tv Mornings With Maria Bartiromo FOX Business October 19, 2017 6:00am-9:00am EDT
>> we're looking at some future is now. is now good and nice at record run for wall street and they pop the champagne corks last night. let's say salute day. good morning to maria bartiromo. >> good morning, ladies. happy thursday to you. i maria bartiromo. thursday october 19th. her top stories right now 6:00 a.m. on the east coast. 30 years ago market milestone yesterday a major market -- market milestone. the dow jones industrial average closing about 23,000 for the first time ever yesterday. it was the 51st record close since president trump took office. an amazing momentum market. earnings driving the gains yesterday. the optimism of a tax-cut as well as we could be one step closer to it today to the senate gears up for the budget later today. president trump calling this a
once-in-a-lifetime opportunity. >> it will be the largest tax cut in the history of our country. i focus on tax cuts because it is such an important weapon to get our country really moving. we are going to be one of the highest. this is a once-in-a-lifetime opportunity in my opinion. >> all of the updates coming up. weighing on markets, pulling things back to dow industrials to be down 80 points, down a third of a percent. nasdaq down two thirds of a percent right now. take a look at the action. major averages down as you see there. the dax index down better than one half of 1%. in asia overnight to a markets close mostly lower with the exception of japan which is up again taken a cue from the uss half of a percent.
the homeland security is warning that isis is plotting another 9/11 style attack. details of a the terrifying plan aiming to inflict mass casualties. we've got all the details. a scary scene in german airports. air berlin chad but the dangerous slide by with 200 passengers on board. the fallout for the act of defiance coming out. nfl commissioner roger goodell taken a tougher stance on and to protest and was happy with his comments. even colin kaepernick fired back. general electric and reporting some of the excessive spending including chest and low-flying object next to his job as a backup during his 16 year tenure. all the stories coming out. fox news correspondent lee gabriel is here. kevin kelly is here in rose cliff u. great to see you.
>> 5000-foot jumper that down his tax plan. we will have to see what happens. maria: 23,000 counting. >> what's fascinating is janet yellen is due to have a meeting at the white house with president trump. whatever happens is going to have significant impacts on the market. it has been so accommodated to this market. using active inflation could do valuations are at all-time highs. a fascinating aspect because secretary mnuchin thinks he could wear markets. he wasn't for quantitative easing. these are adamant against it. >> we may know this week or next. the president decides on all of that coming up to first our top stories this hour. 23,000 the dow industrials closed above the 23,000 mark for
the first time ever yesterday. treasury secretary stephen mnuchin made an important comment saying although should be in jeopardy should congress failed to pass tax reform. >> there is no question that the rally in the stock market has raised into a reasonably high expectation of us getting tax cuts and tax reform done. it also has based into it optimism which they begin to cms expectations. so i think to the extent they get the tax deal done, the stock market will go up higher. but there's no question in my mind if we don't get it done you'll see a reversal of the significant amount of these games. maria: sounds about right. voting on a budget that would allow the chamber to pass a tax bill of 51 to instead of the 60 needed for major legislation. here to talk more about that as chief strategist ted cruz of the senate and presidential campaigns is with us along with
former deputy secretary of the obama administration by senior fellow at the university of virginia miller center. thank you for joining us this morning. in that same interview, the treasury secretary made those comments about the market. an absolute guarantee that a tax overhaul would be signed into law by the end of this year. is that a reasonable timetable? do you think they would get this done? >> certainly if you look at performance this year with other major pieces of legislation, it doesn't seem reasonable that he understand where the secretary saying what he's saying. there's an absolute expert patient that this has to be done. and so, i'm not incredibly optimistic that it happens by the end of the year. there certainly seems to be a message coming from some leaders on the hill as to whether or not the deadline is at the end of the year. whether it's at the end of the year or after the first of the year, and that's happening.
maria: do agree that it must have been it must happen and will happen? >> favor of senator mcconnell is that it's more important that we get it right instead of just ramming it through. it's important to look at the details here and we don't really know what percentage is going to go to the super wealthy, how it is going to add to the deficit, whether it's really going to fix the idiosyncrasies in the tax code right now. and they bode well with it policy and that's what the market wants to see right now. they really want to see the once in a generation tax reform proposal. that another giveaway that goes to the super wealthy. >> kevin kelly here. considering he spent time in the white house of president obama committee think it's appropriate for cabinet secretaries or or anybody in this administration to be talking about the impact on stock markets given that they should be focusing on policy talking about what it could do in the real economy and markets
they should do whatever they're doing. >> that's exactly right. one reason why we in the obama administration didn't talk about the stock market even though we have significant gains as well. the market goes up but unfortunately down as well. up or down for reasons that have nothing to do with washington. if our secretary mnuchin i would take my cues from the leaders on the hill as to what the timing should be. >> vibrant $3 trillion in value doesn't coming out affair. it is clear the market value we've seen over to a president trump is doing. he's rolling back an incredible amount of revelation. are you saying it's just a coincidence? >> based on expectations based on expectation something happening, this is an economic recovery that began in early 2010 and we had essentially seven straight years of economic growth. there has been rolled back, but there hasn't been a significant economic change donald trump has promised yet.
maria: three by 1% gdp the other day averaging about 1.5% under president obama. there is something to it that the economy is definitely getting better. do you see that, mike murphy? do you see things getting better? >> with the small business optimism, startups, companies looking to disrupt industries coming out, hiring people, raising money from the using technology to make our lives better. right now the optimism that we see nationwide is something we haven't seen in a long time. maria: jason, let me ask you this. in terms of this bill, if it gets done in the first quarter, do you think that still has a positive impact if we don't see a bill on the president to ask this will be a problem for the republicans. >> share. going back to the comment earlier that we shouldn't have artificial deadlines.
i don't believe getting this done by the end of the year or saying that we need to get it done by the end of the year is an artificial deadline because we know historically that very few things have been in an election year. as we all know coming next year is an election year. maria come in the first quarter may be so. you get much past the first quarter, these guys don't like to do much. maria: you are right. if they don't get it done, they should move out because this is something the american people want. lea gabrielle. >> senator schumer said our republican friends are trying to hide what is in the tax bill that they don't want people to know. is this resistance popping up already for the democrats on this? really tax reform is good for all americans right now, isn't it? >> 1% agree tax reform is good. the estimates are that between
50% to 80% of the benefits will go to the top 1%. maria: that's just not true. i don't want to spew out nonsense. 80% of the cats are from package going to the top 1% is nonsense. >> an important issue to give her a firm issue to get ready for instinct is to sit in local tax deduction which is going to affect a lot of republican members in understanding the details of that is not just resistance. it's actually trying to make sure this is a legitimate tax form. this is why this is hard and it's hard to get right. >> a corporate raider 20% coming to see the corporate draco downed from 35% to 20% coming that will be a positive for corporations of the idea is they are going to reinvest. small business of 25% down from 39 points six. this is a significant move also talking about three brackets, 12%, 25% and 35%.
>> i'd like to point out is that republican small businesses. democrats and republicans come america's small businesses that impact everybody. >> belize and i have to switch back on that, chris, is because we're expecting a talking point. it's just not true that 80% of the tax plan impacts the top 1%. it's just not true. >> we don't have the details yet. that's the problem. turn to the details are just mentioned, top brackets on the ritz with a standard action. corporate rate of 20% in the elimination of most adoptions. >> we don't know what the impact is. the president -- we don't understand altogether archaic idiosyncrasies. look, the folks that have looked at this in the initial proposal appeared to have a full debate and make sure we have this
right. maria: let me ask you this because we are watching president obama returned to the campaign trail for democratic candidate for governor's races in virginia with next month's election. this development comes amid shakeup were several key longtime officials have lost their pose for the party's new chairman tom perez to host its first meeting taking over the job early this year. you are among the 75 people nominated by tom perez to become the new at-large dnc member. with behind the shakeup? congratulations by that nomination. >> about 400 members of the democrat national committee. the new chairman got 675. this is a time of change within the democratic party and we need to admit that things haven't gone as well as they should have over the last couple years. unfortunately when you bring to people in, some people that it's there for a while have to be moved. that is just part of change. this is a big tent party and
change happens. >> one thing that seems to be happening is the democrat party is hijacked by the extreme left. are you going to be able to come up with a message that will resonate with broad american people, the population given the fact you've got barack obama, bernie sanders, elizabeth warren go into the extreme left the extreme lasted by hijacking the moderate party at one point. >> tom perez has made a commitment that democrats need to compete in every seat for the school board to the senate to the white house and we need to understand we as a party can't have one monolithic message. that doesn't work in all states it certainly doesn't work at all rural areas versus urban areas. maria: good point. we appreciate you joining us. chris lu, jason good to see you as well. we'll talk with you soon from a gentleman. hall at security is warning of a new threat. the concern of ice is 9/11 next. the details of what we know. kaepernick fighting back at
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carry it another massive attack. duke also seen terror groups have been using knife attacks to keep their members engaged. the head of american express and one of the most prominent african-american leaders is leaving the company. a 16 year run of the credit card company. he is going to succeeded as ceo. shares of amex have 23% so far this year. american cities are pulling all the stops in their bids to come onto amazon second headquarters. stonecrest georgia has offered to change its name to amazon. tucson, arizona tried to send the company at 21-foot taxes. promising to invest $5 billion create 50,000 jobs. the deadline to submit bids us today. of course check this out. new york city would seem as though the including the empire state building and world trade in amazon color last night train
to help seal the deal. finally, the first lady melania trump is donating herb logon to the smithsonian national museum of american history. she's heading over the off the shoulder gown with a slit skirt. the tradition first began with helen passed back in 1912. maria: wow, cool. thank you so much. interesting. would you see the first lady's gown at the smithsonian? >> i think if i was already going with the smithsonian i would happen to pass by. i do think it is nice if they contributed because it gives you a sense of being able to even that you can't touch them, being able to look at them and have the essence of what it might be like to be there that day. and it's wonderful they do that. they make it also highlights the importance of the first lady. you go throughout history look at the contributions they've made.
>> behind every great man is a better woman. maria: says the guy who's getting married. >> yeah, exactly. >> she donated her dress last friday. obviously i didn't see it but it was fun and exciting. >> the live tv picture that can get you in really big trouble. maria: will keep falling on that. a real scare to tell you all about. more decked out pilot suspended. that is coming out. ge's new chief taking away company cars in canceling fancy retreats. the new cost-cutting direction for general electric ahead of earnings tomorrow. back in a moment. ♪ [vo] the grille is distinctive.
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maria: new ceo john kerry making changes starting with those statements. tracee carrasco with the details. cheryl: good morning, maria. it's only been on the job since august 1st, but already making changes. one of his ministers to ground ge the favorite of former ge ceo jeff and multiuse abernethy private jet just as a spare. such is the beginning. bob nardelli, former ceo is on the show yesterday and here's what he had to say. >> they have to get their fundamental businesses left. they've got a good innovation. the last 16 years as we've seen that goes out have been a lot
more that goes in. >> cardelli worked to ge for several years. next month, to unveil the results of his teacher group that had resulted to ge global structure. shutting down research centers in shanghai, munich and rio de janeiro. the company will continue to have an intense focus on the global operations and customer base. >> stock has been cut in half. wait a minute. luscious underline what you just said. he had a separate jet flying behind his chat on business chirps in the jet behind him was empty. >> in case there were any issues with the private jet he was already on. >> i flew in a banana commanding officer under absurdity to jet
to make sure that if his chat, if there's anything wrong with that he couldn't fly in the air until there is a spare there. so i've seen this before. >> their shareholders that they are held accountable for. >> listen, you don't need to fly a private jet. we will figure out and rent a private jet that is there to take you back to where you need to go. here's the problem. the board. if i were a member of the board, you've got to be held accountable. coming out of ge tomorrow what they cut the dividend is one of the biggest concern shareholders are having right now. but also what is this for doing that they are allowing the shareholder capital? >> for an old company like ge trying to figure out how to stay relevant in this new economy cover something like this coming out makes it really hard for shareholders to believe in this. you can see people wanting to
sell the selected companies on the cutting edge of technology. >> but they are looking for places to trim the like tracey mentioned with the research centers and sort of consolidating resources. maria: they've got two pair will see what the company says tamara. 8:30 a.m. in the morning on its third-quarter and of course speculation is around the dividend. tracee carrasco thank you. we'll take a break. blue apron is laying off hundreds of employees. the plan for a companywide realignment straightahead. fortune revealing their new future get disaster that has potential for growth. they've got the exclusive look back in a moment. ♪
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black monday years ago. in europe this morning asia mixed performances. hang seng index down about 2%. in europe this morning as you see, weakness there as well. ftse, cac quarante and dax down a third of a percent and two-thirds of a percent. catalonia in crisis. spain is moving to take over the region before it can declare independence. some fear that it will spur unrest like never before. the fallout from the terrifying maneuver coming up. blue apron feeling the heat. cooking company announcing hundreds of layoffs months after going public, what the move means for the meal industry as a whole. not standing for the national anthem roger goodell for not taking stronger stance on the
league's, and how colin kaepernick protest without saying a word. >> 2 and 1 the count. has a chance to turn it. four, six, three and a down play and the ball game is over. the cubs win. maria: highlights from the late-night thriller at -- and yankees take the lead. new approach of measuring success. fortune magazine is shining the light, where is the growth? we want to know. forbes debuting fortune 50 list. fox business has exclusive first look at the list. coming in at number 5 medical robotics leader surgical.
mark zuckerberg dorm project facebook, elon musk, electric automaker tesla and topping the list is cloud computing giant sales force, joining us right now and fox business exclusive, good to see you, thank you so much for joining us. >> my pleasure. maria: a lot of names familiar and growth stories, how did you come up with the list, what are the growth metrics that you used? >> we used boston consulting group, they were narters in in doing this. they did incredible number of number crunching, 15 years of financial data and screened for all 2300 u.s. public companies and they really looked at a couple of things. one is the market potential, what the market is betting, how much growth is the market is betting and assigning value and also dove into the company's themselves and looked at people, structure, their technology and
investments, they used artificial intelligence, natural language processing to look at 70,000 and look at the ways the companies talked about themselves, if they talked about future and investment and long-term thinking and they did a lot of back testing and look at what correlated with real growth over growth. maria: it's interesting that sales force was the number one spot. were you surprised, mike? mike: i sure was, when you hear about growth you hear the fang's. kevin: apple didn't make the list, actually. apple did not make the list in part to recent increase emphasis on paying dividends on reinvesting. >> apple is still an incredible performer but they are piling up cash, they are paying out
dividends under some pressure to shareholders and that's not a formula to future growth. you want to see a company, not that apple is not doing well, you want to see them putting in new technology sales force, to your point, mark keeps that company focused on the future, they're investing in artificial intelligence and they're making acquisitions. kevin: it didn't surprise one bit about this, he struck deals and partnerships with other companies like ibm to have a stronger, better, platform for his customers, right. for insurance customers, if there's a hail, they will use ibm to notify all the policy holders, he's done a very good job specially in acquisition side. if there was a hole on the business model, they went out and bought them. >> that's really not the way that you created this list, right?
>> that's really kind of the whole reason we did create the list, is that past performance isn't the indicater of success and today's environment things are changing so much faster and we felt that we need better metric to do that. most of the time you're measuring company, projecting future on what they've been doing recently. that's why it's diving sort of the dna of the companies and how they operate and how they talk and how they think and trying to do that in a scientific way and, you know, looking at the structure of the company, the hard reality is that younger companies tend to grow faster, not the smaller companies, but tightly-managed younger companies. maria: founder companies, right? >> founder companies a lot of the time, yeah. maria: future 50 challengers, we just showed on the screen. companies that are on the fast-track for growth but aren't quite there yet. how did you come up with this list? >> the secret of future 50, 25
big companies and the 25 challengers is what we called. pcg, if you're screening for growth you're going to get smaller companies, we did two separate screens. the challengers are the companies that are on the rise, not necessarily small business, but 5-10 billion-dollar cap companies and you see a lot of software companies on the list overall but specially on the challenger's eat, software is eating the world. maria: recent years ago, software eat it is world. >> it's still true. it's true more than ever. viva systems is number one on the challenger's list. maria: taking over oracle's of the world. >> market cap is has shut up. these are companies that are displacing traditional systems and they're doing it with software technology. kevin: i just we wanted to
highlight the point you said earlier, 64% of the companies in the list are software -- maria: incredible. kevin: this is the wave and the future of where we are going. maria: you want to find growth, that's where it is. >> one of the things you said, a lot of companies using artificial intelligence are higher on the list but you used artificial intelligence on developing the list, right? >> that's one to have cools -- cool things, 70,000 earnings calls, transcripts and look at the language that the management uses to talk about how they manage their own business and so -- and, you know, i don't-i don't personally know. the artificial intelligence did it but it correlates certain words and the way they come together with performance. mike: how far down did you guys dig. how low did you dig?
sales forces actively to acquire early-stage start-ups. is there another 50 lists of early start-ups? >> maybe we will expand that out. one thing that pcg did was compare funds to sort of get a sense of how good their investments are. that's an interesting way. maria: you're hitting on something so important right now. i'm so glad you brought it up, mike. acquired smaller companies, that's what a lot of these companies as amazon. kevin: intel. maria: intel, large tech have venture capital arm and they are acquiring the small, no-names out there. >> we have a story that goes deeper, 55 companies since -- maria: exactly. >> maybe he doesn't exactly know what they're going to do with
the company but he knows there's an interesting technology and they make it an acquisition, they figure out how it's going to impact their business. kevin: is there a super surprised company, i'm not surprised by it, they run the new york stock exchange, but really those companies, the exchange have been focusing on data, licensing, it's not -- maria: a lot of mergers. kevin: is there a company that surprised you the most? >> surprised me the most. i'm surprised -- monster beverage is a really interesting company. kevin: number 20. >> they have been growing fast for 20 years, and, you know, i don't drink monostrer beverage but a lot of people do. they're smart about how they market their brand, they don't really do a lot of advisor tieing but they do a lot of really cool sort of partnership stuff and they just, they keep growing that company. kevin: next leg of growth four months of beverage is over in china, that's where they're
looking to go. you follow the stock closely, they dominated north america and making inroads and smart positioning in asia. >> i think that's really interesting. they're doing innovative things. they are trying to be the future of payments. mike: there's also companies like campbell soup. maria: we had anne who is a great venture capitalist. mike: large corporations. kevin: can you reimagine of the
repatriation happens, they reinvest in small businesses, start-ups, things that are happening. that could be a good next leg of growth for this company. >> they have to find the right things to invest in. maria: lists are helpful. thank you so much, brian. should we take a look at ibm real quick. ibm m and check out the stock yesterday. one of the reasons the dow industrials hit 23,000 -- i wanted to mention that, is this a turning point for ibm? mike: i don't think so. so much of the volume is alga -- trading. that seems like a short squeeze. maria: ibm, ge stocks that we want to look today.
brian, good to see you, thank you. the fight is growing over catalonia's speech for independence. how the spanish government is trying to stop the succession. more video of scary fly-by that two passengers at risk. we will tell you about it. straight in a minute alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.
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maria: welcome back, markets are down after a huge day yesterday. dow industrials expected to be down better than 100 points no. surprise. the market crossed 23,000 yesterday for the first time ever in big rally, of course, we are up better than $5 billion in market value since the election. a couple names on the move, gil, whether -- gilliad sciences, pharmaceutical giant will sell
the treatment at $373,000. only the second gene therapy to gain approval from the fda. ebay shares this morning on the move after delivering third quarter earnings, the results were roughly in line but fourth-quarter guidance revamping marketplace amid tough competition from amazon. stock taken a real hit in the premarket. there's spain, the government there set to activate emergency measure to set control of catalonia, cheryl. cheryl: spain's government calling special council to activate measure, takeover semiautonomous power of the 17 regions after catalonia's leader lawmakers can vote in favor of declaration of independence. measure has never been used in the four decades since democracy was restored in spain.
air berlin pilot is in big trouble. riskry flying stunt with 200 passengers aboard. you're watching video right now. he buzzed airport terminal in a maneuver that met to mark the bankrupt's last trance-atlantic flight. a go-around should be performed where the operations, aviation officials are looking at this video and looking at the incident. blue apron is tightening belt. layed out 6% of the workforce, that's 600 workers. blue apron has struggled since it went public back in june with stock price cut in half. competition of a rival, that would be a big one, amazon, there's the year to date on the screen. sea world is laying 350 worker due to low attendance mainly in orlando and san diego. they have been trying to rebuild
the brand solving protests over treatment of killer whales. shares down more than 34% year to date. finally this, snickers is getting a facelift, actually three facelifts, the candy company announcing they will release three new flavors to combat a number of different, well, emotional issues, feeling irritable, wimpy, indecisive, they have the cure, three bars, expresso, fiery, salty and sweet. right now i think i want the expresso. maria: expeso sounds good. kevin: thanks to wimpy for fiery, doesn't mean that i'm a wimp. make make he's taking it personal. >> i'm really concerned about the expresso one. the last thing you actually need to have more caffeine. maria: more caffeine.
>> yeah, i kind of feel irritable. maria: will you buy it because of that? >> no. only if i really want it. maria: nfl commissioner speaking out over national anthem protest. what he said to flavors and how they're reacting, back in a moment. i'm val. the orange money retirement squirrel from voya. i represent the money you save for the future. see? we're putting away acorns to show the importance of being organized. that's smart. who's he? he's the green money you can spend now. what's up? oh you know, gonna pay some bills, maybe buy a new tennis racket. tennis racket for a squirrel? he's got a killer backhand. when it's time to get organized for retirement, it's time to get voya.
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to win and in do or die game four. >> in the air to left field, it's looking up and this one is gone. another home run for xavier baes. dodgers blast from cody and justin turner but the cubs win, cubs win 3-2. they'll be a game 5. dodgers clayton cer -- kershaw wins. then at the seventh inning, fellow baby bomber, gary sánchez, yankees finally got and 7-shutout innings, 5-0 yanks
win. houston will start justin verlander. yanks one win from 441st first american league pennant. i'm not asking you, i'm telling you, nfl commissioner roger goodell yesterday on players to stand for national anthem. >> that's important part of our policy. it's also an important part of our game that we all take great pride in, it's also important for us to honor our flag and to our country and we think our fans expect us to do that. jared: everyone should stand and not must stand, he wants to keep the politics out of football. president trump responded on tweeter, nfl too much talk, not enough action, stand for national anthem. colin kaepernick remained silent except for retweets about not
enough attention to police brutality to the people of color and it's interesting to fix issues, i don't think we can work along side of them until we address that issue. i think the issue with kaepernick is the start to a conversation. if they want us to be open to what they want, the dialogue, that's something that needs to be on the table right there. kaepernick first and then the issues. some kneel, some protests, some put their money where their mouth is, like philadelphia eagles, chris long who has supported teammates protest in the national anthem but is also doing something else. chris long of the eagles who had donated first six-game paychecks this season to fund two scholarships at prep school in charlottesville where he grew up is now donating 26, 27 nfl team salary, ten more paychecks to help fund education to make it for folks who are -- don't get opportunities in certain cities,
ten weeks of paychecks going to this, st. louis, boston and philadelphia. maria: that is great. kevin: leading by example. >> good on him for that. maria: go yanks. sorry, matt. [laughter] jared: mets started and now the yankees do it. maria: mets are still amazing. jared max, catch sports report siriusxm 115, i want to bring you breaking news. the president is tweeting this morning. here is what he said, republicans are going for big budget approval today, i think we have the votes but who knows. [laughter] kevin: caveat. maria: they need the caveat in this day and age. cities are mailing bid into amazon, we are taking a look at crazy stumps for towns competing
for headquarters, wait till you hear this. next hour in mornings with maria. 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. [fbi agent] you're a brave man, your testimony will save lives. mr. stevens? this is your new name. this is your new house. and a perfectly inconspicuous suv.
you must become invisible. [hero] i'll take my chances. sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. i enjoy the fresher things in life.o. fresh towels. fresh soaps. and of course, tripadvisor's freshest, lowest... ...prices. so if you're anything like me...
...you'll want to check tripadvisor. we now instantly compare prices... ...from over 200 booking sites... ...to find you the lowest price... ...on the hotel you want. go on, try something fresh. tripadvisor. the latest reviews. the lowest prices. maria: welcome back, good thursday morning, happy thursday to you. i'm maria bartiromo, it is thursday october 19th, 7:00 a.m.
on the east coast. market milestone yesterday. yes, the dow jones industrial average closing above 23,000 for the first time ever. this was the 51st record close since president trump took office. earnings and ibm driving the games yesterday but optimism over tax cuts has underpin market gains for months. we could be one step closer to that, in fact, senate is gearing up for budget vote and president trump is calling this a once in a lifetime opportunity to drive growth. >> we will cut the business tax rate from the highest in the developed world at 35% to no more than 20%. we are cutting tax on small businesses to the lowest rate in more than 80 years, we are going to restore america's competitive edge and rebuild america's middle class very much aimed after the middle class and renew the promise of the american dream.
maria: and this morning the president just tweeted this about the vote, he says, republicans are going for the big budget approval today, first step toward massive tax cuts, i think we have the votes u but who knows. we will be following that all day, that's for sure. geopolitical tensions are weighing on the market this morning. we are looking at a pullback, spain is moving to suspend catalonia's indpeppeddance -- independence. in europe this morning, similar story, take a look. we have the major averages there, down between half a percent and 3 quarters of 1% in germany. in asia overnight, similar stories, markets closed mostly lower. nikkei average up following the u.s.' lead, president trump closer to making decision on the chairman of the federal reserve, current chair janet yellen headed to white house today, her term ends next year in february. we will find out soon who the president is going to appoint, we are taking a look at where
the candidates stand this morning. plus, deadline day, cities across the country have until midnight tonight to submit bids for amazon's second headquarters, i will speak with two mayors coming up about their plans, how are they doing the lure the giant amazon.com to their cities and states straight ahead. recall alert for ford owners, automaker taking more than one million trucks off of the road. is yours one of them? hollywood firing back against harvey weinstein after actor channing tatum is breaking relationship with the wine seen company. kevin kelly and mike murphy. >> good morning. kevin: what i like coming at 7:30 talking about the bake earnings, we want to see what happens with the regional banks and guidance they give and what they think about tax reform because they are more levered to
the u.s. economy. maria: earning estimates have come way down, talk about 4% expectations this quarter, but i bet you they beat them well. >> so far we have put great numbers and banks have put solid numbers, i think it's been a losing trade so far. maria: a lot more but we kick it off this hour with top story, more than 100 cities in north america in bidding war for next amazon headquarters, the fight is almost over today. today is the last day for cities to submit applications to amazon. company has a wish list which all the mayors know about. online giant is looking for a metro area of 1 million people or more, access to a mass transit system, close proximity to international airport. let's talk about that. mayor of tulsa, oklahoma, mayor and denver, connecticut mayor.
tell us how you fit this bill? >> we think we are real placed from a logistical standpoint. no city in america that combines our quality of life here in tulsa with the overall population base. we are bringing in the greatest public park gift to america. we obtained bob dylan archive's which the washington post is going to lead tulsa becoming the world center for music. we have the arena of the year. we have ease of middle-american city and we are close proximity to 750,000 people in this region that work in today businesses and profession that is amazon will need for the headquarters. maria: wow. >> we think we are uniquely positioned because of placement in the country right by one of amazon's main competitors just
an hour and a half to our east and we think we can hang with cities that are a whole lot bigger than us from a population standpoint because of the placement we happen to have and the culture of our city matches amazon's closely. maria: mayor, what do you think, how do you compare? >> we are working with upper fair county and our city which xrom -- compromises 8500 people. all of the things that they're looking for to be successful, but we really believe in our application and, look, at tend of the day you miss 100% of the shot you don't take. we want to take the jobs, we will transform connecticut and will lead to a kentucky comeback maria: check out what some people are doing in tucson, arizona, for example, 21-foot
tall caucus. a giant box and placed them around the city. in missouri, kansas city mayor reportedly bought a thousand items from amazon and wrote reviews for each one. you posted a video on facebook, didn't you? >> i did, alexa says we should be there, hg2 should be in denver, kentucky. maria: we have the clip. let's watch this. >> we not only walk the walk but talk the talk, alexa where is the best place for amazon to locate the second headquarters. >> danbury, kentucky. >> told you. [laughter] mike: they are a logistic headquarter, to have a place on the east coast could be
very important for them. maria: five corporation that is have global headquarters. >> absolutely. we are a multicorporation community. we are 70 miles from new york city. look, we think -- we are a dark horse candidate, there's no question about that. we think we are a player and we will take a shot. >> they say a lot in the navy. i want to ask mayor boughton, you were talking about benefits, mayor emmanuel spoke with jeff bezos about potential move u how do you compete with cities like that? >> well, i think you compete by being focused as a community on building the best city that you can, there are plenty of cities that have a larger population than we do that we don't think that can compete with us from a
quality of life standpoint and from access to human capital standpoint. again, we have the population base in this region working in the industries that amazon needs to staff this headquarters and beyond that, we have the quality of life here that really city many times our size would typically expect but we have it with the convenience of a city of our size here in tulsa. so population-base certainly will play a factor and like my colleague from danbury, we are recognizing we are an underdog but we believe that we will be competitive and our goal that the team at amazon is both surprised and impressed when they open our proposal. kevin: i think the most important aspect that amazon is going to look at what is the incentive for them specially on the tax side. i guess this goes to both of you
guys, what are you willing to give amazon in tax incentive way to intize them to come, we know that it's always about the money and they're going to go where the best incentive is for them. >> we are a big college football state and our coaches don't give play book. we won't talk about incentives. very good incentive proposal, we think that the team at amazon is going to be impressed by but i don't want to give that away today. maria: it's all about taxes. mr. mayor, look how many companies have moved out because of taxes, what are you going to do about that? >> we will partner with the state of kentucky. we won't spill our popcorn or spill popcorn before we see the movie. at the end to have end right economic incentive to get them there. it's not all about the money.
we are not going to completely throw ourselves at amazon, we want to play a little coy here too and we love to get them here and that's better than just putting everything on the table at once. maria: are you going to run for governor against maloy next time? >> we are looking close and we see there's an opportunity and we think it's time that we make kentucky great again. maria: if you were to run against governor, will you cut taxes? >> i will eliminate income tax. we have plan to eliminate income tax over the next ten years and bring people back to kentucky and keep retirees to stay in kentucky. it's going to be the place to be. kevin: i will move to kentucky if you do that. i'm looking for a way out. [laughter] >> ly cut your -- i will cut your tax. maria: i know a couple of people that just bought condos in
connecticut. >> it's different but we will work it out. kevin: that's the popcorn you need to spill. [laughter] >> we are launching a few details here and there. we want to play a little coy here too in that particular arena. maria: if you will run against governor malloy, you to let them know. >> we will have announcement january or member about what our intentions are. maria: thank you very much, gentlemen. hollywood fired back at harvey weinstein and how channing tatuh is taking action against company. plus 7 million-dollar problem coming up at fidelity, trades are now just $4.95.
we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. maria: welcome back, president trump set to meet with puerto rico's governor. cheryl casone with the details. cheryl: yeah, what a meeting that's going to be. administration officials say
that trump and ricardo rosello will discuss efforts to rebuild the u.s. territory which was torn apart by hurricane maria. >> we will continue working hand in hand with local areas in all areas of the country that have been impacted by several natural disasters in recent months and as president trump repeatedly said we stand with fellow citizens, we are here to help and get them back on their feet. can he recall cheryl 3 million people are still without power and 1 million don't have running water since hurricane maria struck the island nearly a month ago. concerns about contamination and disease are still growing with nearly half of puerto rico sewage treatment plants out of service. well, actor channing said he no longer would do film with the weinstein company, a boy dealing with the after math of sexual abuse. elimination of abuse from creative culture.
harvey weinstein who founded the weinstein company is accused of rape, sexual assault and harassment by dozens of women. even the world's most famous sled-dog race is prone to cheating. someone tried to give dogs a boost with opioid pain reliever, officials have refused to name, whoever it is won't place any discipline, liable for any future violations. all right. and then country music stars paying tributes to the victims of mass shootings of las vegas last night. among stars, jason aldean, keith urban. >> the entire nation is trying to process the devastating events, but on this night, one that we usually celebrate a year of music, we also want to
celebrate a year of incredible human spirit. cheryl: so no awards were handed out, instead the show was a celebration of life and the ability to rise above the tragedy, maria. maria: wow. cheryl: great performances. maria: it was. thank you, cheryl. what did you think of the tribute, mike? mike: such a tragedy to see the whole community come and gather around and pay tribute to them, what you come to expect, though from the united states of america, we can fight and go back and forth on different sides of things but when tragedy strikes, it shows that we can come together. maria: you're height. today 30th anniversary of black monday, 23% selloff in a day for the s&p back then and look at resilience today in unchartered territory, plus start-up promise to go post better photos online.
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maria: welcome back, what a week on wall street, record street for stock prices, dow industrials above 23,000s for the first time ever. earnings driving the gain. global strategists with wells fargo investment, scott, good to see you. thank you for joining us. we are happy you're here today on 30th anniversary of black monday, look at where we are with the market, 23,000, what does that mean to you?
>> you know, it's hard to believe it's been 30 years and obviously the market is resilient. we've had lots of pullback, not too many like that. really for me and our equity strategy group, you know, 23,000, it may be a psychological number, but one thing it tells me, hey, stocks are maybe stretched here. let's face it, they are not cheap. those kind of milestones right now -- maria: you want to sell into this. >> it wouldn't surprise me over next few months we see 6%, 7% pullback. nothing big but i think it's about time for that. i would argue valuations are stretch as i said. we have the fed hiking rates. i don't think we are going to get much out of washington meaningful over the course of the next six or nine months, maybe. maria: you don't think we get a tax deal? >> with mid-terms next year, i think they will pass something but in 18 trillion-dollar economy you need something with magnitude to push this things forward and i don't have a lot
of faith that that's actually going to happen. kevin: i think the tax -- whatever they do, that'll impact the russell 2000, small-cap market. these are large multinational corporations that have benefited from the weaker dollar. ibm yesterday, one of the reasons they were up, the dollar has been a great tail win for them. do you recommend that people need to start looking globally else, where asia, emerging markets to put capital work given it's lofty in the united states? >> they take money off the table on large cap u.s. which is obviously done very well and put that into developed international. those who have had big runs this year, i looked a couple of days ago and over the last five years, s&p is up 75%.
we would argue, i live in a baseball town, we were in the last third of the game, you know, eighth inning, maybe one out, the rest of the world really isn't about the third inning, there's more baseball to be played here but abroad the game is a lot earlier. >> i want to get your thoughts on what president trump made with his decision, the biggest risk to the economy right now is the fed decision to do rate hikes, sort of the expectation that one will come in december but expectation of 3 next year not so much. >> i think that the stock market has priced in a december rate hike for at least six months. i think that's fine. the fed, i think, will take one if the market is going to give it to them which they definitely will in december. i don't think the market believes that three will happen this yeaks. our fixed income team who makes the call is looking for two but they are certainly competitors,
they are looking for four, three or four in 2.3% growth economy, i think that's a -- kevin: 2.6%. that's tightening. >> and to me, you know, and i'm certainly not the bond beau, you raise rate that is many times, the ten-year yield is going to come down not go up. mike: most of them come out and say, buy the pullback and i believe that's why the market hasn't seen a pullback because any sort of selloff at all like we are about to see this morning at open, people are stepping in to buy that. i don't know how we get the pull back. >> you a lot of institution and asset managers out there. they have a benchmark to keep up and this keeps grinding higher. they need to be in it. there's a little bit of institutional chasing going on
and the mentality and the activity, that's one of the reasons why we haven't had to pullback. kevin: here is the reason i don't think we've had the pullback, we've had sector dispersion, north of 70%, now you're seeing some sectors around 35% so when tech fell, financials stepped up. then health care. do you think that's another reason -- are there sectors investors should look at in the market? >> we really are. we are way passed the list, there's dispersion. there's massive difference. we do not think the cycle is over. we think -- we want our clients continue to go lean, so we like industrials, financials, we like the consumer discretionary sector, we also like health care, we still think that's undervalued. what we don't want them doing is getting defensive. we are underway at staples.
we are also underweight at energy. maria: earnings have been better than expected. >> certainly the first half was. we are going to see 5 or 6% this quarter but that's toned down from the first part. we tell our clients, third quarter earnings, that's what's happened in the past. we want them to look forward and the modest growth, modest inflation environment, i don't think you're going to see much of a change there. maria: what do you do with a stock like ge, you're an industrial guy? >> right, they are industrials, i think they are continue -- going to continue. that's been our theme, a little bit better growth there and internationally and i would say if there's a surprise growth wise it's probably not the u.s. but internationally. maria: ge reports earnings tomorrow, that's why i mention it. scott wren wells fargo.
money morning everybody. thank you so much for joining us. it is thursday, october 19. your tapestries right now 7:30 a.m. on the east coast. they are closing above 23,000 for the first time ever. they drove some of the games yesterday and the optimism over the tax reform plan. they can bring tax cut one step closer to reality as they are voting on the budget. president trump tweeted about it this morning. republicans are going for the big budget group. they are waiting on markets is money. nonetheless showing a decline. in europe this morning the markets are looking like this. the ft 100 is down half a%.
questions swirl. a second term for janet yellen this morning. the automaker recalling was a million pickup trucks. and a disturbing annuity trend encouraging kids to go missing. that dares kids to disappear for days. new company taking their social media game to a whole new level. the next federal reserve chair. they mirror the final decision. the two will discuss the
possibility of nominated her for a second term. he might actually decided to move on. what are they looking for. i'm hoping it very much that he does not report janet yellen. the first one is she did not blend monetary and regulatory policy it means the fed on the monetary side wasn't producing new money they were forcing it out of the private sector. to a half trillion dollars was taken out of the banking system and put i went to washington twice on this issue.
the second issue is even more important. what you would see is the currency and what they print. in the money. funds at 90% or more. he would have seen ten years ago about 90% of the money was used to buy treasuries. the duration of the assets has over 56 percent of the assets are there. it means ten years ago you were using long-term money to fund short-term investment.
very short-term money to fund very long-term investments. if you don't believe in this who is the next candidate to take care of the fed balance sheet. it would be the best in the economy with this market. he will be the fellow that will handle the bank supervision. hopefully alleviating the massive short-term long-term situation in terms of the balance sheet.
they haven't looked at the fed balance sheet. i have no idea. what the regular tory fed has done. nobody speaks about this issue. if your bank analyst you would say this thing is in real trouble. speaking of the balance sheet. if the banks are reeling to replace that. there'd be little or no impact. why should they step in to mortgage liquidity. you're talking about long-term security one of the things you had suggested if the banks would replace it in mortgage markets there would not be such an impact but i guess my question is whether even be a
good decision from the banks. what i said was that they would not be funding that. generally they run into a significant amount of difficulty when interest rates go up. it's co-authored by joel storch can grow more than 2% per year. as a warning that the next one must not make that. so this opt ed today is that some of these a don't believe that it can grow more than 2%. do you think it can't? see what i don't think it's
any doubt about it. they take two and half a trillion dollars out of the private sector and putting in to the fed. the type of stimulus was told we were receiving was that been received. the whole argument is made about that is made about secular stagnation in the u.s. economy is in my view garbage. i think basically if you get enough buying power in the hands of the american household. you will find the u.s. economy can gulp go much more rapidly than 2%. i'm just saying. now were down here trying to get above 3%. we've liked the banks all year. and now you are seeing that they're all seen there up near recent highs.
do the banks need trading revenue. if you're one of the biggest banks in the united states you definitely would benefit bite seen trading pickup. there's too much money going into the funds. it has a big impact on trading. in the beginning question. i love bank of america. i think that the company is well behind the curve. i think he is doing phenomenally good job in turning this around. if you take a look at some of the regional banks has shown just that there is that in the quarter. it did so by taking business from the biggest banks. some of the regional banks
could be very interesting here but as i say to recommendations would clearly be bank of america and pnc financial. the asset management business has offset the weakness. we could have a long discussion on that one. i think the estimate -- the asset management business is in trouble right now. >> you had hundreds of billions of dollars moving out of actively managed funds and you have literally trillions of dollars moving into passively managed funds and into etf's. on another financial network. you have a very strong spokesperson put them in
passive managed funds. people are doing that. that's having a very bad impact. we will be watching the development. safety issues called ford million to recall. how do you know if the vehicle is actually on that list. the game on facebook encouraging kids to disappear. what parents need to know about this disturbing trend. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.
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and extortion. according to one eyewitness russian officials routed millions of dollars to the u.s. to benefit former president. that report has now been questioned present trump referring to the hilt report tweeted this this morning. the deal to russia. it is the biggest story that the fake media does not want to follow. the president just tweeting that out a few minutes ago. there is this. cheryl casone with details and the major recall that is coming out of ford motor this morning. ford announces a recall of its best-selling truck. the automakers have a problem with the latch on the side door on more than 1 million of the f series trucks it will cost them an estimated $267 million shares of ford our lower in the premarket. down more than half a%.
they can shift out of park. to automakers to watch today. kids as young as 14 are going missing for days at the time and part of a new facebook game. it's called the 48 hour challenge. it invites kids to hide from their the parents for as long as possible. one mother in the northern island -- in northern ireland found their child in a totally different country. they had decided to cancel the halloween costume parade this year. in a letter in part the costume parade is out of our ordinary routine and can be difficult for many students. the parade is not inclusive of
all of the students. the school said hollowing will be a black and orange spirit day and then finally this. just in time for hollowing. they are releasing a dancing hotdog costume that will allow you to dress up as snap chats biggest virtual start. likely the first this is been viewed 1.5 trillion times. if anyone is interested. they're under pressure in the premarket. not exactly the pre- performer. >> i reject black and orange day.
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on the program. of course mike murphy you are a big supporter i will change the whole outlook for people. one of the things that they indicate is that people need to have their own personal brand. and they want to make it better. it's really part of the new economy where more and more people need to defined -- define themselves they have to set themselves apart in order to keep up. they take a survey in terms of images that they want to be sharing in their goals on social media. from there they get access to a member only app where they can upload images and those images get routed to professional image specialist. that do an edit for a picture
they come back to the app and then we help to prepare that. they have all of the people behind her. and then it was edited. that is in line with her personal brand style. she uploaded the original image and gave some instructions and then they were able to reformat the image. mike, what attracted you about this country. -- this company. they are successful entrepreneurs from the past. the rent that. for a long time. they have a great background and a great pedigree. they're really tapping into something that is needed right now. it's no longer whether or not you want to build a presence. you need a presence on something like instagram. 800million users out there so to find the way to do it correctly. they know that they spent all of this time and money on this
business and then they throw us healthy up on instagram. is not really doing it justice. marketing and advertising on instagram is highly profitable now and can an average person actually make my on instagram. it is making money on instagram but it's also boosting their career. with fitness professionals that want to maintain that base. and people who recognize that more and more in today's economy when someone looks them up they are looking them up on social and it's on point and professional they are more likely to get a new opportunity. is that just for operation. tell us where the money goes and whether or not you're looking for another round. we close our series this spring. basically what is going on is the profound demand we are
really onto something our member base while we had been in private data has been over 50 million followers on instagram combined they are paying between 50 and $150 per month and this is all been why we have still been in private data. so you think the customer then is an entrepreneur or as an individual. it is people who had a side gig. in the beatty profession. its consultants. you know this market incredibly well. i would like to think i do. and i think it's a great opportunity as our fund looks for investment we talk all the time here on the show about how small businesses are going to change the landscape.
i think the company like this. they can really help fuel that. and that's where i see the opportunity. good luck. we will be watching. thank you for joining us. we will take a break. apple moves from iphone to self driving cars. a sneak peek look at the secret project it's right here next hour. hey hun, huh! we gotta go. come on. ♪ "grandma! grandpa!" ♪ thanks mom. here we are. look, right up to here.
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and we opened the next day. welcome back good there's a morning everybody. it is thursday october 19.. >>. 51st record does since president trump took office earnings from ibm others drove the gains yesterday and optimism over tax cuts under pined this market for certainly since the beginning of the year we could be one step closer to tax cuts today senate gearing up, president trump calling this with these in a livtype opportunity, white house press secretary says the focus is on the middle class even though the wealth will benefit as well --
>>. >> the fact is the priority again remains at mil class americans are the ones that are most impacted we are confident going to get tax cuts done that is what we are focused on going to continue pushing forward until we get in. >> political tensions weighing on markets take a look spain moving to suspend catalonia independence, futures pulling back from yesterday dow industrials set to up down 100 nasdaq s&p 500 weaker, today is 30 years, from blackmon, october 19 when market dropped 23 first responders on s&p 500 in a day in europe the major indices like this again weakness here ft 100 down a half percent cac quarante down two-thirds of a pers in asia overnight markets lower exception of japan up almost half a percent, a brand-new terrorism threat to report department of homeland security is warning, that isis
plotting an tactic details on plan to inflict mass casualties. >> until midnight to submit bids for amazon being headquarters what chicago is doing to try to get amazon there coming up apple not announced self-driving car but pictures we've got details of what apple is doing, in that area, nfl commissioner goodell in the news refusing to take a toufr stance on protests nobody is happy even colin kaepernick fired back and didn't say anything, he fired back without opening his mouth, all those coming up this morning joining me to talk about it news correspondent lea gabrielle is here, kevin kelly and mike murphy, great to see you. >> good morning. >> good morning. >> what recently happened verizon posted earnings, before the market it is interesting they are up off add he had net subscribers at
that time reported last week down 5% most since 2009 a tell a of two different companies that is happening you have so much promising in the market free hbo free netflix between different carriers so going to be interesting to see what they say on earnings call, and guidance forward because acquired -- >> verizon shares down earlier, see what earnings do to the stock today certainly earnings is the story driving this market, and yesterday, new market milestone dow industrials closed above 23,000 mark for the first time every yesterday treasuring second mnuchin is warning all of those gains could be in general, should congress fail to pass tax reform here he is. >> there is no question that the rally in the stock market has based into it reasonable high expectations of us getting tax cuts and tax reform done, and also, has into it optimism on regulator
relief they have begun to see he in expectations about those so i think to the extent we get the tax deal done the stock market will go up higher, but there is no question in my mind if we don't get it done you are going to s a reversal of significant amount of gains. >> senate expected to vote today on that budget, that would allow the chamber to pass a tax bill with 51 votes that is reconciliation instead of 60 for major legislation the president tweeted this morning here is what he said the republicans are going for the big budget approval day first step toward massive tax cuts, i think we have the votes, who knows? joining us right now former a regular budget director david stockman you have been here during a regular years able to pass incredible tax reform in that same interview mnuchin said gains will be in general he said there is an absolute guarantee a tax overhaul will be signed into law by end of year reasonable timetable. >> he said that eight times
may august october i think the guy clueless a big, big tax cut notion is a pipe demonstrator they can't pay for it different environment than 1981, 1928 debt 940 billion, 30% gdp there was plenty of room to have a giant tax cut that was paid for by borrowing, today, they have to find pay fors, loopholes, they can't find any, even the state and local tax savings allegedly 1.3 trillion over 10 years is falling by the way side, day by day, so i think there is ending up with no tax bill or one that is so minor very little impact on the economy. >> you don't believe mnuchin when he says growth will happen as a result of lower taxes, that will partly pay for this? >> no, i don't believe that for a minute, because they are
not cutting taxes on marginal rates that are high already we have a 70% marginal rate 1981 the fop rate today 39.6% just said we are going to keep the fourth bracket not cutting at all. >> to clarify, do you believe we need a tax cut they just can't find the place to get -- >> absolutely believe we need a payroll tax cut. that will take the burden off the 160 million payroll tax taxpayers particularly in the middle and lower end that are getting hit for 15 and one half percent employer employee, that is the job killer, that is. maria: what about corporate rate. >> corporate rate. >> pass-through. >> the corporate rate pass-through will be a greet boon windfall for wrote a not going to lead to any more jobs or growth in the united states, because jobs have gone overseas, for if lower labor costs one example, ibm had zero employees in india in
1993, has 130,000 in india today, more than the u.s., not because of a 35% statute rate but because think could hire people to work on -- >> the bulk of this reform package supposed to go to small business you are not saying small business guy owns hardware store on main street has gez overseas. >> i am saying the corporate rate cut two trillion dollars, from 35 to 20 big companies put jobs advisorioverseas not bg them back. >> smaller company. >> not paying -- >> so when you say a windfall net effect 27% s&p 500 already, shifting operations to -- >> i don't think ge paid any taxes. >> i agree ibm effective tax rate 11%. maria: right. >> lower taxes on wal-mart not making more stores hire more people.
>> going to reinvest in online business and bulk that up because they got to compete -- >> -- going to pay a higher dividend buy back more stock that is bonanza for wall street because paid corporate tax is paid for by investors it does not get laid on to labor, or anything else. >> i want to ask about this so -- the reagan administration very good public messaging everything it did secretary mnuchin said this morning to congress you do essentially blow up stock market if you fail to pass taxes is that political posturing a public messaging campaign what is your perspective stock market stock market very unup a pipe dream about stimulus big tax cut could never happen. >> a pipe dream, talking 5.3 trillion dollars in market value you are calling that a pipe dream you think a coincidence? >> i was talking to audience 30 years ago today, and while
talking the stock market went down the equivalent of 5,000 -- >> the different moment in time one of the reasons the stock market stock market up because of earnings performance. >> earnings, 14% first quarter 11% -- >> all i have to say, i really challenge that, because that is only basically the pig coming through python earnings no higher than middle of 2014. three years earnings down because of the deflation oil material deflation come back up back where they were three years ago stock market is up 45%, over the same period. >> you say -- you are talking broadly there are specific companies actually have real growth have huge growth since 2014, so to say it is a pipe dream pigs and python the market is priced where it is priced. >> the market is -- the market is totally irrational.
>> not more irrational today can 20, 30, 40, 10 years ago they tried high momentous coke 50 times earnings. >> do you think -- >> i do, because in the -- nine months before the crash, 30 years ago, interest rates went up from 7% to 10%, in nine months, it caused a tremendous shock, in the market that took a while to develop. >> interest rates not going up 10% any time soon -- >> doesn't -- >> relative speaking that is a 30% gain, okay? interest rates are going up today, and they will be for the next year two years four years because fed told you, we are shrinking our balance sheet we are draining cash doing it right now, starting this month, by the year from now draining 600 billion at annual rate, and that is going to cause yields around the world to rise, the whole market is priced on low yields
priced on stock buybacks priced on junk bonds out of control, and all of that is going to show -- >> -- because shock at telegraphed, we have seen, even said we're not going to normalized rates. >> of course,. >> -- the market has -- they have to raise rates, they have to drain the -- liquidity shrink balance sheet rain toing -- trying to get ready for next crisis. >> -- 3.1 gdp? >> what do i -- i don't think there is any 3.1%. >> 3.1% gdp two weeks ago. >> for one quarter. >> quarter we got it the -- >> no, no, the average gdp growth for the last couple years has been plus or minus 2%. maria: okay we got 3.1% gdp just saying, do you not think things are getting better there is fundamental strength in the backdrop. >> no, i do not i think we are 100 months into this expansion
the third longest in history headwinds around the world mainly central banks are going to go in qt quantitative tightening in sequence next year four years fundamentally different than last -- >> expanding economies you are looking at glob gdp go being up yes, they can take it if they don't they are not doing their job the economies are getting more health, they have to tighten into that so there is not irritable exuberance. >> i don't believe the law supply and demand has been repealed in central banks are draining cash, that means the demand today to hold -- plenty trillion of bonds, in other securities, in the portfolio central banks if they dop that a few trillion dollars will will fundamentally on margin affect the the yield, and then the front-runners smart guys on wall street will say the central banks are selling,
they are not buying i am going to start selling what they are selling you are going to get the fame phenomenona that we had. >> what is the biggest problem with this tax plan. >> my biggest problem is that targets the wrong tax, today the about income taxes a rich ran's levy of 1.5 trillion income tax collected recent year 4%, 6 million out of 150 million taxpayers paid 60%, so if you are going to cut income taxes you are cutting taxes for the rich i don't necessarily object to that it isn't possible politically, so therefore they got the own tax -- >> the. >> don't pay any tax then you got the standard deduction -- >> they are raising if you take someone at medium income 59,000 a year, with standard deduction they are raising taxes in that by 38%, on household, so the point is, nobody on the income tax side is going to benefit big except the top and we don't need it
what we do need is a payroll tax cut fort minimum wage person. >> you said don't need it 1 1/2 percent growth story last 8 years, i mean, under 2%, what do you mean we don't need it rich pay the 10% of the top earners say 80% tax. >> they don't need it think of had biggest bonanza in history of man kind, we have had a -- a boon we have had a bubble in the stock market like never before, the rich people got all that if they need incentive to invest they got incentive to come in -- >> you are saying this is a middle class tax. >> it isn't that is a lie. >> 12%, 25%, 35%. >> that is a lie where they put brackets did not even say these people are totala fakes i have never seen anything that was a content free as substanceless as nine pages. >> reagan we put out our plan
in february, our tax bill in march, the budget passed april and may, they were writing tax bill in june, reagan signed it august 13, on september 13 -- >> thank you -- david stockton joining us we will be right back. with a clear advantage. fidelity, where smarter investors will always be. whether it's connecting one of or bringing wifi to 65,000 fans. campuses. businesses count on communication, and communication counts on centurylink.
>>. cheryl: this is something else acting homeland security second duke said it is clear isis terror groups are planning to take down planes to carry out a massive attack said terror groups have been using knife to keep members engaging video shows what appears one of apple's self-driving cars as they reportedly are testing out the technology never confirmed it but this suv has a sensors radar units cameras apple has been seektive about the project but the companied go a permit to congressional dmv to test self-driving shares apple up 38% so far this year. okay. let's see baseball dodgers only one win away from world series the chicago cubs are not ready surender did what they had to do-or-die game javier two home runs leading cubs to 3-2 victory, so there
will be a game five tonight at wrigley field, l.a. leads series 3 games to 1, the american league, new york yankees rookie a hero again last night third inning double giving 2-0 lead, then follow gary sanchez smashed solo homer yankees beat astros 5-0, nada. >> back to houston, astros one first two games yanks one win away from 41st american league. >> tensions high in attorney general jeff sessions senate testimony yesterday a lighter moment viral here is senator ben sasse what he sad to say after sessions traded words with senator al franken over allegations about russia. >> lessen -- added to drama distracted you for a minute paying enough attention i dumped a dr pepper on senator
cruz that is what was done about zrashgdz us from this side. >> senator cruz sent a tweet to office please place a picture of that ben sasse above at dr pepper fridge in lob he is cut off, he reapplied what appears a conference about cruz' father that at the time donald trump revived during republican primary i was wearing lee harvey oswald t-shirt, he reapplied no comment. >> in it really did happen actually playing dumped it. >> ted cruz then posted a'of zodiac killer so played into whole thing it was crazy. >> coming up not standing up for national an the highway patrol nfl commissioner roger goodell under fire for not taking a stronger stance on
the league's previous to we talk to former utilize stars right here next their take on the controversy markets looking at sell-off opening of trading hitting fresh new highs yesterday nasdaq president, will weigh in where intelligent stocks optimism could drive more record territory back in a minute. liberty mutual stood with me when this guy got a flat tire in the middle of the night, so he got home safe. yeah, my dad says our insurance doesn't have that. what?! you can leave worry behind when liberty stands with you™. liberty mutual insurance. i own my own company.
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maria: welcome back, city leaders across north america to greatly lengths to attracting amazon headquarters final pirdz ahead of the deadline jeff flock in chicago with the very latest on all of the extraordinary bids, jeff over the years. reporter: it is amazing, i come to you maria this morning from the renovated lobby that was, once, again, world's largest post office billed in chicago built for the amazon to this day a mail order
business montgomery ward and sears a drone sign overhead shows enormity of this potential site of the amazon hq 2, massive building 2.7 million square feet just what amazon needs a real big building, of course, this is not attracts not attracts lone the cities making pitches today we wouldn't see the map that is just a small number of all the people out there. . of course, the prize huge we are talking 50,000 potential jobs, about with average compensation of 100,000 dollars, amazing, 5-billion-dollar in potential investment from amazon, so it is a big prize places like chicago, atlanta is mentioned as a key one as well, boston, speculation is rampant who
nose, here in chicago as we said this building, maria was built as we said back in the 30s, for amazon, sears and montgomery ward would be fitting if amazon was to choose this has all the things that amazon wants metropolitan area public transportation, close to big population center but, of course, a lot of places have all of that. >> true, and they all want that 50,000 jobs, that this headquarters will bring you the we will be watching jeff flock in chicago markets this morning pulling back expecting a level opening for the broader averages back when at lows of the morning down 115 points on dow 45 points lower nasdaq, of course, this morning a weak showing but this -- yesterday huge performance dow industrials closed above 23,000 for the first time ever yesterday. as investors put confidence behind about technology stocks ibm one of the big drivers joining us right now the
president of the nasdaq stock exchange good do you have on the program thanks so much for being here. >> great to be here thanks for having me. >> must be a lot of momentum there in nasdaq with the technology rally the nasdaq composite up 23% this year what do you think is going on? >> well, i think what you have here is the investors clearly want to purchase growth stocks right now, the companies larger nasdaq technology companies differing in terms of revenue user growth we have seen a tremendous performance in the nasdaq technology ipos this year so all in all a great backdrop investors love growth rate. >> what is your take on this silicon valley story that is propping up silicon valley guys want their own exchange, in silicon valley they say that going to be a long term investing, and the current exchanges are encouraging short term trading. >> i would say there is a lot in the long term exchange that we would agree with, i think, my primary job is to speak
with 2700 companies on nasdaq, and certainly is a desire and need for communication with investors more long term focus. it is a hard thing to accomplish, so you have to look at it from the company but also investor side there is definitely a middle ground to reach here. >> nelson i think interesting you bring that up because i know nasdaq has private market that actually helps, shares of private companies go back-and-forth what i am more interested in leadership when it comes to the technology what is happening if we overdue nordic regional nasdaq has only listed etn's bitcoin, we saw you got a pat whebt it came to technology can you talk about how you this i about encrypt cocurrency blockchain. >> the block chane do think a trans matt transformative intelligent you think about tracking a share of investor to investor, that is a today a very antiquated
process there is great opportunity to bring that to not only how stocks are traded and tracked, when we are doing in the private market but also how that could focus on how stocks trade there is a lot of opportunity we're not -- encrypt currency we think opportunity. >> you are in front of a mongo sign for ipo how do you get more large unicorn companies to come to the public market i am sure a point that you are focusing on how do you do it. >> yeah, well first off we do feel very firmly that a should only go pb when -- the fact a lot of attention unicorns congress to market not necessarily bad thing it has to be prepared why we have nasdaq private market at the same time we think regulatory
aspect of the overly framework needs looked at closely, last 8 years more and more regulations piled upon companies that we believe could be moment in time here to have some progression in terms of how we look at company. >> thanks so much sir. >> tanks for having me. >> still ahead taking the sideline nfl commissioner rog roger goodell facing heat for not taking a strong enough stance on kneeling during the national anthem. >> earnings focus on wall street verizon up 2% a dow component going to be -- help on upside fort dow after beating expectations on revenue third quarter earnings per share in line, investors reacting to revenue growth breaking down numbers next.
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to tackle its biggest challenges. >> welcome back. good thursday morning thanks for joining us. i'm maria bartiromo it is thursday, october 19, 30 years from blackmon top stories right now 8:30 a.m. on the east coast. the rally rolls on, the dow industrials above 23,000 yesterday for the first time ever 51st record high since president trump took office amazing earnings from ibm drove gains optimism over tax reform today the senate could bring us one step closer to tax cuts, president trump tweeted about it this morning saying republicans are going
for the big budget approval today, first step towards massive tax cuts, i think we have the votes, but who knows. >> markets pulling back this morning geopolitical tensions in spain weighing on markets the dow industrials expected to pull back from that all-time high yesterday down about 100 points rights now, nasdaq down 41. in europe, similar story market down across the board european indices down between two-thirds of a percent one percent as we speak, asia overnight markets mostly lower exception of japan, up fractionbly. >> earnings the story on wall street again verizon in spotlight up this morning 2%, after verizon beat revenue expectations with this third quarter numbers breaking down numbers coming up. amazon moving in titan taking up retail space at cole's stores kohl's stores. >> jet training under scrutiny k after deadly accident how navy is working to fix approximation we are on it this morning, first -- outrage
on field nfl commissioner roger goodell refusing to take a tougher stance against national anthem protesters yesterday saying players should stant won't be forced to do so -- >> everyone should stand for national an then that is important part of our policy, it is also an important part of our game. that we all take great pride in. and it is also important for us to honor our flag. and our country, and we think our fans expect us to do that. >> the fact is that we have about a half dozen players that are protesting we hope going to continue to work to try to put that at zero, that is what we would like to do, but we want to make sure that we are understanding what the players are talking about, and that is complex. >> patriotic fans president not happy with the decision after news conference president trump tweeted at nfl, he said this, too much talk not enough action, stand for national anthem, bring in former nfl safety burgis owens
with former nfl linebacker, and former nfl, executive chairman portfolio manager great to so a you thanks for joining us this morning we had important conversation your reaction to yesterday's event? >> i want to give roger goodell credit i think he has resisted pressure from president trump, and he has -- brought players together created a throwing how we can be positive actor moving forward i think that is right thing to do i want to give him credit if comes in as someone port of lockout when owners, and to actually want to give him a little bit of credit. >> what do you think. >> i totally agree, i think this is the situation, where you got six players 99.9% players national football league stand each and every time national anthem comes on we can't make this into something it is not i think the conversation needs to start moving towards the solutions, the national
football league, and players always backed this country, we represent this country in my opinion very well we are heroes in our own rights no, we are not military men and women in service, men and women but we represent communities across this country that are struggling, we represent kids voices for some of the youth that you know have so many elements problems in america, so need to start talk about this i said time and time again let's go sit down with president let's get fill white house with you know african-american players have conversations because this country needs to heal right now that is the most important thing. maria: should this be done on the football field? how do you see it? >> i wrote a book recently called liberalism turn good men into wineers what we see with nfl one thing we have, our responsibility as men, make sure young boys understand they have every opportunity in the world this is greatest country history of
can mined millionaires people across the field black president talking about a conversation conversation should be what is democratically party done for black community why why 83% black taken males unemployed 75% black boys in california not reading standard. >> this conversation is not about as -- not about is it white nfl it is about black men standing up going to communities fighting back on ideology that is killing us lirment for decades who was buts to do that that is what it comes to who has courage to stand against black he elite it's not white people the black elitists, i understand that do you have to do that to the american flag do you have to do that on the football field? let's face it jack the reason that, you know, the players all of you have the right to protester is because of the american flack constitution and freedom this country enjoys. >> i agree with you, i will stand for the flag, too i think goes back to the reality that 99.9% of players are
standing up for the flag only six players actively stand up against flag when president made those statements you saw a league lash out against that nothing to do with flag took us off topic, so i totally agree with burgess our black leaders are first to be proclaimed because we need more first off need more youth leaders, we need more younger people coming to the forefront talking about -- the problems, and you are right, actually the president ran on most of these things. >> exactly. >> we need jobs we have double the unemployment rate as other races in our country we need health care we have issues at home -- >> on the line the argument you know, the debate changed what we are stand forget sitting here talking about american flag and the freedoms that we all enjoy because of our hardworking courageous men and women who go and fight for war. >> interesting -- one of our freedoms is right to express
ourselves i think players have that right whether or not we all agree about each individual player's decision i do think we as americans should agree about their right to freedom of expression. >> you are right about that. >> let me tell you if you have a right you don't have a right during work time to do so -- basically telling out of this listen come to work or not decide not to come to work okay, we have parameters, businesses the way biggest works basic parameters on employee about brand no company in this country that allows employees to dictate basically how the companies are run it is donees by loirl at this point you need to know you he come to work discipline, authority you need to either toe line or know consequences. >> i agree with that but to a point the national anthem should not be considered a part of football game you've
got to -- they should respect national anthem if they don't want to participate we need take cameras off showing the world, these guys kneeling take cameras off focus on football field. >> a good point. >> are not able to not show -- >> i think we are showing making it into bigger issue than it is, 99.9% players stand up we can't we can't deny that fact. we need to go back -- >> show she -- give from get-go when colin kaepernick first got on his knee rather than letting it go, maybe that is the time to rather than turning it into something about president trump. >> yes. >> we need to understand during that time there was election going on, and we have to be honest at that time, there was a need to have a black base energized so what colin did pretty much is focus on the bad things police were
doing that is whole conversation we need to have at the end of the day about energizing black vote. >> i disagree entirely with that. i just got to say i disagree with that. >> tell us why colin -- >> you have -- decide to take a fee take very seriously i think i know some guys who have done this their thoughtful guys taking a stance what they believe in. i don't think that it is about the black vote i don't think it is about some kind of lack of black leadership they believe strongly standing to up what they believe in they want to represent their communities where they come from. >> what about the way viewers have reacted "monday night football" ratings dropped to new low, the colts-titans game introduce you average 8 million viewers down 18% 18 1/2% from reprieve weak game burgis do you think tonight's game between chiefs and raiders reverse downward trend or are we are going to see viewers react negatively to players doing politics on the field. >> i think the last time --
very good point, these players truly believe what they are doing here is why do they believe this it is because we have a black entertainmetelevis network you are correct pushing anti-american antiflag white scenario, coming out truly do not believe in our country think everything going wrong there are people still do not know that hands up don't shoot was a lie don't know that not told the truth there is a focus, energy by the left, to get our -- upset, doing things doing right now not -- that is why the flag has to be one place tome together we can disagree but we stand together, country is a great, to mankind. >> i agree with that. >> attractsmen to that we all know -- >> -- get over them, we have to get over them noaa i agree with sentiment we are greatest country i would disagree that
it has anything to do with bet anything to do with some kind of feeling on the left i think the black players feel they have been ignored by democrats and republicans trying to -- >> do you think standing getting to the knee is working in terms of impacting the issues that you are upset with? >> i think that we are having a conversation with this right now, because players started to take a knee i think all country people are having conversations they might not be having sometimes having uncomfortable conversations is part of making progress. maria: good point. >> all right good point great conversation thank you so much thanks for talking about this we appreciate it we will see you soon gentlemen thank you general electric major cost-cutting jeff i'm metal flying empty jet next to his jet as backup during 16 year tenure when he traveled in case he got mechanical failures stuart varney will
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>> welcome back, unlikely is between two major retailers begins nicole petallides on floor of the new york stock exchange what a day yesterday different upon today. >> right downside what records we keep setting just keep pushing, taking a look at numbers first part of run-up has been because of great earnings i am going to start with the story and that is the amazon kohl's versus wal-mart story amazon and kohl's have now completed a tie-up and will go to a lot of the kohl's 82, you are able to go into kohl's return amazon products even able to try products out
gadgets make purchases this is the way amazon is going to take on wal-mart wal-mart continues to grow has wal-mart express on your phone say you are going to return it go into the store show phone give package done 30 seconds a battle now to earnings we spoke of maria, watching verizon and travelers verizon upside today bright spot, was the pain of the monthly bill subscribers added 275 -- 247,000 phone subscribers beat street pushes verizon up 2% at least help dow in part verizon fired subscribers dropping off last but not alleviate the insurer travelers bright spot there strong underwriting to a record the weak part was catastrophe pay out 700 million because of hurricanes harvey and irma, but bike picture 59% drop in quarterly profit fractionally higher this morning,
maria: thanks so much nicole petallides ge ceo making big changes flannery reportedly expected to cut thousands of corporate levy jobs scale back the global structure in addition to taking away company cars canceling retreats we will see what he does what announcement is tomorrow, there is going to be charges along with earnings tomorrow, when they report third quarter host of "varney & company" stuart varney with thoughts on that a crazy story with that but immelt had an empty jet flying next to his jet on business trips to keep it be in case of a mechanical failure. >> headed shaker one of the worst pieces of pr for leading business guy i have seen in a long, long same i repeat if i may i do not know what you covered already i am going do cover it, jeff immelt ceo of ge, often not always but often had a second empty corporate jet flying around after him
even first jet, the empty second jet in case about mechanical failure or security problems with first jet? that is extraordinary as you know i am fascinated by ge it was the stock, the last generation, and now it is not. they have got profit margin timelines financial business largely gone bad bet on energy dividend threatened bad pr from jets i am questioning maria maybe you can answer this is it a apply? at 22 dollars a share? >> you know we had we had scott wren on early from wells fargo, he is an industrial guy he said he is looking at it didn't out-and-out say apply at this level because we may see more weakness i think you make good point stock off half value from highs. >> 23 dollars a share, pays a 4% dividend. if that dividend is threatened and i am told that it is, the stock goes down to 21 dollars
a share, say just supposing it does is it a apply that the point? i would say yes. >> you are probably right stu you are great at that "varney & company" top of the hour 9:00 a.m. with stuart varney we will be right back right here, stay with us. whoooo. i enjoy the fresher things in life. fresh towels. fresh soaps. and of course, tripadvisor's freshest, lowest... ...prices. so if you're anything like me... ...you'll want to check tripadvisor. we now instantly compare prices... ...from over 200 booking sites...
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with life support systems and t45 continuing this investigation, and i visited naval air spyings in maryland research development test evaluations are done for aircraft heart where navy is trying to solve problems with life support systems. >> a breathing regulator control the flow of oxygen through the hose, any time you take a breath would allow oxygen to flow. >> experts working with navy to degrees physiological episodes when pilots become impaired flying sometimes breathing bad air. >> the trainer and f-18 hornet increasing rate -- when a jet has oxygen problem the navy pulls the equipment out of the jet, and brings it here.
for example, this component is oxygen concentrator from t45. >> each component of the system is evaluated for its own performance, this lab will put all those components together to see how it does. >> in fact they can replicate the exact flight profile of where a problem was reported to determine what went wrong with the system. >> so this chamber is simulated, and so this chamber would be the pressurized portion this chamber, as you can see -- simulators. >> a tremendous amount of data getting into analysis that is starting to inform some things. >> navy admiral handpicked to address the episode. >> been on job since late august says they have been making modifications adding
new carbon monoxide removal tool t45's have new warning system for pilots. >> what was your feeling asked to take over this somebody flying jets in midst of operations. >> i think when i looked at it trust and confidence given to me, to do this mission, this is probably the most important thing that is going on in naval aviation i couldn't feel anything other than heavy responsibility, combined with i know just really wanting to lean into the problem and get to work. >> t45's have been moved flying again we have learned pilots reported six more incidents maria. maria: we will be right back. stay with us. [vo] the grille is distinctive. but it's usually seen from the rear. the 2018 audi q5 is here. something we all think about
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