Return to Transcripts main page

CNN News Central

Early Voting Underway in 48 States; White House Defends Trump's Bragging About Oil Profits; High Fuel Prices Squeezing U.S. Farmers Ahead of Midterms; Investors Growing Increasingly Nervous About AI. Aired 3:30-4p ET

Aired October 26, 2026 - 15:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[15:30:00]

ERICA HILL, CNN HOST: New warning signs today as Republicans face an uphill battle to retain control of Congress. The New York Times-Siena poll finds Democrats within edge in at least three battleground House races in Pennsylvania. It shows the Democratic candidates ahead in the state's 7th and 8th districts, and with a slight lead in District 1.

The poll also shows a tie in District 10. Siena's Omar Jimenez is live in Philadelphia. He's actually kicking off a road trip through the Rust Belt, stopping at some of the most consequential swing states and districts and having a little fun on the way.

We're going to let him do that. Omar, what are you hearing so far from voters?

OMAR JIMENEZ, CNN ANCHOR AND CORRESPONDENT: Yes, we are actually right now in Pennsylvania District 7. And yes, trying to have a little bit of fun as much as we can. And, you know, what we're hearing from voters in particular is the economy.

[15:35:00]

I mean, that's been top of mind for basically everybody we've spoken to, to this point. Maybe unsurprising if you've been following polling as to what's actually important for voters. This district where we are right now, District 7, we've been walking this neighborhood just trying to talk to voters. Beautiful neighborhood, by the way, especially in the fall.

Recommend a road trip through Pennsylvania in the fall this time of year. But we've just been talking to people who have had various signs for different parties in their yards. We've seen a number of different ones.

We went by one person's house who had, I think, 11 signs in her yard, all in favor of the Democratic Party. And she was right next door to someone who had Republican signs in their yard. And she said they still talk, but not as much, especially eight days out to the election.

And the reason why this District 7 is so important and crucial is that this is a district that actually Kamala Harris won in 2024. And yet the Democratic congresswoman incumbent that year lost her seat. And now that Republican, who is now an incumbent this time around, is trying to hold on to his seat.

Just take a listen to some of what we heard from voters before we got to this district on what matters most to them.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: We need more, you know, politics. Like, where are you going to raise the minimum wage? Because you can't live off of $7.50. You can't live off of that.

UNIDENTIFIED MALE: The war is, oh, my God, it's vicious. Everything is skyrocketing. Food.

I'm a senior. Food, gas price.

(END VIDEO CLIP)

JIMENEZ: And by the way, these people we were talking to were still when we were in Philadelphia, obviously a place that has seen significant Democratic support for a long time now. But one that President Trump, even if at the margins, has made inroads in some ways in recent years, but still a place that votes overwhelmingly Democratic. And those are some of the issues that were tops of mind.

And that's what they wanted to see from their elected leaders as well. Now, obviously, look, this is a road trip. We're on our way to western Pennsylvania, central and western Pennsylvania.

It takes a long time to drive through the state. And then Ohio and then Michigan as well. Eating some good food along the way.

I started the day with the Philly cheesesteak. I think I'm starting to feel it now. But I'm feeling good overall.

Feeling good. So far, so good -- Erica and Boris.

HILL: You're good, Omar. Everybody knows that a Philly cheesesteak is the breakfast of champions. And so it is perfect for you, my friend.

Omar, appreciate it. Thank you -- Boris.

BORIS SANCHEZ, CNN HOST: Solid breakfast. Yes, let's talk early voting because the ballots are now rolling in. Voters hitting the polls in nearly every state.

How are things stacking up? Let's ask CNN's Tom Foreman at the Magic Wall. Tom, breaking news. It all comes down to the turnout.

TOM FOREMAN, CNN CORRESPONDENT: That's what people said. The turnout so far is pushing about 30 million people. Now, bear in mind, this is about 90 million short of where we think we will be by the end of Election Day.

Although, even then, it could be twice as high if everybody showed up to vote. So we'll have to see what happens. Let's look at Wisconsin, where they've had under a half million show up so far.

This is a good example of what we're seeing in state after state after state after state. Now, these are red. That's not because it's Republican.

That's just a measure of different areas. In the counties that in 2024 voted 20 points or more higher for Donald Trump. In those counties, look at that.

This is where they were, about 47 percent, at this point, now in that. Now they're at about 50 percent for those that were 0 to 20. The Harris counties, look at that.

They are higher, both in the 0 to 20 and the 20 plus area there. We're seeing that in state after state after state. Issues like the economy, issues like the war, questions of corruption.

Those are landing with voters out there, and Republicans have been waiting for this to stop, for the Republicans to show some more resilience, but it's not showing up yet. The Democrats are showing up with more force.

SANCHEZ: Walk us through some of the other states, including in Michigan. What do the numbers look like there?

FOREMAN: It's interesting to talk about Michigan and some of the others. By the way, Wisconsin, Michigan, Ohio, we're going to mention all places that Donald Trump won in 2024. In 2024, this is the difference in the number of people at this point who had cast early ballots, higher in 2024, but that's a presidential election year.

It tends to be that way. But look at the results here. If you look at race, for example, of the votes, pre-election votes cast so far, 85 percent are among white voters. Donald Trump had an edge in the last vote among white voters, a reasonably substantial one, but he did not have such an advantage when it came to other groups, minority groups and among other voters here.

If these groups are going primarily blue, it's easy to see how all of a sudden, this time around, his party doesn't do as well. Same thing when you talk about age. This is interesting.

If you look at age here, this, 65 percent over here, these are people who are 65 and older. They split almost evenly last time for Donald Trump, almost evenly.

[15:40:00]

His power point was right in this area, 50 to 64, some mid-40s up in here. This is the power area. Are these people turning out in enough force and are they choosing Republicans? If not, another sign that there are problems there.

And then if we turn to Ohio here, look, we have well over a half million in-person early votes, just under a half million mail-in votes. But once again, look at the results here. If you go back and you see 2022, 31 percent by this time of pre-election ballots cast, 25 percent, 2024, that's where Trump did very well.

But now back on track, in fact, better than 2022 for the Democrats. All of this big flashing red warning signs for Republicans.

SANCHEZ: Still eight days away. We'll see if things get closer when we count the final poll. Tom Foreman, thank you so much.

Coming up, the average price of gas during President Trump's second term, now higher than it was under President Biden's. We've got the details when we come back.

[15:45:00]

(COMMERCIAL BREAK)

HILL: This just into us here, the White House is defending comments made by President Trump over the weekend. Those remarks really raising some eyebrows, where the president was touting high fuel prices as being good for the country. Here's what the president said during that rally in Georgia.

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: My people said, please don't mention that sir. Because people are paying a little higher. That number is going to come way down.

But what we've done for this country, we're making money like this country has never made before. But I said, I don't give a damn. I'm going to say it.

We're making a freaking fortune. Our country is getting stronger and stronger all the time.

(END VIDEO CLIP)

HILL: A White House official telling CNN, quote, "The president is pointing to the United States position as the world's top producer and exporter of oil. By unleashing American energy dominance, he has strengthened our national security and made our country wealthier." Joining us now, former Trump economic advisor Stephen Moore.

Nice to see you. When we look at prices, though, diesel is up 75 percent. Let me try that again.

It's 75 percent more a gallon than it was a year ago. Unleaded gas 40 percent higher than it was a year ago. The president is out there.

He said, you know, we're doing great. We're doing great talking about those companies. People are not doing great.

Would you advise him to say that? And he said, look, his advisor said to him, don't go out and say this. And he did.

STEPHEN MOORE, FORMER TRUMP ECONOMIC ADVISER: Well, look, what the president was saying is that it is true that for the first time in my and your lifetime, the United States is a net export of oil and gas rather than import. So when I was growing up, we were importing all of this oil from Saudi Arabia and other countries. So the cost of a high oil price was much worse for the U.S. economy than it is today because we actually are a net seller, not a net buyer. But I wouldn't -- I wouldn't have said that. Look, nobody likes paying high gas prices. I have an Audi which I filled up my tank this weekend at the station.

Hundred bucks to fill up my tank. So I understand people are angry. I think what Republicans need to be doing in terms of talking about the energy issue is one, if you take the average price of the oil today in the United States or gas at the pump versus, say, the Biden years, the average price is lower, even though it's high right now.

HILL: Well, actually, gas is higher now during this second Trump administration than it was during the Biden administration. We have that CNN analysis.

MOORE: It is. But we have the average price over the first 18 months of his presidency. And by the way, the other thing I would say is, look, if you're really concerned about high gas prices, the states with the highest gas prices are all blue states.

It's California. It's Illinois. It's Massachusetts.

It's New Jersey. So if those governors in those states can't control their own gas prices and they I mean, you go to California. I just got back there.

$6.25 to buy gas in California.

HILL: But let me back you up for a second. The reason gas prices are high and you're right, like they are higher in other states. We all know I lived in California for a long time.

I know what it's like to pay those gas prices. But the reality is gas prices went up when the war started with Iran.

MOORE: There's no question.

HILL: Right, and so that you can't ignore, right?

MOORE: Of course.

HILL: And we keep hearing the president, we can't go back down. There are a lot of other policies that the president has tried to try to bring gas prices down. But nothing is going to change, it looks like, until that war ends.

MOORE: So I would put it like this. What policies will Democrats put in place to reduce gas prices? I mean, if you look at Biden's first term, it was what's the first thing he did?

He killed the pipeline and then they had net zero policies. They don't like the oil and gas industry. So really, what?

HILL: What do I guess we'll see if they regain power? When we talk about what's happening right now with President Trump, what I've seen from him out on the campaign trail is he is touting some initiatives in certain places, right?

But he is talking about, for example, $8 billion in aid for farmers. So some of those farmers weighing in. And I just want to play some of what -- this is the president of the Iowa Farmers Union, what he had to say on CNN.

(BEGIN VIDEO CLIP)

AARON LEHMAN, PRESIDENT, IOWA FARMERS UNION: The war in Iran has really dug a hole that farmers are in with higher diesel prices and higher fertilizer prices. So, yes, relief is very necessary for farmers. But the first thing we should be doing is fixing the problem that we're in, in the first place.

(END VIDEO CLIP)

HILL: And also said he feels there's a disconnect. Right. The reality on farms versus the rhetoric that they hear.

This is twice in less than a year now that the Trump administration is scrambling to help farmers because of some of the president's policies. We're talking about tariffs. Now we're talking about high energy prices.

Are bailouts going to continue to be the answer?

MOORE: OK, there's a couple of points there. Number one, look, I'm not a tariff guy, as you know.

HILL: I know,

MOORE: So I'm not in favor of tariffs. But as you just said, it's not because of tariffs that these prices are high. It's because of the high oil price due to the Iran war. Now, people can have different opinions about whether that was advisable or not.

[15:50:00]

But everyone knows that was the cause of this. The real question, though, I get back to is what policies will Democrats put in place when they hate the oil and gas industry? We haven't built a refinery in this country --

HILL: I can't speak for Democrats, as you know.

MOORE: Because they can't. I mean, you know, they can't because they hate the industry. They don't want to build refineries. They don't want to build pipelines.

They don't want to do anything that will actually make oil and gas. In fact, they don't want people to use oil and gas because they think it's causes climate change.

HILL: Well, look, climate change is real. We have all the science. We're not going to get into that. But I do want to ask you about in the short time that we have left.

MOORE: I think climate change is a danger to the world, you don't want people using oil and gas. So you like a high oil price.

HILL: In the short time that we have left. What are you expecting when it comes to the Fed's next rate decision?

MOORE: Sorry, say what?

HILL: What are you expecting from the Fed? Their next rate decision?

MOORE: Oh, my gosh. I mean, it's a tough position for my friend, Kevin Warsh, because I think job number one for the Fed, get that inflation rate down to 2 percent or lower.

HILL: OK, which means --

MOORE: That might mean another rate hike.

HILL: We will watch. Nice to see you. Thank you.

MOORE: Thank you.

HILL: Boris.

SANCHEZ: Now to some of the other headlines we're watching this hour. Chris Brown will avoid prison for beating a music producer with a glass bottle at a London nightclub three years ago. The singer receiving an eight month prison sentence that was suspended for one year, meaning he will not go to prison unless he commits another offense during that period.

He had faced up to three years in prison after pleading guilty in July.

Sci fi fans mourning one of the USS Enterprise's original crew members, Walter Koenig, who played the Russian navigator Pavel Chekhov on Star Trek, has passed away. He truly lived long and prospered, starring in the original run of the iconic show and in seven Star Trek films.

The Chicago native mimicked his father's Lithuanian accent to create Chekhov's memorable way with words. His agent says he died of old age in his North Hollywood home on Sunday. Walter Koenig was 90 years old.

And six flags, making a major safety change after a man fell to his death from the Goliath roller coaster in Georgia. The company now adding seatbelts to Goliath and other rides with similar restraints. Goliath and eight other rides at five additional parks are still closed while safety reviews continue. So far, investigators have not said what caused that fatal fall.

Still to come, warning signs from Wall Street. Why investors are growing uneasy about the AI boom turning into an AI bubble? That's next.

[15:55:00]

(COMMERCIAL BREAK)

SANCHEZ: We're just moments away from the closing bell, and despite stocks hitting near record highs, investors are growing increasingly nervous.

HILL: The reason? A little anxiety when it comes to AI. CNN senior business reporter David Goldman is with us now.

So talk to us about what's happening with the markets because we saw some green there. So how concerned should we be?

DAVID GOLDMAN, CNN BUSINESS SENIOR REPORTER: Yes, green's good, and actually, you know, we're not so far from our all-time high. The S&P 500 is down less than 3 percent from its all-time high. Nasdaq a little bit worse, but 6 percent isn't anything crazy.

We're not talking about a correction yet, so everything looks pretty normal. But if you look under the hood, it gets a little bit weird. On Thursday, we had one of the strangest days that the stock market has ever seen.

This has only happened three times since 1995. What happened? Well, the main index fell 1.2 percent. That's a pretty big decline. But wait a minute, if you weight everything equally, and this is pretty nerdy stuff, but if you treat every stock like it's the same, it went up by 0.5 percent. What's going on? Well, it got even weirder than that. The same day, we had the biggest decline in three years, in three years for the 10-year yield.

We were talking about that yield going higher and higher and higher for those treasury rates. That's why mortgage rates were going up. Well, then it fell below 5 percent.

Why is this happening? It's because of AI. AI in these massive losses.

We just found out today that Anthropic had an $81 billion loss in the first half of the year. Meta reported just the other week that it is negative for cash. It's spending more cash than it's bringing in.

$2 billion worth, that has gotten folks really, really nervous. CoreWeave, you might have heard of this. This is one of those nano clouds.

It is borrowing so much money. Its bond rates are at 15 percent. That's really, really high.

And it's got people worried about where's all the money coming from. So what did Elon Musk have to say about this? He said that companies like CoreWeave are going to have guppy-level debt.

Guppy-level debt, that's a coined phrase, I guess. That's something that I think a lot of people are concerned about, which is that we have a ton of money that's being spent on AI, but is it money that's going to a good place or is it just going to be flushed down the toilet? That is why I think a lot of people are concerned about the markets right now.

HILL: Is that what that means? Because, David, you lost me with that. Is guppy-level debt when we flush the goldfish down the toilet?

GOLDMAN: I assume that's what it meant, but you know what? Maybe you have a better idea.

HILL: No, I don't. I looked at Boris and I said, what is guppy-level debt? And we both said, we'll ask David.

SANCHEZ: Yes, yes. Notably --

GOLDMAN: We're all stumped.

SANCHEZ: Yes, notably, when you pointed out the losses for --

HILL: Anthropic, wow!

SANCHEZ: -- for Anthropic, they have an IPO coming very soon, potentially $2 trillion IPO. Fascinating that with that much loss, you can still be valued so high. David Goldman, always appreciate you. Please --

HILL: Thank you.

SANCHEZ: I have to insist, some attire, some wardrobe. He does these things for CNN a.m. He puts on like weird clothes and has props.

HILL: Yes, we want props.

HILL: We want props, David.

HILL: Richard Quest has a whole, there's funny hats.

SANCHEZ: Props to Erica for joining us today. Great to see you. "THE ARENA" with Kasie Hunt starts right now.

END