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tv   FBN AM  FOX Business  August 6, 2019 5:00am-6:00am EDT

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ultimately their choice. if they keep trying to relationship is off, president donald j. trump will not stand for that. thanks for b cheryl: it is 5:00 a.m. here are your top stories. president trump taking another swing at beijing, declaring china a currency manipulator after it devalued the chinese yuan. how china and the markets are responding. deirdre: president trump's economy has been booming. the trade war with china is escalating. global tensions are rising. we'll tell you what it all means for voters in 2020. cheryl: samsung and apple gearing up to debut their next generation of phones but over 1 billion people say they want dumber smartphones. what it could mean for the future of the telephone. deirdre: if you would give up money for unlimited vacation time, you're not aalone. the crazy length that some would go to have more fun in the sun.
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it is tuesday, august 6th. "fbn: a.m." starts right now. ♪ ♪ nothing else compares. cheryl: welcome to "fbn: a.m.." good morning i'm cheryl casone. deirdre: i'm deirdre bolton, in for lauren simonetti. cheryl: let's take a look at how your money is moving this morning after yesterday's 767 point plunge on the dow, the s&p losing 3%. we have green arrows. we're looking at buying this morning, dow is up 189, s&p up 23, nasdaq is up 80, looks a
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little better. deirdre: this is a after yesterday's huge losses. in asia, you actually still have pressure on the markets, this is selloff day two. you'll see on your screen, the nikkei, hang seng and kospi all lower. cheryl: you have that pressure on europe. you also have the eu responding, looking tha that a crash may bee likely. the ftse is down. cac and dax are now up. deirdre: yesterday was all about safe havens. gold is off highs from yesterday. if you look at bitcoin and we've been seeing this more and more over the past six months, when u.s. equity markets sell off, bitcoin goes higher today, know exception, up to 12,000 and change for bitcoin. cheryl: the flight to safety really registered with the 10 year treasury yesterday. the yield is actually higher
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right now which means a little bit of deflation in prices for bonds. the flight to safety we saw yesterday reversing this morning a little bit, 1.76%. we have not seen that 10 year at that level since 2016. deirdre: tensions continuing between the u.s. and iran. here is a quick check on oil. you can see where it is moving higher. cheryl: let's talk about the behemoth in the room for markets, breaking overnight, china is now denying that the trump administration's claim that it's manipulating its currency is true. the country's central bank added it has not used and will not use the yuan in the trade dispute with the united states. the stock plunged yesterday, big losses for markets on trade fears after china let the currency weaken. they suspended purchases of u.s. farm products. stocks are poised for a higher open this morning.
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dow is up 191, s&pes is up 23 and a quarter, nasdaq is up 81 and-a-half. deirdre: white house trade advisor peter navarro telling lou dobbs that yesterday's selloff was a massive overreaction. >> i think what happens in these kind of things is you get the day traders moving, you get a little trend trading and before you know it, there's a lot of volatility and good people lost some money today because they got shaken out of the market. but the underlying fundamentals are absolutely solid as a rock. cheryl: for more on this let's go to edward lawrence, he's in washington. edward, good morning. >> reporter: good morning, cheryl and deirdre. a gut punch for farmers in the united states. the chinese commerce ministry spokesperson confirming that china will not buy u.s. agriculture. that spokesperson also saying that a plan to roll back tariffs of agriculture being imported into china may not happen going forward because of everything that's happened here.
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president trump now saying that china is a currency manipulator. in fact, the treasury department announced that it is a currency manipulator, adding it to the list. steven mnuchin will work with the international monetary fund to eliminate that advantage. devaluing currency would minimize the impact of the 10% tariffs the president plans to add on september 1s 1. all of this has trade associations worried. the president or head of the american apparel and footwear association says they feel pinched in the middle. >> we can't deal with this. we have no way to deal with this. and we honestly feel like we're pawns in an international chess game and we're going to get hurt and it's going to hurt the economy and now it's showing up in the market. so we hope that the president will see the light of day and stay away from the consumer because he's headed in our direction. >> reporter: at the last fac
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face-to-face trade talks chinese sources tell us the chinese delegation told the u.s. side they would not add back any of the concessions the u.s. said they made. sources say the chinese told the u.s. they would not change their laws based on a trade deal. now there's signs the chinese are pulling back. the president said the chinese were supposed to buy u.s. agriculture. now it appears that ag buy will not happen. deirdre: president trump claiming that china's manipulation of currency proves that its economy is taking a hit from u.s. tariffs. that is very much president trump's view. obviously investors in the equity market yesterday had a different take. cheryl: breaking overnight, china's government is standing behind hong kong's chief executive carrie lamb, calling its support firm and steadfast. this is after two months of some very violent protests that has
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disrupted hong kong and the way it operates. widespread strikes hit yesterday, bringing the city to a standstill. hundreds of flights have been canceled at hong kong's airport. you're looking at the violence on your screen. police fired tear gas at five different locations at the city. protesters continue to challenge beijing. they say they are prepared to die for the pro-democracy movement. deirdre: president trump slapping new sanctions on the venezuelan government, freezing all government assets. president trump issuing an executive order immediately banning american companies and individuals from doing business with the government of nicolas maduro and its supporters. john bolton warned china and russia not to double down in support of maduro, saying that venezuela may not repay its debt to them after maduro falls. the u.s. recognized opposition leader as venezuelan's
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legitimate leader in january. cheryl: now to what's happening at home. president trump is expected to visit el paso and dayton tomorrow after strongly condemning racism in the wake of two mass shootings. the total death toll is now at 31. deirdre: two extremely sad events. griff jenkins with us now from dc with more on the white house's push to bipartisan solutions to gun violence. >> reporter: the president says it's time to put partisanship aside and find common ground solutions and he denounced white supremacy and hate. >> in one voice our nation must condemn racism, bigotry and white supremacy. these sinister ideologies must be defeated. hate has no place in america. mental illness and hatred pulls the trigger, not the gun.
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>> reporter: some democrats say the president's words don't go far in your. bernie sanders tweeting this. today mr. trump made a statement disavowing hatred and white supremacy. i say talk is cheap. tell mcconnell to pass gun safety legislation. the american people want it. the majority leader issued this statement, saying senate republicans are prepared to do our part. he added, partisan thee a theatd campaign trail rhetoric will take us further away are from the results the american people deserve. former president obama is also weighing in, not mentioning president trump by name but saying this in a statement. we should soundly reject language coming out of the mouths of any of our leaders that feeds a climate of fear and hatred. down in texas, el paso's mayor
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who has not always seen eye to eye with president trump had this to say. >> he's coming out here on wednesday. i'll ask president trump to support our efforts with any and all resource that's are available. our recovery is no small task. >> reporter: as for renewed calls on gun control, cheryl and deirdre, the house passed a new background check bill back in february but it stalled in the senate. the real question is, can divided washington get anything done on this issue? that is really only time will tell. cheryl: griff jenkins live in wash son. griff, thank you so much. today ohio governor mike dewine is expected to unveil new gun and mental health measures after a gunman opened fire of the course on that packed street that killed nine people. dewine packed senate leaders on passing red flag laws which would remove guns from a person found to be dangerous. president trump is also supporting those laws. deirdre: officials say the shooter fired off at least 41
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rounds with hi ar-15 rifle in jt 30 seconds. he had up to 250 rounds on him. one of the victims, his own sister, investigators have spoken to his friend who arrived to the area with them. a motive is still unknown. a memorial with candles, flowers and balloons is growing. you can see it in the downtown district. cheryl: now to north korea. they are threatening to take a, quote, new road, after they fired two more missiles. this is the fourth launch in less than two weeks of. this comes as the u.s. and south korea start their new joint military drills. now, north korea is calling those drills a flagrant violation of peace talks. the united nations is reporting now that they accuse north korea of funding its nuclear program by stealing $2 billion from banks through cyber attacks. deirdre: the pipe bomb mailer we have details on that, tracee
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carrasco with us now. tracee, what's the latest. tracee: caesar sayok pleaded guilty to sending pipe bombs to prominent democrats and other people opposed to president trump. prosecutors were seeking life behind bars for the 57-year-old. a manhattan federal court judge sentenced him to 20 years in prison saying the bombs were not designed to explode. sayok apologized to victims before being sentenced. gatehouse media's parent company, new ynewmedia is buyin. it combines the two largest u.s. newspaper publishers. neither snow nor rain keeps postal deliverers from delivering the mail. sometimes the heat is too extreme. one postal worker cooked a steak on the dashboard of the delivery
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truck. an arizona state representative sent a letter to the president of american postal workers union to look into the working conditions. and that's what's happening now. cheryl: i have fried eggs on arizona sidewalks in my past life, so it's true. we are following a global market selloff that is now -- here's the good news -- has reversed course overnight. you had a lot of pressure in asia. now, investors in this country are saying let's start buying. the dow is up 207, s&p is up higher as well. nasdaq up 87 and a quarter. coming up next, the trade war with china hitting a fever pitch. are any hopes of a deal by 2020 dead in the water right now? and why switching to paper straws may have been all for nothing. you're watching "fbn: a.m." ♪ have draining o -- have a dri.
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cheryl: washington's trade war with beijing has hit a fever pitch. the treasury department labeled china a currency manipulator as the country's central bank let the yuan depreciate. china's commerce ministry announced they stopped buying american farm products. all of this is retaliation gone
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wild. let's bring in riley walters. riley, this really has blown up the stock market. this trade war seems to be never-ending. now the concern is that there's not going to be a deal. there's going to be no deal. not even a bad deal. just no deal with the chinese. what do you say? >> well, the tariffs from last week, the announcement yesterday that china's a currency manipulator, these things don't bode well for the trade talks. it really brings in the question of whether we can get a deal at all before the next presidential election. you know, i'm going to go out, i'm going to say i'm an optimistic. i think we can still get a deal done. it makes talks that much harder. i think the president wants a deal. i think china wants to return to some sort of stability in u.s.-china economic relations. they are going to try to want a a deal too. all these issues make it that much harder to get there. cheryl: it's interesting because the president keeps saying, and this is a loaded
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question, i'm sorry, but the president keeps saying that tariffs don't hurt the u.s. and peter navarro says tariffs don't hurt the u.s. there's evidence out there that says we are starting to see the effects on the u.s. economy of these tariffs. and the federal reserve already cut rates. we know they're thinking about it. this seems to be kind of lost at the white house right now. is there some strategy that we're not thinking about here, is there a secret strategy that's in play? >> i don't know if there's this grand strategy out there. folks like navarro, they really put more of an emphasis on u.s. exports. they don't care about the consumers as much as they do for example manufacturing exports. if you look at the numbers, even if china is devaluing its currency, we are still paying $5 billion a month to the u.s. treasury for buying imports. i mean, they are collecting taxes from americans and the data's clear about that. cheryl: i do want to read an
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american farm bureau federation statement. i think this hits home for so many americans that are watching throughout the country right now. this is what they say. china's announcement that it will not buy any ag products from the united states is a body blow to thousands of farmers and ranches who are already struggling to get by. a prolonged trade war hurts the american farmer, riley. >> yeah, i mean, it's just one blow after another. a certainity i think for u.s. farmers is almost dead and so trying to find alternative markets that are profitable is difficult and they just can't continue to rely on u.s. bailout anymore. cheryl: i don't think it's going to happen. you've got air china cancelling flights and maybe september talks between the two countries but i think it's all really up in the air. riley, thanks so much for this. we appreciate it. >> thank you. deirdre: when we come back, markets are rebounding the this morning after yesterday's big losses. look at that green on your
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screen, that's a big change from what we saw 24 hours ago. a bipartisan roadblock, more details on this, california facing legal trouble after trying to block president trump from the ballot in that state. and if you would give up money for your time, you are not alone, the incredible lengths people will go to for more vacation when "fbn: a.m." returns. ♪ you don't got to go to work, work, work, work, work. ♪ but you want to go to work, work, work, work. ♪ you don't want to go to work, work, work, work
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cheryl: what would you do for unlimited time off? would you take a pay cut. a third of workers say they would do just that. a new study says the average amount people are willing to give up, one quarter of their
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salary. 63% of those people by the way are millennials. experts warn this may not be worth it. just because you have the time off, doesn't mean you're actually able to take it. deirdre: stocks sold off yesterday, the worst day of the year. two superstar market guests with us now, michael lee, wealth portfolio management, jimmy lee, good morning to you both. michael, given the futures rebounding now, was yesterday's selling overdone or is it justified? >> i think it was overdone. whenever you have large moves in either direction, the underpinnings of the market, there's a lot of computer based algorithms that pick markets in either direction. today expect it to go higher. we saw it go substantially lower yesterday. deirdre: how much of the green on the screen is due to the pboc governor saying china will not
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use the yuan as a tool to deal with trade disputes or do you dismiss that as pr? >> i think it's all pr. i think investors are realizing the selloff yesterday was possibly a great buying opportunity for long-term investors. that's what i believe. i think that's what's really causing a rebound. i do believe that we can get a lot more volatility as the negotiations are playing out in the public and so be mindful of that. for long-term investors it's a great opportunity to cash to work. deirdre: where would you put the cash to work. >> it's incredibly important to be diversified. i think a lot of portfolios are under-balanced. growth stocks have done better than value stocks over the last few years. investors should make sure they have a balanced portfolio. dividends are okay, especially if you're wait and see in a sideways market. deirdre: michael lee, what
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would you be buying right now. >> you can go along the s&p 500, we had a huge move to the downside yesterday. we're well off the highs. if you go back 18 months or so, since these trade disputes started, every one of these selloffs based on negative trade news has been a fantastic buying opportunity. i think we make new highs this year. deirdre: all right, how high? >> hopefully much higher. [ laughter ] but, look, you can get -- we're at 16 times earnings at 3,000. maybe we get up to 20 times earnings if the 10 year stays below 2%. so that puts us up to like the 32, 3300 mark. deirdre: all right. here's hoping. 401-ks, people will be pretty happy. jimmy, i heard you say more volatility is on the way. let's just say for argument's sake there's no continue i've testify trade -- definitive trade deal. does it matter? >> i think it does matter, timing's very important. the election year is coming up next year and the chinese know
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that and so i think investors were hoping for a trade deal before the end of the year. i'm still hopeful we can get one. what's really important is that investors need to focus on underlying economy here in the u.s. we're still very strong. the data suggests that the economy's still growing and it is robust. companies are coming out with good earnings. this puts more pressure on the fed to lower rates and so that's bullish for stock investors and so i think people need to focus on the long-term and try not to focus too much on the news day-to-day. deirdre: thank you both. cheryl: let's take a look, we're just talking about the action on wall street this morning. we have a rebound in your futures market. asia had a really rough night but europe is coming back and now we are too. dow is up 226, s&p up 26 and a quarter, nasdaq up 92 and a quarter. we're going to talk more about that and we've got this, the trump economy is booming but is it enough to keep him on top in
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deirdre: here's what's going on in the markets right now. u.s. stock market futures are heading higher. i'm going to turn here so i can read on your screen. the dow indicating to open up 220 points, s&p 500, 26, the nasdaq, 90. in asia, stocks falling. you're going to see red, so following the pattern on monday. in europe, stocks are turning around right now. we have to note, you'll see where you have the ftse, the cac and dax all heading higher. china's central bank setting the yuan's official reference point at a stronger level than what we saw yesterday. cheryl: so far, the president's
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got a lot to celebrate when it comes to the trump economy. the u.s. has seen job growth for 106 consecutive months. we have unemployment, 4% or less for the last 17 months. consumer sentiment on one of the best streaks since the '90s. we've had the biggest bull market run ever. is president trump though going to be able to overcome this trade war with china, which has no signs of easing, and of course tensions with north korea, all of this goes into the 2020 election. let's bring in washington examiner commentary writer tiana lowe. good morning. >> good morning. cheryl: people have cherem memories, he's -- have short-term memories. these could have long-lasting effects, the trade war with china, the issues with north korea, adding iran to all of this. is this going to a affect trump do you think next year? >> trumps has two tickets to re-election. one, this economy right now and, two, calming down on twitter. who knows if he can achieve the
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second one. the first one can be achieved if we get a deal with china. if this persists and if we keep on seeing these selloffs and if we keep on seeing yields plummeting, then maybe not. because right now we are sort of -- if you look at every metric, we are overdue for a recession. yet, we still have this great gdp growth and we're able to maintain both low unemployment and low inflation and most pivotally, for the average american this is the first time in years they're seeing wages go up. cheryl: to add to your point, and this would be good for the president, is consumer sent sentiment. we've seen that trend higher during his presidency. if the consumer is saying i feel pretty good, i've got a raise, i've gotten a raise, my 401-k is doing better, then he's got that. the other side of this is what's interesting is that this gives the democrats nothing to run on. i mean, they can't hit him on the economy. they've got to come up with something else or it is going to be a win for trump in 2020. >> certainly.
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we saw this with the quarter two gdp report that it is consumers who are feeling this economy right now. and that's good because it means high cash flows. and when you have a democrat saying it's not going to be a return to some sort of obama era politics where we're going to nationalize one fifth of the economy with medicare for all or we want green new deal packages and we want to bring up the corporate tax rate, i think the average voter may ignore the tweets and say i like this economy. cheryl: we've seen polling show that the president -- people approve of his policies, voters do, but it's the rhetoric that a lot of people are finding a hard time to deal with. before i let you go, the issue of gun control has come up again. we say we're not going to politicize it but we do after two mass shootings over the weekend. nancy pelosi not willing to come back to washington. last week in the he di the debae
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democrats rarely spoke about it. where are they on this and why aren't they willing to come back and talk about actual gun reform. >> the issue is that the sensible options that could reasonably pass through congress without violating the constitution, like gun violence restraining orders, like red flag law as the president pointed out earlier, those are not the ones that are politically expedient, they don't advance an agenda. politicians are more interested in burying the hatchet in their opponents' backs than saving the lives of americans. cheryl: thank you for your perspective this morning. deirdre: taxpayers are going after california for targeting the president's taxes. a bipartisan group of voters is suing the state over what they call an un unconstitutional attt to keep president trump off the state ballot. cheryl: todd piro has more on what could turn into a massive legal battle. >> reporter: the four plaintiffs, two republicans, one
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democrat and one independent, joining in a federal suit, blasting the new law as an attempt to add additional qualifications for the presidency. under the law, candidates must disclose five years of federal income tax returns in order to be listed on the state's primary ballot, in an effort to give voters details about a candidate's finances. here's the governor s''s attempo justify the law. >> ever since president nixon released his returns, it's become the norm in this country that presidents of all political stripes release tax returns. >> reporter: those suing say the california laws changes the requirement to run for president, violating the first and 14t 14th amendments in the process. they add that california politicians in the zeal to attack president trump passed a law that unconstitutionally
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victimizes california voters. it's an obvious legal issue that the state can't amend the u.s. contusion. the courts can't stop this abusive law fast enough. it's important to note that the last california governor, jerry brown, vetoed a previous version of the same law saying it creates a slippery slope and asking what other documents could be demanded depending upon the political party in power, such as health records. back to you sh. cheryl: you know the saying about good intentions? mcdonald's in the u.k. and ireland switched to paper straw as part of a global effort by the company to help help protect the environment. despite the effort, they're not being recycled. the technology needed to process the paper straws isn't available yet. mcdonald's said they're working on a solution. they didn't give a timeline for when that's going to happen. deirdre: futures indicate a
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higher open in a few hours. you will see green on your screen right now. dow is up 225, nasdaq, 88. still ahead, president trump pointing out china's currency manipulation to the federal reserve, will it force jay powell's hand to cut interest rates more than previously expected? we'll give you the odds. a new study shows weed is growing, we have the nation's hottest spots for marijuana use. keep it here on "fbn: a.m.." ♪ relax, relax,. ♪ take it easy. ♪ in crossing harsh terrain or breaking new ground? this is the time to get an exceptional offer on the mercedes of your midsummer dreams at the mercedes-benz summer event, going on now.
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cheryl: the federal reserve is planning a new system that would allow payments to be made to banks around the clock, 24/7. the system should be available in 2023 or 2024. the fed's currencies testimony can take days for a transaction to post between banks and of course they're closed on weekends. citigroup and jp morgan are lobbying against the new system. they say it would actually delay the spread of faster payments. deirdre: u.s.-china trade war may force the fed's hand after yesterday's selloff, investors are pricing in another rate cut by the fed at next month's meeting. president trump accused china of currency manipulation. here's the tweet.
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are you listening federal reserve? this is a major violation which will greatly weaken china over time. with us now, daniel demartino booth. she is a former fed dallas advisor. good morning, danielle. glad to have you. if you look at fed fund futures right now, some investors are pricing in three more cuts this year from the fed. how likely is that on a scale of one to 10, in your view? >> i think it's a pretty high probability of about nine, actually. it's almost a certainity. if you look at past fed rate cutting cycles, they tend to on average cut about one quarter of a percentage point per month and that would put us actually lower than what history would expect and when you see moves like what we saw yesterday in the march he get and how violently the -- market and how violently the probability increased that the fed will cut on a more
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aggressive path, you start to see how little jay powell and his peers control and they've kind of hamstrung themselves and they used a as a the reason for the cut is the trade war and looks like they're keying off what transpires between china and the united states. deirdre: would you say the trade war is more in the driver's seat than jay powell? >> it appears to be the case right now. just based purely on market pricing of where it anticipates the next rate cuts to come from and on top of that, we see that if the president was trying to use september 1st as a ploy, as a negotiating tactic, now that we ratcheted up to being a full blown currency war, he won't be able to back off. you had someone saying how much is this hurting the farm belt and we've seen in the latest services data that the outlook for businesses is the lowest for the last 12 years, so that could
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be very problematic going forward if we see the industrials recession that we know has set in in the united states begin to bleed into some of the service sector data. then jay powell's got -- excuse me, he's got problems at home and abroad to contend with which would explain the market further pricing in rate cuts towards the end of the year. deirdre: he has a tough job, no matter how you slice it. there was an op ed in the wall street journal, arguing for an independent fed. we have a blush on the screen right now. -- blurb on the screen. they say we are united in the conviction that the fed and its chair must be permitted to act independently in the best interest of the economy. it continues. what do you think of the former fed heads getting together to make this kind of statement? >> they've certainly been unanimous in their having one voice.
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i don't dispute. in fact, i applaud an sanction fully that the fed maintain independence. because of th the reason why jay powell decided to cut interest rates, the fed has never eased policy because purely overseas activity that has nothing to do with the domestic u.s. economy, i think they've shown they may be independent of the white house, but they're not independent of things going on outside of our borders, outside of our economy. deirdre: some would argue that we're now a more globally connected economy so it may be different times. danielle, thank you so much. >> thank you she we are in interesting times after yesterday's huge selloff, we lost nearly 800 points on the dow. look at futures right now. the dow is up 250. s&p is up 29 and-a-half. nasdaq is up 96 and a quarter. how things can change overnight. well, still ahead, it is straight out of back to the
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future. >> roads? where we're going, we don't need roads. cheryl: how flying cars are one step closer to becoming a reality. we all have lazy days but you've got to see this stubborn pooch giving a slot had. hillaryh a run for itsmoney. coming up on "fbn: a.m." ♪ laid back and lazy. ♪ pour it on easy now.
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cheryl: like doc brown said in back to the future, where we're going, we don't need roads,
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weevilwell, nscis showing off a. it hovered for about a minute. japan is looking to have commuters in the skies by the 2030s. after yesterday's brutal day for u.s. markets, futures are pointing to a higher open. we've got bargain hunting going on. dow futures are higher right now. there we go, the dow is up 245, s&p up 28 and three quarters, nasdaq up 93 and-a-half. asia, the blood bath did spill over into asia, red across the board. europe, this is interesting. there's a mix -- well, actually, no, the cac an dax are higher, along with the ftse. let's bring in nick watson, a fund manager. you're looking at europe and the u.s. right now, was this selloff just an overreaction? >> i'm not so sure it was a big overreaction. i think the overhang of trade wars is something that markets have been dealing with for quite some time. the u.k. is roughly flat.
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within the u.k. you have to be sensitive. sterling had a bit of a bounce. the ftse 100, generally struggles to make headway. the more domestic part of the u.k. market has been resilient. cheryl: you have the eu saying they're not willing to go back to the table with boris johnson. does this signal a hard crash? >> it's something we have to pay attention to. they have established positions at the moment. there's a degree of playing chicken on what will happen on october 31st. if you have discussions around the g-7, which is happening in france towards the end of august, there might be the opportunity for the backwards and forwards. cheryl: it's not over yet, as we say. nick, thank you very much for being here. >> thanks for your time. cheryl: let's talk about disney. tracee carrasco has all the he details on what we're watching which is all about disney. tracee: shares of disney have returned, 29.2% this year
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through august 2nd. the third quarter has seen a string of box office hits including the record-breaking avengers end game. the quarter also saw the rollout of its new star wars attraction at disneyland, the attraction opened at disney world in florida later this month. there's lots of excitement over the new streaming service, disney plus, which launches mid-november. analysts expect $1.75 per share on revenue of $21.47 billion. retailer barney's fights to stay afloat. according to the wall street journal, the luxury retailer has filed for bankruptcy protection. barney's new york currently operates 13 department stores and nine warehouse stores but plans to shut down most of its locations. sources tell the journal that barney's carries approximately $200 million in debt. marijuana usage is on the rise. a new study by the rockefeller institute reveals the number of people who admitted to monthly marijuana use in states where it
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isn't allowed has risen 3 33% in the us since 2002. the number rising in states where it's legal to 47%. oregon where mauer wa marijuanal takes the top spot. finally, take a look at this. a dog just doesn't want to go for a walk. no matter what. this dog is not going anywhere. there's the video. [ laughter ] tracee: you see the furry friend sticking on the sidewalk of new york. it's gone viral with about 2 million views. look at that, just does not want to move. that's a monday for me. cheryl: ha has your dog done . tracee: yeah, in the he snow. cheryl: thank you very much. we have a lot more coming up. samsung and apple duking it out smartphone supremacy. are they going in the wrong direction? why dumber phones may be the
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smart idea. ♪ don't leave me hanging on the telephone. ♪ don't leave me hanging on the telephone. is♪ who used expedia to book the vacation rental which led to the discovery that sometimes a little down time can lift you right up. expedia. everything you need to go. your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity.
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♪ >> they are ruling out smart watch ahead of unpacked event, that's this week, they're going to show off a new phone. >> a new phone. note 10. cheryl: right. >> they may unveil the foldable phone again. we have every phone ever made. this is the gordon geico phone. >> you're the cool kid if you have that or zach morris in save by the bell. look at all the phones. we have all these out here for a reason, people are keeping their old phones for longer, they don't want to pay a thousand dollars, i don't know if people will pay $2,000. cheryl: samsung is 2 grand. >> that's what a laptop going to
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set you back and will do more than foldable phone. grant it it's a phone and when you open it up 7-inch tablet. if you're traveling a lot, maybe something that you want because you get one less device but why not have tablet that has wi-fi service or lte service that you can connect. >> also there's not companies coming out, it's more about the -- texts, emails, phone calls, that's it. >> right. a couple of interesting reports over the last few months that are the next billion smartphone that is global market action overnight go out will be exactly that, be able to make calls and texts and cheaper. cheryl: how much cheaper? maybe 100 but now seems cheap if you're paying a thousand dollars for iphone 10.
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>> right. all the new iphones are in thousand dollar range and certainly whatever samsung announces. >> we talked a lot about before but with 5g rolling out, if it's a 2,000-dollar phone it has to be 5g enabled and we are not there yet. >> we are not there yet. we are still solid year from 5g, anything that you get now is going to be outdated within the next 9 to 18 months. >> do you have high expectations for foldable phone? journalists got a hold and the 5g -- samsung was a mess. >> it was a disaster, i'm curious to see if they fix everything that they were going to fix. they would be smart to come out and drop the price a few hundred bucks just to say, you know, here we go. cheryl: we have old phones, new markets and jump on wall street
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with maria bartiromo. maria: good morning, everyone, happy tuesday to you, i'm maria bartiromo, tuesday august 6th, big day today after the selloff yesterday, top stories right now just before 6:00 a.m. on the east coast. markets are poised for bit of a turnaround this morning, triple-digit rally after yesterday's broad selloff by the yuan against the dollar, dow, nasdaq and s&p seeing their worst day of the year yesterday, 767 lower on the dow, global markets this morning are a bit better on the session this morning, although we see that it is fractional, ftse 100 up 2 points, cac quarante in paris higher. in asia overnight the red was across the board, it was off of the session lows but nonetheless shanghai composite down 1 and a half percent as was kospi indicate an ex

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