Skip to main content

tv   Varney Company  FOX Business  November 1, 2021 9:00am-12:00pm EDT

9:00 am
i think this is a little bit better, good for her, a little old lady in the uk is about to live the rest of her days very wealthy. maria: a great show, liz peek and michael lee, great to see you so much to talk about, a rally underway dow industrial 125-point, stuart varney will take it to the opening bell. "varney & company" begins right now. stuart: good morning, everybody the climate kicks off, the president is tumbling in the polls, multitrack and other spending plans get about supposedly tomorrow. democrats rattled by the polls in virginia. the market opens this monday morning at record highs, were going up from here. that's where we start, the dow industrials hit 39 record so far this year and no go up another hundred and 20 points at the opening bell, s&p 59 record so far this year up about 11 at the
9:01 am
open. the nasdaq i lost track but they're going up this morning, how many times despite political turmoil, stocks keep going up that is true again today, bitcoin under $62000 per coin, just over 62200. that's below the 1.6% 159 right now and you probably noticed this over the weekend, the national average for a gallon of gas the price at lofty levels $3.40. twenty dollars more for a tank of gas then you were one week ago. you probably saw this over the weekend travel chaos american airlines canceled approximately 1900 flight since friday another 270 today this is not the holiday travel season arriving inflation, travel trouble and the shortages from the supply chain crisis keep the anxiety
9:02 am
level high. president biden getting the blame a pull from nbc shows his approval dropping to 42%, the disapproval, that level is up 15 points since the spring, the simple is an astonishing 71% to believe the country is on the wrong track. there you have it and politics vicious backbiting among democrats dread about the virginia election and the spending votes in the stock market is again going to hit new highs, november the first, monday november the first, "varney & company" i'll call it must see viewing is about to begin. ♪ ♪ ♪. stuart: is a very busy monday morning that's get right to it
9:03 am
president biden has wrapped up the g20 summit he is now in glasgow discussing climate, good morning what has happened so fast. >> at the g20 over the weekend they agreed to stop financing call operations overseas not to phase them out over home. they cannot abandon coal the green sources of energy are not keeping people warm you cannot have people called their talking about this and not doing much to change it so today the top 26 there will be more talking. they're transitioning from fossil fuel and they find it very expensive and a third of the greenhouse polluters, china and russia not present. stuart: i heard from some of the leaders managing down expectation. they are looking just as they get started. >> there is 26 of the summits because it's difficult and
9:04 am
expensive. stuart: i thought there was going to be about tomorrow on the two big spending plans, has the schedule changed. lauren: apparently the house rules committee needs to markup the spending plan. they will not meet today as they were expected to. that pushes the vote likely pushes it to later this week. democrats wanted to give the president a win for his overseas trip from where he is now in virginia and new jersey governors race tomorrow does not look like make the timeline. stuart: the president's approval rating continues to fall. we have the pole. look at that his approval rating is just 42%. has the president address this? lauren: is down seven points from august. much of that is coming from the democratic base, that also shows 7010 people think the u.s. is in the wrong direction that is a grim outlook on the future, one year ahead of the midterms and it's interesting virginia votes
9:05 am
tomorrow 20% of the votes is already and because at the early voting starting in september but the national poll showing a lot has gone wrong for biden between august and now, he does not seem to care. >> the polls will go up and down, up and down they were higher than medium, backup then low, look every other president the same thing has happened i did not run to determine how well i'm going to do in the polls. >> he seems to be focused on what americans care about hasn't gone to the border, ports, want talk about afghanistan and it's showing up on the polls. stuart: not to mention the gas, grocery store prices, supply chain delays. 20% of the early voting is in but were not allowed to know the results. lauren: 1.1 million people are already voted. democrats tend to vote earlier
9:06 am
and nationally the president was doing better in september. stuart: that is politics, what a mess. the dow industrial will open up at 100-point, a new high coming from the dow, were also going up on the s&p and the nasdaq. jason katz with this is monday morning. we have talked about this before. we had extraordinary gains for at least a decade, historically what normally comes next? >> first of all i was astounded when i took a step back and looked at what we enjoyed in the last decade, 16% for the s&p and bonds have the equity -like return, the total return of 11%, historically speaking what happens after the outside gains, you tend to get muted returns, what you get above all this is what i morning investors and my clients, you get leadership
9:07 am
changes, think about how many investors are stuck with embedded high capital gains i hear you talk about your microsoft all the time people are disproportionately weighted in the u.s., and growth, and tech and communications. they need to bite the bullet and make a shift from the right to left pocket and get areas another that are likely to benefit in the reflation area environment. stuart: if i take money out of big tech, i don't see big tech tumbling, i don't see it crashing, they have so much money, huge market shares, i don't see them going down 20 or 30%, i can see that, can you. >> i agree with you wholeheartedly that's what you need a barbell approach, were talking about tactical changes, moving a little bit of your money from your left ear right pocket, we never see the
9:08 am
disparity in terms of valuation between the u.s. and the developed markets. we never see the disparity to large-cap u.s. growth and small-cap and mid-cap, keep your microsoft but right size the position and look to areas of the market that should benefit as we reopen finally. stuart: i was reading your notes and i saw, americans have 2.4 trillion in dollars in savings, is accurate is that your checking account in your passbook savings account, 2.4 trillion? i've never seen anything like that before. >> we have a seven and half% savings rate to a half trillion some odd dollars and then you look at money markets where you have institutions, corporations and others looking at foreign half trillion dollars, a lot of the savings would have otherwise gone back into the economy had it not been for delta. we sort of pushed out the spend which should really help next year's earnings.
9:09 am
add to that if we don't get the corporate tax increase or the extent that we all feared you could tack on 3% - 4% of corporate earnings on top of 8% we were expecting i know in the beginning of the segment i said expect muted returns. anything relative to 16% is muted. i think you can get to 5000 by the end of next year but it'll be a twitchy market. stuart: we have been warned, thank you very much for the warning we will take it and run with it. american airlines canceled 2000 flights over the weekend, i believe more cancellations today. lauren: 289 cancellations at about 10% of the schedule for today on top of 1800 cancellations friday, saturday and sunday and that with a third of their schedule, the weather is the reason it knocks around the crew they can get the people where they need to be, does this end, i'm not sure, starting today 1800 flight attendants who
9:10 am
were on leave they returned to work and more new hires coming in the month of december. if asking about the holidays it might be okay. stuart: i'm going to ask about the vaccine mandate doesn't have anything to do with america's troubles. lauren: it does because some crew members left because of it, they will not be working. stuart: we will have more on that later in the show. check futures were coming off strong results we had earlier but we're still going to be up across the board. the next case the media accuses a pilot of being a drug abuser on isis sympathizer because he said this. [inaudible] stuart: did you catch that, let's go brandon, the sting was in the tail. new york city issues the statewide call for volunteer firefighters because a shortstaffed after the vaccine
9:11 am
mandate hits today. i keep a close eye on the covid case rate cases have been declining across the country for a while but there are signs that downward trend is stalling, not good. we will try to find out why after this. ♪ ♪ say it's all right ♪ ♪ say it's all right, it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪ ♪ kinda pat your feet ♪
9:12 am
♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ oh, it's all right ♪ dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
9:13 am
(vo) singing, or speaking. reason, matching your job description. or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or
9:14 am
progress is everything.
9:15 am
stuart: if you're just joining us this monday morning you want to know what's going to happen to your money when the man enter market opens, dow up 100 nasdaq up about 25. show me the vaccine makers always in the news, new covid cases are still declining but the downtrend is soaring.
9:16 am
doctor matt mccarthy joined is now, why the stall? >> the short answer this is a seasonal virus that we have seen for the past year end a half that there are predictable trends when i started treating covid in march of 2020 i spent the first ten weeks see nothing but coronavirus but in mid-may of 2020 the virus vanished from new york and a year later the same thing happened one year was with the vaccine a one year without, were reaching another inflection point in the message here were expecting this, as the cold weather comes places in the northeast and the upper midwest are going to see an uptick in cases this is not a cause for alarm this is just a reflection of the fact as people move indoors we will see more cases. the good news we have three highly effective vaccines that will prevent the hospitals from getting overwhelmed. there is no need to lock down, there is no need to worry about
9:17 am
all of the disastrous things that we saw a year ago. what this is is the time to be thoughtful about all of the different gatherings coming up i advised companies that are planning their holiday parties we will see a different scenario in early december that we do right now we can still party and gathering have thanksgiving and christmas and hanukkah, all the festivals with our families but we need to institute testing were try to move these events outdoors with heaters, just to say when you see the uptick coming were prepared for and were going to be in a good position much better than we were last year. stuart: the fda has approved the pfizer vaccine for children 5 - 11 if the cdc gives the go-ahead we could see the shots begin early next week. is there a lot of parental resistance?
9:18 am
>> we say survey after survey, summer 25 - 40% are willing to do this right now here's the crux of the issue. this vaccine is going to be authorized under emergency authorization children age 5 - 11 for about appearance it doesn't feel like an emergency i was out trick-or-treating with my kids yesterday hundreds of kids walking around without masks and it did not feel like an emergency to them the way that it was a legitimate emergency to nursing home residents are year ago. the issue here, we are not entirely sure what the best dose for kids are especially if these kids have already recovered from coronavirus infection. the plan is to give two doses, 10 micrograms space three weeks apart. there is not entire certainty that that's the right dose. if you want to find out how to get every parent excited about
9:19 am
this vaccine you can have the acting commissioner to the fda say we are certain that this is the safest and most effective dose for your child. they cannot do that just yet we've only studied a couple of thousands of kids and we don't want to see what happened with johnson & johnson where they set a one dose vaccine and a year later or six months later say it's a two dose vaccine. we don't want to see the opposite of that where we cease to doses for kids and months later say with all the side effects it turned out it's only one dose. i'm confident we'll get a dose but that's was being worked out now. stuart: in the absence of the understanding we should not go for a vax mandate for children, would you agree with that? >> i wholeheartedly agree with that. the fda expert panel was not supposed to be debating mandates but they made a point of saying this vaccine under emergency authorization should not be a prerequisite, should not be mandated at this stage, any
9:20 am
school anywhere in the united states should not be planning to mandate this school year, that is premature and is not what experts believe and i strongly would encourage them to not do a mandate when the vaccine is under emergency authorization for kids 5 - 11. stuart: always a pleasure, thank you for being here. look at the moderna on your screen down 3% the fda says it needs more time to review the effects of the dirt is vaccine on teenagers. this is about the heart condition. lauren: inflammation of the heart muscle, it's a potential side effect unfortunately for them a moderna vaccine and 12 - 17 -year-olds the fda says we need more time looking at this issue before we grant but moderna arranges to use approval. they delayed their decision on teenagers until january. stuart: tomorrow is the deadline for air force personnel to get one job in the air force is up
9:21 am
to 12000 of its people have not complied with the mandate yet, they've a little bit of time. firefighters protested against new york city vaccine roles. lauren: 2000 fda and why put on medical leave and head of the vaccine mandate deadline which is today. stuart: 2000? lauren: 2000, huge number that's why they reported the fire department has begged 350 volunteer firefighters outside of new york city and long island to come in and help out. what is a vaccination rate for the fdny overall, 80%. stuart: new yorkers above now have a problem with emergency services which are understaffed big time. were talking about 26 fire stations and firehouses. lauren: that had been reported in the fire department came out and said they are not closed, you have people quitting, you
9:22 am
have 2000 protesting going on medical leave, they are in a bind. stuart: thank you lauren, take a look at futures we open the market in a few minutes, this is how it open. a lot of green. ♪
9:23 am
this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be. and the people of old dominion never turn away a promise. or over promise. or make an empty promise. we keep them. a promise is everything to old dominion, because it means everything to you.
9:24 am
i order my groceries online now. shingles doesn't care. i keep my social distance. shingles doesn't care. i stay within my family bubble. shingles doesn't care. because if you've had chicken pox, you're already carrying the virus that causes shingles. in fact, about 1 in 3 people will develop shingles, and the risk only increases as you age. so what can protect you against shingles? shingrix protects. now you can protect yourself from shingles with a vaccine proven to be over 90% effective. shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased risk of guillain-barré syndrome was observed after vaccination with shingrix. the most common side effects are pain, redness, and swelling at the injection site, muscle pain, tiredness, headache,
9:25 am
shivering, fever, and upset stomach. talk to your pharmacist or doctor about protecting yourself with shingrix. shingles doesn't care. but we do. hi i'm joe montana. when you get to be 65, you have little shingles doesn't care. patience for nonsense and inefficiency. you know what works and you become a pro at pretty much everything. that's why when i qualified for medicare, i went with wellcare. with no cost or low monthly premium plans, and no primary care or prescription copays. they're pros at helping you keep more money in your pocket. other benefits include: an over-the-counter allowance for items like toothpaste, cold remedies, and mouthwash. a flex card to pay for extra dental, vision, and hearing expenses. even giveback plans that send money directly to your social security check. wellcare gets it. they get rid of all the hassles and give us the great benefits that we want. ♪ ♪ don't wait! be like joe the pro and make the right call. dial the number on your screen now to
9:26 am
request a free wellcare guide today. wellcare. it's medicare done well. stuart: barklay stock on the screen it is down a tiny fraction, there is news on the company the ceo is out because of jeffrey epstein. lauren: the ceo resigning he said his relationship with jeffrey epstein a offender ended in late 2015 but british investigators did the investigation for over a year end they found they have been mischaracterizing the relationship with epstein, it's basically all we know at this point. but it looks like the cover-up of a potential crime. it looks bad for the bank and the shareholders or regulators were not happy with it.
9:27 am
stuart: he is out, fractional loss for the stock. it just on a tiny fraction. future show plenty of green the dow down 100, the nasdaq up 26 at the opening bell three minutes away. keith fitz joins us, the federal reserve meets this month they could kill the rally. >> valleys don't die of old age, the fed kills them that is possible to get a taper and cut 10 billion under treasury, 5 billion out of mortgages, i think that my numbers right, they don't do that successfully i think we have a setback. stuart: what exactly does this mean buying $10 billion worth of mortgages. here's the thing if they, with their notes tuesday and wednesday and lay out anything with a faster, deeper or more significant cut that is what is going to spook the market, the plan is watching a train wreck,
9:28 am
everybody knows are coming, it is november through june and that's what the market is >> unfortunately yes. stuart: the computers will be the headline and immediately start an action in the market. it is very difficult to deal with the fed at moments like this. >> i don't think the fed knows where they're going, they made a horrendous decision that has been wrong since day one on inflation and the whole idea of transitory. now they cannot admit that they have been wrong and they cannot correct the policy, that would admit they're doing wrong. it's a real tough choice, however, in the scheme of things the markets to recover, maybe we'll get a pullback that last a couple weeks that's a history suggest. stuart: when do we find out what
9:29 am
is the timetable. >> it depends on how they allow access to the press. the president talking on tuesday, then we will get notes on wednesday and it could be any of the 24 hour period. stuart: that is this week? >> yep. stuart: are you buying anything today? >> i'm really intrigued by the coca-cola body armor, what that tells me pepsi which has a 70% share of the market is a more innovative option, i want to follow the money to the leaders to see why the underdog but i don't own it yet. stuart: is getting into the sports energy drink, you're not interested in that. >> there trying to catch up with somebody else's and i want to know who that is fast the big dog. stuart: good luck with your investment in the fed on wednesday. we'll see you again soon.
9:30 am
were running up to the opening bell, the extraordinary degree of political turmoil in washington. there's supposed to be a vote on the two huge spending bills. that has been put off it's supposed be later this week but we civilly don't know. how much of the spending are we actually going to get, it's absolutely up in the air. not much to go on quite frankly. three, two, one, were up and were running is november the third. historically the next couple months are good for the markets. were often we started, were up 109 points on the dow, were close to 36000. the s&p 500 also on the upside and the all-time high 4618, the all-time high for the dow and s&p, the nasdaq composite which is up a quarter of 1%, all-time highs across the board as we start a new month.
9:31 am
big tech admixed picture but mostly down microsoft, apple, alphabet, amazon, facebook up $3 at 326. the vaccine makers always in the news, novavax they are down, up 9.6% higher, what is the story on novavax. susan: the first approval anywhere in the world for their covid-19 vaccine. they have since filed an application to canada and europe, why do we care, it's not mrna technology it can be stored pretty easily and in a refrigerator. stuart: indonesia has a very large population, well over 100 million people. lauren: i want to show you whites down it's a one-two punch, they've asked for more time to complete their review for teenagers because of heart inflammation in some cases but because of that there waiting on that review by the fda they have
9:32 am
since delayed their filing for approval and children age 6 - 11. stuart: is widely complicated, which vaccine is for who and when. i can keep track of it. lauren: tried to get what especially forgetting the moderna, my parents are trying, it's very hard. stuart: let me change the suspect entirely let's look at hogg, harley-davidson we talked about it last week they rallied a great earnings, do they have a new piece of good news. stuart: of regulatory when that you will remove the tariff on bikes imported to, the rate was 31% and in january it goes down 6%. headed back 25 percentage points with the u.s. and europe over steel and aluminum tariffs. major win for harley-davidson. stuart: i think of the hardly as all-american bike.
9:33 am
lauren: is all-american bike for all rich people that's what we found out after the earnings last week. it was working for them the new strategy which is surprising. if it's for old rich people defined old. lauren: i would go with 60s. what do you go with? stuart: i'm not going with anything. the china electric car maker up 4.7%. lauren: the second month in a row with 10000 cars, 10138, that was more than triple last year despite the global chip shortage, it is cheaper and has a glass roof in the refrigerator. this is china taking a bigger share of the ev market. stuart: what about neil? lauren: they are struggling just 3600 vehicles globally last month, 25% fewer than a year ago
9:34 am
down 65% from september. they blame restructuring and upgrading the manufacturing to prepare for the new product. if you look on the year you see tesla and the big winners we are struggling. stuart: the ev market is really shaking out loads and produces all of the place. lauren: i agree with you, everyone trying to be tesla and were figuring out who could be the biggest competitors. stuart: some of the youngsters say roadblocks was out, is it back? lauren: it went down thursday afternoon he came back last night, that was perfect for getting kids up trick-or-treating, beautiful weather yesterday, what caused this halloween weekend outage, they linked up with aaa to give away more than $1 million. this is the exact statement of course system and infrastructure
9:35 am
became overwhelmed with the settle bug and are back in service communication while under heavy load. stuart: free burritos, young people and to pull legos together. it seems like people going back to the sinema, amc is up nicely, one point to - 1.9%. lauren: the best box office in 20 months, the highest since the start of the pin to make, amc is up 2% but if you look at the theaters imax and cinemark are moving up today. cinemark is a must for percent. stuart: back to normality. lauren: it feels good. stuart: crowds of people going to the cinemark, that is interesting. lauren: amc reports tonight. stuart: show me the dow winners by j.p. morgan and goldman,
9:36 am
couple financials, the s&p 500 headed by franklin resources, big names i see. lauren: american oil, diamondback. stuart: nasdaq winners byline technology, starbucks is in there couple of dollars and so is tesla. look at tesla bottom on the screen, $1135 per share it is up $21, almost 2% i'm gonna have to figure out how to calculate elon musk's net worth. there now at 1135, the big board shows a gain of 164 points, new all-time high, very close to 36000. the ten year treasury yields 1.59%, gold does not do anything, $1789 per ounce, bitcoin around 623, oil not so strong, going up, $84 per
9:37 am
barrel, net gas $5.28. average average for gasoline $3.40. by the way we always quote california, in california it is $4.60. that is the average price for regular in california. lauren: as of friday it was $311 billion. stuart: another 2% today. lauren: at a couple billion to that today. stuart: do you remember the monsters? >> lots of heroes are conceded, vain, good for nothing as a rule. >> here i'm talking about is you. >> there are exceptions to every rule. stuart: there are, but patrick played eddie in the 1960 series, he's gonna be on the show and
9:38 am
reflect on how much has changed in our culture since then. president biden used prepared notes for what news outlets to call in on the g20 summit. who is really running the show, democrats want to reinstate for state and local taxes, they want it repealed. wonderful. that would be a great gift to wealthy democrat donors, would it not. stuart: you had to say it, will be back. ♪
9:39 am
9:40 am
♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪ going to tell you about exciting medicare advantage plans that can provide broad coverage, and
9:41 am
still may save you money on monthly premiums and prescription drugs. with original medicare, you're covered for hospital stays and doctor office visits. but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and co-insurance. but, they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospital stays, doctor office visits and your original medicare deductibles are covered. and of course, most humana medicare advantage plans include prescription drug coverage. in fact, in 2020 humana medicare advantage prescription drug plan members saved an estimated $8,400 on average on their prescription
9:42 am
costs. most humana medicare advantage plans include a silversneakers fitness program at no extra cost. dental, vision and hearing coverage is included with most humana medicare advantage plans and, you get telehealth coverage with a $0 copay. you get all this for as low as a $0 monthly plan premium in many areas. and your doctor and hospital may already be a part of humana's large network. if you want the facts, call right now for the free decision guide from humana. there is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. if you used shipgo this whole thing wouldn't be a thing.
9:43 am
yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. ♪ ♪. stuart: i want to be rich. money cannot buy you happiness.
9:44 am
you're looking at lake george upstate new york, a beautiful day. democrats want to reinstate the deduction for state and local taxes it is called salt and they wanted repealed hillary vaughn on capitol hill what is the status, are they going to repeal it? >> that's what house democrats are pushing for right now the reason why there is hope this could be included is because the white house released a framework but pelosi and schumer made it clear tweaks can be made for the reconciliation package. over the weekend several house democrats used halloween to advocate for repealing the cap on state and local tax deductions. one is congressman josh gotheimer the co-chair of the problem solvers caucus, he tweeted this. you know what spooky the disastrous cap on the state and
9:45 am
local tax deduction with new jersey's middle-class family no salt, no deal, federal house democrats are promising to not vote for the reconciliation package, president biden social spending agenda unless it includes the cap repeal on state and local tax deduction. right now state and local tax deduction is capped at a $10000 on your federal tax return there is an idea and push to repeal that so high earners can claim more on their federal tax returns and essentially get the money back for the state and local taxes taken away from their bottom line. one of the ideas or points of this, has to be revenue neutral, the idea would be to repeal the cap for a few years and put the cat back in place to make the money up and repeal it again. there is a lot of moving parts for this particular push, the bottom line is it is possible it
9:46 am
could be added in and the last minute because the framework is not a done deal. stuart: is contentious, thank you very much indeed. stephen moore i have to get my comment into this. if you repeal salt that's like giving a huge gift to wealthy democrat donors in new york, new jersey and california. if you do that the left to be apple lactic. >> you would think so. i was very involved in the top tax cut in 2017. we lower grade to get rid of deduction and loopholes and wanted the deductions was capping the state and local tax deduction. guess what states are impacted by that, california, new york, new jersey, illinois, other high tax states. what the problem you can pay income tax in the state like florida or texas but you pay 13%
9:47 am
and new york and california. thank about this why do you think dnc pelosi and chuck schumer want to restore the salt deduction. stuart: there donors would benefit and were mostly. >> is a big tech break for california. there is also something incredibly dishonest about that statement that congressman said we have to help the middle class, this has nothing to do with the middle class the average middle-class person in new jersey would save about $5 per federal taxes. but the millionaires and billionaires in new jersey would save tens of none hundreds of thousands of dollars on their taxes, let me put it very simply and angry about this because it's so incredibly hypocritical of the democrats who say we have to socket to the rich and by the way will put the biggest most expensive tax giveaway loopholes to the rich and the history of
9:48 am
the united states. that's what they think. stuart: i supported the trump tax cuts vigorously supported in. it killed me because i live in new jersey, i lost the deduction of my state income taxes, i lost it cost me a fortune. it's in my interest to repeal salt. >> can i give you advice? >> you know where i'm going with this move to florida and tennessee. it's the states like new jersey, new york and california why don't you reduce your taxes you have the highest tax in the world and the country, the worst public service and what comes up in new jersey tomorrow for a chance for new jersey voters as single biggest issue in new jersey is taxes, the fed up with the high property taxes and income taxes. stuart: they won't let you out,
9:49 am
your tax prism, you live in new jersey your tax prisoner. if you try to live to florida it's like jumping through hoops and you get out of jail, you cannot do it. see you again soon. look at this headline from the new york times, ugly inside the and the virginia election that democrats would dread. the democrats are at each other's throats. we will deal with that and my take at the top of the 11:00 o'clock hour. a nightmare halloween we stand for travelers, 2000 american airlines flights canceled, any better this morning, we have a live report from jeff flock in philadelphia. right after this. ♪
9:50 am
today, you have to deal with a lot of moving parts. you want everything to be on autopilot. and to be prepared if anything changes. with ibm, you can do both. your business can bring data together across your clouds, from suppliers to shippers, to the factory floor. so whatever comes your way, the wheels keep moving. seamlessly modernizing your operations, that's why so many businesses work with ibm. [engine humming] [clapping] “we will rock you” by queen ♪ the new gmc sierra with hands-free driving offers the most advanced and luxurious pick-up in its class.
9:51 am
♪ yeah, it rocks. first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... ...even walking was tough. my joints hurt. i was afraid things were going to get worse. i was always hiding, and that's just not me. not being there for my family, that hurt. woooo! i had to do something. i started cosentyx®. i'm feeling good. watch me. cosentyx helps people with psoriatic arthritis move, look, and feel better.
9:52 am
it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx.
9:53 am
♪ ♪. stuart: hartsfield international airport, 50 degrees and sunny in georgia. american airlines canceled nearly 2000 flights over the weekend by whether in staff shortages, jeff flock joins us from philadelphia international
9:54 am
airport. did these cancellations have anything to do with the vaccine mandate? >> if you listen to twitter by any chance, i note that you do, you might think so people say because of that, my friend told me there on strike, there's no real evidence of that, it's worth noting the vaccine mandate doesn't kick in till december 8 for airline workers, they say it was whether in staff shortages, regardless of what do you think here are the numbers it was indeed a mess out there. take a look at friday, saturday and sunday of this past weekend it was a hell week, whatever you want to call it, almost 2000 cancellations of american alone, maybe you see the line right now into the tsa line, not too bad right now but over the weekend it was a disaster people trying
9:55 am
to rebook, as i said it was a bad weekend, it is still kinda bad i have them up on a board but i can give you the latest numbers from flight aware, 297 american flights canceled today, monday and 181 delays. the board's appear not too bad in philadelphia but dallas is where it's worse. stuart: it raises anxiety level for the coming holiday. that's what it does. >> american says it's hiring more people, 1800 people coming back and they will hire 600 more fingers crossed. stuart: jeff flock in philadelphia, see you again really soon. be sure to check out how america works with micro on fox business, whole business on america's airline industry, stay tuned for my show american belt, we started 9:00 o'clock tonight.
9:56 am
a quick check of the market, we had record highs already this monday morning for author indicators dow, s&p, nasdaq going straight up again this morning, a quick check of big tech, microsoft is down sharply, alphabet, google, amazon down sharply but look at facebook over 2.8%. still ahead on this program today, kt mcfarland, steve forbes, joe concha and the wolf of wall street, the 10:00 o'clock hour of varney is next. ♪ i'm so glad we did this. i'm so glad we did this.
9:57 am
i'm so glad we did this. i'm so glad we did this. . . i'm so glad we did this. edward jones new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. do you take aspirin? plain aspirin could be hurting your stomach. new vazalore is the first liquid-filled aspirin capsule clinically shown to cause fewer ulcers than plain aspirin. vazalore is designed to help protect... releasing aspirin after it leaves your stomach... where it is absorbed to give you the benefits of life saving aspirin... to help prevent another heart attack or stroke.
9:58 am
heart protection with your stomach in mind. try new liquid-filled vazalore. aspirin made amazing!
9:59 am
you're driving innovation. try new liquid-filled you're racing to the cloud. you need to do it securely. that's why palo alto networks developed prisma cloud - an integrated platform that secures your cloud environment end to end. used by the world's largest organizations, prisma cloud provides the cyber security you need from code to cloud. so you can get cloud security right, the first time around. we've got next.
10:00 am
as someone who resembles someone else, i appreciate that liberty mutual knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. oh, yeah. that's the spot. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ ♪ stuart: good morning, everyone. it is 10:00 eastern, straight to your money. we have record highs for all three of the indicators. they're not at that record now but early this morning they hit hose record highs. dow still up 100. but the nasdaq, the s&p have turned south. big tech, big movers there in different directions. facebook is up nearly nine bucks. the rest are down sharply including apple, microsoft, amazon, down 41.
10:01 am
alphabet google is down 54 bucks. 10-year treasury yield, it was at 1.60%. that is really hurt the microsofts of this world but now at 1.59%, relatively restrained on interest rates. we just got a reading on the manufacturing indicator. what is that, pmi? lauren: pmi, 60.8 that was slightly better than we thought but it was down from september's number. stuart: okay. lauren: september hat 61 in change. it came down just below 61 in october. stuart: we have numbers on construction spending. that doesn't normally positive the market. anything good on construction spending? lauren: construction spending fell by half a percent in september. it was surprise decline t was expected to increase about the same. it show as economy that is getting a little bit weaker. stuart: okay. no impact on the market at all. up for the dow, and down for the
10:02 am
s&p and nasdaq. now this. the climate summit has begun. they are already managing expectations down. that should not be a surprise. they're meeting in the middle of a fossil fuel shortage. so they're trying to cut the use of oil, gas and coal right at the time when the world wants and needs more of it. it is bizarre to see president biden beg opec to produce more oil while criticizing saudi arabia for its oil production. it is strange to see world leaders piously laying out targets for the future when they haven't met the pledges they made in the past. it is annoying to see our president discuss handing over hundreds of billions of dollars to other countries when we're running a trillion dollar deficit back home. it is distressing to mare that xi xinping is still building coal-fired power plants because china has a chronic electricity shortage and xi xinping is not at the conference. it is troubling to see the u.n. pressure banks not to lend to
10:03 am
the energy industry. you want the u.n. to tell us where to invest? my sense is that the public turns glascow off. we're more concerned with getting christmas presents on time and travel for the holidays. you see the chaos this weekend? when the public sees gasoline and nat-gas prizing in price, they will not be happy with what they're smoking over there. second hour of "varney" just getting started. ♪. stuart: election day tomorrow in virginia. virginia has been in recent years rather blue but ordering to that latest "fox news poll," we brought it to you last week, republican glen youngkin may be turning the state red. connell mcshane is on the ground in begin what. what's the latest? reporter: the momentum to your point is clearly on the side of the republican in this race. glenn youngkin, former ceo at
10:04 am
the carlisle group. both candidates in final weekend of the campaign were crisscrossing the state this weekend. looks like the race boils down to when you analyze it two big issues. one is economy and the other is education. on economy, virginia has a budget surplus. so youngkin wants to cut taxes. terry mcauliffe, the former governor, he wants to spend more money and much of the spend woulding on the education. >> we're the 10th, 12th wealthiest state in america. we're down 1200 teachers today. it is not fair that students have sub taught teachers. as governor i will raise teacher pay above the national average for the first time in the history of the commonwealth of virginia. reporter: what youngkin has been able to do is flip the usual script on this issue. instead of focusing how much money is spent in the schools, he made it cultural,
10:05 am
highlighting school board showdowns over mask mandates and instruction in the classroom when it comes to race. >> i get notes from everybody all over the nation. stand up for our children too. this is where virginia gets to stand up for every child in america because what is happening to school boards and what is happening in school districts in virginia is happening everywhere. nobody else gets to vote other than new jersey and virginia right now. so this is our chance. reporter: youngkin and mcauliffe will appear this morning in roanoke and richmond this afternoon. mcauliffe will wrap up in fairfax county in this evening and youngkin is in loudon county. that is where the focus of the education debate we're referring to. in all the public polling shows at the very least youngkin has narrowed the gap with mcauliffe who had been in the lead but that "fox news poll" that you referred to, that is getting a lot of attention out late last week showing youngkin with an eight pointed a advantage among likely voters.
10:06 am
we'll see how it goes tomorrow. stuart: we certainly will, connell. bring in rnc special spokesperson and for black media affairs. paris dennard. putt trump will hold a rally for glenn youngkin today. youngkin says he won't join the telerally. i heard a lot of people saying stay away, mr. trump. what do you say to that? >> thank you for having me on the fram program. president trump put out a statement that glen youngkin is putting beginnians first. we got to make sure every republican turns out to vote to, make it too big to rig. he is pushing the agenda forward and glenn youngkin will be the good for people of virginia, you know where i'm combing from. a lot of people do not like mr. trump. voted bense him last year. there is suspicion mr. trump getting into the race at the last minute it is the wrong
10:07 am
thing to do. do you think mr. trump will help youngkin? >> i think president trump has been a very strong endorser of glenn youngkin. glenn youngkin's policies. the peel of virginia appreciate the fact that glenn youngkin has an america first, virginia first bend today that is going to put families first, put parents first. that is what this is about. this race is not about national politics. glen youngkin made the case that the race is going to be about virginia parents and virginia families. that is the important thing to remember. it is not people that, it is about policies. glenn youngkin has focused on the policies that will impact families like lowering taxes, getting rid of the grocery tax on food. stuart: paris, glenn youngkin says he will not allow crt, critical race theory to be taught in schools in virginia. how do most black folks feel about that? do they want crt in virginia schools? >> i mean it's a tossup how you
10:08 am
define crt and impact of it but i tell you the black community is very much concerned about indoctrination of their children in virginia, especially when it comes to having a candidate like terry mcauliffe who does not support school choice, someone who is has not prioritized hbcus. governor wilder came out against terry mcauliffe, first black democrat governor of virginia, youngkin's commitment to hbcus and children is historic. on a issue of education, black voters in virginia looking at glenn youngkin someone putting children first, school choice first, that is important to uplift everybody there. stuart: see you real soon, paris dennard. thank you. i want to get to chaos on capitol hill, that is not an understatement by any means. democrats are trying to finalize the framework. they're not there yet, are they? lauren: not even close.
10:09 am
start with medicare drug pricing. the framework we got on thursday didn't include allowing medicare to negotiate lower drug prices with the pharma companies. now they're trying to allow that for a small pool of drugs. they might be able to push that through. this one will be harder. we were talking about this, s.a.l.t., the state and local tax deduction. it is currently capped at $10,000. democrats report he hadly considering repealing the cap for 2022 and 2023, reinstating 2026 and 7. that benefits high earners in new york and california. tax rate doesn't go up. sinema doesn't want rates going up. but then the high income earners regain a deduction. i don't see progressives getting on board with that. progressives are in the drivers seat. they have got nothing here. >> that's right. that is a very bigger issue. they're actually considering repealing s.a.l.t., getting rid of it completely for two years, two full years. like we said before that is for rich democrat donors,
10:10 am
new jersey, new york, illinois, california. lauren: congressman from new jersey, josh gottheimer, no s.a.l.t., no deal. stuart: that could be a sticking point. lauren, thank you. check the markets again one time please. now we turned green all over the place. got that nicely. dennis gartman is with us. dennis, i'm trying to look for analogy here. are we in the bottom of the 9th, in baseball terms, bottom of the 9th, in bull market. >> i think closer to bottom of the 8th. i hesitate to say the bottom of the 9th which says that is end of the market. i had a foodly number of my stocks called away from me with options against them. i'm courtable with that. top of the 8th, or bottom of the 8th but i would not say the 9th inning of a bull market. you tend to get last innings of a bull move, speculative move to the upside. i think we're seeing that at this point. you have to be very careful.
10:11 am
i had a lot of my stuff called away from me on friday. stuart: why are you putting money still into gold? i say it every day, gold really hasn't done much? >> gold has not done much of anything, i will be quite honest about that, as chairman of the university of akron i moved 3% of our endowment back in gold this year. i'm happen of 1%. clearly wish i stayed in the stock market but i'm not down on the trade. we will see. i like gold longer term, best of the inflation trade, best of inflation hedges. bitcoin, somebody can take it away with you, i will have nothing to do with the cryptocurrencies, but polled over centuries is the best of inflation hedges. i think real inflation hedges, gold and tips that is the best trade at all. i'm not unhappy with owning gold. we're up half of 1% since we bought it. no big deal. no loss. no big advantage but nothing untoward has happened. i'm comfortable with that at
10:12 am
this point. stuart: the bull market is in the 8th inning, not the 9th inning. >> in the 8th inning, not the 9th, we'll get it straightened out. lauren come back in tesla, another gain 1.3%. what is the story? lauren: china's one of the biggest lithium manufacturers will supply tesla with battery products next year, lasting three years. as tesla is starting to open its two newest factories in austin. they have the technology and ball h batteries that they need. stuart: i was going to ask, it is on the screen. he is worth 311. as of friday. lauren: as of friday. stuart: worth more now. lauren: do the math. he is up more than that right now, you have tesla up another 1%. amazing. stuart: really is. 1128 is your price. starbucks, what is happening with them? i know they're moving. up 3 1/2%. lauren: upgraded to overweight
10:13 am
at stevens. they say the move to spend more on wages puts starbucks in a very competitive advantage to expand their market share because they're keeping their talent and getting more talent. stuart: when we read the most active list, best gainers list, franklin resources up there right at the top. what is the story on a 10% gain? lauren: so m&a. they agreed to buy lexington partners, $11.15 billion, to expand in private equity and private offering. cushion the blow. a lot of people are favoring index funds, more passive, franklin templeton is known for mutual funds. stuart: coming up, transportation secretary pete buttigieg reveals the supply chain crisis will continue. roll tape. >> there definitely will continue to be issues especially as long as the pandemic continues. stuart: what is the white house doing about that? i don't know. we'll try to tell you. we'll tell you where the most
10:14 am
unaffordable city in america is. here's a hint. it is in california. china's president xi xinping has not left the country in 21 months. has he got trouble at home? i will ask kt mcfarland next. ♪. not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com ♪ say it's all right ♪ ♪ say it's all right, it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪
10:15 am
♪ kinda pat your feet ♪ ♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ oh, it's all right ♪
10:16 am
that was quick. and rewarding. i earn 3% cash back at drugstores with chase freedom unlimited. that means i earn on my bug spray and my sunscreen. you ready to go fishing? i got the bait. i also earn 5% on travel purchased through chase on this rental car. that lake is calling my name! don't you get seasick?
10:17 am
we'll find out! come on. and i earn 3% on dining including takeout. so much for catching our dinner. some people are hunters. some are gatherers. i'm a diner. pow! earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours.
10:18 am
♪. stuart: world leaders have begun the climate summit in glascow. jackie heinrich is in edinborough, scotland. did the president take the stage yet? reporter: not yet, stuart. we're running a little behind schedule. they are trying to take measures to cut carbon emissions and cut global warming.
10:19 am
these are commitments he has not been able to commit on in the united states. joe biden repealed language l.a. would mitigate emissions, on impacts of his home state of west virginia. what made it into biden's spending bill has not been passed by congress. that it solid enough for the president to stand on in the for foreign leaders in glascow. president says he expects the house to pass both bills this week. remember we heard this line before. house democrats are still making changings to the plan today. they're trying to add more climate provisions and drug pricing measures. president denied the lack of movement on the hill is hutting impact on his approval ratings ahead of meetings with the world leaders? >> look, the polls are going to go up and down, up and down. i didn't run to determine how well i'm going to do in the polls. i ran to make sure that i
10:20 am
followed through what i said i would do as president of the united states. and i said that i would make sure that we were in a position where we dealt with climate change. reporter: the u.n. says not a single major economy is living up to its targets in the climb at accord. united states and china are the top two climate emitters in the world. president xi is not sustaining citing covid concerns. president biden is, pressuring less wealthy economies to make changes. members of the president's cabinet and secretary of state are trying to refocus the world's attention on china. >> ultimately it will be up to china as now currently the world's largest emitter to decide whether it is going to do the right and important thing for its own people. but also for, for everyone around the world. reporter: the white mouse says the spending plan is not their only tool to address climate.
10:21 am
they acknowledge there is very narrow gap to meet the climate folks. the $555 billion in proposed spending as of now is still in limbo in congress. stuart. >> jackie, thank you very much indeed. the president took questions after to reporters reading from a prepared list of reporters names. he picked the people he was told to pick. lauren: wasn't the first time he did that. put together a montage for you. the president this weekend, back in august, following the kabul tear terror attacks. >> i will take your questions, as usual folks they gave me a list of people i will call on. jonathan, associated press. ladies and gentlemen, they gave me a list here. the first person i was instructed to call on was kelly o'donnell of nbc. now i'm happy to take some questions and i'm told i should start with ap. stuart: not like trump, is it?
10:22 am
lauren: no. fox hasn't gotten those questions by the way. i want to tell you white house press secretary jen psaki preses tested positive for covid-19. she was last with the president last tuesday. they were outside, masked, socially distanced. she is fully vaccinated and work from home. stuart: peter doocey, we showed a clip, peter doocy asked the president what about the 450,000 bucks you're giving to illegal immigrants. if he heard he didn't answer. he scratched his head. lauren: that is your top pick for joe concha. i was saving it for you. i was saving it, i begged the question did the president even know about that report in the "wall street journal"? stuart: did his handlers tell him. lauren: exactly. stuart, xi xinping chinese president has not set foot outside of china for 21 months. kt mcfarland is with me. kt, why hasn't he left china in
10:23 am
21 months? is there something going on in china we should know about. >> a lot of experts are saying. he can't leave, he may have domestic problems, political problems at home. i'm not buying that. i'm certainly not buying his excuse of covid concerns. i think something else happened in the last couple years. ten years ago the chinese were very eager to a part of any international organization and they were being treated as equals by other world leaders. five years ago xi xinping, he didn't want to be treated as an equal. he wanted to be treated as the most important leader in the world. now i think it changed yet begin. i don't think china will bother. they don't want to go to this conference. they will not meet any of the goals of the climate control group or any of the other nations. they said it. we'll get around to it by 2030. maybe eventually by 2060 we'll be carbon neutral. i think what the chinese are doing is what they have done for 5000 years. where chinese leaders don't travel abroad. foreign leaders come to china.
10:24 am
they pay tribute to the chinese leaders, to the chinese government and china is the center of the universe. i think xi xinping who has a personal goal of restoring china to that dominant position in the world has gotten to the point, where, okay, come to me. i will not bother to come to you. stuart: what is america's relationship with china, sorry with taiwan? what commitment have we actually made to support and defend taiwan in the event of an invasion by china? >> this is where it's a little murky. i think joe biden sort of thinks we somehow have a mutual defense treaty we have to send in the marines if china invades. it's a little more ambiguous than that we will help taiwan maintain the independence. we never gotten specific what that is. that was very deliberate. strategic ambiguity. now the question is, to go what will happen? we don't want to be in the choice, say six months or a year from now where china makes a
10:25 am
move against taiwan and our only option to send in the marines. we need to do economic options. we need to worry about other countries in the region to make it difficult for china to take that step. the reason taiwan is important to china isn't just because for historic reasons they want it to be reunited with china. it is for two other reasons. china can control the south china sea through taiwan and the semiconductor industry, something like 90% of the semiconductors in american manufacturing come from taiwan. what if china decided to determine who got to get the semiconductors? that would be a major supply chain might -- nightmare in america. stuart: thanks for enlightening us what is happening in china. kt mcfarland. come back. see you soon. >> thank you. stuart, former afghan spies and soldiers, who worked for america, they have been enlisted in the islamic state, isis. why are they turning to isis? lauren: desperation. no income. they're being hunted by the
10:26 am
taliban. so they're now enlisting in the taliban rival which the islamic state, bringing that terror group expertise and new ranks. this is complete chaos. it is an act of desperation. that is how bad it is here. stuart: thank you, lauren. now this. remember will ferrell's 2003 holiday classic, "elf." waffle this. >> don't tell him what you want. he is a liar. >> let the kid talk. >> you disgust me. how can you live with yourself. >> cool it. >> use it on a throne of lies. >> i'm not kidding here. >> you're a fake. >> i'm a fake? how would you like to be dead? stuart: that was santa claus movie. will ferrell was asked to do a sequel. we've got his response for you a little later on in the show. seeley the mattress people, they had $100 million of orders which they could not fill. why? the order backlog. the supply chain mess. we have the ceo of testimony
10:27 am
pour a seeley on the show next recall. (judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices.
10:28 am
or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. hey i'm joe montana. when you get to be our age, you have little patience for nonsense and inefficiency. after years of practice, you become a pro at pretty much everything. so when i qualified for medicare, i got with wellcare. wellcare is no nonsense. they're pros at putting everything together to make things easier. their plans include things like prescription drug coverage dental, vision, and hearing coverage. it just makes sense. ♪ ♪
10:29 am
yeah. do you want a medicare advantage plan that just makes sense? then be like joe montana and go with wellcare. wellcare can offer their members dental, vision, and hearing coverage to make things easier. it's a no brainer. go with a no-nonsense medicare insurance provider. call for a free wellcare guide today. there's a different way to treat hiv. it's once-monthly injectable cabenuva. cabenuva is the only once-a-month, complete hiv treatment for adults who are undetectable. cabenuva helps keep me undetectable. it's two injections, given by a healthcare provider once a month. hiv pills aren't on my mind. i love being able to pick up and go. don't receive cabenuva if you're allergic to its ingredients or taking certain medicines, which may interact with cabenuva. serious side effects include allergic reactions post-injection reactions, liver problems,...and depression. if you have a rash and other allergic reaction symptoms,
10:30 am
stop cabenuva and get medical help right away. tell your doctor if you have liver problems or mental health concerns, and if you are pregnant, breastfeeding, or considering pregnancy. some of the most common side effects include injection site reactions, fever, and tiredness. if you switch to cabenuva, attend all treatment appointments. with once-a-month cabenuva, i'm good to go. ask your doctor about once-monthly cabenuva. ♪ ♪ with once-a-month cabenuva, i'm good to go. ♪ ♪ ♪ ♪ ♪ ♪
10:31 am
stuart: check the markets. the dow is up 16 points. the nasdaq is up 30. s&p is down slightly. the opening of the show, the opening of trading today. we hit record highs all across the board. draftkings solid gain. 4% up. why in. they're teaming up with the pat tillman foundation. for month of november, draftkings hosts veterans month. free to play pool. 100% of profits go to the foundation. very good pr. draftkings up 4%. transportation secretary pete buttigieg addressed the supply chain issue, the supply change shortage, all the shortages, what have you. how long does he think it will last. lauren: as long as there is covid. stuart: what did us that mean? lauren: listen. >> there will be issues as long as the pandemic continues. if you have for example, the third largest container port in the world in china shutting down because after covid outbreak in late summer, you will feel that
10:32 am
in the fall here on the west coast. stuart: what? lauren: question. he then touted the stalled infrastructure plans as a solution but right now there is a major problem. then you have the private sector which are the ports of los angeles, et cetera. they're pretty steep, starting at $100 a day on the companies to get the containers unloaded, to get everything moving. stuart: here is another one, paint makers, as in painting, paint makers are feeling the ongoing chip shortage. can you explain to me how painters are affected by a chip shortage. lauren: glass makers, people who make the sandpaper, part of a finished product, like a car or major appliance. they are buy less because of the chip shortage. having a ripple effect to paint on the car. stuart: everybody feeling it. it really is. tempora sealy, say the supply change challenges drove a
10:33 am
100 million-dollar increase in their backlog. scott thompson, i'm sorry if i mispronounced the name of the company, sir. i earlier said testimony pour a i was thinking japanese food. >> no problem. stuart: where do you make the mattresses? >> 67 plants around the world. we're in 100 different countries. stuart: am i right in saying the supply chain backlog, forced you to, you have 100 million-dollars worth of orders because you couldn't fill them because of the supply chain shortage, that correct? >> we had our earnings call last week. we had 20% increase in sales. what you point out we were not able to realize all of our sales. we had a 100 million-dollar increase in our backlog plus we turned down another $100 million of sales for customers we have on allocation. we've been able to fully provide the products that our customers wanted in the quarter. our sales would have been up 40%
10:34 am
rather than 20%. stuart: well do you see any sign that this backlog, the supply change problem is improving? any sign at all? >> actually it is getting better every week, stuart. it is flow. we have people all over the world working with port officials and our suppliers, and they're doing a great job. it is slowly live getting better but we've been fighting this more than a year on various products. our testimony pure product, sealy product and which are worldwide brands. stuart: how is the situation improving with ports, foreign countries truckers in america? where is the improvement. >> it is improvement every day. every day is a different challenge. we're getting better component supply through the supply relationships. we diversified some of our
10:35 am
supply relationships. it is slowly getting better. it helps us a little bit that the fourth quarter is a seasonally slower quarter for bedding worldwide than the third quarter. so we're getting a little bit of help from the demand standpoint, just from a seasonality standpoint although orders, sales, continue to be robust. stuart: we hear there is a possibility that the supply change situation will resolve itself bit spring of next year, maybe, just maybe. if that happens, will there be a glut of all kinds of products on the market? >> i don't think so. because we're not servicing the demand in the marketplace now. i think what we're really doing is creating pent-up demand going forward. it is not trying to put extra capacity into the industry. it is trying to service the demand already in the industry. stuart: if i asked, bought a mattress from you today, when could i have it delivered? >> oh, it varies by product but probably thinking, you know,
10:36 am
three to four weeks would not be unusual. stuart: two years ago i could have got it next day, right? >> yeah. you could get some products next day because we do have some inventory in the marketplace. we do have direct to consumer assets in place also but in general it will take a few weeks. stuart: got it. scott thompson, ceo of tempur sealy. got it right. >> nice talking to you today. stuart: you got it, sir, thanks. quick programing note, and all new fox business prime episode of my show, "american built" airs tonight. here is a preview. woody guthrie wrote, roll on columbia, to celebrate the great columbia river. >> the columbia is a force of nature. stuart: a dry wasteland. >> the most harsh desert in the whole united states. stuart: and desperate days. the deals, the danger, and the
10:37 am
inspired engineering that made a desert bloom, the grand cooley dam. stuart: catch new episodes of "american built" at 9:00 p.m. eastern. stories of what america did, a can-do society. very interesting. i hope you watch. next case, what else we got for you? shaquille o'neal making headlines again, this time what he is telling his kids about his wealth. you will be interested in that. you remember the hit series "the munsters" from the 1960s. watch this. >> your daddy, big, smart, successful son. [laughter] >> dad, do it again. stuart: right. butch patrick played eddie munster. they were allowed to getaway with a lot more back then.
10:38 am
we'll talk about that on the show next. eddie munster. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this.
10:39 am
i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones
10:40 am
10:41 am
10:42 am
>> what seems to be the trouble? >> well they sent me home from school today with note from my teacher. >> i see. what have you done with this note from your teacher? >> i ate it. >> well that was very naughty of you. you know that we do not like you eating between meals. [laughter]. >> sorry. stuart: not bad. "the munsters" was a hit series back in the '60s. by the way their stuff is being auctioned off right now. on the show right now, butch patrick. he is the man who played eddie munster. now, butch, we'll get to the auction in a moment. first of all i want to know why you were saying you could getaway with a lot of stuff back
10:43 am
then that you couldn't get away with now. like what? >> well you know it was a lot simpler time back then, almost like a cartoon type show. on cartoons you can get away with things you can't get away with in real life. "the munsters" was somewhat similar situation. gave them a lot of freedom and comical genius they could get away with that wouldn't fly. stuart: do you think you might be canceled? is there any move to cancel you? have you said bad things, back then, 50 years ago? >> give you an example you showed a clip of me thrown through the ceiling on wires. a friend of mine had license for the comic book, when they it ised for approval, they said you can't do that because it is considered child abuse. stuart: it is. do you get royalties still or residuals is the correct name? >> yes. no, that law was changed in the early '70s. in '60s, residual factor for actors in the contract had to be installed especially if you were a lucy or jackie gleason or fred
10:44 am
mack murray, you had the clout. the contract didn't include residuals after 10. stuart: you're out, over, that's it. no more cash flow. let me ask you about this auction coming up. i think we got a -- on tv right there, on the screen, you've got the where wolf costume. you've got lily's gown. grand dad's electric chair is on auction as of now, correct? >> this is the kevin burns collection, the world's most extraordinary munster fan, a big shot hollywood producer, dear friend of mine. he spent his entire life a accumulating munster stuff. this auction will be the gold standard of all munster stuff. stuart: have you got any stuff in there? >> he actually has a, two suits of mine. one from the movie, one from the tv show. no, i won't be bidding on anything. stuart: take me back to those days. what was it like on the set? did you have a good time?
10:45 am
>> it was a wonderful time. i got to go to universal studios. i was on a hit show. i got to ride around in the coolest car george barris supplied us with. when i had down time, more universal backlot which was a wonderful play ground for a kid. stuart: do you mine if i ask you what you made back then. >> it was mid $30,000 a year. stuart: that's it. >> well, it was, a lot of money back then. i was a 11-year-old kid. stuart: how long were you on the show for? >> the show ran two years. we did 70 episodes. stuart: dud emerge in good financial shape and education wise? >> yes, we did okay t wasn't a bad situation at all. and it is funny, my stepfather at the same time was playing professional baseball. to give you idea what was going on i made as much money as he did. so everything was different back then. stuart: amazing. i'm afraid we're out of time, butch, i could go on with this forever. i used to watch it. i was living in england at the
10:46 am
time. we would watch "the munsters" on english tv, on the bbc, it was back then. >> it has a great global fan base. it is a family friendly show. it is 57 years old. kids are being entertained by it just like they were back in our day. stuart: you got it right. butch, thanks for being here. we wish the best of luck for the talker shun, sir. >> thank you. stuart: got it. now then, do you remember this? here's a clip from the hit christmas movie, "elf." roll it. >> why don't you just say it. i'm the worst toy maker in a world. i'm a cotton headed ninnymingens. stuart: will ferrell says he turned down a big pay day for a sequel. lauren: yes. stuart: how much did he turn down. why did he turn it down? lauren: $29 million. quote, would i have to promote the movie from a honest place, oh, no, it is not good. i couldn't turn down that much
10:47 am
money. can i actually say those words? i don't think i can. i guess i can't dot movie. he turned down the "elf" sequel for $29 million. the original "elf" in 2003, that was a box office success. buddy the elf leaves the north pole in search of his biological father. it is hilarious. a loss for those who did like "elf." "elf" got a videogame, animated show, broadway musical. stuart: he ain't going back. $29 million. lauren: how bad was the script? he blamed the script not being good but is it good enough to get somebody else on board? can you have someone else that could not will ferrell do it? stuart: could anybody else do it? it would the no be sequel. wouldn't be the same, would it. lauren: i love christmas movies. i take another "elf." stuart: christmas carol, my favorite in my opinion. the united nations asking
10:48 am
eel loon musk to shell out billions of dollars to end world hunger. musk wasted no time responding. we'll tell you what he said. more in and out restaurants are getting shut down defying vaccine mandates. they argue it is government overreach. we will ask kelly o'grady what she thinks. she will file her report next. ♪. this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each with a time and a place they've been promised to be.
10:49 am
a promise is everything to old dominion, because it means everything to you. ♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪
10:50 am
10:51 am
10:52 am
stuart: all right. the markets opened this morning with record highs all across this the board. s&p is now moving to the downside. let me check a bunch of winners for you. these are the dow 30 stocks. dow, inc., that is the top performer. so is amgen. s&p 500 winners headlined by franklin resource. we have deere and company back doing well. 5% gain for deere. nasdaq winners, looking for tesla and it's there. that could be again the stock, the stand-out stock of the day.
10:53 am
i'm getting tongue-tied. they're at 1149. 1150, just went to that. up after a stellar week last week. what a performance. tesla is surely the stock of last month. may be the stock of this month too. now this. mower more in and out restaurants are being forced to shut down because of mandates. kelly o'grady, are the restaurants in the los angeles area, are they complying with the vaccine mandate? reporter: stuart doesn't some like in inn out plans to. they shut down of five indoor dining rooms in contra costa county. as health officials shut down briefly go locations in the san
10:54 am
francisco bay area. they have remained open for drive-through and take-out. in a statement to fox news they argued they shouldn't be required to demand proof of vaccination from indoor diners and they affirmed they would not become quote vaccination police. many agree the burden shouldn't fall on restaurants and mandates will hurt businesses ravaged by the pandemic. we asked patrons at at location where they stood amongst the controversy? >> you have to go into the restaurant prove tracks nated. >> we're proud of it, we're supporting them 100%. >> transparency. i'm dining outside. i'm getting myself inside and dining out. what we got to do we got to do. reporter: as you see it is a mixed bag. with l.a.'s vaccine mandate going into effect on november 8th this issue isn't going away. put on our business hat for a second. it's a fast-food restaurant,
10:55 am
they're well-equipped to serve patrons via take out options with a good portion of revenue coming from the drive-thru sales but it raises the broader question how those that rely heavily on indoor dining will react as more mandates are instituted. in and out has options. the ceo of the state of florida invited them to expand in the state without restrictions. in l.a., grab in dinenal animal style my favorite burger soon. otherwise next week you may be going through the drive-through. stuart. stuart: thank you, kelly, moving on. one major california city became the most affordable housing market in the nation. my first thought has that got to be san francisco. lauren: right. right state up north, but it is sacramento. the median price after new home there is $650,000. which means you need a salary of $128,000 to make the down payment. the average salary is half of that, $76,000. push comes to shove, 80% of
10:56 am
residents are priced out of a new home there. same for miami. you can see vegas, phoenix, denver, getting really expensive. this all comes from a real estate tech company called the knock. so demand is not the problem. it is housing affordability. you have low rates. there is not enough supply and the prices cron tins to go up and up and up. places like sacramento, 80% can't afford a new home. stuart: understood. thanks, lauren. just ahead, steve forbes, joe concha, the real "wolf of wall street," that would be jordan belfort. next case, this is not a happy democrat party. they're tearing each other apart that will be the theme of "my take" coming up at the top of the next hour. solved it. that's great, carl. but we need something better.
10:57 am
that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay ... (vo) this is more than just a building. it's billion-dollar views. perfectly located. an inspiration. and enough space to start an empire. loopnet. the most popular place to find a space. trelegy for copd. [coughing] ♪ birds flyin' high, you know how i feel. ♪
10:58 am
♪ breeze driftin' on by... ♪ if you've been playing down your copd,... ♪ it's a new dawn, it's a new day,... ♪ ...it's time to make a stand. start a new day with trelegy. ♪...and i'm feelin' good. ♪ no once-daily copd medicine... has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy, and save at trelegy.com. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had
10:59 am
planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. it's beautiful out here. it sure is. and i earn 5% cash back on travel purchased through chase with chase freedom unlimited. that means that i earn 5% on our rental car,
11:00 am
i earn 5% on our cabin. i mean, c'mon! hello cashback! hello, kevin hart! i'm scared. in a good way. i'm lying. let's get inside. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. >> we have a 7.5% savings rate, 2.5 trillion some-odd dollars. a lot of that savings would have otherwise gotten back into the economy, had it not been for delta. i think you can get to 5,000 by the end of next year but it's going to be a twitchy market. >> the feel inflation hedge is golden tips that's probably the best trade of all. no loss, no big advantage, but nothing has happened. >> there's an old add age, rallies don't die of old age the fed kills them. >> i don't think the feds know where they're going. >> maybe we'll get a pullback
11:01 am
the last couple weeks that's what history suggests and we'll go off to the race again. >> i was very involved as you know, stuart, in the tax cut that we passed in 2017, from one of the deductions we got rid of was well we capped that state and local tax deduction. that has nothing to do with the middle class. we'll provide the biggest, most expensive, tax give-away loopholes to the rich in the history of the united states >> ♪ i want to rock and roll all night, and party everyday ♪ stuart: it is 11:00 eastern time on this monday, november 1, and started off with a little kiss, why not. you got that right, that was wrong. the markets, well we've got some green, we had a lot of green at the opening bell, we had record highs for the dow, the s&p, and the nasdaq. come back a little from those highs but still, it's fairly positive market at this moment. big tech all over the place today. a real mixed picture, facebook
11:02 am
is up, the rest of them are down got that? now, this. this is not a happy democrat party. the division and the anger are best summed up in this new york times headline, "ugly in- fighting and virginia election killed democrats with dread" strong words, dread? but justified. the democrats are at each other 's throats and it's hurting last tuesday, moderate house democrats from new jersey and virginia begged speaker pelosi, please, hold a vote on the infrastructure bill. they were furious when the speaker canceled the vote, not once, but twice. terry mcauliffe was also angry, he knows voters want roads and bridges, it's what they were promised but the democrats have not delivered, mcauliffe has been sinking in the polls. the failures are adding up and the democrat support is coming down. the public can see the in- fighting, they can see the results, nothings getting done.
11:03 am
this nbc poll is telling, here's the question. do you think things in the nation are generally headed in the right direction or do you feel things are off on the wrong track? an astonishing 71% said we're on the wrong track. the same poll showed president's disapproval rating at 54%, disapproval, up 15 points since april. that's according to nbc. it all comes to a head this week , votes on two big spending plans and votes in two states, new jersey and virginia. they're tearing each other apart right now. just think what happens if they lose in virginia, or they fail on infrastructure. the democrats future will be written this week. third hour of "varney" just getting started. >> steve forbes is with me. the democrats were at each other 's throats.
11:04 am
what happens, do you think, if they lose virginia, just out of interest. >> if they lose virginia, and don't do well in new jersey, that's going to be the end of that multi-trillion dollar spending bill that biden has been pushing. they may get the infrastructure bill eventually through, but moderate democrats are going to look at those results and say oh , my god. things are really sinking and that's why i was surprised that mcauliffe brought in the democrat candidate in virginia, why he brought in joe biden because popularity is falling even in virginia. stuart: there's going to be i'm not sure, what's it called? a presentation by donald trump, i think it's tonight, and this is going to help youngkin or so he thinks. do you think trump's appearance in that campaign at this point helps youngkin? >> i think it helps get out the vote in certain parts of virginia but the youngkin campaign has a wonderful ad out
11:05 am
now, how mcauliffe has tried to make the whole campaign issue on trump so it's saying trump trump trump trump trump an d not the real issues facing virginia. youngkin has a very positive program including getting rid of a hated grocery tax so he's got a positive program, made the issues virginia issues so that's why i think he's going to win whereas mcauliffe is grasping at anything he can hold on to because he knows his ship is sinking. stuart: what do you think about treasury secretary yellen trying to get congress to go forward with this 15% minimum tax on corporations, a global 15% minimum tax. i, for one, think that we should not be giving up our economic sovereignty. don't let foreigners tell us how to tax our corporations, but secondly, i just wonder what impact it would have, 15% bottom >> it would make us for those tax increases go through, both the minimum they're proposing here at home and going into the details of
11:06 am
what they are trying to do overseas with that minimum we'll have one of the highest corporate tax rates in the world i think only two countries are going to have it higher, portugal and colombia, whereas we're going to be higher than russia, china, and other wonderful countries, and so it's going to be a disaster. they don't realize, as you pointed out time and time again, who pays these taxes? who pays them? our customers, shareholders, and workers in terms of lower salary increases. stuart: got it. steve forbes thanks for being here, always appreciated, see you again real soon. thank you. stuart: sure thing we talked about president biden once again reading from his notes to call on reporters, but watch what happens when fox's peter doocy tries to get a question in. roll tape. reporter: mr. president is it true we'll give 450,000 to border crossers who were separated? stuart: he scratched his head and that's it. joe concha joins me now. the president really ignored
11:07 am
that question. he ignores any question he doesn't want to answer, right? >> well he has a pre-determined list of reporters handed to him by jpmorgan, by his handlers, in the communications division of the white house, stuart, and that's the thing, when somebody outside of that pre-determined list is actually the one whose asking the question, he scratch es his forehead. it's not part of the scripted presidency that his handlers attempt to portray, and this is why, stuart, we see polls like those from nbc news over the weekend that shows nearly three-quarters of americans believe that the country is on the wrong track, nearly three- quarters because when you have inflation, supply chain crisis, soaring gas prices, violent crimes skyrocketing, parents attacked for wanting a say in their child's education, hundreds of americans left behind in afghanistan and forgotten and peter doocy asked a question like that he's focusing on this other crisis which is at the border and now the administration, the wall street journal says they are thinking of paying those who broke the law, entered the
11:08 am
country illegally, $450,000, if that isn't a caravan incentive program, i'm not sure what is. sneak across the border with children, and get placed in the richest 1%. meanwhile if you live in this country legally stuart, and you serve in the military, and you get killed in action, you somehow get less money, in my state of new jersey, the average per capita income is about $42,000 or one-tenth of what these migrant families might get paid. i just find this appalling and i can't believe we're even discussing such a proposal in this situation considering everything else that was just laid out. stuart: let's discuss this. southwest airlines apologizing after this announcement aboard a flight. listen to this , roll tape. >> it should be mostly clear skies and 77 degrees, thanks for flying southwest airlines, welcome aboard. stuart: well, let's go brandon is kind of a code word, code expression, for insulting the president. the media is outraged at this t
11:09 am
one cnn reporter suggested the pilot might be dealing with substance abuse, another compar ed the pilot to an isis sympathizer. what is your take on this , joe? >> i think if you told me a few weeks ago i'd be on with stuary varney discussing whether let's go brandon is a form of hate speech i might think you were insane so if this pilot, i should say, actually said let's go brandon i'm still not completely sure he wasn't saying let's go braves. i listen today that eight aims, but let's say he was saying let's go brandon. if it's determined he made a benign joke will this cost him his job because i'm old enough to say robertdeniro, when he uses an actual f word on national television describing that former president or madonna saying she was thinking blowing up the white house the day after trump was elected or collin colin kaepernick, or kathy griffin holding up the
11:10 am
severed head by the likeness of trump, all in the name of free speech, stuart but to the left, free speech is only a thing when it's the right speech , speech that they agree with, and that's a whole bowl of wrong. stuart: let's go brandon is kind of mild compared to the rest of them. joe concha, jersey guy, we'll see you again soon. thanks very much. >> all right, thanks, stuart. stuart: all right, good morning, susan. reporter: sorry i was a little excited to see you. its been a while. stuart: i think the audience caught you before we actually saw you, but that's okay. reporter: oops i want to tell you what i'm hearing in the market because the cryptocurrency experts apparently there's a lot of cash chasing crypto including bitcoin so there's a new term called pom o, it's panicking on missing out and i heard this quoted several times but really listened to and influential strategists when it comes to cryptocurrency and they're seeing right now, there isn't a whole lot of bitcoin selling, but there's a lot of demand coming from the
11:11 am
institutional side so there's overriding belief in the market that panic buying especially from institutionals feel they are really missing out will drive the next price pump. stuart: i'm looking at ethe. reporter: ethererum which hit a record high. stuart: you and i were talking about this a few weeks ago when it was in the low-30s. now it's 42 all-time high. reporter: it really just goes around 10 times what ethererum is being priced at so ethererum is up 4,200 so that's what you see when we were talking about grey scale, that was when ethererum traded at $3,000. stuart: that's right. starbucks, what's going on with them? reporter: starbucks coming back from the single worst day in the year and they are recovering from that inflation scare, because we talked about costs being higher therefore eroding profit margins but today barclay s says it's an overweight worth 130 in their view. stuart: god anything on trip advisor? reporter: travel has been slow to come back, because under weight to $30 today, and that's
11:12 am
by barclays, who thinks it's going to take a lot longer to recover. stuart: travel has not come back like it's supposed to come back and that's a fact. thanks, susan. the real "wolf" of. will: just jumped into the nft world and jordan bel fort wants to start his own project. thousands of people could lose their paychecks today, new york cities vaccine mandate now in effect for public workers i'll talk to a married couple who no longer have an income. president biden and a third of his cabinet are at the glasgow climate summit we're facing big problems here at home with a report from scotland coming up. >> ♪ in the heat of the moment, in the heat of the moment ♪ group
11:13 am
this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ say it's all right ♪ ♪ say it's all right, it's all right ♪
11:14 am
♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪ ♪ kinda pat your feet ♪ ♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ oh, it's all right ♪ at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs... being first on the scene when every second counts... or teaching biology without a lab. we are the leader in 5g and a partner who delivers exceptional customer support and 5g included in every plan. so, you get it all, without trade-offs. unconventional thinking, it's better for business. hearing is important to living life to the fullest. that's why inside every miracle-ear store, you'll find a better life.
11:15 am
it all starts with the most innovative technology. like the new miracle-earmini, available exclusively at miracle-ear. so small that no one will see it, but you'll notice the difference. and now, miracle-ear is offering a thirty-day risk-free trial. you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life. our retirement plan with voya, keeps us moving forward. you can experience better hearing with no obligation. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... hey, graduation selfie! well done! and voya stays by our side, keeping us on track for retirement... ...giving us confidence in our future... ...and in kevin's. you ready for your first day on the job? i was born ready. go get 'em, kev. well planned. well invested. well protected. voya. be confident to and through retirement.
11:16 am
11:17 am
stuart: president biden just wrapped up his remarks at the climate summit in glasgow. he wants to be the leader in cutting emissions. edward lawrence is in scotland, edward, does he have a different message behind closed doors? reporter: no, in fact, stu, the message changed when he just spoke here in scotland for the climate change conference and what he's saying now is because of the rising prices now is exactly the time to invest more money to diversify energy supply. the white house is saying we need an immediate and sustained response and investment to eliminate greenhouse gas emissions. the message from the white house one of action right now, president pushing the move from fossil fuels into social spending bill and somewhat in a bipartisan infrastructure bill. >> and i said that i would make
11:18 am
sure that we were in a position where we dealt with climate change, where we moved in a direction that was significantly improved the prospects of american workers having good jobs. we've done all of those. we continue to do them and we'll see what happens but i'm not running because of the polls. reporter: now the president acknowledged he's not going to eliminate fossil fuels overnight but signaled that with other g 20 countries to end financing of coal plants however the leaders gave no date for that and some republicans are saying this is just a waste of time, because the largest polluter in the world, the leader, is not here. >> in china, the world's biggest emitter of carbon is exempt from all this stuff, they aren't participating but laugh ing at the united states and the rest of the world. reporter: now, the president is here, president joe biden in rising inflation prices back there in america, gas prices going up in america, the border crisis people coming across
11:19 am
record pace, but this is where the president wants to spend his time pushing his climate change agenda. back to you. stuart: edward thank you very much indeed i want to bring in on the phone is nigel nigel farage. nigel, is president biden popular in britain? >> i don't think we know much about him or at least we didn't know much until the afghanistan withdrawal and while we were all sick to death of being there for 20 years to unilaterally withdrawal without telling your oldest closest allies you were about to do it and to let the taliban who we fought for 20 years take over his popularity plummeted after that and now, people see , frankly, just an old man unfit for office who by the way has already fallen asleep during the preliminary speeches of the opening, mind you maybe this time we can excuse him because prince charles sends me to sleep as well, but no. i mean, i don't think with any great regard, ii think obama people saw as being a very powerful public speaker, clinton
11:20 am
people saw as being charming, trump divided opinion as he always does everywhere, but with some big fans as well, and i think with biden most people are just shaking their head. how can this man be the leader of the free world? stuart: how's the climate summit going? i know it only just started but we've got early indications they are already managing down expectations. you go along with that? >> well look, not only is china not there who emits 30%-plus of carbon dioxide emissions but obviously president putin from russia, he's not there, and while india is there it's pretty unlikely he's going to sign up given how generally low living standards in india are, i mean, it's great dilution that is going on about coal and natural gas. coal consumption is rising every year, can we please get a handle on that? natural gas use becomes even more vital, the more we rely on wind and solar, because they're not reliable, and it's funny
11:21 am
isn't it? joe biden doesn't want to have gas and pipelines in the midwest of america but approves nord stream ii, so putin can send his guam to europe and then the whole thing is just all over the place, and the fact is this , i think, that any moves to decarbonize, any moves towards netzero in econom ies like the uk or even america means that effectively, those on average incomes or lower finish up, disproportionately paying the bill, as we passed massive green subsidies to huge multi-national companies and that, i think, is the most terrible, awful rip off. we all want a cleaner greener world but not like this. stuart: the queen canceled her trip to the climate summit, doctors said she has to rest. do you know what's really going on the power has been saying what is the problem here? >> no, we're not getting very much from the pilot at all, which i think is making many of us who are big fans with the
11:22 am
queen because of course she's been there for the whole of our lives is quite extraordinary of her, with the 70th anniversary coming up. we don't know how serious things are. the real test will be on remembrance sunday, the nearest sunday to november 11 when she always attends the laying of the wreath to britain's dead in two world wars and subsequent conflicts and it's something that means so very much to her and of course her husband who she just lost, was a world war ii veteran, mentioned himself and if we don't see the queen there, on parade as it were, on remembrance sunday then we will all be very worried. stuart: nigel, good stuff thanks for joining us we'll see you again real soon. check the markets please i see some green emerging. not much of it but dow is up 50 and the s&p is up .56%. all right, next. the united nations, i love this story. the united nations, the u.n.,
11:23 am
wants elon musk to help world hunger, help end world hunger. well he responded that. all right, susan what do you say >> it started with this headline, how about i show you this the u.n. director said 2% of elon musk's wealth could help solve world hunger so that's $6 billion, with elon musk worth $311 billion, and here's what he tweeted. if the w. f. b., the world food program, can describe on this twitter thread, exactly how $6 billion will solve world hunger, i will sell tesla stock right now and do it but he did add that it must be an open source accounting so the public can see precisely how this money is spent, because tell me this , because the u.n. director said of course we have transits employees in place so you know where the spending goes i'll tell you that on social media in that thread, most of the responses were you cannot trust the government to spend this money because i'll probably spend it on use let administrative stuff. stuart: i would agree with that. >> i just used stuff. stuart: i would agree entirely
11:24 am
with that. the electric car maker doing very well today. look is this right? they delivered a record number of cars? >> that's right so 10,000 cars in october, slightly lower than september but still tripling from last year which is a good sign. now i know you want to talk about the race in china whose winning in tesla and elon musk i think that's one of the main reasons why the stock is trading at $1,200 because of their success in shanghai not only for the chinese market but making cars to export to europe as well so tesla had a record sales number of 56,000 cars in september, so, if spong delivered 10,000 in october, tesla 56,000 in september, so elon musk is still winning that and beating the challenger, local challenger s too. stuart: china is the biggest ev market in the world. >> scar car market, yes. stuart: take a look at the transportation secretary, pete buttigieg. he addressed his newborn twins, just about the traffic cones for
11:25 am
halloween he calls them twin -frastructure safety advocates i like that, god bless him. >> back up and running after a three-day outage some people are blaming chipotle? i'll try to explain that, and take a look at market scan. this is a sense of the market, evenly split, winners and losers , the dow is up 50. we'll be back. ♪♪ ♪♪
11:26 am
♪♪ ♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪ dog barks you're right bunker, the medicare enrollment deadline is almost here. to unveil them to the world. if you're on medicare and you want to explore your options, the deadline to enroll is december 7th. so, you should act now. were do i find the right medicare plan? at healthmarkets, they search many of the nation's most recognized carriers so they
11:27 am
can help you find the right plan, at the right price that's the right fit for you. how long does it take? just minutes. my current plan only covers 80% of my costs. healthmarkets may find plans with zero dollar copays, deductibles and monthly premiums. even plans with prescription drug coverage, vision, dental and hearing aids. how much does it cost? healthmarkets service is free. dog barks ok bunker! ... he really doesn't want you to miss the december 7th deadline. don't wait. save time. find the plan that fits you. call the number on your screen now, or visit healthmarkets.com healthmarkets
11:28 am
♪ ♪ ♪ ♪ ♪ ♪
11:29 am
♪ ♪ >> ♪ stuart: that's the skyline of chicago on a monday morning, early. look at the dow 30 again, please , going to give you a sense of the market, these are all the 30 stocks in the dow industrials, there are more winners than losers but it's a narrow split, and the dow itself is up just 45 points. show me microsoft, please? the stock is way down today, a drop of nearly $4. they're teaming up with a video game maker, which video game maker and why? >> have you ever played sega sammy? it's more fun, for younger kids as you can imagine, but they're exploring a strategic alliance
11:30 am
with microsoft to develop big budget titles that use microsoft cloud gaming tech so this is all part of the azure cloud platform and since you are a big microsoft investor you know that azure has been a big contributor to the bottom line which also pads stuary varney's back pocket. >> something like that. stuart: i just find microsoft a fascinating company. they seem to be firing on all cylinders and not doing anything really wrong that i can think of >> and gaming. stuart: with a good public image >> gaming is by the way a huge business and people forget that gaming is a bigger business than all of hollywood combined. stuart: it is. >> isn't that incredible? stuart: it took me a long time to realize that but it's absolutely true. >> titles are worth more than box office hits, yeah. stuart: next one, you know this story. you gotta explain it to me. gaming platform, just restored after three-day outage. susan, what's this about chipotle being to blame? >> yeah, so reports say that
11:31 am
the outage for the kid's video game maker goes back to halloween promotion event in partnership with chipotle that apparently crashed the site for three days. that's a big deal when you have close to 50 million daily active users, and oh, by the way, more than 60% of the users are under the age of 16 so they want their game and it's bad timing since it's halloween and one of the most lucrative times for game makers like roblox, also of course fortnite but they say they have nothing to do with the chipotle event promotion and that wasn't the cause of the crash. three days is a long time for a company of this size and for technology. stuart: i'll say. >> 50 million daily active user s you don't want to keep those numbers on the sidelines. stuart: that's a major league upheaval, and here is another one, coming to you for this one too. listen. shaq, as in shaquille o'neal reveals how he taught his six kids the value of a dollar. roll tape. >> they are kind of upset with me, not really upset but they don't understand because i tell
11:32 am
them all the time, we ain't rich , i'm rich. stuart: shaq's net worth is report edly around $400 million, he expects all of his kids to go to college and get their own degrees. what do you think of that? >> well i agree, because a lot of people including warren buffett says they aren't leaving any wealth to their kids saying i made the money, you didn't, you should learn and earn the value of a dollar it's fundamental to a lot of cultures as well, i think it's stuary varney too isn't it? you will go out and make your own money. stuart: yes. >> you will not be free loading off me. stuart: that's correct. i won't support them in day-to-day life but i will invest in their businesses. >> right. stuart: because i can be a source of capital, they don't have the capital, and if i gave it to them before i die -- >> and you'd give them an education so they know how to fish you don't give them the fish right? and that's also maybe some
11:33 am
shelter sometimes in rainy days? stuart: whatever you say. >> something like that. stuart: it's a good idea to establish a good work ethic in your children and when you see a good work ethic, that they can stick to it and do it that's when you provide the capital. >> also do you know this is the greatest transfer of wealth in more than 150 years, from boomers down to millennials and gen z and gen x? stuart: that's absolutely enhanced by the stock market rally at the last 12 years there's a lot more capital being created now to pass along to the next generation. >> when they learn how to earn it they know how to use it much better. stuart: you know the value of all publicly traded stocks in america is over $47 trillion that's a chunk of wealth to pass along. >> absolutely. stuart: this is another one for you jordan belfort just joined the nft craze so here is the question, you know jordan belfort. >> of course. stuart: do you think it's good p r for the cryptos, for the
11:34 am
nft market, i should say , to have a convicted swindl er joining the market? >> he knows what he's doing. okay aside from that, he's played in the markets and i think he could teach people about what pump and dump really looks like because the nft and the crypto market has been accused of a pump and dump large boiler room-type of scheme so if nobody knows how to point out and educate people on what that looks like i think it's jordan belfort, don't you think? stuart: yeah, i guess so. >> there's an education educational factor and the financial literacy is much lower amongst the younger generation so jordan belfort adds an educational layer which is very important for those trying to enter the crypto and nft space. stuart: he's got 3.3 million followers on tik tok and he told a young man, recently, i believe he would make this young manmade $60,000 a year, and jordan belfort said quit your job. >> [laughter] stuart: quit your job. you're never going to get rich working for somebody else. >> that is true i've only
11:35 am
recently learned that too. sometimes you don't build wealth from salaries. a lot of people, because this is the ear era of venture capital and you create equal and wealth is through equity. have a second job, maybe a side hustle and own something and that's fueling this cryptocurrency nfl boom that we're in is ownership because with the nft world you fully own it and it's verifiable and that's what the attraction is. stuart: good answer. very good answer on both counts very good well done, susan. i've got a quick programming note. an all-new fox business prime episode of my show "american built" airs tonight. quick preview, roll it. >> the nautilus is a fantastic ship that has the depths with unlimited power. in the hands of a visionary engineer. >> the father of the nuclear navy. stuart: and a dangerous top secret mission, under the arctic
11:36 am
ice. >> only the officers on board know they are actually going to the north pole. stuart: how they built the first nuclear-powered submarine, the uss nautilus. >> you can catch new episodes of "american built" every monday night 9:00 p.m. eastern. now, look at this. this is a drone used by some police forces. it can smash through glass window, open doors and get inside and negotiate with suspects, from a drone. a 21-year-old came up with that idea and that 21-year-old joins me, next. >> ♪
11:37 am
11:38 am
11:39 am
11:40 am
11:41 am
stuart: all right, we opened the show, we opened the market this morning, on all three indicators moved to all-time highs. they're still up for the dow, nasdaq, fractional loss for the s&p. check out the airlines, please. in particular, look at american airlines, which is actually up $ 0.15. they have now canceled 338 flights, that's flights canceled today, is 12% of all of the flights that they have. over the weekend they ins caeled 1,900 flights, almost 2,000 actually. susan, that creates extraordinary anxiety for travelers, right before the holidays. >> we're talking about 136,000 customers that have been impacted, and that was only from last night on sunday, according to company tally, so we don't even have the monday morning tally just yet, but talking about a lack of available crew, listed as a reason. do you think this has anything to do with maybe vaccine mandates? stuart: we're told that the vax mandate at american doesn't come until the end of
11:42 am
november, so it's not a vax mandate really creating this crisis for americans. it seems more like they can't get the planes in the right place at the right time, and they can't get the crews in the right place at the right time because of the disruptions last week but it shows how long it rolls on for. this was disrupting last week, and they are still disrupted today, not good news. we're talking about 30% of their entire operations, obviously that's going to be a revenue impact as well, as you can imagine. they are also talking about weather since we know there has been some extraordinary weather on both sides of the coast with the nor'easter, but it's not just american airlines we're talking about southwest just a few weeks ago so for the travelers to come back don't you need a steady, stable schedule to come back too? stuart: you really do. we need travel to come back, and it ain't all the way back yet that's a fact. i've got a different story now we showed you a little clip earlier, a company called brinc. it's created a drone that can smash through windows, open door s and provide two-way
11:43 am
communication between police officers and suspects. strong stuff. blake resnick is the ceo and founder of brinc drones and joins me now, have i got that right that you can actually get inside a building, smash through the windows and hold a conversation with a suspect inside the building? can you do that? >> yeah, stuart thanks for having me, that is exactly correct. we build tools basically in the service of public safety, so devices that enable first responders to put eyes and ears places that are too dangerous to send a person. stuart: now how many police departments actually employ your drones? >> we're not far from 100 now. stuart: you're at 100 locations with that? has it ever been used to communicate directly, a hostage situation, for example. the bad guys are inside, they got a hostage can you send, have you ever actually sent in a drone to talk to the hostage takers? you've done that? >> frankly, almost everyday,
11:44 am
that's occurring somewhere in our country. stuart: okay, how old are you now if i may ask? >> 21, as it stands. stuart: when did you found the company? >> yeah, its been a second, so i started the company about four years ago, but we made our first hire roughly 10 months ago, and yeah, in that period we've grown from one, which was me, to about 60 people now. so its been, yeah, extreme growth in the last 10 months. stuart: how have you raised the money because i understand you've got 25 million. >> yeah, that's right. cumulatively now we've raised about 27.2, and we're actually in talks to do roughly another 50 or 60, so yeah. hopefully in the next basically previous 12 months we will have raised around 100 if this closes stuart: okay, where do you build your brinc drones and are they using entirely american-made components? >> yeah, yeah, we build everything in the united states,
11:45 am
so i grew up in las vegas, it's where i founded the company, also i started this in large part because of the october 1 shooting which i unfortunately had a lot of friends and family at, so that is currently the location of all of our manufacturing, and now, i'm calling in from our new seattle office, which is what you see behind me. so this will become our new engineering headquarters. stuart: you are an american success story and we love having you on the show, and i do hope that if you ever decide to go public you'll tell us first. i'm sure that's in the back of your mind, i know it i can tell. a man whose brought up in las vegas wants to cash out. i know these thing, okay? >> right. stuart: look, we think blake res nick, we think you're all right and we're very happy to have you on the show and you can come back and see us any day you like. >> sincere thanks, great meeting you. stuart: you got it. back to that market. the dow 30 still mixed position, how about let's see , not quite
11:46 am
sure doing the math here we have about what is it 15 or 20 up? >> that's about right. stuart: thank you very much indeed. 24,000 city workers will stay home today, as new york's vaccine mandate takes effect. i'm going to talk to a married couple who are unvaccinated, they now have no source of income. what's their plan? i'll ask them, after this. >> ♪ as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency.
11:47 am
as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com
11:48 am
moving is a handful. no kidding! fortunately, xfinity makes moving easy.
11:49 am
easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving.
11:50 am
stuart: new york city starts enforcing their vaccine mandate for public workers today, 24,000 people could lose their paycheck s. madison alworth at a fire house in new york. how many fire houses, i should say, how many of them closed temporarily closed? >> yeah, we're looking at about 20% of closures, stuart and that's for fire engines and for fire ladders, and we're see ing 20% fewer ambulances on the road, so normally when you have an emergency, in new york
11:51 am
city, the closest engine and closest ladder comes to wherever are you, but with so many of them offline, you'll have to wait longer and that could mean longer response times to your emergencies. we're also being told this morning that because of potential staff shortages all firefighters across new york city that worked sunday night into monday morning, we're told, to stay at their fire houses and continue working to prevent any of those staff shortages so we're talking people who have worked overnight continuing to work today, and this is going to , like i said, having you wait longer for your calls to be answered, creating dangerous situations. take a listen to this. >> if your smoke alarm goes off in your business it's going to take us longer to get there, longer to clear the arm, longer for you to get back to business. if you're stuck in an elevator that's a low priority so you maybe stuck in that elevator for hours until we get there depending on how bad this catastrophe is. reporter: this vaccine mandate applies to all city workers so this is some video that we're
11:52 am
showing you from staten island this weekend, sanitation workers either didn't show up or were slow on their route leaving trash unattended. stuart, city workers had nine days to comply with this mandate , and it started being enforced today and this is also when new york city residents feel the impacts and the consequences. stuart: got it madison thank you very much indeed. my next guests are a married couple from new york city, they're both on unpaid leave after refusing to comply with the vaccine mandate. stephanie murphy has been a teacher for 18 years, michael murphy has been a firefighter for 19 years. they both now, there's no household income. stephanie to you, first. why are you doing this? >> why am i refusing to get the shot or choosing not to stuart: yes. >> because it is my choice, at this point, i've been a teacher for so long, i have many qualifications, and i feel it's very unfair that the reason why
11:53 am
i lost my job is because i wasn't ready to get a shot. stuart: okay. >> it was not because i'm not qualified to be a teacher. i'm more than qualified to be a teacher and have years of experience, i have my master's degree every qualification needed to be a department of education teacher. i have it, i'm just not ready yet. stuart: michael, firefighter. what's the plan? no household income, would you consider moving to a state with no vaccine mandate like florida, for example? >> it's something that we actually have spoken about. we're hoping that the mandate does get lifted. there's other options for us. we just went through a month of testing options, and we had very low numbers of positive tests so i just wish that the city might, my hope is that the city would allow testing options and even antibody options. stuart: so now it's crunch time.
11:54 am
now, you're not getting any pay. how do you feel now? do you feel vindicated? do you feel comfortable with your position, stephanie? >> so i've been out of work longer than he has. its been since october 1 was my last day in my school. everyday is a different emotion. i miss teaching very much so. i know that my calling was to be a teacher, and every time the mayor puts another mandate or says another city worker or another healthcare worker to take the shot, i'm angry. i'm very angry that he doesn't take into consideration those hard workers that have been doing their job for so long , and now it doesn't matter. there's other options. we're not saying that covid is not real. we're not saying that the vaccine is a horrible thing, we're not saying that, just there's other options. stuart: michael real fast real fast. do you keep your pension?
11:55 am
>> right now, yes. i don't think that's something they could take from us right now. stuart: got it. we wish you the very best of luck and we thank you very much for coming on the show, and being honest about the situation , we appreciate that. michael and stephanie murphy. >> thank you so much. stuart: sure thing, got it. >> thank you. stuart: let's get on, look at, time for this the trivia question whose the first president to travel by airplane while in office? i got this one right. the answer, after the break. if i get it right you tell the audience simple as that. we'll be back. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones
11:56 am
. . it's under the couch driver or 3-wood? 3-wood. where do i find the right health plan? at healthmarkets. they search many of the nations most recognized carriers
11:57 am
so they can help you find the right plan at the right price that's the right fit for you. how long does it take? healthmarkets can help you find a plan in minutes. what if i'm on medicare? healthmarkets can help with that too! i'm self-employed. healthmarkets can help you find a health plan on the government exchange or off. how much does it cost? healthmarkets service is free and has helped americans get enrolled in over 5-million policies. barks it's under the couch. it's always under the couch and you can always count on healthmarkets to find a health plan fit for you. don't wait. save time. find the plan that fits you. call this number now or visit healthmarkets.com when the only thought on your mind is “finally” this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire.
11:58 am
11:59 am
♪. stuart: a big congratulations to our producer, jen jacobs and her husband colin. they were married this weekend in a beautiful care money in arkansas. best wishes to the happy couple. >> i want to say jennifer looked amazing. she is an amazing producer. we're amazing happy for her and colin. stuart: they're off somewhere on their honeymoon, scuba diving i'm told. >> scuba diving? stuart: why not? >> we're told the dog made appearance at wedding. stuart: that is different i must say. jen, colin. have a great time. now this. before the break we asked who was the first president to travel by airplane while in office. do we have any selections. franklin d. roosevelt. on january 14th, 1943, way
12:00 pm
into world war ii when fdr flew to a world war ii strategy meeting for a strategy meeting, it was in casablanca in north africa. where is casablanca? >> morocco. stuart: what is the capital of morocco. tunis is the capital of morocco. david asman, he knows every capital on the planet. >> i didn't know you pronounce tunisia tunis. i'm david asman in for neil cavuto. david: as gas and fuel

65 Views

info Stream Only

Uploaded by TV Archive on