Another one coming in half an hour from now. Lets go through the techs because they are obviously doing well. Apple, you have to share with apple, tens of millions of shareholders, up again 3 bucks higher, 137. Amazon, now well above the 3,500dollar mark, the company is worth over 1. 7 trillion. Microsoft, also worth 1. 7 trillion with another record high. Up another buck today at 228. We will bring you the rest of the tech titans in a moment, just wait till you see zoom and how much its worth. Politics, you are going to see a sharp contrast in Campaign Styles today. The president continues to fly all over the place answering reporters questions whenever possible. Hes off to North Carolina today. Joe biden will not be getting on a plane when he travels to wilmington, delaware. He never goes far and shies away from reporters questions. This is becoming a political issue, favoring President Trump, hes out and about almost every day. Joe seems unwilling to abandon his basement strategy and as we said, the polls are tightening and Varney Company is about to begin. Stuart we have plenty of action in the markets already. Look at this. Thats draftkings, Michael Jordan joining the board as special adviser. I believe hes taking equity stake, putting money in his wealth. The market loves it, the stock is up nearly 12 . And this one too, pelaton, jp morgan raising the target price to 105 a share. They are up 8 and a half percent this morning at 90 a share. All right, we have a couple of retailers who reported this morning. Macys, the good news there is that Digital Sales jumped 53 last quarter, but store sales dropped by more than a third. By the way, the most popular items bought online at macys workout clothes and home decor. Susan sweat pants for lockdowns. Stuart i will call them lockdown winner, Digital Sales jumped 23 , during the pandemic, look at the retailers. I promise wed get to zoom and here it is, okay, down a bit today after a spectacular performance yesterday. All right, susan. How much are they worth . Susan they are worth 125 billion. Thats bigger than big blue ibm. Zoom skyrocketed gaining half of value. Gaining 50 in one single session of 40 billion or so. So 125 billion in market cap, now the 55th Largest Company in america and not just bigger than ibm, zoom is now bigger as you saw on the board chip maker amd and also having great year, starbucks and boeing and pretty incredible when a company more than quadruple its sales in 3 months in one single quarter. Founder eric now worth more as carl icahn and worth more than than the company ipoed last year. Think of docu signs, up nearly 25 , crowd strike was 25 , slack also getting lift and lift this morning and zooms incredible numbers, maybe wall street may have underestimated the money that the lockdown winners might have made and thats why they are trying to rush in to buy now. Stuart i have to be honest, ive never heard of zoom until six months ago and now they are worth than imb. Susan 10 million users and now 300 million and counting. Stuart down a little bit to do today, dont forget that. Green arrows across the board right there. Shah galani is with us. Do you remember greenspan way back then, are you inclined to use that expression to describe the market today . I am, stuart, i believe that in 1996 is when Alan Greenspan addressing and what was happening in tech sector. Another 4 years before the market ended up and nasdaq composite down 78 . The metrics are certainly getting shall we say irrational. I know you hate price earnings and stuff, multiples on all majors up between 60 and 65 in a year. Ive never seen that before other than end of 1999 to 2000 in the nasdaq composite, so things are getting frothy but this is where the money is going. Theres no other alternative, so it can go on for a bit good longer. Stuart we will quote you on that, it can go on for bit longer. Lets talk politics for a second, shah, we have a poll that shows joe biden leading President Trump by 7 points, only 7 points. His lead is really narrowing. Do you think that that favors President Trump in my opinion. Is that a factor on the market today . I believe so. I believe that the polls have been reversing, not in absolute terms but President Trump is picking up in terms of the polls and as that narrows, as the difference between the two narrows the markets are reflecting that and saying we would rather see President Trump back in office with the kind of administration he has right now even divided congress. I think the market is in for a severe shock if the democrats sweep in november. Thats i think the one thing that probably can derail this market rally. Stuart hold on a second, shah, you cant see this but the viewers can. The dow up going 135 and nasdaq going up 124. You dont see that very much, do you see, shah, the nasdaq has the same the numbers attached to it as the dow industrials, have you ever seen it like this before . No, its staggering. Makes sense that work from home stocks, tech sectors, the earnings are there and profits are there. Some of the higher multiples are justified there but overall to me, stuart, its getting too much of a newfangled meltup. Stuart thank you very much, sir. Mortgage applications came out this morning, actually down 2 , lauren, i presume that Mortgage Applications are still way up from last year, though. Lauren way up, indeed, so applications to buy a new home up 28 from last year and if you look at refinancing, they are up 40 , home buyers continue to flip the market and homeowners continue to lock in lower rates, all positives. The author of the report is crediting two items, Strong Demand from the delayed Spring Season thats stretching through summer into fall, also the desire for space but they do caution, the refi demand will continue to slow down without notable drop in rates but housing has been booming. How long can it continue is the question. I do have to say, stuart, manufacturing after the ism number at 2year high, manufacturing is really a strong part, so between housing and manufacturing, this economy can certainly recover. Stuart okay, thank you, lauren. See you again later. Lets get to the pandemic. Health and Human Services says since the peak in july, new virus cases are down. 38 across the country. New hospitalizations down 37 . Look who is here dr. Mark seigel. Professor at center. Seems to me the virus is in retreat, what say you, doctor . Doctor this is very good news, stuart. I think even more important than the case numbers being down across the country its also that the hospitalization numbers are down. Thats what really puts such a big pressure on the Healthcare System and caused us to close elective surgeries and procedures, cancer screenings and heart treatments, all of that big problem with depression and suicide, what i call Collateral Damage. That may be reversing because hospitalizations are down, the percentage of tests that are positive are down to about 5 . We are heading in the right direction despite by the way all of the protests where its pretty easy to spread virus if its any around. The hot spots that i talked about on the show, texas, california, texas, florida have all made significant improvements in dampening down the curve and getting much less new cases per day. Stuart okay, winter is coming, the cold weather is coming, we are told that that favors the spread of the virus. What do you say . Is there big risks coming this fall and winter . Doctor i think we need to take precautions. I think that its a reminder about physical distancing and ventilation and masking and being using disinfectant and being responsible. Its a good time for that. We need that more consistently across the board but this virus has not obeyed what we were expecting it to do, so there may be areas where its already affected those who were most susceptible but its not time yet to take the foot off the gas, pedal in terms of public health, but i want to point out manager, stuart, thats really shocking. People seeking is 35 , that tells you what the cost of the lockdowns have been. We cant go back in time. We cant be doing these lockdowns. We just have to be judicious and responsible because the Collateral Damage has been enormous. Stuart you threw me there with the statistic but its a valid statistic pointing out the social cost of a lockdown. Extreme, indeed. Doctor, always good. Thank you, sir. We appreciate it. See you soon. All right. Thank you, stuart. Stuart staying on the virus. Susan, you to tell me about roche, they have a new virus test. Susan they are launching new rapid covid test and typically yields results in just 15 minutes. Now the accuracy rate is pretty high as well, 96 , now its also reportedly more affordable but the company didnt release or give any prices but roche has applied for emergency authorization by the fda. Dont forget abbott labs which cost 5 bucks, they got fda approval just last week as well and the Trump Administration is buying 150 million of these abbott labs rapid tests for around 3 quarters of a billion dollars and im sure that something that roche is looking to do as well. Stuart rapid tests on the way. Hundreds of millions being produced fairly soon in place fairly soon . Susan we need it. You need quick test results. Yesterday health and human says it comes in 2 and a half days. Stuart not good enough. 30 seconds would be cool. Futures, look at that. Green across the board especially the nasdaq. Will you look at that, up 128 points tat opening bell. Not bad. Big show ahead, larry kudlow will be here, when we will get our next stimulus package . By the way i want to talk to him about the wealth effect. We are a lot of people are getting richer from the stock markets gains, whats the wealth effect from that . I will ask him. House speaker Speaker Pelosi caught red handed getting her hair done in shuttered closed hair salon and she wasnt wearing a mask. Question, do you remember Shelley Luther, the texas salon owner who was jailed because she reopened early. He will join us in the 11 00 oclock hour. Perhaps Speaker Pelosi should be playing by the rules and this, the mayor of Portland Ted Wheeler reportedly moving out of his home because nonstop rioter brought damage and fear to his own neighborhood. Stay there, please, Varney Company just getting started. Stuart acting dhs secretary chad wolf says hes had enough of the lawlessness and riots in portland, oregon telling ted wheeler he must prioritize private safety or the feds will have no choice to come in and protect the city. Here is part of fiery letter that he wrote, quote, you have stood by passively arguing that the nightly violence will ultimately burn itself out, the evidence demonstrates otherwise, chaos, destruction and suffering in portland are evils you cant stop and must stop. Joining us now Ken Cuccinelli with dhs. Sir, what kind of federal intervention are we talking about here . Federal troops in full battle gear or what . Ken no, not troops, its a Law Enforcement failure and Law Enforcement solution. The first responsibility in the communities is state and local for policing but we are seeing portland intentionally not and willfully not policed to the extent needed to stop the violence and thus the secretarys letter to portland and, you know, we have to use extraordinary and fortunately federal authorities that weve avoided doing to this point, but as the president has made clear and the secretary in his letter, all those options are on the table and compare it to kenosha, we saw formula for quick stop to violence and that was democrat mayor and democrat governor. Partnership shouldnt have anything to do with this. Its straight Law Enforcement, its a simple solution and portland and Governor Brown refuse to implement it. Stuart we just had a report that the mayor ted wheeler is moving out of his own house, going elsewhere because his neighborhood is under threat. Have you had a response from mayor wheeler to the letter sent from dhs threatening federal intervention . Ken not yet. Hes probably busy picking out real estate agents. [laughter] ken yes, thats my natural state of being, but what it also just sent recently. He has a history of responding to these things and you have a governor who has over 7800 National Guardsmen at her disposal, she hasnt used one of them and even mayor wheeler asked Governor Brown to bring the National Guard in june but he come out and defends violence and defends antifa and the anarchists even as they attack his own condominium complex. Stuart there are reports that this is a wellfunded operation that that theres somebody behind all of this, an Organization Behind all of this, the rioters are being paid, the gear that they are using is being paid for. Are you close to finding out who is really behind this . Ken well, im not prepared to say we are close. There are hundreds of investigations running across the country, federal investigations running across the country that include those sorts of questions and we also have, of course, legislators on capitol hill asking those sorts of questions as well and as some of those committees start to look at this, theyll have a different set of authorities to bring to bear. Stuart i mean, hundreds of people are being arrested here. Is anybody talking . I understand that one person was arrested in 3 different places. Ken yes, and they draw special attention from us when they cross state lines and thats been true in portland where you didnt have very many crossing state lines but you have repeat offenders where you have local da that wont prosecute them. We focus federal resources on that. Half of the arrests in kenosha, on the other hand, traveled from other places. When you cross state lines you invoke federal jurisdiction and the opportunity for the federal government to prosecute you goes way up and investigate how you got there and how are you funded and so forth but because of the Fourth Amendment we have to respect the process and and weve got to have a certain level of evidence to begin using search warrants and doing those kinds of things to investigate the financing on the backside of this and thats what we are doing. Stuart Ken Cuccinelli, go to it sir. Thank you. Got fox base alert for you. Listen to this. Fox news reports that russia is targeting black lives matter and black voters ahead of the election. What do we know about this in susan stoking divisiveness and polarization as we head into the november votes. Multiple intelligent sources telling fox news that russia is making moves online directed squarely at influencing black lives matter and black voters ahead of the 2020 election. Yesterday there was one case where Russias Internet Research Agency created a fake leftwing news outlet complete with fictional editors and writers and then removed the accounts and the fbi is now investigating this. Facebook removed accounts but they have one where they are perpetrating, being young africanamerican who withdrew support from black lives matter and now supports republicans. Some of the tweets from what i saw got 40,000 likes in under 24 hours. So there is this influence taking place and they want to make sure that russia does not get any say this time around. Stuart malicious influence. Ly put it like that. Check those market again, please. Dow futures up 129, nasdaq futures up 118, s p futures up nearly 20. And now the traditional live look at deserted time square, well, it is raining so that explains something there. We will be back. [camera man] well, shingles can be prevented. Shingles can be whaaat . [camera man] prevented. You can get vaccinated. Frank they have shingles vaccines whaaat . Thats what i said. Were taking you to the doctor. Not going through that again. [camera man] you can also get it from your pharmacist talk to your doctor or pharmacist about getting vaccinated. Talk to your doctor or pharmacist so you ready to hit the road . I dont know. Just get on your bike. And ride no now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Stuart welcome, everyone, to the big techs, all of them up again today and welcome up to ray wong, covers big tech and bullish on these things for so many years that ive lost count. All right, ray, give me one big reason why the tech stocks have done so well, tell me. Good morning, first of all, it is because the Bigtech Companies are taking market share and what theyre doing is they are growing at double digit multiples, they are bringing doubledigit growth in profits and membership growth or user growth and thats whats the fundamentals behind that and they are taking market share at some point at the expense of other industries and breaking into other industries and disrupting them. Stuart arent they the face of the new economy and its a new economy yeah. Stuart new Global Economy actually dominated by these companies. Thats another huge reason. Its a Global Economy, its dominated by the Bigtech Companies. If there is free trade and fair trade, so you basically have u. S. Versus china in that debate. Some markets you cant get into so it doesnt matter, other markets are wide open and thats really what the competition is for. Stuart open the market shortly, before we do, ray, talk to me about zoom. It surged yesterday pulling back a little today. Whats your price target . Ray price target is 550 i b