Worth 123 billion. Hes up 6 billion overnight. Look at apple, it posted the best quarterly profit of any company in history, it now has the largest cash pile in history. 285. 1 billion. That. 1 is a hundred million dollars. Apple is now down two bucks. How about that . Next case, 200,000 new jobs in january, i will call it solid. Listen to this, wages up nearly 3 in the last year. Thats a definite improvement. This comes after a remarkable forecast from the Federal Reserve bank in atlanta. It expects Economic Growth at annual rate of 5. 4 . Yeah. Deep breath, ashley. How about that . Politics dominated by the memo. We are waiting for it. When its released, here is what to look for. Simple question, was a document paid for by the clinton president ial campaign used as excuse to spy on the president ial campaign of donald trump, thats what its all about. That question will be answered, we think, by the end of the day, yes, it is a very big day. Varney company is about to begin. Stuart all right, we are down a bit more. 240 points lower from the dow industrials. Its a down day across the board. Why . In part because of this, look at the tenyear treasury yield. We are now at 2. 83 and rising. Very bad news for the stock market. Now, weve got some stocks which are the biggest drags on the dow, these are dow stocks and all of them are dow, goldman, boeing, visa, caterpillar all of them on the downside, that drag it is overall market down. Joining us john layfield. All right, john, its obviously a dip, are you buying into it . Im not buying it but im not selling either. Ill recommend if people want to get into this market, there doesnt seem to be a black cloud ahead for which some people it is a black cloud. I dont understand the reasoning, i would be a buyer if you had extra money you want to put to work, yes. Stuart really . Youre a brave man john layfield, you sit in bermuda. 5. 4 annualized Economic Growth rate that the atlanta fed seized, 5. 4 , john, thats reaganstyle growth, is it not . It is, its also lbjstyle growth, 64 tax cuts, enacted by president johnson, 4. 1 unemployment for his entire term. Lowest of any president. 4. 1 right now and gdp expand in incredible margin. Reagan in 86 went to 3gdp in the last quarter. Forecast was not very good by businesses, it is because of demand, either way theyve got to replenish the inventories that will greatly help gdp the next quarter. Stuart i have to talk to you about amazon, it posted big e profit, 164 per share, what stops it going snup. I dont think anything does. Ive bought some more two months ago, the best company in the world. I think will be the Biggest Company in the world. The only thing they can stop amazon, 8 per share earnings this year, forecasted for 14. 75 growth in earnings per share. A company that size, thats mine boggling how fast this big company is growing. The only thing on the rise could be potential antitrust legislation but they only have 5 market. Microsoft word or jpmorgan or rockefeller or carnige that had antitrust that was necessary. Stuart you must have thought it 11 or 1200 . I did. 1100 something when i bought it. 10 or 15 gain just in a couple stuart no wonder youre smiling. Its a remarkable run. Stuart ive never seen anything like microsoft amazon run, i wish it was microsoft. Tell me about apple. Its profit hit 20 billion in three months at the end of last year. Okay, they sold fewer iphones but they brought in a lot of money and a pile of cash, 285 billion, thats what intrigues me, john, do you think the 285 billion will go to shareholders, stock buyback, extra dividend . Yes, i do because theyre having a hard time, look, this is reminiscent of steve, had the most Profitable Company in the world just like tim cook right now, mountain of cash right now, they are having a hard time on what to do with the cash. Not necessarily the best use of cash but Share Buyback and dividend increases. Stuart we will leave it there. John, if you had extra money you would put money to work in the market, i will leave everybody with that. John layfield, everyone, back to the beach. President trump has been tweeting about the memo. Here is the quote, the top leadership and investigators of the fbi and Justice Department have politicized, something unthinkable just a short time ago. Rank and file are great people. Harlan hill is with us. All right, the memo. I think its got to answer one simple question, did one president ial campaign use the russian dossier as an excuse to spy on another president ial campaign, thats where its coming from . Actually probably worse than that. Stuart really . Yes, the fisa Court Warrant was predicated on steel dossier which was research funned by the Hillary Clinton campaign, it goes deeper than that. The guy that signed on the application is Rod Rosenstein, the same man super vising the Robert Mueller investigation. If Rod Rosenstein signed off on this, we could be head today constitutional crisis. Theres no question about it because if theres this investigation which seems to be a witch hunt, you know, circulating around this russian nonsense and mueller makes a play for the president of the United States and meanwhile hes implicated and using Opposition Research to leverage the full faith and credit against donald trump, theres going to be riots in the streets. This is we are on a nice edge and the American People deserve to know whats in this memo. Why are democrats fighting so hard to keep it a secret . Why . Stuart well, you to answer that question by saying theres something really bad in it for democrats and they will move heaven and earth to keep it quiet. We know nancy pelosi made a personal phone call that devin nunes needs to be removed. Why is she making personal phone calls . This will undermine the entire story around russia and undermine where they spent the last year trying to do to President Trump and the American People arent going to believe it. Stuart constitutional crisis comes if mueller tries to go ahead and find something really bad on donald trump when his investigation has been prompted by the Clinton Campaign. Absolutely. Stuart thats the crisis to you . Absolutely. Stuart i have to move on. Listen to this. Now President Trump he commented on the democrats reaction to the state of the Union Message, roll that tape. African american and hispanic unemployment have both reached the lowest levels ever recorded. Thats something very, very special. [applause] and when i made that statement the other night, there was zero movement from the democrats, they sat there stone cold, no smile, no applause, you would have thought that on that one they would have sort of at least clapped a little bit which tells you perhaps theyd rather see us not do well then see our country do great and thats not good. Stuart he went right at them. Yeah. Well, its true. The democrats are more invested in the president s failure than they are in leading and legislating on capitol hill. They are holy invested in his failure. A couple of people walking out and one congressman even playing candy crush on her phone. Stuart that is true. Zero respect, zero. Stuart to me its a visual thing. The state of the Union Message on television, had the biggest audience for state of the Union Message ever its visual and when people sitting on their hands all playing candy crush as you suggest, it looks visually bad. Its a bad political image. Look, i spoke out against congressman wilson when he said you lie to barack obama. The state of the union is time when you come together and put politics aside, its about the celebration of this democracy and democrats have slapped it in the face. Stuart harlan wolf what did i say . [laughter] thats a movie star name. Ive been called worse. [laughter] Stuart Harlan hill is a good man. Still down about 200 points when we open for Business Today and its true with the s p and nasdaq too. Exxon, their profit fell a little short but they got a 6 billiondollar tax benefit thats still down 3 bucks at 86, chevron, their profit jumped, they got a 2 billiondollar tax gain, not helping the stock, its down 2 . Better profits at merck driven by higher demand for its blockbuster cancer drug, the stock is actually down this morning strangely. And then we have visa, more money being spent on that credit card, the stock is down 2 and a half percent. Its a down market today. Two days to the super bowl, the eagles take on the patriots in minneapolis, we have an allstar lineup, former nfl star marshal and walker, both coming up later on the show, we are going to get them to react to this, Justin Timberlake halftime performer at the super bowl, he says he will not let his son play football, hes too worried about concussions, fox friends host pete hegseth said timberlake is soft. He will make his case next. They ended up making more money, five bucks for beer at a football game. How about that . Thats a tax cut metaphor. Stuart you can get hammered. More Varney Company after this. Stuart this is what Justin Timberlake says about letting his son play football, roll tape. So you would support if he we wanted to run some routes and get in the nfl . He will never play football. Okay. No, no. Stuart whoa, he will never play football. By the way Justin Timberlake is the entertainer at the halftime show of the super bowl. Fox Friends Weekend host pete hegseth is with me now. Pete, i was surprised that the halftime entertainer will say that his son will never play football, your response . [laughter] i guess i was too. This guy was in a boy band, i think his son will be much more qualified to be in a boy band, its a lot safer on stage than a football field, right . Come on indicative that elites see football and tough sports and manhood frankly, this idea that you learn things when you get hit, you learn things in the huddle when you get knocked down, listen, we all care about player safety, thats important, to say no, my kid cant play football because im worried he might take a hit, its indicative of softness that we get. Hes a good boy band member, a good singer, thats all fine, to me its an eye roll, here we go again, another guy that wont let his kid football. Stuart pete hegseth, you will get clobbered for that. The idea that you put safety on one side and ignore concussions, every mom in this country is throwing things at the tv set right now. Well, i hope they throw another thing, my thing is we need boys an anyone who wants to play in football being tough. Listen, you have to be safe, you have to learn how to hit and do it the right way. I played High School Football and took shots going across the middle as wide receiver but taught me a lot of getting back up. Why are we getting rid of any sport that can harm someone especially professional athletes, play it safely, as a fan i want to see hits and a real game on the grid iron, listen, i think it sounds soft when someone says what if the boy can play wide receiver, this is america where you can do anything, come on, dads. Stuart okay, i will move on we will get in real trouble here. [laughter] stuart youre at a diner, im sure give me the pulse of america at your dimer because a lot of those people surely had tax cut break in the paychecks, maybe some of them got bonus, whats the pulse . Stuart, a lot of what we hear, with fox friends we do a breakfast with friends segment every week where we go to dimers and talk to regular people and we are hearing the same thing every place, the pulse of the people as well, thousand dollar bonuses are not bread crumbs, when youre getting 60, 80 more in paycheck than you were before, only one place that that came from, folks understand that when you cut taxes it puts more money in the pockets and have an opportunity to spend it like oasis coffee or other places across the country. So what seems when nancy pelosi says something so foolish and disconnected, regular folks understand what they are actually doing. They also understand deregulation. Stuart you managed to find the one place in minnesota which likes trump, is that accurate . [laughter] pete well, this is the one conservative in minnesota. The blue state almost went for President Trump. A lot of people here who get the bluecollar common sense of our bluecollar billionaire president. Hes getting a lot of good approval from folks. Stuart i think i saw somebody with a packers packers fan back there. Pete right on the border from minnesota and wisconsin. A few come over. I would build a wall between minnesota and wisconsin. [laughter] stuart youre a crowd pleaser, hegseth. Pete why not . Stuart we are down 240 points. Now, President Trump, he floats the idea of even more tax cuts, a second phase as he put it. Coming up on this Program Shortly gary cohn, the man behind the first trump tax cuts, whats he going to say about the second, hes on the show at 9 45. So from the two trucks over here. I want you to pick a new truck for your mom or dad, knowing that they could possibly pass it down to you one day. Oh. Cool. But before you decide, you should know that chevy silverados are the most dependable, longest lasting fullsize pickups on the road. Which means that ford f150s are not. giggles which truck would you pick . The chevy. There you go. Boom. That was obvious. Plus it looks cooler. No doubt about it. Now they know what to get me. Stuart five minutes to go. Higher Interest Rates. The yield on the tenyear 2. 8 going up. Big lose on deutsche bank. Anything else negative . Theres worry in this market and i think to quote someone i heard recently, this bullish market is a mile wide and an inch deep and when the first sniff of trouble theres a tendency to run to the exits. Markets take the staircase up and elevator down. Ashley right. With that interest yield rate going to 3. 2, that is an issue and if it does that means borrowing costs go up. That means taxes are initiated because we have to pay interest on that debt. Stuart i think the stock has a real problem. Its inpolice inflation. Stuart right now we are looking a drop of 200 points. Key factor here the tenyear treasury moving to 2. 84 . Thats a negative for stocks, back in a moment. Were going to be down sharply at the ohming bell less that a minute from now heres a little background to whats going on on wall street. Weve got the jobs report earlier today. The interesting factor is not so much if 200,000 new jobs but the rise in waging. Year over year, were gaining wages to the tune of almost 3 . Thats the fastest rate of gain for wages in many years. That means maybe were headed towards some form of inflation and because of that, weve got the yield on the tenure treasury going up to 2. 84 as of now. Were Interest Rates go up quite sharply the stock market generally talks a hit because the yield on bonds becomes more attractive compared to dividend on gains u 9 30 eastern it is friday morning we are up and we are running and we are going to be down. There you go. Town 145, 152, 153, 165. Were about to drop below 26,000 and selling keeps up there you have it. Were down 198 down 200 points were below 26,000. And it is a sea of red amongst the dow 30 stock. Only one of them is unchanged. 29 are town. We stabilize with a loss of around 200 point in the very early going. That is a loss of. 7 . Lets compare that to the standard and 500 which is also open, of course, and it is down. 64 . In other words, less of a drop than the dow. How about the nasdaq home of all of the Technology Stocks that down, lets see u now thats down half percentage point so the loss in percentage materials on the dow is greater than the loss on the the s p and the nasdaq. But everything is down this morning. What happens could be divorce in 14 months worst week for the dow in 16 months. Thats how we close if we keep this up. On your screens now is amazon look at that please. [laughter] what a report late yesterday afternoon it is up 5. 5 77 dollars up as of right now. How about apple, pretty good performance at its report yesterday. Best profit in a quarter of any company any time 20 billion but stock is down just over 1 . Alphabet otherwise known a google thats down 5 . Now that is a loss and a half. Friday morning who is with me on what could be a historic day ashley liz, john leifield is become and so is scott. Sum is up if you would please why are we down so much today . News flash, things are starting to act like theyre supposed to right, i mean you open up u the show tell everybody about what is happening as far as Interest Rates but the reason it might be going up because things are good, right gdp is going up. Wages are going up. Unemployment is going down it those are all good things and might take a off the stock market but these are numbers to bolster gains weve seen in the stock market. Back to you a half hour ago i asked you if you would buy the dip. Repeat what you said. Look,able theres not a black clouds on the horizon. I think inflation is a potential problem that could come out look forward earnings which i earned and old prices are up 50 in the year but theres really not a black cloud on the horizon and you have to understand were up 30 . And in a year, i take the fact that were down less than 1 today i think overall is market is on a roll and janet said as a black cloud on horizon that that should impede this market. A moment ago we put amazon stock on the air as it opened in the fist couple of minutes of business i think established a new all time high right now at 1,465 a share thats a 75 dollar per share gain. That is up 5 . Its the most Exciting Company in the world that is my opinion. Now lets get to pure economics for a moment. The at