tv Mornings With Maria Bartiromo FOX Business June 5, 2019 6:00am-9:00am EDT
meet with mexican officials at the white house to try to make a deal before that happens. "mornings with maria" begins right now. ♪ want to put this song on replay. ♪ could listen to it all day. ♪ could listen to you all day. ♪ all day. ♪ yeah, want to put this song on replay. maria: let's take a look at markets one day after that big rally yesterday. markets rebounded and the rally continues this morning. futures indicate a gain of 155 points, two-thirds of one percent. the s&p is up 17, nasdaq up 57 points on the heels of a big rebound yesterday on comments from fed chair jay powell, the head of the central bank, signaling that trade tensions could affect future rate cuts. he said the fed will be ready if in fact things escalate.
now, i spoke with bank of america's ceo, brian moynihan yesterday, he doubt that the fed will have to cut. watch this. will the fed cut rates this year? what does your gut tell you? don't tell me what your economist says. >> i don't think they will. maria: you don't think they will. >> unless something goes really wrong in a trade, i think the economy is stronger than people think. that's a personal belief. i can tell you, unless something goes really wrong, the economy is going to move along in 2% plus growth rate. they're raising rates at this growth rate. maria: joining me right now is david scranton. it's good to see you this morning. markets heard what they wanted to hear yesterday from jay powell. how do you see things? >> yes. well, i feel as though finally the federal reserve has listened to the president and they started to side with the president. they were working against him for a while it seems or at least what he wanted but now with the
comments yesterday it seems like the president might get what he wants. i was thinking up until now this could be a year where the old addage, sell in may and go away plays through. i'm starting to second guess a that. you never want to bet against the federal reserve as you well know. maria: that's interesting. things feel really good. you look at the economy right now and the headline numbers, like record low unemployment or good growth in the first quarter of 3.1%. while we have seen pockets of weakness like manufacturing and those purchasing manager's indexes, the pmis, pretty much people feel that things are strong and without a major change like a trade issue, we could continue on a 2% level. is that the way you see it? >> i believe that we can. but that's, again, without the trade issue. and the trade issue as you know can shave off between a half and three quarter percent growth on the gdp. so i think what's happening
right now is when you look across at lackluster growth in europe and other parts of the world, we are once again it seems the cleanest dirty shirt in the world's economic camper. how long can we stay strong, keep growing, when the rest of the world seems to be doing otherwise. maria: i spoke with the ceo of walmart yesterday and he commented on a potential business slowdown. he was very iffy about it. he still says things look good. watch this. >> this is a cycle. it's impossible i think to call exactly what's going to happen. we try to be prepared for anything and manage our costs so that if something were to change in the environment that we would be ready for that. we're not seeing anything right now that would cause us to think today's environment is different than it was in recent months. maria: then we take look at trade, david. where is this going in terms of these issues? mexico leaders are going to meet with vice president pence as well as secretary pompeo this
week. we'll see what they come up. with yesterday, it was interesting from the president of mexico saying we think we're going to get a deal done. we think we're going to be able to do something to help on the immigration issue for the president. so this may very well be bluster that we don't see any tariffs on mexico. what do you think? >> it's possible with mexico, absolutely. they really have an axe to grind, a reason to be our ally, to be our friend when it comes to trade. they're a small part of the big picture. really it's the china worries that are the biggest part. right now, that seems to be going in the opposite direction for a whole variety of reasons. so i hope that will play out in first half of the year and now i'm not so sure. maria: i agree with you on the china story. that's a much bigger story. it's really more than just the economic part of the story. this is a national security issue as well. let me tell what you the fox news poll shows in terms of the trump economy. 48% of americans approve of how the president is handling the economy. the president tweeted this early this morning.
if the he totally corrupt media was less corrupt i would be up by 15 points in the polls based on our tremendous success with the economy. if the corrupt media was actually fair i would be up by 25%. nevertheless, despite the fake news we're doing great says the president. his way to stick it to the media, or the media is not focusing on the economic story. the economy is driving the president's popularity, has been from the beginning. if we were to see a downturn as a result of the trade, does that affect his rel election campaign? >> -- re-election campaign? >> absolutely. it's one of the concerns a lot of people have who are trump supporters right now is he's been touting the economy and the stock market. we have a long way to go. we have another, gosh, it's 17 months and the stock market being right now on a record recovery in terms of cyclical bull markets are concerned, so you have to say can it really last that long, this bull market, even with the federal
reserve's best efforts to prop it up as, again, we heard yesterday from chairman powell. maria: the first quarter looks good, 3.1% growth. we're getting the may a adp report out in about two hours. economists are expecting an increase of 180,000 jobs for the adp report and then we get the jobs number at the end of the week for the month as well. and that's probably similar numbers, 180,000 is what we're looking for from adp. do you think we'll get a good number? >> if we see a weakening it will be in the adp numbers before it will be in the jobless claims. so it's possible we're just a little soft from the 180, maybe 175, but i think the initial jobless claims will be right on target with consensus. so these issues are really longer term issues that we have to worry about and remember, what the average investor looks at is not so much gdp growth. the average investor looks at the stock market, are the mutual funds up, is the 401-k worth more. it's a stock market issue for
the president's re-election. maria: we're looking at job opportunities. we've got the adp number out today and friday we've got the jobs numbers from the labor department, 185,000 jobs expected in the month of may. the unemployment rate expected to hold steady at 3.6%. that's a good number. whether you're looking at the stock market or opportunities in jobs, you're feeling pretty good right now. >> yeah. well, let's hope. let's hope. and maria, i have to till, that's why when ever i have an opportunity to talk with somebody like yourself on television, i like to stick to fox because i don't want to be involved with all that fake news and that's actually the truth. maria: wow, it's unfortunate that we don't see the reporting of some of these very good economic stories elsewhere. but we certainly will keep on it, david. good to see you. thanks so much. >> thanks for having me. maria: be sure to join us on friday for our coverage of the may jobs report, all hands on deck as we do jobs in america, 8:00 a.m. eastern, right here,
friday morning where we get the jobs news out. breaking news this morning, president trump is arriving at portsmouth on england's south coast to mark the 75th a anniversary of the d-day landings. cheryl casone has more on that right now. cheryl: president trump is set to take part in a photo opportunity with leaders that are attending these d-day ceremonies in portsmouth. the president is going to be paying his respects to american service members and allies who helped rescue europe from nazi germany back in 1944. fox business will have live coverage of that event, 6:15 a.m. eastern time. president trump's expected to make remarks 30 minutes later. he will make his first presidential visit to ireland, that's going to be later today. well, vice president mike pence meeting with mexican leaders at the white house today with the first in a series of u.s. tariffs against mexican imports set to take effect on monday. chuck schumer strongly
criticizing the trump administration's move. >> i believe that he will back off when faced with the opposition among business, among his own republicans, and when he sees what a dumb move he has made. cheryl: president trump tweeting can you imagine crying chuck schumer saying out loud for all to hear that i am bluffing with respect to putting tariffs on mexico. what a creep. he would rather have our country fail with drugs and immigration than give republicans a win. he gave mexico bad ad vice. no -- bad advice. no bluff. those are your headlines. another tweet. can't make it up. maria: cheryl, thank you. we have breaking news right now. we're standing by for live remarks from the president. he is commemorating the 75th anniversary of d-day which is june 6th. plus, questions for carlos ghosn, renault reportedly ready to bring a case against the former chairman over expense reports. we're going to get into that when we come right back. stay with us, back in a moment. another rally underway right now.
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-oh wow! and the all new silverado has more trim levels than any other pickup. whoa! oh wow! -very cool. there's something for all of us. absolutely. it's time to upgrade. (laughter) maria: welcome back. we have a big show this morning. coming up, united kingdom secretary of state for international trade, liam fox is here this morning. georgia congressman, doug collins joins us this morning. awell as newt gingrich is here. fox news senior judicial analyst, judge andrew napolitano as well. carlos ghosn could soon be facing new charges. renault planning to bring a case against ghosn after reportedly finding more than $12 million of questionable expenses. that's according to the finance minister of france. joining the conversation this morning, fox business network's dagen mcdowell, market strategist, michael block, as
well as emily compagno. thank you for joining us, everybody. >> great to be here. maria: big rally yesterday on wall street. what did you make of this, jay powell is talking about the trade situation and should things get a lot worse, he's ready to act. >> we were looking at a situation where data and earnings were not getting investors excited. there was the china trade situation and then what happened with end of last week with the mexico trade situation it really had everyone down in the dumps, had everyone talking about recession. jay powell is noticing this. he came out and said we'll take appropriate action to sustain growth. very important words. sustain growth, appropriate action, it reminds me of mario ragi saying we will make sure everything goes right in europe by whatever means necessary. is it enough? is it co coughs met cosmetic?
we're going to find out. maria: we were talking about raising rates in november. six, seven months ago, it was november. dagen: i would just caution investors about the excitement of the fed running to the rescue of any problems that might develop in the economy because justinlayheart wrote about this. historically, rate cuts only ease when the possibility of a recession is pretty clear or the markets themselves have fallen into like a major funk, to use justin's word, that the financial stability of the nation is at risk. the bar is pretty high for a rate cut. and the fed, again, i've said this, will take a wait and see approach, probably with related to the tariffs and the trade fights because they have to also sit back and see if the tariffs, the higher tariffs cause inflation. if you have all companies beginning to raise prices, then
that could be inflation. maria: because they can't get to the inflation target, haven't been able to, 2%. this is important because the president is facing a re-election campaign in 2020 and he's been running and doing well because the economy is doing well. >> this is when conjecture plays a bilbig part of it for voters. they've seen what returned to their income and their job security. there's a confidence and comfort level that all of this kind of fear-based rhetoric at this point hasn't trickled down to the kitchen table yet. at this point it's just threats an conjecture. dagen: we were talking about, because we're the nerds, before the break, that any weakness in the economy right now is in manufacturing and in the factory sector, most pronounced. and that the ism for new york yesterday really fell off a cliff and then you've got this rally despite that. >> it went from a 73 handle to a 48 handle, calling tray consist.
maria: it's a global manufacturing story. global manufacturing pmis have dropped below 50. >> it's an eye-opener. we are facing a re-election next year, 2020. the fed did what it could yesterday. we saw a little bit of indication of that. they're going to signal they're going to make sure nothing bad -- nothing bad is a allowed to happen. the question is, what is president trump going to do, what's going to happen with china trade, what's going to happen with the mention he co-situation, what's going to happen with the -- mexico situation, what's going to happen with the democrats across the aisle with fiscal stimulus. the onus is for both parties to do something here if they're looking to sustain growth. maria: the president of mexico said he thinks they could come up with some plan, some agreement to avoid tariffs. i personally don't think we'll see tariffs on mexico. i think it would be crazy, given the fact that he needs to have usmca passed and the dems have given him enough pressure on that. >> dagen: president trump
yesterday morning in the press conference with theresa may was like oh, they're coming and i would say 5% tariffs wouldn't really mean much because the peso is declining in value. that offsets any tariff we slap on imports from mexico. maria: it's the incrementsal. dagen: it's the rolling and the next month if we get to 25% by october, look out. maria: it's true. look out. let's look at the possible renault, fiat merger. renault's board of directors saying it needs more time to consider the proposal fiat chrysler. if successful, the companies would create the third largest autautomaker by production witha market value of around $40 billion. this comes after renault and nissan talked about a merger but of course that put carlos ghosn in jail. he's out now on bail. your thoughts? >> yeah, well, first of all, for fiat to analyze this, they need a team of lawyers to figure out the corporate governance part of this, given the cross share holdings between nissan and renault. the auto sector is under a
massive secular change given the move to autonomous driving, electric vehicles and when you look at the vehicle sales figures around the world, they don't get anyone too excited. it makes sense that might will make right here. the merger would make a lot of sense. there are a lot of complications, cultural, financial and otherwise. i think we're going to see more about this. again, getting back to the whole tariff situation, the mexico threats from last week were a big hit on the supply chain where automakers are left saying wait a minute, where are supply chains going to be situated. fiat, nissan, renault are facing challenge as well. this does make a lot of sense. there's a lot of wood to chop here. maria: we're watching pictures of the d-day commemoration event in portsmouth, u.k. the president is there with the first lady along with other leaders. we saw germany's angela merkel. we saw macron from france as
well. dagen: the 75th anniversary is tomorrow, june 6th. operation overlord, there were more than 150,000 troops who came together from allied countries, the united kingdom, united states, and canada, and it's really incredible. we remember those who sacrificed their lives. but again, this joint effort, we are partners in prosperity and sacrifice with the united kingdom and it's important to remember the sacrifice then and our freedom now. maria: it sure is. dagen: we wouldn't be sitting here if not for that joint effort. maria: we might be speaking german, that's for sure. we are watching the world look to the 75th commemoration anniversary. my uncle landed on bloody omaha. a number of my uncles did. i know your family as well. we have to thank p all of those people who fought for our country then and for the freedom and fight for us every day today. dagen: i will encourage people
to go to bedford, virginia, it's right near where i grew up. the national d.-day memorial is in bedford because bedford per capita lost more men on that day than any other city or town in the united states. there were 1 19 young men who dd storming those beaches. maria: it's incredible to hear the stories of those who are here today to tell it. president trump is set to speak at the event commemorating the 75th an verse riff of d day -- anniversary of d-day. stay with us. busy morning, right here. my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes.
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event to commemorate the 75th an verse i'vanniversary of d-dah june 6th. the president met with queen elizabeth and her family this week. we have signed royal photos on set which we will show you momentarily. we want to show you these photos here. these are signed photos of queen elizabeth and her husband and these were lent to us from bradley scott, actually, he is a dress designer, a friend of the program. and he was telling me stories that he is a collector and he decided to -- he heard us talking about it and said, well, i can lend you my photos. we have signed photos in his collection, pretty cool to look at. >> i think that's incredible. maria: yeah. here's one, look. >> that's just beautiful. maria: 1976. this was signed, obviously 200 years after the nation declaring
independence in 1976, these were signed. >> incredible. maria: bradley scott, thank you for lending us these beautiful pictures. dagen: this is the queen mother. maria: this is the queen's mother. dagen: may she rest in peace. camilla wore one of the queen mother's -- well, a crown that's very familiar to the queen mother at the state dinner on monday night. why i know had that, i have no idea. >> my wife amanda's great uncle was a medic on omaha beach. here he was this young man from kentucky, preparing for d-day. he couldn't let his family know where he was for security reasons. what he did was, they were up in scotland getting ready for this and he had a picture taken in full highland gear with a kilt and bagpipes and sent it to the family so they knew he was safe and they had an inkling where he was without knowing where he was. maria: wow. it's really important that we
look at these commemorations of d-day and of world war ii and remember and discuss what happened. i feel like younger generations don't understand and don't have the pride. some people in young rer generations, some people don't understand what went on. we grew up in an environment where our uncles, our grandfathers all fought and understood the seriousness. >> migrate my great, great uno is bauerlyed in france -- buried in france, his mother helped to rally to go see her son's final resting place. if we don't pass this down, then how are we going to keep sharing. dagen: it's our responsibility to keep telling the stories. the individual, the personal stories about not only d-day but all of the sacrifices that our men and women have made to preserve our freedom.
when i say we wouldn't be sitting here, i mean we are a free exercise of the first amendment every single day. and it's these freedoms that we do certainly take for granted. it's important to remember, particularly on a day like today and tomorrow, the 75th anniversary of how lucky we are and all of the people who died, to make sure we are free. maria: incredibly lucky. we will take a short break. when we come back, president trump is set to speak at that event commemorating the 75th anniversary of d-day. we'll bring you his remarks live when we come back. a new threat from russia, a fighter jet buzzes past an american jet over the med mediterranean. we have details on that. back in a minute. the moon came out a little bit and it started coming up at us. one guy said you could get killed out here. another guy said yeah, let's get on this plane. rather than worry about how to pay for long-term care.
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everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, june 5th. your top stories right now. breaking news this morning, we are remembering d-day which is tomorrow. president trump is in portsmouth with world leaders including the queen and the prime minister, theresa may, marking the 75th anniversary of the normandy landing. the president is expected to speak shortly. we will bring you his remarks live. futures meanwhile showing another rally at the start of trading. markets continuing to rally from yesterday. dow futures up 161 points, two-thirds of 1%. s&p up 18, the nasdaq up 60 points, almost 1%. on top of yesterday's big rally on the fed comments, markets posted their best day in five months. up a 512 points on the dow. better than 2%, following remarks from the chairman of the federal reserve who hinted the central bank could lower interest rates if need be. the nasdaq was up 2.65%, almost 200 points higher there as well. in europe this morning momentum continues. fq100 is up half a percent, 38
points. cac in paris up 31. the dax index in germany is up 61. in asia overnight, japan the best performer, following the rally on wall street. nikkei average was up 1.8%. the others flat, as you can see. tariff threats continue, vice president mike pence will meet with mexican officials at the white house to try to make a deal before new tariffs arrive in five days on mexico. president trump in portsmouth, england this morning with other world leaders to commemorate the 75t75th an verse anniversary of. the battle marked a turning point in world war ii where more than 160,000 allied troops took to the shores of normandy, france in what remains the largest land, air and naval operation in history. joining us right now is former u.s. army special operations hand strategic adviser, brett valikovich. thank you for joining us this morning. >> good morning. maria: take a look back and characterize thee the enomity ot
took place. >> it was unlike anything a that we've ever faced before, that's for sure. i'm so thrilled that the president is taking part in these ceremonies. it means the world to these veterans, to show how grateful we are as a nation, to show our appreciation. i believe it's our duty as americans to pay tribute to the veterans and honor their sacrifice. i spent a lot of time at war. i spent six combat tours overseas between iraq and afghanistan. i spent my 21st birthday in afghanistan. when i hear the stories of these world war ii veterans, what we faced over there is nothing compared to what they faced. i can't imagine the things that were going through their minds when they stormed the beaches of normandy and unfortunately, we're losing more and more of these world war ii veterans every single day. my grandfather, he's a world war ii veteran. he turns 99 years old this year. he speaks of such pride, such
pride that he had for our country and i think we're losing that. you talked about that a bit earlier, this pride factor here. but to me also the d-day ceremonies are more than just a symbolic gesture of these memories. it also talks to our alliance as well with great britain and france. it speaks to that, how it's more important than ever, especially with some of the threats we face. maria: when you think about what took place, it's so extraordinary and the reason that i said that in terms of some young people not really understanding today, because we don't really talk about it the way we used to. i grew up in a household where it was always there. my uncles fought in world war ii. one of my uncles landed at omaha beach. they called it bloody omaha. my grandfather fought in world war i. it was always there in my family, that we knew we had family members that fought for this country, fought for freedom. we don't have those conversations i feel like with younger people because while
they're big event in -- their big event in terms of understanding terrorism was 9/11 which was incredibly significant as well. we were attacked. so it was not the same as having the people fight, go -- when our soldiers got off those boats, got off of those helicopters, they were met with a lineup of machine guns. by the germans. many of them knew they were -- or expected they were going to die. dagen: coming off those higgins boats on the beaches off the coast of france. what can we do, to maria's point, to remember the stories from world war ii, but also connect with those people who have served and sacrificed, who are younger, who are your age. you talk about turning 21 in afghanistan. what as a nation should we be doing to really kind of bring the circle in, so-to-speak?
>> right. well, i think we have to keep telling these stories. it took a lot for me to get my grandfather to talk about the stories during world war ii. i think a lot of times your nature is to hold it in. combat veterans these days feel like americans don't understand what they went to, they feel like the stories they tell might seem absurd to civilians who might have not been a part of it. i think it's more than just saying thank you for your service, ask a veteran to tell you a story, let them tell you a story and listen to them and hear the incredible sacrifices that were made. a lot of stories aren't coming to light. i think we need to preserve that. dagen: i do think that -- you can disagree with me, an you too, maria, but i think certainly our attitude about the service of our veterans and the people who are currently serving in the military is changing through things like jock s's o willington, former navy seal,
out there through books and through the muster training programs, they do corporate training exercises but it's all based on what they learned in service. and there is a real connection with that and what they're trying to teach people about, well, to use their phrase, extreme ownership, because we went to a seminar and it was extremely powerful and it made the important connection between their service and what they experienced and how we can implement that in our everyday lives in terms of personal responsibility. maria: personal responsibility, leadership, resilience, courage, and i think that was a great idea that they took some of their learnings to the corporate world to explain some of that extreme ownership. dagen: one of their musters, one of the events they put on where they basically teach you these -- both life and work lessons, if you will, these lessons of sacrifice and
personal responsibility. that they tell the stories about the battles that they participated in and how that can be applied to basically leading a better life, whether you're a civilian or not. i hope that more of that happens. maria: i agree with you. we're going to ask you about the military overseas this morning. the u.s. navy reporting a russian fighter jet buzzed past a u.s. navy plane flying over the mediterranean plane repeatedly. the u.s. navy said it caused turbulence, putting u.s. pilots and crew at risk. what's your reaction to this? >> well, i think just overall russia seems to be getting more and more involved and putin seems to be taking more aggressive action. i think he believes that the current geopolitical climate is in disaa ray to the point where he can test the world. not only do we see this incident but we saw overnight a hyper sonic weapon being tested. last week we saw some sort of renewed nuclear testing that was noticed by our intelligence
services. it appears that putin is lashing out, not only because he feels like the time is right to do that because we may be spread too thin with our own issues but also recently what happened is the trump administration pulled out of this international nuclear forces armed treaty with russia which essentially at the time had banned the use of missiles within a range of 500 to 5,000 kilometers. so that's sort of a nonstarter for putin who really is worried that he's seeing more and more of this expansion of our u.s. defense, missile system, defense architecture particularly within eastern europe. i think he's a bit nervous about that. we're going to continue to see him try and take bolder action and we're going to see him start to unravel these alliances. i noticed he's getting cozy with north korean leader kim jong un. so i worry also that some of this bold action may result in them even potentially providing the north koreans with weapon systems and maybe plussing up
their nuclear program which is a big fear of mine. maria: it's good to have you on the program. thanks so much and thank you for your service, brett. >> of course. thank you. maria: another medical lab falls victim to a data breach. cheryl casone with headlines. cheryl: that's right. lab corp. saying nearly 8 million patients may be affected by a data breach at a collectioncollection firm. the collection agency notifying 200,000 people that credit card or bank information was possibly exposed. they say they provided no medical information to the firm. same breach recently affected quest diagnostics. staying in healthcare, cvs health is shifting its focus to healthcare services. the company's going to turn 1 10 locations into health substores by the end of 2021. these redesigned drugstores will have a lab for blood tests and also for health screenings that will give less face to products like greeting cards and candy.
cvs opened the first three of its stores in houston, texas in february. a north carolina man won the $344 million powerball jackpot using numbers from a fortune cookie. charles jackson, a retired military store owner, took home a lump sum of $233 million. a new jersey college student who was dreading a lecture from his dad about having to get a summer job just won $1 million. christopher gutentopolos bought the ticket. he forgot to check his numbers. he discovered the ticket a few days later on the way to lunch to have a discussion about getting a summer job. no word on whether he will get a summer job. that's why he's smiling. maria: very cool. love it. coming up, president trump is set to speak at an event commemorating the 75th an developsly o -- anniversary of
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kevin, meet yourkeviner. kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. maria: breaking news, president trump is expected to address the crowd live in portsmouth, u.k. to commemorate the 75th anniversary of d-day. as soon as he begins speaking we'll take you there live and we
are watching the happenings there as you can see. we'll keep covering it until we see more conversation coming up. meanwhile, we've got a market that is rallying this morning on top of a big rally yesterday. the dow jones industrial average expected to be up 100 points this morning on top of a 500 point rally yesterday as the federal reserve signaled that it will be ready to cut interest rates should the economy need it, given the upset over trade and that's the one thing that so many people complain about, that could actually take out the strength that was caused as a result of the tax cuts and the deregulation the president put in place. can the trade fight eliminate all the good economic growth that we've seen as a result of the legislation? >> we need resolution on china. i will say i think part of the continuation of this rally from yesterday has to do with the realization that the tariffs on mexico are becoming less likely to even happen or to sustain and
ratchet higher. that's a big part of this too. that was a real left hook to the markets last week, so-to-speak. i think there's a lot of realization that it's not feasible, the republicans seem to be coming out against it and it could be done. maria: the president's about to walk up to make his remarks. let's go back to the u.k. to hear the president at the commemoration of the 75th anniversary of d-day. here comes president trump right now. >> all mighty god, our sons, pride of our nation, this day have set upon a mighty endeavor, a struggle to preserve our republic, our religion and our civilly unite civilization e a suffering humanity. they wil will need thy blessing
because the enemy is strong. we know by thy grace and thely chewsnestherighteous of our caus will triumph. some will never return. embrace these, father and receive them, heroic servants, into thy kingdom and oh, lord, give us faith, give us faith in thee, faith in our sons, faith in each other, and faith in our united crusade. thy will be done, all might owe god. amen. ♪ >> a letter home from private arthuarthur.
dear mom, here i am somewhere in england. we're putting private homes in this town. the people will do anything to help you and make you comfortable. they won't have us clean up the room in the morning. the clean it for us. they sure go for tea in a big way. every time i turn around, someone is trying to shove a cup of tea in my fist. people even stop us on the street and invite us for tea and cake. the kids are always asking for chewing gum and candy. everything is rationed. there's hardly any automobiles and everybody rides a bicycle. they told us all about the bombing. maria: we are listening to excerpts as you can see there at this commemoration of the 75th anniversary of d-day. president trump read an excerpt of a prayer that president roosevelt read on the evening of june 5th, right before d-day.
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maria: welcome back. the president as you just heard read an excerpt from a prayer that franklin roosevelt read on the evening of june 6th, after the landing in norman ditch we're going to get back to the commemoration of the 75th anniversary on d-day shortly. the federal reserve is hinting at a possible rate cut yesterday. it caused a huge rally in stocks. he suggested we could see rates come down by the end of the year. traders are betting on that possibility. i spoke with the ceo of bank of america, brian moynihan. he disagrees that we will see a cut in rates. watch. how do you see the broad economy right now?
>> you think about the u.s. economy as two-thirds consumers, the size of the economy is basically equivalent to china's economy. when we think about what's going to happen to the economy, i think about what the consumers are doing. bank of america, so far this year through may we've had a trillion dollars in payments made by consumers, a check written, a credit card, debit card payment, atm, that is up 5% plus from last year. what you saw is the economy grew faster. now it's come back down. it's very strong. it picked up during the year a little bit. maria: let me go to another gap. it's the gap in interest rates. the 10 year dropped like a rock, it broke 2.07%, actually. the yield curve has now inverted where you've got the 10 year actually lower than the three month at 2.3%. what does the inversion tell you for starters? is this indicating that a recession is on the horizon? >> there's a common view that there's a correlation between
inverted yield curves and recession and it proves to be true a number of times. also proves not to be true. i think you've got to focus on the real underlying economic data and what you're seeing come out and so business confidence is strong. not as strong as it was. but it's strong, consumer confidence is strong, not as strong as the highest point, spending, et cetera. you've got to concentrate on that. maria: will the fed rut cates this -- cut rates this year? >> i don't think they will. unless something he goes really wrong with trade, i think the economy is stronger than people think. unless something goes really wrong and confidence breaks, the economy will move along in 2% growth rate. they're raising rates at this growth rate. maria: i think we're all waiting -- i feel like we're all waiting for things to slow down in a meaningful way. we haven't seen that across the board with the exception of manufacturing. dagen: exactly. the fed ain't cutting rates with a 3.6% unemployment rate.
i'm just leaving you with that. maria: exactly. that's right. things are pretty good still. we'll keep talking about that. china is slapping a fine on ford meanwhile. it continues its retaliatory moves. plus the ceremony commemorating the 75th anniversary of d-day, next. introducing the first of its kind lexus ux and ux f sport, also available in hybrid all-wheel drive. lease the 2019 ux 200 for $329/month for 36 months. experience amazing at your lexus dealer. i couldn't catch my breath. it was the last song of the night. it felt like my heart was skipping beats. they said i had afib.
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that sparked a huge rally on wall street yesterday. that continues this morning. futures indicate a gain at the start of trading of 167 points. the s&p is up 20. the nasdaq is up 61. as you see. next hour we will get the may adp report, the expectation is for 180,000 jobs added to the economy in the month of may. this after a big rally on wall street yesterday on the powell comments. take a look. the dow industrials finishing up 512 points. that was better than 2%. the s&p was up better than 2%. 58 points higher. the nasdaq up two and two thirds percent, 194 points higher on the nasdaq yesterday, all on the idea that the fed could in fact cut rates at some point this year. in europe this morning, gains there as well. fq100 is up two thirds of a percent, 44 points. the cac in paris is up 36. the dax index up 68 points. in asia overnight, markets were mixed but as you can see, japan was the best performer, up 1.8% on the nikkei average. china is hitting ford motor with
a fine. what that means for the trade fight coming up. all those stories coming up this wednesday morning. joining me to break it down, dagen mcdowell, market strategist, michael block and fox news contributor, emily compagno. great to see everybody this morning. >> thank you. dagen: can we talk about markets really quickly? yeah, please. dagen: maria: we move on to the -- dagen: before we move on to the d-day commemoration. are you surprised the markets are following through after the fed speaking yesterday. i was listening closely to what brian money han moynihan was sao rate cut this year. barclays, the economists there think the fed will cut rates by half a percentage point in september. and then another 25 basis points later in the year. that's kind of incredible for an economy that for the most part looks solid right now. maria: it depends on the trade fight.
look what china's doing now. it's messing with ford motor. it harassed fed ex last week. it's threatening that it's going to stop the rare earth minerals from getting imported to the u.s. the fight with china worsens and now we've got this mexico uncertainty. >> remember, mr. moynihan is doing his job as ceo of one of the largest banks in the world, saying everything is going along reasonably well. there's no need to cut rates here. there's others who are more academic and are saying well, if the unemployment rate is x, then maybe we don't need to cut rates. remember james board from the st. louis fed said the other day, low unemployment rate is not a reason in this situation to not cut rates because there's other things going on. we have a dysfunction alomar get here. this yield curve is telling us something is amiss here. we could say this time it's different. we could say it's not a real l signal, doesn't matter anymore. the point is, it is affecting the market and the economic psychology out there. the fed cutting rates may help
alleviate some of that psychosis, if you will, and that's a big part of this. maria: maybe it's sentiment. look at the data points. you've got unemployment at 3.6%. we're going to get the adp number out in a an hour and 10 minutes. we expect to see 180,000 jobs created in the month of may and unemployment holding steady at 3.6%. i recognize the pmi is showing weakness certainly on a global basis. you have the question, can the u.s. continue growing this way with the rest of the world slowing down. but is it that dire that we need a rate cut? >> the rate cut is a matter of instilling confidence and undoing some of the dysfunction in the market. that's the way i look at it. when i talk to professionals, guys who run a lot of men in the credit sector, they say the december hike was a mistake, done on backward looking data, perhaps it shouldn't have been done. this would help undo that. dagen: it would have to be pretty dire for the fed to cut rates. the only example when it wasn't the case, when it wasn't obvious a recession was on the horizon
or real instability in the financial markets was going back to 1995. that came after the fed raised short-term interest rates by 3 percentage points in a single year. maria: then they reversed course. dagen: it's been a number of years. and by the way, that was -- it was also the last two jobs reports preceding that fed interest rate cut were actually we saw job destruction in those months. that was one of the reasons. so you would have to see -- the federal reserve is not cutting rates if we're getting six figure job increases every month and inflation is still at 1.6%, although that's low. you have the tariffs which could increase inflation and unemployment is low and you've got wage growth the fastest pace in a decade. this is not the backdrop of a fed that cuts rates and the market thinks it's going to happen. i'm like you better watch out. the yield curve was inverted
yesterday. maria: the 10 year is lower than a lot of them. what yield are you looking at that's most important? because if you look at even the three month, that's at 2.4, 2.5%, versus the 2.07 that you're looking at the 10 year. what yield do you look at that's most important in terms of -- versus the 10 year. dagen: you watch the 10 year. maria: versus what. dagen: versus the fed funds rate. maria: that's two and-a-half. dagen: i don't think the fed cuts rates here even though the yield curve is inverted. maria: i don't think so either. it's not warranted with the economy that's growing and producing all these jobs. dagen: watch the fed fund raise two and a quarter, two and-a-half. watch when it gets above two and a quarter percent, that would be a healthy sign, right, mike? >> the spread is signaling
recession right now. we could say that's not possible. that's what the market is telling us right now. the fear is this becomes a self fulfilling prophecy, the data heads south. that's what the fed is telling us they want to focus on. maria: there's the 10 year at 2.13%. the others are higher than this at 2 and a quarter to two and-a-half percent. we are remembering america's heroes this morning. moments ago president trump delivered a tribute the to commemorate the 75th anniversary of d-day. he read from roosevelt's d-day prayer. >> all mighty god, our sons, pride of our nation, this day have set upon a mighty endeavor, a struggle to preserve our republic, our religion, and our civilization and to set free a suffering humanity. they will need thy blessings for
the enemy is strong. he may hurl back our forces but we shall return again and again. and we know that by thy grace and by the righteous of our cause, our sons will triumph. maria: wow, getting the chills as he reads that prayer. joining me now, fox news contributor, the author of collusion, newt gingrich is here. thanks very much for weighing in this morning. quite the commemorative ceremony happening in the u.k. as we look ahead to tomorrow, june 6th and the anniversary of d-day, 7 a 75years ago. >> i actually did a podcast on d-day and president roosevelt's prayer. the whole prayer runs much longer than they had time for this morning. i thought president trump delivered the heart of it really, really well and hopefully it reminds people that in 1944 this was seen as a sprirt wall crusade -- spiritual
crusade. you had nazis who were anti-god trying to create a secular dictatorship. it was seen as a struggle for the survival of our civilization. tomorrow represents the 75th anniversary of the biggest gamble ever taken by humans beings. there is no other project the size and complexity of the normandy invasion. and it was a remarkable human achievement. maria: it's a good way to put it. let me ask you about the trump economy, newt. we want to look at these new fox news polls, showing the president received positive job ratings on his handling of the economy. the president tweeted this. if the totally corrupt media was less corrupt i would be up by 15 points in the polls based on our tremendous success in the economy, maybe the best ever. if the corrupt media was actually fair i would be up by 25 points. nevertheless, despite the fake nukes we are doing grace -- fake news, we are doing great. we are debating whether or not we're going to see a rate cut. the economy is going strong. we have 3.6% unemployment.
and we have adp numbers showing more job growth, within the next hour. >> let me offer a contrarian view. i think the fed ought to focus on money. if you have no inflation, then you ouyou ought to be relatively passive. if you have an increase in productivity you can afford to cut rates just not because you're trying to stimulate the economy, but because you actually don't need to send any signal that money ought to be more expensive. money is expensiveness is a function of projected inflation and what trump has managed to pull off so far is substantial economic growth while fighting with some of our trading partners, while really working a at profound deregulation. he's got a relatively stable monetary environment with continued increase in unemployment and wage increase which is very, very important to bring the middle class back into
the game. >> mr. speaker, mike block here. good morning. so what does this all mean? in light of what you just said, what do you think could happen here with the trade situation with mexico, which is on everyone's mind over the past few days? do you think that tariffs will go into place? do you think a deal can be reached here? do you think it's very important to the economic engine continuing? >> i think a deal will probably be reached. again, frankly, the president ought to put the focus on the congress. we wouldn't be in this mess, he wouldn't be having to muscle the mexicans if the u.s. congress would do its job. the whole premise that trump worked on for two and-a-half years was build a wall, protect the united states, don't bother your neighbor. but if the congress refuses to do its job, and he is determined to cut off the flow of illegal immigration, which by the way has grown dramatically in the last year, then you've got to pressure the number one source
which is mexico. i mean, all of these people coming up to the border are coming up to the border through mexico. and if the mexicans wanted to, they could control all of that. historically, they haven't wanted to particularly. and so i think he looked around for the only tool he had, which was to scare the mexican with a tariff and he said look, trying to get control of our border and trying to stop illegal immigration is more important than the short-term economic side effect of a tariff. i mean, plus, remember, trump is a very good negotiator who always starts very tough and then goes back to being reasonable. maria: the republicans are threatening to block any tariffs on mexico and we should point out that one of the ministers in mexico yesterday said he sees an 80% chance of avoiding any u.s. tariffs. it feels like it's bluster. that's how saw it from the get-go. we'll see. he made the threat.
he's got to stick to it if in fact they don't come up with a substantial answer to the border crisis. >> i think vice president pence will end up with a positive announcement, will take substantial steps in the right direction which they should. i would point out whether or not even with the republicans and the senate in rebellion, whether or not they could overvied a presidential veto is not at all clear to me. maria: it's good to see you this morning. thanks so much. >> great. thanks. maria: newt gingrich joining us there. ford in the middle, as tensions between the u.s. and china intensify. the details coming up next. then tim cookies pushing back, the ceo of apple denying a monopoly, coming up, right after this. ♪ i just want to feel this moment. ♪
a big change for senator elizabeth warren's campaign staff. cheryl casone has details in headlines. cheryl: the 2020 hopeful allowing her campaign staff to unionize. she's green lighted a request by the international brotherhood of electrical workers to represent her employees. senator warren now the third democratic presidential candidate to allow this, following senator bernie sanders and julianne castro. a florida state trooper the victim of a dramatic hit and run. there's the video. the trooper hit on florida turnpike last month. he was assisted another trooper during a traffic stop. he's okay. i want to say that before i get to the end. a white sedan slammed into him as he walked back to his vehicle. he was rushed to the hospital. he is now at home. so again, looks like he's going to be okay. but police are working to track down that driver. well, it was no laughing matter for comedian tracy morgan after his brand-new $2 million sports car was involved in a minor
accident in new york city. new video shows morgan not taking it lightly. he banged on the other car after he stood up on his own luxury bugatti. it happened an hour after he had driven the car off the lot. nobody was injured. jeff bezos is heading to fifth avenue. the amazon ceo is buying three apartments for a cool $80 million. this is one of the richest deals in manhattan real estate, according to the wall street journal. he's buying the penthouse and two units underneath it in a 1912 building. it turnethe three units would te than 17,000 square feet with 12 bedrooms. not your average new york city apartment. maria: he's got the money to do it, that's for sure. cheryl: sure does. dagen: he was apparently looking at one of these apartments, a penthouse in a new building in west chelsea. i'm so glad he's not living in my neighborhood.
again, can you imagine the traffic with his entourage and his security. at least he isn't moving into one of these billionaire towers in midtown which are literally the ugliest buildings put up in new york city ever. like the one that ken griffin, the hedge fund manager, that's the top price. maria: do we know where his new building is. dagen: it's on madison square park. >> 212 fifth avenue. dagen: it's an older building. can we talk about the car, though? you drive someone tells me a '72 ford. >> are we talking about the bugatti. dagen: if someone hit your car, how would you react? >> tracy morgan was calm by comparison. he got a $90 million settlement from walmart. some of the shells and panels on the car alone are $250,000. even though it's a fender bender, it's not such when talking about the price tag of
the damage. it's a huge dent in the value of the car. it's an unfort unfortunate circe for him. dagen: if you bought my car, my used porsche that i drive. >>, iwill fall up on the hood or car and it will damage it. i am very -- i weigh a lot more than people probably think. and i'm pretty stout. maria: you're not going to dent the car. you're not that heavy. dagen: i have fallen on the hood of cars before. if you bump me or threaten my dog i will fall on the hood of your car. it will scare you and you will never ever get in another fender bender. maria: hitting an american icon, ford motor caught in the middle as tensions between the u.s. and china intensify. tim cook is pushing back, saying apple is not a monopoly at all. details coming up, right here.
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maria: welcome back. u.s.-china trade tensions are heating up. china fining ford's joint venture nearly $24 million for violating anti-monopoly law, as trade talks between the u.s. and china remain at a stand still. joining us now is jonathan ward, author of the book, china's vision of victory. good to have you on the program this morning. thank you for joining us. the vision of victory for china is what? >> the vision of victory for china is to surpass the united states, to use their economic power to build themselves into the dominant super power of the 21st century. they're going to fill in the military and technological pieces. the bottom line is to use the power of 1.4 billion people to become a force unlike anything else in the world. maria: there's national security concerns around this. that's one area that we've been covering mostly, the national
security threat as opposed to just an economic story. this is way more than just a trade war. huawei is a perfect example. the chinese technology company's chairman says he's willing to sign a no spy deal with the united states. that's what he's saying. this as the u.s. is pushing a ban due to security concerns. they recognize they're about to he see a ban, they are seeing a ban in the united states and they're about to see lots of partners, customers, say we're no longer doing business with you because there is espionage going on, everything that huawei picks up goes right back to the chinese government. >> that's right. you have to look at at huawei in the context of this entire system. people are looking for a smoking gun, i.e., what have they done. the smoking gun is the political system china. they say any entity, company, organization must assist the chinese state and national intelligence collection. you're talking about the founder who wrote an e o ode to the nat.
this is someone who is deeply embedded. maria: i feel like american companies have been so interested in getting their foothold into the chinese economy to be able to sell to 1.4 billion people, they for foo protect their own products. the chinese are at a part where they can compete with the u.s. right there and probably beat the u.s. in a number of ways. >> this is the problem, people weren't doing the long-term thinking on what it means to go into china. two decades worth of tech transfer jv, this has consequences. china's share of the fortune global 500 is almost the same as the u.s. the question is, are companies prepared to compete with chinese corporate as they go out with the backing of the state and people are looking at china's strategy as the china market, not the effect of china on all their global markets. this can be very disruptity manufacture out of the 30 largest banks, 13 are chinese.
the top five are chinese. the biggest banks in the world are chinese. the banking sector has had a tough time getting a real foothold in terms of owning 51%. ubs is, and jp morgan got waivers and licenses. senator marco rubio wrote a wall street journal op ed that you can't trust a chinese audit. this is his point in the op ed. he's publishing for a new bill -- pushing for a few bill to ensure u.s. listed companies comply with american financial reporting roles. the senator writes this, many chinese businesses are listed on the u.s. stock exchanges but beijing's intrasignage ensures that american investors often don't get a true picture of those company's financial health. you look at a company like alibaba, where are the profits? they go through so many different areas in i think that's partly what he's referring to. >> sure. on one hand, the chinese used this global system, tomorrow is the anniversary of d-day of course where you have really the beginning of america's global presence. the architects that came after
that and set up an american order that lasted 7 70 years, i think that ended in 2014 when you had crimea and the south china sea happening at that point. authothey are talking china as s the free trader. for them to use our system and create their own advantages by having the ultimate goal of surpassing us is something that can't happen anymore. maria: today is the 30 year anniversary of tianemen square where the chinese government cracked down on protesters who wanted freedoms. many people were killed in this. they won't know about this in china. they will censor google and all news. no chinese can read the facts of what happened. american companies need to have their eyes wide open going into operating with a company that's completely different approach than the u.s.'s democracy. do you think we're going to get
a trade deal, bottom line? >> i think in the end you'll having that won't a amount to much. xi-jinping lied to barack obama about the south china sea. what you have won't change the nature of long-term u.s.-china competition. so the business community has got to be ready for this. maria: maybe we'll get a deal but it's not going to be a big deal because it's impossible to change cultures. >> it's not going to change what they want. it's not going to change their means of getting it. maria: i couldn't agree more. how do you move the needle on something that's cultural, stealing i.p., forcing the transfer of technology. congrats on the book. we'll be following your work. maria: jonathan joining us there on china. reigning in big tech, apple's ceo tim cookies hitting back onal lee gas stations of -- on allegations of an apple monopoly. microsoft taking on men's grooming details coming up, stay with us. ♪ here it goes, yeah.
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it's just $4.95 per online u.s. equity trade. maria: welcome back. good wednesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is wednesday, june 5th. your top stories right now, 7:3. breaking news, he are remembering d-day. 75th anniversary commemorations underway in portsmouth, united kingdom. president trump read a prayer earlier, originally read by franklin roosevelt on the night of june 6th, 1944, after the normandy invasion. count dodown to tariffs on mexi. vice president mike pence will meet with mexican officials in the white house. jay powell said the central bank could take action if the trade battle escalates. markets are rallying on that comment on top of a huge rally yesterday. take a look at futures, indicating a gain at the start of trading of 135 points. the s&p right now is up 14
points. the nasdaq up 45, two thirds of a percent. next hour we will get the may adp report, the expectation is for 180,000 jobs added to the economy in the month of may, after a huge rally on wall street yesterday on powell's comments. the dow industrials up 512 points yesterday, better than 2%. the s&p was up 58 points. also better than 2%. and the nasdaq was up 194 points, that was 2.65% higher. the momentum continues this morning in europe. european indices are higher across the board. the cac in paris is up 27. the dax in germany is up 42. in asia overnight mixed story. japan was the best performer. the nikkei average up 1.8%. our top story this half hour, targeting technology. the house judiciary committee gearing up for an anti-trust investigation into major technology companies promising a top to bottom review of the market power held by giant technology platforms. this as apple's ceo, tim cook,
is denying an a an apple monopo. joining us right now is judge andrew napolitano. good to see you. what do you think? >> it's a unusual for the house judiciary commi committee to shw the identical investigation being done by the justice department and for the justice department to be shadowing the identical investigation that's being done by the federal trade commission. it's also unusual for them to announce the existence of these investigations before anything happens. the doj of course can sue. it can also indict. the ftc can change rules or adjudicate big tech folks as having violated rules and the house of representatives can initiate legislation to change things. stated differently, they're all going after the tech giants because of the perception that they are too big and, therefore, need to be regulated. that perception i suggest to you is so contrary to free market principles and can only harm the
consumer in the long run. so without which there is nothing of anti-trust law, emily knows this, is is there harm to the consumer. tim cook could have all the sharp elbows he wants and engage in all the price discrimination he wants but if the consumer has not been harmed, there is no anti-trust case. that's the bottom line. when they did this with microsoft, it took six years of investigation before a single document was filed in court. so i think we're going to be talking about this for a long time. maria: how do you know if the consumer was harmed? doesn't google right now represent 90% of all searches? they are obviously dominant. >> yes. it's the doj's job, if they're going to pursue google -- let's say the doj decides -- i don't think it will be this doj. this will take so long, assuming the president is reelected in 2020, this wouldn't be resolved
until after 2024, whatever doj it is, the job is to represent to a judge, not a jury, that the consumer has been harmed. cases like this are usually very, very technical. on the technical side, how did google get so big, how does it operate. on the economic side, who was harmed by it. is there a trial? there is rarely a trial. these cases usually end in some sort of a settlement so the government can claim victory. maria: they're having hearings on june 11th. the journal reported identifying five senators and four congressman to watch as lawmakers focus on technology companies, including elizabeth warren, chuck schumer, josh holly, along with doug collins and ro kon a a. doug collins is our guest later on in the show. >> this is grandstanding by both congress and by the regulator whose are trying to make names for themselves. they're the great crusaders out here. the fact we're talking so much about the doj gets this, ftc
gets that. it's like you guys are arguing over who gets what percentage of nothing. that's what this comes down to. i want to turn it back to what this means from a legal standpoint. what can regulators do over a long period to remedy, say, alphabet/google's share of the search market? what would be the remedy there if they said these guys control the search market, it is hurting consumers, according to the judge. what can they do? >> google is such an efficient instrument for ascertaining information. the prosecutors themselves in the courtroom during the trial are going to be using google. it's almost absurd that they would claim that it has to be broken up. dagen: emily can get in here. >> maria put her finger on it. what harm is there to the consumer. what does it cost you? dagen: i can go through the harm to the consumer. emily's an attorney.
i'm curious what she thinks. maria: there's more to this, not just the fact that they're so big. the house republicans are wanting to know why they skeanser conservative -- censor conservative conversation. >> i wanted to get your insight on -- much has been made over the supreme court allowing the lawsuit to proceed that apple is setting market prices based on selling their app. can you tell us how that would dove tail in with these investigations on the merit. >> that's an interesting case. that's a class action case, brought by people who claim i bought an app from apple for 99 bucks, i'm just going to use rounded numbers. apple bought it for 99-cents. what value did apple add to it to justify the increase in price from 99-cents to $99. now, the old rule was forget it. you don't like it, go buy it from the person who sold it to apple from 99-cents.
the new rule after the supreme court ruling is wait a minute, you can't even find this guy who created it for 99-cents. he may have no assets and you had no financial relationship with him, therefore you can sue apple. sounds like it's a small deal. it's a huge deal. it's a class action. so who is in the class? everybody who has an app from apple. that's probably a quarter of the earth. [ laughter ] dagen: here's how consumers get hurt. when facebook basically abuses their private information and they lie to the users on facebook about who has access to it. facebook and google combined control roughly two-thirds of all online advertising. how are they using our data? are they monday tie monetizing l information. why wouldn't you have a problem with these giants in online advertising basically abusing our personal information and tracking our movements all over the internet and making money off of it and maybe
over-charging the businesses who advertise on the internet. >> i agree with you. but it is absurd for the federal government to go after somebody for violating privacy when the federal government is the biggest violator of privacy in the country. they can't do it with a straight face. you are right, they do violate privacy. i don't have to use them. but i can't avoid the nsa. dagen: you can't avoid the internet. you could argue in a court of law that you can't avoid the internet. if you are on the internet, they are abusing your information. these two companies, facebook and google. >> that's an area where they violated the rights of everybody's private information that makes its way into somebody else's hands. the government does it as well. >> there needs to be no more cambridge analytica. dagen: this went on for years and years. it was going on before cambridge analytica and facebook said they stopped the practice and it continued, of where they were accessing information of friends. if you did a poll, they had access not to the individual doing the poll but all of the
data and interactions of their friends. >> the regulators need to set up an enforcement mechanism, there needs to be precedent set here. >> i'm a great defender of the fourth amendment which guarantees to right to be left alone only regulates the government. i hate to say this. what privacy is left? is there an expectation of privacy? there should be. we all expect some privacy. but it's dissipating right before our eyes. maria: coming up, keeping kids safe, apple changing the app store to better protect children, it says. and microsoft's new joint venture, the sweet smelling details when we come back. ♪ life changes. ♪ you wake up, ain't nothing the same. ♪ and life changes. ♪ you can't stop it, oh, yeah, that's gonna be a good one. ♪ (playing)
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maria: welcome back. earnings from campbell's soup on the tape. investors watching that. cheryl casone with details in headlines right now. cheryl: campbell's soup reporting adjusted profit of 56-cents a share, easily beat the estimate of 47 cents. these are the third quarter numbers. the company raising full year earnings guidance by the way. but revenue of $2.18 billion missed the estimate for $2.36 billion. let's take a look at the stock in the premarket. there's the year-to-date. we'll watch that stock for you a little later.
american eagle outfitters due to report its late results at the top of the hour, same store sales expected to rice on increasing demand for its aerie line of lingerie. a year-to-date chart of american eagle on your screen. well, shares of game stop sharply lower in the premarket this morning after the company's disappointing first quarter results. game stop reported a 13% drop in revenue. that did miss the estimate. the stock is down, look at that, almost 30% in the premarket, folks. they are halting their quarterly dividend we should add. game stop's been struggling as it faces major threats from tech giants like go google and microsoft. the stock is down in the premarket. and then there is this. x-box offering gamers a chance to clean up their act. microsoft partnering with you'd unilever for personal care products like x-box body wash,
x-box deodorant. the product line exclusive to australia when it launches next month. there's a joke about showering and video games. i'm not going to go there. maria: apple's push for privacy, the company rolls out new features to protect children, we've got those details right after this. day e how we customize car insurance because no two people are alike, so... limu gets a little confused when he sees another bird that looks exactly like him. ya... he'll figure it out. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ can't see what it is yet.re? what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy.
look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star.
maria: welcome back. apple quietly making changes after its developer event on monday. new app store guidelines focus on kids' apps. joining us now the cyber guy, kurt knutsson in l.a. tell us what apple is doing. >> monday at the big worldwide developer's conference up north of here, in san jose, thousands of people in attendance, the largest event i've seen so far attended and just after the event they dropped a hidden
headline. and that is, that the guidelines for the app store are changing dramatically for app develop des that intend to market to kids. two big things coming out of this. no longer will they be able to use third party ads to get to kids. at the same time, they will not be allowed to use third party trackers. we've seen so much in the news, reporting here about the washington post experiment where they found that 5400 trackers were in one person's monthly use of their iphone when they're not even using their iphone, they're sending information out. kids apps in the past have had trouble with this. curious world coming under fire for sending a child's name, their location, and a lot of other details straight to facebook, incorporated. apple is saying if you violate these rules, we're tightening up privacy, you are going to be picked oukicked out of the app .
>> notwithstanding the approval voiced at the conference, the question is whether there was ash particulaarticulated sentmed this take so long. >> you won't hear that in that audience. you did hear a lot of sort of relief sayinged not o sighed no. what they talked about was a related theme, that is the sign-in to apple feature that will be coming. that is the ability to use apple i.d. credentials to sign into other things that we use on a regular basis. the only ones really capitalizing that market is google and facebook. those two will see huge competition here. because as dagen points out, facebook has just done a splendid job of proving to us a that we cannot trust them with our privacy and at the same time, apple is really embracing despite their occasional hint of the lapses where how come this didn't happen already with
regard to this tightening of the app store, the number one rule there is revenue is why that didn't happen. the fact of the matter is, they're going to do well in this space. that's going to be a big improvingment for all of us, whether talking about for our kids or our privacy in general, what's left of it, anyway. >> kurt, any indication that, say, alphabet and amazon are doing similar things in terms of guidelines like this? >> you know, they're typically responsive to apple in this regard. i think what's going to be interesting is apple like the sign-in he feature as it relates to kids' apps being protected and us just being protected, you're going o to see them tighn those rules in that fashion. their credibility is on a fine line, whether alphabet or google or dealing with amazon. amazon at the same time has become more and more focused on generating revenue from advertisements and not just being a retailer. we've got our eye on them. butabutapple never takes this
information, their pr announcemt is we're not using your data except to interface with us. i think in terms of personally, having covered technology for 20 years, i'm tossing out all the other credentials such as facebook and amazon that make it easy to sign on as soon as i have access to what appears to be a much more trusted source. maria: kurt, thank you. good to see you. >> good to see you. maria: still ahead, jobs in america. the adp report out for the month of may in about 15 minutes. next hour, we will have it, right here, "mornings with maria." stay with us. ♪ we are living in a material world. ♪ and i am a material girl. ♪ you know that we are living in a material world. ♪ and i am a material girl. ♪ let me ask you something.
joining us. i'm maria bartiromo wednesday, june 5 top stories just before 8:00 a.m. on the east coast, breaking news this morning we are remembering d-day tomorrow. president trump speaking earlier this morning, at 75th anniversary event in the uk formal event ending moments ago a patriotic fly over. . president trump meeting with veterans who fought during invasion in normandy loovrg for ireland before france. >> tariffs on mexico in five days vice president mike pence will meet with officials at the white house to try to make a deal before that happens, a enumerate cut on table jay powell says central bank could take action if battle escalates markets rallying, on the heels of that comment on top of the big rally yesterday dow indicating a gain start of
trading 46 points two he thirds of a percent nasdaq up 51 in 15 minutes' time the adp for may expectation 180,000 jobs added to the economy in may after rally on wall street yesterday dow industrials up 512 points better than 2% s&p up 58 points naz deblg up 194 points 2 2/3% global markets also firmer tone european ns higher f4i7b up 37 cac quarante up 31 dax up 51 in asia overnight markets -- well mostly higher, but fractional movers nikkei average best, as you can see. . >> stories this wednesday morning to break it down dagen mcdowell, markets strategist third seven advisors michael block fox news contributing attorney, emily great to see you. >> thank you for many here. >> big day day in addition to
adp ism nonmanufacturing 2:00 beige book. >> trade we will see if thinking about interest rates. maria: this friday we got unemployment number from labor department that is always important to watch could be a mover as well. dagen: it could be if again if the markets really have baked in those likelihood of interest rate cut not this month but in september the earliest probably a negative number on the jobs' report would basically -- that is what you would need to see if you have a very, very good jobs' report say 200,000 or more unemployment rate falling expected to hold at 3.6% market might not like that because it would mean that fed rate cuts off the table at least until later in the year. dagen: i know upside down world good news is not kwood. >> i can't imagine fed would cut rate have to show a
massive downturn to do that globally pmi worse than u.s. a lot worse that who is a federal reserve is in focus fed chairman jay powell sparked that rally in wall street saying central bank could take action if trade battle escalates. >> it is escalating we've got china u.s. digging in heels now we have incoherent around mexico. >> i think what is interesting right now really putting on forefront of voters' minds citizens connection between, threatened tariffs possibility of tariffs into kitchen table what happens when diplomacy fames we have seen in past administrations. >> need for both parties to show they are being proactive, that means making a trade deal that means reaching a bipartisan agreement on stimulus within united states things are going to need to start happening, as we go into 2020 election cycle. dagen: emily hitting on something important federal
reserve and the policy makers from our central bank watch sentiment driven data they will watch for consumer confidence still last week came in exemptionly good confidence, and sentiment, things that even like the purchasing managers' index, how do people feel about what is going on, those are some very important kind of early indicators that fed is going to be watching car core data jobs spending. >> clearly worried about markets lower inflation expectations there was fear they were going to focus on say dallas fed trimming inflation -- going in a wormhole the reason i mentioned that show thes inflation is coming in much higher, than more traditional measures a fear would look at that, tunnel vision say well, inflation is fine. dagen: do they watch yield curve every recession, since world war ii in this country
has been proceeded by version of yng yk not every inverted yield curve about predicts a recession every recession preseeed by upon. >> 10-year rate a consistent indicator, all but one instance in post ww2 era. maria: people like jamie dimon brian moynihan both say it doesn't matter has not always been the case that yield inverts before recession, it has on all the recessions you he mentioned obviously, like you said doesn't always mean an inverted yield curve doesn't mean recession at home how do you talk recession 3.6% he -- >> they are paid to be about the optimistic can you imagine what happened in the market with a bank ceo said yeah this yield curve i know -- job creation greet but really like we are headed toward a recession. maria: they could say that you know things are getting tougher, we are seeing, the
investor pull in, we're seeing,s consumers look for jobs they are not saying that because we have very strong indicators like employment where it is record unemployment sentiment in terms ofs consumer spending the retail story has been mixed definitely by if you are kaitsdz look at international trade edward lanes are live in london speaking to u.s. secretary of state fors international trade liam fox edward to you. reporter: very special congest not only million doctor but trade guy basically for united kingdom uk, thank you for joining us how is visit going with the president. >> visit going very well, and i think visit going very well small number of demonstrations as in u.s. uk left have a talent for -- >> how important do you think the trade deal between u.s. and uk at this point. >> it is positive are to seek liberalization of trade wherever we can find it as you
know oecd have been predicting a slowdown in global trade for 5.4% increase in 2017 latest prediction 2.1% this year so quite a lot of headwinds in the global economy in terms of trade, so where we can find liberalization ways of proving volumes we should do so -- >> with brexit could u.s. trade deal with united kingdom be a very big deal. >> that is a problem we are not -- allowed under law to begin negotiations until after we left european union, we can he overcome activities that is not always done national level a lot of trade law lies at state law in u.s. we are increasing our capability to talk to those at state level how we can deal with market access issues.
>> in 2017 though u.s. trade representatives office created the -- investment trade investment work group, that is negotiating where do those talks stand. >> those groups are looking at specific areas, in marker sme's how do we make it years for sme's in u.s. uk to trade easier into the system i was talking in london about how uk export finance export credit agency is able to help, those not only as index but supply chains to exporters really fme's. >> president said yesterday we would have a substantial trade deal soon. >> it is great to hear the president's ambitious for think think it was appreciated, the level of -- engagements he had with process as i said we can't begin being negotiations till out of eu clearly we want to strike what i hope will be a
gold standard, agreement, that will look at how we can liberalize range of areas there are other things we need to do together the world's top two, service exports so getting agreement on global service liberalization is key i would argue the trend you want to write rules when you have market dominance one of the tasks we will hopefully take up telling as we take up our independent seat at wto. >> do you see agreement with united states within days weeks after broadcast centers? >> -- after brebrexit. >> striking agreement part of the issue the legislator parts we require ratification will depend on what is happening in our parliament and hill. >> trade 263 billion dollars we have u.s. has 20-billion-dollar surplus with
united kingdom the president said trail deal would be two or throw times more will it be two or three times more. >> we have to see what we can get i don't think you go in predicting values i would like that, of course, because of nature of trading cemetery how we murder trade we have a small trade surplus with united states, united states trade sur+ with us probably best place to begin negotiations. >> a boos. >> clearly a boost if we get access to new markets a boost also a boost for consumers if we can get greater consumer choice better quality improved prices a major boost much is about producers we seem to forget one of the main points of a trade agreement better choice prices. >> youl talked about national health care system would be on
table in british media backtracked saying it would not be. is it on table. >> regulation of public services is usually, reserved in trade agreement, we certainly would reserve the right to govern our health status in any agreement the dwreement that we made with canada for example it would be the same, so the -- wouldn't be for sale. >> u.s. companies may not be able to invest. >> that is right. >> what companies can get involved not provision of of health care a lot of uk private companies do that already but in terms of governance that will remain the priority and pro we are awaiting adp report in may due out four minutes economistss anding increase 180,000 private sector jobs we will
after brexit. moments away in adp report private payrolls expected up 180,000 as soon as we get that giving it to you going into number markets rallying dow industrials up 137 points nasdaq up 49 points, joining us right now portfolio wealth vooirs president cfo lee munson thanks for joining us a rally yesterday and day ahead this have number on the heels of powell comments what do you expect from adp.
>> a good reaction yesterday shows me that i think people don't really understand, the fd i think the people don't think bernanke or yellen are not in charge powell is risk manager i don't know why everybody was so excited yesterday he said he wants to cut because he is trying to keep housing market alive i think going to sake several cuts to keep that, the -- i think that the adp is important for me, as a day trader i am concerned about the labor markets getting to dregs of society. >> what do you mean. >> that is very weak number 27,000 jobs added to the economy, in the month of may, 27,000 is the number we were expecting 180,000, this is much weaker-than-expected your reaction to this number. >> i am not surprised. this is why powell is saying he is going to have to cut you have to think from a business perspective, unemployment is so low right now, when you have to hire that next marginal person they are going to cost more not the most
prouf people the most prouf people have jobs i think that is a big thing that is causing what traders call overhead supply, a fancy jargon for there is a lot of stock that people are not willing to pick up right now i think that is going to continue, and i think this is the type of catalyst could cause a career, people like me want to sell bonds, and buy stock, so you know, if we can see s&p down 2650, that is not a big deal but that is where i would lock and load. >> were you doing that in may nasdaq down 8% dow transports down more than 10% a rough month were you adding to location. >> i was in disease taking risk expours off 2800 in march doing profit-taking we are still here in may i really need the market to see more of a 10% correction for me to apply for clients wasn't may
was that may was not interesting we didn't go down enough. >> 10% correction tech stocks monday's close. >> you know what i am a dot com did tech isn't where i am blinging. >> who you buy if markets got to say you 2650 level what do you think would be best opportunity you need to see time and price if not tech where do you think you might see the opportunities. >> you know i think that you want to see some broader based indices i don't feel a particular place that i need to go hunting for, i tell you one thing i don't want to do, i don't think investors northeast to be necessarily looking for defensive pays the trap outside of 2650 scomliez exposure you see chatter bess consumer stages high dividend plays a trap because people are sort of trying to buy bond substitutes i think if you like beta stuff look at tech
if you saw tech go down 10, 15%, that is a high beta play of what i am doing. >> we have to talk about fed here the 27,000 increase in jobs is much lower than expected, the federal reserve, yesterday, jay powell sparked a rally because he said that they are ready they will be at the table, if the trade war escalates and fed needs to cut interest rates sparked a really a number like this leads you to believe slowing quite a bit only one number one month adp the labor department friday but still -- >> remember jay powell's records what did he say he said we will act as appropriate to help sustain economic growth here. that is exactly what we're talking about here this numbers real indicator what is going on what do we seed to sustain job growth to sustain economic growth he o overly, overall. >> this is one-off or something that changing the conversation? >> i don't think a one-off, also another thing powell said
people kind of forget the one thing i have on white board, listen when the federal fund rates start getting ahead of 10-year treasury. maria: they are it is. >> it is it would take two fed cuts to do that so again, just like in december, just like yesterday, i think a lot of people are misreading the fed. and i am one says don't watch the fed all the time, i have been watching fed since disease like a a hubbing telling that a guy like me forget that stuff sul i am interested. >> are you saying you think fed is going to cut rates. >> yes. >> yes, i think it is, and we had a 20% consensus rate kraut monthor so ago popped up to 60 i think should point up to one hundred percent. dagen: it is one hundred percent a rate consensus for a rate cut is north of 90%. maria: that is right. >>. dagen: before yesterday even, are markets pricing in a rate
the possibility north cut north of 90%. >> brian moynihan did not believe that said to me yesterday at new york economic club watch. maria: will fed cut rates this year? what does your gut tell me don't it will me what your economist says. >> nofrng they will. >> you don't think they will. >> unless wrong in a trade i think -- that is personal belief so you can take that for a grainy of salt i am telling you unless something goes really wrong unemployment rate -- the economy is going to move long two percent plus growth growth rate. maria: menial, th -- menial smallest gain since expansion march 2010 serious decline pullback from what we have been seeing up 27,000 estimate up 180,000. >> again, this is why i think we're seeing again that jargon
supply inability to break out past 3,000 on the s&p. and i think if we look past day-to-day to day, and this bounce from the may declines, may was bad but it wasn't huge. >> interesting what adp says lake shortages impeding job growths laifrz at brick-and-mortar retailers are hurting you have seen a mixed story in brick and mortar has been hurting. >> game stop, what is going on there, just yesterday getting hurt by tourism being done a lot happening here crosscurrents, number like adp going to mean bonds rally stocks could get pressure. >> good to see you tune in friday morning coverage may jobs' report jobs in america. we'll be right back. i'm working to make each day a little sweeter.
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maria: welcome back president trump tweeting about anniversary of dday, as we approach the 75th anniversary of d-day we proudly commemorate heroic honorable update reots give a all for freedom during some of history's darkest hours d-day 75 the president writes we are focused on the commemorations going on this morning in uk we take you back there as news develops want to turn to walmart gearing up for annual shareholders meeting arkansas headquarters, 2020 hopeful bernie sanders there to present a plan for walmart employees jeff flock in arkansas with details good morning. >> we will be there, too mr. sanders goes to arkansas indeed walmart shareholders meeting in arena you see behind me, sanders tweeting yesterday i think we've got it i am going to walmart shareholders meeting to end greed of wealthiest family in
america a troefrps walton family 175 billion dollars they have collectively walmart workers deserve living wage seats onboard proposal he will speak to today, maria would like, on the list of potential new board members for there to be hourly workers on it, you know, bernie sanders famously introduced top walmart act you remember that one, stop welfare for any large monopoly aamazing revenue from takers acronym would have precluded stock buybooks for any company didn't pay 15 dollars for minimum wage you talked to doug mcmillon walmart saying we are happy to have him here hope not a campaign stop we hope he listens to what we are already doing for workers, i talk to you about when a they do for workers now. take a listen. >> our associates definitely have voices, we are one team we are talking to each other all the time listening to each other, underlying premise that
an associate or associate should be heard at walmart is certainly one we support the decisions that we have made in recent times take wage investment for example, as we moved our starting wage rate up we've moved up 50% in four years, is an example of us, listening to associates going what is best for the business. >> they do not however support this proposal to put hourly workers on the board they also do not support the notion of going to $15 for minimum wage. but bernie sanders will be here to make his case, we think about 11:30 meeting will start halfway through maybe bernie sanders gets to speak we will hear maybe on fox business if not we let you know what he had to say. maria: jeff flock in, arkansas this morning, coming up trade tensions, tariffs on mexico set to take effect in five days what is at stake for the border wall, and the u.s., vice president mike pence preparing to meet with mexican officials day next future of
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now you're even smarter. this is truecar. your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. >> good wednesday morning. thanks so much for joining us. i'm maria bartiromo. wednesday, june 5 top stories 8:31 a.m. east coast breaking through those in morning jobs in america, the adp report from month of may out it showed 27,000 jobs added to economy month of may that is much weaker than expectation was calling for 180,000 jobs for month of may reading marking smallest jobs gain since expansion began in march 2010, markets well off highs futures showing markets pointed to higher opening this morning yet we have been up
140 points earlier dow industrials now showing a gain start of trading 68 points s&p up 6, nasdaq up 30 points, that a question whether or not economy walkening federal reserve lowering interest rates is a good thing for investors, european markets also turned mixed they are also off their best levels of the morning ft 100 up 12 cac quarante up 13 dax in germany negative down 3 points in asia overnight, japan was the big winner following rally on wall street up 1.8% nikkei average technology giants teaming up, up microsoft oracle a cloud partnership connecting microsoft azure to oracle cloud enumerate cut on table federal reserve chairman paul saying they could take action if trade battle escalates. >> d-day tomorrow officially tomorrow june 6 president trump spoke at 75th anniversary event in uk, he is also meeting with veterans low fought during the invasion
that, of course, 75 years ago, tomorrow. the white house announcing that president trump will have a brief meeting with germany chancellor angela merkel before leaving. >> top story this half an hour targeting intelligent o house judiciary committee gearing up for on it trust investigation promising top to bottom reviewer of market power by giant technology platforms apple ceo tim cook arcing his company does not have a dominant share in any market georgia congressman, congress douging collins thanks for being here. >> let me hear about your investigation in the judiciary committee into technology companies how does this differ from -- the doj investigation, what should we expect? >> marcia there are different doj looking into other issue sec the legal side that is something in house judiciary
committee overall approach hearings like we've had many times before to say exactly where are companies how are they dominating the market look from a capitalist, big is not necessarily bad the question how is that dominant market share effecting other competitors in the market looking at cloudy to see how it affects ad revenue papers other things hearings for the first time going to on up let everybody come to table talk about what is going on, in this new era, of technology, how it is being used in the marketplace. >> your colleague mccarthy gop pleader has also said that these companies are center in conservative conversation 2020 election that you believe so is important. >> very important american people need to us an power that companies have in market reach that they have through social media platforms is something that is very important they cannot be picking and choosing winners that is not their job if they are they have to understand they can't have safe harbor protections others looking at so long they understand that, i think they understand that
image has been tarnished the reason they need to come to the table explain what they are doing why be very open going into another election about cycle they are being honest platform in the process. >> first hearing. >> later this miniinland. >> we will watch that, we know that -- the hearings will take place we will see who shows up at that hearing see what happens next in this story you are also back from the border want to talk to you about crisis at border house democrats passed a bill passing a bill, protecting dreamerers immigrants brought to united states illegally as person not expected to pass i smoke with vice president mike pence about this. >> we've got a crisis on southern border, you traveled there recently you saw firsthand as did viewers on this program. i mean we are on track, to have more than a million apprehensions some in congress continue to focus on
investigations, baseless he allegations literally last month alone more than 118,000 people were apprehended at southern border congress continues to refuse to act to close loopholes that are being used by cartels, drug trafficking to entice people to make long dangerous border in southern border. >> he said big league announcement on border can you tell us anything about that what we should expect from president. >> i can tell you american people can be confident that this president is going to continue to take such action necessary to see congress do its job, to address the crisis on our southern border, and to have our neighbor to the south and mexico do more to prevent this massive wave of people that are coming across our border. >> of course, congressman the big news was that the president is threatening tariffs on mexico if mexico does not help tell us about your visit to the southern border last week, and do you
think we are going to get a deal here? i -- i assume you don't want to have a might with mexico just the time you need usmca passed you've got pressure on democrats to get that bill to the floor. >> no, we don't maria i think the interesting thing they are here today my understanding having conversations beginning of the day on this issue we need to fix, here is the problem the democrats yesterday, actually went to the floor passed another green light they instead of trying to fix at border past green polite incentive for folks to come saying all you got to do make it to u.s. given a pass, the wrong way to go about it border heartbreaking folks across border bringing young children family units 3,000 confirmed as fraudulent actually, one of the reports that we had they are a borrowing renting buying children to come across the border, 51 yeerlz old brought
a chilled put in system without being checked we've got a problem down there here is a problem i put a solution on the board i said let's -- stick to trafficking victims my challenge to democrats you don't have a plan your plan open borders bashing our border patrol agents if your plan be honest with american people put forward a plan to fix this instead of passing bills going nowhere given incentive for people to come here. >> do you think the mexicans u.s. come up with a deal before tariffs are hit. >> i hope so if they don't i think slooelt for a long time after i think mexican government inz they have a problem folks from africa coming in through borders coming up, you know, through the -- rio grande valley other places we saw last week we saw 100 he 1101 group come through in el paso while i was there they can help fix this they understand it they have got a problem as well, but coming from the he northern triangle countries central america they have a part to play here we
have a part as well, it is congress. maria i tell you one story i went top border patrol agent i said i appreciate what you are doing he said i said keep it up he said we're doing our job you do yours very kind but very firm dit false to congress of united states to fix to academy chooirm derelict in butte because bent on twooktdz this president refusing to work on immigration chairman nadler come to the table it illegals time for you to begin to work. >> saw same things in he will faso you see people crossing while you are standing there talking to the border patrol people, that is how active it is, you mentioned judiciary committee chairman nadler, he is holding a hearing on russian election interference what do you couple to come from this we know russians have been trying to meddle in country for decades obviously, 2016 election, and you have been working on the investigate the integratovestig
part nadler relevancy to acknowledge. >> i think circus came to town in new yorker wantdz to be a resigning leader that is what he is doing to our committee taking down judiciarik trying to hold bill barr in contempt behind scenes with a letter he didn't want anybody to see doj let's talk about this we are just not focusing on right things one thing to come out of mueller report was there was russian contact interference in elections i challenge chairman to have hearings on that let's work on exactly what did come out besides the fact there was no collusion no obstruction, the other very real point seems to get glorified over in a mueller found problems in our tampering with he foreign, interference in elections will hearings he is single mindedly focused on feeding a rapid base on impeachment next week another joke he is tearing down our standing as committee going after contempt he has no standing for. maria: next week you mentioned that is the house voting on whether attorney general barr should be health
in contempt for refusing to comply with subpoena related to special counsel robert mueller's russian investigation obviously, are you going to be there going to vote? >> oh, i'm going to be about there believe they i am shire chairman doesn't want me to be there i am going to point out exactly what happened a week after we held he voted to hold contempt for mr. barr in committee, the next week because they knew that we had riddled their case so badly full of holes had who have a have aering to executive privilege all witnesses including democrat invited witnesses agreed subpoena issue to bill barr wag asking him to do something illegal can you imagine going to floor next week holding bill barr in contempt for up holding the law because chairman didn't realize he asked for something illegally. >> it would be toiling release grand jury information. >> exactly right what to and own witnesses said yes this is illegal. >> congressman i don't understand why both sides of the aisle would not be
outraged if you had a cabal of individuals just went rogue, and decided that they want to stop donald trump when he was candidate and when he was then president, that is what you are looking at the origins of the russia investigation, the fbi continues to say that the investigation into donald trump or as they call it counterintelligence investigation, began in july of 2016. that doesn't add up we've had george papadopoulos on the program we have had cartever page on this show they say they had informants coming at them as early as march 2016 that indicates an investigation into donald trump happened way before july 16. . >> well i think that is why you see part of that canal scurrying out to cameras fast they can to tell a story that is not actually true i said before mccabing baker especially mr. comey out trying to rewrite history they know bill barr said we are going to get so this signs don't makes splens dur dur have am in charge i believe story well from written that is why they know things are
going to come out because when light is shined in dark places we start seeing results that is why they are out doing it we are going to continue that push everybody about should be outraged about this. >> i agree i have been outraged but why don't they admit or acknowledge what went wrong in early 2016? why don't they just commit yeah there were a couple of rogue fbi agents wanting to stop donald trump? i mean, you know, why wouldn't they just acknowledge that? >> well along with krup canal we talked about stroke page mccabe baker comey the rest you've got democrats in mourning still in trauma from november 2016 they cannot stand this president this president has gave us an economy that is booming this president has gave us a -- a vision for our america putting us in a leader around the world given is a vision that actually taking in deregulation so businesses can thrive and they hate it because they had the exact opposite vision for america, and that is why they are doing this this goes back to a corrupt cabal purchasing this democrats willingly a turning
blind eye had willing accomplices trying to take down the president. >> well said congressman thank for all you are doing especially going to border last week showing people exactly what is going on there see you soon congressman thank you. we will watch next week doug collins in d.c. climate change takes center stage former vice president 2020 hopefully joe biden unveiled plans to tackle the issue, wait till you hear what his plan was where he found it first a special patriot from ep tennis channel. >> welcome back to another ten i will say canal court report fox biggest. the semifinals set bottom half men's draw what a dream matchup, continues to cruise after handling number search seed in straight sets of courses refugeeer federer did his part after the seating, long time rival nadal.
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>> 2020 hope of former vice president joe biden unveiling pricetag host of "varney & company" stuart varney with more more than this the price tag thats raising eyebrows wasn't it stu. >> i thought joe biden was moderate in the field, i thought he was the man who is going to lead the party back towards the middle. but if you take a look at his climate plan it is anything but moderate in fact, it reminds me very much of alexandria ocasio-cortez's green new deal the biden plan is a dead ringer for the green new deal massive taxes massive regulation, intrusive inspection name it all right there if you then couple that with what senator warn warner has come out with two trillion-dollar plan to create jobs forget, aggressive intervention to create jobs, that is from senator warren, two trillion dollars worth government spending add up
together you have to conclude the democrats are no longer moderate no longer centrist party of any kind their future is socialist is oaks oaks environment radical environ meantism overlaid with socialism seems putting out i think going to >> i will moderates bullied by progressives. >> ma >>. >> so expensive. >> i think that is going they had to get people to vote the this kind of intrusion of taxation slowing economy get how do you get people to sacrifice like that? i don't think they will. >> he has been low-key for sure stuart i know more in 10 minutes see you then top of the hour 9:00 a.m. eastern
after "mornings with maria" adp report came in lower than expected futures lost nearly half gained take a look, futures indicating a gain 80 points start of trading we'll be right back with more. liberty mutual customizes your car insurance, so you only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ who used expedia to book the vacation rental which led to the discovery that sometimes a little down time can lift you right up. expedia. everything you need to go. we're home! let's go! what kind of suv is that? it's a brand new buick enclave. it really makes it easy to unload all those little maniacs. sure does. hey honey we should get one of those, and have like a ton more kids. yeah, i'd love that... more kids. yeah... introducing the all-new buick enclave. tomorrow's suv for today's family.
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maria: welcome back rally wall street losing steam after disappointing adp report gerri will i guess on the floor right now. >> that is right what a turnaround sentiment we have seen with disappointing adp number coming in a nine-year low, this challenges the fundamentals assumption of th marketplace jobs strong getting bigger may be not says adp traders telling me first of all, they expected this report as you can see this number up 27,000 versus expectancies of 175,000. traders expected adp to
support yesterday's rally we've dow up 512 points three major averages up 2% more not so this morning we've got an anemic rally it was higher, we did have s&p futures down 16 on this news, another trader telling me this will be fuel for the fire for people pushing for a rate cut small businesses, 52,000 that is not likely to about traded related that is the first blush reaction down here, to numbers, that probably not trade related what we have had in news it has been responsible for some o sell-offs we keep an eye on this maria, back to you. maria: thank you so much gerri we will talk more about that we'll be right back stay with us. rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and long-term care product.
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♪ maria: the ten-year yield dropped further after the adp number, now 2.09%. the adp number was the weakest showing, the lowest change since march 2010, up just 27,000. that was a sharp decline -- that was a sharp falloff from what we were expecting of 180,000. >> maybe the federal reserve is on to something, now concerned about this economy needing stimulus in the form of an interest rate cut, but i'm not sure that the magic pixie dust from the central bank is going to be enough to soothe these investors in stocks because again, always watch the bond market. the bond market is in very, very rough shape. every recession since world war ii preceded by an inverted yield curve. we still had one yesterday despite the 500 plus point rally in stocks. >> quite a bit, we will get more this afternoon with the beige book at 2:00. maria: of course, trade is an issue. china, this fight with the u.s.
not going away any time soon. this is about national security. >> we prosecuted or accepted plea deals from the largest amount of former u.s. intelligence agents who have been accused or pled guilty to selling defense trade secrets to china on a multitude of levels. it's a real threat. people care about it. maria: great show, guys. have a good day. "varney & company" begins right now. stuart, take it away. stuart: good morning, maria. good morning, everyone. let's not grasp at straws but there are positive signals on trade. top officials from mexico sit down with vice president pence and secretary of state pompeo in washington today. mexico's foreign minister says we are looking for an agreement. i'm always an optimist. tariffs on mexican products coming here set to take effect on monday. separately, republican opposition to those tariffs is intensifying. that's pressure to make a deal. we also have this. treasury secretary mnuchin will meet china's central bank chief this week and again, at the g20 summit later this