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tv   FBN AM  FOX Business  May 2, 2017 5:00am-6:01am EDT

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republicans, it's not going to get done. lou: byron york, gayle trotter thank you both.
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the year of more than 80% in the past year. nicole: stocks to watch your kid advanced micro devices we are watching here are pictures tumbled 1111% in extended trading after the latest quarterly results. mostly the forecast, but some investors were looking for earnings to come in stronger than it. it's a different story. stock rallied nearly 40% -- 14% after a smaller than expected loss and said it will sell three hospitals to his largest rival. we will get results from work this morning. that will be before the bell. one of the company's newest cancer drug and its biggest driver of sales growth. lauren: vice president mike pence makes a visit to drum up votes needed for the health care bill. we will have the latest vote
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count for you. how will the housing market there under a trump presidency. we will take a close look at that. check in on marketing to video girl. someone of a muted start to wall street today. s&p down futures down, nasdaq continuing its records street spirit apple earnings on. you are watching "fbn:am," your first look at morning markets and breaking news. ♪
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lauren: good morning. it is 5:15 a.m. in new york. revising on the health care plan. mike pence visiting capitol hill to drum up support for repealing obamacare. officials tell fox business they believe they are only a handful of votes away from getting those passed in the house in the house and a the house and ago could happen as soon as tomorrow. stay tuned. president tran scheduled to speak with vladimir putin today for the first time since relations between washington and moscow are at an all-time low. also their first call since russia denounced the u.s. missile strike on a syrian airfield last month. in the markets, apple two posted
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back in quarter results and deliver its best earning and sales growth in more than a year as the company itself is expected to increase its buyback program and dividend. they have a quarter billion dollars in cash on hand. u.s..market features in xp and nasdaq futures at three. that's a look at what is happening now. >> economic growth may be made. gdp 1% in the first quarter that the housing market seems to be heating up. existing home sales to rise by 3.5% in home prices are acted to rise 5% this year. joining us now, senior economist at wells fargo. a weak economy, weak gdp number, but housing seems to be growing. what's going on a bus or forecast? >> the gdp number was a head fake. the biggest cost was a big drop in heating and air-conditioning is because the weather was unseasonably warm in the northeast and midwest.
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housing grew solidly the first quarter and was up and contributed five tenths of a percentage point to a seven tenths percentage point increase in gdp growth. housing in many ways is just getting started. single-family starts are about where they would be in a typical recession. lauren: how'd we get to the upside? >> one of the things we need is better job growth. prevent drunk job growth the last 10 years. the quality hasn't been all that great until recently. lauren: what can president trump do? >> i do think tax cuts. there's a debate, do we really need it when the unemployment rate is 4.5%. i think we needed think we need to because to recover his body. 20 metropolitan areas are doing really well. a lot of the rest of the country is not doing well and the labor force participation rate for prime working age adult is about 2% -- nicole: we are going to watch with them on friday.
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that is something you are looking for. also hearing about donald trump and glass-steagall. everything from lending to banks lending, job report, what are you going to look at that help the housing market? >> is trying to do a lot of things. i've given a talk about the first hundred days. he's certainly trying a lot of different things in it i figured and claiming moving again. nicole: that will help housing, no? >> i don't know all of what he's going to do. i don't think there is much need to focus on large banks in the ways they are talking. certainly, some of the smaller banks have not been monday the ways they used to. that's where a lot of the credit comes for homebuilders. home builders as well as consumer. they said meets today and tomorrow. reduce the rates at the end of the year and how will house higher rates affect the market? >> they will raise rates in june
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and again in september. the 10 year treasury is around 230 and will probably end the year round 270. that still keeps mortgage rates relatively low. we are somewhere in the neighborhood of 4.5% for a 30 year fixed. housing program mortgage rate perspective is very affordable. home prices in the 20 markets that are booming right now, they've gone up a lot because there's simply no supply. lauren: inventory is a problem. nicole: mark vitner, senior economist at wells fargo, thank you are joining us. lauren: secretary elaine chao weighs in on self driving cars. >> with level to self driving cars and bears no need for any person to be seated and controlling any of the instruments. lauren: scary thoughts. more with maria bartiromo's interview next. lebron james and the cleveland
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cavaliers dominate their first game. in hockey, washington capitals tape game three against the pittsburgh penguins in ot. we are going to have highlights. you are watching "fbn:am" ♪ listen to the music ♪ listen to the music ♪ all the time ♪
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lauren: to get ready for the driverless cars. elaine chao expected autonomous vehicles in an interview with maria bartiromo. >> we will now see self driving cars to the elderly or may not be as mobile, to the disabled,
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so that they will have more independence, more freedom. we in the government have to be concerned about reserving safety for the traveling public. and we of course have to listen very carefully to everyone, but especially the traveling public. lauren: making the public feel safe. catch the interview on "mornings with maria" on the fox news network. >> lebron james against the raptors. came out firing in the first quarter. tyree urbain throws it off the backboard and lebron comes flying through. up seven and later the quarter. excites the crowd and throws down and don't a chance to win it. 105 right there.
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taking on kawai leonard in game one of the western conference semifinals. this one is never in doubt. james harding has nothing but net. houston up by 11 after one. not happy looking at a player's earful. houston dominating trevor arriba and gives the layout. things get heated in houston with a blowout 126-99. hockey game three, penguins capital laid out. runs in two not you discus who gives crosby a shot to the head. he will leave the game in overtime. we didn't see kevin schott and kirk and scores the game-winner. the capitals when 3-2. get back in the series, the
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trail to the one. in baseball, aerospace and does home row up to-0. document the eighth eighth and makes an upstanding catch. orioles go on to win it five to two. lauren: at mike pence makes a late night visit to capitol hill. we will have the latest on the vote count for you. apple earnings in focus today for you. we would do exactly what she can expect from the iphone giant. marcus arauca mussina did a tv. dow dow futures and 11, s&p s&p futures on two, nasdaq down three. you are watching "fbn:am," your first look at morning markets and breaking news. ♪ pulled me closer, tiny dancer ♪ down the headlight on the
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lauren: breaking news this morning. mike pence of his late-night visit to push for votes on health care reform. we will take a close look. good morning. i am lauren simonetti. nicole: and nicole petallides. a good set to report its latest profits today and reveal how big its pilot caches. ahead of the news, u.s. stock market futures this morning with a mixed bag. dow futures on 10, while the nasdaq has enough there up for. lauren: in a shepherd investors come back from japan in a cap .7%. in china, the shanghai composite is down a third of 1% on some
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weak factory data. nicole: united ceo oscar munoz had to capitol hill to testify about how they treat their customers. lauren: with gary dillard's ahca is buying consumer price list and useless, the price tag? $500 million. nicole: lebron james and the cleveland cavaliers dominate the toronto raptors. in hockey, washington capitals tape game three of their series against the pittsburgh penguins in overtime. we will have the highlights. lauren: good morning, everybody. 5:31 a.m. your first look at today's market and latest breaking news. nicole: the white house aggressively pushed a revised health care bill. vice president mike pence visiting the cap last night as the republican leaders tried to secure enough votes to pass the measure. when asked whether there will be about this week, the vice president said stay tuned. blake burman at the white house
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with more. >> the white house believes the deal on health care is getting closer. officials at the white house tell me they are within a handful of votes of getting the american health care act passed the finish line in the house that they though potentially coming as soon as tomorrow. speaking to eric bolling on the fox news specialist, president trump said of health care quote comment i'm doing the best i can. >> i am not signing it. i said from day one, the best thing i can do is let obamacare die in common with a plan. reporter: white house press secretary sean spicer says the priorities are getting health care done as soon as possible and funding the government through september. a bipartisan spending agreement has been struck which includes additional military spending. however, money for a border wall is not a part of the deal. spicer maintains that will happen down the road. >> make the mistake the law will
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prevail. we have five months left in the fiscal year. we are getting 1.52 billion for border security. a lot can be done with that. reporter: spicer says it is the expectation the president would indeed find the spending bill. nicole: thanks, blake burman. lauren: from on health care and spending does from on health care spending goes, we bring in professor brian brenberg comment chair and professor of finance at the king's college in manhattan. good to see you. a story that says democrats are in a good position to drop because at the years they saw was spending. my question to you is who is in the driver? >> this is a democrat win. there's no question about it. they really got nothing. democrats got everything. they love being in the obstructionist and at this point. it doesn't mean they can block everything. health care is tough.
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republicans can't even unify in this one. until they call it though, we are not sure if they can reform on it. i think they can get something on tax reform done. there is more wiggle room done. they are not going to block everything. right now it is a question as can republicans unified. >> is a great question. i want to ask you a couple things. donald trump is known as a dealmaker and a dealmaker and part of the dealers do not have the funding for the wall, but more security for the border. when does that come? is this helping? >> this will come with a 2018 budget. what they really need to do is get some wins under their belt so they have some leverage. republicans don't have leverage right now. they are looking at republicans and say can you govern? republicans don't have leverage to stand up on the spending bills. they basically rolled over here. they want to get health care done in tax reform done.
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they come back in 2018 and now we have things we want. they have to get some big things done in the meantime. lauren: do they immediately move on to tax reform plan? >> what else are they going to do? if they can't get health care done, they have to go to taxes. if they don't get taxes done, stockmarket runoffs move back because investors have baked in by the way. businesses are investing. investors had. >> what if it stays the same? 15% for corporations? what stays the same? >> the corporate tax rate will move. the business pass-through tax rate will move up a little bit. that's a big cut and i don't think congress will have the stomach for that. it comes down to or willing to increase deficits are not. lauren: look at the story that
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reports earnings has a quarter trillion dollars in cash and most of it parked overseas. what is the tax rate or holiday about $2 trillion? >> as low as possible to get the money back and working again. every dollar of business saves in taxes. it can invest somewhere else. this is not a tax cut for the rich. it's a tax cut for the economy for investment, organic growth. the question is how do we manage this responsibly from a budget. that is a real issue. this is a growth move if they can get it through. lauren: of brian brenberg, at kings college, thank you so much. nicole: president trump scheduled to speak with russian president vladimir putin today. the white house says the leaders will speak at 12:30 p.m. eastern time. it is is their first goal since russia denounced the u.s. missile strike on the airfield last month. they spoke last about a month ago when president trump called
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in after a terrorist attack in st. petersburg. lauren: airline executives including oscar ring is set to testify before the house transportation committee on capitol hill. today's hearing comes after, you've seen this video, track down forcibly off the united flight last month to make room for airline employees. other executives include the vice president in american, alaska and southwest airlines. the hearing comes after an american airlines flight attendant took a stroller from a woman traveling with two young children and argued with another passenger. the flying public is to fly these days. nice to see the companies, carriers get grilled on capitol hill. nicole: the trump administration plans to replace. tom curry, comptroller of the currency could be replaced as soon as this week. spokesman for the white house and curry are not commenting. meanwhile, donald trump reportedly saying he is thinking about breaking up the big u.s.
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banks. the president is looking at bringing back glass-steagall act, a law that was passed in 1933 that prevented investment and commercial banks from combining. glass-steagall was repealed in 1999. lauren: a travel warning issued for u.s. citizens traveling to europe. all of this coming as a result of the continued terror threat in the region. the other cited recent attacks in france, u.k., stating that terrorist sympathizers are self radicalized extremist may conduct attacks with little or no warning. dealer will remain in effect until the first of september. nicole: well, the shows will go one. hollywood writers and the tv and movie studios which he contracted it was a possible strike at almost 1:00 a.m. west coast time. union leaders said a contract had been drawn up whose studio officials confirm a deal is reached but had no immediate comment. negotiations went into overtime. lauren: w-whiskey global market
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action overnight. they decay in japan was open yesterday at 135 points today. the cost in south korea again in two thirds of 1%. the hang seng in hong kong up a 31%. weakness because the factory data. the shanghai composite down a third of 1%. nicole: of cours we have the runoff in france from marine lepen. in london, the sociopath with a percent. the german dax up fractionally. lauren: dow futures down fixed on three days in a row. s&p futures down one. the nasdaq had its 26 record high of the year, up again this morning for points. nicole: of 380% of the nasdaq since the march 2000 most thousand and most. let's check out commodities. oil at 26 cents at 49.10 a
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barrel. gold at 70 cents at 12.568 troy ounce. lauren: apple is the name to watch today. after the close the company reports it latest results despite what is traditionally a weak quarter after the holidays. apple is expected to deliver its earnings and sales growth. earnings per share up 6% in the year ago period analyst looking particularly for iphone sales. they will either be flat, maybe slightly higher. investors focusing on the seven plus model, which did see success in the quarter. apple expected to increase its buyback program in dividend. its cash pile topping $250 billion. shares of apple store in over 50% in the past year. nicole: angie's list and ihc home advisor into one public adviser company. the deal valued at more than $500 million to iac will own 80% in% to 97% of the new company to
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plumbers and other home service providers. the new company will be called angie home services. angie's list jumped 42% in extended trading. the are down more than 32% in the past year. iac chairs rocked it, almost 5% after hours. lauren: investor might grow services after the chipmaker's latest quarterly results mostly met forecasts. some some investors were looking for earnings to come in stronger than expect it. it is a different story for tenet healthcare could the stock rallied 14% when the company reported a smaller than expected quarterly loss and said it will sell three of its hospitals to its largest rival hca. we would hear from drugmakers. pfizer and merck before the open. investors focus on the performance, one of the company's newer cancer drugs and its biggest driver of sales
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growth. nicole: coming up, vice president mike pence makes a late night visit to capitol hill for the health care bill. we will have the latest vote count. and how will the housing market they are under a trump presidency? we will take a closer look at that. you are watching "fbn:am," your first look at morning markets and breaking news. ♪
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nicole: rise and shine. let's get you caught up on what is happening. the white house has armed to vote on a rise health care plan. vice president mike pence visiting capitol hill yesterday to drum up support from revealing about my care. officials tell fox business they believe they are only a handful of votes from getting the bill passed in the house and the vote could happen as soon as tomorrow. president trump scheduled to speak with russian president latin america newton today for the first time since relations between washington and moscow are at an all-time low. it is also russia announced a
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u.s. missile strike in a searing airfield last month. apple is set to pose it second-quarter results "after the bell" today. it is expected to deliver its best earnings and sales growth for more than a year. the company expected to increase its buyback program in dividends. u.s. stock market futures this morning are mixed after the nasdaq posted a record yesterday. dow futures down nine, s&p futures down one, not that futures up for. lauren: economic growth may be weak gdp report under 1%. what will ignite the economy going forward? mark vitner. we see consumer confidence drop into gdp first quarter report was stronger if you look underneath. >> a lot of it was in consumer spending in most of that was utility purchases. >> we see the growth.
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what will give us a boost? you see optimistic overall. is there a particular area or is it single-family homes? where is the strength? they make all of us so far has been in apartments. a surge of young people coming into the workforce. that is positive. we haven't had much growth in single-family housing mainly because folks have been a little uncertain as to whether the improvement in the economy is going to last or not. we get household permissions to what the quality of jobs improve. that's what the tax cut may help a little bit. and entice people in the labor force with a little more momentum. lauren: the other problem is changing cultures that no one else, living at home with currents are saving money they don't have a job because it's nice and comfortable at home. how do demo unjust to step in, buy a house, have an suv coming to the things you are supposed
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to do. >> it is slowly happening. millennial star turning 37 this year, so they are at the point in their lives where they tend to afford famous in my house. you've got a rising number of people in their early 30s. this is a generation with a lot of challenges that they graduated in a weak job market. lauren: you just said late 30s buying homes for the first time. nicole: the apartments coming up are people trying to get in there. the trump administration, what can they do to help housing? >> one thing that can help his roll back regulations and make it easier for home builders to build homes. right now the cost of building a good column is so high. nicole: what regulations are you referring to? >> some of them are environmental. there's always a roadblock. they say that land had water on it at one time because it rained really hard.
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or maybe they find some endangered species. there are legitimate reasons to hold back in some cases. it seems in some ways folks are looking harder and harder to find ways to stop development. the root cause of that, the net result of that is the cost of building a new home has risen so high that you can build starter homes, makes it hard for somebody to buy their first home. lauren: that perfectly explains why home prices are so high. mark vitner, thank you. nicole: coming up, the stores on trade storms that battered the south and north -- janice dean will have your forecast. in sports, lebron james and the cleveland cavaliers dominate the toronto raptors in the first game of their playoff series. and in hockey, washington capitals taking three in their series against the pittsburgh game went into overtime. we have all the sports highlights coming up right after this break. dow futures down 11.
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"fbn:am," your first look at morning markets and breaking news. ♪ i am totally blind. i lost my sight in afghanistan. if you're totally blind, you may also be struggling with non-24.
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lauren: are you ready for sports? cleveland cavaliers taken a period game one of the eastern commerce mis. the first quarter. the raptors turnover, lebron comes flying through. upset then later in the quarter. excites the crowd as he throws down a dunk. james harding on the rocket in game one of the western conference semifinals.
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first-quarter james harding hits nothing but net up by 11. first coach not happy with the team and gives his player. second-quarter, houston is dominating with the steel and finishes at the layout. houston wins game one in a blowout 126-99. hockey game three. he would leave the game and not come back. and over time. scores the game-winner capitals win 3-2 and get back in this series. he's gone now. top of the six. over the green monster. baltimore at to nothing.
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orioles win 5-2. nicole: before you get out the door, fox senior meteorologist janice dean has a keen eye on this one. that morning, janice. trent hayek, nicole, lauren. a pattern in place at the potential for storms again over the central u.s. 30s over northern tier and 50s and 60s across the southern tier of the country and because of that downgrade have all of the storms writing that jet stream and potential for more heavy rain. watching this blaster and that iraq tornadoes across the south, move across the east coast. delays over the northeast. go ahead, check ahead if you're traveling today. historic flooding over the weekend. six to eight inches and more
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brain in the forecast. and the potential of more heavy rainfall and the threat perseveres turns especially when day. a busy time in the fox news center. happy tuesday, ladies. nicole: thanks to a preference watching. watching. thanks, janice dean. lauren: what is a fork? you'll never believe it. we are going to tell you. stay with us. ♪ i shot the sheriff ♪ but i did not shoot the deputy ♪ i shot the sheriff ♪ but i did not ♪
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future.
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♪music ♪you fill up my senses ♪like a sleepy blue ocean ♪you fill up my senses
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♪come fill me again >> check this out. mcdonald's is with a new ad that pokes fun at itself in them for marshals. >> to mcdonald's signature pork. it looks like a fork, but with french fries. stay tuned. >> the ad features mcdonald shot, anthony sullivan introducing the new utensil called the fork, it has french fries for tongs. the purpose is to scoop up the toppings that a lot of mcdonald's newberger, the crafted recipe burgers with darpa to stuff in there. it is all tongue-in-cheek. if donald's will give it away to
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customers who purchased the new berbers on friday. maria: go should go saight in the happy meals. thank you for wtching "fbn:am." with that, we say good morning to you, dagen mcdowell. dagen: great to see you ladies. be careful how fast you say that. might get you in trouble. thanks so much, ladies. i am dagen mcdowell and four maria bartiromo. it is tuesday, may 2nd. top stories at 6:00 a.m. eastern time. treasury secretary steve mnuchin telling maria will take two years to get 3% growth in this country. how we get there, straight ahead. rebuilding america's infrastructure. president trump working on a plan to repair decaying roads, bridges and airports. we sat down with transportation secretary elaine chao and got a sense of when we could be if legislation. >> i expect that we will

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