For new restrictions there too. What will the president do if we experience a second wave . I will ask him. Look at the market, stimulus stall and europes second wave is pulling down stocks big time. The dow is looking at 300 point loss. S p down 42. The nasdaq close to a 200 point drop. Big tech way down today, following a report in the Financial Times, some governments over this in europe, theyre gearing up for a major antitrust attack on American Technology companies. A dispointing jobs report. 898,000 new jobless claims. Not good. Down goes the market. On the campaign trail the president let loose in iowa last night. He put on a maga hat. Took off his tie says joe biden has been blatantly lying. That the revelations about hunter in the New York Post are a smoking gun. I will ask the president about todays allegations that hunter made millions from china. There is a new allegations out today in the morning post. Tonight, there is dueling town halls. The president appears on nbc. Some employees object to their Network Hosting mr. Trump. I will ask how he will deal with the likely hostility. Joe biden appears on abc. The question there will he be asked about hunter. I should point out the three broadcast networks did not cover the revelations at all last night. There is this too. Press secretary Kayleigh Mcenany twitter page blocked because she tweeted the hunter biden allegations. That is censorship of conservatives. The president joins us this morning and Varney Company is about to begin. Stuart i got it. Now i recognize it. Ymca. Im not going to sing it but pretty good song for the morning i would say. We have a lot to go at. Lets get started. President trump did not hold back on his attacks on joe biden and his family. It was in front of a packed crowd in iowa. Watch this. For decades biden and his cronies laughed while they shipped millions of their jobs to their friends in foreign countries. Take a look at the whole family. Its a corrupt family. Joe biden personifies the selfless and corrupt globalists that got rich and powerful at your expense. Vice President Joe Biden went to ukraine and threatened to with hold one billion dollars in aid if they did not fire the prosecutor. That was investigating his son. Hunter raked in a fortune from china while joe biden was giving china all of our jobs. The bidens got rich while america got robbed. Stuart all right. More about this when the president joins me again live at the top of the next hour, 10 00. Show me futures, please. Stocking much weaker as the stimulus stalemate drags on. Susan, it is looking like well not get stimulus before the election. Susan we heard from treasury secretary mnuchin in the past half hour. There is 300 billion lars in the bank left ready to go left over from the last stimulus deal. Nancy pelosi wants a all or nothing deal. Secretary mnuchin and pelosi spoke yesterday. They will speak today. This is the last final push before the election. If you look at the politics, this has to do with National Testing thrown into the mix as well. Bring up the tweet from pelosis spokesperson suggesting one area of disagreement continues to white house understanding for National Strategic testing plan. Mnuchin says that will not get in the way of their discussions. Clarifying yes, a deal is hard to get done before the election but they will keep trying. Given that we have jobless claims up close to 900,000 in the week, think of people who need to put food on the table and get rid of politics. Stuart i have to ask the president , would he up his offer, 1. 8 trillion, would he up that amount to get something done. I will ask him. See what he says. 10 00 eastern. One more time, 10 00 eastern. Market watcher heather zumarriaga. I see two factors in todays selloff, stimulus and the second wave. Am i missing something. No youre not. Both sides want to come up with a deal or democrats republicans and the white house. Seems like Speaker Pelosi is standing in the way of negotiating a piecemeal deal to bail out airlines for example. Delta and united are busy setting aside money going into the Fourth Quarter if a second wave reemerges. We have the highest cases weve seen in a few months reemerging today. So that is a problem. President trump wants to get money in americans hands. He wants to give direct stimulus payments and that Speaker Pelosi is standing in the way of that. Stuart okay. Is it that important . We dont get a stimulus plan does the market absolutely plunge . Is it that big of a deal, for the market, stimulus . We need a piecemeal deal targeted towards Small Business. The National RestaurantAssociation Says 40 , nearly half of all restaurants will permanently close in the next six months if they dont get a second round. And susans point, treasury secretary mnuchin says there is 130 billion waiting immediately to go to second round of paycheck protection program. 300 billion total that hasnt been used. Why not get that out, prop up some airlines . I know if youre a free market capitalist i lean that way, but it is such a vital important part of our economy. You cant let them go under. Theyre looking at a march targeted approach which makes sense at this point in time. Stuart it does indeed. Heather, thanks for joining us. Well move on to talk about the second wave that has indeed hit europe. Parts of europe as we said, locking down again because of a spike in the number of virus cases in europe. Brian brenberg joins us now. The first lockdown didnt seem to help, didnt seem to work for them in europe. Now theyre going to a second lockdown. What does that tell you . Yeah, it killed their economy, stuart. Which is why so many of europes leaders are actually over the past few months moved more in swedens direction. They dont want to go to generalized lockdowns. Theyre at a moment of truth right now where they make that decision. Do we, do they do that or do they take a more targeted approach and protect more vulnerable populations . Ill tell you this. The followings in power, macron, johnson, they dont want to see the big lockdowns but their opposition parties do. Thats typical, when youre not in power it is much easier to call for things like a general lockdown but those who have to steward the economy know what the cost is but this is the moment, stuart. Theyre going to decide next week do they go back to a lockdown policy or do they take a targeted approach . For the sake of europes economy i hope they find a way to stick with the targeted approach because the general lockdown is far too devastating. Stuart the question for wall street, the question for american investors is, what happens if we get a significant spike and a second wave in the United States . I mean case levels are up here. What happens if it comes here . What do we do . Targeted lockdowns . Big lockdown . What happens . Thats the fear on wall street that it comes here and cuts economic activity, right . Yeah. The fear on wall street is also how we respond, stuart. You have case counts and then you have hospitalizations and deaths and you have to watch all of those factors. Remember when all of this started we were simply trying to keep hospitals from being overwhelmed which is a different strategy than we pursued in the spring and early summer when we locked things down. Wall street wants to know what kind of policy well pursue in a response . Wit i will be general lockdowns or will it be targeted . Europe is the test case, theyre is seeing it now. Weve seen it for months. U. S. Politicians like to look what is happening in europe to take their cues. What johnson does, what macron does, what merkel does is going to matter in terms of what the sentiment is here. For the u. S. Economy, weve seen devastation of the general lockdown. Wall street has seen it. We cant afford that policy weve got to be looking at, weve got to learn from the data weve gotten, stuart. We have learned some things. We have to apply it. Protect the vulnerable. Dont keep the healthy or young out of work. It is too costly for them, their families and economy. Stuart professor brenburg, thanks for joining us. We do appreciate. As you see on the screen we have a ton of red ink. Were down across the board. Two threats to the market, stimulus stalemate and a second wave in europe. We do have two important Earnings Reports to tell you about, that is Morgan Stanley and wall greens. How are we doing . Susan actually i looked at the report cards and they seem pretty strong. Walgreens, profits higher than anticipated. Like goldman sachs, Morgan Stanley benefiting from higher trading activity is specially in and bos and fixed income. Fees from iposs, takeovers, mergers, have doubled from the past year. How impressive during a virus. Walgreens doing well, doubling payouts to shareholders. Corporate america has so far put in really impressive earnings beatings on average 25 . Still not enough to impress because we have high expectations. People expect the recovery. They price this in largely. You have to have blow out earnings to get some sort of a benefit. Stuart not helping the market. Good Earnings Reports but were way way down. Fallout growing on the bombshell report on Hunter Bidens emails. You remember when joe biden claimed he never spoke to his son about his sons overseas dealings f you forgot well remind you. Roll tape. How many times have you spoken to his son about his overseas business dealings . I have never spoken with my son about his overseas business dealings. I have never discussed with my son, brother, anything else. That is not true. You say things you dont know when youre talking about. Who said that . Stuart last night the president called joe biden a blatant liar. More on that when he joins me at the top of the next hour. Social media giants facing backlash from blocking the story from twitters. Jack dorsey says their handling of the matter was unacceptable. We have more on the matter. Look at futures. Red ink across the board. Down 350 on the dow. Down nearly 200 on the nasdaq. More varney after this. Im norm. Im szasz. [norm] and we live in columbia, missouri. We do consulting, but we also write. [szasz] we take care of ourselves constantly; its important. We walk three to five times a week, a couple miles at a time. Weve both been taking prevagen for a little more than 11 years now. After about 30 days of taking it, we noticed clarity that we didnt notice before. Its still helping me. I still notice a difference. Prevagen. Healthier brain. Better life. So youre a small bor a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Stuart if youre just joining us this thursday morning read it and weep because were way down on all the indicators, dow, s p, nasdaq all in the red. Twitter, facebook cracking down on the bombshell report from New York Post own hunter biden. Break it down, susan. Susan making unprecedented steps limited the story. Twitter blocking users from posting links to the articles saying that violated policies sharing private information like email addresses and phone numbers without a persons permission. White House Press SecretaryKayleigh Mcenany said twitter temporarily suspended her personal account until she deleted a tweet linking to the article. Twitter Ceo Jack Dorsey acknowledged that twitters handling of the article wasnt the best, saying our communications around the reaction to the New York Post article wasnt great. Facebook was the first to flag the story, it would be fact checked and sharing limited tweet by an Fb Communications executive. All news articles facebook are subject to factchecking, most of these articles are fact checked usually coming from smaller, less wellknown outlets than the New York Post. According to factcheckers interviewed by the wall street journal. This goes to the gop point this is another example of social medias conservative bias. Stuart by the way, twitter, google, facebook chief executives appear before congress on october the 28th. They will be questioned about this. Looks to me like conservative censorship. Well find out. We go to rules, tightening rules as virus cases surge. Break it down for us, ashley, what are they doing . Ashley the numbers are certainly rising, stu. The number of new virus cases averaging one hundred thousand a day across europe. Almost double the infections were seeing in the u. S. In france, president macron announced a curfew which will be imposed from 9 00 p. M. To 6 00 a. M. In paris and other major french cities in the next four weeks. It affects almost a third of the countrys 67 million people. Most european ghosts eased lockdowns over the summer that led to sharp spike in cases all over the continent. Germany looking at tougher measures but have not released any plans. Schools remain open. The Czech Republic has europes worse infected rate and shifted schools to distance learning. Hospitals are cutting nonsurgical medical procedures to free up beds. Poland is rampping up training for nurses. Considering creating military field hospitals n Northern Ireland the schools will be closed two weeks. Restaurants will have to close for a month. In spain, authorities in catalonia ordering bars and restaurants to close for 15 days. Limiting number of people a allowed in shops. Netherlands has a partial shutdown, closing bars and restaurants. In the uk, Prime MinisterBoris Johnson under pressure to impose another National Lockdown certainly from the opposition party. So far he has resisted we do know today london moved to socalled high alert level from midnight on friday. That will be in effect for, at least the next month as the infection rate in london and the uk doubling every 10 days. Stuart good lord, ashley. I didnt realize it was so widespread in europe. There were so many new restrictions in some countries. The i didnt read full extent of it. Thank you, ashley. Bring in dr. Marc siegel. Europe went into astrict lockdown mode at the start of the pandemic. Now they have a second wave. Do you conclude that lockdowns dont work that well . They dont work that well. What Brian Brenberg said i want to echo. Purpose of lockdowns is push a pause button. To decrease the amount much hospitalizations when you get red hot with the hospitalizations. The united kingdom, 20,000 new cases per day yesterday. That is a lot. The number of deaths was less than 150. The number of hospitalizations in the uk, 450. It is up ticking. First question, can you handle the number of hospitalizations . Number two, can you engage with social distancing, masking disinfecting, really public compliance, short of locking down and squeezing the economy in a way as you know, thats devastating to the economy . Ive been asking that question all along. I want people to understand when theyre locking you down it is because youre not complying with the distancing. Stuart this is important. Scientists at Oxford University say they developed a rapid virus test. You get the results in five minutes or less. Doctor, does this test require that the sample, whatever sample they take, goes to a lab . No. It is five minute results, stuart. It is revolutionary. It will compete with abbotts next test out already. Abbott is 15 minutes this is five minutes. My initial look it is a little more accurate at the abbott. It looks at more of the virus. But it will not be out until the winter. It can be used for schools. It can be used for hospitals t can be used for restaurants right in the spot. Get into the restaurant or this school, get this test it. Will be very cheap. It will be a further changing of the game. Maybe well talk about that instead of lockdowns. If you can screen people, and separate out people that are positive you might get better control and save the economy. Stuart a bridge to a successful vaccine. That is what it is, a bridge to get to us the vaccine. Im out of time, thanks for joining us. I will see you soon, doctor, appreciate it. Thank you, stuart. Stuart were still showing a lot of red ink. Were down 300 on the dow. Nearly 200 on the nasdaq. Well be back with the opening bell from wall street after this. Look limu someone out there needs help customizing their Car Insurance with liberty mutual, so they only pay for what they need. False alarm. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. vo im a verizon engineer and today, were turning on 5g across the country. With the coverage of 5g nationwide. And, in more and more cities, the unprecedented performance of ultra wideband. The fastest 5g in the world. It will change your phone and how businesses do everything. Im proud, because we didnt build it the easy way, we built it right. This is the 5g americas been waiting for. Only from verizon. Stuart moments away from the opening bell. Were still seeing an awful lot of red on the lefthand side of your screen. This market is going down in a couple minutes. Bring in jason katz from ubs. Jason, youre saying another round of stimulus is a bridge to a vaccine but what happens if we dont get more stimulus before the election . I think the markets largely discounted the fact it is not a matter of if but when. Susan pointed out people need the food on the table. The president is upping his bid in the negotiations. The country is in dire need of stimulus whether now or a few short weeks, we need it, because as you said, adenoses yum, its a bridge to what, reopening the economy. You cant reopen the economy until you get a vaccin