Transcripts For FBC Varney Company 20240712

That converted the selloff into a rally. Then came news that European Manufacturing is recovering rapidly from the virus lockdown. That helped the market. Look at it go. The dow is going to be up close to 300 points at the open. The s p, 31. The nasdaq, very solid gain, 70 points. Now, heres another reason for the rally. Big tech, it continues its run. You are looking at premarket prices for apple, microsoft, facebook and netflix, amongst others, all four hit record highs monday. The big tech surge dominates the market. Big tech is pushing higher. Investors this morning ignoring scenes like this. Chaos in d. C. Last night. Right outside the white house, demonstrators vandalized a church, they tried to pull down the statue of Andrew Jackson and they also tried to establish their own seattlelike autonomous zone. This is happening in our Nations Capital right in the center of government. The president s had something to say about this. He obviously doesnt like it. But no word yet from joe biden. Obviously, ladies and gentlemen, theres a lot to go at and we will go at it. Varney company is about to begin. Do you think that the president sort of i mean, he obviously really wanted to hang on to this trade deal, but given everything thats happened and all the things you just listed, is that over . Its over, yes. They came here on january 15th to sign that trade deal and that was a full two months after they knew the virus was out and about, it was at the time when they had already sent hundreds of thousands of people to this country to spread that virus. I think everybody here inside the perimeter and around this country now understands that china lied, americans died. Stuart you heard that. Its over, he said, about the trade deal. That comment sent futures lower in the middle of the night. In a statement he tried to walk it back. He said this. My comments have been taken widely out of context. They have nothing at all to do with the phase one trade deal which continues in place. I was simply speaking to the lack of trust we now have of the Chinese Communist party after they lied about the origins of the china virus and foisted the pandemic upon the world. President trump tweeting about it as well. Here it is. The china trade deal is fully intact. Hopefully they will continue to live up to the terms of the agreement. Now, shortly, larry kudlow is going to join us to talk about this. The rally on the market and the president s executive order on visas and a whole lot more. Larry kudlows coming up. Now, lets get to the latest on the virus. More than 2. 3 million cases in total in the United States as of now, and the number is growing. The markets not reacting to that big number but come on in, ashley. Tell us the situation in two big states, texas, florida. Ashley all right. Lets begin with texas, where as you mentioned at the top of the show, stu, the governor there, greg abbott, said the rate of spread of covid19 is unacceptable. You can see the total number of cases in texas and florida. In texas, nearly 120,000 last week. The state was averaging 3500 new cases per day. Hospitalizations have set a record ten days in a row and the governor says its time for everyone to take personal safety measures. Take a listen. Listen, were worried, any time you see hospitalizations increase, any time you see the number of people testing positive increase, you get worried. But were not alarmed. Listen, we were planning to have responses in place and thats exactly what were doing right now. We slowed the spread in march and april by people following these standard practices of wearing a face mask, not going out unless you really have to, keeping your distance, so we are reinforcing those things again. Ashley in miami, the mayor there is blaming the spread on people not social distancing, especially at open restaurants and bars now. He says, suggesting that young people may be driving the spread in florida but at the same time, Governor Ron Desantis says we are not going to roll back, we are not going to lock down again. People just need to understand social distancing and when possible, wearing face masks. Stu . Stuart thats the message. No second lockdown there. Thats according to the florida governor. Thats important for the market for sure. Now, later this morning, about 11 00 eastern time, we are going to hear from dr. Fauci. Hes testifying before a House Committee on the recent surge in cases. Obvious question. Should state governments reverse the reopening process . We will keep you up to speed on whats happening there. By the way, texas congressman Michael Burgess joins us later in the show on that state, texass uptick in cases. Lets get to the big story of the morning, your money. Yeah, weve got another rally going here. Market watcher mike murphy joining us now. The virus surge doesnt seem to be affecting the market, mike. You are still saying buy, right . Yes. Good morning, stuart. Im still saying buy. The reason is the market is being held back in my opinion by the concerns around coronavirus. But its different this time because we saw what happened when the country got shut down in march. Massive selloff followed by a huge rally. Were not going to go through that again. I think the medias doing their best to scare as many people in the United States as possible but the reality is there are a lot less deaths, hospitalizations arent spiking the way cases are, so i think we will still see the u. S. Economy continue to reopen, get back on track and that supports not higher prices, stuart. Much higher prices in the market. Stuart okay. Im making the case that its my opinion that the money flowing into big tech and the rise in big tech stock prices, thats a fundamental reason why the overall market is going higher. Will you be buying any big tech stocks at these prices . Theres nothing out there at this price, when Im Still Holding our apple holdings, our amazon holdings. We sold facebook too early, as we have talked about live on the air. Tech is going to lead us higher. Its something that you want to continue to hold. No reason to sell a microsoft right now or an apple or any of the other ones that we are holding on to. But nothing out there right now that tells me you have to jump in and buy. I would hold them. Stuart we hear you. Thanks for being with us again this morning. Speaking of big tech, several of those Companies Really slamming President Trumps new executive order on work visas. Now, the company im going to put plural, companies, on your screen, all of them are pushing back against the president s order saying they rely heavily on those high skilled workers and it disproportionately affects their business. Under the president s order, those workers no longer receive immigration protection. More on that throughout todays program. Still on big tech, look at google. Employees, some employees there, they want the company to stop doing business with the police. Tell me more, susan. Susan good morning. Talking about 1100 of these google employees, circulating a petition inside google right now asking for the company to end police contracts. They are asking the ceo to take real steps, they say, to dismantle racism and alleges that google actually profits off racism with their business contracts. This includes Artificial Intelligence thats being used by Law Enforcement, according to this petition, to track down immigrants with drone surveillance and they are claiming the companys lobby arm in washington, d. C. Is donating to racist politicians and white supremacists. This is not the first time googlers have objected to google working with the government. Remember back in 2018, project maven had to be shelved with the u. S. Defense department. This was part of the Drone Technology that they say was helping the u. S. Government and Defense Department kill people in other countries around the world. But in this particular case, googlers here say they want the company to stop selling technology to agencies that are using it for harm, namely the police force and theyre citing one example of a new yorkbased Police Department that has been using google cloud. We know amazon and microsoft both say they will either suspend or not sell facial Recognition Technology to Police Forces across the country. Stuart ive got one more. Not sure i understand it. This is about facebook. Whats this about some Companies Boycotting facebook ads . Susan we have northface and rei but now we have patagonia joining those other companies in boycotting and pausing advertising on facebook and insgri instagram to support a support stop hate for profit. Groups include the naacp, antidefamation league. They are asking large facebook advertisers like these to show they will not support a company that they say puts profit over safety. This is in response to facebook and they say that facebook is allowing what they call violent calls on the platform, including they namely point to President Trumps minneapolis tweet. Stuart interesting. Facebooks stock is up again. New record high. Googles stock is up again. I think thats another record high. The negative news content there, not affecting the stock prices this morning. Now lets go to starbucks. No surprises here. Lauren, i understand fake meat is now on, what, the Breakfast Menu, i think . Lauren yeah. Starbucks has inked a deal with impossible foods to sell plantbased sausage starting today at thousands of locations in the u. S. They also have a deal as you know with beyond meat which was tremendous for beyond meats stock price to sell meat in china and canada. Starbucks isnt picking favorites. They are playing with everybody here. The thing is breakfast sales are down nationally because we are working from home. Were not going out to get breakfast. This is they are trying to add to their Breakfast Menu and get new customers in the door. Stuart the stock is up 1. 25 this morning along with the rest of the market. By the way, check futures. When i say the rest of the market, i mean it. They are all up. Each indicator, thats the dow, s p and nasdaq, all of them moving to the green again this morning. President trump, hes planning to turn the spotlight on immigration today. Hes heading to the border in arizona. Hes going to leave the white house during our show. We will bring him to you live if he speaks with reporters and he usually does. Seattles mayor is finally saying the city will dismantle chop. Watch this. We are working with community to bring this to an end. Capitol hill belongs to everyone in this city. Stuart how is that going to shake out, he asks . It wont be the summer of love after all. Weve got a lot more coming up for you. Where will you go first . Wherever you may go, lexus will welcome you back with exceptional offers on exceptional vehicles. Get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. Experience amazing we could never do what they do. But what we can do it be a partner that never quits. Verizon is the most Reliable Network in america. Built for interoperability and puts First Responders first, giving their calls priority, 24 7. We do what we do best so they can too. [ indiscernible shouting ] stuart all right. Thats civil unrest in the capital, basically its chaos. Protesters taking a page out of seattles book. They were trying to construct their own autonomous zone right outside the white house. Lauren, i think i saw them there, trying to tear down the statue of Andrew Jackson. Lauren yeah, they sure are. They tied ropes to that statue and they literally tried to tear it down. This is right outside the white house in Lafayette Park. The police had to come in, hundreds of them, using tear gas where they had to and pepper spray to push the crowd back. At another point, you see protesters carrying boards and fencing. They are trying to create what is called bhaz or the black house autonomous zone. They even spray painted those letters on st. Johns episcopal church, which is the church the president tweeting this out. This is his response. I have authorized the federal government to arrest anyone who vandalizes or destroys any monument, statue or other such federal property with up to ten years in prison per the Veterans Memorial preservation act or such other laws that may be pertinent. He goes on. This action is taken Effective Immediately but may also be used retroactively for destruction or vandalism already caused. There will be no exception. So he is coming down hard on these protesters that are tearing down so many, hundreds of statues across the country. Stuart bring me up to speed on whats going on in seattle. Lauren remember they had the chop zone, capitol hill autonomous stone, organized protest area . Now the seattle mayor is bringing the police back to their district to restore order. Listen. The gun violence unfolding at night is not only wrong, it also is undermining and distracting from the message for change. We are working with community to bring this to an end. Capitol hill belongs to everyone in this city. Spd will be returning to the east precinct. We will do it peacefully in the near future. We are going to focus our greatest efforts on reimagining policing itself. Lauren so the police there go back to their precinct and everybody works to restore order. It was a deadly weekend of violence in seattle and now you have the mayor saying we have to transform the Police Department but maybe the police are needed after all. Stuart not quite the summer of love, is it. Thanks, lauren. Let me get to the protests, stay on that. More than 100 statues have been torn down, taken down in the last month. Heres what the president had to say about that. Roll tape. You cant take down George Washingtons statue and half of our country is named after washington. You cant we have to remember the heritage, the culture of our country. Theyre ripping down things, they have no idea what theyre ripping down but they started off with the confederate and then they go to ulysses s. Grant. Whats that all about . I dont like it at all. I dont like anything thats going on. Stuart all right. I want to bring in herman cain for this one. These protesters are going beyond confederate figures. My question is look, whos going to stop this . Law enforcement officials are going to stop it, starting with the president and his executive order that says we are going to be a law and order nation, period. The protesters arent just protesters. These are the anarchists. They want to destroy the United States of america. They want to destroy all symbolism of our history. Stuart ive got to im sorry, herman, i do apologize for interrupting you, but my question really was, when are the democrats going to Say Something about this, because its in their cities that they have run for generations that this is taking place very frequently. What are they going to say about it . When are they going to Say Something . They havent said anything and i dont expect them to say anything because they will not blame themselves for the conditions that they are allowing to happen. More specifically, those cities are going to continue to deteriorate, unfortunately, because a lack of leadership in those cities. The good news is we have more governors, we have a president that believes in law and order and as a result, like what happened up in seattle, eventually, eventually some of the democrats are going to realize that it cannot be sustained with mob rule. Stuart i would like to know where it stops. Because Speaker Pelosis father, when he was the mayor of baltimore, he dedicated a statue to confederate general robert e. Lee as he was the mayor of baltimore. That is Speaker Pelosis father. Where do we stop with this . Does Speaker Pelosi have to apologize on behalf of her father . This is ridiculous. It is ridiculous. Look, senator tim scott said it earlier on your Sister Network and that is, history is a benchmark that shows how far we have come. Secondly, these anarchists are going about it the wrong way. Mob rule and violence will not accomplish anything. I wish the mayor of seattle a lot of luck in trying to now go back in when she should have been doing that in the first place. But as you have indicated, the democrats are sitting back and saying nothing, and they are pushing back against senator tim scott in the legislation that he has helped to coauthor in the United States senate relative to police reform. Stuart im almost out of time. I will give you 20 seconds on this. Are you personally offended when you see a confederate generals statue . The answer is no and the reason is it represents our history. I have stopped dreaming about a better yesterday. Thats the problem with some of these people, that the anarch t anarchis anarchists, they are not just dreaming about a better yesterday, they want to destroy the United States of america. Stuart herman cain, always a pleasure. Come back soon, please. Herman cain. Thank you, sir. Quickly check that market. The rally has not gone away in the last few minutes. We are still up over 200 points for the dow, 58 for the nasdaq. Well be right back. Now more than ever, you need technology you can rely on. And people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a small business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Stuart President Trump speaking to reporters right now ahead of his trip to the arizona border. We will bring you the headlines as soon as we get them. We are still seeing the dow futures up 200, by the way. How about the big banks . Im going to bring those to you because according to the fdic, a record 2 trillion has been deposited into Bank Accounts nationwide since the pandemic started. Thats a very big deal. Look whos here. Suze orman, personal finance guru. Welcome to the program. Great to see you. Thank you, my friend. Thank you so much. Stuart very limited time. See what you can pack into a couple of minutes. Give our viewers some advice on what to do with the 2 trillion thats in their Bank Accounts. Well, i wish each person had 2 trillion in their bank account but the truth of the matter is, stuart, as you know, most people prior to the covid virus, they had maybe 400 in their bank account. At this point in time, if thats all the money that you have, you dont have at least an eightmonth emergency fund, can you just leave it in your bank account. Because we really still dont know, are you going to get your job back, is the virus going to come back with a vengeance so just stay safe at this point in time, because also remember, stuart, very shortly now, you are going to have Unemployment Benefits stop, at least the 600 a week as of july 31st. The Student Loans are going to have to start being repaid, your mortgages, your rents, your car payments. You are going to need cash to pay your bills when the unemployment checks stop, especially if you dont have a job, so keep the money safe and sound in the bank account. Stuart can you give me 30 seconds on maybe taking some money out of your bank account, maybe something out of stocks and putting it into real estate like your own home . Do you approve . I wouldnt be doing that at this point in time. I would wait to see what happens after the moratorium on mortgages is over to see are people going to have to give up their homes, are they going to go into foreclosure, theyre not going to get their jobs back. Wait until september, october or november of this year to do so. Interest rates are not going anywhere. Stuart its really cool stuff, because that was simple, straightforward, to the point, rather cautious, but i know exactly what youre saying. I just love that about financial analysts. Great stuff. Suze orman, dont be such a stranger. See you again soon. You got it. Stuart thanks very much. We are opening this market in about 20 odd seconds. That means 10 seconds from now they will start ringing that bell. Ten seconds after that, the market will begin trading this tuesday morning. We have lost a little bit of the steam in the futures market but we are still up about 200 according to futures. Here we go. We will count you down. Three, two, one. Bang, it is 9 30 and this market is now open. Watch it go. Right from the getgo we are indeed up more than 200 points. That is the best part of 1 . For our radio listeners, lefthand side of the screen, not your screen, my screen, its almost all green. The stocks so far open amongst the dow 30, all of them are up with just a few exceptions which have not yet opened. So 2ed had points up right from the start. 9 . How about the s p 500 . Up. 8 . How about the nasdaq . Im always interested in this because this is big tech land. Up. 7 . Green across the board. There you have it. Next one i want to show you is big tech. We really have to have a look at that. Thats the opening prices for big tech. They are up across the board, really strongly. Apple is at 363 now. Microsoft 201. Facebook, 241. Susan, its record high after record high. Go. Susan 20th record close for the nasdaq yesterday. We saw the likes of apple, netflix and microsoft hitting record highs so adding to those big numbers today. Now, tech, by the way, is now looked at as defensive, no longer just growth. A lot of people have it in their portfolio. Thats the reason why the nasdaq has outperformed the dow and the s p this year. That gap between the benchmark highest since 1983 so the likes of apple, microsoft, amazon, google, Parent Company alphabet, of course, and facebook, they make up 40 of the nasdaq, 20 of the s p, but the problem with the dow is that they only have two of these heavyweights on their benchmarks, apple and microsoft. Thats why they call the dow the grandfather index, still lagging behind down nearly 9 this year, boeing being the main drag and the s p is still down as well 3. 5 , whereas the nasdaq is in double digits now for its advance for the year. I think the problem is that you are looking at new tech and Old Companies on the dow. Thats why people have filtered and plunged a lot of their money into the nasdaq this year. Unlikely, though i know what youre thinking, unlikely that these Tech Companies will be included in the dow. Theres only 30 stocks. Its share price weighted meaning if you are worth 1,000 like alphabet and amazon, are you too big to be included, unfortunately. Stuart i understand that entirely. Its just extraordinary situation we are in now. By the way, the nasdaq, apple, microsoft and facebook, all of them have just hit record highs. Let me focus on amazon for a second. They are launching a Venture Capital fund to invest in clean energy. Lauren, how much they putting in . Lauren 2 billion. They are worth, what, 1. 35 trillion and now they become a significant corporate player in new Energy Investing so this is going to be all sorts of companies of any size that will help reduce the impact of Climate Change on the environment. And they say this is just a start. So more of this money is coming as they, too, i mean, their goal at amazon is to have net zero Carbon Emissions in the next 20 years. Stuart okay. The Investment Community likes it. They are up 11 bucks, 2726 a share. But american airlines, i believe they are down again. Yes, they are, down another 6 this morning. Got any idea why two days of big losses, ashley . Ashley yes. Its all about this company trying to raise debt and a report that claims the airline will now increase its Stock Offering from 1. 5 billion to 2 billion. 1 billion of new shares priced, we understand, around 13. 50. Also selling a billion dollars worth of convertible bonds. All of this said, a top analyst at cowan is raising her price target on this stock to 20 bucks from 15 and says she believes they will have enough cash to survive the crisis and not have to restructure under chapter 11 bankruptcy. But that is why you are seeing this stock drop as it continues to try and raise money, muchneeded cash. Stuart okay. Got you, ashley. By the way, thanks for all your hard work yesterday while i was out. Thank you. Look at that. We are, what, four minutes into the session. This is tuesday morning, we are up 200 points,. 90 for the dow industrials. The tenyear treasury yield, i believe its going up again. Yeah, it is,. 72 . Thats encouragement for the stock market. The price of gold still around 1700 bucks. Actually, thats a nice gain. 1777 per ounce on gold. And oil, heres another reason for the stock markets gain. We have oil this morning, i think it hit 41 per barrel earlier. That indicates strong Economic Growth in the future. That indicates a stronger stock market. Thats oil for you. Drug makers. Dow is up 230. Drug makers translate bio and sanofi. They have a merger between them . Lauren yes. Look at the stock price reaction for Ticker Symbol tbio but the name is translate bio. Sanofi is investing in this u. S. Company to work on new coronavirus vaccines. As a result, shares are rocketing. The deal is valued at 2. 3 billion and its basically money up front, then they are buying shares at a 60 premium. Its a complicated deal. You have to remember that sanofi is also working on a covid19 vaccine with another company, glaxosmithkline and they hope to up approval for that vaccine from the end of next year to the early part of next year. These companies are up because there is promise that we will get many vaccines to the market. Stuart youve got good vaccine news, your stock goes up. Thats the way it works these days. All right. How about bayer . The correct pronunciation is bayer. They make roundup, the weed killer responsible for a whole bunch of lawsuits. That stock is up nicely today. Its got something to do with the lawsuits, right, ash . Ashley it does. 125,000 of them here in the United States alone but a financial newspaper in germany claims the company is close to coming to a settlement and the report says what will happen is bayer will put aside 8 billion to settle all the current cases and another 2 billion to cover potential future cases. All of this, according to the report, will be voted on by the board in the coming days and by the end of the week, we could have some sort of settlement in place. That is why you are seeing the stock up more than 6 this morning. Of course, the suits all claim theres a link between the weed killer and nonhodgkins lymphoma. A form of cancer. Nothing has ever been proved on the scientific side but we have seen big judgments against bayer and since have been reduced but nonetheless, word of some settlement to get behind them. Stuart word of settlement, up you go. Let me recap the markets for you. We are seven minutes in as of right now. It is a rally right from the start this morning. We are up 226 points on the dow. Again, look at that level. 26,250. Thats where we are now. Whats coming up . I will tell you. Still to come, we have National Economic Council Director larry kudlow. I want to know what he thinks about the markets rebounding in the face of what i have been calling these negative headlines. Hes going to be on the show. Protesters try to erase history, tearing down more than 100 statues all across the country, and now one far left activist is calling for the removal of jesus. Claiming its a form of white supremacy. Not even jesus is offlimits from the woke mob. We are on that story. Zoom, did you know its no longer the best performing workfromhome stock . We will tell you which is the best workfromhome stock. Who beat them . Well be right back. It was 1961 when nellie young lost her devoted husband. Without him, things were tough. Her last option was to sell her home, but. Her home meant everything to her. 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People are not being able to cross the border. The wall is up because we have more than 200, we have about 212 miles up of wall so thats good. And were going to be doing a number of other things. Were going to be making a speech to young people in arizona and well be meeting with some of the arizona officials to talk about their border and how strong its become. Its become very strong. Last night, we stopped an attack on a great monument, the monument of Andrew Jackson in Lafayette Park and i just want to thank Law Enforcement. They did a great job. We were working very closely with the White House Secret Service and some of our executives. It was really, they did a great job. They stopped it cold. Numerous people are in jail and going to jail today. People are already there but were looking at longterm sentences under the act. We have a very specific monument act and we are looking at longterm jail sentences for these vandals and these hoodlums and these anarchists and agitators and call them whatever you want. Some people dont like that language but thats what they are. Theyre bad people. They dont love our country. And theyre not taking down our monuments. I just want to make that clear. And other than that, go ahead. Reporter mr. President , do you have an executive order regarding the monuments . What will it accomplish . I will have an executive order very shortly and all its really going to do is reinforce whats already there but in a more uniform way. Okay . I want to also say this. If the state governments, because you see them all over, in seattle, theyre very weak and in minnesota, they might need help. If they need help, the federal government is willing to help them. If these hoodlums come around, these are not protesters, by the way, these are anarchists and other things, if these hoodlums come around and if the states cant handle it, we are ready, willing and able to help as we did in minnesota, where we stopped after four days, they finally called and we did a great job with the national guard. Reporter mr. President , when you said you were reporter [ inaudible ]. Yeah. Hogan gidley, not for that reason, because as you probably have heard, fox had the highest ratings on a saturday night in the history of fox so thats the ultimate poll, i guess, but the ratings on saturday night for fox were the highest ratings in the history of fox news which is i guess the long history. So that was a number one saturday night in history. We actually had a nice crowd, despite all of the warnings and Everything Else that other networks were trying to do, despite the fact that we had some pretty bad people waiting there, waiting, they shouldnt have been, maybe some of the same people i just talked about, we had a nice crowd but we had the highest ratings in the history of fox on saturday night and online, i heard the record was unbelievable. I heard the numbers were unbelievable. I think you probably know that. What were the numbers online . Do you know . I dont know, sir. You should know because you should report it. Reporter mr. President , at that rally when you said you asked your people to slow down testing, were you just kidding or do you have a plan to slow down testing . I dont kid. Let me just tell you. Let me make it clear. We have got the greatest Testing Program anywhere in the world. We test better than anybody in the world. Our tests are the best in the world and we have the most of them. By having more tests, we find more cases. We did 25 plus, 25 million tests. Think of that. 25 million. If you look at other countries, they did one million, two million, three million. Big countries. We did 25 million. Way more by double, triple, quadruple, any other country. Therefore, we test, we are going to have more cases. By having more cases, it sounds bad but actually, what it is is we are finding people. Many of those people arent sick or very little, they may be young people. But whats happened is because of all of these cases that we find, we have a very low mortality rate, just about the best in the world. So thats the advantage to the testing along with other things but just remember this. The reason we have more cases than other countries is because our testing is so much. Other countries reporter do you want to slow it down . Listen. Other countries do very little testing by comparison so we are going to do this year right now, up until yesterday, i think they told me, we are over 25 million tests. Other countries are at two million, three million. Heres what i say. Testing is a doubleedged sword. In one way, it tells you you have cases. In another way, you find out where the cases are and you do a good job. We are doing a great job. We have never been credited for it. We are doing the best testing job anywhere in the world. We are doing the best ventilator job anywhere in the world. We are now supplying ventilators to the entire world. Nobody else has done that. Nobody else people dont countries dont have ventilators. They call the United States. We have done a great job. We have not been given credit for it. The other thing, the rally was incredible. Despite all of the horrible, ominous warnings that you people put out over a period of two weeks, the crowd was wonderful. It was a great they were warriors. It was a great crowd. But many of them stayed home and watched television and what happened is fox on saturday night had the biggest ratings in the history of fox television. Thank you very much, everybody. Stuart the president in his impromptu q a with reporters addressed two subjects, neither of which really affected the market. In fact, the dow is still up 200 points that it was at before the president spoke. Those two subjects were the president said look, we stepped in to stop the attack on the statue of Andrew Jackson last night. The president says thanks to Law Enforcement, that attack was stopped. You may remember the protesters were trying to pull down the statue. The president says he wants Law Enforcement he wants long jail sentences for those who are responsible for that. Second subject, he was talking about he was talking about state governments which are weak on law and order, referring again to the statue removal and seattle, et cetera, et cetera, saying they are weak on law and order, if they need help, we will help them. Those two subjects addressed at length in the press conference there. Not really a press conference, but there you have it. No impact on the market. Check it right now. We are still up 220 points, right where we were before the president spoke. Still to come, larry kudlow joins us and there will be more after this. Stuart the rally holds. We are 35 minutes in. Thats about right. Yeah, the dow is still up about 180. Big tech, very interesting, thats where the money continues to flow. Facebook is up, thats a record high. Apple is a record high. Microsoft, a record high. Amazons a record high. The nasdaq composite overall at a record high. How about that. Let me turn to what we call the stayathome stocks. Zoom, that was the champion stayathome stock but its been surpassed by an even better performer. Lauren, who is it . Lauren its a company which rose 15 yesterday, fastly. Its up tremendously again today, up more than 60 in the past week. What is it . Its a Cloud Company that helps people get their digital content. If you have customers that include spotify, shopify, slack, twitter, all popular right now, and you do business with them, obviously your timing is good. Heres something interesting. This company fastly ipoed last year around the same time as zoom. It ipoed at 16 a share. Its now trading at about 76. Zoom, i dont want to minimize, zoom ipoed, remember this, 36 around the same time as fastly. Zoom is now at 249 a share. They have both come a very long way in a short time. Stuart that virus lockdown really worked wonders for some companies, didnt it. By the way, fastly again this morning, up 3. 5 , up 60 in about a week, i think you said. Extraordinary thing. Thanks, lauren. Its a big news day. Very big indeed. We have larry kudlow still to come on the show. Thats a little later. Its the news that investors woke up to this morning, chaos in d. C. I mean chaos. However, despite that, and even worse scenes, the market rallied again. You have to explain that. I tell you why i think its up so much. We will do that next. Yeah yyeah yeah hey, hey the open road is open again. And wherever youre headed, Choice Hotels is there. Book direct at choicehotels. Com. Tums ver bell rings la stick and wherever youre headed, Choice Hotels is there. When heartburn hits fight back fast. With tums chewy bites. Beat heartburn fast. Reach you seamlessly. Your team needs to work from different places across many devices. Plus, you want the security trusted by some of the Largest Companies in the world. And thats why you trust us. The most Reliable Network in america. Stuart 30 minutes into this trading session on a tuesday morning. Ive been saying this a lot recently, here is where we stand, not larry, it is rally time across the board. Up 200 for the dow. 22 for the s p and nasdaq is up 75 points. By the way larry kudlow will be joining us very shortly. Now were big on real estate on this program. It seems to me to be going places. We got the latest read on new home sales. Ashley. Ashley all right. People are talking to me as you speak, stu. 676,000, 676,000 on an annualized basis. That is better than expected. Whoever does these estimates gets them wrong every time, right . Were looking for about 640,000. Were up to 676. Signs of live always encouraging in new homes sales. Stuart stu. Stuart 676,000 on annual basis i think its a few strong. Ashley i would agree. Stuart that is a pretty strong number. I want more on this, i am told, i dont know what the source of this is, but new homes are attracting more buyers, because they are customizable. Tell me more about that, lauren. Lauren exactly that, they are new homes. Meaning youre the first to live in them. You make them what you want. Were seeing signs of Home Building that are very strong because people cannot find what they now want in existing homes. Listen. The inventory is really viewed as obsolete by a lot of new homebuyers. Theyre too far out. Houses are 50 years old. They require too much work. Builders capitalizing on that, building entry level homes that satisfy for demand of office space. Home gym space. Lauren see . What we want has completely changed, stuart. If you cant find that in the market that is out there, which is already squeezed. We dont have much inventory. People say you know what . We want to move. This is exactly what we want. We want a study room and a gym. Asking builders to build it. That is why the market is very strong. Another thing with covid19, cleaner and safer. That is psychological thinking of a lot of people. Stuart i like new homes. They are nothing brand new, nothing goes wrong, dont have to bring out my tool kit which i dont have to fix anything. That is a powerful motivator. The rally, we got it not as strong as it was. Nice gain for the s p. Nice gain for the nasdaq as well. Everyone. Now this. Consider the news that investors woke up toe this morning. Absolute chaos in d. C. As violent demonstrators tried to set up their own seattlestyle autonomous zone. A church was trashed. They tried to pull down a statue of Andrew Jackson. All of that overnight. There was troubling news on the virus. Texas reported record hospitalizations. Governor abbott says that is unacceptable. I would call that a negative news background. And yet stocks rallied again. Those of us who work in the financial world are ask almost every day, why, why has the market gone straight up as the economy went through a severe setback and free speech really went down the drain . Now heres the standard answer to that question. Well the fed is pumping in trillions of dollars. The economy is recovering. We are coming out of the virus shutdown. All of that is true but i would add one more reason. American big tech. So much money is pouring into these giants that they completely dominate wall street and they have reached this position because they dominate technology and technology is the platform on which economies are based from here on out. Look at the top five. This is my reading. Apple, microsoft, amazon, google, facebook. Between them, they set the standard for computing, software, online, the cloud, and social networking. All of the things that run our now and in the future and they emerged unscathed and stronger after the virus. They all have vast amounts of cash, about a half trillion dollars on hand, and they are poised to dominate the new postvirus economy. Theyre all american corporations. Thats where the money has been going and thats a big reason why the market has been going up. Those five Tech Companies are together worth 6 trillion. Okay, theyre a powerful voices want to break some of them up or rein them in or tax them more heavily but as of right now they are the crown jewels of american business. Their rise is a big reason for the overall market rally despite all those dreadful news headlines. Big tech. Scott shellady with us right now. Okay, deal with big tech in a second but, scott, you say that this current market rally has a lot to do with, that were all betting on no more shutdowns. Make your case. Well, weve started to see the numbers come in better than expected, stuart. I think we got a little bit of short termism. We were way too negative. Now, only thing we have to get over is our governors. The idea, i heard you say it before, i will say it again, idea we can pay 100 of our over heads and 25 to 50 of our revenues is a nonstarter. That is one of the biggest impediments getting economy going. Governor says, open everything up 100 , 30 of americans are too afraid to come out of their houses. So youre right, were going to get over this virus. That is why the stock market is up too. This is a little bit different than, big monetary calamity. We are going to get over the virus. It will be bumpy between now and then. The stock market is showing us where well be then. Everybody needs to hold their horses here. We are going to have momentary spikes but National Average of deaths are still going down. People getting sick on these tests are younger and younger, showing that the virus is now weakening and weakening. Maybe ultimately will burn itself out. There is ton of good news hitting headlines. On top of Everything Else you just said, that is the markets where it is at. Stuart what do you think of my point here, a lot of the market rally has to do with the enormous amount of money going straight into the five biggest of bigname technology stocks, what do you say . I couldnt agree with you more. Here is what im coming at from a different point of view, stuart. I spent half of my professional life, 16 of the last 32 years living outside our country. American entrepreneurialism, big Tech Companies is so envied by the rest of the world. That is who we are. These people can change a line of coved and change lives. That is where were at today. That is why we hitched our wagon to these people. They will get us out of the mess and the economy with it. Stuart do they really dominate the World Economy Going Forward . They do. We have the issue with free speech, who can talk what they can say or what they cant say. Well get through it because it is the wild west. Number one it is the envy of the world everyone envious of what we have. Well continue to innovate. One line changes lives. Stuart scott shellady, wellsaid. I guarranty well see you in the future. All right. Stuart we move to the 2020 president ial race. President trump is already heading to arizona. He will hold an in person rally there today. This as president obama is going to hold a virtual fundraiser for joe biden. Lets bring in hillary vaughn. What do you have on this, hillary . Reporter stuart, this is the first time president obama will be campaigning for former Vice President joe biden as opposed to with him, sharing the same ticket. Remember obama waited until the very last minute to endorse his former vp, holding out until every other candidate dropped out of the race before throwing his support behind biden. But now he is attending a virtual fundraiser on bidens behalf, alongside former Vice President joe biden as well. The campaign has been teasing this event for over a week. The event is not exclusive to topdollar donors. Instead, anyone who chips in any amount or any donation can actually stream in to this virtual fundraising event. Biden, despite being forced into virtual fundraising only online had one of his best fundraising months last month in may, beating out the first time the money that the Trump Campaign brought in. Biden and the dnc raising over 80 million,million more than President Trump and rnc pulled in for may. The Trump Campaign still has a lot more cash on hand, over 150 million more dollars than the biden camp has. The trump team is on track, stuart, to raise over a billion dollars this summer so far just in the past year. Stuart . Stuart hillary, thanks very much indeed. I notice joe beaden is not going out there in public facetoface where he could make another few gaffs. Theyre protecting him in that sense. Hillary vaughn, thank you very much. Im going back to the big tech giants. We follow them constantly. That is where a lot of money is flowing. New record high for amazon this morning. There is another story about big tech. Some of these companies vigorously oppose President Trumps new visa restrictions. Tell me more, susan. Susan that is because they use a lot of h1bs. Tech giants use h1bs for workers that write code and l1, transfer staff from overseas offices. We heard from apples tim cook opposes this. Ceo of google sawn day pichai. They said that this will not help the industry and country. Tim cook, like apple this, nation of immigrants always find strength in our diversity and promise of the american dream. There is no prosperity without both. Pichai of alphabet tweeting immigration contributed immensely to americas economic success making it a Global Leader in tech and google the company it is today. Elon musk, in response to the New York Times report of the executive signing order very much disagrees with this executive action. Amazon by the way actually had the most h1b visas last year of any company and they issued a statement saying that they didnt approve of this executive order. We also have a litany of, as you see there, a long list of tech giants, intel, microsoft, twitter and the like saying that they oppose this. Now the Migration Policy Institute says 200,000 workers will be blocked as a result of President Trumps order. You talk about influence of tech giants, stu, the tech giants, code and products they make have been so successful, so profitable not only for the companies and countries were made and written by a lot of these immigrants, now, some of them u. S. Citizens. Stuart that is the truth. You got that right, susan. By the way, we should tell everyone, were speaking with Homeland Securitys Ken Cuccinelli about mr. Trumps visa restrictions. That is coming up in our next hour. That is next hour. Okay. Seattle officials, they want to end the autonomous chop zone after a violent and deadly weekend. Watch this, please. Gun violence unfolding at night is not only wrong, it also is undermining and distracting from the message for change. We are working with community to bring this to an end. Stuart okay. I dont know how theyre going to do that. Clearly not the summer of love as the mayor already said. Get this, radical left activist wants all images of jesus christ torn down. He says theyre a form of white supremacy. Mike huckabee coming up on that. Im sure he has something to say about it. I know the governor. He will definitely have something to say about that. Let us help you prepare a plan to protect your family, your loved ones, and your future. Find a financial professional at massmutual. Com wherever you make go, lexus will welcome you back with exceptional offers. Get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. Stuart disney has announced a launch date for the streams service in europe. Lauren, what is the significance of that . Lauren okay. Well enter eight additional European Countries on september 15th. Why is that important . When disney plus first brought their streaming service to you in march 24th, in two days in seven countries they racked up 2 million subscribers. All in as of may they have 55 million subscribers. So the fact that theyre branching out in europe, going into netflix territory, that shows that disney is certainly, nobody was doubting they were a streaming player but they are even more of a streaming player right now. Disney branching out september 15th, eight additional European Countries. Stuart taking on netflix right over there. Good stuff, lauren. Take a look at the starbucks stock price, please. It is up a tiny fraction. Theyre launching a fake meat breakfast sandwich today. Okay . That will be impossible foods, not beyond meat. Beyond meats down by the way i should tell you that. Down three bucks, nearly 2 down. Here is the kicker, it is not beyond meat like dunkin doughnuts breakfast sandwich. It is impossible foods that will be going to starbucks. Beyond meat and impossible foods is not a publiclytraded company. Got that. Move on. Look at this tweet from a far left activist shawn king. I can barely believe it but i will read it for you. Yes, i think the statues of the white european they claim is jesus should also come down. They are a form of white supremacy, always have been, in the bible when the family of jesus wanted to hide and blend in, guess where they went, egypt, not denmark. Tie them down. Lets bring in mike huckabee, the governor himself. You got a smile on your face. Im not happy when i hear this nonsense. What about you . Only thing you can do is laugh at these loons. First of all what an idiotic thing were seeing all over the world with people tearing down every kind of statue, stu. In austin, texas, they defaced a statue of Stevie Ray Vaughan a guitar player. Blues player this is gone beyond anything we could have imagined. Here is the real challenge, it is often said, it is true, a culture that doesnt understand its history is like an individual who loses his memory. If you or i woke up tomorrow and had not clue what our names were, where we had been to school, who our friends and family were, we would be lost and living in a world of chaos. When a culture doesnt know its history, it is living in chaos. We dont know our history. Were living in chaos. And these crazy people on the left are now becoming like islamic terrorists destroying every last vestige of art and culture and trying to erase history, even the part of it that we ought to embrace. Some of it that we ought not to embrace we ought not to forget. Stuart now the president is very clear on this he wants to stop it. Look, knock it off. He wants long jail sentences for people who try to take down Andrew Jacksons statue yesterday. What i dont know what the democrats are saying. I have not heard a word heard a few words about police reform, heard nothing about taking down statues and zones all the rest of it . What are they going to say . Are they going to stop this . I dont think so. I dont think so either, they have already pretty much surrendered to the far left. You have got the mayor of seattle calling that nonsense a festival, a summer of love and now with people being murdered in that little zone, even shes come around to realize its stupid but she is still not doing it forcefully because she is so afraid of her own shadow. This election this year, stuart, will be a very clear choice between democrats who think this stuff is okay, and those of us not just republicans but the rest of us who say, if you dont have a society in which law is respected and order is kept, then we are not a country anymore and we are on the precipice of being taken over by the radical revolutionaries. Stuart i just cant see Middle America waking up in the morning seeing absolute chaos outside the white house. Hearing the president say, knock it off, i will stop it. I cant imagine Middle America approves of standing silent and looking on while this is happening. I just cant see that. Middle america is going to the right, if you ask me. I think youre right. I live in Middle America. I often say i live in the land of the bubbas, not the land of the bubbles like the four big bubbles of our country, new york, washington, Silicon Valley and hollywood. I can tell you people are disgusted, fed up with the nonsense. They are not going in the streets to march, because they dont want cars an houses defaced. They dont want to be called a racist, bigot, truth his people have respect for other people, regardless of their color, race, ethnicity, but they dont have respect for lawlessness and anarchy which is what were seeing played out on our streets. Stuart always great to have you on the show governor. Come back real soon. Got it. Stuart i have more on seattle, im told a big Investment Firm is leaving because of the unrest. Ashley, who is this, which Investment Firm, where are they going . Theyre called smead capital management. They have more than 1. 5 billion under management. Theyre an Investment Advisory company. Theyre heading out. They say they have had enough. They have will move headquarters from seattle to phoenix. The ceo says there is no Downtown Business community there today where they are located. He says recruitment is harder in seattle. The cost of living inside of the city is higher than phoenix. He also says there are rumors, this is only rumors, but this is according to the investment company, that 40 story buildings were only 20 filled by october in downtown seattle. So that is the first of what could be more to come of companies saying they have enough and they want to get the heck out. Stuart ashley, not just the unrest and the zone making a move out. It is very, very slow pace of coming back to work in an office if. Ashley yeah, exactly right. It will cost seattle a lot of money. Stuart i think it is. Ash, thanks very much. Ashley sure. Stuart ticket seller live nation announcing a new drivein Concert Series coming up this july. That would be next month. Well tell you how it is going to work. Interesting stuff. More headlines coming out of the Apple Developers conference. We will have them for you. Apples stock this morning, new high, up six bucks at 365. My goodness me. Well be back there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. 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Then it was of course beaten by titanic. Movies. Stuart driveins, fascinating stuff. Thanks, lauren, who would have known that. 1993, comes back again. It is big. Live nation, they are launching drivein concerts, repeat concerts. Susan, how will that work . Susan starting in july, live from the drive h in. Nine shows headlined by Country Singer brad paisley, nashville, indiana, from july 10th to july 12th. You can drive into the parking lots. Maximum four people per car. Two empty parking lot spaces between the cars. Not only can you watch the actual concert itself and party and have tailgating parties in between. Missouri, estimates they can fit in 1000 cars or so. Will be charged per vehicle. Could go as low as 125 per car. That is low as 30dollars per person. Not bad for a vehicle of four. 30 when was last time you paid that amount for concert. You need masks when you arrive. You can take them off during the show. Not just brad payly, pop star nelly, pink floyd tribute ban and outdoor Hollywood Casino amphitheater outside of st. Louis and these sort of driveins. Think of all the revenue lost because of the cancellation of coachella which brings in hundreds of thousands and south by southwest being canceled in austin. Stuart a pink floyd band . Susan tribute band. Stuart i could listen to the dark side of the moon again . Wow, my goodness me. Susan exactly what i was thinking. Stuart im on my way. Now this one, apple, the stock, alltime high, 365 riding the wave from the Developers Conference. I think you got something on that, susan . Susan announcement yesterday apple will make their own chips going into the 2021 Mac Computers to ship by end of this year. Listen to tim cook. Now it is time for a huge leap forward for the mac because today is the day were announcing that the mac is transitioning, to our own apple silicate. Susan wouldnt expect anything less. It they ended 15 year relationship with intel. Think about it make their own chips go into the macs, ipads iphones and apple watches. They promise to be faster, higher performing. Apple will make modem chips go into the new iphones rolling around f youre intel of the world, qualcomm you should be a little bit concerned, more than a little bit concerned. Apple is controlling their end to end of the ecosystem by making their own chips and supplying more than 40 of the components that go into the iphones. This is exactly what steve jobs wanted, right . Stu, you remember him . He wanted control of everything. There will be cost cutting for apple as well. Save them 150 on the new macs. If you think about it, this could be a new revenue stream or for the worlds biggest company. They are a big guy in chips as well, and amounted they can make selling their own chips. Yesterday you missed all virtual Worldwide Developers conference, stu. I think you like this, stu. Virtual car keys on your phone. You can send it to me via imessage isnt that cool . Stuart whatever you say. I can wait for that. Electronic keys, you dont put them in the ignition and turn the switch. Dont do that anymore. Im used toe it. I am used to it. I like it. Susan think about holding keys on your phone. Dont need keys. Put phone to the car and starts. Stuart as long as you dont lose your phone. Susan if you send it by imessage, somebody else has your keys. Stuart it goes on and on, doesnt it . Susan, well leave it at that. I have Royal Caribbean on the screen. There is news on the company. What is the news, ashe . Ashley suspending all cruises, stu, for their global fleet through september the 15th. Were still in june. No sailings on the global feet for Royal Caribbean, at least not until beginning the september the 15th. Just really tough for these cruise lines who are burning through cash at such a high rate. Not the first to doth but it is all about confidence and being able to persuade people that they should get back on a cruise and go and enjoy it after all things we experienced during the pandemic what a stock roller coaster ride that thing has been on. All the cruise lines, all the airlines, all the travel companies, up and down again all over the place. The markets as of now Still Holding to a 200 point gain for the Dow Jones Industrial average and the s p, nasdaq also on the upside. We got to check big tech again, please. We got some extraordinary numbers coming out of them. Look at apple, 365, up nearly seven dollars. Apple, amazon, facebook and microsoft all of them hitting record highs as of today. Theyre rallying. The overall market rallying despite a lot of nasty, negative headlines. Im going to Ask White House chief economist larry kudlow, he is on the show shortly, im going to ask him about the damage control from the navarro statement overnight. The next wave of the virus, the impact of visa restrictions on the economy and maybe a new stimulus program, is it on the way . I will ask him all of that when larry kudlow is on the show. Sticker shock in the dairy aisle. The price of cheese hitting a record high and we are on it. We will be back at mercedesbenz, nothing less than worldclass service will do. Thats why were expanding your range of choices. Many dealers now offer optional pickup delivery and athome maintenance, as well as Online Shopping with Home Delivery and special finance arrangements. So, whether you visit your local dealer or prefer the comfort of home you can count on the very highest level of service. Get 0 apr financing up to 36 months on most models, and 90day firstpayment deferral on any model. Stuart youre supposed to see the clip there from monty python. You can hear it in the background. That is spam, spam, spam, spam. Spam, okay . That is the canned meat stuff. I was brought up on it. America sent that stuff over to go england to feed us after the Second World War and we ate it up. Ashley, i understand america is still eating up spam . Ashley they used to serve it at my school once a week. Spam, spam, spam. Spam peas and sales for spam as of june 17th, was up 7 across the United States. How about that . Canned cooked pork. Apparently a couple reasons. A, food prices getting expensive. Especially price of fresh meat, we saw the Meat Processing plants shut shut down of covid19. A cheaper alternative, people started toe look at their budgets. Not just canned meat. In the u. S. , just looking at these numbers. Weve seen sales surge in the uk, they used to spam. Germany, greece, japan, apparently very popular in south korea. It was up 50 in april and may yearoveryear. Who would have thunk it. Spam the brits used to say, special processed american meat. That is what spam stands for but actually hormel introduced it in 1937. It was contraction of spiced ham. They came up with spam. There you go. There is the history lesson. Stuart do you know where most spam is sold in the United States you . Dont know, but i will tell you . Hawaii. Hawaii. Big in hawaii. Ashley huh. Stuart there is a cafe that specializes in spam. It is in hawaii. Ive been there ive been there. Many years ago. Ashley of course you have. Stuart of course ive been there. From spam, lets go to cheese. No were not going to do the cheese shot from monty python. Well tell you about Cheddar Cheese prices on the rise. Lauren, what you got. Lauren i never had spam. Just wanted to put that out there but think of a 40pound block of cheddar as a barrel of oil. Its a commodity. It trades very volatilely. It was about 2. 60 a pound. Consumers were stocking up and cooking at home. They were buying a lot of frozen food with cheese in it like pizza. Draft mat i can move happening even as restaurants and catering halls use a lot of cheese were closed. Now as the restaurants, et cetera, opened back up demand for cheese is rising even more, and with it the price. Stuart got it. Yeah, definitely got that. Spam and cheese. Here we go. That is a nice combination. Now there is another company, well look at them right now. Theyre called sroom. A online used car seller. They have drawn a lot of attention since their ipo two weeks ago. They are down today 3 . They went public on june 22nd, im sorry, june the 9th at 22 a share. They have come a long, long way. Paul hennessey is with us the ceo of vroom. Cone gratlations sir, your stock has gone well indeed. Im sure youre enjoying it but i am told there is a real increase in the sale of used cars. Now you sell used cars. Can you give me some numbers to back up this claim after surge in used car sales . Absolutely, stuart. Thanks for having me. First quarter for vroom was an outstanding quarter. We grew our unit sales for ecommerce nearly 150 . Revenue is actually growing 160 . So even in a precovid environment customers were turning to vroom to transact online. Since covid vroom has done even better, the enthusiasm about a contactfree sales process, contactfree delivery is really more important than ever to our customers. Yeah, were seeing a real opportunity in online vehicle sales. Stuart so you think that will continue, even though with our easing up on stay at home restrictions . You see no dark clouds on the horizon . It is to the moon from here on out, is it . I wouldnt say to the moon but customers were certainly frustrated with the traditional dealership model. Theyre seeing real benefits of a ecommerce model in vroom. I think there are structural changes. As the increasing materially and i think vroom will benefit from that. Stuart is there any haggling . If i came to you, i went to a conventional car dealer for a used car, there is a little giveandtake on the price. If i come to you for a used car is there any giveandtake on the price. Any haggling . Stuart, that is a real dissatisfier for customers, even if they negotiated a deal, they wonder if they got a great deal. With vroom it is about transparency and providing great pricing customers dont need to haggle because they know theyre getting a great deal. They feel much more satisfied by using the vroom model. Stuart the answer to the question, no haggling at vroom. I got that. Your big competitor i think is car vanna. Will you beat them . The space is massive as you know, stuart. 41 billion in annual revenue. It is also massively fragmented. Car vaughn that and vroom are disrupting the status quo. I think well do really well. Stuart i think youre disrupting the status quo. I think youre here to say. How big you are is another story. Paul hennessey, congratulations on the stock. Good to see you. Stuart sure thing. President trump wants to put protesters who vandalize or destroy monuments in jail. Brian kilmeade, calls attacks on the statue a war on history. He spoke to the president about it. He will join us shortly. We have the most popular truck in america for more than four days, the getting an upgrade. Ford urn veiling the new f150. We have a preview for you. vo at audi, we design cars that exhilarate with versatility, whether on the track, or the everyday drive. Today, that philosophy extends to how we connect with you. We call it, audi at your door. Whether a remote test drive, shopping, tradein, or even service pickup, audi at your door can do this and more at participating dealers. The premium audi dealership experience, on your terms. Audi at your door. Me too. Me too. And if youre a small business, were with you. Standing by you every step of the way. Bye bye. You say that customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Stuart all right. The rally still holds. We got a lot of green all over the police but the dow is up only 110 points. Let me show you the big Tech Companies. I want to take them one at a time because there is fascinating information here. Officers of all, apple, a new record high. 365 on apple. By the way that is the most valuable american company. Apple is valued at 1. 58 trillion. Next is microsoft. That stock is also hit a new high i will go with amazon. Amazon is next. 2757. Amazon is now worth 1. 3 trillion. By the way, alibaba, which is chinas amazon, is valued only at 600 billion. Microsoft, that company is now valued at 1. 53 trillion. Another record high there. As for facebook, nowhere near the trillion dollar mark. It is at a new record high or very close to it. It is worth only 690 billion. How about that . I also want to tell you in our next hour larry kudlow will join us. I will ask him all kinds of questions about the economy, the virus and big tech too and navarros statement as well. All right, were momentarily, just a few seconds away from being joined by Brian Kilmeade. Im going to count us down. You have to be very precise now. Five, four, three, two, one. It is now 10 51 eastern. That means Brian Kilmeade is ready to join us. He is the host of the Brian Kilmeade radio show. Brian, sit up straight, here we go. You are really upset about what happened outside of the white house last night and the takedown of the Andrew Jackson statue or the attempted takedown. Go at it, brian, i know youre not happy. Think about this, you have 1600 pennsylvania avenue, the white house. 230 years old, were doing a feature what it meant to the country. The burning of the white house by your former country. The rebuilding in the 1950s. It was literally falling apart. Across the street is a man who used to live there, Andrew Jackson, built the portico and big columns in front of him. He was not perfect, a democrat, the first one. He was impactful. He changed a generation t was jack sownian era. As im talking to the president he is talking about the big quest to pull him down in new orleans, his stat tu. He won the battle of the new orleans. He is a selftaught military general who was fighting for this country at the age of 14 years old as a courier because that is all they would take him because he was so young. He went to jail when he got caught. He became a judge, a lawyer, a real asset to his country and these people, who skateboard for a living or just hate this country fulltime, decided to put chains around a statue that the whole country stopped to dedicate, try to pull it down. Thankfully he was as tough as the statue as a person. It didnt move. And now the president s passed an executive order. Stuart wait a second, werent you in the white house, interviewing the president , Walking Around the white house about an hour before this unrest at the statue and this attempted formation of a zone . What did the president say to you at that point . We were talking about the statues and Andrew Jackson specifically. Stuart, you will see the video. We actually have it where Andrew Jacksons portraits between us. His bust is to the right of us. I had no idea in broad daylight they would be looking to set up their own autonomous zone outside a defiled st. Johns church and have hundreds to show up to rip it down. Think about that. Stuart wait a second, brian, the president came out real strong, look well not have this. Well have long jail terms for the people who did that. So i know where the president s coming from. But i have no idea where the democrats are coming from. Do you . By the way outside tom cotton, can i see more republicans stand up for our history . Stuart right, right. Lincoln, grant, Francis Scott key. Stuart somebody has got to come forward to stop this nonsense. We always look for something where both parties can get together. This is it. Guys, were going to vote on this. This will be done by a vote. Were going to talk to counties and committees. Well see things to be revisited. No longer represents our town, new york, is named, is a controversial name. Yale is a controversy hal name now. Everywhere you go, guess what generation 2020. There were imperfect People Living today and there are imperfect People Living yesterday who just happened to have a made a tremendous impact on the planet, on the country. Thats why theyre memorialized. Not because theyre perfect. It is because they did something extraordinary. Stuart yeah. I will change the subject completely, brian. Recreational vehicle makers, rv people, big surge in demand since the pandemic started but, i think, didnt you just get back from an rv trip . Youre smiling. Did you have a good time . You want to tell us about it. Never thought i would do it but i want to take my great pyrenees down with us. The family was unsure about flying right now. I looked into it. I got an rv, a win any paying go. It is 40foot. I thought i will figure it out. 1600 miles later. I kind of figured it out a little. When truck comes by it moves on the road. But to have a living room with you, it gets ault of seven miles to the gallon. But when gas is only 1. 99, you know it makes sense. But it was a great family thing. You know, my son relieved me a little bit but i never thought i would do it. When i saw the stats that it is up 300 across the country. They cant make them fast enough because the staycation, family together, not going to europe, not going to the bahamas, not going to argentina. Theyre staying in america on the road. It was certainly something i never thought i would do. I thought it was really cool. Stuart im glad were talking about it because that is really cool. Brian kilmeade. Congratulations brian, see you real soon. Thank you, stuart. Stuart we have another big hour coming up for you, white house chief Economic Advisor larry kudlow will join us shortly. I will ask him about damage control from the navarro statement about china overnight. Maybe i ask him about the nextwave of the virus and a whole lot more. He is on the show shortly. Well get more details of the spread of the virus, when dr. Fauci and other medical leaders testify before congress. That is moments from now. We will bring you headlines. The president left the white house earlier today. On his way to arizona, where he will look at the border wall. He threatens to suspend key visa programs. The acting deputy secretary for Homeland Security, Ken Cuccinelli will tell us why the president proposes to do that. We will be back. And it was the first time that i realized i could be earning interest back on my money. I just discovered sofi, and im an investor with a diversified portfolio. Who am i . i refinanced my Student Loans with sofi because of their low interest rates. Thanks sofi for helping us get our money right. And still going for my best. Even though i live with a higher risk of stroke due to afib. Not caused by a heart valve problem. So if theres a better treatment than warfarin, im reaching for that. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Im on board. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Ask your doctor about eliquis. And if your ability to afford. Your medication has changed, we want to help. Eastern time this tuesday morning. We have been watching the nasdaq all day. It opened at another fresh high. Just goes to show how those big techs are really leading this market. Right now, the nasdaq is way up. 10,147. Thats where the nasdaq composite is. Thats a new alltime high. Im going to put some big tech names on your screen. They have all hit record highs this morning. Apple, microsoft, amazon, facebook, all of them record highs this tuesday morning. And again, let me tell you, larry kudlow coming up on the show shortly, we hope. Happening this hour on capitol hill, dr. Fauci testifies on the surge in recent virus cases. Now, Edward Lawrence knows what hes going to say, has seen his prepared remarks, and edward, you, sir, are going to give us the bullet points, arent you . Reporter i certainly am, stu. Dr. Anthony fauci is going to say they have had positive test results with remdesivir, even more positive than seemed to have been in the past on how thats treating the most severe patients. Also, nih is working on other treatments through antibodies from donors who have had the coronavirus and working through blood treatments that way. Hes also going to say that its very rare to have a virus that started in animals, then jumped to humans and spread among those humans. Also in front of the committee, the head of the cdc. Now, he is going to say they saw Health Providers in one month with enough demand for medical personal medical equipment for the entire year, equals the same as their yearly demand, showing the need for some of that ppe manufacturing to come back to the United States. They are also going to say on testing, 22 million tests for the coronavirus have been given. They are averaging now 400,000 to 500,000 tests per day for the virus and finally, the head of the fda also there, who is going to say they have seen no transmission from food and Food Processing to the general public. Also, that Food Packaging to the general public. Now, that hearing expected to start any minute from now. Stuart ive got a feeling theres going to be some questioning about a second wave, maybe a second lockdown. I think he will be questioned about that. I suspect the democrats will try to put some, what would you call it, some space between him and the president. Am i right . Reporter exactly. Very critical, the democrats going into this, the head of the committee actually very critical of the response of reopening the government so quickly, also on the testing. They want to see more tests go out, maybe contain certain areas there. You are going to see them try to pin dr. Anthony fauci possibly in a corner, trying to say the economy may be open too quickly. Well just have to see how this goes. But again, very tough questions from democrats coming today. Stuart here it comes, thank you, sir. See you again real soon. Im going to put one particular biotech firm on the screen for you. Inovio is up 16 . Thats a whopping great big gain. Ashley, why up so big . Ashley because they Just Announced another contract with the department of defense. They are going to get funding to the tune of 71 million from the department of defense. They are going to be manufacturing a handheld device that will be able to deliver an experimental vaccine. The department of defense havent exactly said, an undisclosed, if you like, number of these devices. The vaccine itself, we dont know what its called but its in phase one clinical trials. This is not the first time the dod has worked with inovio. By the way, the stock is up 363 year to date. Thats why you are seeing another big gain today. Stuart 300 . I didnt see it coming but there you go. Thanks, ash. Next, we will deal with the apple conference, their Developers Conference kicked off monday. Goes on all week. Look whos here. Dan ives. Dan, welcome back. Look, let me cut this short because i know what youre writing here. You are saying that apple is going to make their own chips, you are saying airpods are going to get surround sound. And the ios 14 is apples introduction to 5g. You like it all. Is all of that, those three areas, is that enough to put apple way above 400 a share and soon . Look, i think this is just the appetizer to the entree which is iphone 12 and 5g. I think when you look on the other side of this dark valley, thats really the catalyst. 350 million of 950 million iphones worldwide are in a window of an upgrade opportunity. Not upgraded in three and a half years. Thats where you get to a 2 trillion cap in the next three to six months and 400 plus stock as apple continues to get rerated despite the dark clouds. Stuart i take my hat off to you. You have been right consistently about apple and other stocks, too. Now you are saying 400 a share plus and a 2 trillion valuation. Okay. We love to see that. I want to talk to you also about tesla. Your firm just reported that their cybertruck now has an incredible 650,000 preorders . That big . What does that mean for the stock . Now, look, its a 100 refundable preorder. So you got to look at 30 , 40 conversion is massive. This could be potentially 200,000 units first year. It speaks to why its so important where that next factory is within the u. S. We think austin, texas is likely where musk and tesla move to. This is just going to be another piece to the tesla puzzle on the ev semi side as they continue to expand. Right now this is a stock, we call it 1500 bull case as this is just a core way for investors to play a transformational ev play. Stuart would you call tesla the best car company in the world . Look, i think today, if you look at ev and you look at where theyre going, i would call them the best next gen car company in the world. I think the head scratcher to traditional auto makers in europe and the u. S. , they just cannot catch. Remember that musk dna, that continues to be what theyre doing and obviously ev is only 3 penetrated today. Thats why the stock continues to move higher. Stuart again, you have been ri right. I wonder if youre right on tesla going to 1500 a share. Dan ives, you always keep it short, sharp and to the point. We like that. We love it that youre right. Come see us again soon. Thank you very much, sir. Thank you. Stuart my goodness me. 400 plus for apple, 1500 for tesla . How about that. One more check of the big Tech Companies, please. A lot of them, four of them have been hitting alltime highs. Microsoft now partnering with Johns Hopkins university, using their Artificial Intelligence technology to help with new medical treatments and data management. Microsofts stock all the way up to 202 per share. Believe me, folks, i did not see that coming. Amazon putting 2 billion into a Venture Capital fund to help the environment. Jeff bezos says the money will go to quote, sustainable and decarbonizing technologies. New high for amazon, its up 57 bucks right now, over 2 . 2,771 per share. More good news on the housing front. Lauren, people are what . People are paying their mortgages again . Theres a headline for you. Lauren i know. Imagine that. This shows that we are recovering from the virus and the housing and the job market are relatively strong. If you look at the number of americans skipping their mortgage payments which is called forbearance, that has dropped for the First Time Since march in the wake of coronavirus. These are numbers as of june 14th. 4. 2 million homeowners hadnt paid their mortgages versus 4. 3 million the prior week. So its a decline. Its the first one we have seen in awhile. I spoke to an analyst who said of the homeowners who are requesting forbearance, many of them have still been paying their bills because you can, they just requested forbearance just in case but if things get better and they have their stimulus checks, they are still making at least some of the payments. This is all good that we are moving in the right direction. The wild card is what happens when the stimulus dries up. Stuart absolutely. That is good news across the board there. When people are paying their bills or more people are paying their bills. Theres no way to look at it but thats good news. Thank you, lauren. What about siemens and sales force teaming up to backtowork products . Susan they are going to give employees data on their mobile phones to stay safe and efficient when they have to go back to the office. Think of boarding passes for building and elevator entry, also warnings when room occupancy limits are being met. That means there are too many people already in one room. Employees check in and Contact Tracing might be available in the future if these emergency measures will be needed but data will be collected, many times per second according to siemens, then delivered to workers and managers via salesforce apps. Many are slowly allowing their staff to return to work but only on a staggered and limited basis. So these tools will help them be safe at least when they have to go into the actual workplaces themselves. What about those that get to work from home permanently like the twitters, squares, facebook and slack, and even a swissbanc, they plan to increase the number of employees who dont have to return to the workplace. Thats pretty much the trend, working from home permanently, especially we know we can do that any time. Stuart some companies have really just set up for work from home. Tech companies are ideally set up to do that. Susan a bank . That was strange. Ubs. Stuart i have been locked out of my bank branch for four months. I have kind of managed to do all my banking on my phone. Susan wow. Stuart if someone like me can do it, lot of other people can do it, too. Susan trends can be accelerated. Think about the general population. Stuart by the way, one quick thing here. Maybe the market was watching dan ives a moment ago when he said the apple stock is going well above 400 a share. I have now got apple at 366, up more than 7. I think he may have moved the market. Look at that. Susan i think the general consensus, cowan and the like, lot of analysts have rated apple at above 400, 405 is the street high right now. Stuart he laid out a very good case for it. Thanks, susan. We have wire card on the air just a moment ago, a german payments company. That stock has tanked in the past few days because they lost about 2 billion. Somebody has been arrested, is that correct, ash . Ashley what a scandal this is turning out to be. His name is marcus braun. He resigned as ceo yesterday. Lo and behold there was a 2. 1 billion hole in the accounts and it came to light after ey did an audit and said wait a minute, where is this money. Turns out that braun is accused of creating fake balance sheets, fake accounts and now he has been arrested. Police in germany say he may not have worked alone, he may have had cooperation. This was one of the rare tech successes of europe. Its a Payments Processing company, wirecard, much vaulted, by the way, that 2 billion hole is about a quarter of the companys total assets. So he has a lot of explaining to do, mr. Braun. At one point, two banks in the philippines were said to be holding that money and they said we have never had it, never had, you know, never even seen one penny of that 2. 1 billion. So mr. Braun, it turns out, has a lot of questions to answer. Interesting story. Stuart lot of explaining to do. That was the expression. You remember that . I know you do. Ashley of course. Stuart in a few minutes, white house chief economic guy, larry kudlow, will join us. I want to know more about Peter Navarros statement on china, the china trade deal, overnight. Mr. Kudlows take on what may be a second wave of the virus. All of that coming up this hour right here on varney company. All right. Lets see what weve got for you right now. President trump is on his way to arizona. Hes going to look at the 200th mile of the new border wall before holding a Campaign Event with thousands of people in phoenix. This comes as the white house moves to suspend temporarily work visas to help u. S. Citizens find jobs during the pandemic. Acting Homeland Security secretary Ken Cuccinelli will join us live to talk about that visa restriction later this hour. Overnight, protesters tried to tear down that statue of Andrew Jackson right outside the white house. President trump said hey, knock it off, or you will get punished. Watch this. You cant take down George Washingtons statue and half of our countrys named after washington. You cant we have to remember the heritage, the culture of our country. Stuart all right. You will get my take on the protests sweeping this nation after this break. And because we dont know exactly when this crisis is going to be over and we dont know exactly when the stock market will reach its bottom, weve got to be prepared for this to last a long time. If you assume that youre out of work for nine months but you end up only being out of work for. Wherever you may go, lexus will welcome you back with exceptional offers on exceptional vehicles. Get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. Experience amazing we could never do what they do. But what we can do it be a partner that never quits. Verizon is the most Reliable Network in america. Built for interoperability and puts First Responders first, giving their calls priority, 24 7. We do what we do best so they can too. Do you think that the president sort of i mean, he obviously really wanted to hang on to this trade deal but given everything thats happened and all the things you just listed, is that over . Its over. Yes. Stuart its over, yes. Thats what white house trade adviser Peter Navarro told Martha Maccallum on fox news last night talking about the trade deal. Navarro then backed off, walked away from the comment, saying the media took it wildly out of context. The president weighed in with a tweet saying the china trade deal is fully intact. Hopefully they will continue to live up to the terms of the agreement. Lets settle this with larry kudlow, the president s chief economic adviser who joins us now. Larry, please give me some clarity on phase one of the china trade deal. Wheres it stand . The clarity is involved with the president s tweet last evening that you accurately quoted. The deal is fully intact. You know, thats been the reports coming from bams doamba lighthizer, one of the principal architects of the deal. Actually, china has been picking up its game in the last month according to trade rep lighthizer. And i have been in several meetings in the oval with bob and Steve Mnuchin and the president and others, you know, thats been our view. They have actually picked up their game. Its not just commodity buying, although that is picking up, too. Some of the structural issues like i. P. Theft, i mean, look, can i just say, if you are in the arena, if you are doing the media stuff a lot, you will let one or two get away. I think its happened to all of us. I have known Peter Navarro a long time. Hps hes a very smart guy. Hes working hard for the president. He misspoke and i think he straightened it out. The trade deal is on. Stuart lets leave it right there. Thats clarity. Why does the president want to cut down on skilled workers . Hes proposing this executive order on h1b1 visas. A lot of those people work at our high Tech Companies and they are needed in our society. Why does the president want to cut down on them . Well, look, theres a pause going on here. That pause is directly related to the pandemic, collapse of the economy. I think that the president s view and i served on that task force and we agreed that we have to help americans get back to work first. Thats the top priority. In particular, stu, if you look down, we made adjustments to the h1b, the h2jl. There will be some exclusions and waivers, first of all, but second of all, its the middle income folks and the lower income folks that got hurt the most. Minority groups got slammed during this pandemic contraction. I think this again, this is temporary through the end of the year, then it will be reviewed pending the outcome of the economy. I think hes on the right track here. Stuart look, if American Companies cannot get the skilled workers that they need for whatever reason, if you cut off the supply of those skilled workers, you do slow down the rate of economic recovery, dont you . I think in the long term youre right, but i dont think thats really our intent. I mean, our overall intent for Immigration Reform is to build back a meritbased system, okay. Thats where we want to go. We want to slow down or even end the family chain system, okay, which has not been helpful to our economy and regrettably, theres been a lot of unlawful, illegal immigrants. Now, the point, though, is this. Let these companies interview and take wage offers from americans first. I mean, thats all it says. Just start right here with americans. There have been some companies, not all, but some companies that have avoided higher priced american wages in order to get lower priced foreign wages. Its a bad arbitrage for the United States. Incidentally, in the h1b reform which i think will last the test of time, those people who have been offered the highest wages will have first dibs on the job. Like a reverse auction. I think this is a necessary reform. You know, in terms of the wage scale, some of these h1bs, i know theyre skillful, theyre not necessarily interplanetary skillful. Lots of people can do these jobs. We train well in the United States. But their wages are only about 17 of the median. We want to raise that up to at least 50 of the median. Thats part of this reform. But most of all, lets help American Workers first. Lets look to the middle class and the low end wage earners who had been, in President Trumps first three years, it was the low end wages, wage earners who had the fastest growth, higher than the top end. We just want to give them first dibs as we recover, reopen the economy, and as we go through this vshaped recovery. Stuart im going to give you a headline from the washington post. It reads, i will tell you now, trump tells aides he backs new round of stimulus. I think the article goes on to suggest that the president is in favor of generous, thats his words, generous direct payments to people. Any comment on that . Look, i think number one, there will be a healthy discussion after the july fourth recess about the next move regarding economic policy. My hope is we move from rescue to Economic Growth incentive. By the way, the rescue has worked beautifully. There are green shoots sprouting up everywhere stuart what about direct payment . The second half of the year youre going to get 20 Economic Growth and if we just get 5 in the First Quarter of 2021, we will be back to the peak in the economy of 2019. Now, to your point, i hear you, i think the tax rebates or the direct mail checks are on the table. This is all predecisional. A lot of discussions going on. Probably we would want to target those to those folks who lost their jobs and are most in need. Thats the speculation on my part but i think thats where its going. Dont forget, please, the president wants incentive oriented policies. He wants a payroll tax holiday, provide incentive for people to come back to work. He wants a reemployment incentive to come back to work. Hes talked about capital gains. Hes talked about business expensing. Hes talked about deductions for restaurants, entertainment, sporting events and sightseeing and tourism. We want this to be a constructive package and it may be that the tax rebates will be part of that. I dont want to say for sure, i dont want to say not. I know its on the table. Stuart in 30 seconds, can you tell us absolutely definitely no second lockdown . Yes, absolutely definitely. You know what, there are some states that have some issues, no question. I look at my list here. Arizona, florida, nevada, carolina, oregon, texas. I dont deny that. Theres no question about it. On the other hand, the testing has risen astronomically so the case rates gone up a bit. The fatality rate continues to come down. Thats a very important fact. And stu, just for the record, a lot of people dont want to report this, the reality is we have had huge declines in the case rate, okay. Colorado minus 30. The d. C. , maryland, Virginia Area minus 31 . Illinois, minus 36 . Michigan, minus 80 . The new york metropolitan area, minus 20 . Niece are these are so we are getting some decreases. We have a lot of experience now, weve got the right equipment and people have got to continue to practice, you know, good safety guidelines and distancing and masks where necessary. So there are just as many examples of the case rate coming down significantly as they are coming up. In fact, cdc tells me youve got 37 states right now the past week who are in very good shape, okay, all the trend lines coming down. You have 13 states that have some hot spots. I acknowledge that. But none of this requires another shutdown of the economy. There is no second wave. Some are doing fabulous, some are still have to be very careful. Thats the way lifes going to work mostly as this economy reopens, its going to be a vshaped boom. I believe thats what all these green shoots are telling us, whether its retail sales or jobs or apple mobility travel or Housing Demand or new business applications. I think the evidence is overwhelming at this point. Stuart you got it all in there. Vshaped boom. Thanks, larry. Thanks very much indeed. See you soon. Thank you. Thank you. Appreciate it. Stuart the market went up a little during that interview. We now have the dow up 251 points. You will get my take on what im calling the cultural revolution, i dont like it. The cultural revolution, next. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. [ indiscernible shouting ] stuart all right. Last night, demonstration in washington, it turned ugly. The mob tried to take down the statue of Andrew Jackson. They vandalized a church. They tried to set up their own autonomous zone just like seattle, right outside the white house. Just look whats going on. These scenes are part of an attempted cultural revolution, a complete rejection of the past and the present. This revolution cannot be criticized. Strict political conformity is the rule. No deviation allowed. If youre not on board, youre out, banished, shamed. It amounts to a lockdown on free speech and political debate. There are statements you may not make. There are opinions you may not share. Statue toppling, thats just the tip of the iceberg. They make the visual headlines which we have to look at every morning. Below the surface, is the censorship that threatens anyone who doesnt conform. Whatever you have said or written, even in the distant past, can and will be used against you. This gross intolerance is undermining all parts of our society. A Federal Reserve economist, the leaders of the poetry society, a principal in vermont, an nba announcer, an m. I. T. Chaplain, a coach at oklahoma state, business executives, the editor of the New York Times opinion page, all of them either forced out or forced to apologize. They didnt conform to the demands of the cultural revolutionaries. As the wall street journal editorializes today, someone has to stop this. They are dead right. We know where the president stands. Hes a free speaker and his message to the anarchists is clear, knock it off or else. But where, oh, where, are the democrats . They wont step out of their comfort zone. They will happily blame trump for talking about law and order but they dont step up for free speech and free debate. They wont say a word that the revolutionaries dont like. Thats a mistake. With five months to the election, it is vital that our country freely address the chaos that we wake up to each morning. This is no time to suppress free speech. Its no time to walk away from the debate. Freedom is written into our constitution, and both sides of the aisle should support it openly and forcefully. Lets bring in someone ideally suited to respond to my editorial. Man on the righthand side of the screen, Charles Payne, host of making money on this network. Charles, tell me if im going wrong somewhere. Have at it. Charles i think you are certainly heading in the right direction, stuart, but you mentioned the democratic party. I think you also have to add their allies in the Mainstream Media. Heres the situation. They have created, they have created this is sort of the seeds they have planted and that they have cultivated over years and years of saying hey, this group over here completely, completely does not like you, completely is not going to work in your interest, completely wants to harm you. They have spread this message to generation after generation and then it explodes on the scene and the images that we have seen more recently, and the Mainstream Media coddles it. They never call it out. But any time someone on the right, particularly as President Trump does something less egregious, its the end of the world. These are anarchists who have taken this over. They have usurped this whole thing and i do blame the democrats for it. The answer is no, they wont stand up to it. The Mainstream Media will never call it out. Cnn would rather build a fence around their building in atlanta rather than tell the truth about this. So the consequences of where it goes, aun ash anarchism wants t complete disarray, complete crumbling of this nation. Its not about whether black peoples lives matter, its not about police reform. Its only about the destruction of america. Thats been their aim for more than a century and this is the most success they have had in almost a century. Stuart i will move aside from that subject and move to the economy. I want to show our audience and you a poll. 85 of democrats are calling Current Conditions in the economy poor. 85 say its poor. 65 of republicans say everything is good. Now, thats a ridiculous political split, isnt it, charles . Charles yeah, its been like that since President Trump has been in office. Even when we were posting a february record everything, everything, including a surge in household ownership amongst millenials, a surge in household ownership amongst blacks and s hispanics, wage growth across the board, every time you asked those questions along political lines, its the democrats who didnt like the way the economy was going. I could say this. You could be more specific. If i was a democrat living in new york city, i probably would be more dismayed with this economy, particularly if i wasnt one of those rich persons living on park avenue. If i was one of these folks in the democratic california, michigan, illinois, i would probably feel like the economy is not helping me. But thats certainly not a reflection on the efforts of the federal government. Thats the efforts and the result of whats happened on the local scene. By the way, circling back to our original topic, though, it never gets brought up and theres never any true authentic accountability. Stuart absolutely right. I hope to hear more from you on this at 2 00 eastern time this afternoon when your program making money with Charles Payne goes on the air. I will be tuning in. You will tell me all about it. Thanks. See you later. Couple of stocks, want to check them out for you. First of all, disney. Workers at the most magical place on earth say they dont want to reopen next month. We will explain that for you. And President Trump freezing visas for Foreign Workers to help citizens, u. S. Citizens, get jobs during the pandemic. Watch this for a minute. Unprecedented level of effort by a president to clear the american job market of competition like this. Stuart all right. That was acting deputy Homeland Security secretary ken ku cuccinel cuccinelli. He joins us live on this program after this break. They line up by the thousands. Each one suffering with a story that breaks your heart. Like ravette, who needed help, because every step brought her pain. Their only hope is a ship unlike any other. Mercy ships. The largest floating civilian hospital in the world to bring free surgeries and care to people who have no other hope. Only 62 cents a day. 19 a month will help provide urgently needed surgery for the worlds forgotten poor. If you have ever wondered how can i, just one person, make a difference . This is your answer. So many are still suffering. So dont wait. Call the number on your screen call or donate now at mercyships. Org we have to help americans get back to work first. Thats the top priority. There will be some exclusions and waivers, first of all, but second of all, its the middle income folks and the lower income folks that got hurt the most. Stuart thats larry kudlow on the Program Moments ago, talking about President Trumps plan to suspend temporarily some visas for Foreign Workers. Ken cuccinelli is with us. Ken, welcome back to the program. Always good to see you. I put it to you that workers we are talking about here, theyre not farm workers. Theyre not coming here to pick the crops in california. These are skilled workers which our Tech Companies actually need. If the Tech Companies cant get them they run the gamut. Stuart yeah, but doesnt it slow down the rate of growth of our recovering economy . In every one of the industries where h1b visas, the high tech ones youre referring to, stu, every single one of those industries have seen significant layoffs. So the idea that there arent americans available doesnt stand up in the light of the unemployment data right now. Maybe in a 3. 5 unemployment trump economy a few months ago, but in a 13. 5 unemployment arrangement, that isnt the case. The president made very clear, larry said the same, the president is putting American Workers at the front of the line to get jobs here as best he can, and one way he can do that is to use his Legal Authority as president to bar entry on a temporary basis of a variety of classes of these competitive visas. Stuart overall, big picture, is it your intention and the president s intention given your druthers, if you could do what you like, to lower substantially the level of immigration to america . That isnt what this order is about except to the end of 2020. Thats a whole different debate that the president s been trying to get going in congress, but they dont seem willing to pick it up. You know, well see if anything gets jumpstarted that doesnt traditionally happen in an election year. Stuart overall big picture, you want to reduce the numbers . Certainly when you see unemployment go up like this, we would. Thats what the president is doing here. He is reducing the incoming numbers by over 500,000 for the rest of this year, because of the explosion of unemployment among americans. Those factors matter. You know, you view immigration differently at 3. 5 unemployment than you do at 13. 5 unemployment. Certainly this president does. And hes prioritized getting americans back to work even if there are some other challenges that this causes that you note, stu. It isnt like this all happens smoothly. But the president has staked out his ground and its for American Workers in this particular context. Stuart the president is on his way to arizona right now. Hes going to inspect i think its the 200th mile of the border wall. Would you say that with 200 miles of the wall in place, has that been successful in drastically reducing the flow of illegals into arizona . Yes, in the areas where the wall system is completely built, absolutely. So i will give you a nearby example. Yuma, arizona, the wall system reduced illegal traffic by 75 . 75 . Now, thats one of the most extraordinary accomplishments across the border with the new wall. Others were maybe 25 and so forth. But what the Border Patrol agents will also tell you is it takes less of them to do their job and they are safer doing it because of the surveillance and the blockage of traffic. So it provides a whole array of benefits to security for our agents, National Security for our country and driving the flows down. Stuart Ken Cuccinelli, thanks very much for being with us as always. Good to be with you. Stuart yes, sir. Come see us again soon. Thank you, sir. Going to check various markets before we move back to stocks. First of all, oil. Look at that. 41 per barrel. Thats an indication of growing Economic Activity as we recover from the lockdown. How about the price of gold . Up again, 1,783 per ounce. Thats a gain of almost 1 today. Solid gain for gold. Paypal, they will reportedly offer direct cryptocurrency sales. They are following other Digital Payment Services Like square that allow you to buy cryptocurrencies like bitcoin, for example, on their platform. The stock is up 2. 8 . Nice gain. Disney. They are moving to reopen parks around the world but some workers are not on board with that. Whats the problem, lauren . Lauren yeah. Well, if you look at Walt Disney World in florida, about 5200 workers there signed a petition saying you cannot open the magic and Animal Kingdom as you want to on july 11th because of the spike that we are seeing in Coronavirus Infections in the state of florida. As of today, there has been an increase overnight of 3,289 infections, bringing floridas total to 103,506. Florida is now the seventh state to have more than 100,000 infections. So theres a spike in florida and they are petitioning that disney doesnt open in time. Stuart tell me about disneyland in tokyo. Lauren they want to open and they want to do so july 1st. That would be four months after closing. You have to make a reservation ahead of time, saying the date and time you are going, and they are limiting guests to 15,000. So as of next week, Hong Kong Disneyland is open, Shanghai Disney is open, and tokyo disney will be open as well. Stuart july 1st. Got it. Thanks very much, lauren. Now this. It has been the bestselling pickup truck in the country for four decades. Now the ford f150 is getting an upgrade, rumor has it that theres an option for lay flat sleeper seats. Ive got to get a preview book two separate qualifying stays and earn a free night. The open road is open again. And wherever youre headed, Choice Hotels is there. Book direct at choicehotels. Com. Sawithout evenon yoleaving your house. And wherever youre headed, Choice Hotels is there. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Ask about saving up to 1500 on your installation. Stuart i have been waiting the whole show to get to this. Ford Motor Company coming out with its brand new ford f150. I happen to have one of these things. They are the most popular truck in the u. S. For over four decades. Look whos here. Fords marketing, sales and service Vice President. Mark, welcome to the program. Good to see you, sir. Thank you, stuart. Thank you for being a customer and having me on. Stuart before we go any further, whats this about reclining seats like Airline Seats on a truck . You kidding me . Our new truck thats coming out, our new f150, we are bringing it out later this year so we are revealing it on thursday night to the world, it has a ton of great features. Our pd team, our Product Development team, know these customers, they live with them on the work sites. Our truck customers work hard for a living. You got to take a little siesta and you can lay flat. Stuart come on, you got to give me a preview here. You already admitted to you can lay flat. Thats a big one. What else am i going to see . Come on. You can tell me. This truck is going to set a new bar in terms of capability, torque, payload, towing that our truck customers need. There are updates on the truck and continually improve the Software Experience of everything the customer utilizes with the truck. We will have a hybrid version to get great fuel economy and have an onboard generator that can power a work site or your home for a short period of time. We are also going to bring a full battery electric, complete battery electric pickup to the f150 within two years. I have driven preproduction model. It will blow your mind how capable it is. Weve got a lot to be excited about. Stuart im willing to have my mind blown with a new ford f150. I just picked up on this. Youve got an onboard generator. That yes. You can store the energy, a customer thats utilizing the truck on a remote work site can power their tools, you know, light up the area. Its a really good feature that our customers said that they were really interested in having. We are going to have it on this new truck. Im on the tour right now, visiting with some of our great dealers who have been open through this whole pandemic. Im at lb smith ford in the great city of lemoyne, pennsylvania outside harrisburg. Weve got a lot to look forward to. Stuart when does it arrive in the showroom . Toward the end of the year. November, december. We will be converting over the plant in the fourth quarter. Thats a big operation. We build the f150 in both michigan and in kansas city, missouri. I can tell you, stuart, we build all of our trucks, we are americas truck leader, we dont build nif thany of them outside u. S. We believe its very important to have our trucks built in the United States by United States workers, with our partnership with the uaw and every truck we sell in america, we build right here in america. We are very proud of that. Stuart okay. Thats a big selling point. That is a fact. Certainly would help me buy one of these things. Mark, thanks for joining us. We appreciate it. We will be looking forward to the great unveiling on thursday. We will get more details. Thanks, mark. See you again soon. Thank you. More varney after this. Yeah yyeah yeah hey, hey yeah we could never do what they do. But what we can do it be a partner that never quits. Verizon is the most Reliable Network in america. Built for interoperability and puts First Responders first, giving their calls priority, 24 7. Stuart before we leave you i want to show you the two powerhouses of this market. First of all apple look at it new record high. Apple is worth almost 1. 6 trillion. Microsoft, the other power mouse going up here, 203 a share. First time ive seen that up 1. 25 . Im done. My time is up, neil it is yours. Neil both those Companies Pay dividends. You get the best of both worlds. Stuart, following up on your fine reporting, hearings going on capitol hill, dr. Fauci, head of cdc. Nothing moving outside of dr. Fauci part of reason for surge in coronavirus testing weve seen increase in community spread. That is to be expected but again this spike in cases that weve seen remains at a bit of a concern particularly in texas. Arizona comes to mind as well. That this uptick is noteworthy. But again you will hear a lot