jamie colby, a call. i'm jamie colby for "strange inheritance." and, remember, you can't take it with you. >> thanks to our powerful trade policies, the trade deficit is falling and falling and falling. trying to break in this morning, two very big stories for you. first, the report said the white house may raise the stakes in the trade war with china up in tariffs on 200 million in chinese goods to 25% from 10%. >> apple firing on all cylinders reading analyst earnings estimates, the stock soaring 4% after news that apple purchased the $1 trillion market cap mark. cheryl: the optimist in the u.s. and china is making progress on trade did help give 108 points
yesterday. >> chicken u.s. stock market futures. data were by 21, s&p lower by just one in a deck features lower by 16. cheryl: investors weighed earnings and the new trump tariff plan for chinese goods. ftse is in the red icac brilliant green, the dax fractionally lower. >> news sent chinese text sharply lower. in hong kong the hang seng down 1%. >> elon musk said today's wall street again after post team and expected second-quarter loss yesterday. recall -- you may recall last quarter's call heater marked than calling them born and all had peered "fbn:am" starts right now.
lea: good morning. 5:01 a.m. in new york on wednesday, august 1st. i am lea gabrielle in for lauren simonetti this morning. cheryl: good morning, everybody. i am cheryl casone. lea: people are excited about this. trying to breaking news on china to the trump administration planning to propose imposing a 25% tariff on $200 billion of chinese goods after initially setting them at 10%. the new proposal could be announced as early as today. china's foreign ministry saint overnight that beijing will retaliate. lea: meanwhile, president trump touting his trade policy during the bake rally in tampa last night. >> for decades, the united states was all of these other countries are friends, enemies,
allies. i want to thank our farmers. our farmers are to feature its been thanks to our powerful trade policies, the trade deficit is falling and falling and falling. and boy did it fall this quarter. the days of plundering american jobs and american wells, those days are over. true into the u.s. already impose 25% terse and $34 billion with a chinese import and is scheduled to a similar terrace and additional $16 billion of goods. cheryl: aren't a other big story as apple watching shares of apple this morning after the battle. the stock rising in premarket trading up 3.5% right now becoming the first company average to have a $1 trillion market cap.
apple earnings-per-share both meeting expectations. revenue from the service businesses jumping with 30% to $9.5 billion. >> tim cook commenting on the conference call with analysts. take a listen. >> we feel great about the momentum of our service business and we are on target to reach our goal of doubling our fiscal 2016 services revenue by 2020. lea: and looking forward, apple raising its revenue guidance for the current fourth quarter. cheryl: all right, let's take a first look at the apple first quarter. michael nuñez, let's first talk about what the overall call told us. the iphone is a device that will take those customers today, to entertainment, to spirit almost like a cash register. not an iphone anymore. >> yeah, one of the larger
narratives from the earnings call was that apple service businesses is outpacing the iphone business at this point. for almost a decade, apple has relied on the iphone to generate revenue and is slowly weaning itself off of that device and part of the strategy relies on services like the app store and apple music and not sort of thing. lea: they had a slight miss on iphone sales by 42 million of the estimated. not really concerned about now. let me ask you about the valuation of the company. this could be the first time we have a trillion dollars company. are you bullish on apple? do you see we could get there today, maybe the next two sessions? >> the other narrative that is happening here is really focused on the iphone. so that is steadily climbing, although people are buying fewer phones. the rate at which people are
buying silence is telling. there's a let's talk about market saturation and mother people continue to buy the iphone. the average selling price of an iphone has jumped to $724 up from $600. so it is a significant increase. the big question will be when they released when they release an iphone so so they get more expensive? apple has proven that people will pay $1000 for an iphone, but will they pay $1100. tree into it looks like people are willing to pay those higher prices but they can in particular. look at what he said about the services. here's the revenue on your screen. listen to what he said about the services. >> to tremendous growth into the past quarter we completed more total transaction and great companies like square and more mobile transactions than paypal. cheryl: he's giving us a little
window into the future of apple. we may hold onto our devices a little blogger will still use them and spend money with them. >> exactly right. you see this with other companies that are doing that while at this point of facebook and twitter. they talk about all the users in the platform. when it comes to the iphone, the iphone has a large dedicated base of users and so apple is trying to calm as he said, turning to these iphone owners into people that subscribe to services. cheryl: at the cash register, not an iphone. they did talk about china but they're not willing to publicly comment about it yet. what do you think? >> this is something a lot of people are watching closely. china represent -- is the second-largest market share for apple. this is very huge growth opportunity is. i say we are watching services, but these tariffs will have a huge impact on apple phone.
cheryl: will have to watch that for sure. michael, thank you for being here. >> tesla its much anticipated earnings report today. >> tracee carrasco joins us with that story as some of the headlines. >> tesla expected to a wider second-quarter loss despite stronger revenue as the company invest in expanding production of the model three. it is all about the model three. to submit its target to build 5000 model threes a week by the end of june and plans to produce 6000 a week in late july. investors want to know if tesla can maintain the production right now. the big question, is elon musk going to stick to the script this time after last quarter's bizarre post earnings call where he was combative and caught analysts questions boring. >> his activity and twitter assert the stock in the past.
>> it does make an entertaining call. cheryl: talk about facebook in the midterms. >> and identified a coordinated local campaign that could mislead users and stripping for an hot button issues like immigration ahead of the november midterm election. it has removed 32 pages and accounts from facebook and instagram as part of an ongoing effort to fight foreign meddling in u.s. elections. facebook didn't say who's behind the misinformation, but some members of congress like senator mark warner, top democrat on the intelligence committee suggested russian involvement. >> apparently over 290,000 accounts filed at least one of those dirty two pages. it definitely got out there. i want to know about this. i hear he can get a $100 free gift card from chipotle. is that true? >> of this sounds too this sounds to good feature would usually is. yesterday was national avocado day and you may see a promotion
or a social media that chipotle was giving away $100 gift cards. unfortunately, this is a scam. it provides a link to get you a gift card. do not do it. a spokesperson for chipotle says it is working to address this although chipotle was celebrating national avocado day with them optimally. cheryl: because the entrée they will charge you for the free co-op. cheryl: well, let's talk about shares as cbs with the high yesterday after a road charlie gasparino reported embattled ceo les moonves claims to speak an earnings call tomorrow afternoon. under allegations of sexual harassment involving at least six women during his career. les moonves tells "the new yorker" that any behavior that made women feel uncomfortable and denies using his position to
retaliate against anyone. on a separate note, cbs alleging its vice chairman tried to remove a board member earlier this year after tape meeting with the father to document his failing health. >> breaking news this morning. vice president pen set to arrive in hawaii to attend the ceremony to receive the possible remains of 55 u.s. service members released by north korea. the ceremony to begin at 8:00 p.m. eastern. right now you are looking at live pictures that those remains being transferred onto planes and south korea. following the repatriation ceremony that happened there. the remains will be sent to a military lab that identifies missing u.s. troops. the vice president is the son of a korean war veteran. very emotional time for a lot of people who have family members who have served in particularly
in the korean war hoping that these remains are indeed able to be identified as some of those missing american soldiers. cheryl: all right, coming up a miracle in mexico. they plane crashes just after takeoff. you're not going to believe this, but everybody survived. we would say the details of the crash. apple with expectations in the stock set to open up higher. is this enough to turn around the tech sector? we will talk about that. looking at that. look in their futures, the that. look in their futures, the dow down 32 in the premarket come s&p down two and a quarter. nasdaq of 13.5. some good news there. ♪ this is no ordinary coffee. it's single-origin kenyan coffee from the nyeri highlands,
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lea: welcome back. a look u.s. stock market futures. dow futures lower by 38. a severe lower back to to and nasdaq futures higher by 13. firefighters now battling a new fire directing in california and menacing them with the san francisco forced to evacuate. meanwhile, the car fire continues to rage. the blaze has claimed the lives of at least six people now
consider the six most devastating fire in state history. 1200 homes destroyed an entire neighborhoods been flattened. a remarkable survival story in mexico. whether causing a passenger jet with over 100 people on board to crash moments after takeoff. the aeromexico flight going down just beyond the runway. the jet roosting into flames. all you can see as the plane's tail in a trail of smoke. emergency crews rushed to get survivors to the hospital. molecular signaling was killed and no injuries after a portion of a parking garage in a suburb of dallas collapsed. irving fire department says 21 vehicles were damaged. authorities say preliminary research indicated no one was hurt. a more intensive search is underway. images show the gaping hole in the garage and vehicles piled against one another and that is what is happening now.
>> strong earnings from apple giving a lift to the markets, but now investors turned their attention to other companies do it today. would overshadow what has been a positive earning quarter so far. the total wealth management and john seller fai capital management. good morning. >> good morning. over all, let's talk about the overall picture so far. it's been pretty good. of all the companies yesterday has now reported 29% -- 81% over last year. the predictive story. >> it's consistent with the underlying economy. the tax cuts are going through the system now and they will benefit consumers and corporate
bottom lines and outsourcing. some segments have even participated with the financial sector wakes up and i think those valuations are well aligned with their historical averages of the strong earnings quarter you can see financials even higher. train to 81% is a pretty good number. let's talk about what's going on with tears. more news overnight that aging is again threatening threatening retaliation even though you had a great number from apple, other companies say they have a wait-and-see mode. if your caterpillar, bowling, you get nervous about this. >> that's exactly right. we still think the terrorists are going to be a source of volatility in the short run. we've seen some positive developments out of negotiations with the european after recently. the situation with china is still very tenuous and president trump has latitude to go after china more strongly and we think
the market is a little bit complacent as it relates to that potential risk. cheryl: at the same time cover if you look at the overall economy, seems like we are fired on all cylinders besides the fact we've got the strong earnings coming in. looking at a 23% lead for the overall quarter when all is said and done barring any surprises in the next two days. looks to me like a overall the have every reason to continue. >> they do. the number one driver for stock prices are corporate earnings. the strong underpinning for those earning to sound as it is now. they should continue. wages are up to .7% in june and people said that was a disappointing number. just a few years ago we were struggling to be up to be up for one or perching 2% with wage growth. that is a solid number. it is a goldilocks number
because it's not too strong to set the off on rapid rate hikes, the strong enough to put on the back of u.s. consumers who love to spend and that's what's been driving this rally. we expect that to continue for the rest of the year. >> at the same time, if we don't get something fixed with the europeans then maybe come to some agreement there because that agreement is very loose right now. does that make you worry about the rest of the year not just for u.s. markets but emerging market for four markets as well? >> absolutely. it is still definitely a race, but we think ultimately over the long run you want to look at the fed in their pace of tightening. if the effect of the terrorists is to potentially slow economic growth, and that may actually be a good thing if it slows the pace of fed tightening antics of the cycle.
>> the in the last time we would get a statement today, the last time they were in the they will address that. they were very parsed in the language as far as what they said about tariffs. that could be an issue for the economy going forward. since the last eight and they will have a lot more data to look at today and a lot more facts and the administration. >> it may be even more tears. it could slow down the economic cycle here. we can withstand a little bit of a tariff battle. you see what's happening to the chinese market. your rumblings from europe. cheryl: a lot to go through but a lot of it was good news. we like that. thank you very much. appreciate it. >> thank you. transfer struggling with the past makes big changes to stay alive.
customers may not be too happy about those changes. hot, dry weather in the west not helping firefighters while reading this in the of the east coast. janice dean will have your forecast. a look at u.s. stock market futures. dow futures lower by two, s&p lower by two, nasdaq futures higher by 13. you are watching the "fbn:am." we will be right back. ♪ still a chance here. it's willingham, edge of the box, willingham shoots... goooooooaaaaaaaallllllll! that...was...magic.
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spirit reigning canada became even wetter. the dash cam clip appears to show a company van driver intentionally driving into puddles on the street in ottawa. and judging people walking by. the video went viral but will not face any charges. lea: not fighting for the person who just got dressed for work. speaking of getting wet. the west could use some of the wet weather, but it doesn't look like it's coming anytime soon. >> meteorologist janice dean with your wednesday forecast. good morning. >> good morning, share libya. current temperature is still warm across the west. we've got 75 in new york and 73 in cleveland. cooler across the upper planes and dry weather for the west.
although showers moving in from the gulf of mexico, the atlantic to the south east parts of florida could get stoked over the next 12 to 24 hours. we could see potential for flooding along the southeast up towards the mid-atlantic. keep that in mind. on the flipside, incredible tragedy and wildfires continue to burn 88 large wildfires across the west whether or not helping out at all. sections of the northwest still very warm, warmer than average. in terms of moisture will get the rainfall, but not in the areas they really needed over the next couple days. ladies, back to you. >> a lot more coming up. the good and the bad. first, procter & gamble hiking prices on popular consumers goods like pampers, down in chairman. american workers got the biggest pay raise last month in nearly a decade. taking a look at futures right now looking for little green.
the dallas will win the premarket by 44. some of that's got to be the china concern. the nasdaq tech heavy as you know up 11.5. technology certainly powered the nasdaq today. you are watching "fbn:am." jardiance asked- and now you know. jardiance is the only type 2 diabetes pill proven to both reduce the risk of cardiovascular death for adults who have type 2 diabetes and heart disease... ...and lower a1c, with diet and exercise. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash,
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>> big store powerful trade policies, the trade deficit is falling and falling and falling. >> reagan is this morning covering two big stories. the first to report says the white house may raise the stakes in a trade with china, up in tears than 200 million in chinese goods. 25% from 10%. lea: or other big story.
apple fired on all cylinders beating estimates of stock soaring 4% after the news that apple approaches the $1 trillion market cap. >> optimist in the u.s. and china were making progress on trade both the dow up 108 points yesterday as you can see the. >> u.s. stock market futures broker been seen so far this morning. s&p lower by three. nasdaq futures higher by 11. >> investors are wayne earnings and the neutron tariff plan for chinese goods. as you can see, all markets now in the red. >> news of the new terrorist sent sharply lower. dow nearly 2% and in hong kong, hang seng down almost 1%. trading to win were going higher, but june saw the biggest wage increases for americans in nearly a decade. "fbn:am" continues right now.
lea: it is 5:32 a.m. in new york on may, august 1st. only a gabriel for lauren simonetti this morning. cheryl: good morning, leah and everybody. i am cheryl casone. president trump touting a booming economy and defending his trade policies and a big rally in tampa, florida. lea: lauren has this details. reporter: good morning. the president reporting ron desantis to be the next governor of florida. he also told voters to elect governor rick scott to the u.s. senate. the president wasted no time touting the economic success. he said the gdp last quarter growth for .1%. he talked about how many jobs have been created in this economy. the other president allows the u.s. to be ripped off and didn't follow through making good trade deals for this country.
>> now that we have the best economy in the history of our country, this is the time to use drayton out the worst trade deals ever made by any country on earth. they are the worst. for decades, the united states as a piggy bank everybody was robbing. >> because steel tariffs, steel workers are going back to work at a very pro-american speech arguing democrats want to raise taxes and hurt jobs. >> the days of plundering american jobs and american wealth, those days are over. they are over. america first. america first. we are all so living two very important roles. by american and higher american. and he calls for voter identification laws. the president oscar mocking the
fact that he's not presidential. watch this. >> ladies and gentlemen of the state of florida, thank you very much for being here. you are tremendous people. and i will leave now because i am boring you to death. thank you. reporter: the president highlighted as vocational education initiative. he secured the reauthorization and allocated $1 billion for this to find vocational schools. the president said one way to keep the economy going is to trade workers and he believes vocational schools are one way to do that. back to you. >> meanwhile, drug administration reportedly planned to propose imposing 25% tariffs on $200 billion of chinese goods after initially paying 10%. the foreign ministry says beijing will retaliate. republican strategist john jordan and democratic strategist howard franklin. nice to see you both this
morning. i want to stay with you. the u.s. is the u.s. is arty and post 25% tariffs on $34 billion worth of chinese goods scheduled on additional 16 billion now wants to raise the tears from 10% to 25% on additional $200 billion for the chinese goods. what you think of the strategy? >> this is a race to see which leader can absorb the most economic pain and survive it politically. the underreported stories right now there's a lot of unhappiness starting to seep out in beijing, including from within the bureau. president is facing criticism for her than policies towards united states and the problem the chinese have is whatever pain that can afflict them united takes a short-term, damage to the chinese economy could be permanent because other countries as well can fill a lot of the destruction that would have been as a result of chinese goods being priced out of the
america markets. that is causing heartburn in beijing. >> the administration does believe his rank in the position with the trade of the european union last week. larry kudlow says china is in a very difficult position as being isolated right now. what do you think of the strategy? >> obviously there's some truth to the statements, but i would also remind everyone that we are also 100 days for a midterm election and i don't think voters are determining the strength of the economy by whether or not they carry a trade surplus or deficit. they wonder about the availability of reasonably priced goods and the opportunities for work and career advancement. both countries in both economies have something to lose here and trump makes sense right now may be boarded come november.
>> that's one of the things people will certainly be watching. farmers have been impacted by this. china and other countries zeroed in on american farm workers with the retaliatory tariffs. listen to a president trump said at the rally yesterday. >> our farmers are true patriot. [cheers and applause] because china and others have targeted china and others can remember this, have targeted our farmers. not good. not nice. you know what our farmers are saying? it is okay. lea: john, you heard what howard just said here's what are your thoughts on the potential impact to find states ahead of the midterm? >> well, the fact of the matter is europeans have agreed to buy more of american farm products whatever that means. but there is enough slack in the soybean markets for example to
replace the united states production and eventually china has to either purchase american soybeans or face much higher beef costs were soybeans go. further, china has to purchase more american liquefied natural gas which has been left off of china's tariff schedule as part of their retaliation because they are really ramping up or reducing the air pollution in beijing and natural gas is a big part of that. the chinese are playing with the weekend here. >> quickly your reaction to the terrace causing concerns among the americans. a lot of republican lawmakers going into the midterms. what you see is the impact? >> the insurgency is not good for the economy. it looks like it will play out september from the report and referred and that's close to the midterms plans to loosen so fast that an important topic for many americans and voters. lea: will see how this all goes. thanks for joining us this morning. >> thank you.
>> my pleasure. cheryl: well, procter & gamble with the most popular products. >> tracee carrasco joins us with more on that. >> p&g said his change said his changing his strategy after another quarter of lackluster revenue growth. the company increasing prices on items by his pampers then we'll go up 4% and 5% on down to you, sherman and puffs brand. early in 20 night teen, a shift towards a more premium products and a cutback in coupons. lots of different ways they are trying to make more money. >> what about the struggling movie pass. making some big changes to try to stay alive. >> the ongoing saga has continued. last week movie pass ran money. now it's going to make subscribers pay 50% more pg now
have to pay 14.95 previously a flat fee of $9.95. the change takes effect within the next dirty days and the company says it is the blockbuster films and bolster the independent film community. >> telling people there were certain films. we will see where that company goes. we know that wages are climbing. by june had a big report and some big news. >> big numbers there. u.s. workers filed the largest increase in wages since september 2008 according to a new report from the labor department. the employment index which gauges total compensation for workers in the second quarter that comes the benefits and pay
jumped to plan a percent in the 12 month period that ended in june. the highest growth rate in nearly a decade. growth in benefits outpaced wages in the second quarter which were up half a percentage point. which is allowed to do a point to% which also reflected the tenure hike. >> close to what we saw and 011007 when it is to .9%. thank you, tracey. coming up come a judge blocks designs for untraceable 3-d guns just hours before they were sent to hit the internet. a painting of donald trump and his team crossing the swamp. if social media frenzy. let's take a look at u.s. stock market futures ahead of the opening bell. david druce. nasdaq higher by 11. you are watching "fbn:am." ♪ year, i am sorry about that.
now. we'll see how tech does today. the federal judge has temporarily blocked blueprints from 3-d printed guns from being distributed online after eight states move to block the pro-gun group from posting those files. early in the day president trump has skepticism about the untraceable 3-d printed guns saying he's spoken with the national rifle association about them. a subsidiary of program california company has been to use the visa credit and debit cards for two weeks at its 21 grocery stores. kroger and visa are in a dispute over fees. kroger, which is the country's largest supermarket chain is threatening to expand the ban beyond the foods company. this painting of president trump and his administration crossing the swamp, an imitation of washington crossing the delaware has the internet reeling. observations included ben carson appears to be rowing backwards
and melania wouldn't be caught dead in a camel hunting jacket. i kind of agree with outline. >> i personally think she can rock it. >> some people were saying it's going in a circle but at least it was stay in the flow. coming up in sports. the washington nationals crushed the new york mets. and then come in the nba the first major sports league to partner with an operator. taking a look at u.s. stock market futures. dow futures lower by 41. s.b. lower by three by nasdaq futures higher by 13. you are watching "fbn:am." ♪ when it's too cold for camping, we go camping. when it's too hot to work,
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lea: welcome back. breaking news late last night. a landmark announcement. cheryl: jared max has come a long way in a short time i guess you >> if someone had told julie decade ago tim donahue went to prison for betting on nba things come officiating gives to work in his favor. would you believe the nba would become the first major professional sports to partner with the sports gambling? adam silver has been strong in his views on the nba getting the cut of a legalized gambling action announced last night a three-year deal with mgm results. at least $25 million. major league raised by last
night. something happened with never seen before. perhaps inspired by vanessa bryce harper would not be treating the nationals for more run. starting pitcher stephen masted name and last the first meeting. daniel murphy two home runs in baseball. another night 10 after five innings. never pitched a major-league up 10%. the final score nationals 25, mets four. most lopsided loss since 1962. the biggest hill before yesterday's deadline. he went to the pirates. a couple of other deals yesterday also in major-league ace ball.
bryce harper stays where he is. johnny mantell battling back from substance abuse, trading as bipolar disorder. worked his way back to football. friday will be the starting quarterback for the. you know what she do when you get to the nba first-round draft pick? michael porter junior of the denver nuggets yesterday for a couple days ago surprised his mom was a brand-new car. >> i love when they tell their parents i just paid off your mortgage. >> you run instagram, tuning up for stopping your career being a pro basketball player to raised eight kids. >> eight kids. that's amazing. >> good mom. you can catch sports reports on fox reports on fox's 10 minus one for seven mysterious xm channel 115. coming up, apple shares in the
analyst at cmc markets joins us now. good morning, michael. what is is the reaction of apple overseas? >> yeah, we expect apple shares to open up $197, $7 from last night's close. what surprised me from the numbers, cell phone sales were below expectation and reinforces the divergence and that doesn't pay for over the cracks in the rest to have sector, while these are good numbers for apple, i don't think it removes concerns that investors have over the rest to have sect recover. cheryl: let's talk about news breaking overnight, the white house maybe increasing increasie
tariffs on $20 billion of chinese goods, do you think that will help bring china to negotiating table, they are saying they will retaliate? >> yeah, i'm not sure about the negotiating tactics, hours after the report that the u.s. was seek to go get china back to negotiating table. i'm not sure that this is going to work. certainly the market reaction has been largely negative albeit from one month european stocks but i think there's also the fact that the weak european manufacturing pmi data could also be feeding into the negative narrative that we are seeing in this morning's trading. lea: thank you very much for your insight, michael. cheryl: thank you for watching fbn:am. over to maria. maria: good morning, everybody, happy wednesday, thanks for joining us. i'm maria bartiromo, wednesday august 1st, 6:00 a.m. on the east coast. race to $1 trillion is on, apple
reporting a big beat, stock to open all-time record high, take a look, we are breaking down the results, when will it hit a trillion dollars in market value, new tensions to report, the white house is looking to raise tariffs on china to 25%, the president also doubling down on tough talk at rally last night. >> we've helped rebuild china, we can't do that anymore. we can't do that anymore and our farmers understand it and our workers understand it and frankly our companies understand it. maria: escalating trade threat, look at futures, 39 points on the dow industrials, nasdaq this morning is up by 12 points. investors waiting on the fed, the fed decision, no change is expecting from the federal reserve, today they will be looking for signals about future interest rate hikes and the environment the rest of the
year. gains across the board, take a look at markets, dow industrials picked up 108 points. s&p 500 was up 13 and nas dag dabbing up 42 points. global markets look like this, ftse down 78, that's better than 1%, the cac quarante is down a fraction and dax index down a third of a percent, 42 points lower this morning in europe. in asia mixed performers, worst performer was china, down 1.8% as you can see. finally coming home, remains of american heros killed in korean war on the way back to the united states, repatriation ceremony held in south korea as vice president mike pence makes his way to hawaii for ceremony there. a scary scene in méxico meanwhile a plane crashes shortly after takeoff with more than 100 part-time on board but mirror miraculously nobody was killed,