tv Mornings With Maria Bartiromo FOX Business February 27, 2019 6:00am-9:00am EST
expect from federal reserve chairman jay powell on second day of testimony today on capitol hill. rising tensions between india and pakistan, both fighting down jets overnight. ceo tesla elon musk, announcement tomorrow, comes as he faces unanswered claims that he violated settlement with the securities and exchange commission. mornings with maria begins right now. ♪ ♪
maria: all right, we are watching earnings, as well as second day of testimony of federal reserve chair jay powell, this time before the financial services committee. futures pointing to lower opening this morning for broader averages, take a look at where we stand. the s&p a200500 down 6, the nasdaq down 13 points. we are waiting lows for fourth quarter earnings, estimated per share of 79 cents of $15.7 billion, joining me right now david, david, good to have you this morning, thank you so much for joining us. >> my pleasure. maria: what have you gotten from retail numbers and jay powell yesterday in terms of where we stand today where the market valuation as well as growth expectations? >> well, as far as retail numbers, we talk about and you
mention lows, the interest thing is lows will make their stock do well, they are dedicated throughout 209 to do more share buybacks even if it means buying down more debt. home depot has better margins, if the economy goes to recession, the stronger, competitive margins will do better. if you read between the lines with jay powell yesterday, he's concerned about recession and he should be. it's funny but the 800-pound gorilla and why the federal reserve stopped hiking interest rates is that they inverted good part of the yield curve. you know, you have 1-year treasury at 2.53. a 5-year at 2.43 and 10-year at 10.63 and one more hike invert the one year and 10-year, that's the real reason they can't make
the move to make gets rates higher. maria: that never happened, you're right about 2 and 5-year, what are the implications there? >> well, the implications, banks don't wand to lend -- want to lend as much anymore. that's starting to happen. the issues were that throughout 2018, the bond market, every time mr. powell would get on it's television, allowing him to raise the rates, in december they finally said, enough is enough, the economy is not strong enough to justify higher, long-term rates and announced the short-term rate increase and all of a sudden, flight to quality and 10-year treasury dropped by 50 basis points. in thatceps, a strong message that enough is enough, there's a
reason that everyone says the bond market is smarter than stock market. he should listen to what the bond market is trying to tell us. maria: we are waiting on earnings this morning, we have earnings hitting the tape right now. we have earnings beat to report but we are also looking at the ramifications of jay powell's testimony yesterday, he spoke to the senate banking committee yesterday, le speak with the house today and commented on the expansion. let me play the sound bite and get your take, listen to this. >> we want to use the tools to sustain expansion and keep the labor market strong and keep inflation near 2%, that's exactly what we are trying to do and so we look around, what do we see, labor market that's strong and continuing to strengthen, job creation is strong, wages are moving up, to that's a very healthy thing.
the committee has decided with our policy rate in the range of neutral with muted inflation pressures and some of the downside risk that is we have talked about, this is a good time to be patient and watch and wait and see how the situation evolves. 2017 was a year of synchronize strong growth really around the world, very good year and we were feeling a tail-win from that and that has turn intoed a headwind for us. our economy, the outlook for the economy is still a favorable one, still a positive one but nonetheless this will be a headwind. maria: your reaction, david, real slowdown, the european estimate in terms of europe are 1%, david, what did you take away from that? >> well, you know, you always have to decode, if you will, the fed's language and what he's trying to say that he's trying to be a fed economic cheerleader, if you will, at the same time he's saying, there's some signs out there if you read
between the lines and more and more economists are saying they are concerned about recession in 2020 and some indicating end of 2019. he's willing to use whatever tools the federal reserve has and you have to be open for the possibility of the next move in interest rates might be downward and not upward. maria: because of the slowdown in the economy. real quick, would you be putting money to work here or hold your powder dry given what you expect on the money? >> in the stock market, i think right now cash is king, one has to be extremely cautious, in the fixed income market the headwind has sub decided and good opportunities. maria: david, thank you so much. >> thank you. maria: tesla chief firing cryptic tweets overnight. what's your take, dagen? dagen: elon musk news network,
we are following the man's every move, i will not criticize elon musk because he gave something to talk about just like president trump each and every day all day long. this is what elon musk tweeted overnight, doesn't appear to be in violation of any settlement between -- agreement between securities and exchange commission, let's take a look at the tweets, thursday 2:00 p.m., 1 minutes later, 1:44 a.m., california, 3:21 a.m., some tesla news. so again, he's using the sec being on his back on tesla's back to his advantage with the crypted tweets, i have no idea what he's talk about, i might be able to ges that it's announcement of the upcoming model y which is the version of the model 3, kind of the cheaper version of the tesla model s, i don't know, i'm guessing, but i also do know this with
certainty, the sec, we reported yesterday, has filed with the court to hold elon musk in contempt because of tweets, the sec saying that the violation of settlement agreement over the funding secured tweet that he put out in august that elon musk has till march 11th to respond to sec's claims. don't expect any serious penalties, he keeps goating them, he referred to sec but he is still tweeting away and doing great customer service by the way on twitter, he responds to people's complaints about delivery charge, he's base i will saying suck it up, everybody pays for it. maria: president trump on his way to meet with kim jong un this morning.
cheryl casone with the details. cheryl: live pictures on your screen right now, second face to face meeting in 8 months this time hanoi, vietnam, the two hope to achieve lasting peace and the big topic denuclearization. the president has been tweeting, speak speaking of tweeting, kim jong un and i will try very hard to work something out on denuclearization and making north korea an economic power, i believe that china, russia, japan and south korea will be very helpful. that was this morning, president trump paying courtesy call, eager to send message about vietnam success. >> a meeting planned tonight. north korea chairman kim and it may very well turn out to be
successful. you have shown that the world is really getting to see, the incredible job that you have done in vietnam. cheryl: 12 hours ahead, right now after 6:00 p.m. there. trump and kim scheduled to meet at 6:30 p.m., a few minutes from now, we will be watching it all live with you, maria. maria: thank you so much, cheryl, be sure to join us, starting 5:00 a.m. tomorrow for special live average, earlier hour tomorrow as we follow the second summit between the president and north korean leader kim jong un, we will be here live beginning at 5:00. first short break, rising tensions this morning between india and pakistan, both countries claiming they shot down fighter jets, we will have the very latest there. i knew about the tremors.
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means committee, kevin brady, economic story as well as tax cuts 2.0, jets wide receiver will talk about bridging bridgie world of technology and life after the nfl, here in studio. fox news judicial analyst judge andrew napolitano along with medical doctor, mikhail varshavski, also known as dr. mike. we want to kick it with the rise of socialism in the democratic party, congresswoman alexandria ocasio-cortez policy ideas driving the discussion especially over the green new deal included in that proposal a job's guaranty, white house senior adviser and first daughter ivanka trump told fox news told last night. >> we have people that would see the offer from the democrats, progressive democrats, alexandria ocasio-cortez, the green new deal, a guaranty of a job, yeah, that's what i want, what do you think of those
details? >> i don't think most americans in their hearts want to be given something. i've spent a lot of time traveling around the country over the last 4 years, people want to work for what they get. so i think the idea of a guarantied minimum is not something most people want, they want the ability to be able to secure job, they want the ability to live in a country where there's the potential for mobility. maria: meanwhile alexandria ocasio-cortez fired back, as a person who actually worked for tips and hourly wages in my life instead of having to learn about it second-hand, i can tell you that most people want to be paid enough to live, living wage isn't a gift, t -- it's a right, writes ocasio-cortez, zach is with us along with national
taxpayer's union senior fellow maddie. >> good morning. maria: dagen, this is getting worst and worst with ocasio-cortez, first i have to get your reaction to that exchange last night, ivanka trump and she fires back, ocasio-cortez. dagen: this is the classic you go something after cardi b for attention. i'm not equating ivanka trump with cardi b, this is mastery of social media that she continues to create attention of herself by going after the president's daughter, by going after somebody who is equally famous to get us to talk about it. again, it's like, you know what, you're not the only one, we all worked for tips and we still believe in part and some of the things that ivanka trump was saying, it's not the only lady
whoever waited tables, aoc. >> part of the business to distract from the frequently asked question that aoc put out, didn't talk about minimum wage as much as guaranteed job for those unwilling to work and she hasn't answered the question on how that would work, federal mandate to give somebody a job who doesn't want a job, a lot of inconsistencies that aoc has stated that is really problematic and it's not just living wage, i think ivanka trump has made clear that living wage is not the problem, mandates proposed by aoc that seem unworkable. maria: there's a reason that the senate democrat realized the people who say they endorsed it are hard-pressed to come out and say, yeah, this is going to work and i want to get behind these in the counter numbers and as our friend james freeman writes in the journal in op-ed, the aoc primary, senate democrats would
vote present to avoid public interparty fight. so the whole idea that they will have to vote whether or not they're going to put their name to this green new deal tells you a lot about where they are on this. >> aoc as we all know is doing a good job being the left version of donald trump in so far as using social media to gain much more traction, donald trump 2015, much more traction with voting power, freshman congresswoman with junior status. she's doing a very good job at it. the other one, there's a lot of muddle here, the muddle is negative, some plays to the debate that we have been going on for a while, basic income, that has some degree of more pragmatic mayors and municipalities that are dealing with the fact the way which we distribute is unbelievely in
pragmatic and living wage being distributed without question because you would remove a lot to have bureaucracy in charge of distributing which would face a lot of money. dagen: i meant no disrespect to cardi b by the way, i follow her on instagram and she's a lot smarter an economic points than aoc is because cardi b is living her life, speaking from her gut and her brain number 1. maria: ivanka trump started her own business and signed people's checks, to attack her after what she's done her entire life, yeah, she comes from wealth, but she also started her own business and now look at what she's doing, traveling the country trying to come up with
work skills solutions as well as really putting her business on the side to serve the country, so shame on her. dagen: shaming any member of the trump family really is in the left kind of core playbook, so -- maria: true. dagen: to be expected. i just want to point this out because i can't say this as grace turner can, gala institute, public policy for free market health solutions, she writes this about aoc really quickly. she leads generational, history, constitution, eternal battle for freedom and still succeed, she has soared because of freedom and policies would destroy, time to get over and move on.
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captured 2 indian pilots, escalation of events coming after indian troops launched strike which pakistan said it killed 6 civilians, both armed with nuclear weapons and fought two wars over disputed area. back here at home nearly 200 amtrak passengers stranded on a train have finally arrived at oregon station. >> exhausted. >> you didn't know anything happened and then all of a sudden the train stopped. cheryl: well, the train actually slammed into a tree on sunday that was knocked on the tracks by the heavy snowstorm that hit the area, 183 people on board, the train from seattle to los angeles. well, there's this, wynn resorts
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maria: as you just heard photo op to reporters in the room. the president says he expects the meet to be very successful. the two are having dinner and then the one-on-one meeting after that. we will find out what was discussed and, of course, we have beening been -- been follos because the president talks about denuclearization, even though the president likes to talk about his personal relationship with kim jong un and how he thinks it would be successful we haven't seen denuclearization but i'm told
that the mission has not changed and incrementally they believe they will have success here. >> many people are looking for something concrete to come out of the summit, there was no timetable to come out, no steps north korea would take as part of denuclearization if it ppens, people are waiting to see if -- as the wall street journal wrote yesterday in editorial page whether the mutual relationship between these two leaders can translate into something tangible, tangible measures that actually reduce the nuclear risk in north korea. maria: the president never said that the u.s. was willing to lift any sanctions against north korea but they would like to see perhaps the pace -- peace treaty, list of nuclear sites, that would be a positive, that would certainly look like a
victory, if he gets a list of where the sites are, if he gets them to blow up one or more of their sites, that obviously would be a big victory at this point. so we will see what he can offer inspectors and whether or not we do get something like that, what would be success from your standpoint? >> i think that is key, having sanctions stay in place is most powerful way the united states can continue to enforce their negotiation tactic and execution , we need to look like victory looks like. you mentioned things that are plausible, certainly looking at peace in the peninsula. i would love to know what that is and identifying sites, bear minimum coming out of the meeting. dagen: negotiations with north korea and china, china has been
helping north korea cheat, china hasn't been playing ball. >> exactly. dagen: certainly that would be on the table as the trade negotiations continue. maria: look back to the days of fire and fury, you have to believe that this is a different sentiment today than back then so you have to believe that this administration has moved the ball forward a little forward. >> hardly moved a ball that had moved back. there's also other players that we don't talk about which is japan and north korea. kim has been very good as his father of developing really intense effective regime within a sanction's regime. to some degree, sanctions can help reinforce regime that keeps them more closed.
i think right now you will not see denuclearization but the rhetoric to know that our policy isn't regime change. that was the point of nuclear weapons in the first place. maria: the president has to walk away with something. they would really like to see a list of nuclear sites and even going as far as telling inspectors, some of the inspectors that they could blow up one of the sites. this is what we talked within the state department and the administration. dagen: i don't want to say that we have gotten tough, the u.s. wanted a list before talks could proceed and now we changed our position on that, so something has to come out of it. hope it's that. maria: let's talk about more domestic issues, we want to look at, at&t time warner merger, won't harm consumers and competition, last week we spoke to randal stevenson about debt
that the company took onto pull off this deal. >> $40 billion a debt we took to do the deal. we would pay off 75% to have debt, we will address the debt as we go through this year, it's high priority and as we address the debt we feel like shareholders would be confident and secure the dividend and the stock will perform from there. maria: as you look toward spending more on content, what assets are on the block, are you going to cnn? >> heavens no. i don't envision us selling cnn. maria: joining us fox news senior judicial analyst judge andrew napolitano. good to see you. >> i'm smiling because of the praise that you artfully induced. maria: sorry, we want to get back to hanoi because the president is speaking, we will get back to it.
[inaudible] maria: that was president trump and kim jong un meeting there in photo op-ed for the first time, the two will go to dinner now and they will have another press conference after it, interesting that the president says he believes north korea has economic potential. he's using the economic activity as a lure for kim jong un to want to participate in this to, to denuclearize ultimately. do you think that's possible? and when you look at where they are today in hanoi, vietnam,
similar story many years ago and economic prosperity of sorts in vietnam? dagen: it's unclear whether kim jong un really want that for his people and better future for the economy and in the discussions we might get a better sense of that in the second summit, this came up during the first summit, didn't the president kind of joke about not condos but like hotels and how beautiful the country was and real estate development there, just remains to be seen. a lot that need to come ba the -- come out. that's about the best that we could say about what's happened. >> good point, dagen. the vision of the future for north korea is directly in contract with what's possible in north korea, as zach mentioned earlier, closed economy, centrally-run economy, it's not
one that can grow in concert with what kim jong un has said is going to be the next, you know, leadership in the region and on earth. so what needs to happen, of course, for kim jong un to articulate what he sees as progress for his country, of course, he benefits as dictator for having closed economy but that stands at odds with having relationship with the united states, what that relationship would look look and what it can deliver for north korea is something that the leader still needs to be clear about. maria: and the rest of the world, not just the united states. >> again, north korea, the kim family, they want regime security and everything else, you know, might be gravy, easier to have less sanctions and more even if you will remain control, unlike china which had moment in 70's and 80's, we want to main tape control but need more open economy, even vietnam where they are meeting now, had 10 years of post u.s. war there of
immense conflict in an attempt to control everything. they also went more the china path which is the domestic economy, a little more open while having rigorous and control. maybe kim wants that, difference between party oligarchy controlling something and an individual. i wouldn't hold your breath for the pyongyang franchise any time soon or any of these things. maria: yeah, worth noting that this is really what the president is saying, what could be, that he thinks that there could be tremendous success. >> i don't know that that is possible given the nature of kim jong un. dagen: what we do know is what's been working in the past, the previous administrations didn't work either. maria: good point. short break, when we come back we will speak with judge andrew napolitano, we will get back to the at&t-time warner conversation. stay with us.
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and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do. maria: welcome back, at&t-time warner proposal, ruling that the merger will not harm consumers. joining us judge andrew napolitano. you were in the middle of a thought. >> not a surprise at all. it's been a major pushback by the judiciary to the justice department's theories, a statement you extracted from the president of at&t, sell cnn,
that's what started all of this. the president's animosity to cnn, when i win the white house, my justice will prevent this from happening, well, guess what, last night the head of the justice department and trust television called the general counsel of at&t, we are not appealing, you guys win, congratulations, the holding pattern that at&t agree today stay in during appeal as of this morning and they can fully integrate and facilitate the merger. the government argued it was anticompetitive. judge leon, antitrust said, not only are you wrong but the opposite will happen, this is going to enhance competition and the appeals court agreed with him. >> be careful what you actually tweet in that before there was this allegation of using the powers of the government to
retaliate against critics by the allegation that this is politically motivated, both democrat and republican questions about the merger because there was concern about concentration, that doesn't trigger the antitrust law of vertically integrated the way departments would have thought, a lot of people thought should the cable company be owning content and those were viable things that got undermine by the overlay, like what you're saying -- >> the case starts out with at&t wanting to take the deposition of donald trump and the trial court says, forget, you will not get deposition, i don't care what he said when he was a candidate. this is an economic's case, it's not a political case. maria: all right, let's move onto michael cohen. >> oh, boy. maria: to testify in oversight committee, earlier today the president tweeted about former lawyer, michael cohen one to have many lawyer that is represented my unfortunately, he
had other clients also, he did bad things unrelated to trump, he's lying in order to reduce prison time using crooked lawyer. in his testimony cohen is expected to say then candidate new roger stone knew was reaching out to witness -- wiki. he's expected to say he does not have direct evidence of collusion between trump campaign and russia, your response, let's not forget he's going to jail for lying to congress. >> yeah, it's a strange thing, sometimes perjuriers tell the truth, he has voluntarily put himself under oath. if he lies again the penalty could be draconian, on the other hand, no lawyer, no lawyer will put michael cohen on the stand and voucher his credibility without a mounting of
corroborating evidence. as we are sitting here, our colleague is providing us with information. michael cohen is going to claim that the president of the united states led crime while in office and reimbursing michael cohen for illegal hush money payment that is he made on the president as candidate. does bob mueller know about that, of course, does bob mueller take that seriously, if he does, why is he letting his witness talk about it on national television, a venue in which bob mueller can't control the witness? we don't know where this is going to go. he must have told mueller and he must have told jeff's team, prosecutors in manhattan what he's about to tell congress and what are they going to do about it, we don't know. dagen: we also should point out that he will tell congress according to reports and even reporting by katherine that president trump had advanced knowledge of wikileaks plans to release democratic emails during
2016 campaign based on that he was in mr. trump's office when secretary announcer roger stone was on the phone and stone told -- now president trump that he had gotten off the phone with julian assange. >> this will create problems for roger, i don't know if it's consistent with what roger stone told congress because that testimony has not yet been made public. dagen: right. >> even though forms the basis of prosecution of him, we don't know what he said there. maria: great to see you as always. judge andrew napolitano. coming up the teen vaping epidemic, more ways teens are getting nicotine into the system, not the way you expect, we will talk about it with dr. mike coming up after months of wearing only a tiger costume, we're finally going on the trip i've been promising.
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maria: welcome back the teen vaping epidemic continues to grab headlines but use of another product is spreading, nicotine toothpicks, mikhail varshavski, dr. mike, dr. mike, this is getting bigger. >> this is becoming absurd, products that are trying to get nicotine in the hands of consumers but they are ending up in the hands of children and that's where it becomes dangerous. when we think about the risks associated with traditional cigarette smoking, this is a primary medical problem, we are talking about cancer, heart disease, stroke, when we are talking about vaping, nicotine toothpicks this is worrisome for teens because of potential of addiction. teens' minds have not fully developed. the prefrontal cortex does not
form till 25. teens are becoming addicted at way higher rate than an adult would, changes wiring in brain and spikes in depression and the worry that we will not see huge uptick in heart decide or lung disease but psychiatric problems. ing day drraig are the parents? where are the parents? it's everybody else's problem but the people raising the kid? >> if i saw a child holding toothpick in the mouth than cigarette vaping. maria: is it nicotine that causes cancer or tobacco? >> tobacco products have been known to cause cancer but we haven't seen, but the worry is
not about the cancer, it's worries about addiction potential and rewiring. dagen: as a resident red neck, toothpicks are -- [laughter] >> i just wonder why kids drink caffeine and we don't freak out about it. maria: real quick. >> we have seen children use nicotine and go to cigarettes. maria: good to see you, back in a minute.
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maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, february 27t february 27th. your top stories right now. breaking news this morning, president trump about to have dinner with north korean leader kim jong un. the president sounding optimistic a moment ago about the second summit with kim when they said hello for the first time. >> it's an honor to be with chairman kim. it's an honor to be together in really vietnam where they rolled out the red carpet. maria: we're following the latest developments in hanoi. investors are watching retail earnings this morning and a second day of testimony by federal reserve chairman jay
powell on capitol hill. he will speak with the house financial services committee this morning the dow industrials are down 70 points, quarter of a percent. the s&p 500 down 6 and-a-half, that's a quarter of a percent and the nasdaq currently down 16 points, quarter of a percent lower there as well. modest declines yesterday on wall street. take a look at the markets at 4:00 yesterday with the dow industrials giving up 34 points, s&p down 2 points and nasdaq down 5 points at the close yesterday. global markets this morning are mostly lower, european indices down across the board. fq100 down 59 points, the cac in paris down 13, the dax index in germany off about 66 points right now. in asia overnight ahead of this big summit the nikkei average in japan was up half a percent, shanghai composite was higher in china and the kospi index in korea up a third of a percent, mostly higher overnight in asia. weight watchers stock is plunging this morning. take a look at the stock, down 36%. the company struggling to add new members, even after adding oprah as a spokeswoman. she is a major investor.
the shares today are losing strength fast, down 36%, $10 lower right now. all those stories coming up this wednesday morning. joining me to break it down, dagen mcdowell, wired contributor, zach karabell and forward strategies president, matty dipler is here. the big news yesterday was jay powell on the hill. he spoke to the senate yesterday. what struck you yesterday? dagen: , well he seemed to suggest in some of his testimony that all of these ideas floated by these new fangled socialists, whether alexandria ocasio-cortez or bernie sanders, that jay powell said yesterday that the idea that deficits don't matter for countries that can borrow in their own currency, i think that's wrong. he said that -- he gets into the idea of the u.s. fiscal policy,
he said, again, he called it unsustainable over the long haul. i think this speaks directly to these ideas that the federal reserve can somehow basically fund all these programs, which in that faq from alexandria ocasio-cortez that shouldn't have gotten out that was so laughably dumb, it talked about the federal reserve. the federal reserve bailed out the banks and now they'll help pay for the green new deal. lauren: >> we heard this from he'l elizh warren yesterday. her commentary was the fed, the banks and wall street are too cozy. i was surprised there wasn't more discussion about employment remarks the full employment picture looks like, that's what the fed has concentrated on for the last several months is talking about whether or not inflation and employment are where they're supposed to be. powell at the end actually had to volunteer what patience looks like for the fed. maria: it's been a pretty good economy. we just got more numbers out, best buy beat estimates on
earnings and revenue, $14.8 billion in revenue versus $14.7 billion estimate. earnings, $2.72 versus an estimate of $2.57. >> thank god for the geek squad. otherwise best buy would have gone away. really strong economy, no inflation, no economist, the fed, anybody has really figured out this conundrum. they're going to do the party line, which is you can't do this forever because eventually rates are going to spike and people won't borely. event -- won't borrow. eventually is such an unknown time frame. is it 1 years? 10 years? 5 # of years? we have no idea. they say this can't go on, this isn't an aoc or left thing, republicans spent just as much as the democrats. maria: best buy shares are up
10% this morning. we'll be watching that one as it beat estimates on earnings and revenue. president trump sitting down to dinner ahead of his summit with kim jong un in vietnam this morning. the president strikes an optimistic tone as the two greeted one another last hour. >> we had a very successful first summit. i felt it was very successful. and some people would like to see it go quicker. i'm satisfied. we want to be happy with what we're doing. i thought the first summit was a great success and i think this one hopefully will be equal or greater. maria: the president also focused on trade during his overseas visit, signing a new trade deal which outlined plans for vietnam to buy boeing jets and technology from the united states. this coming as the house weighs and means committee focusing on trade with china holding a hearing with u.s. trade representative robert lighthizer today. president trump extended the deadline for a trade deal with china. joining me right now is kevin
brady. it's always a pleasure to see you. thanks for being here. first let's talk about what you're expecting from bob lighthizer. what kind of a deal should we get from china, a lot of elephants in the room, away from trade and tariffs. you know that. as it relates to i.p. theft and forced transfer of february following. what do -- forced transfer of technology. what do you want to hear from bob lighthizer. >> china's been cheating for decades. it hurts america in major ways. the first president to take china on, confront them head-on on these predatory practices, what i'm hopeful for is ambassador lighthizer focuses on really the he key issues here. when they issued the 301 declaration, we pulled the curtain back on china's key preed trpredatory practices. any agreement that goes to that is right of that complaint and decision, i think is significant. secondly, i know they're focused
on measuring these commitments that china makes, obviously. look, we need to go and i think they know this, enforcement of this needs to happen not just at the central level but the provincial level, all the way through all of china's governance and finally there needs to be recourse if they backslide on these commitments. there needs to be a way for us to correct action, whether it's systemic action or individual actions against american businesses. my sense is this is where ustr is going. if that's the case, this will be a significant agreement. maria: it's a significant situation, just the fact that china is talking. we know that. because of all of the theft in the past. and china is sort of the big kahuna here. there are other deals that this president has to get done. for example, the usmca, let's talk about that for a second, congressman. you know you're getting -- you must be getting pushback from colleagues on the left. when i speak with congressmen from the house, they tell me on the democrats side, we're not going to ratify it unless it
changes. what's your expectation for usmca, the nafta 2.0678. >> it's crucial that it past. this is a good agreement. not perfect, but an awfully good one. republicans in the house started our efforts to begin educating members and building support for it two weeks ago. we expect democrats to join this because they were -- when president trump said it was time to renegotiate and withdraw, they made the case how important this trading relationship is. so really now's their opportunity to step forward. if there are some areas that need some fine-tuning, bring it out. that's natural. that's normal in these trade agreements. but the end of the day, we really need to get this to the president's desk, both parties, this year. maria: you're hearing new proposals from your colleagues on the left. you were working on tax cuts 2.0. we're talking about a green new
deal, medicare for all, 70% tax rates. house democrats unveiled new legislation that would guarantee healthcare for all americans, congressman. the bill does not include any price tag or any information on how to finance the proposal. your reaction? >> well, gosh, putting washington completely in control of your personal healthcare and your energy, what could possibly go wrong with that? almost everything. so, look, these proposals are way off on the left. when it comes to the economy, look, americans want -- we know our economy needs more workers and that's the biggest cap to our growth right now. we need more customers, that's trade, that's where we ought to be focusing right now. maria: of course, you're fresh off of a vote last night, the democrats putting a resolution on the floor to stop the president's national emergency declaration so he doesn't use the monies that could be available to him that have already been appropriated. this is the border wall battle.
the house of representatives last night voted to stop the president's border security available. we know that -- [ indiscernible ] >> thank you very much, everybody. see you tomorrow. >> let's go ahead. thank you, guys. thanks, guys. let's go, guys. maria: they're in hanoi, vietnam, having dinner. looks like the lights went out a moment ago. we were listening to the president live, congressman, speak with kim jong un at their dinner. we'll wait to see what comes out
of this. before i get to that, tell us how you voted last night in the resolution to stop and block the president's national emergency declaration. >> i voted no, maria. look, i think back at our state, where i live, and look how long we're going to turn a blind eye to the thousands of underage children forced into prostitution, the gang violence, how many loved ones are we losing to drug addiction and violent crime because we have porous borders. one, i believe the president has the legal and constitutional authority to deca declare this emergency. secondly, it is past time to act. i vote todd disapprove that motion. it is dead on arrival at the white house. we need to give this president, both parties the resources he needs. maria: look at all the pictures we're showing on the screen right now, all the house republicans that voted with the democrats to stop the president from declaring this national emergency.
senate majority leader mitch measure connell said this yesterday, -- mcconnell said this yesterday. >> there really is a crisis at the border. seems to me our colleagues on the other side are in denial about that and you can't blame the president for trying to use whatever tool he thinks he has to address it. but as of the moment, i couldn't handicap outcome of the vote. all i can tell you, it certainly will occur. maria: it goes to the senate now. how come so many republicans voted against the president? >> you know, maria, actually i was surprised it was a pretty limited amount, really split between those who had constitutional concerns. that's fair. i really dou dug deep and it answered my questions about the constitutional ability and legal ability to do that. i'm very satisfied with it. there are others who are in districts that are not favorable to president trump and so this was an interesting vote for them as well. but look, i think the end of the day, the president does veto
this. he goes after the resources he needs. i wish congress would have worked together to he provide him that. but look, come to our state. come to our state and you'll see the crisis that is there. it's not just on the border. it's in our neighborhoods. maria: congressman, real quick on north korea, do you think anything comes out of that? what would be your hope in terms of this meeting being a victory? what would look like victory? >> yeah, so i think all of this is incredible ian couraging. look, can you imagine a president personally engaging on transforming the relationship with north korea? not just saying lasting, stable peace. laying his cap on the line to do it and focus on denuclearization. all of these are really important steps. maria: congressman, it's always a pleasure to see you. thanks so much. >> thanks, maria. maria: we'll see you soon. join us live tomorrow morning, 5:00 a.m. eastern. we've got special coverage of the second summit between president trump and kim jong un. we'll see what happens at that
dinner as well as their final press conference tomorrow morning, right here live. coming up, oprah's wallet takes a hit, weight watchers stock plummeted, costing the mogul millions. that stock is down 36% this morning. we'll tell you why. fed ex's new hire, the company unveils its latest employee who can really carry the load. oh, yeah. back in a minute. ♪ i want to give you one last chance. ♪ i want to give you one lant lt chance. ♪ if you're looking for the main attraction -- it's screening technology that helps you find a stock based on what's trending or an investing goal. it's real-time insights and information, in your own customized view of the market. it's smarter trading technology, for smarter trading decisions. and it's only from fidelity.
maria: welcome back. breaking news, president trump now having dinner with north korean leader kim jong un. they will then tomorrow morning, we will hear them again from a press conference. this is moments ago as the two have dinner in this second summit. it looks from afar that they have a good relationship. but of course that's not enough for the u.s. and what the u.s. would like which would be denuclearization. i don't know if we'll ever get
to glawto glawn the denucleariz. >> the president has emphasized the relationship, saying he built the relationship. to your point, what does that mean, what does that mean for execution on a deal, we need to see something coming out of this meeting. if it's just identifying sites, even that would be a move in the right direction. maria: that would be a positive. there's a list of the nuclear sites. >> a he relationship in and of itself is not enough. maria: jay powell back on the hill this morning for a second day of testimony on monetary policy an the u.s. economy. cheryl casone with the details right now. good morning. cheryl: good morning. investors are going to be closely watching this today. he's going to speak before the house finance ailing services commit -- financial services committee. he said the fed is in hurry to raise interest rates. >> we still see muted inflation pressures. that gives us the ability to be patient with monetary policy. that's what we're going to do. this is a good time to be
patient and watch and wait and see how the situation evolves. cheryl: powell adding that the u.s. economy should continue to expand at a solid but slower rate for the year. okay, we are waifin p watching s of weight watchers this morning, the stock plunging more than 30% in the premarket after the company said it didn't add as many new members as expected early in the year. weight watchers out with disappointing fourth quarter results. there's the stock down, almost 35% in the premarket. oprah winfrey, the company's biggest single investor, may have lost up to $48 million. all right. a new feature may be coming to the latest version of the apple watch. bloomburg is reporting it may be able to track sleep as soon as 2020. the apple watch, for all the things it can do that are so great, they've been lagging their competition when it comes to the ability to track your sleep. the watch uses different apps to monitor sleep. you've got to charge this
usually every night as people are taking it off. garmin and fit bit will track your sleep. maria: i like the fit bit one, it shows when you have quality sleep, versus light sleep. >> very important for us. maria: thank you, cheryl. coming up, zeroing in on ipo, a big ipo in 2019, the year set to be a big year for companies going public, could be the biggest. market implications next. robots enter the fleet, fed ex using artificial intelligence so you can get your packages faster. the company's newest tool, the robot here in the studio. we will meet him? her? back in a minute. ♪ mr. roboto. this is the all-new chevy silverado. it's beautiful. beefy and mean looking. it's the strongest, most advanced silverado ever.
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to discover all sorts of tips and tricks in x1. can i find my wifi password? just ask. [ ding ] show me my wifi password. hey now! [ ding ] you can even troubleshoot, learn new voice commands and much more. clean my daughter's room. [ ding ] oh, it won't do that. welp, someone should. just say "teach me more" into your voice remote and see how you can have an even better x1 experience. simple. easy. awesome. maria: welcome back. we are watching ipos, a big
focus for markets. technology unicorns still pushing full steam ahead on their 2019ipo plans. this year could be a record-setter with companies like uber, lyft, pinterest, airbnb and slack on the pipeline to go public this year. joining us right now is ipo etf manager kathleen smith. great to see you. we're having a big year on top of what was a really big year last year as well. >> well, part of the reason is that the ipos have been delayed because the end of 2018 the market was so poor. we have a big backlog of companies. there have been privately funded tech companies that waited because capital's been available in the private market. now we start this year at extremely strong returns in the already public companies, our renaissance ipo index is up almost 30% for the year. maria: great. >> far above the s&p. that tells you investors are comfortable now with the already
existing ipos. now we have the market opening for these new ones. and we are going to see an avalanche of companies coming out, led by uber, levi strauss, some other very interesting companies and our analysis shows that these early ice breakers are the ones to look for because investors are still kind of nervous about valuation and these ones coming out should be some of the better ipos for performance going forward. so watch these that are coming out. maria: like lyft, levis, slack, pinterest. >> lyft will be coming in their ipo road show over the next couple of weeks. we'll get all their details soon that we haven't yet seen in a prospectus. that will come soon and then do the road show. during the same time we have levi strauss, $5.5 billion in revenue, profitable, 13% grower. nice business. the global brand in denim. we also have a company called
alight and that's not a well-known name but a $2.5 billion in revenue company. they're the platform for a cloud-based platform for human resources. and they power companies like work day and success factors. so a business that's not getting the attention of lyft but is going to come to market at probably valuations that are attractive to investors. this is the time to look. then we have this enormous backlog of companies that are highly valued private companies. uber, paletere. , airbnb, it goes on and on including pinterest and pellton. how is the ipo market going to absorb this kind of volume. it will be bigger volume than we've ever seen before, bigger than during the internet bubble period. >> palen ntire, i think they're the oldest company on the list.
a lot of the franchise has been secretive government work. beware what you wish for, ipo exposes you to public scrutiny. they thrived in the absence of that scrutiny. uber will attract immense attention. that too has thrived partly because of the promise with the financials being vague except for to the inside investors. they're losing -- they're burning through an immense amount of money. could you see this being a negligence tip for som -- negatr some of these companies? >> companies that are not earning money are going to be highly scrutinized. all of us know uber -- dagen: pellentire has had problems continually losing money. >> they've been around a long time and they haven't had public scrutiny. dagen: you said profitable. that's the problem, it hasn't been profitable. >> those are that are
unprofitable are going to be highly scrutinized. we're not in the same ipo market that we were in the internet bubble. individuals and advisers are not buying individual stocks. the market is cob is institutio. active managers are losing assets to passives. they're not that strong in terms of investor. hedge funds are not as strong now. they've been a tip l call investor. -- typical investor. i think the surprising thing is these unicorns, they're old held by typical ipo investor. lyft for example is owned by fidelity, alliance bernstein. janice funds. how much more are they going to own of lyft? are they going to go in in on the lyft ipo. maria: you're questioning whether or not the deals will do well. you said how can the ipo market handle this supply. you think there may be resistance. >> i think it may be hard.
the early ones, there's been a hiatus of issuance for a while, since the end of the year. so now with the ipo market opening up, the early ones we think will do well. it's the rest, how is the ipo market going to absorb the rest? not sure the answer. could it be better for a buyer? usually the sellers seem to have more control over the information, how they do thing. but could the buyers end up going on strike or saying, look, i have enough of this. you know, how much can i fit in my portfolio? it's not the same buyers that existed in 1990, 2000 when individuals jumped in both feet and bought no matter what the cost. maria: sounds like it's better for investor toss wait and see how the -- investors t wait and see how the stocks do. >> that sounds like good advice. maria: costco number one in the eyes of customers, story ahead.
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maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo your top stories right now at 7:33 a.m. on the east coast. historic meeting in hanoi, president trump sitting down for dinner earlier this hour with north korean leader kim jong un. the presiden sounded optimistice second summit. >> we're going to have a very busy day tomorrow and we'll probably have a very quick dinner and a lot of things are going to be solved, i hope. and i think it will lead to wonderful -- it will lead to a wonderful situation long-term. maria: our coverage continues this morning live, plus we are bringing you special live coverage of the summit tomorrow beginning at 5:00 a.m. join us tomorrow for one hour earlier here on "mornings with maria" and "fbn: a.m." as well, kicking off at 4:00 a.m. and we're here live at 5:00. the health of the consumer this morning, we've got more retailers reporting earnings this morning, best buy getting a boost from better than expected numbers. best buy up 11% right now.
tjx is going to be reporting in just over an hour. stock is up almost 1% ahead of those numbers. markets this morning are under pressure, broadly speaking. futures indicating the market will open lower ahead of jay powell. dow industrials down 48 points, s&p 500 down 4, the nasdaq down 116789 we're waiting on federal reserve chairman jay powell's second day of testimony on capitol hill. he will speak with the house financial services committee today on the heels of the senate testimony yesterday. markets suffered marginal declines yesterday on mixed economic data. dow industrials were down 34 points, s&p down 2 and nasdaq down 5 points yesterday at the close. european indices this morning are lower. take a loofnlgt fq100 in -- a look. fq100 down. asian markets overnight, mostly higher as you can see. the summit in north korea boosting the korean kospi index, up a third of a percent. big brother is watching. we will tell you how facial recognition technology may be
used while you shop. wait until you see this. all coming up this morning. first, the future of home delivery has arrived. fed ex unveiling its first autonomous robot delivery system starting in select u.s. cities this summer. joining us right now for a first on fox is fed ex executive vice president, chief marketing and communications officer, brie careri. thank you so much for joining us. >> good to be here. maria: we saw your robot earlier hand dagen a package which was very impressive. how does this work? >> basically the fed ex same day bot is an autonomous delivery device. it will deliver packages rightst to your door. think about prepared food or last minute gift. maria: in other words, this package will deliver right up to your door, so it will go on streets, on -- you said it's going to be used in bike lanes. >> absolutely. this is a new category of device. it's going to be able to go along your sidewalk or traverse in a bike lane.
it can go up curbs, on paved, unpained surfaces and climb stairs. >> super cool. i don't want to rain on the bot parade. the regulatory issues, electric scooters in the west and somebody bumps into somebody, breaks a leg, local municipalities freak out and pass some sort of law. what's your game plan with the inevitable questions that people will raise, the get off my lawn, somebody's dog runs into the bot. you name it. >> we're optimistic about regulatory approvals. we're going to be testing this summer. we've had initial conversations with municipalities. great hometown support from memphis. we think societyal benefits are tremendous. it will reduce congestion. it's environmentally friendly. we think most municipalities anticipate this is the future. from an environmental perspective, this is so much more evidence shefnt. imagine a two-ton vehicle
delivering a pizza. this is not good for anyone. this is far more efficient. our early conversations have indicated the municipalities are excited. dagen: would you keep bots, whatever you want to call them, delivery drones, if you will, would you keep them in like a central location and the drivers then drop the packages off and load them with packages and then they're programmed to go door-to-door? is that how it works? >> we've been working with major retailers on the design of the bot. so far, we've been talking to auto zone, lowe's, pizza hut, target, walgreens and walmart. and in those use cases, their customers, 60% of their customers are within three miles of a store or a restaurant. and so you're really talking about that last mile fulfillment from store. could you have a target employee load the bot and it goes on its way to your home. maria: that's the question i asked earlier as well. in other words, this is going to drive to your home, doesn't have to be on a truck.
it's going to be loaded up. >> absolutely. maria: that's what i'm worried about, though. you've got not a lot of space for another vehicle to be. you say bike lanes and the sidewalks. not going to be in the street with cars. >> brand-new category, along bike lanes, along the side, up and down curbs which is very important, it needs to traverse into neighborhoods. we're excited about this. we thinker it's going to reduce congestion. maria: is there an additional premium to be paid for same day bot service? >> we think -- we have not established pricing yet. right now, there is no reliable cost effective. this is for on-demand. so within a couple of hours, point to point delivery. this is the most efficient way you can do it. >> amazon's been testing out delivery drone as well. do you think this is going to be more feasible than the drone? >> our fed ex same day bot has 10 million hours of reliable, real world operations already. the base is built on the i-bought wheelchair.
it's the most reliable. it's got incredible safety features. it's got cameras, it's got screens. it will communicate to bystanders or pedestrian around it. we think it's the best technology in the market. dagen: i trust something like that more than some jerk on an electric scooter with his ear buds in, texting while riding on the sidewalk. [ laughter ] dagen: that's what you encounter in new york city. it's incredibly dangerous, poor human behavior many i would take a bot over most people any day. [ laughter ] >> i think the fed ex reliability and brand and what we stand for and obviously our logistics expertise is going to give consumers the confidence that this is a safe and reliable and will actually you bring them incredible benefits. we're very excite. maria: i see the camera and i guess microphone as you're collecting data all the while as well. >> there are cameras within it. it's got a 360-degree view. there's screens on the side so it can communicate. if there were to be an incident we've got screens and speakers and it will be remote monitored,
not operated but monitored so you could have communications via the speakers and the screens to a bystander or first responder. >> i feel like you should be asking the bot a question about how it feels about being on site. dagen: glad to be here. are you going to protect my privacy? are you going to be filming me when i'm not the delivery customer? maria: am i opening my door in my pajamas, is that on camera right now. >> privacy is a top priority for us. we will not be filming anyone's home. maria: great to have you. good stuff. congratulations. >> we're. maria: coming up, watching you shop, walgreens and kroger using artificial intelligence in their stores as well. what that means for your privacy coming up. netflix angering movie fans, the streaming giant changing the ending of on romantic classic. the backlash, up next.
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that's what's interesting. amazon dominated since 2010. this is the first year costco has been included in the survey and its score of 83 beat amazon's 82. they credit costco's same day delivery program and also its online grocery delivery service. shares of costco up 14% over the past year. well, the winner of gerber's annual photo contest is already making history. 15-month-old carrie yang is the first gerber baby of humong descent. her family is going to get $50,000 for winning the contest. look at those eyes. okay. then there is this. fans of the popular 2004 romantic hit movie, the notebook, are outraged that netflix has made a big change to the movie. >> you're different. >> what do you mean?
>> the way you look, everything. cheryl: if you've seen it, the film ends with the main characters in their old age, noah reading a diary to his wife that's got dementia and it shows the couple lying in bed taking their last breaths together. in the edited version the couple is not seen in bed. instead you see birds flying over a lake. fans took the social media saying the change was unnecessary. you can see the latest version in the u.s., it starts on friday. it's the strangest thing, maria. they changed the movie for the u.k. audience, now they're going to do it to the u.s. the movie came out in 2004. maria: i don't think i like that. cheryl: according to social media, nobody else does either. dagen: i never watched it. you can have your notebook, girls. i'll be watching the shining for the thousandth's time. >> very romantic. >> maybe we'll get a new end to
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maria: big brother is watching even while you're shopping. more and more companies are turning to facial recognition to connect with customers. retailers said they're using the technology to improve marketing to their customers. the software can detect age, gender, even a shopper's mood. joining us now is the cyber guy,
kurt knudsen. good to see you. >> if you're feeling down and you want to be lifted back up, what do you play? maria: happy. >> happy. maria: yeah. >> the mall is going to figure that out. retailers are going to figure that out. that's key to how you're going to shop at retailers in the future. the retailers are embracing technology because they're trying to figure out how do we beat the beast, how do you beat amazon? costco puts out food samples and creates an experience. westfield has come up with a brilliant foot forward where they went from essentially a landlord of retailers and became a partner. really investing in westfield labs and a lot of the technology embracing globally to find out more and more about the customer, so that not only can retailers learn more about you and me, but also so that i as a customer can have a whole different experience when i show up at a westfield experience or any of these retailers that are embracing this technology. we first started using this --
go ahead. maria: there's also an opportunity for you to decide what you want your outfit to look like. you could decide you want a blue shirt, you want the pants, having cowboy boot bottoms and you could basically design your own outfit. >> you could do that. you could decide while you're in retail experience that -- they'll find out maria likes that put in the trunk of her car after she goes shopping and she likes to go to this restaurant or this movie. they learn patterns about us to suggest to us behaviors at a mall that they're hoping are going to kick the butt of amazon. that's the whole goal behind this, how do you win back the customer at a traditional brick and mortar mall space many they're doing it, i'll tell you in terms of programming out experiences. they also realize that if a couple will spend more than 45 minutes in a h retail environme,
they will spend nearly double what they would otherwise. they're finding ways to keep us in these retail environments longer many it's all using this kind of technology to understand did they keep us there that long and how are we feeling about being there and did we come with someone and if not, why not, and how often does that happen and what time of day. the more and more they can learn about us, the more and more they're hoping they can get into our pockets to spend some money. dagen: the con is, kurt, that the retailers say we just want to serve you better, we want to know you better as if they want to become friends with us and it's just a big bunch of hot garbage. >> this is the question too -- >> in the case of some, yeah. in the case of westfield, yeah, they're disclosing in their app and they're disclosing along the way they're using this kind of technology, you and i have the option of engaging it fully or passively being part of an anonymous sample.
>> how many times have we heard the eulogy for brick and mortar. does that really make up the space. for every person you can keep in the store longer, you've got three people shopping gow onlin. is the dividend going to be such a big return that it's worth the investment upfront and to dagen's point, the concern on privacy. >> great question. i go back to my mama. she grew up in the retail space in women's apparel. she said you could give me all the data you want, you could show me all kinds of trends, show me all kinds of technology, what i'm looking for is a volume of people inside the store walking out with bags. if you go and look at a westfield experience in downtown new york or in california where they have spent, i mean, the largest amount of money on a reinvention of a mall, called westfield century city, you see people walking out of there with bags. i say mama, you're right, it might be working. maria: i'm wondering if there's
going to be pushback from governments. isn't it true that one of the issues new york had with amazon was facial recognition, that retailers have so much information, facial recognition on customers, i'm just wondering if this is going to get in the way of the way states or cities govern because there's a lot of data now that they're compiling on customers. >> look, i think that ship has sailed. >> look at the city of san francisco. they want actually to ban facial recognition. >> these phones, every time we use this stuff, we are data hoover's. no matter how much we opt out, there's more data coming in. maria: good to see you, sir. historic dinner is underway. we'll take you there, next. .
maria: welcome back. good wednesday morning. thanks so much for joining us. i'm maria bartitomo. it is wednesday, february 27th top stories right now 8:00 a.m. on the east coast. breaking news this morning, president trump having dinner right now with north korean leader kim jong-un, in vietnam. this coming ahead of the high steaks summit tomorrow. >> i think your country has tremendous economic potential unbelievably unlimited, i look forward to watching it happen helping it to happen we will help it to happen. maria: we are following very latest developments this morning out of hanoi back at home retailer earnings in focus best buy lowe's to watch today best buy results
bacteria expectations soaring up better than 9% best buy lowe's fourth quarter profit above expectation investors like that as well up 4% on lowe's investors waiting on second day of testimony, from federal reserve chairman jay powell, futures lower ahead of that, the market is down 62 points on dow industrials, futures decline 6 points on s&p, nasdaq down, about 20 quarter of a percent, this after modest declines yesterday on wall street he jay powell spoke in testimony, to the senate yesterday dow industrials down 34 points, s&p 500 down two, nasdaq down five points global markets this morning mostly lower, ft 100 down 53 cac quarante in paris down 8 dax in germany down 48 asia overnight markets mostly higher, as you can see, fractional moves japan best up one half of a percent starbucks expanding the brand coffee giant opening a new store four stories largest in the world we tell you where it
is coming up rising debt toll on millennials northeasterly 75% of millennials, are putting off a major milestone, as a result, one thing they spend on avocado toasty one brand looking to capitalize on that what avocado toasty snaeshgz all those coming up wednesday morning joining me to break it down fox business network dagen mcdowell. wired contributor zachary carrabelle here, national taxpayers union senior fellow toward strategies president, great to see you now thank you. >> welcome. >> i know you are talking to senator david perdue yesterday he is is questioned fed chief jay powell about the concept pushed by likes of alexandria ocasio-cortez, like oh we can fund all these fancy government programs! like medicare for all green new deal if fr will play ball keep interest rates, low, essentially, help us fund that borrowing by maybe even buying
-- buying up our debt the fed has done in the past. >> what did you say to that what struck but what paul said jed. dagen: i am par paraphrasing. >> -- did buy u.s. securities have a balance sheet that is pretty elastic. maria: want to get that down, we will see if it if that project is finished by end of this year, we are covering all the above our top story right now is the historic meeting in hanoi president trump is having dinner with north korean leader kim jong-un in vietnam right now ahead of second high stakes summit, the president he expressed what on to meet with kim began. >> i want to just say, it is honor to about here, chairman kim, it is honor to about together. in really a country vietnam was a really rolled out the the red carpet they have very
honored to have us, it is to good to about with you we had a successful first summit i felt it was very successful. some people would like to see it quicker satisfied you are satisfied we want to about happy with what we are doing i thought the first summit was great success i think this one hopefully will be, equal or greater than the first, and, we made a lot of progress i think the biggest progress was our relationship, is really a good one. maria: joining me right now georgia senator member of senate budget bank armed services agricultural committee david perdue good to see you this morning. thanks for joining us. >> good morning. maria: what do i want to see out of kim jong-un? the president factualness a lot about his relationship and as you just heard they have a relationship but when it comes down to it we haven't seen demake sure toingization, that is what we need to see denuclearization do you think we will get a list of nuclear sites in north korea or something that gives the
president, some feeling that maybe he did move the ball in this meeting? >> absolutely, i think we will get concrete progress out of this summit, i am proud of the president acting like a statesman even this morning you see him comments this morning you just played, he is acting more of a statesman than i think that is what we need in this conversation i was just over there last year i think that we need to see a timetable though with quantitative measurable results i think we will get some coming out of this summit remember where we were a couple years ago fact i have nuclear threat from north korea now doing it diplomatically i give president a lot of credit initiating this driving us forward with chairman kim. >> you make a good point when this first started remember the president first took office they were -- there was words of fight and furry remember that, the fight and fury comment calling him "rocket man" the relationship completely different will -- take that next step and give
us a list of the nuclear sites, give us something to quantitatively check in terms of of inspection? >> let's rome sanctions are really working i was there we saw refugees across border we talked to people permanently in north korea sanctions working, the president is offering olive branch to north korea to rejoin community of nations we think chairman kim sees that as a possibility to bring his economic wherewithal to new level frankly they've got to do it people are really hurting in north korea i think at the end of the day, chairman kip will give concrete progress wants to survive as leader of north korea to do that i think we have to work this out. >> would you be willing to own odors embassy in north korea should you get right wrults what would be olive branch u.s. gis to north korea short of removing sanctions. >> well before we talk about embassy we can talk about a lot of things reducing sanctions to a degree giving
economic incentives aid, we've got to secrete progress this is not something we want to invest in then look at resiliency i think we have to see concrete results, coming out of this summit i think we will there are a lot of things we can do to tweak this move forward we really need to see progress. >> let me move to jay powell the chairman headed back to capitol hill today, to testify in front of the house financial services committee after speaking with you and your colleagues at senate banking committee yesterday, tell me what struck you yesterday, about your conversations about your questions to the chairman of the fed? >> maria i never thought when i ran for the senate that we would be sitting here today 209 talking about socialism in our country that is what this is left not using the word anymore figured out what that will do but now talking about things like mmt -- let congress spend as much money as they went build up as much debt there it will be okay fed can take care of it, you know i am concerned with national
debt 22 trillion dollars three weeks ago more importantly than that we have four central banks china, japan, u.s. europe, have historic high value on their balance sheets this really concerns me. what the chairman said yesterday, is companies to some december not business at the same time i think fiscal policy monetary policy for the most part fed's business frankly i get concerned when i hear people on left talking about congress doing both. >> i want to get back to what jay powell said in a minute let me ask you about your solution. are you concerned enough about the debt to rein in spending up of been spending spending spending more when is it going to stop? >> maria let's talk about what type of spending is going on first of all, we are spending about the same amount right now discretionary budget that we did in 2009 so thats take place care of we spent money in military which was necessary we spent money in
tax bill, by the way, the cbo says if we grow economy half a point, gdp growth we will more than pay for it over a hundred basis points lowered debt curve next decade by three trillion dollars just first step we've got to get at social security medicare medicaid pension benefits interest on debt, by the way,,is the biggest increase in spending is interest on the debt with nine fed fund increases last two years, we talked about yesterday with chairman, this is my big concern 450 billion dollars in interest. >> u.s. federal government is you on sustainable signal path when is meant debt is a percentage of gdp is growing and now growing sharply growing quickly, faster and that is unsustainable by definition.
>> you introduced a resolution in senate and house to address this growing national debt issue. 22 trillion dollars, what kind of reception have you had? >> this is united states congress. these are people want to get reelected up here spending money is best way to do that that is our sin, that is the temptation everybody has the problem our problem is mandatory spending not in discretionary spending we have been able to control that for the most part last of four years, the problem is in in mandatory i believe we've got to address surgeon generals medicare medicaid frankly trust funds two trust funds i am concerned about medicare and social security about to to zero in and 12 years reinspectly we've got to save those programs and that will long term give a plan to get out of here lower the debt the other thing health care costs we spent a decade stalking hurricane insurance we've got to talk about drivers of health care costs two big areas we have to work on i think maria. maria: yet even with all of these expenses you just laid out, your colleagues are
talking about a super expensive new green deal. the american action forum estimates this graen deal introduced by alexandria ocasio-cortez could cost united states 94 trillion dollars. to implement. you talked about the cost, and interest rates with jay powell yesterday, here is what he said about that. >> i think this landscape is -- the fed would keep interest rates artificially low fiscal policy would be driven by congress, theoretically manage business cycle what obstacles do you anticipate in seeing it how successful has fiscal policy been in the terms of managing inflation interest rates. >> idea that deficits don't matter for currency that can borrow in their own currency i think is just wrong, u.s. debt is fairly high at a level of gdp, and much more importantly than that it is growing faster than gdp. fairly significantly faster we are going to have to either
spend less or raise more revenue. maria: so how do your colleagues have the never been to introduce something going to cost 94 trillion dollars when you've got 22 trillion dollars sta iring down. >> last year we collected .2 trillion federal index, nine trillion dollars a year to do whatever it is they think it is going to do oh, by the way, ask those people how they came to washington this week to vote. they got on airplane right their mode in their vision of the world, they would not be able to do that my point is this is silly this is not -- there is no way this can work not even some degree of that can work we've got a serious crisis right now we spend 4.4 trillion we've got a trillion dollars shortfall every single year, and we foe what is driving it, it is a mandatory side of the equation, look there is no ease way out of you can't spend your way out you can't save -- we've got to get at the basic drivers of kent crisis we know where they
are. >> when do you examine to get that mandatory issues. >> we plan to put a bill before congress there are bills out here now the president knows this is the next step, he believes though that it is a political hot potato right now i honestly believe could be high ground for the republican party, in 2020 if we were to show the world what we really believe in, that is economic opportunity for everybody really works limited government really works, look at economic results we are getting right now from, pulling back regulations, he lowering taxes going after energy, by the way, pulling back on dodd-frank for our small banks, we -- six trillion dollars can come back into this economy this is substantial turnaround. >> big issues senator good to see you thanks so much. >> thank you. >> we ensure join as you say tomorrow morning 5:00 a.m. eastern one hour early special live coverage second summit between president trump and north korean leader kim jong-un one hour earlier to bring details from hanoi, first it is a big week for
retailers big names best buy tj maxx lows reporting earnings breaking down numbers after this short break millennials can now wear -- wear, avocado toast on feet snack inspired shoes coming up. ♪ ♪ to manage my money? it's racquetball time. ♪ carl, does your firm offer a satisfaction guarantee? like schwab does. guarantee? ♪ carl, can you remind me what you've invested my money in. it's complicated. are you asking enough questions about how your wealth is being managed? if not, talk to schwab. a modern approach to wealth management.
maria: i'm lauren simonetti floor of new york stock exchange, where we are looking at the performance of best buy shares my goodness stock up 10% right here in the premarket this is the if only earnings report that covered the holiday shopping season good numbers forecast for 2019, about what are they in this order, sale driven by wearables, appliances you remember jc penney said would stop selling pipelines comp sales for best buy up 8 straight quarters smart homes
gaining, 22%, of their business is coming from oinlt best buy a winner today talk about lowe's up as well in premarket, sales missed so did comps earnings profits better than expected a company that is in midst of a turnaround, and with that, you do see costs, costs related to executive changes as well as store closures we are waiting on tjx i will get that to you, as soon as we can, because our eye is on retailers this morning, so from the floor of the new york stock exchange, looking at down market as investors see through earnings report the status of the trade talks, coming up, historic summit in hanoi president trump sounding optimistic over dinner with kim jong-un. >> a lot of things are going to about solved i hope tonight -- lead to wonderful really a wonderful situation all sides. >> we are taking you live to vietnam for the very latest,
maria: welcome back, now this, pakistan air force says it shot down two warplanes of india cheryl casone with details there. cheryl: maria pakistan says planes entered disputed territory they captured two indian pilots as well shut down air fairs to commercial flights, escalation after indian troops launched air
strike pakistan says killed six kivenz, long time rival nations both armed with nuclear weapons fought two wars over kashmir. >> starbucks expanding opened the world's biggest starbucks store tomorrow in tokyo 32,000-square foot rebuttal coffee tea elaborate drinks using to test design concepts menu items, starbucks to open up another in chicago one year chart of starbucks, all right a new study finding nearly 75% of millennials who have student alone debt delayed a milestone they have been set back from buying a home 25% saving tor retirement 19% delayed having children. >> finally there is this. >> there is a sneaker out there for millennials, there
it is selling avocado toast inspired running shoes, known as -- made a toasted leather features green tongue avocado shaped logos red pepper flakes on collar lining cost $130 i think i will stick to new balance. >> i like those, before we get to avocado toast sneakers i think starbucks needs to make sure not going to merge starbucks with french company the guy running starbucks look behind him carlos ghosn in jail in tokyo still waiting on what the charges are, because they are talking about financial crimes, and he is alone i wonder if this
impacted foreign businesses doing business in japan given that judicial system he can't even talk to family family wanted to talk with him he want an lawyer from u.s., japanese lawyer has to use, next about the avocado toasty sneakers, would you wear them. >> no here is the thing avocado toast like being so 2016 now, now all about this, that what you can put in drink avocado toast passé, i think -- i like a little bit behind the trend in this. >> come but with a new hemp shoe. >> that would be -- >> it is so 50 years ago i am old enough to remember avocado collar appliances, weren't that bright -- green color a dark green all rage in the 70s avocado refrigerator.
>> although it is -- >> hut in 401(k) i am not saving enough take on 3 bucks but in 401(k) makes more money for you in future. >> -- bringing up some left and right after seeing maybe not good idea. >> historic summit in hanoi president trump sitting down for dinner with kim jong-un as we speak we are bringing the very latest gomendevelopments l from vietnam earnings as welteke takeover what is in store for the future of mlb begins testing radobotic owned tires, yes back in a minute. ♪ when you see -- ♪ ♪ [ telephone rings ] [ client ] - hey maya. hey! you still thinking about opening your own shop? every day. i think there are some ways to help keep you on track.
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>> happy wednesday everybody thanks so much for joining us. i'm maria bartiromo. top stories right now 8:30 a.m. on the east coast. and historic meeting in hanoi president trump north korean leader kim jong-un sat down for dinner, they are are in middle of dinner right now as they prepare for second summit in vietnam. >> the i thought the first summit was a great success i think this one hopefully will be equal or greater, than the first, and we made a lot of progress i think the biggest progress was our relationship. is really a good one.
>> coverage continues this morning plus we are bringing special live coverage of the summit tomorrow morning we will be an hour earlier tomorrow i hope you will too 5:00 a.m. earn starting to bring very latest from hanoi keeping eye on earnings this morning, tjx, coming out months ago, mixed numbers the -- company reporting in line earnings per share beating on revenue, stock up one half of a percent, company raising dividend best buy a boost from the better-than-expected earnings best buy shares up 11% last check this is real time 1 1/2% higher best buy campbell soup up 4 1/2% beating expectations, on earnings for the quarter as well. broader market not hot futures line to start of trading agency we await jay powell's testimony this morning, we are waiting for the chairman of the federal reserve, to take up the second day of testimony on capitol hill, today, he will speak with house financial services committee and the market is lower ahead
of that dow industrials down 50 points, s&p 500 down five nasdaq down 18. european indices lower this morning to look what we are seeing the president00 in london down 50 points, cac quarante in paris down 8 points the dax in germany lower by 48, asian markets mostly higher as you see here, fractional movers mostly upside a gold card record setting big bucks tom brady rookie car earned at auction robot revolution on diamond major league baseball reporting planning to put robots on field to take over from umpires details coming up president trump north korean leader kim jong-un currently having dinner in hanoi, vietnam holding second summit tomorrow jane errorerts in vietnam with the very latest. >> good morning to you. >> the. >> maria, good morning to you, the president, probably about to wrap up his -- his dinner rather with kim jong-un also
includes secretary of state mike pompeo, and acting chief of staff mick mul mulvaney. >> kim jong-un sister there seated between president and secretary a couple other officials the president one-on-one meeting again, tried to sell kim, on the promise of economic benefits of joining the global economy by getting rid of nuclear program, last year he go at a chance to take a look at what happens in singapore when you embrace capitalism went to marine based sands hotel big casino in signing signing important end by trump don oer sheldon aid aidson kim go ahead and answer to get rid of nuclear weapons before economic benefits we do not know mow hardown the road the president will get in terms of denuclearization other than closing a couple facilities one a rocket engine plant the other one nuclear bomb testing
facility as in taken no tens december manhattanedling program a big issue white house officials insist denuclearization completely verbal, again no idea how far down that road kim is willing to go there is one thing for certain north korean experts tell fox news north korea does not trust united states so they have to about maria trust i building measures to see if they can move forward. >> thank you so much live in hanoi, and wear waiting for any news of any expectations here, any he verifiable progress dagen your take what we might here one person state department last night, told me look if we can get a list of where with the nuclear sites are, or if we can get to do some expectation that inspectors can blow up one of those sites get rid of some nuclear arsenal that would be a major victory we haven't had
that. >>. dagen: would it be major victory a full list of the nuclear sites in north korea, and we could compare that to what u.s. intelligence has found would be a commitment by north korea, to pursuing denuclearization u.s. north korea so far we have not dined what that looks like what that truly means, for each of the individuals nations, "the wall street journal" editorial yesterday, cautioned against allowing north korea to drag this process out. after this second summit. and particularly, doesn't look like we are going to separate from sanctions -- but clearly north korea would push us to do that. and drag this out as long as possible, that is to their benefit. >> i think a good point the question what does administration do moving forward to make sure that north korea can't continue to say, we are going to denuclearize at later date will they increase sanctions put a deadline on north korea same way with u.s.-china trade negotiations?
i think the administration is probably exploring options if we don't see any kind of list execution that we can verifiably get today i think that is probably next step from administration. >> bigger picture ail of you know is that we are inching toward no longer being a slash fund for globally instability deals the united states -- 20 years ago genuinely denewized, unified peninsula south korea legislated the way to extent no longer an area of instability where we can attend to significant issues the u.s.-china trade issue, is and should impact our lives much more than whether or not north korea does or does not have 15 nuclear weapons would have been heretical to say 20 years ago the expectation was nobody has nukes as we see now you know pakistan, india are able to fight a series of limited wars having nuclear
weapons, it may not be optimal world but certainly not the end of the world. >> markets don't care about india-pakistan this morning interesting. >> another point you are not as worried about these spilling out of control, you know human beings societies can incorporate a good degree of regrettable destructive chaos civil war in syria did not move market because still over whether or not apple will sells additional iphone a nuclear war armed conflict on korean pension l.a. sends people into -- tizzy should because of those. >> state department says goal has not changed complete denuclearization on korean peninsula. >> they say that that is not going to about what i think ends up happening. >> we will see they are trying to move ball see what comes out of that meeting we are all right in terms of he's got to come away with something when a list the some commitment
from the north stay with us tomorrow morning all of the latest out of this meeting at 5:00 a.m. eastern here one hour earlier, tomorrow, for specialized coverage as we follow second summit between president and north korean leader kim jong-un, concern over risk of recessions jpmorgan jamie dimon telling investors bank is not theing predicting a recession however are preparing for a recession. want to talk about this right now because jpmorgan preparing for a recession, makes me feel like they think a recession is on the way some point. >> i actually think this is an appropriate response, we have been conditioned to think that anyone even saying r word means about to happen we need to get away from this could dominating how financial crises starting 20 years ago noojtdz okay to say that end of the expansion may be coming be prepared for it doesn't mean a recession is imminent doesn't mean we can't be prepared for it, which i think assumption after 2008. >> back on january 7 when i
interviewed jamie dimon he was not worried about recession 209s but iffy on 2020. >> i think the idea that you should prepare for negative contingency is always a good idea, there is a wisdom to that approach there is lots of things we should prepare for i am preparing for lots of things, i hope don't happen, and there is a difference between a recession we all think my god a recession means end of everything economic growth if slows from 2.5% to one percent versus 2% negative .5% all things are slowing one recession one slowdown expansion, both things you need to adjust to, we are not going to about on a straight line up but i don't think there is any imminent risk of some sort of collapse the large point we don't have, there may be funds we don't know about definition -- does not seem a systemic, secret
bubble forge that is going to dry destroy us next year or two. >> confidence up above expectations. >> look at retail numbers too even if you reading in december i think likely to see revision on -- retailers report pretty confident numbers, especially coming off a pretty volatile december normally would create pressure on consumer confidence exactly right consumer driven, feel good about united states. >> jamie dimon because of morning lending businesses watching the fact that last year we had slowest home price growth, in what four years, 2014, construction in slump that has to about -- if worried about -- you know economic slowdown that is got to about -- >> mehome depot did not do particularly well varied landscape bright spots not as if everything is off to the races. >> quote at server day we are not predicting a recession, but we are preparing for one. coming up trouble for general
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maria: welcome back germany buyer facing lawsuits over roundup weed killer. cheryl: lawsuits increased by 1900 over the past three mince, more than ,000 plaintiffs claim companies weed killers contain a chemical causings cancer they daejs saying studies have shown it is safe to use the rising tide of litigation as they are moving forward with major rerestructuring one year chart. >> united auto workers taking general motors to court filed a lawsuit to top closing of plants in ohio michigan maryland claims collective bargain agreement for bids that gm disputing this in process of eliminating ,000 jobs shutting down fif plants
in united states and canada. >> -- striking down a 1 111 bridge in greece caught in a live broadcast stone bridge collapsed as floodwaters is a smashed into it a powerful storm dumped heavy rain several days. >> rolling stone magazine, revealing latest cover champions progressive women features alexandria ocasio-cortez job, hanna hayes, posing with nancy pelosi. calling group women shaping the future. back to you. maria: shaping the future all right. dagen: yes, they are. maria: what do you sake you saw this cover first. dagen: i thought rolling stone put it up on instagram, make this -- i don't think this is going to age well in terms of the relationship
between nancy pelosi, who is tough as nails has earned her position as speaker of the house. and the some of these freshmen congresswoman nancy pelosi's right touching her aoc driving kind of policy debate right now and then, of course, congresswoman omar had made some appalling anti-semitic comments she seems to have dleetdz if y deleted i don't know about this cover i don't think going to hold up over time. >> if you are anti-semitic made anti-semitic xaents how are you on foreign affairs committee. >> impossible. >> how on cover rolling stones. >> looks like a hostage in this picture smiling she is grimacing i think you are rate that overly nancy pelosi is not shown a lot of generosity
to aoc's of the world. >> still anti-semitic, allows right to paint democratic party totally captive to this group representatives in michigan or won in virginia freshmen democratic women who are not in the limelight not getting all twitter attention have much more complicated nuanced politics. >> looking at omar, when there was an issue on the respective side, steve king making stupidest comments kevin mccar though a relieved him of all committee assignments what have democrats done by omar anti-semitic tweet. >> this is something that i think remarkable about aoc talking about 70% marginal tax rates green deal guess what
doesn't have committee asign menths on ways and means or emergency in congress nancy pelosi doesn't want to give her a platform about that. >> what nancy pelosi said about her green deal so that. >>. dagen: rolling stone published that hideous false gang rape story about university of virginia when you read it, it was just completely played up just based on the details in it, again that will be a -- a certainly a mark on the magazine reputation forever, president trump motorcade on move they are finished with dinner, the president just had dinner with kim jong-un, and now looks like they are getting ready to leave. tomorrow we hear press conference, and any other commentary that comes out of this meeting between the president and kim jong-un. this, of course, second summit, after singapore summit we did hear a couplements earlier that the president
said he believed north korea -- could have real economic activity. obviously trying to lure kim jong-un into giving up his nuclear ambitions doing away with his nuclear arsenal. the president getting ready to leave as you see the motorcade there, departing from dinner with kim jong-un. >> all eyes on bryce harper free agent to sign deal robots what is in store for murt. major league baseball testing robot umpires back in a minute right here. ♪ ♪ you leave me hanging on ♪ you don't really need me but you keep me hanging on ♪ this isn't just any moving day.
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. maria: welcome back covering breaking news as you see the motorcade if hanoi awaiting president trump depart infrastructure dinner with north korean leader kim jong-un as you see the motorcade has begun, movement so we will let you know when the president actually does in fact depart, 29 days until opening day, counted on them baseball biggest free agent looking for a team, jared max with the latest good morning. >> good morning, maria. bryce harper seven seasons with washington nationals a free agent nothing free about bryce reportedly turn down 300 million dollars to stay with washington last weekend met with fillies owner middleton dodgers manager roberts still trying to find where the bryce is right. >> price golden nolan, four time all-star 6 time golden glove third baseman rockies baseball's highest paid position player in terms of annual average salary 8-year deal 260 million working out
to 32 1/2 millions per season could a robot do a better job than home plate umpire about the find out mlb partnered with atlanta league a testing ground for potential rule changes in the big leagues expected beginning this year, independent miner league will complement, track man radar devices installed at 8 league stadiums data shared with major league baseball reportedly would also like to see miner league experiment with pitcher's mound further than 60 feet 6 inches from home state. >> tom brady breaks another record sale of football card rookie card sold for 400100 dollars auctioned monday by ebay pwcc, part of 2000 playoff championship ticket collection only 100 proud thduc
over 400,000 grand for a football card. maria: amazing! >> big numbers across the country saying my mom threw o out my mickey mantle card. maria: jared max how about that robot on field catch sports reports 24-7 sires radio xm 115 new addition to "mornings with maria" family we tell you who next. ♪ go ahead, ask it a question. tecky, can you offer low costs and award-winning full service with a satisfaction guarantee, like schwab? sorry. tecky can't do that. schwabbb! .. award-winning full service? if not, talk to schwab.
maria: i am so happy to tell everybody i adopted a rescue puppy. i couldn't believe the stats on how many dogs go to foster homes i took in baby dusty. dagen: we will talk about it more tomorrow. i love you for that and everything. maria: "varney and company," take it away. what you think of dusty? stuart: adorable. i am serious, i rarely use that word but it is applicable. adorable is good. good morning, everyone. they met, they shook hands, held a brief conversation and headed off to dinner. kim trump get together has started, big smiles from kim when our president said north korea has great economic potential.