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tv   FBN AM  FOX Business  April 3, 2018 5:00am-6:00am EDT

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25 to 50 people to get these documents out the door. lou: thanks for being with >> we thought about the other side of the mountain. a lot of easy money i suspect has been made. it's going to get testing here. cheryl: task indeed. stocks fell in on trade worries and tech companies in the first trading day of the month through the dow dropping more than 700 points before shaving nearly half of the losses during the session. the nasdaq turning negative for the year. the dow down more than 4% for the year. that is the closing numbers from yesterday. s&p down 58. the nasdaq closed down 193. wicked features now. we have re-narrowed a little
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bit. teleported for the premarket. s&p of nine. tranthree markets down amid the u.s. selloff of tech worries and trade worries that china appeared to shanghai composite is down 0.8% in the nikkei down half of 1%. cheryl: let's take a look at europe. red arrows actually in europe. right now the foot peak on the cac and dax down the 1% mark. train for the wildcats are national champions once again. >> what a great team we witness in this tournament tonight. the national championship. tranthree top seed villanova crushing michigan 79 252 with their second title. "fbn:am" starts right now.
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cheryl: 5:01 a.m. in new york. tuesday, april 3rd. good morning. cheryl casone. lauren: good morning. i am lauren simonetti. cheryl: would've been worried about the snowstorm yesterday morning and we talked about the issue of china in the trade wars in the markets really to bad news to heart. rough day at the dow down almost 2%. nasdaq almost 3%. we'll be talking in just a few moments. the president vowing to fight back at the trade tensions between the u.s. and china continue to rise. lauren: the latest now from adam shapiro. >> here in washington they anticipation is ratcheting up. i'll isolate the present isolate the president might do in
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regards to nafta. china grabbing headlines. ustr recently up in the rhetoric and its trade estimate report in which they said trade secrets for the benefit of chinese companies have occurred within china and outside of china in a national trade estimate report talking about chinese production overcapacity saying the excess capacity is led to a record four prices that undermine the viability of even the most competitive manufacturers and policies that made in china 2025 call for the pattern of distortion to continue. the united states tried to land a scene with with china and this week the ustr trade representative announcing a list of potentially 1300 additional products that could face tariffs on imported from china. as part of the president's agenda to protect intellectual property in years but there have to be sanders, press secretary to the white house had to say
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about it. >> the president knows we're trillions of dollars into deficit. taking our intellectual property and the president will fight back and push back. we want to work with them to make sure we are getting a good deal and not taken advantage of anymore. >> farmers are concerned to trade worker to hurt them. already getting reaction. this statement for the farmers of families. moving forward tears that results in retaliation and threaten to dismantle trade deals will have a crushing effect on america's ability to create jobs at home and feed families around the world. here in washington they are waiting for the ustr to release the list of potential new products when they are imported from china. there will be a 30 day waiting period, a kind of public comment period before their imposed if their imposed. back to you.
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tranthree the other big story as the tech selloff. the nasdaq negative for the year on worries about increased regulation. joining us now, cofounder and caspian contributor. good morning. >> good morning. lauren: think this is your first time on the five am show. while cohen. we like having you. facebook, amazon, apple and netflix. yesterday they've lost almost $79 billion in market value. 400 billion in market cap wiped off. are you concerned? >> you should be a little concerned. this is bigger than a trade war and cheney. that seems be what's causing the problem are really the speculative euphoria and technology. some stocks are not done a lot
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because of a trade war with china. if anything they benefit from having their ip protect it. a lot of money into tech funds and stocks in recent years. 1999 with tech fund money in the market and now it looks like the business models are in question. targeted advertising we started with google decades ago is squeezed to death by facebook between regulatory crackdowns on the business revenue in a general running out of ways to squeeze you. it's not the growth picture it looks like two investors. stocks are overpriced. too much winning and will have trouble growing profits at the rate they did the last five, 10 years. training for they've gone up tremendously. like you say, just amid
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regulations coming down the pipeline. maybe this is the new norm here you product 1999. i was looking at how confident we are in the economy. the survey shows 31% of investors expect stocks to rise the next six months. it's below the historical average and certainly well below where we were at the height of the.com boom in 2000. does this pessimism continue or is it being driven by politics at this point? >> we are not as euphoric about stocks as we were. it's not about that. it's also more like posada and come away come when the financials collapse committee became too big a part of the economy in the way they're making money selling subprime loans. there's a lot of money stocks very popular. they're expensive but but not
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like 1999 expensive. there's some examples of that, but one question that they're not going to grow fast and they are priced like they are and that's a dangerous combination for investors. lauren: with their panic selling yesterday or do you feel like it was contained? >> it came back as quickly, which is a little rare. so this volatility is very sharp in both directions right now. trade for the new norm. jonas commit thank you so much. trade to president trump is set to meet with the leaders of estonia, latvia and lithuania for a baltic summit at the white house today. a business trade in energy partnership are expected on their agenda. fox business will carry their press conference live at 1:35 p.m. eastern time on cavuto coast to coast. trading for 21st century fox
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to tease u.k. regulators concerns over its proposed takeover of sky. fox news proposing to sell sky news to walt disney. alternatively, offering separate sky news. u.k. regulators have expressed concerns the deal would be about the public interest. twenty-first century fox dying to take full control of sky while disney is supposed to acquire some fox entertainment including 39% stake in sky. of course 21st century fox's parent of the fox news network. trade to welcome the spot if i could be in for a bumpy ride on his first day of trading later today. pushing ahead with a very unusual ipo. >> i can't wait to get down to the new york stock exchange. more headlines this morning. >> good morning. spot if i will make its debut on the new york stock exchange and investors could face a turbulent first day of trading.
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more volatility than a typical ipo in part because there isn't anything to stabilize it and pop it up if the stock tanks. however, it could surge if there is a huge buying interest. cheryl: will be watching that. also watching wal-mart today move even further into health care. >> wal-mart in talks to acquire online pharmacy start a peer this potential acquisition comes after wal-mart was reported to be in discussions to buy a health insurer humana. both would further extend health care. they go along with that store pharmacy which would be huge if wal-mart acquires humana and its medicare patients pictures of wal-mart down 13%. cheryl: speaking of deals, general electric has just signed one. >> to streamline operations
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general electric have reached a deal for the health care information technology business to private equities for just over a billion dollars in cash. it could work to transition the business into a standalone company. all part of ge. john flannery to invest about $20 billion to turn the company around. shares of ge are up slightly in the premarket. lauren: tracie commit thank you. see you a little bit. trade you would've reached the end of march madness of the villanova wildcats are the ncaa champions. wildcats dismantled every team in the tournament. michigan wolverines by double digits. coming off the bench and scored 31 points to come back in the first half before the wild cats pulled away. they crushed michigan 79 to 62
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and thousands of fans celebrated in the streets jumping over fires and climbing streetlights. we should say similar scenes played out in february when the eagles won the super bowl. lauren: i remember with crisco on the polls. everybody listening when spot if i goes public, but at such a terrible time. what does it mean for the pricing of the company? the equifax breach exposing millions personal data. the former ceo with the worst in its history is getting a huge raise. how does that make you feel? someone of a recovery this morning after a 400-point loss for the dow yesterday, looking at futures. be right back.
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lauren: let's get you caught up on what's happening right now. creatures is somewhat of a muted recovery. our futures higher by 46 points after losing 400 yesterday. joe mccabe, the former wife of fbi director andrew mckay broke her silence in an op-ed yesterday and denies the contribution for 2015 senate
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campaign played any role in the handling of the other quick e-mail investigation. meanwhile, intra- mccabe says he no longer accept online donations after ago find me page topped half a million dollars following his firing as deputy director. "the wall street journal" reported robert muller is asking questions about a consulting firm ties to the united arab emirates. moeller is looking more deeply at foreign influence in washington. the echo effect ceo that oversaw the breach of personal data poured out 150 million americans. he's getting a pay raise. richard smith resigned in september but will bring home $15.7 million for last year. up about 5% from the year prior despite one of the largest breaches in history. amazing. true too good for him.
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not good for shareholders. shareholders in stock owners, spotify will make its stock market debut today. they filed for initial public offering on the new york stock exchange. we will soon find out whether investors believe spot if i can be successful. let's bring in nicholas wealth management president david necklace. good morning. >> thanks for having me. cheryl: let's talk about the unusual way they are doing the listing. they cut up the investment writers, the underwriters to tell us what the stock is worth. they want the market to tell them of the stock is worth. would you make that strategy? >> is a great point. the nontraditional route of a direct listening over the personal ipo. you know, and ipo is kind of like a wedding in direct listening is running off a loan. there's no underwriters, no
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investment income and no shared solution, so the employees and private investors can sell their shares immediately on the open if they want to. there's a lot of benefits for choosing this option over traditional ipo. >> let's look at the company and talk about stocks on the company 75 million premium subscribers that pay to have music without ads. 100 million unsupported users many of those people don't pay but they have to listen to advertisements. what do you make of the numbers as far as bona fide? >> the numbers are good. if you compare it to apple service, they've got much more active users than apple does. the question for investors can spot if spotify, more than the $5 to $10 a month subscription. there's a lot of potential given the large user base spotify
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house. some analysts have said what netflix has done, spotify has the opportunity to look like a netflix expanding what they are providing. cheryl: we should take a look at pandora, their main competitor and apple music. this is the stock story, the pure play of pandora. over the last three years the stock is down 71%. it has not been kind to pandora. can we make a comparison? >> you can. they have struggled, but profitability is and always exactly what is needed. take dropbox for example. the stocks up almost 40%. so even though they don't have profitability right away, i don't think you'll see spotify go the by the pandora. >> icing 23 through 24 billion
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valuation that the the exciting part today. we will see what the market dictates first for spotify. thank you so much. >> absolutely. thanks for having me. april not getting off to a rosy street on wall street. >> saturday was close to 60. lauren: the unwelcome snow. adam klotz here with what we can expect today. you might want to check your freezer. thousands of pounds of raw beef being recalled. we'll tell you what you need to know. how the stock market futures are shaping up on this tuesday morning. dow futures at 39 points. s&p of nine, nasdaq 26. ♪
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cheryl: well come a day after the northeast is had by likely fast-moving storm, snow expected today from the northern plains into the great lakes. tranthree meteorologist adam klotz coming your threat up front that says every. live every. by then the fox weather center with her tuesday forecast. >> yeah, another winter forecast for this tuesday unfortunately as they talk about dealing with temperatures. early this morning, 14 degrees. northern plains done into the teens and 20s in moisture once again running further. i've moisture is going to be fallen in the form of snow. this is a system we are watching the next couple days now forming in the northern plains. running into the great lakes region to continue to drop and
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intensify little bit more. putting it in motion. over the course of the day, overnight filling into wisconsin, areas like northern michigan. at this point, overnight tonight this would be really heavy snow, so unfortunately winter continues for us on this tuesday. lauren: adam klotz, thank you. cheryl: he delivers it with a smile. lots coming up this morning. the trump administration taken actions to speed up deportation. the president getting ready to go to war over daca. another day, another breach. yesterday to major retailers. at panera. leaking millions of customer profiles, but she won't believe how long this breach lasted. get ready. take a look at this. get ready. it is not tuesday in the markets look like they will open higher.
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>> we thought about the other side of the mountain. a lot of the money i suspect has been made what they're talking here. cheryl: stocks falling sharply on trade words as well as tech company jitters on the first day of april in second quarter. cheryl: the dow dropped one and 700 points in the middle of the session before shaving half of the losses and nasdaq are negative for the year. the dow down more than 4% for the year. cheryl: not seen a big recovery were stock futures are higher. dell 46, smp and 49. a look at how will that affect the asian markets. for the most part it did trickle over. shanghai composite down three
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quarters of a percent. the nikkei down a 10th of a percent of the hang seng up a quarter of a percent. train for european markets were closed yesterday for the easter holiday. the dax in germany selling the most feared to the tune of 1.3%. cheryl: back at home, villanova wildcats are national champions once again. >> what a great team we witnessed in this tournament. cheryl: topsy villanova crushed michigan. the wildcats second title in three seasons. jared maxwell have all the highlights for us. "fbn:am" continues right now. transport is 5:30 a.m. in new york on tuesday, april 3rd.
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m. lauren simonetti. cheryl: good morning. i'm cheryl casone. my neck hurts a little bit from yesterday's interaction. lauren: 750 points for the dow closed down 450 airplanes. either way that's a big screen. cheryl: president trump moving to something else. the way this goes. ripping mexican leaders over weak immigration policies of a caravan as an occurrence overnight. drain for griff jenkins live in washington with a new response coming for the organizers of the caravan group carrying 1200 central americans. >> good morning, lauren and cheryl. he is clearly frustrated with their current immigration policies. as ridiculous as it sounds, and they do not allow us to send those crossing our southern border back where they come from. mexico and canada have tough
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immigration laws whereas ours are an obama joke. this is the department of justice announcing they will begin imposing quotas on federal immigration judges in an attempt to speed up deportations. sun terrace from which translates to people without borders is responding, issuing mr. fox news same day opportunistically invoked caravans as a pretext for those already in a country, specifically daca recipients, trying to turn refugees and other immigrant communities against each other and use them as a bargaining chip with mexico. mexico's ambassador to the u.s. is responding to the president's criticism. >> we certainly understand the concern, the people in the united states try to work with united dates in central america. >> the president continued blaming democrats after he asked
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about it at the white house easter egg roll. >> the democrats have really let them down. they have this great opportunity democrats are really let them down. it's a shame. reporter: several democrat pushback. dianne feinstein ready to get serious on sub 10 when the president is. it occurs to me we have not heard the last of this story. cheryl: griff jenkins live in washington. thank you. >> the committee to defend the president chairman of former colorado state senator ted harvey joins us. political analyst ashley spillane. good morning. >> race report was an excellent set up for this discussion. that caravan go in through mexico, pushing closer to the united states. do you think president trump is
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going to use the caravan as a bargaining chip to get something done on the border wall? in fact, he treated last night honduras, mexico, other countries that the u.s. is very generous to send their people to our country who are weak immigration policies. caravans are heading here and in that we need tougher laws on a wall. >> we do need tougher laws -- we do need tough love in a love in a while and the reason we don't is because congress is failing to do what the american people are demanding. the reason trump was a lack of us on this very issue that he would build a wall and protect the american people and our national sovereignty and the fact that mexico is allowing thousands of people to come across the border and go up to our country is inappropriate and outrageous and the american people deserve to have their politicians represent them, not other countries. trade for ashley, but speed is reporting mexico is going to crack down and bust list by
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tomorrow. is that something you believe and do you think mexico is going to police their own borders? >> the real issue is president trump is conflating this issue with the immigration reform and tying that to daca, which is the program that attacks hundreds of thousands of people who've been in the country since they were children in scaring young people who are worried about their own futures just to talk about this issue is really inappropriate. >> again, some of the issues he talked about were not necessarily the same issue. we don't have to get into the nitty-gritty. i want to talk to you about the calendar year. we'll call and ask the us both say we want something done on sub one in the border, but if you look at the calendar, we will not see any action under
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congress on either major issues are quite frankly anything else for them in turn. >> that's right and that is why the president is expressing his frustration with congress because congress has failed to act on this. to argue that illegal immigration from mexico and south america now part of daca is outrageous because we wouldn't have the kids here if it wasn't for lack immigration policy that is incentivizing parents to come here and allow their children to become u.s. citizens and reap the benefits of chain migration. it is all tied together and it is an issue that congress is being demanded a by the american citizens to solve this problem. >> is the best policy to secure the border first and then deal with everything else? >> without a doubt. it is incentivizing it. >> ashley, what do you think?
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>> 87% of americans supports daca. two separate issues protecting these young people should be paramount. i don't think there's any disagreement that congress should be doing more across the board. cheryl: do you think they'll get anything done by the end of the year, congress? >> that would be nice. if anyone wants to be reelected, they have a lot of important issues to move on or they're going to see a large turnout in the midterm elections. lauren: thank you very much. >> thank you. cheryl: general motors is teaching one of its monthly trade report. lauren: tracee carrasco will join us live without and more. >> reported monthly auto sales commencing a 30 day period doesn't provide an adequate picture of the companies business where the industry. the mobile shake up the industry efforts to give analysts,
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economists and investors abroad to look at the business and consumer behavior. gm says quarterly reports will make it easy to see how the business is performing. automakers including gm expected to report march sales today. gm was slightly up in after-hours trading. cheryl: yet another data breaches got to tell us about. lauren: can you believe that? spamming this is incredible. spinner brad fixed a glitch that expose the data of thousands of customers. it exposed a large number despite a report that the website vulnerability may have leaked personal data of millions of customers like name, e-mail address, phone numbers in the last four digits of your credit card numbers. a spokesperson for panera says it was less than 10,000 people who may have been potentially affected by this and their full credit card information was not exposed. however, according to
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cybersecurity blog, pinning her first found out about this breach in august amid several months before it became public knowledge. the data from panera's website indicates it was actually more than 7 million customers effect it. train for the timing is unacceptable. in this day and age where we all except data breaches are happening all the time, companies don't get it out there right away and then deal with the fallout. a big meat recall to tell us about. >> yes, this one involves 7000 pounds of raw beef, diced bacon preseasoned beef because it was improperly checked by heirs according to the usda. now if the meat has this number in your screen, and 34715, throw it out, take it back to the store you bought it from. just don't eat it. you want to be safe. the meat was shipped to alabama,
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arkansas, louisiana, mississippi, oklahoma, texas and wisconsin. no one has gotten sick, but because it was infected they want to get it off the shelves. lauren: wow, thank you. cheryl: we've still got a lot more coming up on the show this morning. the market up to us were second quarter ever. stocks falling and the possible trade war, china hitting u.s. companies with 3 billion worth of terrorists. in a meeting with putin? that didn't stop russia from showing off its new satellite killer missile. taking a look at futures after a big selloff that we had yesterday for the dow lost 1.9%. nasdaq more than 2.5. we have great numbers. we will leave it there. nasdaq up 24. you never know. this could change in two seconds. lauren: stay with us.
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♪yea, you can be the greatest ♪you can be the best ♪you can be the king kong ♪bangin on your chest ♪you can beat the world you can beat the war♪ ♪you can talk to god while bangin on his door♪ ♪you can throw your hands up you can beat the clock♪
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♪you can move a mountain you can break rocks♪ ♪you can be a master don't wait for luck♪ ♪dedicate yourself and you can find yourself♪ ♪standin in the hall of fame ♪and the world's gonna know your name♪ lauren: welcome back. get you caught them what's happening now. small gains accepted at the open today. the s&p 500 breaking it to weigh moving average. that caused them to question the momentum of the market. the justice department has sued the state of california over a law that allows the state to
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sell federal lands. the latest between california and the white house. attorney general jeff sessions to announce he was doing california over laws that restrict cooperation with federal immigration authorities. the trend administration wants to limit the consumer financial protection bureau independence in the consumer finance industry. mick mulvaney has to make sweeping changes giving the executive and legislative branches control over the bureau. vladimir putin showing off a missile defense system with the satellite killer despite the nickname, also send out aircraft and other vessels after the kremlin says president trump invited into the white house amid global tensions over the potential role in the poisoning of a former spy and great britain. cheryl: line, we continue to watch these markets this morning. renewed concerns about a
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regulatory crackdown on technology stocks, but also worries that the trade war between the u.s. and china. david good luck in the main street capital management ceo is here. good morning. >> good morning. yesterday's selloff had everything to do with china. underplaying the concern that investors have and analysts have about a trade war brewing. are you concerned? >> i am concerned about a looming trade war. they think what we've seen so far are more trade skirmishes than a trade war. the steel and aluminum tariffs were levied that we've seen concessions already backing off the exemption from mexico and canada until nafta signed other companies might get some exemptions as well. but it does look like president trump is determined to pick a fight with china over trade.
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train to and what you listen to what jason rodman said on fox business yesterday about the same issue and how the president is playing into all of this. listen. >> we are not out of the woods yet but this trade deal. obviously donald trump knows what he's doing from the dealmaking. he doesn't want to rock the economy, that he is rocking the boat and is causing this a little bit here. three and two he makes a fair point that didn't have to happen that president trump has started this. >> yeah, president trump as i said seems determined to pick a fight with china committee intellectual property issues up to 60 billion tariffs will be levied. cheney came back with more of a symbolic tariff, 3 billion on agricultural products and wants to have trade talks. they seem determined to bring down the rhetoric, bring down
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the threats that this actually escalates into a much bigger trade war that have significant impacts on the economy is in stocks for that matter. certainly investors create insurgency in the markets right now. tranter certainly is. this week would make it another 60 billion tariffs against the chinese on chinese goods. this is already affecting u.s. companies. talk about the pressure on boeing and caterpillar yesterday. what about your night keys, starbucks, apple. these companies have 15% revenue from china. this is a broader-based story now than just fruit and port. this is now the largest american company that could be in for big headlines. >> yeah, and that is the concern. the uncertainty over how far will this go, how many products could be impacted. china's number one trade partner is the u.s. our number three trade partner
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after canada and mexico is china. a trade war that is even just focused on china and the u.s. would have a significant impact on regional and global economies eventually and an impact on markets. >> right, all of this for the average investor can be disconcerting to wild swings in the market. thank you very much for getting up early. we appreciate it. >> thank you. lauren: you want to stay with us because a big night in pennsylvania last night to celebrate villanova is rushing win over michigan state. look at that fire. jared max will be here without the highlights for you. the intent fell off the start of the new quarter is over. dow futures up 51 points. nasdaq futures up almost half of 1%. major selling.
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cheryl: the opening will tell us what is then. hey. pass please. i'm here to fix the elevator. nothing's wrong with the elevator. right. but you want to fix it. right. so who sent you? new guy. what new guy? watson. ♪ ♪ my analysis of sensor and maintenance data indicates elevator 3 will malfunction in 2 days.
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cheryl: okay, welcome back to college basketball came to an end last night with another championship for the city of brotherly love. lauren: jared max here with all the highlights. >> the bossa nova. close enough to claim a little bit of philadelphia love. title x u.s.a. just two months since the eagles won their first super bowl. villanova university won his second national title in three years. ncaa finals, san antonio. michigan won its last 14 games. one by double digits and last
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night michigan controlled the game early. a seven-point lead. eight of the first 12 shots and then missed three out of 16. scoring 18 on the first half by the wildcats led by nine at the break. a brother. scoring an ncaa finals record off the bench. in nine straight at one stretch. the most outstanding player of the final forward two months since they win their second national in three years. 79, 62. second for jay ray. >> you feel so blessed we were put in this position to have each other, guys like this to play with. we've been able to stay healthy all year. >> villanova won its games by an average 1731 points. all double digits. the celebration last night just outside of philadelphia. they graced the polls so nobody
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can climb the polls. congratulations to villanova. by the way, duke is the favored to win next year. check out the red socks. he promised a young boy he'd seen on the field before yesterday's game having trouble walking and talking that if he had a home run he would give the boy his jersey. mission accomplished. check this out. ramirez delivers the jersey #god is good. red sox beat the marlins 73. unbelievable stuff. cheryl: that is a sweet story, jared. thank you so much, sir. good to have you here. sports reports on fox news headline sirius xm channel 115. going to london because global markets are battling to gain their poise after giving hammered by trade war worries. we will be right back.
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this is your new house. and a perfectly inconspicuous suv. you must become invisible. [hero] i'll take my chances.
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tran for stocks in europe opening for the first time. the senior market analyst joins us now from london. would you make of the action you see this morning? >> surprising given the spillover effects from the u.s. yesterday. seeing a bit of bounce back in the u.s. and also europe this morning not quite as bad as what
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it used on monday. it's to be expected broadly. the text are taking a beating at the moment that the fundamental backdrop still remains very healthy. when you go after the sector that is so significant the implications of things like data, you're going to have not just the u.s. cheryl: would have been very interesting comments from french president emanuel macron. he's comparing them to the old-school oil barrels years ago. >> i think is surprising. they might have to be opening open to these companies. they are very big and difficult to govern. the problem all countries are facing. >> it's interesting because there've been so many countries that have become regulated over the course of time for so many different reasons and consumers
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at times trust those companies more. you can argue regulation is good for business. would you make that argument or do you think this will confine the tech sector too much? >> regulation will be good for these companies ultimately, but it has to be done on a global basis. until that can be done effectively, it's going to be very difficult to individually impose on these companies. >> i want to ask about the situation between the u.s. and china. 3 billion goods. the united states being attacked by china. the terrace finishes on the chinese. how does that play out from the european perspective? >> europe on the sidelines will benefit in the near term, but ultimately these are the 200 world's two largest economies. everyone will lose that the end
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of the day. i think europe wants to see this pretty quickly. lauren: craig ireland, thank you very much. cheryl: thank you to all of you for watching trance heaven. we send it over to maria bartiromo. >> thank you so much. happy tuesday to you. good morning, everyone. tuesday, april 3rd. top stories right now 6:00 a.m. on the east coast. mark is looking to rebound after a tough day yesterday. treating the spine of about 40 points. s&p is up eight and the nasdaq up 25 right now. a rough start to the week yesterday. trade tensions, technology weakness dragging the broader markets down 450 points on the dow. nasdaq was the worst performer of the day down nearly 3% closing and on correction territory, which would be a decline of 10% in the most recent highs.

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