crushing expectation. highest level of consumer confidence in 18 years. steve: will that impact the voters when they head to the poll next week, here to weigh in steward varney host of varney and company on the fox business network. so many issues that people are considering as they run up to the midterms. you are saying this is one of the big ones? i think this is very important as we run up to the midterms. i think this historically high level of consumer confidence will have a positive impact on the election in favor of g.o.p. and president trump look, this is indicator of how we feel. it s not a normal economic indicator like an unemployment rate 3.7% or a growth rate 3.5. no. this is how we feel. it s a sentiment indicator. the truth is, when we re we got this high level of confidence. we spend more, we might take another vacation. we probably tip a little bit more. we might even consider buying an extra suite of furniture or whatever it is. we are feeling positive about our f
for the dow, the s&p, the russell 2000 small cap stock index, all of those measures perhaps of a market sentiment that is still riding high on some of the trump optimism that happened ever since the election. we re going to be keeping a close eye on what s happening specifically with technology and media related stocks because netflix, the online streaming giant, reports earnings after today s closing bell. so a lot of traders keeping a close eye on whether or not that could be a sentiment indicator for a lot of stocks out there. we re also watching what s happening with other parts of the market as well, industrials, bank type stocks all indicators about whether or not investors feel there s optimism in the marketplace right now. interest rates also a big part of that picture. they are trending a bit lower so people are focused on whether or not banks can continue to do as well as they are. but chris, a lot of stuff on the radar, netflix earnings will be key after today s closing bell
continue to fall, and we ve got a new normal for gasoline prices, above 3.50 a gallon. add all that up and the trend is definitely towards recession. that s speaking as the way a professional economist might speak, and if you ask is it feeling like we re in a recession, the answer is a flat out yes, we are. martha: and doesn t that isn t that really what matters, when you think about it, stuart? you can look at the technical definition of two quarters of consecutive decline or two quarters of consecutive growth, or whether or not we re effectively in a recession but you nailed it on the head, when you ask people how they feel about the economy, their business, you know, what s coming down the pike next year for them financially, they re feeling it. the way they spend their money depends upon their feelings about the state of the economy, right now. we re going to get an indicator in about 50 minutes time, it s called a consumer confidence or a sentiment indicator, and it is very li
you just can t do it. if you don t ask me, ask the american residential market. so the point is it s not working out so well for them and if they keep increasing the cost of oil, we re going to top buying it. something for everybody at home to watch. the saudi stock market is a canary in the coal mine and those people have a lot better handle on what s going on in the middle east than any of us do if they are sealing stocks. to the tune of 7% on the day, that s a heck of a sentiment indicator. thank you as always for a smart and spirited conversation. we appreciate it. as we take a moment here, we ll go a break. but don t go heading for the bathroom even if you ve got to go. i want you to wait. it might help your decision making. we ll explain after will. last year. (oof). i had a bum knee that needed surgery. but it got complicated, because i had an old injury. so i wanted a doctor who had done this before. and unitedhealthcare s database helped me find a surgeon. you know you can