10AM ET 07/29/2026 Newscast

Summary

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Fox News Hourly Update

Episode: 10AM ET 07/29/2026 Newscast
Host: Dave Anthony, with reporting from Trey Yingston, Grinhal Scott, and Hilary Barski
Date: July 29, 2026

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Brief Overview

This hourly Fox News update delivers a rapid-fire summary of the day's key news: Dr. Anthony Fauci repeatedly invoking the Fifth Amendment during a high-stakes Senate hearing on the COVID-19 pandemic response, strong rhetoric and military action from the United States following an Iranian-backed attack, a major Wall Street decline, an insider trading scandal within the White House, and anticipation ahead of today’s Federal Reserve decision on interest rates. Oil prices are soaring due to renewed Middle East tensions.

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Key Discussion Points and Insights

1. Dr. Fauci Invokes Fifth Amendment at Senate Hearing

• Dr. Anthony Fauci, former presidential advisor, repeatedly refused to answer questions at a Senate hearing investigating COVID-19 response and origins.
  • Fauci: “On the advice of counsel, I respectfully decline to answer based upon my rights under the Fifth Amendment of the Constitution.” (00:09)
• The hearing, chaired by Republican Senator Rand Paul, focused on alleged discrepancies between Fauci’s public statements and private diary entries about the virus and pandemic response.
  • Rand Paul: “Workers were ordered to accept a medical procedure or lose their jobs. Worship, assembly, employment, education and travel were restricted in the name of science.” (00:52)
• Paul accused Fauci of obstruction and threatened consequences:
  • Rand Paul: “It’s against the law to obstruct an investigation of Congress. There will be repercussions.” (01:04)
• A tense moment occurred when Paul ordered security to remove one of Fauci’s lawyers who repeatedly tried to speak.
  • Rand Paul: “You are not recognized. Another word and you’re gone.” (01:15)
• The headline theme: Fauci stands firm on legal advice, while Republicans intensify scrutiny over his pandemic-era actions and statements.

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2. U.S.-Iran Tensions Escalate After Attack

• Overnight, U.S. forces in Jordan were targeted by a surprise Iranian-backed attack, which was thwarted when missiles were shot down.
• In a FOX News interview, President Trump issued an emphatic warning to Iran:
  • President Trump (via Trey Yingston): “We’re going to beat the effing s out of them and that US strikes will take place against Iran in response…” (01:26)
• U.S. and Saudi jets responded swiftly, launching airstrikes on Iran-backed militia sites in Iraq.
• The renewed hostilities have triggered a sharp surge in oil prices (up nearly 7%).

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3. Major Market Sell-off on Wall Street

• The Dow dropped 628 points, erasing all gains from the previous day; the NASDAQ fell by 114 points, and the S&P 500 lost 27.
• The selloff is being attributed to both geopolitical instability and uncertainty ahead of the Federal Reserve announcement.
  • Dave Anthony: “Now to Wall Street, where there is a big sell off for the Dow, down 628 points, wiping out all of yesterday’s gains and then some.” (02:24)

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4. White House Insider Trading Scandal

• Gabriel Perez, a White House staffer, was fired after allegedly using privileged information to win over $100,000 on prediction markets regarding presidential speeches.
  • Grinhal Scott: “Gabriel Perez, who had been on leave without pay for using advanced knowledge of the president’s speeches to make money on cowshi, a prediction market, has lost his federal government job.” (02:57)
• The incident, called “unfortunate and a disgrace” by the White House, has been flagged and reported to regulators by the platform Kalshee.

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5. Federal Reserve Meeting and Rate Decision

• All eyes are on Fed Chair Kevin Warsh, with a decision on benchmark rates expected this afternoon.
  • Hilary Barski: “Many economists expect that the Fed will leave its benchmark funds rate unchanged at 3 and a half to 3 and 3 quarters percent. But it’s not a sure thing. A renewed inflation scare has put a surprise increase in play.” (03:39)
• If rates are held steady, it would be the fifth consecutive pause following a series of rate cuts since late 2024.

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6. Oil and Gas Prices

• Oil prices have jumped over 7% amid escalating conflict in the Middle East.
• Regular gas prices, however, have ticked slightly down to a national average of $4.09 per gallon.
  • Dave Anthony: “Triple A’s national average for regular 409 per gallon.” (04:07)

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Notable Quotes & Memorable Moments

• Dr. Fauci: “On the advice of counsel, I respectfully decline to answer based upon my rights under the Fifth Amendment…” (00:09)
• Rand Paul: "You are not recognized. Another word and you’re gone." (01:15)
• President Trump (via Trey Yingston): "We’re going to beat the effing s out of them and that US strikes will take place against Iran…" (01:26)
• Grinhal Scott: "Gabriel Perez…has lost his federal government job. News reports claimed Perez won more than $100,000 betting on what the president would say…" (02:57)

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Timestamps for Key Segments

• 00:03–01:24: Dr. Fauci Senate hearing; repeated invocation of Fifth Amendment
• 01:24–01:59: U.S.-Iran escalation, Trump’s statement, airstrikes, market response
• 02:24–02:57: Wall Street sell-off; top news summary
• 02:57–03:33: White House insider trading scandal
• 03:33–04:07: Federal Reserve rate preview; oil/gas update

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This episode delivers critical updates on congressional investigations, international security, economic shocks, and evolving political scandals, all in a brisk, urgent tone characteristic of Fox News Radio’s style.

Transcript

[Dave Anthony]

This is a fox news alert. Dr. Fauci refuses to talk. I'm Dave Anthony.

[Dr. Anthony Fauci]

On the advice of counsel, I respectfully decline to answer based upon my rights under the Fifth Amendment of the Constitution.

[Dave Anthony]

And Dr. Anthony Fauci has said that over and over this morning at a hearing into Covid and the pandemic response, refusing to answer questions, saying the committee chair, Republican Senator Rand Paul, is out

[Dr. Anthony Fauci]

to get him, get me to say something, anything that could vindicate his repeated public pledges that I end up, in his words, quote, behind bars.

[Dave Anthony]

This is after Senator Paul opened the hearing, accusing Fauci of doing one thing

[Senator Rand Paul]

in public and another in private, citing

[Dave Anthony]

the doctor's private diaries, entries about the virus origins and the response to the pandemic, blaming Fauci's role as a Covid presidential advisor for what happened.

[Senator Rand Paul]

Workers were ordered to accept a medical procedure or lose their jobs. Worship, assembly, employment, education and travel were restricted in the name of science.

[Dave Anthony]

Senator Paul also told Fauci he could be in trouble.

[Senator Rand Paul]

It's against the law to obstruct an investigation of Congress. There will be repercussions.

[Dave Anthony]

And the senator got angry when one of the doctor's lawyers tried to speak over and over. I said, sit quietly.

[Senator Rand Paul]

You are not recognized. Another word and you're gone.

[Dave Anthony]

And he spoke again. So Paul had security remove him as Dr. Fauci keeps taking the fifth as other senators keep trying to ask him questions. A new warning this morning to Iran.

[Trey Yingston]

President Trump telling FOX News are going to beat the effing s out of them and that US Strikes will take place against Iran in response to the surprise attack overnight against U.S. forces in

[Dave Anthony]

Jordan that Fox's Trey Yingston. Tel Aviv talked to President Trump after the Iran attack that was thwarted when the missiles were shot down. Separately, US And Saudi fighter jets went on the attack in Iraq, hitting Iran backed militia sites with airstrikes in that country. And as the fighting resumes, oil prices surge. They're up almost 7% this morning. America's listening to Fox News.

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[Dave Anthony]

Again, our top Fox News story. Dr. Anthony Fauci refusing to answer questions at a Senate hearing over Covid and the pandemic response when he was a presidential advisor as Republicans were focusing on Fauci's private diary entries about COVID accusing him of saying different things publicly. Now to Wall street, where there is a big sell off for the Dow, down 628 points, wiping out all of yesterday's gains and then some. The NASDAQ is down 114, the S&P 500 losing 27. White House staffer has been fired for insider trading.

[Grinhal Scott]

Gabriel Perez, who had been on leave without pay for using advanced knowledge of the president's speeches to make money on cowshi, a prediction market, has lost his federal government job. News reports claimed Perez won more than $100,000 betting on what the president would say. The White House called the allegations unfortunate and a disgrace. Perez had reportedly worked for the president since his first term in the White House. When the bets discovered, Kalshee said it flagged them and reported them to federal regulators. Grinhal Scott, FOX NEWS we will hear

[Dave Anthony]

from Federal Reserve Chair Kevin Warsh this afternoon on interest rates after a second day of a Fed meeting assessing the economy.

[Hilary Barski]

Many economists expect that the Fed will leave its benchmark funds rate unchanged at 3 and a half to 3 and 3 quarters percent. But it's not a sure thing. A renewed inflation scare has put a surprise increase in play. A pause in rates would mark five in a row following three consecutive rate cuts and six in total since September of 2024, when the Fed kicked off its current easing cycle with a jumbo half point move. Hilary Bars ski, FOX NEWS as oil

[Dave Anthony]

prices rise now more than 7% this morning, gas is down a fraction, continuing a slight decline following oil's drop during a recent pause in fighting. Triple A's national average for regular 409 per gallon. I'm Dave Anthony and this is fox news.

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