E we will we will be watchins weekend. That will do it for us, have a great day, everybody, Varney Company begins right now. Stu, on your one day back, im giving you tossing it over so late. Im so sorry, stu. Stuart maria, for fox sports you can do anything you like, its as simple as that. Good morning, maria. Good morning, everyone. President trump held 18 conversations with journalists, bob woodward, included discussions of the virus threat and how the president handled it. The recordings are now public and they are at the center of latest political storm. The allegation is that he publicly down played the severity of the virus while privately acknowledging its danger. Joe biden went into attack mode instant i will saying it was a life and death betrayal of the American People. Speaking with sean hannity last night, the president said he didnt want to scare people and he didnt want to panic, he wanted calm. Yet again the media thinks theyve got the president on the run. Its worth pointing out that back then early this year speaker pelosi, president obama and new york Governor Cuomo and others all came out appealing for calm. With 54 days till the election, i guess thats politics. All right, money. Lets get on with it. Huge gain wednesday especially for tech stocks n. In the green this morning. We have the dow and s p starting up higher. Nasdaq, nice gain, tech stocks are doing well, 90 odd points in opening bell. Theyll be a senate vote on virus package today not like in the past and for the second week in a row less than 1 million new jobless claims. Thats considered the positive and helped the market this morning. Look at two stocks that we are following closely, apple, up, what 4 yesterday, up a little more this morning. Tesla up 10 yesterday and then again back up a little bit more today. All right, look at this. Peloton, may be sending a message to traditional gyms. Stocks to 90s now. Theres a market for homeworkouts. How about gym subscriptions. On the calendar the president heads to michigan. Joe biden went there yesterday, made another gaffe, answered no questions and attracted a very small crowd. It should be different when the president arrives there today. Varney company is about to begin. Well, i think, bob, really to be honest with you i want you to be. I wanted to always play it down. I still like playing it down because i dont want to create a panic. Stuart look, that is the story that everybody is talking about this morning. President trump speaking about the virus during interviewing with bob woodward this year. Joe biden seized the moment saying that his actions are almost criminal. Roll tape, please. Its disgusting. We learn this that 190,000 american dead and he knew this and that he could say that, in fact, anything that happened had nothing to do with him. He waved the white flag and didnt do a damn thing. Think about what he did not do and its almost criminal. Stuart right there i guess you could say. President trump defending his comments in an interview with sean hannity last night saying he said those things for the country. Watch this. What i wanted to show is i want to show calmness, im the leader of the country and i cant be jumping up and down and scaring people. I want people not to panic and thats exactly what i did. Stuart as you can tell, a lot to go at this morning, diving into it all morning. Im going to ask him if his latest political storm will affect the election. Art is coming up 9 15. Next, look at the futures. I think they are still all in the green. Yes, they are. Now, susan become, good to see me again . Susan it is. [laughter] stuart tell me about the big techs because thats where the action is. Susan always. Futures indicating a higher open today this wednesday or from wednesday recovering from the fastest correction we have seen in nasdaq history when it fell 10 percent in 3 sessions. This means investors are buying the dip. 1 trillion in just 3 sessions. 10 3they selloff to get to frost as we call it especially with day traders and options bets during covid. I think wall street is bracing for choppy trade for the rest of this month and september historically a weak month for stock markets, worst performing month going back to 1950 according to analysis. You have losses and do we have a second stimulus package that hasnt been agreed to and especially as we head to election and threats that your taxes could go up . Stuart ive been away for 3 days. Stuart i havent noticed. I didnt know that. Susan you werent playing the markets in the 3 days . Stuart no, no. Thats another story entirely. Thank you, susan. David, as you know i read your stuff and you think theres a big nasdaq selloff coming, is that correct . David its correct as long as we dont put a timeline around it which doesnt make it a particularly bold prediction but i dont have any doubt that valuations mean revert and that there are tech stocks that are just perversely overvalued. So, yes, i think that correction is coming but i wouldnt venture to guess as to exactly when it would. This is the part, stuart, that wont change and thats human nature. Human nature has a certain greed element in it and has component that doesnt learn from history, so when things get grossly overvalued and we hear that this is where all the action is and when we hear that these things cant correct, thats when i would be afraid. Stuart okay, supposing, take your word for it that a correction in big tech is coming. I sell some big tech, where do i put the money . Which stocks should i get into now . David it all depends on the objective of the investor and if somebody wants to replace what is yesterdays fastmoving stocks with new form of innovation, i think theres far more exciting and innovative and Disruptive Technologies to pursue but most investors right now are saying, hey, i want high growth. They want the fang growth because they are familiar with it. What most investors want is income and Interest Rates at 0 and they will stay for a long time. Most investors want some reasonable level of defense, stability, so i think those dividend growers that are really the only area in the market you can get both relative defensiveness and a superior cash flow, you look at some of the financial names, jp morgan, bb t, merged with suntrust, they are undervalued. You look at chevron, huge 6 and a half percent dividend yield thats still growing. These are really good opportunities in this environment for income and defense. Stuart im not trying to boost the stock but you suggested i buy at t because it pays 29 a share, pays 7 dividend. I think thats pretty good and thats what ive got. Thank you for the tip there, david, i do appreciate it. Its working for me. David, we will see you again real soon. Thank you. I want to show you peloton. Lauren, come into this. They report after the bell today, they are at 93 a share right now. They really seized the virus moment, havent they . Lauren and they are not done. They want to be your athome gym when the virus passes. Here is how, they call it the 3cs, content, community and convenience. Launched range of cheaper and most expensive products at the same time and the new bike, premium bike has a screen that if you rotate it you can use it to take yoga class, weight class, thats content. Peloton has it. Community engagement at record highs and theyre expected to say this afternoon that they added 1. 1 million subscribers over the summer and, of course, you have convenience, so if you look at the stock, yeah, its up more than 200 this year but the fact that they have the different price points, thats a catalyst. The stock can continue to go because of this. I took a look at the numbers. If you have the subscription plan and you have a payment plan to finance the bike, it comes to about 85 a month to have a peloton, thats the same as gym more or less, right . Stuart yeah, yeah, i see your point. I just wonder if we will go back to traditional gyms and the subscriptions there the way we used to. I think habits are changing in all kinds of things and home exercise is one of them. Are you with me on this, lauren . Lauren i am with you on that but underneath that i think theres a desire to actually see and connect with people in real life and i think we are going to see revenge fitness classes as a result when this is over. Stuart thats one of the things i miss face to face contact and face to face susan im right here, you know. Stuart 6 feet face to face, i got it. Nice to be with you, by the way. Next case nfl season kicks off tonight, you know that . Kansas city chiefs with Houston Texans with maximum of 22 capacity for seating. Ashley, i missed you. [laughter] stuart i missed the fans at these games. Its not the same for me. Ashley im totally in step with you, stu, the nfl tonight, by the way begins on saturday if anyone cares, we do. The nfl Kansas City Chiefs tonight at home to Houston Texans, the reining super bowl champs. Its 22 . Its the fans that generate the excitement. A lot of the players would agree with that. 5month season, super bowl schedule for february of next year in tampa bay. Of the 32 teams, stu, 26 will have no fans at all, just 16 teams will allow unlimited number of fans into the stadiums, those teams are jacksonville, miami, kansas city as we just mentioned, indiana, cleveland and dallas. So 6 out of 32 will have a limited number of fans. I dont know whether they are going pipe in the crowd noise like they did in other sports but its just, yeah, its not the same. Stuart no its not the same. Thanks for the hard work while i was away. Thank you very much. Ashley my pleasure. Stuart here i was in new york. Thanks, ashley. Futures are we still all green . Yes, we are, up 100 for the nasdaq, tech is coming up nicely. The dow is up about 60. New york democrat congressman running for reelection calling out new york city mayor de blasio with this unique ad. Watch this. Bill de blasio is the worst mayor in the history of new york city. Thats it, guys. [laughter] stuart that was interesting, wasnt it . Short and to the point, i guess. Speaking of new york city, Indoor Dining finally has a return date but there are massive restrictions, strict new rules that in my opinion will ruin the new york city restaurant business. Thats my opinion. Dr. Fauci defending President Trump saying he didnt get any sense that the president was distorting anything about the virus. The democrats have always fawn dr. Fauci, i wonder what they think of him now. Varney company is just getting started. This is 5g built right. Only on verizon. Lookentertainmentour 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 fox business alert worthy of note executive shakeup at citigroup, current chief executive michael to retire in february. Hes been ceo for 8 years, taking his place james jane frazier, making her to become first ceo woman on wall street. Welcome in lauren, they have a deal with pilots union to avoid layoffs . Lauren lets use the word pause, to pause layoffs, a deal was struck with pilot union to pause 2800 furloughs that would have happened next month. Its not known for how long the jobs would be saved but at least for now. Stuart thats it . Okay, a pause. We will take a pause, i guess. The stock is at 36. All of the airlines are up, actually. One more for you, lauren. Whats this about we are getting ready to end these airport covid screenings for international travelers, tell me . Lauren okay, for some of them, reuters is reporting and Officials Say that enhanced screening of certain travelers coming from certain countries to certain airports here in the u. S. That continuing to do that is just not sustainable because the travel numbers are going up. The government reportedly to end extra screenings and drop requirements that Certain International travelers arrive at 15 u. S. Airports ending requirements as soon as monday. Let me give you the data. 675,000 people screened under those rules, only 15, not even pested tested positive for covid19. They think its a waste of time, stuart. [laughter] stuart still on the virus. President trump under fire for downplaying the seriousness of the virus. Watch this, please. Well, i think, bob, really to be honest with you i wanted to i wanted to always play it down. I still like playing it down. Yes. Because i dont want to create a panic. Stuart didnt want to create a panic. Look who is here art laffer, former regan economists. Do you think the political storm would have any effect on the election . Art no not at all. It makes perfect sense what the president said, should he have done that or the other way around, i have no idea. I think not panicking the country is good way to go in. Stuart we are told its simply not going to happen, not going pass. Do you think we need more help for the economy at this stage . Art this isnt help. Its harm and add to go deficit and National Debt and will cause problems. Im personally rooting for it not to make. Weve had enough stimulus and i dont think we need more and i dont think we need more debt and i dont think it helps the economy to be straight on that. Stuart what do you think the economy needs most now . Art i think it just needs time. It takes time to bring back the economy to full employment. I think it needs all of the states that have all of the restriction that is you talk about nonstop. One those restrictions are lifted, all of a sudden you get these states an start coming back and when youre talking about states like california, new york, illinois, new jersey, these are big, big states and once they get progrowth, once they get the restrictions removed because the disease incidents left you will get the economy continue to go boom. I think we are perfectly poised for a very rapid, rapid continued recovery in the economy. Im optimistic about the country and the economy. Stuart but youre surely not looking for like new york state or certainly new york city or parts of california, youre not looking for them to open up quickly because they are not going to do that . Art wait a seconds a few minutes ago you said tsa stopped because it wasnt worth it. Ive never seen the government stop something because it wasnt worth it. Now youre telling me that new york wont open, oh, my goodness. I think new york will open and when it does open that will be the very final throws of the great this recession down there and on full path to full recovery. Stuart im not trying get you to say anything but im intrigued that the major population states in the United States of america like california and new york and those two states are dragging their feet when it comes to opening up. They are. Stuart i want them to open up. I want to see the economy restored to its glory and i i think that the democrats states are Holding Things up and i think frankly, art, i think its deliberate. I dont think its deliberate. I really dont but they are holding us up and they have a different view of the world, stuart, than we do. They think the governor is the correct ruler of the people. You know, you and i believe that power flows from people to governor and not the other way around and you look at big states like texas, like florida, georgia, some of the other states that have opened up pickly are doing really, really well and we just have to wait for newsom and cuomo to get on the band wagon. I think thats cynical, i dont think they are. I think they will open up and when they do the economy will be back to going. New york has not had many deaths at all in the last month. Why they are waiting and waiting is beyond me. Thats cuomo for you and thats the new york thats the new york way. Murphy is no better and so is newsom. Stuart muah a cynic, how could you say such a thing . [laughter] stuart see you later, thanks, art. Green all over the place. Im a cynic. Up 70 70 for the dow. We shall return. 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. 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