bob iger of disney contributing 250,000 last quarter. Barry diller, owner of expedia, steve jobs billionaire widow, facebook founder dust jiin msokovitz, jeffrey katzenberg. Biden outraised President Trumps campaign for a second straight month in june. California, by the way, historically a blue state. We know that, right . Stuart yeah. Oh, yeah, thats for sure. Guarantee that ones true. How about trump . Susan he actually has a very deep pocketed supporter. Billionaire oracle ceo, according to filings, donated 125,000 to the Trump Victory committee in the month of may. According to analysis, it looks like mrs. Katzs first contribution in support of trump and her husband also donating a similar amount, 125,000 as well. Also another startup ceo, derek struben donating 250,000. Notably, theres one big name that hasnt donated and thats peter thiel, who was one of the earliest and biggest Trump Supporters in 2016 still has not cut a check for the Trump Reelection Campaign yet. We also know that millions have been funneled from Silicon Valley going to super pacs both on the democratic and republican side. Stuart theyve got a lot of money in Silicon Valley so they will part with some of it. Okay. All right. What do you say about that. Staying on the election, the National Association of Police Organizations endorsing President Trump. They supported joe biden as Vice President back in 08 and 2012. Mick mchale is with us, the president of the National Association of Police Organizations. Very good to see you, sir. Was there a final straw that pushed you towards trump . Good morning. Thank you for the opportunity. I think it was a collection of what is going on as far as the support for Law Enforcement is concerned. There was an organized Virtual Meeting conducted by our association with representatives of over 50 delegates that participated and i think that there was a series of information that was shared and concerns from the respective groups that we represent. We have well over 1,000 organizations that are part of nabo and we represent approximately 245,000 active members of Law Enforcement throughout the nation. Stuart well, many of your members work in cities which are and have been run by democrats for a very long time. How do those members feel about your organization endorsing President Trump . Well, it was clear as a result of yesterdays meeting that those members have spoke clear and loud. They realize where the support lies. President trump has initiated the attorney general to aggressively pursue those who intentionally harm members of Law Enforcement just for the mere fact that we are part of our profession. He has signed into legislation the 9 11 full restoration which was a very important piece of legislation whereas the surviving families and as we speak today, unfortunately, hundreds of members of policing have passed away as a result to exposure. So there are many areas that President Trump, as president of the United States, has enacted by signing laws and also executive orders. The main one was the executive order that permitted Police Agencies to once again purchase and receive Excessive Military equipment. And the elected officials on some occasions or a lot of occasions depending upon the party have tried to exploit that equipment as militarized ability of Law Enforcement to terrorize the neighborhoods. There is nothing further from the truth. Those vehicles, those Armored Vehicles save lives, not only of Police Officers but of the citizens that we serve. Stuart mr. Mchale, thank you very much for joining us this morning. We appreciate your point of view. Come back soon. Thank you, sir. Appreciate the opportunity, sir. Have a great day. Stuart you got it. You, too. Next, the reopening of new york city. One of the tourist hot spots in this city is called the High Line Park which is now allowing visitors as of today, starting today. Kristina partsinevelos is there. Any caveats on opening up . Its a beautiful tourist spot right there. Kristina it is a beautiful tourist spot. I would like to say welcome back, sort of. This is the famous elevated park but there are definitely new restrictions. The fact that you have to wear a mask when people are around you, you can only enter from one location, that would be in the. You have to get free elevated passes online and you can only move in one direction, heading north. This is a change from last year when they used to have about 40,000 people. Now its just going to be about a few thousand. I spoke to the cofounder about how they plan to enforce all of this. Listen in. Were going to have social distancing, doctors encouraging people to keep at least over six feet from each other, encourage people to wear masks. I think were going to have really High Compliance on mask wearing because we ask everybody as they come up. Kristina i put the mask back on just so you can see the ambassadors that are here right now prepping for the people that are coming. They are the ones that will tell you to keep your mask and social distance. But because this is also a business story, you dont think about how some of these famous tourist destinations really help the local surrounding businesses. Many of which are still closed in the meatpacking district which is why they even put out this sign here, help support local businesses. I went to a cafe and they are relying on new yorkers to come back here, do some shopping, have some food and start to feel like a new yorker again because the tourists arent around here. Back to you. Stuart thats for sure. It is a beautiful park right there, the elevated highway. Good stuff. Kristina, good stuff. Thanks very much indeed. Then we have this. Retail sales up 7. 5 in june, compared to may. But going shopping may not be the same in the future. We will take a look at the changes coming to the mall, including Contactless Payments and no more fitting rooms. We will deal with that next. The new house is amazing. So much character. Original crown molding, walk in closets. We do have a ratt problem. Round and round with love well find a way, just give it time. At least geico makes bundling our home and Car Insurance easy. It does help us save. Round and round with love well find a way, just give it time. Round and round what comes around, goes around. For bundling made easy, go to geico. Com stuart well, some democrats are predicting a blue wave in november. They want to they expect to win the house, the senate and the white house. They were saying something similar about a blue wave back in 2018. Come on in, ashley. If there is a blue wave, they get the house, the senate, the white house, what do you thinks the Economic Impact . Ashley yeah. Well, that is the dreaded you know, the unholy trinity, is it not. Look, we can see the Corporate Tax rate but President Trump brought it from 35 to 21 . Joe biden wants 28 . We know that. There are economists that say the s p 500 could fall 10. 5 or more because of course, the tax hikes hurt earnings and of course, equity prices. But there are also sectors that are being looked at that could not fare very well under joe biden and the democrats running both houses of congress. Defense and aerospace stocks, for instance. They are up 47 since the 2016 election of donald trump. Health care index, up 51 since the election. Those are two areas that economists looking at the potential say could be hurting under a biden presidency. Lets not forget the 2 trillion climate plan from joe biden. Big tech also under more pressure under that scenario. Certainly more calls for them to be broken up, such as facebook and amazon. So you look at these factors, the big drivers of what we have seen since the 2016 election could be under a lot of pressure. A lot more taxes, a lot more regulation. Doesnt spell good news for the markets. Stuart i agree with you. I think theres some election risk being built into the market as we speak. We are down across the board. Thanks, ash. All right. Its thursday. That means Dan Henninger is on the show. Can you show me Dan Henninger, please . There he is. Before we get into this, dan, i want to tell our audience that i have read your piece today and its fantastic. Its really funny. You are talking about changing the name of sports teams. I notice that you say too many teams are dependent on fossil fuel names like the detroit pistons, edmonton oilers, pittsburgh steerpit pittsburgh steelers. You want to change their name to pittsburgh windmills. Its obviously a tongueincheek piece. What are you trying to say there . Right. Well, im trying to say that why go halfway if we are just going to get rid of the Washington Redskins, i would suspect half of the professional sports teams out there are violative of current sensibilities in one way or another. Think of all those teams that represent class distinctions. The kansas city royals, sacramento kings, cleveland cavaliers. Can you imagine that . This is the United States. And the miami marlins. I believe that team is named after an endangered and vulnerable species. Lets rename them the marlin minnows. How about that. Boston red sox, if we are going to get rid of the Washington Redskins and cleveland indians, lets rename the red sox the pink sox. I give up. Stuart clearly you are having fun but you are making a serious point. The serious point is where the devil does this end. It never ends. You know, as one of my friends emailed me, i thought the column was very funny but you are just giving them a playbook. I told him i understand that, i was trying to get out ahead of these team name posses. All these things im joking about probably will come to pass. As long as theyre in control, it aint going to end. Stuart do you think they, whomsoever they are, do you think they are in fact in control . I think they believe they are about to get into control. They certainly control a lot of the media, a lot of the establishment, identity politics, you often report corporations bending over backwards to accommodate them. The problem with the american left is they never know when to stop. They really dont. They just keep pushing. I think that relates well to the subject you were just talking about with ashley webster. Look, if the democrats get control of all three branches, of the house, the senate and the white house, theyre not going to stop at joe bidens 28 top corporate rate. They are going to try to put through higher rates than that because the progressives will not hold back. I think a President Biden if the party is controlled by the progressives and they control the congress, he will sign whatever they put in front of him. Stuart as we said, there is election risk being built into this market as we speak. Dan henninger, that was a very good article. I had a good laugh. I recommend all our viewers read it because its good stuff. Mr. Henninger, see you again next week. Thank you, sir okay. Look at work from home stocks. Big winners during the pandemic. Even the queen of england is on board. We will show you her zoom call thats going viral. We will show you that in a couple minutes. Millenials on the move, creating a hot sellers market in real estate. Where are they going to and how much are they willing to pay for that house . We will tell you next. Some Companies Still have hr stuck between employees and their data. Entering data. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Stuart lots of Retail Stores are reopening. Clothing stores, really, they are reopening gradually but they dont have fitting rooms. Lauren, does that make a real difference to most shoppers . Lauren id say so. I think the reason people go to a store is to try something on and now in many stores, you cant do that. It comes at a time when the stores are just starting to reopen, there is pentup demand, people are actually buying clothing again. Clothing sales rose 105 last month. How much of that will be returned since Companies Like kohls and marshalls wont let you try the items on . Listen. Nobody likes returns. They are so costly. There is so much to handle as far as processing, staffing, supply chain, et cetera. Returns dont really help anyone. Lauren they dont help anybody and they are predicted to be at least three to four times higher now than they were precovid. If you cant try something on, whats the point of going to the store . You can do everything online and return online. Stuart yeah. It just makes so much more sense to do it online where actually returns are so much easier. Thats a fact. Thanks, lauren. Turning now to housing. Jerry howard is back with us, the ceo of the National Association of home builders. Jerry, i hope we fixed the audio problem. Can you hear me okay . I can, stuart. How are you . Stuart im very well. I trust you are, too. Are we seeing a genuine real estate boom right now . All signs are that we are. Our home index went up to exactly where it was precovid and precovid we thought we were on our way to a really really strong year. The builders around the country are incredibly optimistic. I think its a good sign for the economy. Stuart we reported this morning that 30year fixed Rate Mortgages were all the way down to i think its a record low, 2. 98 . Thats extraordinary for those of us who got mortgages in the 70s and early 80s. Thats got to be a huge shot in the arm for you guys. Its a great incentive for firsttime home buyers. They are the ones that have the hardest time making ends meet and getting a very low Rate Mortgage like that is an incredible incentive for those guys. Stuart do the youngsters, the millenials, first time home buyers, have they got the 20 down thats required . Some of them do, some of them rely on their parents and some of them will rely on a lower down payment if they can get it right now. Thats always been an issue, no matter what the down payment has been. Young people saving for the down payment has always been a problem. But remember, some of these people were still part of the pentup demand from the Great Recession and they have had time to save for a down payment and i think being cooped up in an apartment for the last three months has really given them the incentive to get out in the market and buy a house. Stuart in a normal year, i dont know which year we can call normal, i would say youre looking at about 600,000 new homes built each year, roughly speaking, in a normal year. I know you are doing the calculation as we speak. You think we can get move up from there . Maybe 700,000 by next year, if this pentup demand translates into Real Construction and sales . I think we will. I think that what we need to have is about 1 to 1. 2 million homes being constructed in a year to meet the endemic demand. We never got back to full capacity after the recession. We were well on our way this year. I think the covid recession was just a shortterm blip in the radar screen and the housing sector is going to get back to capacity if not next year, then the year after for sure. Stuart construction workers are still constructing, they are still on the job, arent they . Yes, sir. We were very very fortunate that 44 of the 50 governors considered Residential Construction to be an essential industry, so our industrys been working all through the pandemic and let me add this. Working very safely. Stuart okay. We love to see the real estate boom because its good for the whole economy, and i can see why you are a happy guy. Jerry howard, thank you, sir. See you again soon. Thanks very much. Yes, sir. Stuart still on housing, come on in, ashley. Where are millenials looking to buy homes . Ashley that is a good question. Zillow broke down the top ten markets, it has the highest level of Mortgage Applications from those aged 22 to 38. Here we go. Chicago, isnt that interesting. The median home value in chicago, just under 250,000. Austin also very prominent. More expensive, median house price, 401,000. Then houston, very affordable, under 200,000. Charlotte at 252,000. Again, los angeles, look at the median price of a house in l. A. , 752,000. By the way, in the top ten, seattle was actually on it probably for tech jobs, but the average cost of a home or median home value, i should say, is 767,000, the most expensive. But interesting numbers and interesting cities. Stuart 752,000 is the median price for a Single Family home in los angeles. Median. So theres half more and half less. 752. Ashley correct. Stuart 2. 98 30year fixed rate, i suppose they are a little more affordable. Thanks, ash. Change the subject. Look at some video of conferencing stocks, please. Google grouping their video chat and chat into one place. Its on their gmail app. Thats a direct shot at their biggest Video Conferencing competitors which would be zoom and slack. Now, while were on the subject, i want to show you something. Queen elizabeth is getting pretty good at zoom. We are going to show you a clip no, we dont have it. Oh, dear. I will tell you about it. It was zoom meeting, the queen weve got it now. Here we go. I will introduce it again. The queen meeting with military personnel. Watch her reaction when he reveals hes a jamaican bobshredder. Watch this. Thats one way to say it. Im very glad to have been able to meet all of you. Stuart im not sure that really works. Wasnt that kind of extraordinary reaction. I couldnt see it very well either. But im told the clip is now going viral. We thought we would show it to you. Now lets tease whats coming up later in the show. The fiveday work week could be a thing of the past in jersey city. The mayor says a traditional monday through friday schedule is just so out of date. The mayor joins us next. What im worried about is that if youre not expecting the shock, and the markets fall dramatically, you might panic. And in the midst of that panic, you might sell and run to cash. At the very moment, you shouldnt. At the very moment prices. Just for healthcare workers fighting covid19. Apply today at massmutual. Com healthbridge iredefined the wordng thschool this year. Massmutual. Com healthbridge its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. Stuart lot more people working from home these days and our next guest says its made him realize that the traditional monday through friday work week is outdated. Stephen fullop is with us, the mayor of jersey city. Welcome back. Good to see you again. You as well. Stuart you are introducing a fourday work week for your government workers and my question is, why are you doing that . Well, one thing we learned during the pandemic is that you dont need the traditional 9 00 to 5 00 everybody in the office all the time to be efficient, so we think that we can create a better quality of life and by staggering shifts, we can ultimately have city hall and the municipal buildings open longer by having more flexible schedules. Stuart so its not necessarily working from home four days a week, its four work days in any given week, that correct . Yeah. Correct. So we are going to give the flexibility to our employees, if they want it, that they can take that approach and do four days instead of the five days and we are going to lengthen each day marginally and then we are going to stagger our shifts so that way the services from city hall are actually going to be provided longer to a normal resident as opposed to what it is today, traditional 9 to five. If a normal person works nine to five and city hall works nine to five its not really efficient for somebody to come visit and get services done. By staggering the shifts, it could actually benefit everybody. Stuart you think you are going to apply that basic model to schools . I mean, will they be on like a fourday school week with shift i mean, shift work is the wrong word to use, but rescheduling . Well, i think we are looking at the schools right now on what the structures going to be in the fall based on obviously kind of the situation with covid19. But it may be one week on, one week off, a couple days on, a couple days off. The reality is that you also need to take into account that people are going to have to deal with child care. So having less obligation to be in the office physically is going to benefit that as well with regard to child care. So you know, if you think about what the pandemic has taught people, you know, and the lessons learned, its best to incorporate what you have learned and one of the things is definitely that you dont need to be in the office in the traditional sense, 9 00 to 5 00 monday through friday in order to have a good work product. Stuart so you see this as being a positive outcome of the virus lockdown . Yeah. I wouldnt say theres a lot of positive outcomes but i would say this is one of the positive outcomes. Everything that we implemented during covid19 that seems to benefit the city longterm, we are looking to take it longterm into everyday circumstances. For example, we are changing street cleaning from used to be two times a week each side to one time a week each side. We learned that during the pandemic, you dont need to inconvenience residents every day to move their car. We are trying to learn lessons and incorporate it into what were doing. Stuart sounds good to me and im your neighbor. I live in hoboken. I will be seeing you soon. Thank you very much. Take care. Thank you. Stuart thanks very much. I hear the siren. More varney after this. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums with tums smoothies. About medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. Thats where Medicare Supplement insurance comes in to help pay for some of what medicare doesnt. Learn how an aarp Medicare Supplement insurance plan, insured by United Healthcare Insurance Company might be the right choice for you. A free decision guide is a great place to start. Call today to request yours. So what makes an aarp Medicare Supplement plan unique . Well, these are the only Medicare Supplement plans endorsed by aarp and thats because they meet aarps high standards of quality and service. Youre also getting the great features that any Medicare Supplement plan provides. For example, with any Medicare Supplement plan you may choose any doctor or hospital that accepts medicare patients. You can even visit a specialist. With this type of plan, there are no networks or referrals needed. Also, a Medicare Supplement plan goes with you when you travel anywhere in the u. S. A free decision guide will provide a breakdown of aarp Medicare Supplement plans, and help you determine the plan that works best for your needs and budget. Call today to request yours. Lets recap. There are 3 key things you should keep in mind. One if youre turning 65, you may be eligible for medicare but it only covers about 80 of your Medicare Part b costs. A Medicare Supplement plan may help pay for some of the rest. Two this type of plan allows you to keep your doctor as long as he or she accepts medicare patients. And three these are the only Medicare Supplement plans endorsed by aarp. Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Stuart reminder please. This is tomorrow, i should say its friday feedback. You have time to send us comments, questions, suggestions whatever you like. Email us at varneyviewers foxbusiness. Com. One point, keep it short, very much to the point. Im done. Neil, its yours. Neil i dont do that. You know, there is a reason why because they dont keep it short and tote point and its very, very its tough on my ego. Youre a brave man, stuart, look forward to that. Thank you very much, my friend. Corner of wall and broad. Were down 123 1 2 points. True to our name, coast to coast were everywhere what is going on now. In washington, d. C. , the 2020 race is on, the polls looking for the president is not looking good. One doozy has former Vice President joe biden leading him by more than 11 points