when you look at the economic data there are so many indicators that we are already in recession. whether the yield curve leading indicators real retail sales, on and on, the market teams believe a good thing fed is going to pivot right now doesn't look like getting a fed pivot and doesn't look like a rebound reality is going to be a rude awakeening when it comes. 10, 30 minutes away from the opening bell a look at the price of oil, you mentioned it earlier, oil above 80 dollars a barrel underlying issue with regard to inflation, we will check that before we send to "varney & co.," thanks greet conversation have a good weekend we will see you soon, opening bell 30 minutes away, stu, david take it away. >> good to see you. thank you very much, hi, i am david asman for stuart stuart

won't get a pass from his dad white house is saying bhurnt troubles why is self-proclaimed transparent president avoiding press dodges questions from press to try to get answers out, president spending weekend at beach house, in delaware another read on inflation markets like it because they think the fed is going to like it core inflation, cooled a little bit in june, that has futures rising dow is 169 premarket, nasdaq is way up over a percentage point 171 points to the plus side, and we will be covering that as soon as the opening bell begins, about a half hour, meanwhile, this mom went viral for this video, confronted a teachers union president after that president tried to kill school choice in woman's state that mom is here.

and allegiant flight nearly collides a jam parked show kevin in person by rorn donalds, friday, 2023 in new york city including studio "varney & co." is just about to begin. ♪ ♪ ♪

great, let's get right to hunter biden, the story of the day unraveling of the very suspicious plea deal leading to white house, now asked whether the president will have to pardon his son. good morning. how did white house responded. >> karine jean-pierre said not a chance, watch. >> -- first question i know you said not the at a chance personal matter but presidential perspective there is any possibility that the president would end up pardoning his son? >> no. >> i just said no. >> i thought kind of we are above having to answer your questions, i thought -- >> did come out with answer even though might contradicted later.

the investigation into hunter foreign business of dealings continues all, on tax charges. >> very interesting thank you lauren tammy bruce to talk about this, turley had a piece about biden's broken glass moment when all hell breaks loose he said probably the president is going to pardon his son announce not running for reelection what do you think about that? we are trying to fill in stloid have not been answers difficult to predict the bid team may lie you have to wonder can't take anything they say seriously because keeps changing, but when it comes to hunter biden, what a shock, that the u.s. attorney general, american government would create a document, that was so ridiculous so bad inexplicable unprecedented, surprised thank goodness a judge says what is this? what are we doing?

that is what americans are concerned about. you presume whether you are this could about donald trump in this indication a reminder, of how politicized every single thing is, the bottom line is biden in white house because they wand him there hasn't changes ran a basement campaign running a basement pain now basement may be -- you know who knows, there is never an answer to questions, so, enforcing has changes from people. >> disparaging, is that the shock was not that there was a corrupt plea detail that a judge said wait a minute a corrupt -- >> that is it. >> not exactly what she said but implication. >> it didn't fit everyone even government admitted never happened before, this is what tells you how comfortable they were doing it much they expected it to go through was because perhaps, this is the way always worked.

>> hope, never changes next white house questioned on why president biden never seems available to talk with the press watch this roll the tape. >> o i appreciate the request. thank you for the request. the president, as you know, you know -- again i appreciate the question, i get it. the president understands i guys want to ask him questions have opportunity for him to answer your questions. i do want to say, this is a president that has done more in the first two years 2 1/2 years to economy. >> what a pivot with you believe that again, this is the president promised the most transparent administration in history. look how -- >> the media when he was promising that did not demand ticket into house did not demand to have a conferences with him did not question, what is it that he is in

basement all the time, they set this up, so it is now a little bit ridiculous to be surprised he still doesn't want to talk to you, why would he? he became president by doing this. why would he change the strategy? and there is a contempt for the american voter in this a contempt for everyone other than themselves, whoever is running the country, they like their bogs. >> in 2020 down in basement didn't have a record to defend he does now that is why it play not work this time i want to get another one diane feinstein struggling to say aye in committee rote. >> i would like to support a "yes" vote on this. um. it provides 823 billion, that is an increase of 26 billion. for the department of defense. and, it funds priorities submitted --

>> okay, just -- all right. . >> painful, spokesperson for feinstein tells fox senator was preoccupied didn't realize debate ended gets to question tammy she is not the only one you have senator mcconnell very strange moment the other day, and, of course, the president himself, so, what about the age issue how do we resolve it if we can. i argue she knew what she was saying not something you can say about biden knew what she is as saying wanted it to end just say aye. and feinstein reacted to that it was okay, she was engaged with what was happening i don't think confused, and aides wanted it done that was i think a sign of contempt for the senator, she also, did not have strength to say i am in charge here. >> whoever that was -- was saying just say aye how dare

she. >> gavin newsom i think wants that senate seat people looking at at that point, feinstein if not in a position to hold our ground, about i don't think, portrayeding confusion moment i don't think it was she clearly knew. >> have moments. >> she obviously, has i worked on her 92 campaign by the way, none of us thought barbara boxer left, appropriate, you don't expect somebody to be in there 05 or a hundred years why elections not lifetime appointment californians have to by that that it is time i think american voters inc keep sending hur back a reason for that, but, it is clearly, age is an issue, only if an n attendant problem with that age. >> bottom line. >> that is bottom line. >> great

check the futures and they're doing well right now. we had core inflation number coming a tick below and that's inflation lower than they expected and ryan payne is here to talk about that. talk about the context of the tech rally. we had a huge tech rally over the past year and came down dramatically over the past week and getting a bump now from the inflation numbers. what's the future for tech? >> i think tech is probably a little over valued here. if you look at multiples and goes back to when the tech bubble burst back in 2000. i have scars on my back from back then. the question though is markets can stay irrational longer than you can stay solvent. that's the old saying. tech can continue to go higher here, but at some point, we saw this during the tech bubble, when things turn the other way, it ain't pretty. it's bet tore be early than late. the nasdaq in the last three months went up 100% in the 20000s and last a matter of gains in the last few years and took you months to get even again.

broaden out exposure and banks are looking good. energy stocks started moving and if you start looking internationally. emerging markets are moving right now and with my clients and i talk about this in my podcast, we have the best financial podcast in the country. but i digress. >> i'll take your word. >> i wouldn't be concentrated.e. >> sin fellation down? what are you looking for with inflation? >> it's i mack la tech disinflation. immaculate disinflation. no one likes what the fed is doing but

>> member else has made money from china. >> hunter contradict what had his dad claimed and there's mixed reaction on capitol hill over a biden impeepment inquiry -- impeachment inquiry and where does byron donalds fall on this? i'll be asking him, next. ♪ .. ♪

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brian: ashley: there's next reaction whether i next reaction to his son's business dealings should lead to an impeachment inquiry. hillary vaughan has the story. where do republicans stand on this? >> reporter: there is support to launch an impeachment inquiry, an investigation that would help them get access to evidence to see if the president lied when he said he never discussed business with his son hunter and never did business with him. not every buddy. others want to tread lightly and not jump into something before they have evidence to do so. democrats across the board are not for an impeachment investigation. >> the support and impeachment inquiry into president biden?

>> crazy, we've got more problems. let's get the country working. >> reporter: are you concerned if the president lied? >> reporter: republicans say they have proof president biden may have been involved in his son hunter's business deals, from the irs will to blower testimony to an ex-business partner of hunter's and those things are worth looking into. democrats say none of that is evidence of anything. >> reporter: why don't democrats care about what has come out? >> it is bs. >> what's that text message, testimony from hunter's ex-business partner? >> we are investigating on this committee, there is no real evidence that the president was involved. >> reporter: wouldn't an inquiry help democrats get the evidence you say you don't have? >> not the democrats don't have evidence, republicans don't have evidence. you want to do an impeachment without evidence, that's the problem. >> reporter: republicans say this is an impeachment

investigation that would help them get more of that evidence that they need but it is important to distant was between the two. not all republicans are moving forward to say they need to impeach the president. just we need an investigation to look further into this. dave: i love congressman sheet saying we can't have an impeachment without any kind of evidence after what he went through with trump. your hallway captures of those interviews which is terrific. florida congressman byron donald joins me, good to see you. a guy named devon archer. and the failed plea deal, when are you going to be asking? >> what's going to occur is a transcribed interview. you have attorneys from the oversight committee, house republicans and minority house

democrats, they will question them. it is a sworn testimony. in terms of testifying an open committee yet to be determined if that's going to occur. what is going to be clearly revealed is hunter biden was the bad man, hunter biden do what was involved. the entire purpose was to shakedown companies, shakedown foreign companies for money because the only thing the biden family has to sell his political influence. there is no other business with this family. that is public corruption. for the democrats to hide from this and run away from this demonstrates how silly they are being right now because the truth of the matter is joe biden was selling access to his office through his son and in my view that is an impeachable offense. dave: is there any hard evidence to make that connection between president biden and his son?

>> i believe he does. the investigation with him and his activities, we are at the point where we are trying to get financial information and get transactions from these companies from the cef see in china, all with charisma through accounts hunter biden and the devon archer in part have managed, where were the payouts? i personally believe what was happening is the biden family were living out of corporate accounts, living lavishly while joe biden was at the highest level of our politics. dave: next one, hunter is contradicting his dad's claim that no one made money from china, he told a federal judge one of his partners had ties to the ccp, biden is one of the most corrupt presidents in history which you just said. roll tape. >> based on the evidence i have seen i think the number is north of $50 million we are

talking about. this is one of the most politically corrupt presidents and families in us history. we've got to show the american people everything that we have. dave: at the very least, we know what president biden was saying about china isn't true, there was nothing to do, and how will that come up in the election? >> it will come up big. he has repeatedly lied on this. everyone has known he lied but the problem is big media has covered up for him and members of the intelligence community covering up for him. tony blinken, the current secretary of state is the guy who created this letter of 51 intelligence officers saying the laptop, that was a lie. they repeatedly lied on this. that they are suppressing free speech of the american people using the weight of the white house and the agencies to do so.

this is big in the 24 elections. it is one thing if president biden was doing a good job but he's a terrible president and also a corrupt president. richard nixon wishes he could have got away with stuff like this. dave: back to education, the desantis campaign is saying you are sounding like kamala harris on your criticism of florida's new slavery curriculum. what is the difference between your criticism of that curriculum and harris's criticism? >> let's be clear. i don't even have a criticism. this is brought to us by the desantis campaign. i have been clear the standards are robust, accurate and good. students in florida will learn black history but my issue is with one sentence of the entire thing, of 200 pages, the desantis team wants to make a big issue out of it is ridiculous.

for people thinking about where do i stand? do i stand with florida? i always stood with florida, when i was in the state legislature, as a member of congress, i am one of the members here fighting hard against the radical agenda from the biden/harris administration. my stance is clear. if i have an issue with one sentence i am allowed to have that. the fact that they made this a story is dumb in my view. dave: you tell it like it is. have a wonderful weekend. let's check the future, "the opening bell," ten minutes away, futures doing very good, the inflation number coming in slightly under what was expected. we will be right back. ♪

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dave: checking the futures, nice bump with regard to the

core inflation figures being lower than expected to. mark marhandy, look at the nasdaq, lord knows it will hold up through the trading day but it is up a full presented to point. meta, one of the biggest of the big, the nasdaq, you think it could go up to 435 from its current level of 316. is that right? >> yes, stock is up 100% year to date. they had this massive rally but the reality is it trade 16, 17 times earnings, slight discount to the market for something that i think is one of the highest quality check assets out there. dave: it hasn't already pumped up enough? you don't think it will pause before it goes up that high? >> things could pause. we had a big rally year to date. stocks trade 50%, they trade up

50%, they are off 25%. the center of these tech stocks for the highest quality stocks were so beaten-down last year it created these entry points. is it still attractive? i see facebook, meta, 17, 60 times earnings. i'm still a buyer. dave: we have 15 seconds but you see a bump in coming. >> uber is my number one pick. three value catalysts, gap earnings profitability buying back stock and i think to be included in the s&p in the next 12 to 18 months. dave: you think it could pop up to 70. >> $70. dave: great to see you and that is "the opening bell," futures went up tremendously after we had the core inflation number, one tech lower-than-expected.

wage growth was lower-than-expected and that is what the fed looks for and they may not be interested in raising rates after they see lowering of inflation. we only see one stock, chevron, cisco, the other one? lauren: 3 could go either way. dave: the s&p if we could switch to that, after the opening, it is a plus than a percentage point but a nice again on that and the nasdaq is where the action is, up a full percentage point, 142 points, 14,193 is where it stands. check out intel if we could do that, you can see it on individual stocks, up two points. up 6%. lauren: here we go. i am reading what you were supposed to read.

surprise profit and significant cost-cutting this year. the ceo finding ways to cut $3 billion in spending and a recovery in the pc market. those are three pieces of good news. revenue of $12.9 billion. the bottom line is the promised turnaround, intel starting to happen. got a 5% top. dave: meanwhile you have ford, hitec to lower tech trading down a little bit. >> the adoption rate is lower than they would like and more expensive than they would like. they expect to lose, $4.5 billion on evs this year and ceo jim farley says ford is going with hybrids now because consumers are reluctant to include the ability for a gas station. dave: before "the opening bell" some companies reporting,

procter & gamble. lauren: you are looking at the stock, up 2%. still committed to our brands. bounty towels, customers are not trading down. it wasn't the best report but it is a brand name and people are committed to that. dave: we heard from big oil companies. lauren: colgate-palmolive, exxon and chevron. exxon profits fell 56% from last year. revenue fell 30%. no one is crying for exxon mobil which we are talking $83 million in three months in revenue. they are cutting costs. they are committed to returning $8 million in cash to shareholders but i suppose

shareholders are disappointed today. chevron production was a record quarterly high for chevron. profits down, cut in half. revenue cut by a third and this is because oil and gas prices are lower than they were this year. in the permian basin for chevron. dave: we should mention they are up, oil is up $80 a barrel today so if it keeps going in that direction might be better fortune for the oil company, not so much for the consumer. squeak green, the sabbath people taking a hit this one, what went wrong. lauren: they are unprofitable. where's the money? revenue is also light. it's not all negative. they opened more restaurants, still popular and ingredient costs are coming down. not sure that means their prices are coming down but that will help them. dave: i don't use roku. do you? they reported a loss.

they have a huge again this morning. explain explained it to me. lauren: we had intel but roku is up 14%. they are losing money but not as much. they are projecting strong revenue, 6 brokerages increase their price targets on this stock so 78 now. jpmorgan stocks going to 95 which would be a 40% gain. dave: do you like that? lauren: different from services. dave: check the big board, three losers on the dow, up 172 on the dow, half a percentage point gain for the index. let's take a look at the dow winners, intel, procter & gamble, boeing, microsoft and the nasdaq, winners, the s&p,

additional realty trust, all doing quite well this morning. here are the nasdaq winners. astrazeneca. there you go. bonds. to check the 10 year on the bond, close to 4% on the 10 year. we still have the two years up even more, checking gold, that has come down from over 2000 which we saw last week but it is up today $0.35, another 35 percentage points. $7 to the plus side, still below 2,000, one thousand $92. bitcoin if we could switch to bitcoin, trading up 55. $55, 29,000. oil as i mentioned, just over $80 a barrel. it has come below that, $79.23

a barrel. natural gas if we could switch to natural gas trading up 14%. a big pop in natural gas. there is the natural gas. that is -- lauren: national gas price average. lauren: up to $3, february was $2.30 when president biden was inaugurated. california, $4.95. coming up, republicans don't seem concerned about mitch mcconnell's freeze at the podium. roll tape. >> i have no concern. leader mcconnell after this incident -- i have no concern. >> he's got a strong voice in conference, providing steady leadership, doing a great job as leader. dave: is it time for term limits in congress? what an idea. i am asking sean duffy about that. bud light's convert a

partnership with dylan mulvaney, hurting their bottom line and now employees have to pay the price. former anheuser-busch executives on the corporate cleanup coming next. ♪ ♪

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a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. dave: check the markets, they continue to soar, 157, nasdaq has increased its gains, up 1.37%, up to 14,243. for the first time ever, southern states are contributing more to the national gdp than the northeast.

lauren, what do you think? lauren: woke culture. he said it straight out. here he tweeted an article, we have a report on this network, for the first time ever if you take six southern states, they have more economic power, there gdp is greater than the northeast core door of new york. go woke, go broke. his argument is people and businesses are leaving places like new york not only because they are expensive but policies that encourage crime and unnecessary regulation. dave: speaking of woke culture bud light announcing it laid off hundreds of workers after the dylan mulvaney fiasco. anderson fredericks joins me now. any sign that bud light has learned a lesson yet? >> reporter: i don't think so.

there ceo released a statement about why they laid off hundreds of people, said they are trying to set the business up for future long-term success but there is no future at this company different -- the current ceos accountable for the result of the organization. the results of the last four months have been terrible, sales down 30%, billions of dollars of shareholder value due to the decisions made by top leaders of the company. they did not apologize to consumers or the campaign that never should have happened in the first place. instead of laying off hundreds of people the last couple days my feeling is that would set up for more success if they laid off one person, the ceo. dave: they have a huge bureaucracy, woke folks in the corporation itself pushing the they i agenda. >> it starts at the top with the leadership. every ceo has a fiduciary

obligation to their shareholders, not stakeholders in the organization pushing different agendas. if you are those ceo, you have a fiduciary obligation for shareholders, that person has to take control and set the agenda and set up for success. dave: did you see this coming when you were there? what is happening in corporations all over the world. did you see this? did you try to warn about it when you were there? >> when i joined the company this was a company, the largest private equity firm for shareholder value, great products and services increasing the value of pension funds, firefighters and police officers. when i left the organization there were two annual reports, one for shareholders that talked about what the company is doing but there was a

second, 105 page esg report the company was releasing, talking about esg, the progress of things that did not deliver to the bottom line. that is why i left to cofound strive asset management focusing on shareholder returns, very different. dave: it is so simple. why can't they get it? when will they get it? they lost their top spot as best-selling beer brand. modelo is number one. the other brands are going up. bud light is down 30%. when will they learn? >> i'm shocked they haven't learned yet. this is a fear company, they are supposed to serve cold beer to consumers and that is it. we have seen a lot more pain than they should have taken. they have the shareholder call next week where they have to be accountable to shareholders and tougher questions where you have folks asking what the plan

is to turn things around. i hope they get it right and move on and find new leadership that's more effective because they have taken a lot of hard lessons. hope we see things turnaround. dave: would you ever go back? >> i'm having fun at strive asset management. we are making an impact, doing some good things, we are launching new products next month. to launch some additional products, we are having a lot of fun. i hope the folks at anheuser-busch find somebody. dave: it is the board, you say the ceos the one to change things, but the board has to change those ceo. how far are they coming to recognize what the problem is? >> the board is accountable to the shareholders. you still have a lot of shareholders, the real

shareholder, the firefighters, police officers etc. . they are representing the state streets, vanguards, the esg view. the good news is we see people pulling funds from states like texas, florida, there is more and more states, pension funds, pulling money from asset managers, those managers have to start pulling back their policies and we will see boards change the focus, back to shareholder focus, back to shareholder privacy. that will be good for business and for this country. dave: it is all about the bottom line. thank you very much, appreciate it. a new study revealing the benefits of a four day work week. lauren: you have more work/life balance with the extra day off. this study looked at a 1-year pilot program. they gave workers at 40 one companies a four day work week and it turned out they got the same work done in four days they would in five because they

figured out creative ways to save hours, fewer meetings, make the meetings faster, streamline communications. doesn't always need 10 million e-mails? can you just have a phone call? it worked. if you were given the option of a hybrid five week schedule or four day in person workweek what would you do? dave: i don't know. i am happy to work, during the pandemic a lot of people wanted to work at home. i came in every day, you came in. lauren: i was home. dave: they gave no the option. fox is a great place to work but i decided to come in every day to be here. coming up, it's not too late to be on the show today. don't forget to send in your friday feedback, e-mail your questions, comments and could freak scott to varneyviewers. fox.com. high temperatures putting a strain on the energy grid. power suppliers warning about blackouts. we have the latest right after this.

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dave: the massive heat wave sweeping across the country is pushing energy grids to their limits. grady trimble is in dc. will we see blackouts? >> reporter: hopefully not but some experts tell us that blackouts are not out of the question. more than half of americans are under some sort of heat advisory or warning, that is across the country. putting power grids to the test. they are holding up. with so many people staying inside, several grid operators, they are asking customers to conserve electricity during peak hours. the largest grid operator pjm interconnection issued an emergency energy alert calling on all power plants to operate at full capacity.

he waves like this one highlight problems with president biden's energy policies. the biden administration introducing policies that limit:gas powered plans to speed up the transition to green energy. that comes at a time electricity demand is going up. not just because of the heat but electrifying cars and appliances and so on. the head of the industry group the electric power supply association tells me that could lead to higher prices for electricity, less reliable. >> consumers are the ones who will pay the price for bad policy decisions. that will result in blackouts. that's what consumers have to deal with on the receiving end and american customers don't want to deal with that nor should they be expected to. >> reporter: we haven't seen that yet. grid operators have enough electricity to meet demand but

customers are on notice because of this heat wave. dave: thank you very much. let's check of the markets. they are holding onto their gains particularly the nasdaq, up 225 points to 1.5% gain on the nasdaq. check big tech if we can. all in the green, some with particularly large gains. sean duffy, steve hilton and tomi lahren, the 10:00 hour of "varney and company" is next. we never just see the numbers, we see the people. my dad started trek

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hi, i'm sharon, and i lost 52 pounds on golo. i realized i needed to make a change

when i looked in the mirror and did not recognize myself. i saw the golo commercial and i liked how they weren't actors. they just seemed like people that were just happy with themselves and had true results. since being on golo, i truly feel like i'm back to the best me i can be. try golo. it worked for me, and i'm real. (soft music)

dave: uptown funk, had a cheat sheet, sean duffy had something to do. i just heard that for the firs