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tv   Mornings With Maria Bartiromo  FOX Business  November 2, 2018 6:00am-9:00am EDT

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yesterday posted their third day of gains in a row, it was a pretty good day at the close, take a look, up 264 points on the dow industrials, better than 1%, finishing near the highs of the day, nasdaq 128 points higher yesterday. checking global markets this morning, we kick it off with europe, european indices higher across the board, ftse up and cac quarante up better than 1% and dax index in germany better than 1% as well. in asia overnight, markets higher across the board, best performer there, china, actually korea, kospi index up 3 and a half percent but china very strong up 2.7% on shanghai composite. we will hear from oil giants and dow components, exxon mobile and chevron today. plus alibaba, numbers and analysis and give us window as to what's going onto chinese consumer as well. president trump speaking with china's president xi jinping
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sharing progress as soon as that was announced markets turned around. we got firmness when we heard there was progress in china deal. >> their trade practices have to change and us being tough-minded about it i think it's sense i -- sensible, i think us being outrageous and excessive about it is dangerous. maria: we have the latest this morning, more from barry dillar as well from technology and what's happening with tech stocks, tall stories coming up friday morning and joining me to break it all down fox business dagen mcdowell, the wall street journal assistant editorial page editor james freeman and bench mark kevin kelly. good to see you this morning. love it. >> i'm sorry you had to impose this on your viewers again. maria: i'm happy that you are back. >> be here for a little while. i don't think the president said it was fantastic but he did say
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it was good and nice talking to president xi jinping so -- dagen: very good. maria: that's right, we heard that they had the phone call it actually did help markets yesterday. dagen: right. maria: big boost. >> that's a lot of what you are seeing in the futures here. dagen: on apple's side not just revenue forecast for december quarter, it's also the fact that they are no longer going to break out device unit sales in any future financial results so basically, apple is telling investors you're going to get a lot less information from us about what is going on with the company, with sales of our devices and that's why the stock down 5%, but apple is only down 3% in the month of october when amazon was in a bear market losing 20% of value. we talked about that yesterday morning so, again, revenue is a problem and then -- any company that says we will give you less information --
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maria: that happened to oracle a couple of weeks ago, they weren't going to break out cloud revenue and the specific lines within the cloud revenue, less transparency, you know, that's one thing. we will know less about how the -- >> revenue and earnings are good, it's just the outlook. you have seen with a lot of the companies, the numbers are fine, it's the future and the concern and maybe some going away -- maria: which is the issue, are we going to see growth slow down in the future and what we are hearing revenue expectation, yes, things will slow down. dagen: midpoint for revenue forecast of holiday quarter from apple is 3% gain year over year. that's for a company at this valuation, apple being cheaper than other tech names but that's still lackluster quite frankly. kevin: yeah, it's important to know that they will not be announcing unit sales and that's because they missed unit sales, 60% of revenue comes from iphone
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sales. i mean, that is it and so if they're missing on those numbers now and they're not going to give them in the future, that's uncertainty for investors because market which president trump will be talking to jinping is china. most important market for growth. maria: that's what dan niels pointed out, are we going to see people pony up a thousand dollars in china when things are slowing down, coming up also joining the conversation this morning my exclusive interview with barry dillar chairman of interactive, iac, what he had to say about market and technology and really where the growth is going forward. all this coming up, apple shares under pressure despite earnings report, 291 a share.
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revenue 69.9, as you is earnings, $62.9 billion on revenue on earnings of 291 a share, apple stock is down better than 5% right now as you can see, the stock is down as investors worry about the guidance, the company's decision to stop reporting unit sales for the products, seeing assign of potentially slow sales growth. joining us ken. >> great to be back again. maria: let me point out that it's also job's friday. [laughter] maria: your reaction to apple numbers? >> soft numbers. they are playing around and pushing envelope when it comes to elasticity man, you remember phrase, pushing the prices and seeing demand, estimates were $750 a unit to now 793 but they are pricing a lot of households, what is the elasticity man, where is the level where you could have good margins and good sales? i think that's the thing.
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also by the way, i think the new offerings are quite confuse to go consumers, xl's, g's, before it was simple, red, white and now we have 19 different choices, where is that kind of sweet spot for apple with iphone offerings. dagen: xr is cheaper and i say x, 10s, 10xs, the xr gotten renews and that's the lower price change and so that is -- was a concerned going into the report. >> i think you're brig up a great point because what happened is they keep increasing their average selling price but also the parts and components are going down, so they're operating margins are expanding significantly and that will be future headwind. and so i think when you talk about pricing power that's what is going to help companies succeed next year when they can pass along the pricing power.
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what are you seeing for next year and how you will be positioning yourself in markets? >> yeah, volatile year, we have to deal with headline it was fed raising rates at a time when that's another one of the things out there, i feel the fed will keep raising rates until something breaks, housing, construction, home builders, we don't make them day traders but active, we had swishes down in february, strong january or march, strong august or september, so i think we have a hybrid strategy, 70% long large cap growth but 30% buy the dip into some crazy volatilities, i think next year, look, we have a lot of things to deal with after midterm elections, at tend of the day investors can make volatility friend instead of foe. maria: are you saying you are expecting a slowdown in the couple of years? >> i think so. some specific interest rate,
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home builders, they bounce a little bit. maria: 4.2% growth for the second quarter. >> 3.5. maria: do you see economic growth -- >> yes, absolutely. slowing down 4.1. again, the point is that the fed keep raising rates here is going to slow things. we are seeing, by the way, metro area, you're starting to see softness, it's having impact the higher interest rates. >> so if the president gets a deal quickly with china, not predicting this but if xi jinping says we will respect property rights and lower trade barriers, you're thinking that doesn't give the market much of a bump because the focus stays on interest rates or it does? >> look, we saw since monday, look, we had the whip saw, we will add more trade tariffs and the market fell out of bed, he knows words are tied into
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algorithms, the tariffs are really important. we heard from 3m, caterpillar even apple last night talk about the uncertainty because of china trade. that definitely helps out. i think 4.1 maybe peak gdp, for example. dagen: apple stock until through yesterday was up 31% year over date and one big concern is the iphones and the import of apple goods made in china have not been hit with any tariffs by this government yet, but it looks like if something doesn't get resolved by the end of the year iphones will get hit with tariffs and you to factor in the worry that the chinese government retaliates against apple. >> right. dagen: retaliates in terms of china as sales market but also manufacturing hub, there's a lot of concern, a huge, huge boost for the stock potentially if the u.s. could get something done. >> this has been going on for a year, some of the other
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industries aching from this. we have been plying -- playing poker. we should get a deal. maria: the administration has to push back on china, don't forget what we heard yesterday and this is one company and this is just one issue and that is from steve bomber, former ceo of microsoft. 90% of the companies in china use microsoft operating platform and only 1% pay for it and that equates $10 billion to microsoft. lost profit because they go to china because they are stealing it. dagen: better china strategy is what we've seen them going after circuit company which has been accused of stealing technology, intellectual property and that's what this administration has done, we hit the chinese company for allegedly stealing the secrets, the journal writes
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about it a better china trade war. maria: i don't disagree -- and i don't disagree we should have pushed back on zte as well. >> we did, we imposed fines. maria: they came back. kevin: but the important thing to note here is not just american companies and the american government, we saw at the world trade organization the europeans came around with our viewpoints as well and said, actually, they should not be getting most favored nation status at the world trade organization, they're still considered emerging economy and skirting regulation. maria: exactly. kevin: if you have the europeans aligned with americans that's going to be saying something. this goes back to what you're talking about, if we get growth, the dollar will get stronger and the fed will raise interest rate, inflation is going up. so the stronger dollar i see is one of the biggest impediments. maria: are you selling into this rally?
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>> this morning we will be selling. it's been a long month this week, right, from monday's low to open, 10% move for nasdaq, i'm not bearish, we need to break down like we did, we do bounce, i hope we make higher lows, at tend of the day we were up 10% from monday now through friday. i think you power -- in case you have to go back or midterm elections don't go the way people think it's going to go or china talks don't go the way we think they will go. maria: sell into strength. i like that. [laughter] maria: let's talk jobs for a second, the october job's report out in 2 hours, 8:30 a.m. eastern, expectations 190,000 jobs, kevin, what are you expecting from today's job's numbers, what will you be focused on this morning. kevin: yeah, i think we will get a print above 200,000, holiday expectation and need to go fill
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those jobs and after hurricanes, i will be looking at the labor participation rate and i think that's the biggest one, we need to see people coming into the labor force if this economy continued to grow and expand, that will lead to productivity for the companies so they can keep their margins where they're at. maria: is the good number price intoed the market? >> i don't know, the market is mostly focused on trade deal with china and little bit of apple. the fed will raise rates in december. we will be watching wage growth closely. a lot of companies are saying we have trouble finding employees to grow business. participation rate is important. the wage growth is something feds will watch closely. maria: wage growth is important. dagen: supposed to be the best in 9 and a half years. >> worker shortage, that's what we saw in nfib report, good to see the president recognizing that we want border enforcement but we want to let people in too.
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maria: we are all hands on deck, keep it right here full coverage of the october job's report beginning at 8:00 a.m. eastern, special coverage where we identify where the jobs are right now. first up, protecting the border, first 100 troops have arrived tat border for operation faithful patriot as migrant caravan closes in on the border, the very latest next.
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faithful patriot, president trump said the number of troops deployed to the border could go as high as 15,000. meanwhile the president plans to sign an executive order that could keep migrants including asylum seekers apprehended at the border in detention until legal cases are heard. >> those who choose to break our laws and enter illegally will no longer be able to use meritless claims to gain automatic admission to our country, we will hold them for a long time if necessary. cheryl: well, at least 3 caravans of migrants are heading north from central america right now. then there's this, at&t's warner media accuses justice department of collaborating with dish network. warner media issued a statement, quote, the department of justice collaborated closely with dish in its unsuccessful lawsuit to block merger, collaboration continues to this day with dish's tactical decision to drop
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hbo, not the other way around. so here is what's going on in first time in 40-year history, warner media hbo went dark on dish network yesterday after a disagreement over distribution deal. at&t l go bark back to court next month over antitrust decision approving at&t's deal to buy time warner media, so obviously, maria, a lot of twists and turns on the story, forget ability it, you will not get sopranos reruns on dish. maria: thank you, coming up the president's midterm rallies, the president is making stops in key states with four days left before voters hit the poll, we are on countdown mode, we are breaking down the races coming up right after this, my exclusive interview with iac and expedia leader dillar. stay with us. we started making wine
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maria: welcome back, spotlight on mid terms now, we are now 4 day asway from midterm elections, we are taking a look at key economic data with states in most influential races, today we zero in on missouri, montana and colorado, joining us right now kristin tate, kristin, good to see you, thank you so much for joining us. >> thanks for having me. maria: before we get to missouri, let me get your take overall, how do you think the republicans fair in midterms on tuesday night? >> well, i think this is really a referendum on trump, so republicans are trying to inject trump into these races as much as possible to get his supporters to the polls, this is
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all about mobilization, but trump mobilizes democrats too, we have democrats running on perceived hatred on trump, it's who can get most folks to booting booths, i think democrats will take back the house. maria: let's talk missouri, the president there last night campaigning for josh holly. tied in race with maccaskill, unemployment rate 3.2% in september, the state's leading industries are hospitals, nursing and residential care facilities, president trump won this state back in 2016, what's your take here, can holly unseat mccaskill, the case is toss-up, the polls suggest holly has up here.
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mccaskill is trying to courting trump supporters because she needs them to win race. two biggest cases are economy, economy there in missouri is doing pretty well, growth hasn't been as robust as it has been for the nation as a whole, unemployment 3.3% but interestingly howley hasn't been talking about the economy much and that's because of tariffs, howley supported president trump when he tried to win the trade wars but now missouri is really feeling the effects of tariffs, china buys one-third of missouri's soybean crop, they slapped 25% tariffs on soybeans which reduced their value by about 20%, that's really devastating to the farming industry there which was hurting. maria: don't forget what claire mccaskill, trying to look like a moderate and said crazy democrats. >> does that affect turnout in
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st. louis, she's trying to get more of the rural vote but what does that do for kind of the core democratic voter there? >> she's in a tough position because she comes off as looking too liberal for moderates but too moderate for the really liberal voters in the cities, she's walking a very tough tight rope here but howley has responded by really hammering her on the no vote that she gave to kavanaugh and a couple of other issues like her personal wealth, mccaskill love to say that she's ordinary missouri gal but really she's extremely wealthy. this is to get the base energized on the right, but i do think she will have a hard time reaching out to people in the cities and the really far-left progressive voters because, again, she is seen as too moderate for them. maria: let's move onto montana, senator john tester facing off
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the republican challenger matt rosnedale, gdp2 and a half percent. september unemployment 3.6%, good unemployment number. the president heading to montana tomorrow, last minute campaign before voters head to polls, kristin, what's driving voters here? >> tester is, again, another democrat trying to fight for his political life in a state that loves trump. up until recently he had been seen, tester had been seen as having wide lead here but now this is a toss-up race because the libertarian candidate in that race dropped out presumably giving votes to the republican, the big issues are health care and the economy, insurance rates have been on the rise in this state of montana, premiums have gone way up and when it comes to the economy montana is really roaring under trump, unemployment the lowest it's been since 2007 -- maria: which is why he's heading
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there today. colorado, september unemployment 3.1%, now leading industry here oil and gas extraction contributing more than $11 billion, real quick on colorado, kristin. >> i'm watching the sixth congressional district race, people are saying this is kind of a bellwether for who controls congress, of course, colorado has been trending blue for many years now so uphill battle for the incumbent republican there but colorado citizens are very happy with the direction of the economy, looks really good for republicans, we will see what happen. maria: kristin, great analysis, thanks so much, kristin tate joining us, stay tune special coverage on fox business for midterm elections beginning november 6th, lou dobbs tonight kicks off 7:00 p.m. eastern tuesday night and neil cavuto takes over, i will join neil at 8:00. all hands on deck 5:00 a.m. eastern the next day with all of the results because some of the races could go late with, of
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course, closing late on tuesday night. coming up my exclusive sit-down with iac chairman barry dillar, what he says about future with social media including match and tinder and angie's, we will talk more about this after this. a business owner always goes beyond what people expect. that's why we built the nation's largest gig-speed network along with complete reliability.
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to help lower my a1c i choose trulicity to activate my within. i never thought i'd say this but i found bladder leak underwear that's actually pretty. always discreet boutique. hidden inside is a super absorbent core that quickly turns liquid to gel. so i feel protected and pretty. always discreet boutique. maria: thanks for joining us. tgif, it is friday, november 2nd. 6:302 am, finishing another week of earnings, apple shares under pressure, the technology joint reporting the fourth straight quarter of record revenue and profits but the company said it would no longer report unit sales not going over well with investors and isn't it interesting we are
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looking at apple down 6% and still expecting a rally, waiting on energy names are putting their quarter including exxon mobil and chevron. we are waiting on the october jobs report two hours from now. we expect 190,000 jobs added to the economy in october with an important holding steady at 3.7%. we look at what it means for the midterm elections four days from the midterms, check out futures, down industrial's up 225 point rally at the start even with apple down where it is. the other averages higher, the nasdaq and s&p up fractionally. major indices finished higher yesterday, a 3-day rally underway, down industrial to the close of 264 points better than 1%, 128 points. in europe moment and is
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continuing, 50 points higher, cac quarante up 1.3%, 65 points fire and the dax index up 1.5%, 166 points hire. in asian markets higher across the board, up 3.5%. hang seng4% and protest that google continuing, thousands of employees protesting, walking off the job after the company is reacting to the sexual harassment allegations. our top story this half-hour, the future of the internet, barry diller sitting down with me in a foxbusiness exclusive. i got his take where regulation will hit in the wake of a privacy scandal with major players like google and facebook. >> look at what has happened with facebook and google and
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all of the large players in social communications where the proliferation, the ability to simply get into the system with infectious disease, bad, thought manipulations by russians or the chinese or this political action side or not, demonizing of george soros and every one of these, facebook announced a huge breach, every technology company, the cyber warfare of it, all of these things, the stir of what has been enabled.
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we are not at the beginning stage of obtaining is and it will overtime get tamed, it will get tamed by regulation. we reached the stage where regulation is a recommended thing when you have these areas that have gotten so strong and powerful with unintended consequences that the only way you can deal with them is through hopefully wise regulation. maria: what is regulation going to look like? if they have market share, and vulnerabilities to the bad actors like facebook, how do you regulate that? >> i think we should resurrect some form of the fairness doctrine. and on this side, you have to
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provide a countervailing opinion on the other side, the fairness doctrine, it ruled broadcasting for 25 years until of course there were lots more outlets for expression and we don't need this because we have enough diverse city. the opposite end of this coin, too much out there, and some semblance of this fairness doctrine that tries in its way to not have essentially one voice speaking, one constituency or another that continues to polarize everything, that may be a solution. everybody in broadcasting will hate it. if we can do anything through legislative process, we really
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ought to have nonpartisan people get a room and say we've got to figure out ways not to control this or crimp it and realizing its power and realizing near-term effects. in the last couple years particularly and today with what has happened in the last couple weeks, something has got to be done. maria: government is coming, the hand of government might start regulating us, let's start policing this ourselves. has facebook done a good job putting things in place? >> i read this piece in the new york times saying is mark look a big too big to fail? the idea being like big banks, they are too big to fail and have terrible consequences, he is a figure because he controls the company and also too big to fail, you can't let him fail
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and nobody can replace him. but replacing him would be a good idea. this is an extraordinary talent who created a company and been learning since childhood 20 years old or whatever to be a good executive on the job. he has done really well, so well that his company got huge and essentially in front of his ability to control and maintain it and they have done a tremendous job trying, extraordinarily difficult ability to do so but they have been trying and trying with some success and some failure to actually control this or adjudicate what is the right kind of information to put over their platform. i would say within the
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construct of how difficult it is they put huge amounts of resources, announced to the markets they will have slower growth, less net income, all of which they are doing and who else should do that. i think that through a level playing field government regulation is going to have to help. maria: i want you to assess where we are in terms of where growth is, internet related businesses. where do you see growth in coming 5 to 10 years? >> the growth is part of the revolution. people forget the internet revolution is still in year terms really young, 22 or 23 years and it took ten years to 15 years just to get up enough bandwidth to have rich media being served to it.
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we are at the very earliest stage of this. there are companies, one of the first companies that colonized travel for the internet, 20 years ago. that is a world where the colonization of these businesses is just now coming on full line where you can do almost everything and almost everything more through digital platforms. the growth is everywhere. maria: it is digital proud forms enabling you to do what you want, match talking about dating and expedia travel. are there areas that have not been capitalized on in terms of the digital platform? >> one we are engaged in but there are lots of others, syntax, financial technology is
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just now really getting into very much mainstream and big companies being built. for us, home services, being able in your home to do the same thing you do when you want a car. he wants to be taken someplace rather than drive yourself. you have an apps and with huber you simply say i want it now and you see the car coming and see where it is and all that. with home services which has been the most difficult, one of the most difficult areas to tame because it is essentially the most local of everything which is your water heater breaks or whatever, air-conditioning doesn't work, take it on the emergency side or quick service side you want help. now there is an apps in home advisor, where literally you do
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the same thing. you say i need a plumber and it will show you plumbers hovering around, uber like, service providers and you are able to do the full circle of that transaction on your mobile device because it is ready for you. that is just at the earliest stages and it is one example where growth, runways and senate. maria: was it necessary to go to the other side of it? as a vehicle to capitalize on that? >> it takes consumers who have needs, and through technology it is a perfect match or good match so that is what those
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things are. once you have a platform, then when you say will others be creative? there will be other platforms created but there won't, because the network effect have to come into play. maria: let me ask about match. when that first came on the scene and you talked about meeting somebody online it was so foreign to so many people but it has resonated to the extent people are meeting and getting married increasingly. where is that business? >> we have been involved in this for almost 20 years. we bought match quite early in the cycle. we found that is a very good idea. a little company in texas
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called match.com and the thing is when you say it is just now becoming where people get married we watched ten years ago, we had literally i don't know what the count was, definitely above 1 million marriages out of match.com and the technology moves forward and forward and you have to wonder -- 10 -- tinder, people were fairly serious. they wanted to date and see what would happen on a 1-time data but they also really wanted relationships. tinder got younger and earlier stage of relationships, one time dating or whatever. but now is moving into the same track match did which is real relationships coming out of tinder but it is an alternative to the historic going to bars, being fixed up etc. etc..
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this actually does bring technology into the mix. maria: are you surprised what has taken place in the last 25 years? >> not shocked. that is a stupid thing. when you are inside a revolution, which i was lucky enough in timing to get into at the early stage, you don't realize what is happening around you but this was a radical revolution and a troubled revolution which happen this at really early stages. maria: talk more about where the trouble is, i covered barry dillard for 20 years and watched his incredible portfolio of internet companies and he really has highlighted or targeted or put his finger on some of the real growth stories of the internet whether it is dating orandi or home
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services or tinder or so many others. interesting he mentions regulations is the next leg of what is to come. >> it is favoring big competitors. and the fairness doctrine. that is tough to square with the first amendment. and glad i don't have to date anymore but, it is good to do that. >> thousands of google employees protesting the response to sexual misconduct, lauren simonetti is there with details. i have been astounded by the story with the creator of the android, it is really rough behavior. >> expose of allegations found to be credible.
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the message we heard from google workers the time is up for tech. google staff thousand strong and more than expected staging a powerful global walkout, looking at the most amazing pictures we saw protesting how the company handles sexual harassment. the catalyst with this bombshell new york times report that they paid andy rubin $90 million in severance even though google concluded the allegations against him are credible. sexual misconduct is more widespread, google fired 48 executives over similar allegations and did not have those executives exit packages but the power of the protest, the first is the influence of the activist workforce and how they influence the company to act in certain ways. and we see it with their
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criticism of google doing work with the pentagon and a sense of hypocrisy. this motto, do the right thing and employers are calling foul on that protesting a end to forced arbitration so victims of sexual harassment would be able to sue and also looking for gender payee quality among other things. google's ceo, moments like this show you didn't always get it right so we are committed to doing better and he gave muted endorsement of the protest yesterday. >> i talked to a couple people and one of the biggest points was there were a lot of confidentiality agreements that were very weinstein like. that little a lot of fire for people that walked out. what do you make of this?
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wise and so strong? there is a double standard, executives were not held accountable. confidentiality agreements and that is not in the best interests so employees were treated different. maria: it is like a weinstein situation in the sense that there's a double standard politically as well. organizations who were considered conservative are targeted by the loudest voices in the country but the tech companies got a little bit of a pass because they are bastian's of liberalism and the women who worked there are coming out and saying human resources what is not handling sexual harassment complaints the way they should haven't it remained hidden and they weren't targeted verbally and loudly across the country because that is where the dems live. >> it made rubin re-sign. the situation was such high praise. dagen: at $90 million as the heroes exit. other executive who quit this week.
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>> also a lot of severance packages, very not transparent in how they dealt with sexual misconduct allegations. maria: we will talk about that coming up. it is job they. we expect 190,000 jobs added to the economy in the month of october, what that means for midterm elections four days away, special coverage coming up. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.
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one of the interesting things is we need to see what jack ma says about the trade war. it could last for over 20 years. i don't know if you remember that made a lot of headlines when he was talking about that. also investing in the retail pretty significantly and topline revenues do very well, but the bottom line to be very thin. one of the things that impacted them, and parcel services in the united states, that ended recently. we have to see guidance, how it is impacting their sellers. maria: questions about certain revenues. and the structure of revenue for a long time. >> that is still taking hold because they move things around if you think about their
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financial services. allie pay was taken out of the company before their ipo and alley pay is influenced to break up the largest money market mutual funds. in china, there is not really any transparency or accountability. maria: some people won't invest in ali baba. >> unequivocally but they revolutionized how people transact. november 11th they have single day and you saw amazon follow them into that with prime day. >> don't know if we will get any more visibility, he is a relatively young man, but his thoughts on china going forward. >> he is tired. maria: the young guy. maria: apple one of the issues
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with apple, and stock is down this morning. we will come back, stop the said, we are putting limits on how much free beer employees are entitled to. how much free beer are you entitled to drink during the day? "mornings with maria," stay with us. it's time for sleep number's veterans day sale on the new sleep number 360 smart bed. it senses your movement and automatically adjusts to keep you both comfortable. and now, the queen sleep number 360 c4 smart bed is only $1299. plus 24-month financing on all beds. only for a limited time. and as if that wasn't badur brand new enough, totals it. now your insurance won't replace it outright because of depreciation. if your insurance won't replace your car, what good is it? you'd be better off just taking your money
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maria: welcome back. good friday morning, everybody. tgif i'm maria bartiromo. it is friday, november 2-7bd. your top stories right now. major market moves this morning, apple shares the story of the day, it is down on weak revenue guidance and on the announcement that the company is no longer going to be providing unit sales. so we will not know specific unit sales on a quarterly basis anymore. the technology giant at risk of losing a $1 trillion market valuation with today's move. it is down five and a quarter percent. the other big tore stor story ie october jobs report. the expectation is for 190,000 jobs added to the economy in the
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month of october with the unemployment rate holding steady at 3.7%. we will take a look at what this means for the midterm elections and the market. the midterms are now four days away. check out futures this morning, even with the five and-a-half percent selloff in apple, we're looking at a rally of 260 points on the dow jones industrial average. the s&p 500 is expected to be up 21 points, and the nasdaq right now up 15 points. this after another day of gains yesterday. this is the third day of gains for the market cans yesterday. the dow industrials up 265 points at the close. all the major ind indices finisd up or near the highs of the session. markets this morning across the globe higher, fq100 up three-quarters of a percent, one and a third percent higher in paris on the sac cac and the dax
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index up 172 points. in asia overnight gains across the board. best performer, hong kong, hang seng index up better than 4% overnight. on the earnings front, we are watching alibaba earnings later this morning. we'll hear from oil giants and dow components, exxon mobil and chevron. we'll have those numbers and analysis. right now it's apple which is a big focus but these are coming out soon. china trade in focus, this was important yesterday in the markets. president trump spoke with china's president xi jinping jink and apparently there was problem pro dress iprogress in . it helped markets rally in the middle of the day. here's what barry diller told me about china's trade practices yesterday. >> i'm not a proponent of trade wars but their trade practices have to change. if you let an unfettered trade war actually take place, which is in our control, it would be disastrous for everybody.
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maria: we have the latest coming up. more of barry diller this morning. all those stories coming up this friday morning. joining me to break it down, dagen mcdowell, james freeman and benchmark managing partner, kevin kelly. great to see you this morning. >> alibaba is up 5% in the premarket because they actually beat pretty significantly on the revenues and on their bottom line. they have a revenue forecast cut on macroeconomic conditions. even though they did beat, so it was initially up 5%, now it seems like it's coming down a little bit because probably of this forecast of macro concerns. one of the things they're talking about is the money they need to spend into their streaming services. in order for them to be the netflix of china, they're indicating they need to spend significantly more on their content. maria: they're losing ground quickly. >> it is losing ground quickly. they said annual active buyers are up 23% so they're doing very
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well. maria: the numbers are better than expected but costs will go up. >> costs will go up and they're guiding revenues down because of macro conditions. so unless trump and president xi jinping have beautiful chocolate cake, alibaba is very concerned. maria: we have part two of my exclusive interview with the chairman and executive, barry diller, he weighs in on amazon, google, u.s. trade relations with china as well as general electric as well. you don't want to miss a moment of that. stay with us for that interview. apple, the stock is trading down this morning on disappointing guidance. it's on track to shave about 85 points from the dow jones industrial average. stock right now down 5.5% as ceo tim cook said th company will no longer give unit sales figures in future reports. >> this is like if you go to the market and you push your cart up to cashier and she says or he
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says how many units you have in there? it doesn't matter a lot, how many units there are in there in terms of the overall value of what's in the cart. maria: interesting. well, i can understand the analogy. does it not matter? i would imagine analysts -- >> if your investors tell you it matters, then it matters. whatever your messaging is -- more information is better. you can't be in the news business and say i want less information from the world's 1 trillion-dollar company. >> no, i'm not going to say that. [ laughter ] >> you do want more information and as people think about the company's future, they want to see in each segment how it's doing. i would say in his defense, this has never been a company that -- where it's about volume. apple really has not been the big volume producer. that's the android universe. so what apple sells is to a
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smaller market but to a much more lucrative market, very high priced, very high margin products. if you're seeing what you want to see on the revenue and the earnings from each of these products -- >> i beg to differ. >> i don't know that it's the end of the world that you don't see how many devices. >> it's not about that it's not about the iphone anymore. 60% of sales. it used to be more of that. we need unit sales on mac books, home pods, waifs watches, that'e next wave of growth. the problem is that they missed on the services side. in order for the services side to grow, we need to know how many units they're selling of each product line. so i need to know what's in that shopping cart. they miss on the services. they had less than $10 billion. it was actually less than $10 billion. it was 9.981. every analyst across the street had at least $10.18 billion. dagen: we should point out that
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services -- >> the market agrees with you. over time, i think this is probably not going to be -- maria: they're calling this a miss. >> they missed on unit sales for iphones which was 60% of the revenue. they're refreshing the mac book pros and watches and we're not going to get guidance into that? >?dagen: the they missed on te forecast for the december quarter that it was -- they show slowing growth there. that was the revenue forecast. in terms of the services business, we should just point out that's app store sales, apple pay use, music streaming, stuff like that, revenue growth there was up 17%. that's slower in recent quarters. when have you a valuation like this, you have to -- your growth rates need to be bigger and bigger and bigger, not smaller and smaller. >> morgan stanley just downgraded the price target from 247 to 226 and their analyst has been very good on the stock. you had bamel, bank of america merrell lynn of downgrade the
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price tar. maria: dan miles, he was right, he what's your take on inventory, dan said in the second quarter inventory was up 89%. that goes happened in hand with the unit sales. if you've got this inventory, you've got get rid of that before you start producing more. >> that's it. they're not expecting to sell more. that's why you're seeing them increase the price of their products. they also had their component costs go down. that's great. but i don't invest in the stock market looking in the rear view mirror. i invest looking forward. maria: let's look forward to the jobs report. that's another major story this morning. the jobs report is coming out in an hour and-a-half. we want to check out one of the election's most pivotal states this morning, that's florida. we have more from the sunshine state this morning. it's been a good jobs market in florida as well. good morning to you. >> reporter: good morning. you're right, it is a pivotal race, a swing state, this year is no different. we have a lot of people looking at the governor's race and the senate race. we have former president obama
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who is going to be in miam my mi am right now. he's throwing his support behind the dems. andrew gillum is running for governor. bill nelson is going for senate. those are the two candidates that former president obama is supporting. if we take a look at the real clear politics polls and average multiples that we're seeing across the board for governor in florida, you're seeing a slight lead, a little bit less than 3% for gillum. gillum is 39 years old, a progressive, mayor of tallahassee, pretty much pushing for higher minimum wage and higher corporate taxes. he is going against republican ron de santis who has the full support of president trump. they will be together on saturday in pensacola and you have ron de santis who is an add hvo -- an advocate for gun control. the senate race, we look at the tolls over there from real clear
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politics, you're seeing as of this morning less than 2% lead for bill nelson. so bill nelson, 75 years old, he's pushing for a ban on assault rifles. he's going against governor rick scott. he wants to continue his political life which is why he's running for senate. a lot can happen here. we have former president obama here, in georgia on friday and in chicago on sunday. lots of of movement in florida and we're going to be here. maria: it's really an important race. christina, thank you. we'll be checking back. joining us right now is florida congressman ted yoho. he's running in florida's third congressional district. it's good to have you on this morning many thank you for joining us. how do you feel about the midterms in terms of your own prospects? >> i feel really good. we've got a lot of momentum on the ground. we've got people out door knocking, making phone calls.
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we're doing rallies and coffees all over the district. the momentum is on our side that we're seeing. i think you're going to see it carry through the governor's race and the senate race with rick scott. maria: it doesn't look like that. we're looking at the numbers. if you believe the poll, it looks like gillum is in the lead and even nelson is in the lead. what do you think about that? >> we got internal polls, we've got internal polls that show different. if you go back to the last presidential election, they had hillary clinton leading the day of the election. i think there's a lot of movement on the ground. i think you're going see this. you've got our governor's race, a guy that's under fbi investigation and he's got a liberal progressive agenda that wants to roll back what rick scott has done. bill nelson is like a place holder. he's not accomplished a whole lot. rick scott has created 1.6 million jobs in this state, lowered taxes and we've got one of the best ratings, if not the best rating in the country for a
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state. rick scott has done an awesome job. he'll do that in the senate. i can't wait for him to get up there and work with him. dagen: congressman, the unemployment rate in the state of florida is below the national average. it was 3.5% in florida. >> it sure is. dagen: rick scott took that economy to a trillion dollars in terms of its value. >> he sure did. dagen: why isn't that resonating with the voters? why wouldn't he be leading, bill nelson? >> well, you know, i guess politics. you've got all these negative ads going out there from both sides. you see more attacks from the other side. but then you look at where he stands on things. rick scott has not varied on who he is and what he said and what he said he was going to accomplish. he's done that. the voters, our internal polls show a different story than what you're seeing on national polls. and then again, i can account for district three which is six counties in north central florida. but we talk to people all over the state. this economy that we v. we've
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not seen this before and you take the tax cuts that we did with president trump and rolling back regulations, that fits hand in hand. andrew gillum wants to go the other way and bill nelson want to go the other way. the people of florida are not ready for that. maria: you're not believing the polls. how important is the china story for floridians? the u.s., china trade issue, the president yesterday sounded optimistic. he had a phone call with china's president. but i spoke with the former ceo of microsoft, steve ballmer yesterday, along with barry diller, and they were both incredibly concerned about china's business practices. listen to this. i've got to get your reaction. 90% of companies are using the microsoft operating platform and only 1% are paying for it. how do we -- what are we going to do that china keeps stealing everything this way. that's pretty extraordinary. >> i'm a free trader by nature. i went to school, economics, it's the best thing for the world.
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this one's a tricky issue because it's absolutely clear that the rules don't apply in china and the u.s. government needs to do something, whether tariffs are right or wrong, i'm silent on that point. but without any fresh foreclosure the u.s. government, -- without any pressure from the u.s. government, we're talking about $10 billion plus for example in microsoft that would go into profit. >> their trade practices have to change. us being tough-minded about it, i think it's sensible. i think us being outrageous and excessive about it is dangerous. i don't think the trade war is -- if you let an unfettered trade war actually take place, which is in our control, it will be disastrous for everybody. so they will have to mature their practices. maria: congressman, your reaction? is this an issue for floridians? >> it's an issue all over the
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nation. what president trump is doing is something that had to be done. unchecked it would get worse. so i'm glad he's doing what he's doing and i stand behind him. maria: it's goods to have you on the program. we'll be watching the developments on tuesday. we invited congressman yoho's opponent. lobster fisherman is the lifeblood of this town. by 2030, half of america may take after stonington, self-employed and without employer benefits. we haven't had any sort of benefit plans and we're trying to figure that out now. if i had had a little advice back then, i'd be in a different boat today, for sure. plan your financial life with prudential. bring your challenges.
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that stock is off the highs from previous revenue guidance. we're looking at apple real quick. the stock is trading sharply lower, down almost 6% in the premarket. earnings topped the street's estimates in the latest quarter but p apple also issued disappointing guidance for the current quarter which includes the holiday season and we've been talking about the unit sales issue. this raises questions about weaker than expected demand for their more expensive new iphones which we're not going to be getting numbers on anymore. a group of tesla shareholders wants to put tighter reins on ceo elon musk. three tesla investors sent a board a letter saying the company should permanently separate the positions of chairman and chief executive, both of which musk holds. the directors are calling for more turnover on the company's board, recommending a time line be set for some directors to leave. there is tesla in the premarket,
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up almost three-quarters of a percent. and then there is this bottomless beer no more. co-working space we work is setting a limb mitt for what used to be bottom less kegs of beers for tenants. the tenants will be limited to just four beers per day. each person per day. they say the change was determined by software to help manage the beer supply. it's a software issue, not the fact that people were getting drunk at we work while they were working there. okay. maria: i don't understand that. they were drinking more than four beers a day during the day? cheryl: bottomless beer, this is what the story is. maria: what's in your cup? >> this is definitely not gin. it's for sure water. on the alibaba side. i said they beat on the top line, miss on the bottom. it was the inverse. alibaba missed on the top line, beat significantly on the bottom line. they guided the revenue forecast down 4% to 6% going forward. maria: stock is still up,
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kevin. it's up almost 6% even though it's a revenue miss. thank you. coming up, a scare on the high seas to tell you about, details on the terrifying moments that caused a cruise ship to tilt, that's coming up. countdown to the midterms is on, we break down why the number one issue for voters apparently according to the polls is health care. back in a minute. with tough food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry. fixodent and forget it.
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maria: welcome back. we are only four days away from the midterm elections. a recent fox news polling health care is the number one issue driving americans to the voting booth. joining us now is the author of eating yourself sick, why do you think health care has become a top priority in our country is the number one issue here. dr. golati. thank you for being here. >> thank you, maria. health care is always a hot button topic. the patients i'm dealing with in
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texas come to me with all sorts of insurance problems. they're worried about pre-existing, they're worried about insurance companies not covering certain procedures or disorders that they have and so a day doesn't go by that patients are not sitting in my office, talking and complaining about their health care. how it's going to be solved, i don't know. it's really a big, big problem. maria: james, lay out the issue for us in terms of pre-existing conditions. >> you don't want to let people buy insurance on the way to the hospital. this would be the argument to say let's have an insurance market. if you are sick already, you don't need insurance. you need health care. so you need a system that allows people to get the care they need but if you're going to have an insurance market, they have to be able to sell to healthy people, not just sick people and so that's the theory. now, the president has said he doesn't want to change anything with pre-existing conditions. that wasn't changed obviously. the republicans never rewrote
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obamacare. it's kind of a phony issue in that way. but to me, i don't know if you're hearing from patients, this issue of the medicare for all plan, which ends medicare and ends private insurance, in other words, it ends all pre-existing coverage, every person in the united states this is the plan that most democrats in the house have endorsed, bernie sanders, a lot of senate candidates. it ends all coverage in the u.s. and creates a new government plan. what does that mean for patients? >> when you read about this medicare for all, it's very thin on details. it's very thin on whether administrative costs are going to go down, whether it's going to provide better health care. that is really unclear. unfortunately, whenever people hear something for all, people jump on the bandwagon and say this is good for america. when really if we're voting on it or talking about it, the details are thin. what really are we dealing with?
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>> we do know from the legislation whether it's the bernie sanders plan or the one that most house democrats have co-sponsored, it explicitly says private insurance goes away. medicare goes away. so this is the end of pre-existing coverage. not just particular conditions. your whole health plan is changing. maria: people do not understand this. >> i don't know why this isn't an issue in this election. maria: you're all about wellness and prevention, getting ahead of disease. >> it is. the sad part is, in my area of liver disease that i take care of, we see patients, we counsel them on staying well. because taking care of somebody at the end is not the way to take care of yourself. and so in the book, eating yourself sick, 30 years of interviewing thousands of patients, i see that. i had a conversation with a patient five years ago, six years ago, and they just continued to decline. the common thread in so many of
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these diseases, fatty liver disease, diabetes, heart disease, can c. it's what we're eating. it sounds simple. what americans are eating the processed foods is crazy. we lost our way on eating at home, cooking at home with your children and what i propose as simple as it is to get back to the basics. maria: it's prevention all the way. get ahead of disease. that will eliminate the costs we're faced with in the terms of cure and care rather than prevention. we could talk about this all day. probably our favorite subject, actually. thank you for joining us. >> absolutely. it's been a pleasure. maria: coming up, the streaming wars are heating up, amazon and netflix stay with us with the interview with barry diller, he weighs in on big tech. stay with us. ♪ i always feel like somebody's watching me and i have no privacy. ♪ i always feel like .
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maria: welcome back. good friday morning, everybody. thanks so much for joining us. a busy morning this morning. i'm maria bartiromo. it is friday, november 2-7bd. your top stories right now, 7:3. it is jobs friday. investors are waiting on the october jobs report set to come out in about an hour from right now. we're expecting 190,000 jobs added to the economy last month with the unemployment rate remaining steady at 3.7% for the month of october. we will bring you the numbers as soon as they come out in our special jobs in america coverage in 30 minutes. we are identifying where the open positions are, jobs are today throughout the country. president trump on his midterm rally blitz last night in missouri, stressed how important the election will be for jobs and the economy. >> it's a choice between greatness and gridlock. it's a choice between jobs and mobs. and it's a choice between an economy that is going strong and the democrats who are going crazy. maria: we will head to one of
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the battleground states for a live update in just a bit. stay with us on that. ahead of this morning's jobs report, futures are rallying. we are expecting a gain out of the gate this morning of better than 300 points on the dow industrials. the s&p is up almost 1%, 25 points higher and the nasdaq is up a quarter of a percent, 20 points higher right now. we are going to rip at the start of trading this morning. we'll watch the numbers for any change in this. the major continu indices finisd higher yesterday, all better than 1% higher. the nasdaq was up almost 2% on the session at the close yesterday. the momentum is continuing in europe. take a look at european indy ease, fq100 up almost 1%. cac up 1.5%. and the dax index in germany is up 1 2/3%. overnight in asia, best performer was in hong kong, hang seng up better than 4% overnight. all those stories coming up. president trump us signaling
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positive talks with china on trade. a phone call yesterday moved markets. in part two of my interview with barry diller, he weighs in on china's controversial trade practices, the role of consistent at any time and the size of technology giants like google, apple and amazon, he says regulation is coming. >> the idea that you would go from selling some books to essentially being the retailer of record besides which creating an entire other industry in cloud computing, it's -- i mean, look, what has been created by these companies is so extraordinary that the downsides of it are certainly worth relatively easy digestion. yes, is amazon a very tough customer to deal with? yes, it is. but what it has done is it has
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allowed extraordinary amount of commerce, fair commerce to pass and it's lowered prices. how can that be a bad thing? maria: you've seen the hand -- these companies are so big that they compete with themselves. you made a comment recently about goo goo ge google, creatig businesses that are competing with their customers, their advertisers like you. >> we very much value google. we are one of their largest advertisers and we have lots of other business relationships with them. and they are vital to any kind of internet commerce because they're the monopoly in search and that -- when you reach that stage, i think for them wisely i think they have to be -- there has to be some rules of the road so that they don't end up competing with their advertisers to the extent that their
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advertisers don't have any more revenue. it's not in their advertiser's interest. progress keeps these things going. i think wisdom here, fairness, when these things have grown to such fast -- you know, so fast and so there's all sorts of issues that come outside events of what's going on, i think they need a kind of fresh look. not fresh. but look, they need some -- they either need internally to do it or they -- but they also will need government help because otherwise there's not a level playing field. maria: it looks like it's coming. let me ask you about china. this is a marketplace that's obviously a big opportunity for a lot of these companies, yours included. google recently said that it's going to take its search engine to china and that means it's going to be censoring it. i spoke with steve ballmer recently. here's what he said. >> i'm a free trader by nature.
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i went to school, economics, it's the best thing for the world. this one's a tricky issue because it's absolutely clear that the rules don't apply in china and the u.s. government needs to do something, whether tariff% right or wrong i'm silent on that point, but without any pressure from the u.s. government, we're not -- we're talking about $10 billion plus for example in microsoft that would go into profit. maria.>> i think that's not goo. i think that over time one way or the other it will change. i mean, i am not a proponent of, quote, trade wars. their trade practices have to change. i don't think a trade war is -- if you let an unfettered trade war actually take place, which is in our control, it will be disastrous for everybody. so they will have to mature their practices because that is inevitable. otherwise, they're going to simply serve their own market
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which is pretty big and be isolated from the world, which is not their desire, and will be bad for everybody. maria: they won't even admit they're stealing. what do we do? what is the u.s. supposed to do to stop china from taking our intellectual property which you've seen over your career, over and over again. >> endlessly. yes. what are we supposed to do? we're supposed to be in difficult conversations and with difficult -- i mean, with challenging policies to try and get them to join the world in terms of protection of intellectual property, in terms of all sorts of excessive trade practices or business practices. we had a company -- we owned one of the three chinese online travel agents. c-trip ended up buying us because we could no longer compete because china's essential one man standing policy which is you kill your
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competitors to the point that you buy them or crush them and then there's basically one player in every sector that has got no competition. so they bought us out. they bought out bidu's business. they are now basically the travel company of china. maria: let me talk about content a little. this was initially your bread and butter, content over the years. >> a narrative form. maria: content is king again. maybe it never stopped being king. you have all these streaming companies planning to go head to head with netflix. >> fools there. maria: why? >> netflix, you know, these things -- these things have happened. hbo when it started essentially was built on the back of movie companies' movies. it paid dearly for them. until it got to be the only payer in town, in which case at
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that moment it then reversed its policies on movies and paying the most and kind of dictated because it had that kind of control, because it was the only player, big-time player in prime subscription services. netflix was another kind of accident which is all of the incumbents, all the movie companies, television companies, all sold their product to netflix, built netflix, and now are at the mercy of netflix. this is the way kind of these things work. so netflix now has -- it has such a huge advantage in terms of its 130 million subscribers, closest competitor has less than half. the idea that you can compete head to head with netflix, i think it's a fool's game. do i think that walt disney and
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their policy of saying they're going to offer streaming services and everybody and their mother is going to offer streaming services and lots of people will subscribe to them, all of which is true, but will anybody ever be able to get up to the probable 2 to 300 million subscribers that netflix is going to have just as they're putting their boots on to try and compete with them? i find that really unlikely and unproductive. nevertheless, i think they'll build some good businesses. but netflix competition just to organize your life to compete with it, i don't think it's wise. maria: what's the downside risk here? >> for who? maria: for these companies. they're spending a lot of money on content. >> they are -- the danger is they are spending more money right now than will sustain them in materials of net profits today. they're all deficit spending. netflix doesn't make any money but it is pouring money in to
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get up from 130 to 250 million subscribers in which case the game is -- the game is basically already called. it will be truly called. competitors are now pouring huge amounts of money, hughly doesn't make money -- hulu doesn't make money, it loses a billion or whatever a year, investing for the future. if you've got all these people over-deficitting to build a business for tomorrow, they're only let's call it four chairs in the musical chair thing and there are 10 people running around the circle, there's going to be a lot of destruction. maria: was it a good move that rupert sold when he did? >> my god, that's a much more complicated question. i would say that he did not need to sell. i disagree with the premise. i do not think consolidation and bigness is necessary to compete. i think you can reach your
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consumers today more than you ever could. beforbefore, you had to gothrou. today, the internet, that's the great leveling field of the internet which is you press a button and you publish to the world. so i don't think he needed to do it for size, which was the stated reason, that in order to play today you need to be a bigger size. i think that's not a valid reason. maria: can you imagine if ge waited to sell nbc universal to comcast for today, valuation would have been much different. >> ge is a l whole other story. maria: yes, it is. >> when you see the rise of all of these other companies in this last period and you see the year by year destruction of the greatest industrial company created, ge, it's quite an amazing -- and you can parallel it. maria: it's great to have you on the show. thank you so much. stay tuned for fox business and our special midterm election
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coverage beginning november 6 at 7:00 p.m. and then "mornings with maria" is going to be starting an hour earlier at 5:0g next day, so join us, we're going to have all of the results of this important election. first, scare on the high seas to tell you about, more on the terrifying moments that caused a cruise ship to tilt. plus, post ma teaming up with crocs, the internet's response to the shoes that have already sold out. back in a minute. ♪ daylight come and we don't want to go. ? at t. rowe price, hundreds of our experts go beyond the numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence.
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hi.i just wanted to tell you thdependability award for its midsize car-the chevy malibu. i forgot. chevy also won a j.d. power dependability award for its light-duty truck the chevy silverado. oh, and since the chevy equinox and traverse also won chevy is the only brand to earn the j.d. power dependability award across cars, trucks and suvs-three years in a row. phew. third time's the charm...
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maria: welcome back. chaos on a carnival cruise ship. cheryl casone with the details here. there was scary moments there, cheryl. cheryl: the pictures are crazy, maria. people were really panicking on this. there was a technical issue that caused the carnival cruise ship to lean to one side. this is cell phone video showing shattered glass that covers the dining room floor after the sudden tilt. this happened sunday, shortly after the ship departed from florida. carnival said it was caused by an electrical switchboard malfunction. the ship returned to an upright position. the cruise continued on as scheduled. the company is offering all those passengers $50 for credit. shares of cair carnival are dow% this year. here's a place you got to add to your travel liss. if you don't go, i'm going to go. this is an underwater villa in
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the maldives. it has floor to ceiling glass walls. you can enjoy the underwater views of the indian ocean. upstairs you have a private jetty and infinity pool and hot tub. all this can be yours for just $50,000 a night. it's a bargain. all right. and then very unlikely collaboration has proven be a money making machine. pairs of crocs designed by rapper post malone are already sold out. they're called dimitri crocs. they retail for $60 a pair. it was born from a post malone tweet where he said you can tell a lot about a man by the jibbitz on his crocs. so crocs are cool again. that's all i can say. once again they're hip. maria: i agree. i think crocs were always cool. i'm sorry. dagen: you're a beach gal. maria: i love crocs. dagen: crocs are awesome beach shoes. you're a beach gal, of course you've got crocs.
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maria: there you go. would you buy those crocs? dagen: if i could find them, yes, yes. maria: they're sold out. coming up, jumping on the bitcoin bandwagon, we're headed to the world crypto conference in vegas, that's next. stay with us and come with us there. as we take a break, we want to correct a comment made in an earlier report on the florida governor's race. ron de santis' stance on gun, he is an advocate on the second amendment. we'll be right back. .♪ i really want to love somebody. ♪ i know we're only halfway there. but you take me all the way. ♪ you take me all the way. introducing add on advantage, a new way to save on travel. now when you book a flight you unlock discounts on select hotels that you can add on to your trip up until the day you leave. add on advantage. only when you book with expedia.
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maria: we're still in a crypto craze, the first world crypto conference is kicking off this week in las vegas for bitcoin's
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tenth birthday. joining us right now is jack brewer along with ceo kyle lou. great to see you this morning. thank you for joining us. >> great to be with you. how's it going? maria: good. we're missing you here jack. what's the you future for cryptocurrency. let me start with you, kyle, in terms of where about coin goes from here. >> i mean, we definitely see a huge growth since creation of bitcoins. it has been widely used in a lot of areas, payments, so, yeah, i think we still have a long way to go but so far it's been very good. maria: jack, do you use bitcoin? >> a little bit, maria. i started dabbing into the cryptocurrency space a couple years ago. most of my efforts recently have been more on the crypto lending side. with my lending history and
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background, i've chose to kind of try to figure out a way to give folks liquid at this through crypto and i work with an amazing company called alt lending. maria: it's not just bitcoin, kyle. there's a lot of cryptocurrencies out there. how do you know which one to use? >> i think a lot of these cryptocurrencies have different utilities. for example, if either would be widely used, the ecosystem, like something to be able to assess a service. so it reall real depends on whae -- really depends on what the customers are looking at. >> my quick question just for you, kyle, i -- and jack, whereo you see the applications going forward? is it mostly overseas. we know that 8% of all currencies were -- i use traditional banking system.
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i bank at jp morgan chase. it's all digital. i'm not running around with the money. where do you see the applications going forward? is it overseas? are you going to see traction here in the united states. give us a feel for it. >> i've been at this conference and i've seen numerous companies that are having all kinds of applications. i think really it's the block chain technology from what i've gathered that has really changed the way that you can do compliance. i have a virtual reality company that we talked to yesterday that's using the block chain technology and i think it will change the landscape of banking. maria: james, real quick, huh a question? >> i'm trying to get a sense of where this is actually happening. we've heard a lot of talk, seen a lot of excitement. i think the payment system changes are interesting. but who is actually using this in a big way? >> i'll be able to answer that.
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so, over 1,000 applications that were built on different block chains. so we are the ones that monitor all the data and we know what's happening on different block chains. for example. maria: thanks. >> did you hear me? maria: thank you, gentlemen. we will be right back. kevin, meet your father. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you.
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maria: welcome back. good friday morning tgif, thanks for joining us. i'm maria bartiromo. it is jobs friday, november 2 this morning top stories 8:00 a.m. on the button on the east coast we have 30 minutes away from october jobs' report the expectation calls for job creation 190,000 jobs added to economy last month unemployment rate z at 3.7%, president trump weighing in on this yesterday. >> so today, right now, we have more americans working, than at any time, at any time in the history of our country.
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that is pretty good that is pretty good. >> we are looking at rally in stocks ahead of numbers a take a look where we stand dow industrials up 337 points right now 1 1/3% subpoena up % 25, points higher nasdaq 1 18919 points higher. >> major indices near highs of the session dow industrials up better than % as was s&p 500, nasdaq with a gain of 1 3/4% 128 points higher nasdaq 264 points higher on dow momentum continues in europe, as you can see, the ft 100 up almost % 58 points higher the cac quarante up 1/2% dax in germany up one and two-thirds percent earnings out con exxonmobil revenue beating expectations 76.6 billion dollars for exxonmobil revenue versus estimate 73.55 billion, exxonmobil, reporting earnings as we speak, right now, if
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stock is up, 3% there is a look at some of the big names in terms of earnings, apple you know, reported a miss down 6% going to talk about that right now exxonmobil is reporting right now better-than-expected revenue stock up 3% chevy irresponsibly waiting on up two and a third% alibaba up 6% reported better-than-expected earnings revenue was light we are waiting on chevron alibaba reported strong results weakening guidance the concern for alibaba the stock is up 6%, china trade in focus, this morning, president trump speaking with the president of china yesterday xi jinping said progress was shown in the strayed dispoout moved markets he protesting going on al google thousands at search giant walking off the job yesterday, over the company response, to sexual misconduct allegations, the fallout coming up right here this morning, all those stories right here to break it down fox business network dagen mcdowell, "the wall street journal" assistant editorial page editor james freeman
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making money with charles payne host charles payne good to see you -- >> good morning. >> welcome. >> interesting morning huh? >> -- the jobs or the -- >> mr. some of thoptimism going you insure you have. >>. >> i went to bed last night okay apple responsible for at least 00 points downside wake up, up 2 -- 300 points good, and -- apple down 6% market up 300. >> apple, so essentially add on eat 100 points where market would be if apple didn't have a controversial poor earnings report, can i say one thing on china thing, remarkable from president trump's point of view, so you have this great phone call with president xi come out with indictments criminal indictments department of justice we're saying not going to use world trade organization it is a gooimd system going at you directly, now, people have to
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understand this united microhe o electronics taiwanese company 6-billion-dollar state funded chinese company going directly at them last week five chinese spies on selling a aviation technology, this president he has a great conversation with the president of choin says that antistopping nothing we are coming after in you a way never before i like that. >> journal writes in editorial page that is better strategy to cracking down on our biggest problems with china. maria: are indictments. >> than blunder but have ham handleded i tariffs punishes those not perpetrators. >> china, too i think economically, we have to do that i think it is one of these things where you know a sacrifice you got to say hey, are we willing to do this are we willing to take a short period of pain for long term not just prosperity but
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fairness. >> their argument you punish culprits. >> the country is the culprit. >> right their argument charles that the steal and aluminum tariffs punish those who are not stealing intellectual property and are manufacturing -- >> i am not uncomfortable with it whatever it takes to get china to get in line stop stealing theft behavior is what administration needs to do nobody has been pushing back on this i understand the implications negative implications of the steel and aluminum but all bets off in my opinion when it comes to china. >> we can agree attacking a specific issue of fast industrial espionage is good idea probably may be regret president let bte off the sflook why did he let bte off the hook. >> might say he didn't see reciprocation hoping for maybe this phone call is the beginning. >> i tell you someone came up as a broker in new york city, i see president trump there
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classic new york city salesman one of the things first thing taught on wall street you give a little you take back a lot i felt that was olive branch to president xi say i am going against members of my party going to do something for you you, you are going do have to do something for me later, i think he established a great platform for negotiations by doing that, with the other side. maria: what about dagen's point messes up whole supply chain. >> no -- again, it is a short-term thing, the supply chain can move to any country where child labor a lot of countries out there looked at that is short-term thing if we are worded about i am telling you six years from now china will blow up one of our nuclear subs because they will have stolen enough technology from us to be able to do that. >>. dagen: i am not debating the goal i am debating name -- the fighting. maria: no one has fought it before, in effective way, on 232 traifrz i do think
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president trump kwo easily give to canada and mexico i think would alleviate the market would love it after usmca not sure why he haven't done is that that not signed congress has to -- >> again as part of the negotiations right, again give-and-take, that part is -- is yesterday when -- guy asked minimum manufacturing number came occupant you heard industry after industry only complaint it wasn't china part it was about the dagen's point steel, aluminum during aluminum dollar a bigger problem for those companies talked tariffed whether caterpillar others has been on steel and aluminum i agree with you on that i really believe i really believe we can do something at 232. >> we talked jobs for a second jobs in america, jobs' report is out, the -- 20 -- 23 minutes, under half an hour economists looking for 190,000
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jobs add to the economy in october unemployment rate to hold steady 3.7% president was in pro-touted strong jobs market and economy. >> joining us right now stephanie pomboy "the wall street journal" global economics editor jon hilsenrath great to see you both thank you so much for being here. >> thank you for having us. >> four days to midterm elections the economy is one of the most important issues, and now we are seeing this bounceback, to a horrible month of october you predicted -- well. >> you know. >> what now. >> that is the question, the next couple months, anything can happen, you usually will get santa claus rally into year-end the economic data, this morning number especially, are really going to be hard to infer broader economic message from because we have the hurricane effect you know, this morning's report will have the recovery
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from the florence hurricane not clear we have impact of michael this number could actually surprise on the upside but then, you know, alls of these temporary factors are going to end come january 1 at the same time we no longer have the year-on-year effect of the tax cuts. >> here comes debbie. >> optimism next to -- the view. >> what go through some of your concerns, these are real concerns, this is important, so hold on there, jon you just heard what stephanie said this is going to be a little hurricane this month what else forced on in 20 minutes. >> the wage number, wage number is going to be pretty good we could get average hourly earnings up more than 3% for the first time in years, and i think that is what we are all going to be talking about in about 21 minutes that you know we are finally seeing what the
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unemployment rate down under 4% you know some sign that he worker wages are picking up, and we will probably be talking about you know what does that mean for workers good nice for workers also what does it mean for the fed on interest rate policies? >> we are also looking at how many people come back into the labor force i guess this would be maybe an argument if number surprises to the downside doesn't necessarily mean business are not thriving we saw that nfib report yesterday still record levels companies, that can't fill open positions. >> absolutely, i mean, this is the struggle is that, you know, you have a tight labor market in terms of of the skilled jobs. i'm sorry in terms of the unskilled jobs you know people just -- sorry i am getting -- >> you can't mind qualify labor to fill jobs ask persistent concern not like you can just say okay, here are 10,000 suddenly a qualified people it is going
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to be a longer term struggle to fill those jobs in terms of apprenticeships, education and training, and whatnot. maria: stephanie one thing you talked about is consumer, and whether or not we are actually seeing a strong consumer out there two-thirds of the economy and then business spending, in the the last gdp report was gone, we have been talking a lot about capital expenditures being a real positive do you see any change in those two important things you have been pointing out. >> again when you look at these numbers, right now, it is really hard to infer a broader economic message because here the curve effect the tariff pulling forward as much spending inventory build ahead of the impact of the increase in tariffs, that is boosting consumption, not with standing industrial production capex. >> the consumer --
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>> what i would int positive out in that third quarter report the restraining is in goods fits with when hole j-curve you buy now what you anticipate for expensive. >>ed looing up because of tariffs now, the consumer is ultra ultra strong i looked at results american -- mastercard third acquired numbers yesterday we learned second quarter wages salaries comru at fastest pace in a decade in a decade. >> what doings this mean for midterm elections four days away a few days away from what many people are calling including myself one of the most consequential in our time in terms of midterm elections jeff good morning to you. reporter: certainly the way it seems maria, good morning to you, up you see for the president's visit here later today how important indiana president trump will be here twice, in the waning days of the campaign starting a rally
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at south for the high school in support of mike brawn republican businessman challenging, democrat joe donnelly in indiana yesterday, getting the support from senator lindsey graham says i like joedone donnelly my colleague but this is the first time i medieval campaigned against a colleague because it is too important this time, we've got to elect republicans like mike braun. >> jee has tried to align in the mils being somebody behind trump, on every important piece of legislation, he has voted with radical left. >> uh donnelly we should point out, is a man who has been rated as the most bipartisan democrat in the senate and not shied away from supporting president trump says even helped him build the wall, i lever with you a poll maria latest back-and-forth, our latest fox news poll shows democrat donnelly up 45 to
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38%, 7-point lead we will see. >> this lead widen last couple days? that is a big lead on donnelly. >> it did. >> jeff flock. >> back-and-forth all along. >> sure has, we got him ahead. >> jeff flock the jaipt stock down in premarket, down 6 1/2% after the earnings report, stay with us. ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week
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maria: welcome back earnings bonanza exxonmobil latest to report cheryl casone with details. cheryl: first numbers pretty good maria take a look at exxonmobil reported better-than-expected results for the quarter earnings per share 57 per rent from a year ago because the average price for oil, is up 44% in the
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third quarter so a correlation the under pressure in premarket we are waiting on chevron latest earnings may be 15 minutes at this point up 2% premarket analysts looking for a their quarterly profits to more than double up nearly 30% right now exxonmobil different story alibaba, that was rallying right now, off of the highs the company did come revenue guidance earnings per share beat expectations revenue below street estimate alibaba up more than 3 hearsay, of course, watching shares of apple big time, trading sharply lower the lowest trade we have seen on apple this morning down 6 and more than a quarter percent there, they did, of course, hit the street estimates in the last quarter but issues disappointing guidance for the current quarter so beat the estimates, guidance was a problem, holiday season units you are talking about a lot of questions about weaker than
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expected demand for more expensive iphones going forward, watching this for you google says it is listening to their employees, they will consider ideas how they complete complaints of sexual harassment they want elimination of forced arbitration in cases walkout following "new york times" report that executive andy rubin received 90-million-dollar pay out after he left the firm despite what google considered a credible allegation sexual misconduct against him alphabet higher in premarket fractionally. >> headlines. maria: thank you, cheryl we are a few minutes away from october jobs' report all hands-on deck this morning, what have you need to know ahead of the numbers nasdaq negative down two and one half points dow industrials hold on to gain 237. back in a minute.
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get a plan that's right for you. td ameritrade. ♪ maria: welcome back, the october jobs' report due out in few minutes economists expecting it to show 190,000 jobs to the economy last month is expected to be unemployment rate holding steady at 3.7% we are all hands-on deck we got benchmark managing pairn kevin kelley, johnny courtney with
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us senior vice president head of traditional investments group at u.s. bank weighting management lisa ericsson a fantastic panel on set quickly headlines you are expecting. >> plus 230 might have noise to this point it will beat. >> it will beat we'll be right back with the numbers stay with us. six in the morning. she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day.
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maria: welcome back, everybody i am maria bartiromo. it is jobs friday, november 2 we are moments away from october jobs' report, here is what we are expecting 190,000 jobs added to economy in october with unemployment rate remaining steady 3.7% markets this morning are rallying ahead of the number to look where we stand with stocks, are dow industrials, up 230 points, that is 1% higher s&p 500 up 19 points two thinkers of a percent higher nasdaq negative, of course, partly because apple is down 6% in the premarket after earnings dagen your expectations on this number 20 seconds away. dagen: wage growth whoa!
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fastest potentially and 9 1/2 years. >> wage growths number you are focused on jooir north 36% oim hoping. >> participation rate that is also something to focus on, i know you stephanie pomboy look at he revisions a lot we are want to go look at revisions but get those numbers right now, blake burman at labor department blake, over to you. reporter: 250,000 jobs created in month of october, 250,000. and with that the unemployment rate stayed at 3.7% mar avenue look at revisions as well last couple months september was revised downward 16,000 jobs to 118,000 august upward 16,000 to 286,000 a wash bringing three-month average to 218,000 jobs, when you look at average over the last year, 210,000 jobs, sectors that gained leisure hospital up 42000 jobs, health care up
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36,000 jobs manufacturing up 32,000 jobs, construction up 30,000 jobs, transportation and wear housing up 25,000 jobs mining, by the way, up 5,000 jobs, the labor force participation rate up .2% to 62.9% that is just up slightly from this time last year october 2017, 62.7%, average hourly earnings take a listen to this up 5 cents, .2%, to 27.30 a 3.1% increase year-over-year that is the highest year-over-year increase, since april of 2009 the average workweek up .1 hours to 34.5 hours manufacturing actually dropped .1 hours to 40.8 hours u6 marginally were attached to workforce working part-time for economic reasons 7.4% that is same as august, but it is down is from 8% this time last year, of course, there was that terrible hurricane that
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ripped through the panhandle hurricane michael, the economists say that had quote no discerning affect on numbers bloom 250,000 jobs created in october unemployment rate stays 3.7% wages are rising. >> good number better than expected blake thank you so much dagen nailed it with the wage comment get to stuart varney initial reaction good morning to you. >> good morning, maria. not quite a blowout, but a very strong report on all fronts, 250,000 new jobs that is very strong. wages rising 3.1% over the past 12 months very strong indeed, i am not sure whether that is highest in 8 years nine years two years or whatever but that is a very strong gain. and the u6 coming in 7.4% just strikes me that this is a completely different employment picture than what we saw say two years ago this is completely shifted, 250,000
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ens new jobs last-month average 210,000 this year a strong report, a strong economy, it is full employment case closed! >> you are right stuart great analysis i know you have more see you 30 minutes' time top of the hour with "varney & company" and your fantastic guests coming up stuart varney join in 30 minutes to lisa erickson, agency lisa you are an i economist you are looking at numbers, tell us what it sees what you see in terms of what have it means for the future. >> well, we really do see this as a very good news report, as stu was discussing. we've got a really solid number across the board 250,000 very great absolute number definitely ahead of consensus expectations on wage gain side you've got a nice increase for american workers at 3.1%, what i would say this should be very reassuring for stock market obviously a lot of concerns whether we can continue that growth story as
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we have been looking at it maintained our competence in cautiously optimistic outlook i think this bolsters that, longer term however i think the thing we want to think about whether that does reinfor these the end of the fed to become more hawkic as long as tights numbers in labor market you want to continue on rising rate path the other problem potentially presents is the fact that it could actually widen the divergence with economies over cease as rates go up do already goes up can put pressure on those overseas dollar borrowers. >> a good point i've got to get your opinion on this dagen you nailed wanings. >> stuart is gone but stuart is wrong, stu this is a blowout report, charles made a face when stuart said that quite frankly, i don't mean to throw you floor the bus -- >> 250,000 jobs is a blowout a wages growing in this country north of 3% that is something
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that we haven't seen since the early term first term of barack obama president obama, april 2009 that is blowout the fact that you now have the three-month average job growth outpacing the average for the last year, shows an economy to quote james freeman at a higher growth plan a higher growth plateau this is awesome. >> given how difficult it has been for firms to find new workers, 250 kn 550 knew jobs bt reps make closing argument president delivered to this point what he promised the manufacturing rivalry economic arrival promised in 2016 is well under way 32,000 jobs added in manufacturing, 30,000 in construction, a lot of good news in this report. maria: let's go bring us back down to earth, stephanie look at 30-year yield right now
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3.4% look at 10 year, at 3.1% with a does this mean for federal reserve. >> lisa's point well-taken if anything, this keeps powell on his track or maybe more aggressive, and we have this on january 1, where kiwi -- basically global we have had expanding central bank liquidity throughout this year even as fed has been titleening its balance sheet that ends next year, alongside the tax cut effect, and most importantly "the wall street journal" has an article on this today corporate interest expense going to start to move up sharply they have almost a billion sorry almost a trillion dollars in debt 780 billion in debt rolls next year at higher interest rates a real headwind of profit, profits are the number one input into employment growth a great report no question about it. but is this as good as it gets
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past the old milwaukee you know guy that says this is -- >> sthant what john wrote in the journal what this is as good as it gets, weigh in here? >> you know, this report is solid from the beginning to end. it is just great news across the labor market the thiej i would point to that especially encouraging in here is that the labor force participation rate picked up what that suggests is that we are getting workers coming in from sidelines because wages are picking up, and so many job opportunities, out there, and i wrote a story earlier this week saying that, you know, the private sector is expecting the slowdown, you don't see it in these numbers it is a very good report. maria: charles, what jon just said 3. % unemployment rate 49-year low, has as new premium coming in shows confidence in joblth market confidence in the economy. >> this is an amazing number we could talk about it two
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ways, main street and wall street for p main street point of view this is amazing, participation up wages up, goodproducing jobs manufacturing we said would never come back to this country keeps blowing them away composition of this 2000 retail jobs engine instead people are getting jobs in transportation warehouses amazon places creating -- >> they pay more than retail a composition some say about the same numbers president obama had last year numbers the same the composition change to go higher paying jobs i think important also. >> kevin kelley i am coming to you in a second with analysis market has given up gains i want your take being why losing steam joanie courtney where are jobs right now for people want to get in jobs market where should they be looking. >> maria such a strong jobs market you know 7.1 million
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openings across the united states, and they are both in blue collar and white collar opportunities. so you've got engineering, accounting finance health care very strong, but we also have manufacturing logistics construction. there are so many opportunities, in the market p 37 the best part about this report to me definitely the labor participation rate seeing more people come back into the job market because wages are moving, and there are opportunities, overall i i mean this is one of the best job reports, we have seen, in the last couple of years. >> one of the best job reports that we have seen last couple years you say, just for you days away from midterm elections you wondered what that is going to could for voters, yet, markets are off the highs kevin kelley. explain. >> yeah one of the reasons why markets off highs you are starting to see that yields are going up so that goes back to the financing costs so that is has been the story for the
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last you know few months. when 10-year treasury goes up, you see equities take a hit because it is one of the largest costs if you think about costs we are talking about today jobs right wages are going up charles hit the nail on the head listen we've got transportation in wear housing jobs 25,000 where e-commerce jobs are we need over 452000 workers in distribution centers this year and next year just to meet ehe commerce demand, 16% year-over-year growth in that field, aalone retail jobs come down last month we lost 18,000 on that, so you have -- you have a -- equity market that is worried about rising wages an equity market that is worried about rising costs of capital that impacts margins guidance whether all the companies, on the industrial side, even technology, talking about next year's revenue and profits, going to be lower than this year's.
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dagen: one thing would i add maria we focused so much on the numbers, but these numbers today, back up the way that people are feeling in this country. there. was consumer confidence we can talk about the polls, how people more concerned about health care, and the tax reform tax cuts are not connecting with voters, but. maria: great point. dagen: consumer confidence 18-year high was strong, even in month october as market is selling off, and people have told me from the rural around the rural communities that i grew up in, for the first time in over a decade people can find full-time jobs they can find full-time worker and don't feel like that they are trying to scrape here and scrape there, and are living -- i mean -- worried about paying this bills -- >> higher wages, too. dagen: right so you are finding full-time work and in to charles's point, better paying position, if you are switching jobs, and i think that that is really resonating
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market be dammed, whatever investors are worried about on wall street, god bless them but this is just great news. >> right, exactly. >> just let you after this i want to point to people i think october was started by a speech made october 3 said fed didn't know where neutral was would certainly over shoot market fell off a clif to me he skater moment of the entire month. >> comment i was going to make on back of what dagen was saying this is a positive thing i am going to you know, talk my impregnabumbrella for a what we're seeing with wage growth consumers will be able to shift from relying on central bank criticized -- created asset inflation to fund you are not current commutation with good old-fashioned wage growth a
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positive development comes in my view, at a good time because that asset inflation story is coming to an bankrupt end home price inflation already slowed a lot i think stock market and corporate bond markets are going to follow suit. >> i could not agree more i think maybe this is he optimistic? ♪ [laughter] >> what warfae're seeing a real economy a chance to make transition back to normal policy makers central banks last decade left us with enormous challenge, to unwind all of this money they put into the economy because the tax and regulatory burned wouldn't let economy grow tried to conjure prosperity forcing money in this more evidence the real economy is reasserting itself we may it be able to break this transition -- >> can i bring up a point about this economy how healthy strong look at leisure
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hospitality adding 42000 jobs was supposed to take a hit caution of hurricane michael especially in florida so strong people are out there, actually spending their money they are spending their crumbs they got from the policy. >> true testament how strong this market is. >> graphic shows leisure hospitality 42000 service providing services economy we know but 179,000 jobs created in services that is a big number. dagen: i want to rhyme people too when president barack obama goes on the campaign trail, and continuously tries to take credit for this economy, it was only for a brief spurt but for the most part during his 8 years in office, we never had 3% wage growth in this country we never had an economy that any calendar year grew at 3%, it was the federal reserve that kept you propped up and regulation and government burden that kept the lid on growth. maria: 8 years 8 years. maria: kind of fun watching president obama, and his former economic advisers sort
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of diverging saying isn't it great i built that and we're saying not so great. >> you didn't build that donald trump built that. >> we can expect may be he is going to want to claim even more. >> new tagline donald trump -- >> you didn't build that i built that. >> a check on markets gesture withi willis on the floor of new york stock exchange with reaction we got a pretty good showing with dow industrials this morning, what we are expecting. >> that is right i have been talking to traders all morning prenumber post number speaking with one voice what they are saying here's comes the fed, this is pointing to a very strong economy, you are seeing this wage growth kicking up, 3.1% i was told before the number came out, if we got 1190,000 to 200 -- >> would be solid 250 will make traders think is this economy overheating what they worry about, rates go higher
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takes money out of markets how they interpret it, number two the people are talking about concerned about, in today position market happy about discussion of china trade idea there are going to be more china talks lot of that on everybody's mind down here, so this report, makes them think that that idea that maybe the fed would stop or slow or pause, maybe not because this is very good news about the economy. maria: gerri i am glad you mentioned china yesterday in the middle of the day we learned president had spoken with president xi in china, and markets definitely moved on that, what was your sense of what went on yesterday in markets, and how are you expecting this market to trade given what we've learned this morning? >> well, trade market the trade issues are certainly a big overhanging in fact that is one of the key things that we are monitoring as well, of course, in addition to what is going on in growth picture and were also the fed. but i think basically there has been a lot of volatility
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because people are not certain what is going to happen so when you get positive headlines like yesterday market is going to trade up on that as far as the market reaction going out,ive that basically, this is going to settle in potentially for more volatility, again, now that the market is seeing there may be more of a case for the fed to continue on a trajectory raising rates that does raise the bar the competition for equities in addition, people are needing to see growth numbers continue to come through. >> yeah. >> again i think the fundamental picture balanced positive in macropicture as well as corporate earnings up of got offset with a little bit more competition going to be important to watch that outlook going forward. maria: stephanie what are you going to watch from here to get a sense of where things go now what are your most important metrics. >> the thing i am watching most closely corporate credit market specifically what is happening with spreads when you see the 10 year backing up
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on numbers like this morning, to do corporate yields follow suit what we have seen in october spreads winding out people are starting to price in greater risk in corporate bond market. >> the jumping bond market has been a red flag isn't it? >> you know it went from first to worst no october top performing credit market all year, and then it flipped and people couldn't get away from it fast enough that is how it is with high yields called junk for a reason people then reacquaint themselves with a definition of jumping and realize you know maybe i am not going to get -- the interesting thing you also have, half of what is categorized as reinvestment grades just one rung above that junk threshold so it wouldn't take much increase in rates to push, half of the investment into that bottom bucket. that is what i am worried about because spillover to the stock market is going to be huge, you know obviously,
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companies borrowed like crazy to fund their buyback dividends programs a key support, for the stock market, mooern i think the number one buyer of equities has been the corporate sector not retail investment. >> kevin kelley thinks once companions start buyingback stock we're going to see rally rip. >> assuming they have money to do that apple -- >> -- >> using that -- >> the luxury. >> over. >> a mountain of cash, not every company does. >> kevin. >> i was going to say over a trillion dollars of stock buybacks that are going to occur actually, over the next year, so you are going to see it start cold now going to be interesting apple is going to come out start buyingback a lot of stock at these prices going to lend to underlying bid they have been blacked out last men and women you. >> will have apple broader market jon hilsenrath before you go i know you've got to
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jump final number reaction to this number before you go. >> very strong start to the fourth quarter a lot of analysts have been forecasting the economy was going to slow down fourth quarter. that is sign it is still ripping. >> see you soon jon hilsenrath a pleasure more from all-star panel on the october jobs' report after this. ♪ .
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maria: welcome back, well october jobs number out the economy added 250,000 jobs last month top economist expectations unemployment rate steady at 49-year low, 3.7% we go right now the final jobs' report before the midterm elections we want to go to one of the elections most policy of states arizona hillary vaughn live in phoenix with more good morning to you. reporter: hey. good morning maria this is one of the closest, senate races in the country right now democrat congresswoman kyrsten sen emma against mcsally the latest fox polls has both in a dead heat polling 46%, this caravan a local issue here in this board state we caught up with kyrsten sinema yesterday
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get out the vote event with veteranss sinema former anti-war protesters under fire for anti-military rhetoric i asked if she will support military men and women headed to u.s. border in her home state is to stop the migrant caravan from crossing over. >> it is not new for us to have military oo appointment there thought board to provide important role for customize and border patrol agents down there. >> former fighter politely mcsally said something with president's son to rally support into election day mcsally tells me democrats are to blame for this migrant caravan crisis at border says her mission if elected he to close loopholes that allow migrants to exploit u.s. immigration law. >> border security is about national security, they will be coming to bases, in my district that i represent in arizona, and our communities are going to welcome them as
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they continue to serve and sacrifice to keep our kcountry safe. >> green party candidate dropped out yesterday could be game changer in neck and neck race did sinema say stay hydrated. >> yes, i toll mcsally she had same reaction she laughed. >> thank you so much for joining us insights from all you we appreciate it panel on sets a we continue, with a few minutes left stay with us. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. one second. barely enough time for this man to take a bite of turkey. but for cyber criminals it's plenty of time
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>> welcome back we have a big weekend this weekend stay with me don't and wall street 9 p.m. eastern more of my exclusive into with miller and futures 10 a.m. eastern sunday and talk with congressman tim ryan and pete king and steve scalise. stuart take it away. have a great day. cease the day stuart. >> i like that march i'll do just is that. good morning maria, good morning everyone. jobs, market rally. china trade, apple, hardline trump, it is all happening this friday. start with this. 250,000 new jobs created last month jobless rate 3.7%. the wages rising at a 3.1% rate best in years. jobs have been a very bright spot in the trump growth agenda. now we're head intog a blockbuster holiday season. looks

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