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tv   FBN AM  FOX Business  October 24, 2018 5:00am-6:00am EDT

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wall. we hope you will join us tomorrow. thanks for being with us tonight. and good night from new york. [♪] i think stock markets are worried. they are worried that congress will overturn this pro growth. >> white house economic advisor commenting on the progress. before climbing back in going down 125 points. and we could be in for more losses today with futures under pressure overnight.
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u.s. stock market futures right now. you can see strongly now. they're down by 214 points. the nasdaq futures down by 84 and three quarters. here we go with whale taking a look at oil down almost half a% this morning. were at 6616 after they have now pledged to increase their output. they open slightly higher. it's up by 16. in stocks in asia mixed. slightly lower in hong kong and south korea. there is at least one likely winner in the mega millions jackpot. fbn:am starts right now.
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it is wednesday, october 24. i'm cheryl casone. someone made a lot of money last night. we are waiting to hear about that. we will have that story a little bit later on. first to the top story. the dow industrial is falling. in nearly 550 points at the lows of the session before carrying those losses late in the day. we've only closed on 125 points. get out your tums for today as well. the futures right now. down to 27. let's bring in a shauna o'hara. good morning guys. i'm not sure you how you are feeling as a trader this morning.
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yesterday did not disappoint. what did you make a big move. i think we are can have a lot of that. i think there are a lot of issues to look at. with the rising rates and rising payrolls. it's been a cut in the corporate part -- profits. it's a big story for a lot of volatility. in a market that's probably fully priced and priced for perfection. we did hear from big companies yesterday like caterpillar, and 3m it wasn't about the third quarter it was the fourth forecast for 200019. they are saying look at prices are going up and tariffs are a part of the worry.
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these quarterly earning numbers that we've seen for the first quarter and the second quarter and the third quarter so far. if they come into what everybody expects its can be very difficult for the market to deal with going forward. and i think that's what's causing some of this volatility. the markets are in a. right now where it doesn't really care where the future earnings are. and trying to reprice what it thinks those i think we will continue to have volatility. of course that pressure we've seen for october. there is a concern out there right now that the foreign buyers of treasury are starting to back off. that is another added issue that the markets are dealing with. do you think this is another concern that we have to look at a little bit more closely today. if you take the debt and
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everything else going on. we do have a major debt bomb ready to explode. eva messier. and of course it has not really stopped lending. give a lot of things that because of what's going on and the bond market. it's good to create more expensive money which brings in a problem to corporations. in turn they are going into the tenure as we continue to rise there. to keep the markets under control. here we look like were headed lower and had headed lower for a while. one of the things that has been a market positive over the second longest bull run was corporate buybacks.
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189billion in the first quarter. that kind of seems slowing down. is that a worry to you. i think there's two types of potential buyback. those buybacks. and they would favor the high free cash flow yield because they can afford to buy back. and i think that is a trend going forward. today maybe not as good. thank you very much for waking up early with us. another wildly with all of us. present trumpets trump stepping up his attacks on fed chair jerome foul. they are threatening u.s. economic growth and appears to enjoy raising interest rates. they had raised their benchmark rate three times this year. meanwhile trump is not alone
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in his criticism they are telling our very own maria bartiromo there is some concern about the central bank. i think 36 quarters in a row. they had overestimated growth. and sometimes interest rates moves have moved ahead of the growth. and in some ways it can restrict growth. i think there is some concern about what happens to interest rates. you can hear all of the interview under our on earnings with maria today. the trump administration taking diplomatic action against 21 saudi officials connected with it death. they released details on his country's investigation there in washington with the latest. they are saying of the
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cover-up was the worst of the history of coverups. now in the speech. they laid out what he said happens inside the consulate in turkey that led to the disappearance of the washington post columnist. they described the savage premeditated murder carried out by who he calls a saudi hit squad. they planed out the planned out the operation and then requested the 18 men detained for the killing sent to turkey for trial. and was also notable for what it left out. no mention of the audio or video as that saudi king and crown prince they have now come out and said he was killed inside the consulate. but as a result of the rogue operation.
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i think they may have known about the operation like this. the secretary of state mike pompeo said the u.s. has identified some of those involved at the highest levels. and they're taking action. we've identified at least some of the individuals responsible. in other saudi ministries we expect to have been involved. we are taking appropriate actions which include revoking visas. and other measures. we are also working with the treasury department to review the applicable it he to those individuals. the cia director is heading back to the u.s. and is expected to update him later on today on the facts that the u.s. uncovered. back to you. the crown prince. is expected to give his first speech today since the killing.
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most american businesses in investors pulled out of. another migrant caravan as is for me and central america. as many as 2500 hondurans have gathered in guatemala with plans to follow the footsteps of thousands of other migrants. present job again saying the caravans must be stopped. will have to call up our military if we need too. we cannot allow our country to be violated like this. present trump is turning to an unlikely source to find support for his immigration policies his predecessor tweeted a 2005 video which they made a statement against illegal immigration. we simply cannot allow people to pour into the united states undetected undocumented unchecked and circumventing
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the line of people who are waiting patiently, to become immigrants in this country. i agree with president obama 100 percent. one lucky person as waking up a billionaire this morning. reports of at least one winning ticket it's in south carolina. here are the numbers. if you haven't checked your tickets yet. the winning numbers are 52862. there is still a chance to wend out tonight. the powerball drawing is gonna be tonight. that $620 million. only 5:00 a.m. eastern time so maybe not all of the lottery commissions have reported yet.
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let's take a look at u.s. futures before we have to commercial break. firmly in the red it was down. coming up, soccer fans in italy sent flying when an escalator of malfunctions. that video coming up next. and in 10080-foot steeple collapses. it came right up in flames. it was fast. what authorities may have believed sparked the massive flames. you're watching fbn:am. er! that's a win. but it's not the only reason i switched.
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welcome back let's get you caught up on what is happening now. we are seeing them down by 193. nasdaq futures down by 78. it could be another bumpy day six children are dead and 12 critically ill after a viral outbreak at a pediatric reese habs center in sinner in new jersey. a strain of virus has been confirmed and is affecting
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children with severely weakened immune systems. the historic church in wakefield matches two sis has been completely destroyed after lightning struck a massive fire overnight. they could feel from seventh --dash make several streets over. luckily no one was injured. and take a look at this crazy video. an escalator breaking mid rise. creating a pile of bodies at the bottom. some people are jumping off the side to avoid the mass of people. a passenger was jumping and dancing on the escalator before it broke. around 30 people have been injured. seven in critical condition. that's what's happening now.
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we've something else for you this morning. her came will you will a has slammed. before that we can to a tropical storm. trent waves crashing along the coast. 120 mile-per-hour winds. it is now pushing him towards the united states and expected to dump brain on central and eastern texas. some of those already facing historic flooding. futures are coming back a little bit right now. let's take a look of the numbers. we were down over 200 in the premarket now were down 183. there is more still ahead. president head. president obama may have touted the economy under his presidency this week. but only helped him in his race she would take us back to
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the obama era. was 60% of our homes. 60% were underwater here. the latest on the race considered the central to controlling. you're watching fbn a.m. - at afor the financialt's time world to stop acting the same old way. you need a partner that is willing to break free from conventional thinking. we are a different kind of financial company. we are athene, and we are driven to do more.
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getting very close to the midterms and the former president barack obama and president trump are throwing their weight behind candidates. they see the unseating republican as the best chance to take control of the u.s. senate. it holds a very marginal edge over the democratic challenger. jackie rosen as you can see the 46% there. the chairman of the committee to defend the president. and democratic strategist howard franken. this is gonna be a pivotal race. i want you to listen to what the former president barack obama said about the economy. listen. by the time i left office wages are rising uninsurance rate was appalling.
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i'm not so i headed off to the next guy. so cute you hear all of this talk about economic miracles right now. remember who started it. is that the right strategy to say that he is taking credit for the economy when it's been the economy that under trump that has a briley lit a fire for the midterms. what they have shown is the difference between a free market economy and the socialist policies of the obama administration. that rhetoric is ridiculous. what is interesting as he gave that speech to about 2000 people when he gave a speech in las vegas last week as opposed to trump who gave a speech before 30,000 people i think what you're looking at
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is a very hotly contested race. howard, what you make of that. if you look at some of the early polling and voting numbers that were seen. it looks like the turnout in the rural counties in nevada are actually very strong. that could be bad for the democrats. and again is that the account me or healthcare that should be the real issue here. the only real poll that matters is the one that takes on election day. and a number of swing states or battleground states. if another two weeks to figure this entire thing out. when was the last time you saw a president with unemployment under 4% and still underwater in terms of his approval rating by most americans across the country. i'm sure president trump who
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often takes in the stands for presidential rallies i'm sure he would prefer for his economic record to carry today. obviously it's not. one of the things that's happening is that she is going after heller saying that he flip-flopped on the health care vote. how do you respond to that. that's something he will have a tough fight over. recently over the last year he has been a huge supporter. that's why trump was there and that's what you're seeing this huge turnout in rural nevada. they were there and mobilize the base. i think in the end it's gonna be tight but i think they're gonna win. hillary did when the state.
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i think that is a battleground that the congresswoman is certainly happy to fight on. i think we see a democratic upset just about 13 days. thank you very much for being here. we appreciate it. let's take a look at these u.s. futures before we have to break. we could see some more selling off. they call the murder one of the worst cover-up is coverups in history. in the state department revokes nearly two dozen visas. the united states is not tolerate this kind of ruthless action. we continue to make a strong argument for the kingdom of saudi arabia.
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neither the president or i are happy with this. some are not happy with the response. stay with us.
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i think a lot of it was in overextension. they were just punished after that. we may be in for more volatility today. dropping nearly five and 50 points for an end of the session. the futures under pressure overnight. among others. u.s. stock market futures right now. you can sit down see it down by 173. the nasdaq futures down by 70. and a big day for oil. were at 6628.
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in europe stocks open slightly higher after slumping yesterday. it goes all up. up by 43. and the stocks in asia are mixed. slightly lower for hong kong and south korea. one stock bucking that selloff trend. fbn:am continues right now. it is 5:31 a.m. here in new york. i am in for lauren simonetti. the investors on a wild ride yesterday. but what are they saying about the market action.
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the managing director. they join us now. good morning scott. so you say volatility is back that's normal. what is your take on yesterday's trading. we haven't seen anything new come into the market to give this a little bit of a spook. we've seen the all-time highs. i can with some of the guys we have seen with some of the reports. until we get done moving some of these stocks from the we weekend to the strong hand. and because we haven't have any really big change in news per se more of these investors have been looking at the technical's technicals so were to are going to be trading on technicals. we can work through that.
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we will get to where we need to be. do you think they are peaking right now. do you expect revenue to slow after this quarter. 200018 earnings growth. but the 200,019th growth is 10% what you think? >> i think they could slow a tad. this is all what you may think the fed will do. and you know what, given my 31 years in the business the fed has always disappointed. they will probably disappoint us again. or worried about how many times it's gonna be. this market volatility. and you see the folks go through pain in the short term there. and i can give us a little bit of a breather. let's wait and see how this all plays out. i don't think we have seen
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these interest rates spike to four to four and half. i think we need to do the rest of the world and see them do a lot better. you will kind of keep a roof on them. how are the trump administrations tariffs earnings. that still gonna be the biggest thing we have to worry about. i will tell you right now. i think donald trump is a man of action. he doesn't have the mindset to have three or four years. it can happen sooner rather than later. the equity markets really believe that. away we go. thank you for your insight. there are new developments
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they are now taking diplomatic action against 21 officials connected with the killing of the washington post columnist. about the possible involvement here is what the president trump said. the prince is running things over there more so at this stage. he is running think so if anybody were going to be it would be him. joining us now foundation for defense. good morning. great to be back with you. the story just continues to get more disturbing. when you make of the statement from president trump now pointing the finger at the crown prince. i think it was a very important comment. they need to realize that they need to be further with the saudi's now.
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the turkish press has been leaking and that's actually changed the political environment. of course there is a need to kind of draw a red line. to signal that this kind of behavior is not acceptable. as it relates to mbs. that speech should be closely watched. some folks ever as we had reported several days. have been pulled out up. american companies the leader on this has been mike pompeo. he was criticized the secretary of state was for smiling and shaking hands with the prince when he was there. but listen to what he said now. >> we are taking appropriate actions which include revoking visas entering a visa at lookouts and other measures. we are also working with the treasury department to review the applicability of the global sanctions to those individuals. these individuals they were
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connected to the royal court. do we need to take another step in this fight. it would move from diplomatic to economic. it remains to be seen at that as the decision that the president would want to take. between the saudi's in the u.s. which feed -- favor that. this maximum pressure is something that the president has very high on. and he needs it for this. last word to you. to increase output. that is pressure and low prices.
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it was a coronation reported between the white house and the saudi's to make sure that they're they are on the same page. it will be effective in changing the calculus. i think it needs to be responded to the strategic issue. we have long-term strategic interests. it is completely complicating for all of this. in the wake of this murder. thank you very much for being here. it's always great to talk to you. my pleasure, and likewise. the company now says after the bell today. giving investors reason to speculate good news. the company will record a net profit. following an uptick in the production of the model three sitting in.
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the shares are jumping nearly 13% on yesterday's announcement. tesla is currently trading higher and the free markets. tim cook reportedly plans to back privacy connections. while also voicing support for strong laws here in the united states. this could be in brussels today. this will be the strongest statement on privacy protection that we've head. cook is get a call privacy a fundamental human right. and he seems to be taking a little bit of swipe at facebook. >> before we go let's get another check. nasdaq futures down by 67. a 10% tax cut. we are putting in resolution probably this week. i think you folks know about it. i know you've been looking you been looking at it very hard. so is this a real possibility or just a campaign strategy.
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welcome back let's get you caught up on what's happening now after yesterday's wild ride on wall street. we are looking down today. but we should say we were down over 200 points at session lows for the future market. her only done 154 right now. while harvey weinstein's lawyers in accusers are working with insurance companies in the new york attorney general office to reach a settlement of all of the civil lawsuits filed against him. meetings had been scheduled. and possibly to set up a victims fund for the accusers. target is getting in the spirit. and they're going to offer free two-day shipping that come through the holiday shipping. another company jumping in the ring on all of this. it's a new less expensive espresso. it hasn't changed it in about
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15 years. another turned up the quality. they want them to see as the cheaper version of starbucks if the same if not better quality. president trump is promising more tax cuts for the middle class if republicans keep control of congress. there is gonna be can be a tax option of 10% for the middle class. this will be on top of that reduction that the middle class has already gotten. the president said he will introduce the new belt sometimes next week and house will get to work on it right after the midterm. there is still a lot of questions surrounding the plan. good morning mitch. assuming i did not win the lotto. so this resolution that the president is working on it has zero legislative weight. it's often the distance.
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is this just a campaign strategy or is this a real possibility. the likelihood of getting something by a lame-duck house is very difficult and one thing to remember so were talking about this literally a year ago if they were to do this through budget reconciliation in the senate they could get away with a simple majority. this is not revenue neutral. getting a super majority. second happen. they are not in love with the last tax cut. 39 percent of americans approve of tax overhaul. why bring this up now. what you think of the reaction could be? >> it seems somewhat politically charged. there is such a wide debate over whether or not the tax cuts from a year ago are benefiting all the taxpayers.
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in most of the particular really feel of the benefit into the future. i think it's just something that's out there for the republicans to have as a talking point. can we afford another tax cut. that has become one of the big talking points. i know the present brought it up 5% across the board. it is going to be really tight to do. which is blowing up the deficit even further. thank you mitch rochelle. it will have to leave it there. another lottery loser welcome
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to the family. before we got a break we are losing a little bit of steam this morning. futures right now down. nasdaq down 50 in half. we have the highlights. you're watching fbn:am. [music] to make sure that we get there safely, and that we leave that scene safely and go home at night, is train. and we train all the time in the fire service. no matter how much we train, the last thing you want in a disaster is to lose communications. without communications, we have nothing-- people get hurt. when disaster strikes, that is when your communication service
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welcome back game one of the world series last night there were some fireworks. they are back for most of the game.
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it shapes up to be a great series. before they begin boston legend all 23 seasons with the red sox he now has 79 throws out the ceremonial first pitch for the world series. how about the national anthem. sung with love. a whole lot of fire and rain. just before the game began the rain stopped. the rbi single. it only lasted four plus innings. they tied in the third. manny machado with one of history. when boston set up pitch hitter with two men on.
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three run home run. game number two coming up tonight on fox. football now what the carolina panthers. he have his grievance denied. it acted within its rights to ask him if he would still kneel for the national anthem. fifty points last night. they give him 50. they go against the 70 sixers. taco bell. everyone gets the tacos.
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right in the first inning. we are all winners. the go to talk about you get your doritos. jared, thank you very much. you can have my taco. or watching oil prices this morning after they plunged 4% yesterday. the next for crude will return. world, you need a partner that is driven to provide you with better solutions for these challenging times, one that is willing to disrupt the industry, and break free from conventional thinking.
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tracee: oil prices under pressure after plunging 4% yesterday on promise to saudi arabia to boost output, phil flynn at price futures group and fox business contributor joins us now, good morning, phil, do you expect oil prices to continue to fall? >> i think they could in the short-term, i don't think we are out to have woods yet, we will have to look at inventory data to see if we find support, make no mistake about it, yesterday was historic day in the history of opec with the saudi oil minister basically came out and said yesterday is it's every oil producer for themselves, you know, they should pump as much oil as they possibly can, we
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will do the same thing, that's why the market got hit so hard yesterday, because for the first time since january 2017 oil minister of saudi arabia, hey, there is no quota, pump as much as you can. cheryl: with the death of jamal khashoggi and back and forth and sanctions against 21 saudis, they still can use oil as weapon, phil, how does it relate to what the saudis will do in the future and our alliance in the country. >> i think the saudis have learned from the oil embargo that using oil as weapon can backfire and you can kill demand and the economy. i don't think they are going to go there. what i think is happening right now, the reason why the saudi oil minister is saying pump as much oil as you can because he's given into pressure from president donald trump, president donald trump is trying to give them the benefit of the do
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-- doubt, hey, we are spending a lot of money to defend you, give us more money an give us more oil an the saudi minister is going along with that. tracee: switching gears, when do you see drivers see lower prices at the pump. >> actually they will go down in the couple of weeks, we have seen them go down two weeks in a row. be careful, iranian sanctions are ahead of us. i don't know if it's offset to offset losses from iran, venezuela, you name it. this is going to be it. we are going to see how much the world can pump. tracee: great input, thank you, phil. cheryl: thanks to phil flynn, thank you for watching fbn:am, mornings with maria starts right now. ♪ >> live from oracle open world in san francisco, here is maria
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bartiromo with special editions with mornings with maria. maria: good wednesday morning, everybody, thank you so much for joining us, i'm maria bartiromo, heaps wednesday to you, it is wednesday october 24th, your top stories right now just before 6:00 a.m. on the east coast, markets are under pressure once again this morning, futures pointing to down day on wall street, take a look at where we stand, dow jones industrial average down 150 points, two-thirds of 1% lower e tending yesterday's losses, nasdaq down almost 1%, 63 points on the nasdaq after wild session yesterday as major indices finishing well off to have lowses at the close. it was rough at the close, the s&p 50 also down 1 half of 1% as was the nasdaq, 31 points lower yesterday. let's check global markets, in european trading we do have indices right now higher
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bouncing after yesterday's declines, ftse is up two-thirds of a percent, cac quarante in paris up two-thirds of a percent while dax index in germany bouncing almost 1 half of a percent. in asia overnight mixed performances, japan and china did well, trading up about a third percent, hong kong market and korean down about down percent a piece. we will see from at&t and boeing, these would be important market-movers, certainly boeing. investors are watching technology results, tesla, numbers and analysis this morning. escalating attacks on federal reserve, president trump trying to send a message to the fed chairman jay powell to keep interest rates low, the fallout coming up right here. caravan crisis is growing a second group


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