Or highs just yesterday alone. Bit of a pullback today. As for the nasdaq, yeah, it closed above 12,000. There was a massive runup in tech stocks again, a pullback is to be expected, and take a look at that, thats what weve got. Got it. Next, vaccine news. Very positive. The centers for Disease Control is telling states to get ready for Vaccine Distribution on a large scale come november the 1st. Which vaccine . Dont know, but this is a firm date and, of course, its right before the election. And it is exactly two months to the election, and the two campaigns are in high gear. Joe biden has reversed himself. He will travel to kenosha today. He said he wouldnt go, now he is going to be the comforter in chief. What will he say to the burnedout Business Owners . President trump goes to pennsylvania. Hell speak at Arnold Palmer airport just east of pittsburgh. Ive got a feeling hell talk about fracking. Stay with us, please. Youve got to say what Speaker Pelosi is saying about her break the rules visit to the hairdresser. Can you believe she wants an apology from the salon . And well have a few more examples of joe bidens reversals. Will the real joe biden please stand up . Very gnu and company is about to Varney Company is about to begin. Stuart you know, on a cay like this, you really have to start with money. A bit of a muted start to the markets today, but i want to focus on the huge positives that came out yesterday. Susan is with us, as always [laughter] give me the highlights. I thought it was pretty good when, yeah, the dow crossing 29,000 once again. Yeah, we havent seen these levels in seven months. So microsoft, alphabet, paypal, amazon, invidia and, yes, even apple hit a new intraday record before selling off, 74 stocks in total had brand new highs and a nice round number of 29,000. So, yes, there you go. Stuart no, no, no, im not, youre talking about new highs, and on the board weve got todays premarket prices and theyre all down. Thats the problem. Well, look, were still 2 away from record highs once again for the dow. Heres the thing, as i was looking through the sector of performers and you adults, retail i mean, real estate and materials, these are stocks that perform well when there are concerns that the market will fall because they usually give out a lot of dividends and higher paying kind of stocks involved. So there might be some headline risk. Stuart so it wasnt just the big techs that we focus on. It was across the board thats right. Stuart new highs. Broad rally, as we call it. Stuart a meltup for big tech by but a broadly for the rest of us. Come in market watcher, brian wesbury. 32,500 on the dow by the end of the year, that is a remarkable prediction. Back it up. [laughter] well, stuart, we already know the nasdaq and the s p, i mean, you mentioned 74 stocks. I think its 77 stocks. Everybody has a little bit of a different number. I theyve really been driving that. We know who they are, big techs, Big Box Stores that were allowed to stay open. But i think this rally is going to broaden out, and theres really two reasons for that. One, you gave it. Part of it is positive news on a vaccine. Imagine what a vaccine does to airline stocks, to energy stocks, to banking stocks. Well see the rally broaden out. But i also think that people, just forget the vaccine, theyre starting to look at numbers, theyre starting to look at data, theyre looking at their a neighbors who have been traveling, theyre looking at nancy pelosi who walks around a salon with no mask on, and theyre going, were going to go out. And so whats happening is the rest of the economy, even without a vaccine, is beginning to grow. And thats why i think the dow will catch up with the nasdaq in and the s p. Stuart okay, look, solid reasoning, but a 32,000 dow by the end of the year depends upon, surely, a donald trump win and, surely it depends upon reliable Election Results soon after election day. Youve got to rely on those two things happening. I totally agree. And, look, my forecast of the dow is really about what its worth, not necessarily what happens between now and the end of the year. So early this year we said the s p would get to 3650, 3,650 by the end of this year. We went all the way down under 2,300 in april, and now were almost back to that. So those kinds of things happen. My view, if you want it, is that donald trump will win convincingly enough to not have a contested election on november 3rd. Stuart okay. So i do think we will get there, but im also optimistic about President Trump getting a second term and not interrupting the policies that weve seen. Stuart all right. Brian, you have been right before, and we hope youre right again and thanks for joining us this thursday morning. Cheers, brian. Hey, thank you, stuart. Stuart sure thing. Lets get on to tesla. Ouch, look at that, down 32, thats premarket. It was down yesterday as well whats going on . Well, theres more stock available, yesterday we had teslas largest outside shareholder, you might know them, theyre a fund they moved their stake from 7 to 4. 5. They cant hold an outsized position in one particular spot. You also had selling 5 billion worth of shares on tuesday as well. So the value of everybody elses stock, when you sell for cheaper, the stock falls down. Andal taking profits given that tesla has run up including that 12 rally after its stock split. But you had some positives overnight. Elon musk is in germany visiting the site of his new giga factory. Meeting with the German Economy minister who apparently told musk hell have everything in building it. 8,000 expected jobs there, itll make batteries, power train and model ys, initially rolling out model 3s in the future. Look how well theyve done in china, you have to extrapolate that. Stuart teslas down this morning. Yeah. Stuart 7 . Its a volatile stock. Now, another story for you and thats facebook. What are they doing, suspending political ads right before the election . Limiting political ads for one week before the november 3rd vote and flagging any premature claims of victory by any candidate. It takes a little bit longer this year, so facebook also taking down posts claiming voters will catch covid if they go to vote in person. Theyre learning the lesson from 2016. These moves were anticipated. Social media, you know, fighting fake news around the world and making the announcement on his facebook page, Mark Zuckerberg saying im also worried with our nation so divided an election result potentially taking days or even weeks to be finalized, there could be an increased risk of civil unrest. But he does say that american democracy will prevail. Zuckerberg has said political ads isnt really a big moneymaker, doesnt contribute much to the bottom line. Twitter had already banned all political ads, and twitter has a much smaller audience than facebook. So i think only 186 million versus 3 billion on facebook. So, yes, facebook has a lot more influence when it comes to, i guess, trending stuart yeah. Well, i think its a smart move because you want to avoid last minute hoaxes, last minute unprovable points that just crop up at the last minute designed to mess around with the election. Thats not a bad idea. But the stock is down almost 2 right there. All right, were hearing mumbles of a possible senate vote next week on a targeted stimulus package. Remember, larry kudlow talked about this on the show yesterday. Here is senator john barrasso, republican from wyoming. Mr. Senator, welcome back. Great to be back with you, stuart. Stuart okay. Listen to this, i put it to you. With two months until the election, there has to be a new spending deal. Its a political necessity. Were going to get something, arent we . Well, first, stuart, we are seeing the Great American comeback happening right now. And the goal of the republicans in the senate is to, next week, move to the floor with a bill thats focused on specifically three things, and that is getting people back to work, getting kids back to school and getting the disease behind us, in the rearview mirror. But i will make a prediction right now, and the prediction is that Chuck Schumer and nancy pelosi will continue to be a roadblock to relief and to recovery. When you look at what theyre proposing, you can never outbid or outspend nancy pelosi and Chuck Schumer. They want 3 trillion, a trillion of it has nothing to do with coronavirus stuart but isnt there, i mean, youve got to get its a political necessity. Isnt there a compromise coming here . Republicans are okay with a trillion, Speaker Pelosi wants three trillion, youre going to have to compromise somewhere in the middle, arent you . You need to find a way to get people back to work, kids back to School Safely and the disease behind us. But what nancy and chuck want to do is direct payments to illegal immigrants, money for environmental justice, bailing out states that have been in problems for decades. Republicans respect going to get into that arent going to get into that kind of a bidding war. We need to get people back to work, back to school, a path toward. Joe riden talks about joe biden talks about shutting down the country again. We can never go backward. Im in wyoming. People are back to work, there are help wanted signs up, people want to move forward. The country needs to move forward. You can see it in the markets, you can see the good numbers. Well get more numbers out tomorrow in terms of employment. Americans want the disease behind us, want to move forward. Chuck and nancy want to spend much more money than is in any way realistic or responsible. Stuart ill make a prediction, and well see probably next week, there will be a compromise, we will be spending some money, and youll get together with the democrats somehow or other to come up with maybe a trillion and a half. Ill leave it at that, mr. Senator. I may be completely wrong, and youre probably going to say, varney, youre wrong again, but well talk about it next week. Mr. Senator, thanks for joining us. Thank you. Stuart theres a lot of red ink on the screen right now. Were going to be down on the dow, the s p and a huge drop for the nasdaq. The techs are really pulling back from yesterdays highs. Take a look at the leftist rage mob and what they did to Elvis Presleys graceland. Its costing them graceland, that is 150,000 to clean that stuff up. We talk to the man in charge. Hes going to join us in our next hour. Speaker pelosi looks to bash the president over his virus handling, but apparently that same standard doesnt apply to her. Watch this, you decide. Leaders take responsibility, so hes a weak leader, he doesnt take responsibility. He places blame on others. I think that the salon owes me an apology for setting up. So i take responsibility for falling for a setup. Stuart perhaps she doesnt know her own states rules when she walked into a hairdresser ors without a mask. We cant get enough of this. President trumps trade adviser, peter navarro, hes here. Lots to talk about this morning, including bringing jobs back to america. Navarro is next. Look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Stuart want to get back to all those ss that hit new highs yesterday, plenty of them, more than 70 in the s p 500. Now, not all of them were big tech names. Not all of them. There were some utilities, there were some Consumer Goods Companies and, yes, there were manufacturers. On that note, here is peter navarro. Peters with us this morning. Peter, welcome to the program. Good to see you again. Been too long, my friend. Good to see you. Stuart im reading a headline from the leftist Economic Policy institute. Trump has not brought manufacturing jobs back. You want to answer that . Sure. We were able to go up over 500,000 manufacturing jobs when in the previous administration, joe biden and barack obama lost 200,000. You know, one of the things that really heartened me last week was the ism Manufacturing Index really popped up again. Its, i think its around 56 now which is a very robust number, stuart. And i think that we are continuing to work hard to make sure that the men and women who work with their hands have good jobs at ooh good wages. At good wagings. Thats a primary focus of President Trump and mine. Stuart now, sometimes it seems to me that china is actually doing better than us i emerging from the virus. Whats your comment on that . We are focused on defeating the china virus. They are doing what theyre doing. We we like our economy better than theirs. They have, obviously, a mercantilist, protectionist economy. Ours is a free market, free trading economy. But what were focused on right now, stuart, is getting folks back to work. I think some of the Untold Stories in this pandemic is how were actually creating jobs and at the same time defeating the virus. If you look, for example, at the state of maine. You have in gilford, maine, a really big ramp up of the Puritan Company to make a swabs and scarborough, maine, one of my companies, abbott labs, theyre tip of the spear for our virus testing. It was great news last week when abbott was able to announce the point of cower test, over 100 million point of care tests were going to be able to get into homes. So you see that and you see in rhode island, in arizona the n95 mask production. So what president donald j. Trump loves to do besides do the mack macro stimulus is really go after the grassroots at the micro e level and create jobs whether its shipyards in wisconsin or philadelphia or the panhandle of florida. Stuart what do you make of the cdc telling states, hey, get ready for vaccine contribution on a mass distribution on a mass scale november 1st, couple of days before the election . Is that kind of a november surprise . Its a very aggressive timetable. So my role is the defense production act policy coordinator, its Pretty Simple related to the vaccines. My role is to help make sure we have the Delivery System for mass distribution of the vaccines whens it is ready. So im focused on things like vials what thans like corning are making or injector systems that actually deliver the virus. Thats all i know, and the one thing i know about this president is using the defense production act we have been able to engineer the fastest industrial mobilization, the biggest one since world war ii. And this vaccine development, if were able to get to the finish line with it by the end of the year, itll be done in the third of a usual time. And the way were doing that is not cutting corners, its simply doing this in a way where were going through the trials but also preparing the mass delivery of the vaccines which would be very good news for the american people, stuart. Stuart i want to ask you about the House Oversight panel thats investigating your cancellation of a ventilator contract with health and human services. Can you give me an update on the status of that investigation . No, i cant. I really have no comment on it. Its an investigation. The only thing i can tell you is that that contract was negotiated by health and human services, and they began investigating before anything that happened at the house. Stuart are you the tough guy in the Economics Department . [laughter] the economics section of the white house . [inaudible conversations] im a pussycat, stuart. Heres the thing, i think of myself as a soldier for the greatest president in history, president donald j. Trump. And particularly in this pandemic, my job is to do two things; to help this president save lives and help this president keep and create jobs. So thats what i focus on. And every day in my office were doing, you know, 30 Different Things focused on that mission. And right now, for example, the Strategic National stockpile, we call it 2. 0, weve been able to not only make it bigger and fill it, but also make it smarter. So as we fight this virus thats all im focused on. You know im a nice guy, stuart, just like you. Stuart youre a tough guy. Were going to leave it at that, navarro, no matter what you say. [laughter] not a bad thing to be in d. C. Stuart very true. All right, lets look at markets, here we go. This is pullback day. Huge win yesterday, down 30 on the dow, ooh, a whopping loss, 180 down on the nasdaq. And, again, here is a deserted times square, new york city. Introducing stocks by the slice from fidelity. 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. Im a delivery Operations Manager in san diego, california. Weve had a ton of obstacles in finding ways to be more sustainable for a big company. We were one of the first stations to pilot a fleet of zero emissions electric vehicles. The amazon vans have a decal that says, shipment zero. Were striving to deliver a package with zero emissions in to the air. I feel really proud of the impact that has on the environment. But were always striving to be better. I love being outdoors, running in nature. We have two daughters. I want to do everything i can to protect the environment to make sure they see the same beauty ive seen in nature. My goal is to lead projects that affect the world. I know that to be great requires hard work. Stuart all right. Futures again pointing southward, down 40 on the im sorry, the dow at 21, the s p, 1ing 0 on the nasdaq. Brian wesbury was talking about 32,500 on the dow by the end of the year. Okay, that requires a trump win and requires an election result thats speedy, but what do you make of that prediction . Well, any kind of shortterm prediction is going to be pretty difficult, and i r