tv Varney Company FOX Business August 2, 2021 9:00am-12:00pm EDT
maria: welcome back. a big thank you to dagen mcdowell. thank you. have a great day. thanks for being here. we will see you tomorrow. "varney & co." begins right now. take it away, stu. stuart: a good morning. looks like they have the trillion dollar infrastructure deal and investors like it. not a bad way to start monday morning. first the deal and by the way it still needs 60 votes in the senate to pass. 73 billion electric charging stations, 65 billion internet access, 50 billion clean water, getting rid of all-- 25 billion to airports, 66 billion railroads, 39 billion mass transit and
110 billion roads and bridges. one more thing, this deal has no new taxes. the dow jones rallying at least at the opening bell with the infrastructure deal appearing to be a plus. s&p 500 close to another high up about 18 at the open and the nasdaq doing well, close to half a percentage point at the opening bell. as for bitcoin, it went back above 40 grand over the weekend and has retreated to 39 and a small change as of now. if you were out and about over the weekend, you probably saw more masco wearing. i saw wines at testing centers and dr. fauci says things will get worse. he says if you are vaccinated, you should still wear a mask because you can still infect others, so, he says, by your choice you are limiting the freedom of others, that's dr. fauci. dreadful crime stories reported over the weekend. 10 shots on a crowded
streets in queens new york, 50 shot in chicago, five dead there where's the defund the police movement now? at the olympics raven saunders crushed-- crossed her arms above her head she took the silver. the news this morning, simone biles will compete in tuesday's balance beam event, that will be her off-- last opportunity for gold but the women's soccer team lost in the semi finals to canada ending their hopes for gold. it is monday, august 2, already. enjoyed the waning days of the summer. "varney & co." is about to begin. ♪♪ stuart: good vibrations.
susan: it's apropos for this monday morning, good vibrations, stuart. stuart: i get good vibrations from the market and this, breaking news this morning is that simona biles will compete in tomorrow's balance beam final that's the last event of the women's gymnastics meet. good morning. susan: good morning. stuart: that's good news. susan: we finally get to see her compete. such a shame not to see the greatest of all time at these olympics. there is not that much twisting so maybe she won't get the twisties and it's good for her. stuart: it will be great to see her perform at our best to walk away with the gold. it would be wonderful. let's help. susan: can i quickly ask what you think about the u.s. women's soccer losing that match because it's very hard to win the world cup and then when at the olympics of our soccer team. stuart: the women's' team lost one-zero. they can still get on the podium because there's always a game
for third place. the losing semi finalists play each other so they are still the that meghan will get on the podium if they win-- susan: but, it's not gold. stuart: but she would still get on the podium and what she will do when she gets there i don't know. i won't get into it because i want to feel good on this monday morning. last sunday session senators have released their $1 trillion of the structure. is that the reason for the market rally? susan: i think so. what you think? stuart: i think so. susan: broadband 65 billion, a total of a trillion dollars and have about already paid for. they will reuse some of the federal funding, but 17 republicans joined all 50 democrats in the senate to move this debate forward and there will be a lot of wrangling this week so it might not all be 1 trillion. some will be chipped away, some added and if it gets passed he goes to the house and that's where nancy pelosi says she won't pass it unless
it comes with three and half trillion dollar anti- poverty climate change package. there will be debates there is. stuart: good luck with that, madam speaker. we had the dow jones of about 100 on the opening bell with a solid gain for the nasdaq. jason katz with us this monday morning. we are hearing a lot about the delta variance it has really had an impact on america. will it upset the market at any point? >> look, i don't want to be dismissive about the very end, but the fact of the matter is that the market was looking for an excuse to catch its breath whether it's china tightening its grip, inflation, i'm just not buying that delta narrative because higher rates of infection are happening in areas in our economy and our country that aren't the biggest contributors to gdp. the other silverlining in this horrible grey cloud is that the delta variant is getting
closer to herd immunity so i think that infrastructure is ruling the day but i think more than anything else, more than anything else its earnings, 60% have reported that nearly 90% are beating by close to 17%. it's all about earnings. stuart: are we back to tina, there is no alternative to stocks. >> you and i talked about this many, many months ago. you said to me is that all about the fed, is it all about d.c. money and the fact of the matter is you can't fight the fed and it is about-- it's difficult to deploy money with fixed income, it's very hard so disproportionately people are waiting and they will continue and the fed will probably take a pause with respect to delta and raising rates so i think the fed will remain your friend for the foreseeable future. stuart: look at that, on screen right now is the yield on the 10
year treasury down to 1.21%, extremely low. is that a plus or a mina for minus four stocks? >> clearly a positive for equity. the real rate of return, you take the inflation rate, subtracted from that number and you are losing money in fixed income so without-- it's good for equity. stuart: there you go. jason, thank you for being with us this monday morning and being upbeat and positive. we like that especially on a monday morning. thank you. there has been a tesla battery fire in australia, not just a small battery now is a utility, gigantic battery or do they have it under control? susan: apparently now it's contained. it's one of the world's largest utility batteries using battery technology from tessa-- tesla. it's not a tesla owned battery factory. i went to make that very
clear. it's rather a test of elon musk battery technology which also has some branding and safety concerns. this fire broke out during the initial testing in victoria state where melbourne is as you know and it's owned by a power company as i said, not a tesla factory but it's also a test, how well the battery test does and if it catches on fire on a large-scale what is it mean for your car. stuart: the stock though, is that to $702 a share. susan: do you think that has to deal with the yield coming down? there is no alternative is. stuart: you got it, tesla 702. and upcoming book says tim cook at apple called elon musk of tesla couple of years ago and said hey, we are thinking about taking you over and biding you out. that's the news,. what is elon musk saying? susan: a lot, seemingly endless on twitter tweet after tweet after tweet about apple and elon
musk and cook. a new book suggest elon musk called in at-- with apple buying tesla and elon musk had to be cl. elon musk says that is not to and we have been very clear publicly that we have never spoken or otherwise communicated i tried to speak to him and he declined. nor have i expressed interest in running apple to anyone. stuart: and a tesla stock is at 702 this morning. susan: can you imagine if apple had bought tesla? elon musk in these multiple tweets said when he made the approach tesla was only worth 6% what it's worth now which is $600 billion, so it was a 6%. you are better without a calculator, but that's roughly what, $600 million? stuart: something like that.
susan: imagine if apple bought tesla where the world would be. stuart: we would be a different place and i think you would be saying an apple car. susan: yes. there would be a serious dominance with electric cars, iphones ect. stuart: wherever these two guys, elon musk and tim cook, whenever they say anything, that's news, the market moves. susan: elon musk seems obsessed recently with apple because he's mentioned apple a few times on the earning call and talked about their fees being egregious , so if i was apple and tim cook i would take that as a complement if elon musk is obsessed. stuart: bitcoin right now is that 392. why the reversal? susan: i was looking at the experts and analysts and they say this breakout going up to the highest since may and it's an opportunity for profit taking. that's what they say, not what i say but i
tend to agree and it also looks like we are in a trading zone. we went up $10,000 in one week from 30 to $40,000 in if you look at the squeeze, it has to be ether and we have a software upgrade taking place which will strip away some of the supply in ethereum so that's the one to watch. it's up way more than what bitcoin has done. stuart: over the past week, yes, i think ethereum is doing better than bitcoin. i don't know why it goes up and down, but if i was over at bitcoin i would be worried if it slides back below 30,000 and doesn't bounce back. susan: i was surprised now i'm sure you were when it went sub 30. we didn't trickle down to 25 or 20,000 and in fact we bounced back up which i think is encouraging. stuart: a sense of the market this monday morning going up at least at the opening bell. dow jones, s&p, on the upside enemy of dr. fauci who says things are going to get worse as we deal with the delta variant.
doctor siegel will be here and i'm going to ask if he agrees later in the show. disney and walmart join the growing list of businesses requiring employees to get vaccinated, requiring. "varney & co." just getting started. ♪♪ welcome to allstate. (phone notification) where we've just lowered our auto rates. ♪ ♪ ♪ ♪ and savings like that will have you jumping for joy. now, get new lower auto rates with allstate. because better protection costs a whole lot less. you're in good hands with allstate. click or call for a lower auto rate today.
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a dow jones up about 80, gnostic up 71. more companies are issuing covid restrictions for their empl doing? susan: mandating returning workers get vaccinated beforehand but they are dolling out more cash with incentive m 150 dollars to get vaccinated to get the shot. disney joining the list telling all salaried and nonunion calorie-- hourly workers have to be vaccinated either the end of september so they put a date. walmart and disney joining a long list of companies across all industries mandating employees get vaccinated before they come back. that includes facebook, google, alphabet, norwegian cruise lines, ups, fedex, uber. stuart: there has to be comes-- some kind of out on religious grounds, some kind of out i would think.
susan: i'm not sure. i have not read the fine print but in terms of mandates it's a bold headline. stuart: they are coming back in the list you just put on the screen are companies demanding you vaccinate before you come back. susan: some have delayed their opening until october. do you think any companies will reopen before? stuart: it so many been pushed back, pushing back the delay and then there is this. over 2000 new covid cases reported in arizona on sunday. the highest daily number since march. congressman andy biggs from arizona is with us now. just give us a sense of what it's like in arizona with this spike in cases. do you see more masks, any move towards more restrictions in arizona? >> generically speaking, i think most of arizonans are over the mask and lockdown effort , but you have some school districts that are trying to go around the new law to
impose vaccine or mask mandates on students coming back into session as early as today. we have schools starting back up today and some of the districts are trying to force back, which actually would contravene the new state law that was passed in the recent session of the legislature, so most people have had it with the masks and are going about it trying to live their lives. stuart: you are dirt-- are under some pressure along with florida , i mean, you have opened up entirely and mask is a rarity, but you will admit there is pressure here and if the spike keeps going you will be under a lot more pressure. will you resist that pressure? >> i think right now that people will resist the pressure. if you look at the data it's clear, if you are under 20, the mortality rate for even the hospitalization rate is like something like less than 99.97% if you are under 50 it's 99.9% so
similar to the flu so i think people will continue to resist it here and if you look at the delta line from the uk, for instance, you have a sharp spike and then it goes away. don't forget also, we have a massive open border here in southern arizona just like texas does and our good president doesn't want to have these people vaccinated or event tested before they are released into the country. stuart: is not a factor in arizona? you have a spike in cases. migrants coming across the border with covid, are they a factor? >> i would say they are a factor i mean look, the number-- border crossing illegal border crossing sector is the tucson sector and these people are coming across and in arizona a lot of them don't even get stopped because we have the highest getaway rate so yeah i think it's a factor. stuart: former president trump has over $100 million in his war chest, more than any other
republican. any idea what he will do with that money, congressman? >> i would say that he's going to try to influence the 2022 election and i think he's probably gearing up for a run in 2024. he is still the essentially the spokesman and head of the republican party in america, so i would say that's where we are going. stuart: got it. congressman andy biggs, thank you for being here >> thanks, stuart. stuart: biden economics advisor address the threat of the delta variant on the economy. susan, what did he say? susan: it's not going to affect the economy a lot and we have heard that from the federal reserve chairman jay powell, but listen to the reasoning. >> we are creating jobs at a record pace, jobs are plentiful and wages are going up and nearly 70% of americans have gotten the first vaccine we-- our economy and this recovery are strong and there is a durable momentum in the economy. we just have to keep it
going. susan: 6.5% is a strong economy, maybe not as strong as what wall street forecast, but if we grow 6.5% this year, that would be the fastest gdp we have seen since the early 1980s after the inflation spiral at the end of the 70s. stuart: democrat looking to growth, enjoying growth. susan: wages are going up, yes four or 5% from when i saw in the latest report because there is a lack of labor. you have to pay people to entice them to come back to the workforce. stuart: but we have inflation which is wiping out the wage again of ordinary people. susan: there you go, 5% inflation, fastest since the 1980s. stuart: yes and you can feel it. checking futures, monday morning and we are going up at the opening bell. i will take you to wall street very shortly.
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(naj) at fisher investments, our clients know we have their backs. geico. save even more (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different. stuart: just about three minutes to go before we open this market with plenty of green on the left-hand side of your strain. a looks like a rally
appeared let's bring in keith fitz-gerald, our monday morning market guy appeared you sold every chinese stock you own? explain yourself. >> i did. i spent a lot of time there and i do not like one minute what's happening with the chinese government, but i think they have miscalculated. they didn't realize a chilean dollar smacked down in the markets and i don't think i will be going back anytime soon, though. stuart: does that include the alibaba of this world, 10 sent mac, you won't touch them no matter what? >> not for the next couple of weeks. i want clarity out of china. i went to see them stop with this nonsense, but with china unfortunately you never now. they can do things at the touch of a button. stuart: we have two and half minutes to go before we open this market. overall, are we still in rally mode? after all these years? >> yes i must do it. i think we are. if the fed stays on the sidelines and china stays quiet we get a job that think we are pure
there will be volatility because of that money in the system, but overall i have been forced to raise my targets on on the s&p 500 several times this year, so i'm now going to go with 463870 for the year end. stuart: is so you have about another couple hundred points up for the s&p by the end of this year did you say? >> correct. if the fed stays on the sidelines particularly. stuart: no sign of correction, a big selloff of any climbing no sign of it? >> well, you know it depends on what you view as a sign i mean if it's something going to impact liquidity, that's always out there because the fed could take away like an old-fashioned high school dance, the music stops and if someone does that, but on the other hand companies are doing great. the economy as a reopening. monies on the move appeared it's hard to argue with that. still in the delta virus coming on strong, no problem? >> that admittedly doesn't worry me because
my fear from the beginning has been the virus mutates in such a way that it outlines current medical technology. so far we have stayed ahead of it, but that challenge remains. stuart: i have to ask about big tech. is there any big tech company that you are selling other than allie baba and the chinese big tech? any big tech american company are you selling at this point? >> no. we have made the opposite move picking up nvidia, microsoft and more apple and we continue to adjust positions in palantir, bought all within the intention of the upside. stuart: thank you for being overrun-- on the program over the past 10 years and contributing to the rally and big tech because we all have enjoyed the ride and most of the people who i know that our investors have a piece of at least one big american tech company and you have helped them along, you really have. >> thank you, stuart. stuart: susan is waving her hand. susan: i have a stack, you know
the big cap companies, the tech companies you had on their screen, they made $75 billion income behind profits in the past three months, the equivalent of general motors and they did that in three months. stuart: keith fitz-gerald, that's all you're doing, of course and you are still invested. well done, young man. see us soon. it is august 2, already. can't believe that, but that's where we are. we are open and off up 109, 131-- up about 131% on the dow jones and at 27 of the dow 30 are in the green. i'm going to call that a solid rally, solid performance first thing on a monday morning. s&p, same story up nearly half a percentage point, better game than the dow jones and the nasdaq is up .6% so that's a better game than the s&p and the nasdaq. a big tech have opened
for trading, all on the upside, every last one of them. let me see robinhood. ip owed last week and i think it was 38 a share, down to 35 this morning, but actually up 2% from the opening bell. susan: 300,000 plus bought into the robinhood ipo through the robinhood app itself according to reports and that's roughly one and half percent of the trading account, 22 and half million, but here's the good news and this is what wall street like is that robinhood is trying to drive new traffic through their own app and that's why they allocated a third of that share to retail investors to drive business for themselves stuart: show me square, that's a payments firm. they are buying i think it's australian. susan: correct. stuart: after pay, let me guess that is by now and paying it-- later in square ones a piece. susan: i can't wait to hear your thoughts because it's obviously
a millennial shopping trend and probably wasn't done back then but it also has concerns about concern-- consumer debt. if you buy now and pay later i guess you can't when interest rates are so low but what happens when they spike? also a 29 billion-dollar all stock deal the largest ever foursquare -- four square. square also announced that i had to take impairment charges last night on their crypto holdings so they pronounce their earnings stuart: look at a go. susan: you also have a firm and apple now allowing consumers to buy now and pay later. stuart: that's a firm holding. susan: we know it's one of the ipos last year, that's what they do, that's what they specialize in and apple allowing apple car users to buy now pay later. stuart: that's kind of a trend
it. by the way, when you started your report on square it was up over 1% , 35 seconds later when you finished it was up over 3%. did you do that? susan: i'm not going to take credit. stuart: you should. susan: interesting consumer transition. stuart: you could move the market. chinese electric car company x paul just released their vehicle delivery i think for july, can you compare electric wheel with tesla electric vehicle delivery and china. susan: these are the chinese electric cars that only operate now in china, a market that tesla still dominates. we don't have tesla's july delivery numbers yet in the chinese market but if you look at the last quarter tesla is a still king in china. in fact, they deliver more cars during the next two combined, but it looks like they are catching up the growth
rate, lee otto, neo- much faster than tesla right now and the chinese market. stuart: would i be right in saying a tesla vehicle in china is more expensive than a chinese electric car vehicle? susan: i would say that, not that much and when you think-- it depends on what kind of model you are looking at. they had a monthly record delivery nfp seven sedan outselling their suv. lee otto also talking about a record in july and neo- i would say the worst out of the three as they came off a june record and they could match in july. stuart: tesla has come up more in the dow jones is up 175 points. you can't take credit for the dow jones, susan, but we will give you square to explain to me please why uber is up 1%. susan: research advisors initiating coverage calling it a by and they say that uber continuously and graining itself
in everyday lives of consumers whether it's through right hailing or uber eats and food delivery so they are calling a $65 stock-- by the way 44 bucks from the ipo offering price of. stuart: i remember uber being about a 62 months ago. susan: how long did it take to get above the ipo offer price and now lift is a hold worth around $59 or so. stuart: that's what they think is coming. here's another one just for you. just for you. down this morning one and half percent. what is this about a settlement? susan: settlement to-- in a lawsuit to plaintiffs who said we were zoom bombed. remember zoom bombing during the covid locked down when you are on a zoom call and a hacker got in and you are like who is this guy. stuart: terrible examples of. susan: graphic and bad language and so it's an $85 million settlement by zoom to plaintiffs who argue their privacy rights
were violated. stuart: how much? susan: 85 billion. stuart: and the stock is down $8, 2%. carnival cruise lines just launched their newest ship. it's called the mardi gras. it was-- what are you laughing at? susan: it's a party boat. stuart: huge gigantic. it was the first to launch from park canaveral with gas since the pandemic force the industry to the dock. it's 1130 feet long, 6600 passengers, and absolute giant pickle get it though, the mardi gras off and running in the stock is up fractionally. susan: they just finished-- carnival finished extending their princess cruises also so it looks like things are back. travel is back. stuart: i'm looking at the vaccine makers and i'm looking at pfizer. i will make the same comment i made frequently, the stock is now above $40 a share. it's a $43 a share as of
this morning up 1.6%. i think it's because we are hearing talk about booster shots and the pfizer shot-- susan: is it the best shot? stuart: i have moderna. susan: i think moderna. stuart: very efficient. i think this talk about boosters is boosting all the vaccine-- susan: we heard that from pfizer during their earnings that they would trial the booster shot. there vaccine is one of the best selling medications of all time, 33 and a half billion dollars with their pfizer vaccine. moderna has tripled in price over the last six months. moderna first of all got added to the s&p 500 so index funds had to buy in, but also again one of the most successful medications of all time and that mrna technology. stuart: they can use that technology for other stuff down the road. moderna, 357.
let's change course. troubling drone video to show you. a thousand migrants held at our southern border in texas, a major crisis anyway you slice it and it's being ignored by the left. the mayor of mcallen texas sounds off and joins us in our next hour. remember when u.s. olympian gwen berry turned her back on the flag? now, she says she has earned the right to wear our countries uniform. i will ask you talk congressmen verges on what he thinks about that. he's on the show later. ♪♪
old men down, travelers, disney all in the list of dow jones stock winners. s&p winter, microchip tag, polo, ralph lauren, under armour, under armour inc. all doing well and the nasdaq, microchip tech i'm a tesla is up 3.7% now at $712 a share. that's a pretty good performance. susan: a lot of high-tech high growth stocks i don't know. we talked about that a lot but you are down to 121 on the 10 year end that's clearly helping big tax. susan: and all that chip stocks with the global ship shortage. stuart: and you have maybe an infrastructure deal. susan: broadband, good point. stuart: next, goldman sachs, the very latest bank to raise pay for junior bankers. everyone is making more
than six figures, so i don't know what you will say. stuart: fresh out of college, you land a job with goldman sachs and juergen to make a hundred thousand dollars. susan: under $10,000 for first year analyst, second-year $125,000 any move up to the associate level in your pay is boosted to $102,000 a. stuart: do i still have to work 24 hours a day? susan: now, you get saturdays off. isn't that generous? still doing 100 hour weeks, but if you compare it to morgan stanley, everyone on wall street bumping wages up above six figures for the bankers a. stuart: when i was that age i would have done it when i was fresh out of college. susan: were you making 100,000 back then? stuart: i would have taken that kind of job. susan: back then i don't think they were paying $100,000 a. stuart: you are killing the producers here. moving on, look at bitcoin. it's at 39,400 and the
lady joining us is nikki beesetti. we always think of nikki as the poster child-- forgive the expression-- for the retail investors who put money into crypto. i believe you bought dogecoin. you sold it and you use the proceeds to go on vacation in portugal. where is your money now? >> thank you for having me. so i did liquidate some of my dogecoin and i sold it and i actually went on a trip to portugal, but i sold it sometime around may during the peak and then i went to my trip in june and it was amazing experience and i would not have been able to go if i did not liquidate my dogecoin funds because it gave me the financial freedom to go to a country where eyes always been fascinated by the culture, food, people and i got to check out a lot of different cities along the way. stuart: do you listen a lot to elon musk?
is he your crypto guide? >> yes. i do look up to him a lot and someone who endorses bitcoin and ethereum and dogecoin, yes. stuart: let's go back to the beginning when you started to get into crypto's and over the past year or so. did you get any emergency pay and if so did you put some of the emergency pay into crypto? >> i would say i put a little bit of like my emergency fund money into crypto, a little bit, yes. stuart: do you consider yourself a gambler or investor? >> i would consider myself an investor like i'm doing this for the long term, not necessarily for the short-term gaming. stuart: do you invest in any type of stock by mike yes. i invest in tesla, nvidia, micro strategy and a couple other index funds as well. stuart: this is getting interesting and i wish we had more time. how much of your money,
your portfolio so to speak, your capital, your money, how much is in crypto and how much is in stock? >> 40% of my portfolio is crypto currency and 60% is in a securities. stuart: okay. nikki, uri-- are an eye-opener to us and we appreciate you being on the show. the ratings go up when you are on. it's incredible. >>. >> thank you. stuart: let's fast-forward to the close of trading this afternoon when some big companies like simon property group will report. there are more companies and i bet they do well. susan: it's a recovery story. stuart: it sure is. i'm the guy who bought simon property up there and sold it down here. susan: you are getting 6% yield. stuart: that's why i bought it. susan: i don't think 6% yield in a zero rate environment is a bad move. stuart: if the stock goes down
50% and you lose half of your money, that's a bad movie. susan: we are looking for a recovery later today. and other when went to show you, grand theft auto, we know that blooming videogames have boomed during the lockdown so this will be interesting to see how they do but it should be good. stuart: all those videogames. thank you. you are looking at other earnings upcoming this week. susan: a big week. at gm is later this week, i believe, probably the middle of the week. general motors will probably do as well as we saw forward due despite the fact we have a global ship shortage cars are selling a wing of the electric futures helping the bottom line. other companies, viacom discovery i think is interesting especially in this media merger age with a spinoff of time warner and it will be interesting warner media and then viacom cbs why did they do in this era of bigger gets bigger?
especially if you are trying to win the streaming wars. i think you have streaming roku because you don't use tv to stream. roku i think is the top majority winner right now of the majority market share and the stock has almost tripled over the past year. stuart: we have more on roku coming up on the show. next case, florida, the newest epicenter for the virus. right now the state accounts for about one fifth of all new cases in the country and we will have a report from florida in a moment. we sadly have another example of the rules for the but not for me, this time the mayor of washington d.c. she was spotted without a mask at two different events. ♪♪ as i observe investors balance risk and reward,
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off your kohler walk-in bath. and take advantage of our special offer of no payments for eighteen months. stuart: this is just coming at us. at governor cuomo, governor of new york wants private businesses to require vaccination before you can come in. i don't have the full details, but it sounds like, sounds like you are in a store, a
private enterprise business, the governor of new york wants you to say to anyone who wants to come into the store you have to have a vaccination and you have to prove it. interesting. i call that your county in. let's see how it flushes out. that's go to florida which reported 21,680 new cases a saturday, state's highest one-day total since the pandemic began. charles watson is at a testing site in orlando. it you have to be seeing long lines there, charles. reporter: good morning. when i arrived at the testing site in orlando this morning there was absolutely no one out here, certainly not the case now because in the last hour and a half we have seen a rush of people move into get tested. at this line is extremely long. it wraps around this park for maybe about a mile and it's not moving quickly. it's been like this for days. it's a dire situation in florida right now with more than 10,200 people
hospitalized across this state breaking last year's previous record when vaccines were not yet available. at this one day after florida reported its highest single day total since the third-- the start of the pandemic with more than 21,000 new infections. it is now the national epicenter accounting for at least 20% of all new covid cases as the highly contagious adult invariant continues to spread at a rapid pace. governor ron desantis is pushing back against vaccine and mask requirements. let-- late last week he threatened to strip funding away from florida school district with a mandates worse students returning to in person learning to take a listen to the governor. >> there will be no lockdowns. [cheers and applause] there will be no school closures. [cheers and applause]
there will be no restrictions and no mandates in the state of florida. reporter: with new infections on the rise some of florida theme parks are asking visitors to mask up again with universal orlando resort now requiring masks be worn indoors and disney world is requiring new nonunion and salaried employees to get vaccinated before they returned to work. stuart: charles watson in orlando. thank you. still ahead on this program today, mike huckabee utah congressman burgess owen, charles hurd, stephen moore. the next hour of "varney & co." is next. ♪♪ this is andy, my schwab financial consultant. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk,
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♪. stuart: good morning, everyone. 10:00 eastern. let's get straight to your money because we still have a rally. nice shining grind right there. the dow is up 160. the nasdaq still up about 50 points. i will call that a modest rally all across the board. look at the 10-year treasury yield. just a few moments ago we had it at 121. now it is down some more. you're at 1.20. that's it.
that is an extremely low yield on the 10-year treasury. bitcoin, it moved above 40 grand over the weekend. it is back down to 39, six. latest read on the manufacturing for the month of july. susan. susan: slowdowns on the manufacturing floor. we're expecting something closer to 60.9. we were expecting an acceleration in july from june. instead you're going in the opposite direction. stuart: i noticed the dow picked up some speed on that one. yield on treasury came down a bit. could be saying you slow down manufacturing, less inflation. susan: also you get more stimulus. the tap will be turned on for longer too. stuart: all right. we have a read on construction spending. let's bring in ashley webster. good morning, ash. what do you have on that number? ashley: i have absolutely nothing. little bird didn't tell me. we were expecting 4.1%. that is a little light. don't forget in may construction
spending dropped 0.3%. so a gain of 0.1 is pretty anemic when we were looking for a gain of nearly half a percent. as with other things, housing market, construction, maybe peaked a little bit in the last couple months, stu. certainly a sign of plateauing i think the word we're looking for. stuart: good to have you back, ashley. if you have had a vacation. ashley: i did not. i've been anchoring later shows. i've been anchoring the 5:00 show. stuart: i will catch up to reality. ashley: that's okay. vacation responds good. stuart: now this. the moratorium on evictions is over in most of the country. tenants are expected to pay back rent f they can't or won't they can be evicted. the media will no doubt scour the land looking for victims,
but please spare a thought for landlords. they don't get much sympathy but they should. especially a landlord with a couple of houses to rent out or just a couple of rooms in their own house. they have no voice. many of them have lost big time. pete hegseth, our colleague at fox, interviewed a landlord who rented out rooms in his own house. the tenants didn't pay. one of them sublet a room and kept the money from the new tenant and gave the landlord nothing. he could lose his house. that landlord is out 65,000 bucks. now in some states tenants are allowed to use their security deposit as rent. okay. but when they leave the landlord has nothing for repairs, repairs are often necessary. "the new york times" had a story about a landlord hose tenants were deliberately abusive to her, actually spitting on her not paying rent. she couldn't have them evicted and the tenants knew it.
meanwhile aoc and other squad members staged a protest on capitol hill over the weekend. they're angry about the evictions no doubt will be coming. but really with nine million jobs open a strong economy, emergency payments still flowing, cash for kids just getting started, isn't it time to restore some fairness to rental housing? tenants have been protected. landlords have not. second hour of "varney & company" just getting started. ♪. stuart: the governor of arkansas, asa hutchinson, he is calling on state lawmakers to lift their ban on mask requirements in schools. the former governor of the state, mike huckabee joins me now. it seems like we are saying, we want to reimpose a mask mandate in schools. seems like arkansas is going
backwards. is it? >> it could be. by the way you were so cruel expecting people to pay their rent. what kind of person are you, stu? i thought better of you. i do think however aoc should be evicted. but in the meantime let's talk about this possible return of the legislature. when the arkansas legislature comes to town the start rule, lock up your liquor, ladies, and loot because here come the legislators. i don't think they will impose a mandate. what they might do, i think this is a stretch, they might let local schools and parents make the decision but i cannot imagine even with covid cases really rampant in the state wanting to go back to a statewide order telling everybody what they got to do in relationship to masks. i just can't imagine that will happen. stuart: good. arkansas ended the federal unemployment benefits, ended those payments early but the state has been ordered by, i
believe a federal judge, bring those payments back. again. seems like arkansas is going backwards. >> well this judge is. his name is judge wright and judge wright has it all wrong. the state does have the authority to do it. i hope they appeal. other states have also ended it. the courts have upheld them. it is one more reminder why one federal judge shouldn't be able to create such havoc in a system. for those who, you know, are living off right now stimulus checks and living off unemployment, there is another way they can pay their rent and take care of the food and other things. there are thousands of unfilled jobs right here in arkansas and all they need to do is go down any street in the state and see a help wanted sign, take a job. i don't mind supplementing if they can't find a job that pays them what they're used to but i really do have a problem with people not waking up until noon,
watching netflix all day while the rest of us work and while the rest of us scramble to find people to do jobs we are desperately looking for them to do. stu, that is nonsense and it will destroy our economy and destroy our country. stuart: there is a fight coming though. as the number of cases, with the delta variant as they spike in various states, state governors are under pressure bring back mask mandates, bring back vaccine mandates. i think there is a big fight brewing here. i wonder if the republican-run states can hold the line. what do you think? >> i think they can and one of the totally lies that goes out there is that it its only the republicans who don't want to be vaccinated. i'm a republican. pretty sure i am and i got the vaccine back in january. i had no problem with it. a lot of the people who aren't getting vaccinated are people on the left. a lot in the minority communities are not getting vaccinated because they don't trust the government. i don't trust the government
because they lied to us. i could list a whole litany of ways which they have completely destroyed their creditability and it doesn't help that joe biden and kamala harris last fall saying they wouldn't take the vaccine if donald trump had anything to do with it. they're to blame for a lot of the reason people are hesitant to take the vaccine. if people don't want to take it or medically precluded from taking it the government shouldn't come in and force them to do it. we're living in a time where we got to get back to letting people make decisions and sometimes they might make the wrong one but people have a right to make the wrong one. stuart: it is my call, thank you very much. governor, you're all right. thanks for joining us today. appreciate it. >> you bet, stu. stuart: extend our coverage of robinhood, very interesting company. jeff sica joins us. i know for a fact that jeff sica does not like robinhood. doesn't like the company the stock or anything else about it. what's the problem, jeff sica
with robinhood? >> stuart, own your show last week i told the retail investors thought they were getting a gift from robinhood when they were allowed to purchase up to 35% of the ipo shares, i told them to completely avoid it, to run from this ipo. what happened was robinhood and the market handed these investors an 8 1/2% return which was the third worst ipo performance on the opening die for a two billion dollar company. so all these retail investors that were given their first shot and institutions that normally get all the ipo shares were boxed out. when they wanted institutions to step in and buy it, they boycotted it. they stayed away from it. the stock fell. the reality of robinhood this is a dumpster fire. this company has very little ways to make money. this company has a business
model that is highly flawed and only performed as well as it did by getting people to sign up for the platform because we're in a raging bull market. they have nothing to stand on. i look for this stock to move down further. stuart: okay. we'll check that out. one more for you. roku, i know for a fact that you recommended it on this show when it was $32 a share. i remember that. now it is 420. so is this a stock that you like, you will hold it, it is going up above 420? what do you say? i have only 30 seconds left for you. >> this is a highlight for me stuart because every once in a while i'm right. this stock even back then i looked at roku being a i a brilt model. it was a tollbooth. i never dreamed they would come what they are. in march they started original
content. they created 30 original shows. they have a plan have 45 original shows. they have star power. they have j.lo, they have anna ken dick. they have a lot of big names. not only a great toll bridge but a great content creator with 40,000 tv shows, movies, 190 channels, watch what happens with this stock. this stock could be bought, whether they're willing to be bought by disney, comcast, whether they're willing to be bought it is up to them. watch this stock. this stock is a powerhouse. stuart: got it, roku the powerhouse. jeff, thanks for joining us. we'll see you again real soon. >> thank you. stuart: some movers. what are they? susan: back to square. i wanted to go through more of this acquisition, $29 billion of the buy now, pay later australian company after pay.
they preannounced earnings while announcing the deal, the biggest in their history. their cash peer-to-peer venmo competitor benefited from stimulus checks, 40 million monthly customers. they could take a impairment charge of $40 million on therapy bitcoin holdings. stuart: general electric, put it up. that is the reverse stock split. susan: eight for one reverse stock split. not paying six bucks a share. every eight shares becomes one. i thought it was interesting. saws suds says you could get 50% upside because of go green democratic spending. stuart: what about the meme stocks. susan: meme stocks, i wonder if robinhood gets mentioned as meme stock. emcs, gamestops, might be
indicator as risk-taking, risk appetite of the markets right? looks like today all green. stuart: green all across the place. coming up one cnn segment comparing trump supporters to jones town cult members. role the tape. >> the comparison. the notion of the cult of trump. >> the only difference between jim jones and donald trump is the fact that we now have social media. stuart: we have the full clip for you, believe me. plus from steak to cannabis? the man who pioneered the steakhouse experience is now launching cannabis longses in new york city. we're going to talk about that. i have no idea what a cannabis long will look like or feel like or smell like. they haven't said. we'll try to find out. turned her back on the u.s. flag vowing to stand up for quote oppressed people at the tokyo olympics. utah congressman, former nfl
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health. the pre-games favorite says she is suffering what she terms the twisties which is a term gymnasts use to describe a mental block. biles' decision to compete in the last individual final does represent for her to win a 7th olympic medal, which would be remarkable. stuart: i'm sure you saw this. raven saunders, latest athlete to inject politics in the games. she won silver on sunday. take me through it. what happened? ashley: posing for photographs, put raven saunders raising her arms and crossing them into an x shape. the silver medal winner said it represented the intersection of all people who are oppressed meet unquote. the 25-year-old athlete who is black and gay said she aimed to give light to people all around the world who are fighting and don't have the platform to speak up for themselves.
now the olympic committee allowed athletes to express views during news conferences but political demonstrations still banned on the medal stand. the committee is reportedly looking into the gesture. stu. stuart: got it. olympic hammer thrower, gwen berry made waves for turning her back on the american flag. she says now, she has quote earned the right to wear the american uniform. congressman burgess owens republican from utah joins me now. congressman, she says she has earned the right to wear the american uniform. what do you say? >> stuart, first of all good to talk with you again. you know, we've been talking about this the last four years, haven't we, the young men making $50 million a year weren't stand for the flag. i think we now know why. we're going to get to a position we're start teaching our young people who we are and where we are. the fact to be on the national stage, to have this platform, this is a country that gives us
that kind of opportunity. we need to make sure we get back to teaching again why we do this and opportunity to make this all happen. so, this is not the time to demonstrate. this is not the protest. this is the time to represent our country, be proud of our flag. the great country gives the opportunity to live the american dream. stuart: i want to talk to you about cnn's brian stelter, speaking with a democrat he compared trump supporters to jones town cult members. watch this. >> i wanted to hear her thoughts about the comparison, the notion of the cult of trump. >> there is no question that you could compare jim jones as a charismatic leader who would bring his congregation together, force them to do things that were illegal. the only difference between jim jones and donald trump is the fact that we now have social media. so all these people can find
themselves in ways that they couldn't find themselves before. stuart: congressman owens, i'm sure you're dying to have a go at that one, have at it. >> what you're great about cnn they do not represent the american people. i have so much faith who we are. the fact we're waking up to the cultural marxism going after quite a while. we're talking as a people as we never had before. doesn't matter what side of the aisle we're on. for those of us who love our god, our country, educate our kids, opening up a business and running we see we have an enemy, the cultural marxism represented a few minutes ago filled with ideology of hate. we're not about hating each other. talking to each other, respecting each other. at the end of the day we're going to win. this will be the greatest time, we'll look back and see we're finally waking up to these leftists who have always tried to divide us. it will not work. that is not who we are. stuart: i believe today is a special day for you,
congressman? it is -- your birthday, isn't it? [cheering] it is your birthday? >> it is my birthday, yes it is. i've been counting backwards for the last 10 years. i had a knee replacement. next 15, 20 years i might try for the nfl again. we'll see how it works out. stuart: the great thing, you're younger than me. i'm not sure i like that. you will be welcome back on the show anytime you like. >> thank you, my friend. appreciate it. stuart. stuart: you got it. now this, senators have revealed their massive trillion dollar infrastructure plan. it is probably, not sure about that, it may pass. susan: it may pass. stuart: there is some opposition to it. susan: it will pass the senate, do you think? 17 republicans -- the house is whole different story. i want to show you tesla, tesla back above $700s first time in
three months. i think it has to do the trillion dollar infrastructure package likely to be passed in the senate. if you look through the infrastructure package, seven 1/2 billion goes into 500,000 of these electric car charging stations. if you have the ev infrastructure, see, there you go, there you go. electric charging station you see that? stuart: 73 billion for that. helping boost a rally in tesla's stock $700 today. with the internet access and broadband that is helping lift a lot of chip-makers today. the chip-making suppliers are dominating nasdaq. yes, passage in the senate may long likely. the house another story. stuart: looks likely in the senate, they have a deal at least? susan: yeah. stuart: that is helping the overall market. susan: i would say bitcoin going the opposite direction in this infrastructure deal, 55 million, billion, pardon me paid for with
left over spending where do you think they come up with the other $450 billion to pay for it? stuart: raise my hand because i know? susan: yes. stuart: that infrastructure deal has a way to tax bitcoin or crypto profits. >> irs will look very closely at bitcoin, crypto transactions and hopefully tax it, capital gains to pay for some of that trillion dollars. stuart: good luck. thanks, susan. coming up the mainstream admits it, the biden administration is sending conflicting covid messages. watch this. >> you can blame the virus for being confusing and for adjusting at this stage you don't have a reservoir of goodwill that the biden administration has been able to build up because there has been conflicting information. stuart: charles hurt will deal with the president's mixed covid messaging just ahead. take a look at the markets. we're up across the board but are we due for a correction? dennis gartman joins us. he will break down the signs that he says are worrying.
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stuart: still rallying. dow up 1930. nasdaq up 63 the 10-year treasury yield extending its decline. look at that susan, do you see that? susan: yeah. stuart: 1.18%. susan: that is bullish for stocks. we have the dow hitting a record. stuart: bullish for big tech, that's for sure. man, that yield is low. look here is here now, dennis gartman. dennis, you're nervous about this market. most other folks that appear on the show say we're still going up, we're still going up, but you are nervous. what are you nervous about? >> characteristic of me i'm nervous on the golf course, nervous on a walk in the street, i'm just nervous but t.s. eliot said april is the cruelest month for stock traders but august and september are the cruelest months. you have to be careful. the trend is clearly from the lower left to the upper right. it has been that way. interest rates are low. they will stay low for a long period of time. that is already well into the market. i trade for my own account. i have positions on.
i'm only 20% long. i'm not short. i'm about 20% long. even that which i'm long i have written at the money or near the money calls against them just to take protection on the downside. everybody is bullish and i find that a little disconcerting. what i find interesting, however, you heard me say on the show i want to own the things if i drop them on my foot will hurt. steel, railroads, automobiles, shipping companies, things like that. things that i can count. i have never been that bullish about the high-tech market. i find it interesting therefore that goodyear tire is up 30%. steel is up 35, 40% for the year. tesla is up 1%. our great high-tech fund is actually down 1% for the year. everybody is bullish, they're bullish on high-tech but high-tech is not doing all that well. stuart: but you know high-tech is really exciting. and steel and rubber companies are not. they are boring.
it is very hard to get younger investors especially, interested in buying goodyear tire and rubber or general motors for example. they're not interested in that. >> i'm okay with that i'm okay with that if the millenials don't want to buy that, if they don't want the things that make up, incumbent economic gdp growth, solid gdp growth, if they would rather trade high-tech stocks down for the year, bitcoin, down 45, 50% from its highs. god bless them. i think with what i know. stick with the things that work. stick with things i can count and make sense in a global and domestic strong economic environment. so that's where i've been for a while. that is where i shall stay for a while. right now the market is telling me that's the right thing to do. stuart: what would make you change your mind and go either, yeah, i'm buying stocks big time, no, i'm selling the lot? is there a specific thing you would look at to make that decision? >> a good wash out.
take it down 10, 15, 20%. a bear market. take the cnn fear and greed index to 10 or so, turn higher. give me a washout. probably i will be interested in being a buyer. right here i will stay long. i won't be short. i will stay modestly long. i own stocks but short calls against them. but give me a washout of some serious nature. i will put 40 or 50% of my money back to work. stuart: the point is, you have taken some money off the table. i've maintained your profits. and so, you're a very comfortable position, no matter what happens? that is pretty good. >> living here in virginia is a comfortable place to stay. stuart: we'll take your word for it. dennis, see you real soon. good luck to you. >> thank you, stuart. stuart: jack dorsey's square going to buy after the pay, that is an -- after pay, australian
company, buy now, pay later. the significance of this. susan: i would say it's a growing consumer trend. jack dorsey can see the future obviously. with square, cash app, i will get into the numbers as they make the announcement. they preannounced their earnings at the same time so might as well. what do you think about the buy now, pay later trend, that is popular among younger shoppers, millenial gen-zs. stuart: we used to call that layaway for a higher purchase. susan: it's a trend. the firm, the pure play buy now, pay later. apple is doing that on the apple card and marcus a goldman sachs tie up that you have. stuart: how long do you have to pay? susan: it can go monthly. a few years. stuart: it is like a credit card. susan: afterpay made their money if you miss a payment they charge you. they make some percentage on the goods as well since not all companies can offer this and
definitely not all banks. stuart: i believe it is the largest purchase of an australian company. susan: ever. stuart: by an american company ever. susan: what about square itself? we didn't bring up square. it actually fell it was announced they were buying this company but i think it is abuse of the fundamentals and earnings that is driving the stock today when you have 40 million on cash app a venmo competitor, peer-to-peer. stuart: i take your point. that is why it is up 9%. talk to me about "jungle cruise." debuted in theaters and disney plus. susan: last of the disney blockbusters to be released on the big screen and disney plus streaming over the uproar of "black widow," scarlett johansson suing disney. stuart, the rock is the lead character in jungle cruise. will he ask for more money. susan: i asked you why is the rock not suing disney when it was released simultaneously as
well? we don't know his contract. how much does he get on the back end? how much is on the big screen? scarlett johansson said she lost $50 million because they released it simultaneously. people didn't go to the theaters watch black widow instead. stuart: $30 million from jungle cruise came from disney plus. susan: 30 million from disney plus. 34 million box office haul and 60 million internationally total. stuart: that is lot of money. siriusxm landed a big deal with two nfl stars, legends i guess you call them. what is the deal, and who are they? susan: how about tom brady, the all-pro wide receiver larry fitzgerald. this is a one-hour show, back-to-back in depth conversations with brady and fitzgerald, hall of fame, emmy-award-winning broadcaster jim gray. stuart: that is a difficult thing to pull-off. a one-hour talk fest. susan: you do three every day. stuart: i get help. susan: i don't know.
i think tom brady and larry fitzgerald, jim gray, that is compelling. stuart: i'm sure they can handle it. coming up rise in crime in america's big cities. look at this, masked gunmen open fire on a crowded new york city street. we have a live report from new york just ahead on that. rules for thee, not for me. d.c.'s mayor caught partying maskless just hours after telling people in the district to do the exact opposite. we have details of course after this. ♪. ♪ limu emu & doug ♪
beautiful monday morning in the nation's capital. sunny, 73 degrees, my kind of weather. just in to us, look at this, new york city mayor bill de blasio recommending vaccinated and unvaccinated people wear masks indoors. he stopped issuing a mandate on indoor masking. he is laying down some restrictions there. rules for thee, not for me. that is the mayor of d.c., muriel buzzer officiating at a wedding without a mask after 24 hours reinstating the city's indoor mandate. hillary vaughn in d.c. she is now responding to the criticism. what is the may saying? reporter: stuart, she is saying the outdoor ceremony she officated was outdoors. you don't need to wear a mask outside in d.c. but you are do when you're inside. the exceptions when you are eating or drinking. this is what the mayor's office is telling fox, quote, on
saturday, july 31st, mayor bowser is owe fish eight ad outdoor wedding. the mayor wore a mask inside. "washington examiner" said bowser was sitting at tables not designated for her during the wedding toast. during the wedding toast she did not wear a mask not actively eating or drinking. in the photo she is not actively eating or drinking. there was another photo popped up late last week, her and comedian dave chappelle maskless posing for a photo. she attended the comedian's show reopening at the washington anthem theater on friday night. this is one day after she announced to d.c., that this mask mandate would be in place starting saturday morning. she is not the only d.c. lawmaker coming under fire. speaker pelosi is facing
criticism after she defied the mask order on the house side, that she staunchly defended when administering the oath to congressman jake elzy from texas, she asked if she could take her mask off for the photo indoors. >> can we take off our masks for the photo? would that be allowed? >> yes. >> yes, ma'am. thank you. >> we have both. reporter: now that photo-op was taking place inside of the rayburn house office building. according to the attending physician here when there are members, staff or visitors in any of the house office buildings and one or more person is present, you are mandated to wear that mask. but she is not. we reached out to her office for clarification and comment. we have not heard back yet. stuart: if it was trump, you would never hear the last of it. hillary, see you again soon. get back to the market, we have
a nice rally. i'm sure there are big movers. start with ford. susan: we heard from the cfo, chief financial officer, that car pricing will be strong in the third quarter. stuart: that is why they're going up. susan: why they're going up. moderation in chip demand. that is a good thing. it could alleviate the chip shortage. might see that last few months of this year and last year, 2022. look at sharing economy, the gig economy players. uber, lyft, doordash getting coverage from gordon haskell, the analyst. lyft called a hold worth $59. doordash is also called a buy as well worth $206. that is pretty good upside. stuart: robinhood? susan: robinhood looks like 300,000 accounts bought into the ipo. that is roughly 1 1/2% of the 22 million accounts that use robinhood each and every month apparently. this is good news, robinhood was trying to drive traffic to the new ipo offering on its app.
the fact they have 300,000 sign up, that is a good starting point and probably growth going forward. stuart: 22 1/2 million accounts. five people were killed this weekend in chicago. 50 others injured in shootings. you know it was a pretty bad weekend across the country, wasn't it, ashley? ashley: it was indeed, stu, another bloody weekend in chicago. as you say at least five people were killed in that city, 50 others were injured. shootings reported in the city's west side, south shore and south side. the violence included multiple victims who were shot after a gunman opened fire at a crowd gathered at a park gathered on the south side. for the month of july, chicago police, get this, responded to 461 shootings and 105 murders and more than 90% of those were the result of gun violence. pretty sobering stuff, stu. stuart: it is you saw something
similar in new york and other cities this past weekend. ashley: yes. stuart: crime surged. case closed. look at this. this is drone footage from the border. 1000 migrants being held under a bridge in texas after crossing illegally. that is one of the largest groups we've ever seen. we've got a report on it. first though, how about this? cannabis lounges, coming to new york city. what will they be like? i will ask the restaurant ture opening them up after this ♪. to run a growing business, is to be on a journey. and along the ride, you'll find many challenges. your dell technologies advisor is here to help. so you can stop at nothing for your customers.
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♪. stuart: shootings, new york city, up about about 19% compared to last year. 10 people shot in queens this weekend. bryan llenas is with us. he is in new york. he has the latest. bryan, what have you got on this? reporter: stuart, look, the nypd is still looking for four men responsible for saturday night's moped mass shooting. look at the video, two men dressed in hoodies, wearing face
masks opening fire on a sidewalk in queens, new york, outside after laundromat. they were picked up by two accomplices on mopeds as they fled the scene. 10 people suffered non-life-threatening shotgun wounds. the other three they believe were targets after brazen, coordinated gang shooting. both candidates to be the next new york city mayor, republican curtis sliwa, democratic nominee eric adams visited the scene. >> we must re-fund the police. get us back to 38,000 cops we need to get control. >> cover every hot spot. intel must be used to take down gangs. reporter: meanwhile this is body camera footage from friday night in the bronx. nypd lieutenant was shot in the ankle during a violent struggle with a known armed gang member. the gang member reportedly had been arrested, at least, get
this, 25 prior times. he was out free on bail for a gun arrest in november. and the nypd also relating this surveillance video showing a man being robbed at gunpoint in downtown manhattan early sunday morning. the victim was shot but reportedly expected to survive. mayor bill de blasio, stuart, was criticized by at least curtis sliwa and others for not attending either of the incidents or making an appearance this weekend. he is currently holding a press conference. we'll let you know if he says anything about it. stuart: he wants us to come back in the city with that going on. bryan, thank you for that report. turn to something really different. a restaurateur, jimmy haber is teaming up with a colorado company a cannabis company from colorado, and he will open the first of its kind a cannabis lounge in new york city. i find this intriguing. jimmy is with me now. jimmy, set the scene for us will
you. what will these lounges, a cannabis lounge, what will it look like, what will it feel like, what will it smell like? >> those are all great questions. we want it to be comfortable. we want people to enjoy their time there we think it will be extremely social. we hope that we're going to have small bites. it is really unclear now as to what the law will finally look like, whether or not we can have liquor or not. most certainly food. a great fixture of our food right there. stuart: here is the problem as i see it if i may. alcohol is a really good social drug. it encourages conversation and laughter people being outgoing. i think weed is the not the exact opposite. weed puts you in dream land. you and to be very self-centered, talk about yourself and think about yourself. you're not social. how will you make a cannabis lounge a social environment? >> so you clearly don't have any
college-age children. i have, my daughter just graduated from college. stuart: not true. >> she wants to be the ceo of this company. they, the people that i know of that young age feel that it is extremely social and that is how they are social in colleges these days. and so, yes, people of our generation believe that you know, alcohol is a much more social environment but in fact for, you know, gen z and gen-x, they find that smoking in cannabis lounges will be just as social if not more social. stuart: when do you think you might open the cannabis lounge in new york city? >> we're hoping for guidance. right now new york passed a law. there is no guidance. they have to set up a new agency similar to the state liquor authority but for the cannabis business. until we have the guidance it will be hard to tell. but i would guess it will be sometime within the next two
years. stuart: real fast, real fast, i know you run the blt restaurant group. will you require proof of vaccination to be a customer at a blt restaurant? that is the trend elsewhere. >> i understand that the question. we will wrestle with. beyond me why people are not vaccinated. we offered incentives for our employees not to be vaccinated. right now we're struggling to have customers. so to do things to limit our customer base would be self-defeating. stuart: right. >> i not as if we're turning away customers. that is something we have to wrestle with and come up with the right answer. stuart: jimmy, thanks for being on the show today. >> thank you for having me here. stuart: a cannabis lounge. a big hour, charlie hurt, stephen moore, dr. marc siegel right after this.
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♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪ >> the market was looking for an excuse to catch its breath. i'm just not buying the delta narrative. i think that infrastructure is ruling the day, but i think that more than anything else, more than anything else, it's earnings. >> we have a massive open border here in southern arizona. our good president doesn't want to have these people vaccinated or even tested before they are released into the country. >> i do not like one minute what's happening with the chinese government. they didn't realize that $1 trillion smackdown would impact our markets. i don't think i'm going back any time soon though. >> i really do have a problem
with people not waking up until noon, watching netflix all day, while the rest of us work, then it'll destroy our economy and destroy our country. >> ♪ and we're coming, to your city ♪ stuart: all right coming to your city, yeah, i like that music, bring them on. east coast time, exactly 11:01, it is monday, august 2. let's bring you into the markets , please. the dow hit an all-time high earlier, the s&p is up 44.11 on the s&p and nasdaq huge gain up half a percentage point 75 points higher that is a rally and a half and look at that that's the yield on the 10 year treasury all the way down right now to 1.18%. how about that? now, this. the woke folks are losing, yeah, they make a lot of noise and in
the media, they do have big impact but they're not address ing the issues that truly concern us. what people are talking about, like the crime surge over the weekend. ten people shot in a gang fight on a crowded street in queens, new york. chicago, five dead, 50 shot. just this weekend. indianapolis, four-year-old girl left in critical condition after a shooting outside a funeral parlor. the defund the police movement, fortunately, is floundering. frankly, the woke folks having started all of this are now the problem. they've lost the crime argument. as for the border, well, it's open. no matter what the biden team says, and migrants with covid are pouring in and then being transported at your expense all around the country. not a word from the left about this outrage from the rest of us inflation, you feel it, we all feel it, but the socialists could care less. even though poor people take the biggest hit when prices rise the left still demands more hand
outs, more free money which makes the inflation problem even worse. the woke argument that working families are in desperate need simply doesn't hold true. not not with 9 million jobs going begging and wages rising. meanwhile the other side of the coin, the woke big aid. they go on about whiteness and white privilege, critical race theory shoved down our throats. raven sanders, crosses her arms to protest oppression. you ever wondered why tv ratings are so low? the point is, america is tired of leftist propaganda that always makes america look bad and which fails to address the crisis that the woke folks created. i'm very happy to say, they are losing. and the third hour of "varney", oh, we're just getting started. come on in, charlie hurt, please
i think this is good news. i do believe that the woke folk are losing. do you agree with that? >> oh, absolutely. i think you're exactly right and of course, they're losing on the issues, and they are going to pay a price for it. when you look at elections, the two things that move voters more than anything else, one is economics and two is security, and when voters turn around and they say was i better off before or now, and you're looking at the prices people are looking at at the gas pump, prices people are looking at at grocery stores with inflation, the answer is increasingly pretty clear, and then the second thing that is probably more important than even the economy is security. if people at home do not feel secure, and they look around and they see these crime rates and they see these children getting murdered on the street, that makes them very concerned about their safety, and then
especially if you have these leftists going around also trying to go after people's guns , which law-abiding citizens use to protect themselves, their families and their neighbors, it sets up a pretty frightening situation, a very volatile one, that i think democrats will pay a price for in 2022 and 2024. stuart: all right the political director at abc news calling out president biden for his " confusing message on covid." listen to this. >> he can blame the virus for being confusing and for adjusting but at this stage , you don't have a reservoir of goodwill that the biden administration has been able to build up because there's been conflicting information. there's been conflicting advice. the science has been changing. we don't know what zone we're living in or what the mandates going to be for indoors versus outdoor, vaccinated, un vaccinated. stuart: that was fascinating. even the mainstream media just can't ignore the confusion over
masks, vaccines and all the rest what say you? >> yeah, you know that it has to be pretty obvious if even they are starting to realize this , confusing i would say is a fairly generous word to use, but this is the real problem for the biden administration. if you look back over the past year, so much of the biden campaign was focused on covid and accusing the trump adminitration of failing to do this and failing to do that and not wearing masks and not doing mandates, and all that. if you're going to live by those rules, and then you govern the way the biden administration is governed, and been as confusing and i would argue far worse than confusing, they've been dishonest and unclear to the point that people don't honestly know what to believe about statistics and even whether it's the vaccines or the seriousness of the delta variant, if that's what you lived by, if that's what got you
elected you have flow no one to complain to when this whole thing turns into your disaster and you make it worse and i think that that's going to wind up being another thing that the biden administration and democrats in general are going to have to answer for before the next election. stuart: got it right. charlie thanks as always for joining us we'll see you again real soon. thank you, sir. we've still got plenty of green on the board, the dow up 140 points and i want to talk about amazon currently at 33.33. andrew left is with us. andrew, is amazon a buy? i'm going to say all the way down at $3,300 a share, is it a buy in your opinion? >> well, amazon has under performed the rest of the big cap tech stocks. it's 100% a buy. ask yourself this one question. in two years from now, is amazon going to be a bigger business or a smaller business? obviously, it had a very tough time anniversarying the numbers
that you have from covid on the e-commerce platform, but we're still going to be spending more money online in the coming years. amazon has logistics that's second to none and aws hads is a monster, so 100% it's still a buy and hold. stuart: i want to talk about a company which you really like and which i think is intriguing for many many people and that is digital ocean. you call it the shopify of cloud computing. i know you like it. can you explain exactly what it does and why you like it? >> so very simple. everyone knows that amazon, what makes amazon so great is aws. it is close to the cloud for pretty much of the world but let's say you don't need something as big as amazon and say your cloud services for a developer aren't so burdensome that you'd need something so big. digital ocean is first of all a medium-size business. as small and medium-size businesses migrate to cloud computing just like we saw shopi fy within e-commerce and look at the stock in shopify,
they're going to go to digital ocean. it is loved amongst developers. there's a cult following. it's simple and easy to use, it's the most simple cloud solution out there, and with the $5 billion market cap, there's no reason the stock doesn't go to a 10 or $15 billion market cap and takeaway from aws. stuart: you own it, i take it? >> yes, i own it and i'm going to own it for a long time. i think it goes to $100 this year. stuart: well, hold on a second, andrew. it's $53 now and it's august 2. you think it goes by the end of the year? >> i know goldman sachs has $100 target on it. i think it's going to beat earnings this week, and it's not a huge slope, and i think people will realize the migration and how big of an industry this is. cloud computing for small and medium size businesses globally, right now, less than 50% of their business is even in north america, so that's very good runway they have. there's no reason this is not
just a huge winner and it's top notch management also. stuart: okay we'll bear it in mind and checkup on it and andrew, you will be back on this program to answer about digital ocean. thanks very much. >> no doubt. stuart: yeah, no doubt. take a look at the major market indicators on the upside across-the-board, especially the nasdaq, nice gain there, we're up, what about a half percent, 87 points up for the nasdaq that looks like a winner to me and look whose here for the rest of this hour. he's glutton for punishment, mark tapper a man himself keeps coming back for more and more. i want to talk about tesla. let's kick this off with tesla. right now it's up over 5% at 721 what's the story? >> yeah, so it's leading the s&p up about 5.5% or so today. i think there's two things going on, stu so the first things first. a sell-side firm just upgraded them so that always helps, but i think the more important thing
to play right now is its got to be really good to be a beneficiary of the infrastructure bill. you look at the potential for more charging stations and stu, the lack of charging stations right now, that is the biggest headwind to us really accelerating the adoption of more and more ev's but stu, when i look at the valuation of tesla relative to the other automakers that are coming for them, it just doesn't make sense. it's a little too pricey here. stuart: okay, under armour what's the story there? it is right now up 3.5% it's a solid gain. the story, please? >> yeah, looking pretty good for under armour so there was a bullish report that came out from baird and baird called it a catchup trade to nike so under armer underperformed nike by about 40% over the course of the last three months but i'm not quite sure how much of a catchup trade it really is. under armour's trading at 50 times earnings compared to nike, at 37 times earnings. i think nike has got better management, a better valuation,
more innovative products, and nike's outperformed because they execute and they make money, so, good news for under armour but i think it's more of a trade than something that's going to hold. stuart: thanks, mark. stay where you are. you're with me the rest of the hour i just want to report this coming at us now. user reports indicate that spotify is having problems. the stocks down 1.5%. okay we'll keep you posted on any updates there, when the full story comes out. next, the eviction moratorium is over, the media sympathizing with renters but what about the landlords? they haven't been paid, we'll get into that. dr. fauci has a new warning about the delta variant. listen to this. >> i don't think we're going to see lockdowns, but things are going to get worse. stuart: we'll ask dr. siegel if he agrees. border patrol agents say covid positive migrants are being released into texas day in and
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>> well it's not what it was two weeks ago, even two weeks ago, we had whatever we needed to get them in and transport them out. we're having a little bit of issues now because now there's an overflow. they will take you to the nearby cities of la joya and unfortunately also, the positive rate has gone in excess of 10% so it's getting a little harder. stuart: the positive rate above 10% in mcallen, texas, because of the migrants? >> no, no, the positive rate of the migrants, on the migrants, they make it a little difficult because you can't transport them a couple of weeks ago, we had one night and they be out but two weeks ago we had possibly five or 600. yesterday, or two days ago, we had in excess of 1,800 in one day, catholic charities can't do
it anymore. we may have to be setting up tents and that's something we shouldn't be doing and we don't want to do. we're starting to have issues here in mcallen and the surround ing cities. stuart: but you've got people crossing the border, coming to your town, and did you say there's a 10% positive rate amongst those migrants? i have to believe that spreads covid into your community. >> the reason we try to get them in and out, the positive rate has been up so people get transported to a local hotel while they take care of it, but now there's too many, where we need some help now. its been difficult, and it's something we shouldn't have to be dealing with. you know what? with the stroke of a pen in washington, can probably stop this but they haven't so we keep
on telling them they need to start taking care of business. stuart: but what do you want? you want more help and more resources, okay. what do you want, more border patrol people? do you want more transportation, ways of getting people away from mcallen or do you want to close the border? what do you want? >> at the very end what we need right now is to be where we were possibly seven or eight months ago, where we didn't have the issues and we keep on telling them to start taking care of the issues whether it's a worker program and take care of this at the end, but it's not working, now it's really burning our municipality and surrounding cities and it's an issue that we should not be burdened with, so washington, washington, and washington, we tell them take care of business. stuart: well, i've said myself on this program, and some other people who joined me as guests have said it as well. they don't want to close the border because the democrats want an open border. they have no problem with an open border. it's almost deliberate that they
do nothing. now that's a strong position to take, what say you? >> i say i like it better the way it was seven to eight months ago where there was a little bit more order where whatever happened we could take care of but at the very end it's not the governor' responsibility , the county, the municipalities responsibility. it's washington. stuart: got it. your honor, thanks very much for being with us come back soon and tell us how it's going in mcallen, texas. thank you, sir. back to the markets, please. i see that we're still in the green all across-the-board, dow is up about 100. nasdaq almost up 100 as well. look at the airlines we bring this to your attention, because more than 2.2 million people boarded flights on sunday. that's the tsa total, 2.2 million sunday. that's still probably below the same day in 2019, but it's getting up there, isn't it? uber and lyft, put them on the screen, please, they are both up today, boosted by a return of riders, and by the way
, both companies report their earnings a little later this week, uber at 43, lyft at 56. zoom, it is a video communication company as you know, they've got an $85 million settlement they are going to pay out that amount of money over privacy concerns. mark tepper come back in again, what do you make of that? >> look at that the stocks actually up right now, after that news so zoom is a company that's got a market cap of like 100 billion. i've got to tell you 85 million probably doesn't feel good but i think it's more of just a slap on the wrist and stu, this really just brings to light how much the world has changed, and so quickly, and how we need to mitigate all of these new risks. i mean, zoom has changed the way people interact, whether it's person to person, business-to-business, everyone is using zoom now, and stu, this is present day. we are now living in an era of cyberattacks. it's a business for a lot of these criminals and that's probably one of the reasons a lot of these cybersecurity stock s are trading around 52-
week highs but whether it's the government, businesses facing ransom demands or individuals getting their identity stolen, these threats are real and we got to make sure we're mitigating them. stuart: are you comfortable on zoom? >> if i wasn't i wouldn't have done my 9:00 a.m. meeting on zoom this morning i was wondering that talking with the guys in the office and it's like, that meeting we just ran for 45 minutes, that's probably out there somewhere up in cyber space for someone else to watch if they wanted to so it's a little scary. stuart: okay, tell me about square, by the australian company, paying $29 billion. this is all about buy now, pay later, we understand. >> yeah. stuart: does this help square attract younger users? >> i think so. all of a sudden the younger user s are super coveted and the interesting thing here is that investors knocked younger users just a few years ago. if you remember, stu, snapchat, take that as an examplement they
were criticized over their younger user base they couldn't really penetrate the 35-plus crowd, but they've done a phenomenonal job working 35 and under just look at the stock so i think what's happening here with square and after pay is this younger generation, they saw their consumption sky rocket over the last year, off the back of all that stimulus money, and now this allows for that spending to continue after the stimulus checks go bye-bye, it's that instant gratification, however it be setting this up for issues down the road if they can't afford to buy the stuff. stuart: suddenly young investors are to be regarded as a treasure trove. mark, stay there. want to take a look at bitcoin above 40,000 over the weekend for the first time since may but where does it go from here because its dropped down to 39.8 we're looking at bitcoin for you , another retailer requiring workers to wear masks in their stores. we'll tell you who it is, and
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stuart: that is capitol hill, 7y down there. the debt ceiling suspension expired over the weekend. that's forced the treasury to take action. edward lawrence is at the white house, so, what action did they take so they can borrow more money? reporter: right, they can't borrow anymore money. they are taking extraordinary measures to extend the money they already have. you can smell it in the air. that's the debt ceiling coming back in place now, and the house speaker and house of representatives now going on a break. they are gone until september 23 before they get back. they were told they could come back a little bit earlier for an infrastructure deal, but not about the debt ceiling so this is what the treasury department actually did. 11 days ago, the treasury secretary sent a letter saying she's going to institute extraordinary measures. that went into place today. the first thing you did was there. suspending the sale of u.s. treasuries to fund debt. it allows the treasury to redeem certain investments in federal pension programs as well as halt
new ones to raise cash and keep the cash they have on hand. they had a bipartisan policy center says that investors get nervous, the closer we get to the federal government actually running out of money and that could push up interest rates. listen. >> investors and treasury securities that are maturing right around the time that we might end up defaulting demand higher interest to hold those securities and that means additional interest costs for u.s. taxpayers, because the rates that the investors are demanding are higher than they otherwise will be. reporter: the treasury secretary tells the house speaker trillion s in spending for covid relief has made it difficult to tell exactly when the money will run out, but she points to october 1, there's a deadline where money for treasury will have to make big payouts, $150 billion, due to large mandatory spending, in healthcare, retirement-related costs as well as defense spending. now, the debt ceiling has been suspended for the past two years , because of the
coronavirus, and in 2011 we got close to running into that debt ceiling. that did cause a downgrade for the first time ever in u.s. credit or in the u.s. credit or of u.s. credit, in the markets and that caused the markets a little turmoil but again, we are getting close to that point in the fall, probably, as the estimates i'm hearing but they don't have an exact date, because of all that spending we did during covid. back to you. stuart: i can't wait for the next debt ceiling crisis , because i know it's coming. all right, edward thank you very much indeed. the senate has put forward its $1 trillion infrastructure bill. i want steven moore to come into this he's an economist and knows all about it. steven, look. if i put my political hat on, i would suggest that this particular infrastructure program is going to be popular, on both sides of the aisle, but if you put your economist hat on , how do you feel about it? can you live with this trillion dollar spending plan? >> well, two things, stuart. first of all, on that debt
ceiling that you were just talking about i want to put something in. i've been in this game a long time, 35 years i've been working on federal budget issues and the only time that i've seen real reforms in spending and debt reduction and deficit reduction, stewart was on the debt ceiling bill where fiscal conservatives in some cases in both parties said hey we're not raising the debt ceiling until we get concrete spending reductions and pay as you go rules and other kinds of sequester, we need that here. before congress agrees to raise the debt ceiling by another multi trillion dollars, and by the way the biden budget calls for $20 trillion additional debt over the next decade, we need very serious in that debt ceiling. now, case in point is that $1 trillion infrastructure. i hate calling it an infrastructure bill. it really is a green energy bill we just did an analysis on it
that only one out of four dollars in that bill, only one out of four actually goes for airports, roads, bridges, most of the money is for these crazy green energy initiatives. there's massive amounts for mass transit which is $0.19 for e- technology and transportation. those are not things that belong in an infrastructure bill. by the way if you own a tesla, stuart i don't know if you do, but the federal government is going to pay for 10,000 charging stations along the country so people in teslas can charge their cars for free. stuart: but, it is probably going to happen, isn't it? this trillion dollar deal, probably going to happen. >> i'm not so sure about that. look that's what the betting is saying right now, but i think as people, i've started looking through this 1,300-page bill, stuart, 1,300 pages and the devil is really in the details. there's so much crap in this
bill nobody knows where it came from, they stick all this stuff in the bill. i love, by the way one of my favorite pay-fors in the bill is did you see this , stuart? they are going to create an unemployment insurance integrity program. now think about this. we've spent $200 billion over the last year on unemployment insurance. there's fraud that is rampant in california alone, $30 billion stolen from that program and in maryland where i live, we only have a population of three or 4 million people. 500,000 fraudulent claims, billions of dollars. now, just now, they are saying oh, we're going to have employment insurance integrity program, don't you think stuart maybe they should have had the integrity program when they started spending the money? stuart: i think you make a good point stephen, it's a very good point indeed. last one real fast. the moratorium on evictions has ended, tenants have to payback rent and if they can't or won't , okay eviction. the renters get a lot of sympathy but what about the landlords? they are suffering, nobody think
s about the landlords do they? >> no this is a great point, stuart and look, i don't want people to be thrown out of their homes and so on or their apartments, but you know, i have friends who own apartment buildings and that's their business, and they aren't super rich and they tell me every time they suspend or extend these moors on evictions guess what? people stop paying their rent and that means the people who have the mortgages on these buildings, they can't pay the mortgage, because people aren't paying the rent and by the way, the long term consequence of this is that fewer, you're going to have less apartments, less affordable housing, because why would somebody invest in affordable housing when the government keeps making these rules that people don't have to pay their rent? its been a year and a half. we've got an economy that is in full recovery right now. look at the stock market, look what's happening with incomes, there is no reason that people cannot pay their rent. they signed the document, they
paid, they should be paying their rent, and that's not cold hearted. that's just you and i have to pay our mortgage and we have to pay our rent everybody should have to, and it's causing real hardship for the people that own these buildings and are providing a real public service by providing affordable housing to people. stuart: yeah they are stephen moore, thanks for being here we'll see you again soon. back to the markets please still seeing quite a bit of green. it's not bad, up 120 for the dow , 89 now for the nasdaq. i'll call that a rally. target updated their covid policy. here is their statement, by the way the stock is down, the statement reads, "effective tuesday, based on the cdc's updated guidance, we require face coverings for our staff members, team members, and strongly recommend face cover ings for all our guests in areas with substantial or high risk of transmission, as defined by the cdc." good luck working that one out. hey, mark come back in again. it seems like there's more and more mask requirements, vaccine
restrictions. when does this turn into a negative for the market do you think? >> so, i mean, i'm hoping this is actually maybe just a preemptive positive for the market. i think what all these businesses are trying to do is just avoid another lockdown but at the same point in time, stu, it's really sending the wrong message about the effectiveness of the vaccine, so we saw apple do this , i think, last week they came out with their statement. targets requiring masks for their employees but just recommending for guests, walmart with have a health ambassador at the front door handing out makes , kroger wants you to mask up before you go and shop for your produce. look, i think there's a big difference between having mandates and asking people to do it. how does it affect the market? i think it can really just destroy investor confidence if it's not done the right way, so i don't like the message it's sending but i get what they are
trying to do. stuart: you got it, all right mark, thank you. i want everybody to take a look at this. police use a helicopter to clear a crowded beach. now this is un australia. australia is locked down again, at least big parts of it have. is that necessary? you have to use a helicopter to clear a beach? and they are leaving, by the way dr. siegel will take it on. growing number of restaurants requiring customers to show proof of vaccination. some small businesses say look, we can't afford it. grady trimble has the report on that, from chicago, next. >> ♪
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liberty 75 degrees. that's pretty good, august 2. masks, yup, making a comeback, because the delta variant spreads, some restaurants require all customers to get vaccinated just to get in the door and get served. grady trimble is at a restaurant in chicago, all right, grady. is that restaurant where you are now requiring vaccinations to get in? reporter: no, this is not one of them doing that, stuart, and in fact right now, they have no restrictions here. the last time we were here talking to them was the day illinois lifted the mask mandate and now there's talk of bringing masks back but talk us through why you've decided to kind of keep things open here at the restaurant? >> at this point there isn't really anything besides the cdc 's advisory on masks so we're just playing and wait and see game right now. of course the safety of our staff is always first and foremost, and our customers as well, but we don't have enough guidance or information yet on where exactly everything is going.
reporter: you don't want to be vaccination police at the restaurant? >> no or covid police. we've already sort of read that book and seen that movie and it's a lot. reporter: the mayor has said there are no current plans to institute more lockdowns but i'm sure that's still a worry for you, lollapalooza was this weekend a lot of tourists in town there's talk of that potentially being a super spreader event. how do you feel about the possibility of more lockdown s? >> for me it's more not necessarily lockdown-related but are they going to restrict us again, will social distancing come back, how will that impact how we continue to run our business, we're heading into fourth quarter which is our most lucrative quarter and it's really important for us especially at this point in our recovery so if we move backwards it's going to further negatively impact this year and we're already vulnerable as an industry. reporter: stuart i'm sure you saw in new york city mayor deblasio is staying away from a mask mandate, but rather recommending them. here in the city of chicago, there has been no guidance other than a strong recommendation
from the city but nothing as far as a mandate for masks and certainly no restrictions as of yet on businesses. stuart: restaurants dread a mask or vaccine mandate, because it's bad for business. that's the way it is maybe they can see it coming grady thanks for being here appreciate it. back to the markets show me the dow 30, please. we've got a solid rally in progress, at about two-thirds of the dow 30 are in the green. house republicans claim they have proof that covid emerged from that lab in wuhan china. dr. marc siegel has the report and he's next. >> ♪ i can feel it coming in the air tonight ♪
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we thought and the republicans believe it did begin in that lab that's a blockbuster isn't it? >> yeah, and there's a lot of evidence, stuart, that's been accumulating over the last few months that start leading more and more in that direction. one is that there is the idea that this lab was having trouble and was trying to fix its problems with waste disposal and with air, with keeping the air still. why was that going on? the idea that people were getting sick in the fall. there was actually a study out of harvard that showed the amount of people going to hospitals in wuhan during the period of time of september 2019 was increasing all of a sudden. why was that happening? the military games they had in wuhan people at the military games were getting sick and they had almost nobody in the stands. why was that? so there was a lot of evidence pointing more and more and more to earlier, much earlier, september or even before that, and by the way there's the structure of the virus was
revisited and it turns out it's not compatible with the wet market, which is what they were using as the prevailing theory for months and months. looking more and more like a lab leak. stuart: well what are we going to do about this if it looks more and more like a lab leak what do we do? >> well we're trying to, you know, i'm involved in this investigation and we're looking more into what might have happened in a lab, and trying to get more scientists to talk to us about this and we're making progress with it, but the real issue is what's china doing? i mean, obviously, if this is all true, they're covering this up, and how are we going to be able to get them to uncover it? certainly not the world health organization, which you know try to take the lead on this but was involved in the beginning with china, in not telling us how bad this all was. stuart: dr. fauci, he says that things will get worse. listen to this , doctor. roll tape. >> i don't think we're going to see lockdowns. i think we have enough of the percentage of people in the country not enough to crush
the outbreak but i believe enough to not allow us to get into the situation we were in last winter, but things are going to get worse. stuart: now today, dr. siegel, governor cuomo is telling private businesses they should implement vaccine requirements. what do you think, doctor? we going to see more and more of this vaccine or mask mandates, but is it necessary? >> well first of all, i don't think things are going to continue to get worse and i certainly hope we don't hit the lock downs which didn't work in the first place, and cause tremendous, if not irreperable harm to our economy and our country's psyche , that shouldn't be on the table it doesn't work to control the spread of the virus and as far as the vaccine is concerned i've always said the way to approach vaccine compliance is to talk to people, and see what they're afraid of and what their concerns are, meet their emotions with your emotions. even dr. wolinski said last week she knows some people are
allergic to mandates so mandating the vaccine may not be the way forward. we're seeing an up take now in vaccine administration over the last few days, after the delta variant news has gotten more prominent and i think that that's the way to go, because the vaccines work, really well, against the delta variant. now, stuart if they keep insisting that vaccinated people wear masks that's mixed messaging, and i think that the mask use among vaccinated people doesn't add very much. it's useful among unvaccinated. stuart: doctor, i'm going to show you a police helicopter operating in australia, clearing a beach because they got a lockdown there, there you go, have you ever heard, et cetera et cetera, attention please, attention please, get off the beach and the people actually do it. it's like a draconian measure to clear people away from crowds. what do you think about that? that seems very extreme to me. >> stuart that's like something out of a sci-fi movie. it's really scary and it seems
like blade runner or 1984. i think what happened in australia was they shut the whole country down in advance of covid, they had very few cases, there was 20,000 cases in victoria, about 9,000 cases in new south whales but then the cases started to creep in and they had 470 over the past day. they need to learn what we learned, which is lockdowns don't work once the virus is embedded in your community. they've got the vaccine, but they are having a problem with compliance, about only 15% of the country is vaccinated. they need to really ramp up the vaccine, not the lockdowns. stuart: well said, doctor, my son's business has been shutdown again, nobody likes that. dr. siegel, we'll see you again real soon. >> thank you, stuart. stuart: i noticed something this morning that is the vix. the volatility index, up 4%, it's a big deal. hey, mark tepper, give me 30 seconds on what that is telling us. >> yes, i mean, that's obviously telling us there's a
little more volatility in the market. it's just one indicator to look at when we look at a bunch of others as well but it makes sense, stu, august and september are always weak, my daughter was just beating me up over an end of summer vacation time, so that's what people are doing. there's also a lot of concern out there regarding the delta variant, obviously, as we've been talking about but one of the key metrics we look at is the percentage of stocks trading above their 50 day moving average it's at 56%. its gotten better over the last few weeks so i think that's proving that the market is actually pretty healthy right now. stuart: okay, it's time for the monday trivia question. mr. tepper you might want to watch this. how much of your body's energy does the brain use? [laughter] tepper, you're going to have to guess on this one, we'll have the right answer, right after this. no-no-no-no-no please please no. ♪ i never needed anyone. ♪
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the average adult uses 20% of their energies by the brain but in children's brains they use almost half of their body's energy. a youngster like you should have got the answer right there, tepper. i'm surprised at you. >> but i did. i did. stuart: you got it after a while. will you see us again please? hope to have you on the show soon. >> thank you. stuart: time is up for me. jackie deangelis in for neil. jackie: i'm jackie deangelis in for neil cavuto on cavuto "coast to coast." they work on to sign off on the president's pricey infrastructure bill but could the white house be the biggest obstacle? we'll ask florida congressman carlos gimenez next. we have a restaurant owner here with us giving us his take.