Take a look, dow futures down about 78 points, nasdaq down 4, s p lower by 7 points. Yesterday markets tumbled as vi to investor concerns the International Monetary fundscutd previously predicted 3 contraction. Case against Michael Flynn dismissed. Lawyers releasing notes showing that during the transition then president obama, then joe biden weighed in on the flynn case revealing a very different story from former fbi director james comey. Flynns Attorney Sidney Powell is here, joining me live at 8 00 a. M. Eastern on this case and what is being revealed. You dont want to miss it. Senate Republicans Police reform blocked by democrats, senator tim scott ripping democrats yesterday accusing them of trying to delay the bill until after the election. A rival democratic bill expected to hit the house today. Mornings with maria is live right now. Global markets this morning, erasing early losses as coronavirus restrictions ease. Take a look at where we stand. In europe mixed story. Ftse 100 down 5 points, duh the quarant up 12, in asia overnight south korea kospi seen declines. Coronavirus spike and markets in hong kong closed for the holiday as are markets in shanghai. Now some of the top stories that we are watching this morning, starting today new york, new jersey and connecticut will impose a 14day quarantine on all travelers from coronavirus hot spots. The states on the list, arkansas, alabama, arizona, south carolina, texas, florida, north carolina, utah and washington. 33 states are seeing spike in coronavirus cases with texas, arizona and florida reporting record highs. Houstons largest hospital meanwhile says intensive care unit is 97 filled in houston. Florida recording more than 5500 new cases alone. The cdc warning that deaths could rise to 150,000 by july 18th. Meanwhile disney is postposing the july 17 reopening of disneyland as california, texas and florida set record increases of covid19 cases. The Company Announcing delay after california officials said that new safety guidelines for reopenings would not be released until after july 4th, disney says it needs more time to restart the business. Apple reclosing 7 of the stores in houston area as well amid spike in covid19 in cases. Apple closed stores in florida, south carolina, arizona, that happened last week. The 2020 new York City Marathon has been canceled for november. New york Road Runners Club cited health and safety concerns for annual events being shut down this year. Hundreds of protestors in new york city meanwhile camping outside of city hall overnight, they are demanding a 1 billiondollar Police Budget cut. Organizers say they want money from the department 6 billiondollar budget to go to housing, health care and other services. They plan to camp out until the citys budget deadline july 1 outside as you see city hall. Californias school, meanwhile Oklahoma School board voting unanimously to eliminate School Police department. The board says that the money saved will go to student services. Former Vice President joe biden will accept the democratic nomination for president at the convention in milwaukee this summer, however, it will be in front of a very small crowd, the dnc makes this years gathering nearly all virtual due to covid19 pandemic. The convention to start august 17th President Trump meanwhile visiting wisconsin. Key battleground state in the upcoming election as New York Times poll shows the president trailing joe biden by 14 points. Markets are mixed tied to states seeing spike in coronavirus cases. Markets ended lower yesterday amid the covid19 fears an trade tensions with the eu. Nasdaq pulled back after hitting alltime high earlier in the week. Weekly jobs claims out at 8 30. 1. 3 million expected. First quarter gdp, expected to be down 5 . Durable goods for the month of may 10. 9 decline expected there. All due out at 8 30 a. M. This morning. Durable goods expected to be up 10. 9 , expected to be a gain for durable goods when it comes out this morning. Joining the conversation this morning sean ohara is here, also fox business dagen mcdowell, along with forbes media chairman, former republican president ial candidate steve forbes, ceo mark tepper. Great to see everybody this morning. Thank you so much for being here. Sean, we kick it off with you, your expectations for the markets as we see the kickup in coronavirus cases, some scary headlines there in terms of the ic units in hospitals right now. Good morning, maria, thanks for having me. The numbers are being looked past 2020 and 2021 that we will go back to work and america will start working again and so any positive news on the numbers will accelerate the hopefulness, i think, that the market has that this will eventually get behind us. The big threat for the market is the spike in the number of cases which sort of gets in the way of the narrative and so 2020 is just probably a washout as far as analysis that you might do in traditional evaluations because everyone is looking to 2021. What will get in the way is if we have another wave of shutdowns and thats what shook the market yesterday. Maria steve forbes, you have a situation here where we not going to shut down the economy again and yet we are seeing businesses try to adapt to what looks like more infections on the rise, record spikes. Steve yes, its also affecting the psychology, the economy as well and im wondering with, sean, when do you think, we are all focused on covid19, but when are we going to be focusing on the election. The betting odds are against trump. Theres a stark contrast between the two. Is the market fully recognize if the democrats win we will have a very different environment going into 2021 than what you would have if the republicans win . Yeah, steve, i think the time will come for that. Theres so much other news for that and its not really a traditional election cycle. Theres no big campaign events, you know, theres not a lot of real news to report on that and i dont think people are focusing on that right now. Eventually we will get around focusing that and that could be a little bit of a stumbling block for the market down the road as well as the big part of the gain in the last 3 to 4 years have been some of the policies that the president has put in place in terms of regulation. If we go back to regulation i think that would be negative effect for the market. Maria yeah, we are already seeing record spike in coronavirus cases in states in the United States dampening hopes for smooth economic recovery. Thats why we are talk about another stimulus package. How are investors navigating this, sean, are you seeing one area or another area sort of doing better than others . I mean, health care, technology have been the leadership sectors here. Where are you slowing seeing the flows . Its been a shift in the way people are investing their largecap u. S. Money. S p 500 tends to be where the bulk of the money has been. This year has been a dislocation because of the performance related to nasdaq 100 relative to s p 500 and because its not as broad in index and primarily technology and health care, smattering of Consumer Discretionary and and Communication Services where the s p 500 is sort of dragged down by some of those other sectors and so investors have been shifting money there so we have seen a little bit of that. Weve had big flows into some of the critical real estate that supports the Technology Revolution like the data centers from the cell phone towers, we have et, if that tracks those kinds of names and we are starting to see money flow into highquality names in the value space that generate Free Cash Flow and have Free Cash Flow deals and pay dividends. They appear better suited to withstand whats going on because of the amount of cash flow they generate. Maria yeah, certainly better yields than youre seeing in fixed income right now. Sean, good to see you this morning. Thank you so much, we will see you soon. Sean ohara joining us there. Join us former federal prosecutor Andy Mccarthy coming up next on the court order to discuss Michael Flynn case. Plus, in the 7 00 a. M. Hour this Morning HouseJudiciary Committee member devy lesko on Police Reform as the house gets to vote on house bill today. Dennis lockhart joining us on the data and where we are, jobless claims, final read of First Quarter gdp, assessment of the economy. At 8 00 a. M. Hour Sidney Powell will join us live on her clients legal victory and National Economic director larry kudlow weighs in on the economy and the ceo of flak, stewart on home tools. Dont miss that, big show right after this. Ncer reliability is everything. So, if your networks down, youre down. Verizon knows your customers need to 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. 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. And their financial wellbeing. Since our beginning, our business has been people. Experience amazing its evident in good times, with decisions focused on the longterm. And crucial when circumstances become difficult. That continued emphasis on people our advisors, associates, clients and communities gives us purpose, strength and a way forward. Today. And always. Maria welcome back, the latest on Michael Flynn. Lawyers perform National Security adviser, those notes show then president obama and then joe biden weighed in on the case. A different story entirely from what former fbi director jim comey told us despite all of this u. S. District judge sullivan has halted all proceedings for dismissal. I talked to attorney general william barr before all of the documents came to life. This is what he told me. What do you make of what judge sullivan is doing . Hes pushing back on that obviously. Well, as ive said, we disagree with what hes doing. We think the law is clear that it is within the discretion of the executive, its the executive branch and determine whether to continue on a case and the judge is supposed to be a new real judge on the case not exercise the prosecutors function, so we are hopeful that the case will be dismissed. We think thats what the law requires. Maria thats exactly what happened here. Joining me what happened federal prosecutor himself andrew mccarthy. Andy, great to have you this morning. First give your a reaction to what took place yesterday . Well, it was the right decision, i was surprised by it. Not that the law was wrong it was right. I thought they would try to gently nudge judge sullivan into doing the right thing and dismissing the case on its own and they were right to do what they did because the law of the dc circuit and as attorney general barr told you in your interview, the law of the United States is that the court has no place telling the Justice Department who to prosecute or which cases to persist in. Thats the justice call. Thats what the constitution says and thats the way its supposed to work. We wouldnt want the Justice Department if they didnt like a decision and lets interview the judges clerk. Its not the way the system works. If you dont like what President Trump is doing or attorney general barr is doing vote for someone else in november. Thats what we had the court for. Maria right. In addition to the dismissal of this case yesterday, we al got to see notes that were just released yesterday from from peter strzok than fbi agent in a meeting with some of his colleagues and here are the notes and this is exculpatory evidence, january 4th, 2017, obviously after trump was elected but a couple of weeks before his inauguration and there was a meeting with president obama, jim comey, sally yates, joe biden, susan rice discussing the transcript of the call between general flynn and ambassador to tushia kislyak. President obama said right people investigate general flynn. This caused jim comey to acknowledge the obvious of who was happening there and that was that general flynns calls were actually legitimate. Hes the incoming nsa, hes going to be speaking to internationalists a couple of weeks after before he takes the job, so comey says the calls were legitimate. According to notes notes from sk it appears that it was Vice President biden who first raised the idea of charging him with logan act. Thats admitted pretest to investigate flynn. This is from the u. S. District court. Your reaction from these notes and the notes are handwritten notes from peter strzok in the meeting saying biden brings up logan act, president obama says make sure the right people are investigating him. Its clear here it was january 4th, 2017, they still dont have any evidence of collusion but they are going with it and the media is driving the bus on it and saying, okay, well hes going to start in a couple of weeks maybe we charge him with the logan act. Whats your reaction . Well, i think the notes are being misinterpreted. They dont really tell us anything that we already dont know. All the stuff that you outlined is stuff that we knew based on the paper trail we had including susan rices memo to the file that she mysteriously wrote right after she was leaving office on january 20th. The notes are from january 4th, that doesnt make sense to me because if they are outlining a meeting that happened on january 5th, they cant be notes from january 4th. Maria no, no, this is a separate. Sounds to me that this is a separate meeting. I doubt that they maria these notes i was just going to say i dont think the 5 people were talking about obama, biden, yates, comey and rice, i dont believe they met two days in a row. I think they met on the fifth and i think those notes are the notes of somebody who briefed strzok who was not at the meeting about what happened on the meeting on the fifth and everything that you outlined in the notes is stuff that we already knew from rices email plus the 302 reports that were attached to the Justice Departments motion to dismiss flynns case and i dont think the notes indicate that it was bidens idea to investigate under the logan act. I think he was at best quoting somebody else in the meeting, probably comey who talked to obama about the possibility of investigating flynn under the logan act, whoever brought it up it was an absurd idea. Maria yeah. Why do you think it was an absurd idea to investigate him under the logan act, andy . Well, it was an absurd idea to investigate general flynn at all because there was no basis to believe he was agent of russia and the logan act is widely known to be unconstitutional and the only reason its not ruled that way because its been on the books and the Justice Department doesnt use it because its blatantly unconstitutional. They were going to roll it out 2 centuries later but the incoming National Security adviser whose job was to consult with foreign counterparts is just ludicrous. Maria right, yeah. It was another indication they needed to bring him down, they wanted him out of the way. He was about to find out all alf the investigating that they were doing in the Trump Campaign and i think they just wanted him out of the way and so they were trying to figure out a way to do, whether or not there was meeting on june 4th or notes from the Oval Office Meeting remains to be seen. Sidney powell remains that these notes are from a meeting the day before. Andy, good to see you and to get your incites as always. Thank you, maria. Maria we will be right back. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Maria welcome back, we are talking about Michael Flynn this morning, we just heard from Andy Mccarthy on the dismissal. Andy was getting, you know, looking at what day the meeting was, was it the fourth or the fifth. You know, i think it was the day before the bigger meeting in the oval office but thats really not the point. The point is these notes from peter strzok put president obama and Vice President biden in the room and obviously show us that they were aware and weighed in on an investigation into the incoming National Security adviser. How do you see all of this . Steve well, i think simply underscores what we already knew and underscores why joe biden hasnt been questioned about unmasking of general flynn, that never seems to have been answered and the bigger question, maria, what deterrence is there in the future of this unconstitutional behavior to destroy personnel before it comes to office. Yeah, they might be revealed. Where is the walk that people would see in the future, this is something you just dont do. Maria yeah, ive been asking for the accountability for some time now and let me tell you, if donald trump loses in november, we are not going the hear another word about this even though we know that there was a cabal of individuals who try to take out a dually elected president because they didnt want him there, bottom line. Steve absolutely, thats why you need the deterrence and thats why i hope attorney general barr gets more things out this summer and perhaps indictments so they cant sweep it away down the memory hole which is what they will try to do after november if they win. Maria exactly, exactly. Barr told me we are going to get development by the end of the summer, we are waiting for that. We will slip in a break, we are looking at reopening that is stalling, i will be speaking with the president of kfc in the u. S. On the industrys return of restaurants amid the surge of covid19 cases, stay with us for that. 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. Maria welcome back, good thursday morning. Thank you very much for joining us. Im Maria Bartiromo, it is thursday june 25th, lets take a look at market this is morning, 6 30 a. M. On the east coast and we are seeing a mix opening this morning with well, things have worsen certainly, the dow industrials down 103 points right now. The nasdaq is down 6 and nasdaq down 6 from record highs earlier in the week. S p 500 right now down 9 points all because the u. S. Is seeing record spike in coronavirus cases right now. We are seeing worries about a second wave, markets tumbled yesterday as the covid19 infections were on the rise adding to investor concerns. The International Monetary fund cut forecast for the economy saying that global gdp will shrink 4. 9 . It had previously predicted contraction of 3 . Global markets also with a negative tone this morning as you saw yesterday the dow industrials were down 710 points. This morning the ftse 100 is down 10. But the cac quarante in paris is up 8 points and the dax index in germany also higher by 10 points. In Europe Markets erased early losses for the most part as the coronavirus restrictions eased. In asia overnight, south koreas kospi index and nikkei were down. Investors fearing much slower than expected recovery as coronavirus cases spike. The others are looking at a holiday in hong kong and in china this morning. Georgia grand jury meanwhile indicts 3 men in the death of ahmaud arbery. Cheryl casone with the details. Cheryl good morning, most courts in georgia are still closed due to coronavirus pandemic. Gregory mcmichael, son travis and their neighbor William Brian who filmed the confrontation are now formally charged with felony murder and assault, video of them pursuing them on a road. The mcmichaels and brians said they thought he was a burglar. Arberys family is saying he was going out for a jog that day. Monsanto makes top selling Company Acquired by german 2 years ago. The settlement include 1 billion for potential future claims, taking a look at beyer, unchanged this morning but up about 1 over the last year. And here is a look at what is trending this morning on foxbusiness. Com, new study that bottled water contains potentially harmful levels of arsonic. Finally gone with the wind returns to hbo max with an added introduction that tells viewers that the film has been protested because of the antebellum south. Maria future of do i think out, restaurants are reopening across the country right now despite uptick in coronavirus cases in at least two dozen states, the Dining Experience little differently certainly with plenty of masks, social distancing going on as well. Joining us right now the president of kfc u. S. And the interim president of pizza hut u. S. Kevin, thank you so much for joining me. Kevin thanks for having me in the show and thank you to 80,000 employees and franchises who are keeping members and guests safe. Maria thank you from us as well to all. What is the current state of the reopening going on right now at restaurants . You know there are a lot of concerns that we will see a second wave given the spikes that we are seeing in hot spots across the country. How do you deal with that . Kevin still 99. 5 of kfc restaurants are open for drivethru and delivery. About 200 restaurants have opened for dining and that means eatin. We are looking at local and state regulations to make sure we go above and beyond making our restaurant safest place to eat. They want to open up and they follow the regulations both local and State Government as well as the the things that we put in place as a brand, they can open up and so far only about 200 restaurants have opened up. Mark tepper. Mark hey, kevin, you know, all the talk within the pizza industry seems to be about dominoes, digital presence, great delivery business, what are you folks doing to really pick up market share in the industry with pizza hut . Yeah, so our pizza business, you know, obviously digital is huge part of the business and our aim is to be americas favorite pizza which means serving the besttasting pizza in experience, amazing digital app, mobile website, Website Experience and we are in the middle of that transformation right now and i couldnt be more excited about when you look at the growth that we have seen in Digital Segment especially during pandemic we are well in the way to having great digital experience for our customers. Maria steve forbes. Steve what do you see as future . You mentioned you have inroom do i think but whats the future of inroom not only for fastfoods, we know how that can work in and out, more traditional restaurants, are they going to be able to recover from covid19 or is that going to be something that is just will have to go out of business and restart again because plexiglass whats the future of indoor dining, people like to relax, have a great meal and pizza too but other things. [laughter] kevin i agree, steve, we offer more than just food, great guest experience. I cant speak of other industries but we are positioned well to win, whether you want to eat at home or delivered meal or come in restaurants, we are making pretty significant changes so that customers feel that pizza huts are the safest place to eat in town. Whether its masks of employees, plexy shields in the counter, making sure that people have proper social distancing and increase sanitation and gloves. Most customers are beginning to expect to see that where they go and dine out and as long as we do great and consistent job, you know, i think i think we will be on the better end of that. Maria kevin, let me ask you about the impact that this has had on business broadly speaking because, you know, theres another debate going on right now on whether or not the country should shut down the economy once again. The administration has been real forceful and saying we are not going to shut down again. Theres been a real impact. We know that in restaurants as well as in retail by the way you have seen a number of companies that will not make it out of this. They have already declared bankruptcy protection. What are your expectations of how tough this hit has been to your business and to the industry overall given the shutdown for several months . No foot traffic, no cash flow, big deal. Yeah. Obviously nobody wants to be, you know, in the middle of an economic slowdown where we have massive unemployment which is what we have seen. Obviously the ppp program for franchisees who most are Small Business owners or entrepreneurs have been really helpful to help get us through this and as well as keep people employed. What i would tell you on kfc, we are hiring over 8,000 workers right now, additional workers as we reopen dining rooms and pizza hut we announced 30,000 at the beginning to have pandemic, Vice President pence was kind of enough to share with the world and we hired 20,000 of the 30,000. We still have another 10,000 to go. Unfortunately this is creating unemployment but we are going to need employees to keep running our restaurants and we hope that people, you know, join us and be part of our team and have long career here. Maria did did kfc take money from the ppp, how did that go, what was the impact and are you having a hard time getting employees to come back . Kevin yeah, so so kfc is the franchisor, my company didnt take ppp business. Most of the franchisees are Small Business owners as i said and they needed ppp to keep support and make it through the pandemic, not only of them will make it through but most will and then so so what was the second question, im sorry, i didnt hear that part. Maria i wonder if youre having a hard time getting employees back, the administration wants the economy open again and yet we have the unemployment money which is going to end july where youre getting 600, some people making more money staying home than come back. Are you getting hard time getting workers to come back . Its always a challenge to hire. Right now, you know, i would say that we are fully, you know, we are fully staff but we anticipate the continued demand as well as the reopening of dining rooms. , so its a little bit of a challenge but always a challenge. I wouldnt say its anymore of a challenge now than it was precovid. Maria all right, we will leave it there. Kevin, we will be watching, thank you very much for joining us this morning. Kevin joining us, ceo of kfc, the president of kfc u. S. Coronavirus surging once again, dr. Mike is here next. He is going to jump in on talking about the cases rising across the country, how bad a second wave of the virus could be and robots ready for closeup, artificial coming up in upcoming blockbuster. Nypd commissioner ray kelly as the country deals with protests and increasing unrests in the city, we will get commissioner kellys thoughts on that. Stay with us, back in a minute. I am robert strickler. Ive been involved in communications in the media for 45 years. Ive been taking prevagen on a regular basis for at least eight years. For me, the greatest benefit over the years has been that prevagen seems to help me recall things and also think more clearly. And i enthusiastically recommend prevagen. It has helped me an awful lot. Prevagen. Healthier brain. Better life. The sleep number its 360 smart bed. Owest prices of the season on can it help keep me asleep . Absolutely, it senses your movements and automatically adjusts to keep you both comfortable. And now, the queen sleep number 360 c4 smart bed is only 1,299, save 400. Only for a limited time. Maria welcome back, record covid spikes across the country now. New york, new jersey and connecticut are now imposing a 14day quarantine for all travelers from coronavirus hot spots. In fact, if youre coming from arkansas, alabama, arizona, south carolina, north carolina, texas, florida, utah and washington, you will have to quarantine in new jersey, new york or connecticut. This as america sees highest spike with more than 38,000 yesterday alone. 33 states have seen rises of cases in the past 7 days. Joining us to talk more about that Family Medicine physician dr. Mikhail varshavski aka dr. Mike, your reaction to the spike that is we are seeing. Doctor good to see you, maria, thanks for having me. The huge spikes are really worrying because of the beginning to have pandemic i was really trying to instill the idea that we can stay and learn from that anxious to now worry about whats going on because i think the Greater Community was Wearing Masks, staying away from people, looking outside of times square and it would be a ghost town and now that we have developed caution fatigue where we are tired of playing it saw, we want to go outside, we want to be with your friends and we are skirting a lot of rules and regulations and as a result we are seeing huge spikes popping up in places where cases were quite low before. In fact, texas, california and florida are most heavilypopulated states and we are seeing huge numbers in those areas that are driving the u. S. To have high such numbers where it looks dyke double, triple than what europe is having. Maria i think its pretty clear that we are going to have the live with covid19. Now we are seeing that young people are at higher risk, dr. Mike, you heard from dr. Anthony fauci who warned members to have house this week that we are, quote, seeing more and more complications in young people as covid spreads across the United States. What do you think is behind that and should younger people be worried because up until now we were sort of, you know, okay, elderly, lets make sure we are following the guidelines. Anything else we should be doing . Doctor young folks are the ones that are coming out in droves. Even in new york city i see bars with young folks standing around with masks, without taking proper precautions. We do have to liver with covid and we have to be smart about it and we absolutely need to reopen the nation and we need to do it smartly and make sure we are following the simple guidelines. When i see folks pushing back on the idea of wearing a mask its confusing to me because this is a simple step that can reduce the spread of this virus in Elderly Population as well as the young. We need to be taking these smart actions because they are low risk and they could potentially stop or decrease the spread of this virus. Maria yeah, dagen mcdowell. Dagen dr. Mike, what all the shutdowns are doing suppressing the number of cases in the short run. It just spreads them out over a longer period of time, so when you open up in some way youre going to see more cases and its not the governments job whether its federal, state or local to police individual behavior. If people are going to make the decision to not wear a mask or gather in groups which young people are clearly down in florida, thats nobodys business but their own and theyre take on that risk. What about the school kids and the effects on their Mental Health that theyve been trapped at home essentially and not able to go to school and socialize with other children . What about Older Americans who have been trapped at home unable to socialize with people in a safe way . I really push back on, you know, if somebody is not wearing a mask, stay away but its not the governments job to police it because quite frankly theyve done a poor job of doing that, look at Governor Cuomo essentially killing shows of elderly people in Nursing Homes which he still wont admit. Doctor dagen, i totally understand where your frustration is coming from. I dont think its the governments role necessarily to force people to wear a mask. I do think its a personal decision, however, when we see areas in arizona reaching icu capacities of 97 , thats where it gets quite tricky because if they continue see an uptick where people are not Wearing Masks and not following proper protocol, not only are we going see another set of restrictions of businesses having to close once again but thats what has to happen. If they reach 100 we wont be able to provide care the Hospital System breaks down. Maria we are expecting and mike, this ahead of what we are expecting this fall, once former Senior Administration warning that a second coronavirus wave is coming, it can be worst than the first. Are Current Trends headed that way. Are you expecting a second wave coming the fall . Doctor well, we will absolutely see another spike come fall time not only because the weather gets colder, the air becomes less humid but also because we are spending more time indoor together. The virus does spread less when we are outside. The virus doesnt respond well to high humidity levels, to direct sunlight, we dont know how well it works. Theres been debate on both sides about it but its for sure a lowerrisk situation, so once the weather start getting colder and we will be spending more time indoors around other people we will see more cases. Maria yeah. That makes sense, dr. Mike, great to see you this morning, thank you, sir. Doctor great to see you. Maria and we will be right back. Maria welcome back, its time for the morning buzz, first upbringing Science Fiction to life. An artificially intelligent robot named erika will star as leads role in hollywoods 70 million Science Fiction film as the industry struggles on how to resume after covid19. Robots immune to covid19 would be the key. Dagen, would you go see it . Dagen no, its essentially a cartoon and dont women in hollywood have a problem where basically age of 30 you dont have any roles and you get trampled on by old fat men. I have no interest in seeing this. Maria wow, as bill joy write in magazine long ago, the future does not need us. I think we will see more of this in terms of ai in movies and on tv. How about this, nest postponed wedding, dominoes pizza created a rain check industry, can alleviate stress while rescheduling plans. Steve thats why it shows that dominoes are dominating. How about people that are already married . We love pizza too. We have a 50th coming up, hopefully they will give us 50 bucks for the pizza. Hint, hint. [laughter] maria all right, we will send you pizzas then for your anniversary, steve. Key Economic Data, former Federal Reserve atlanta ceo Dennis Lockhart is here on the jobless claims numbers, final reading of firstquarter gdp, all here next hour on mornings with maria, stay with us. Where will you go first . Wherever you may go,. 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 announcer reliability is everything. So, if your networks down, youre down. Verizon knows your customers need to 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. Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im Maria Bartiromo. It is thursday, june 25th. Your top stories, just before 7 00 a. M. On the east coast. Coronavirus spikes raising Major Concerns this morning. The u. S. Seeing its largest single day surge in spikes, new york, new jersey and connecticut have now ordered people traveling from emerging hot spot states to quarantine for 14 days. At 8 30 a. M. This morning we are getting another look at the impact the pandemic is having on jobs when the initial jobless claims will be released, right after the numbers hit, we will talk with National EconomicCouncil Director larry kudlow, hell weigh in on whether more stimulus is needed. Markets are mixed. Futures indicating a decline at the start of trading, futures indicating a decline of 72 points on the dow industrials, s p down 5 andahalf, nasdaq turning positive, up 12 andahalf points. Yesterday a big day, markets tumbled as covid19 infections rose. This added to investor concerns, on top of the International Monetary fund cutting the forecast, saying global gdp will shrink 4. 9 , it previously predicted a 3 contraction. Yesterday the dow industrials were down 710 o 710 points. Lawyers for Michael Flynn released notes showing that during the transition then president obama and then Vice President joe biden weighed in on investigating flynn. Revealing a very different story from former fbi director jim comey. Flynns attorney, Sidney Powell, will join me at 8 00 a. M. Eastern with more on the case and what it is revealing to us. Dont miss that. Police reform blocked by democrats, senator tim scott ripping democrats, accusing them of trying to delay the bill until after the election. A rival Democrat Bill expected to hit the house today. Mornings with maria is live right now. And Global Markets this morning are mixed. Take a look. European indices erasing earlier losses after the coronavirus restrictions ease. The cac in paris is picking up steam, up 24, the dax in germany is higher, up 60 points right now, half a percent. In asia overnight, south koreas kospi index and japans nikkei saw declines. Investors fearing a slower than expected recovery as coronavirus cases spikes. The other markets in hong kong and china closed for holidays overnight. Kospi index down 2 and a quarter percent. Joining the conversation is dagen mcdowell, steve forbes and mark tepper. Great to see everybody this morning. Thank you for being here. Good to be here. Maria some of the top stories this morning, starting today new york, new jersey and connecticut will impose a 14 day quarantine on travelers from coronavirus hot spots. The hot spots states on the list include arkansas, alabama, arizona, south carolina, texas, florida, north carolina, utah and washington. Many states across the country are seeing a spike in coronavirus cases with texas, arizona and florida reporting record highs in spikes. Houstons largest hospital says its intensive care unit is 97 filled. Florida recording more than 5500 new cases yesterday alone. The cdc is warning that deaths could rise to 150,000 by july 18th. That is from the cdc. Disney postponing the july 17th reopening of disneyland as california, texas and florida set record increases in new covid19 cases. Disney announced the delay after california officials said new safety guidelines for theme park reopenings will not be released until after july 4th. Disney says it needs more time to restart the business. Apple meanwhile reclosing seven of its stores in the houston area amid a spike in covid19 cases in texas. Apple had reclosed stores in florida, north carolina, south carolina, and arizona already. They did that last week. And the 2020 new York City Marathon has been canceled for the month of november. The new york Road Runners Club citing health and safety concerns for the annual event and the cancellation of it. Covid19 taking a deadly toll on delta airlines, meanwhile. The company telling shareholders that 10 employees have now died from coronavirus, about 500 others tested positive. All of deltas 86,000 workers are being screened for coronavirus and its antibodies. Delta is among the travel related stocks that have been hit the hardest by the covid19 pandemic. Ahead of the opening bell, the stock is down another 3 on this news. Former Vice President joe biden will accept the democratic nomination for president at the convention in milwaukee this summer. It will be in front of a small crowd. The dnc is making this years gathering nearly all virtual due to the covid19 pandemic. The dnc says delegates will stay home and cost votes remotely. The convention is scheduled to start on august 17th. President trump meanwhile visiting wisconsin today, a key battleground state in the upcoming election, as the New York Times poll shows the president is trailing joe biden by 14 points at this point. Battle for change, Senate Democrats moving to block the gop Police Reform bill yesterday, claiming it is inadequate in addressing issues of Police Reform following the death of george floyd. The bill gathered 55 votes, fell short of the 60 votes needed to pass. Tim scott speaking on the senate floor yesterday. I know how it feels to walk into a store and have the little clerk follow me around even as a United States senator. I get that. But what i miss in this issue is that the stereotyping of republicans is just as toxic and poison to the outcomes of the most vulnerable communities in this nation. When Speaker Pelosi says one of the most heinous things i can imagine that the republicans are actually trying to cover up murder, the murder of george floyd, with our legislation. Thats not politics. Maria the house of representatives is set to pass its Police Reform bill today but it is expected to be blocked in the republican majority senate. Joijoining me now is arizona congressman, debbie lesko. Thanks very much for joining us. Can you walk us through where the barriers are, where are the things that the two sides disagree on, on Police Reform . Thank you, maria. I told representative karen bass, the democrat thats really leading the democrat house bill, that there are portions of her bill that i could support, that republicans could support, that President Trump could support. Unfortunately theres several areas that Law Enforcement officers have told us would totally undermine their ability to protect communities. One is taking away their qualified immunity so that individual Police Officers could more easily be sued by citizens. Another one is totally banning outright banning chokeholds and corroted holds which sometimes is the last resort before a Police Officer shoots someone. When i talk to different Law Enforcement, they said if you take away that option, then their only resort in some instances is to actually shoot and kill the person, which is the opposite of what you want done. Another thing that the Democrat Bill does is say that any military surplus that these Law Enforcement agencies get now for free or very low cost, they ban that. And i talked to Police Chiefs in arizona that said they use some of this military equipment during floods, for legitimate services. They dont use it for, you know, going down the road militaryizing things. They use it when theres flash floods, when they have to clear roads and those type of things. And i am hopeful that we can get together, because this is such an important issue, and the democrats didnt talk to the republicans about this house bill. So im hopeful we can get something done. Maria well, you know, i asked ag barr about the immunity, the qualified immunity. He said, look, if you dont have qualified immunity for the cops, youre going to get fewer and fewer people who sign on to become a Police Officer. Because theyre going to see much more risk if they dont have the qualified immunity. So i understand that point that you make. Let me bring steve forbes in. Go ahead, steve. Steve congresswoman, in terms of a qualified immunity, we know we dont want a bunch of baseless lawsuits against Police Officers, but there have been numerous instances in the past where theyve gone over the bounds, the courts have said theyve gone over the bounds in certain arrests and theres no recourse for people in many cases. Is the way to make some modification without opening the floodgates to deal with genuine abuses . Theyve been videoed, some of these abuses. Yes, republicans in Judiciary Committee did say theyre willing to do reforms to qualified immunity because youre right, there are some cases that were egregious. But just to outright ban it, thats bad. Not only is it bad for recruiting new Police Officers, but its also bad because Police Officers need to make life and death decisions in quick seconds and theyre going to think twice about doing something if they think theyre going to be personally sued. Were open to reforms. Were just not open to outright banning. Maria yep. Were going to talk with Kevin Mccarthy coming up, the gop leader. Let me switch gears. An Appeals Court ordered the case against Michael Flynn to be dismissed. Lawyers for the former National Security advisor released notes from the Administration Transition period and they show then president obama and then Vice President joe biden weighed in on investigating flynn. During my exclusive interview with ag barr, we talked about this and i asked him about the origins of the investigation that started with one conversation in a london bar. Listen to this. But is there any evidence that in fact it was appropriate to launch an investigation other than a conversation in a bar . I know that george pop o pop d a conversation in a bar. That was the case base sis fo basisfor going forward. I said i thought that was a very slender read to get Law Enforcement intelligence agencies involved in investigating the campaign of ones political opponent. Maria congresswoman, as you know, general flynn was the first to be investigated with any ties to trump. Then came carter page and george popapadopoulos and the wiretaps. Your reaction to what took place yesterday. Thank god the Appeals Court decided that way. This whole thing stinks. The more and more we find out these handwritten notes by we think peter strzok yesterday that were revealed, more and more we see how the Obama Administration, james comey, peter strzok, the Vice President biden seemed to be involved as well as obama, they were trying to take out President Trump and anyone affiliated with him and theyre still trying to. Nadler wants to bring in attorney general barr. Yesterday he had a whole bunch of people in bashing all barr. This whole thing is about political power, the democrats want to influence the 2020 election. Thats what the impeachment was all about. Thats what all this stuff is about. And i assume its going to continue up until the election. Maria wow, i think people are really sick and tired of not seeing work get done and instead this constant focus on investigating the president. Congresswoman, well keep watching. Thanks so much. Coming up, later on in the show, weve got a big hour, former Federal Reserve president Dennis Lockhart is here on the state of the economy and whether more stimulus is needed. At 8 00 a. M. Eastern, Sidney Powell is here. Kevin mccarthy is here on Police Reform, larry kudlow joins us on the economy. And the ceo of slack with us this morning, Stuart Butterfield on the vital work from home, dont miss it. Stay with us. Plus, right ahead, covid19 hit stocks, were looking at futures this morning and they are down, dow industrials down 93. Were awaiting initial jobless claims and the final read of the First Quarter gdp out in about an hour and 10 minutes. Stay with us. Ill follow you until you love me. Papa, pap pap a paparazzi. Mornings were made for Better Things than Rheumatoid Arthritis. When considering another treatment, ask about xeljanz a pill for adults with moderate to severe Rheumatoid Arthritis when methotrexate has not helped enough. Xeljanz can reduce pain, swelling, and further joint damage, even without methotrexate. Xeljanz can lower your ability to fight infections. Before and during treatment, your doctor should check for infections like tb and do blood tests. Tell your doctor if youve had hepatitis b or c, have flulike symptoms, or are prone to infections. Serious, sometimes fatal infections, cancers including lymphoma, and blood clots have happened. Taking a higher than recommended dose of xeljanz for ra may increase risk of death. Tears in the stomach or intestines and serious allergic reactions have happened. Dont let another morning go by without asking your doctor about the pill first prescribed for ra more than seven years ago. Xeljanz. Maria welcome back. Big banks in focus this week, the federal research has their stress test results out after the close tonight and will provide a look at how the u. S. Banking sector is faring amid the pandemic. Some worry banks may not be able to pay dividends to investors next quarter. Lets get into wit th with it wh gerard cassidy. Great to see you. Thank you for joining me this morning. Youre welcome, maria. Thank you. Maria so tell me about the stress tests. Weve gotten used to the stress tests. The Federal Reserve came out with the stress test after the big financial upset in 2007. What are you expecting tonight . Thats right, maria. Youre absolutely right. Weve been doing stress tests for over 10 years. And essentially they become nonevents, up until this year. And two changes made this years stress test much more challenging for the Banking Industry. Theres a new measure of capital called the stress capital buffer that is being implemented this year, which will make it more challenging for the industry. But second, maybe more important, the Federal Reserve has put in a new what they call covid19 overlay on the economy of. As you well know, the economy has suffered dearly during the pandemic. Thats going to be factored into the stress test as well. The combination of those two factors meant this years stress test which will be announced after the close today, to be much more important than what weve seen in the past. Maria so how will you characterize the health of the banks right now . Obviously, people are under stress. Some banks will feel that more than others in terms of missing mortgage payments, et cetera. They have a lot of capital on their Balance Sheets, right . How do you assess . Thats a very good point. Coming into this pandemic, the Banking Industry was very strong. They derisked their Balance Sheets following the financial crisis in 08 and 09. They have much more capital, over two times the level of capital than they did in 2007. Liquidity is greater than it was back then as well. So they were in a very strong position to handle this downturn and we expect them to be able to get through it without having a capital problem. You might remember, maria, not only was there an earnings issue back in 08, 09. We also had capital problems where the banks had to raise capital at distressed prices. We dont see it happening this time. There is an earnings problem, no doubt about it. We think the banks are strong and will be able to handle it as we get through this year. Maria that makes a lot of sense. Lets bring in mark tepper. Go a ahead, mark. As you take a look at the banks, which loan portfolios in your opinion pose the biggest threat to the banks . Is it commercial real estate . Is it consumer loans . Business loans . Which ones pose the greatest risk . Its a really good question, mark. Because in downturns, credit deterioration always appears and there are Standard Portfolios that suffer the post and probably the number one portfolio that will suffer is the socalled leveraged loan portfolio. These are the loans to borrowers, corporate borrowers that have excessive leverage and have very little room for miss a takes and in an mistakes and in an economic downturn its tough for borrowers to make their payment. We expect to see a sizable increase in defaults in those portfolios. Second, the other area that is always a challenge is construction lending. As you might imagine in a downturn the Construction Projects or commercial real estate Construction Projects will give them a challenge as well. Whats new in this downturn is we have covid related industries as theyre being called, the hospitality and leisure industry, which traditionally has never been a problem in an economic downturn, is going to be faced with real adversity because of whats going on today. Maria thats a really good point. So gerard, walk us through your picks. Which banks would you be buying right here . Do you have any concerns that any of these banks are going to cut their dividend . Remember what jamie dimon said at the beginning of the year, look, if we are strained, well cut it. Were fine to do that. Well look at it. Of course, this is the Healthiest Bank on the planet, jpm. What do you like right now . Sure. In fact, we expect all the banks to come through with todays stress test with capital levels above the required minimums. However, because of the covid overlay, we do anticipate that the Federal Reserve will talk to some banks about lowering their dividends. One name that often comes up as a possibility is wells fargo in cutting that dividend. In terms of who we like, we think that bank of america under Brian Moynihan has done a remarkable job in turning bank of america around. They completely derisked the balance sheet. Hes done an incredible job of increasing the profitability. For an investor looking for a company thats not likely to cut the dividends and one of the biggest banks is bank of america. Another one is trueist. That was the merger between bb offen sun tuft last trust last. Theyve done a good job of integrating the companies. We anticipate with the cost savings that that company is going to achieve added value that investors could have and again we dont expect a dividend cut there either. Maria all right. We will be watching tonight with the stress test. Gerard, always a pleasure to talk with you. Thanks so much for joining me this morning. Youre very welcome, maria. Thank you. Maria well see you soon. Gerard cassidy joining us, rbc. Stay with us. Well be right back. You say that customers make their own rules. Lets talk data. 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. Maria welcome back. Nursing home crisis, House Minority whip Steve Scalise slamming andrew cuomo over his handling of the states Nursing Homes during the coronavirus pandemic. It is titled Governor Cuomo cant dodge accountability for nursing home deaths forever. He goes on to write its been a failure, the failure demands investigation, we have to protect against similar tragedies in the future. New yorkers deserve accountability and transparency. Cuomo, who is ultimately responsibility, has been neither accountable, nor trans paint writes Steve Scalise. Dagen, youve talked about this quite a bit. Its horrible. Dagen it makes me furious. It makes me furious that more people arent calls out Governor Cuomo who blamed the deaths of thousands of people in new york Nursing Homes who essentially died because of an order he issued that forced the Nursing Homes to taco individual positive patients back into the homes and ordered them to not test those elderly people. He has blamed President Trump. Hes blamed the cdc. He has literally blamed god, the wind, and the sun for this. Instead of taking responsibility. You want to see that order . You cant find it. Because its been scrubbed from the internet. But i do have this and im going to tweet it later. It is a letter from the society for post acute and longterm Care Medicine that essentially oversees nursing home employees, advising new york about the order and warning new york several days after the march order was issued by Governor Cuomo and his head of the death department, as i call it, warning them about what would happen. Meantime, overo over on cnn cud his brother are yucking it up with their magic act as Steven Miller calls it. I wish if its you can read chris cuomos tweet. Its really disgusting. New york had an has had its struggles but theyre doing way better than what we see elsewhere and no way this happens without the love gov dishing the real 24 7. That is human ipecac. That is gnaw nays gnaw nauseati. Maria cuomo had comments about this. Do we have that sound bite . Listen to this. Nursing homes, people died there. They didnt have to. It was mismanaged and the operators have been given immunity. What do you have to say about that . Several statements that are not correct. But thats okay. Its your show. You say whatever you want to say. The Nursing Homes were the most tragic situation. We have to figure out how to do it better the next time because there will be a next time, either a second wave or another disease, and if it is a disease that preying on the old and the weak, its going to go to the Nursing Homes and the rehab centers. Dagen he knew that beforehand. Maria do you want to react to what you heard . Dagen he knew that beforehand, before he signed the order that killed elderly people in Nursing Homes. Janice dean has talked about this with full heart. Maria her inlaws, right. Dagen both of her inlaws, her mother and fatherinlaw died in Nursing Homes, rehab facilities in new york state. Its all i have in me not to curse at this governor and the he acts like, well, well do it better next time. So you wont kill people next time . Thats where we are with this . He has literally blamed everybody. Without taking responsibility for this. And it is just beyond appalling and where are the democrats being upset about this . Maria you havent heard a word from them. Steve forbes. Steve contrast that with cuomos behavior with ron de santis, floridas governor back in march, he ordered the hospitals not to release patients and put them in Nursing Homes. Even though hospitals reimbursement schedules would be mucked up. Florida took a proactive approach. They had 4400 nurses homes and facilities. They took the opposite approach. And saved thousands of lives in contrast to new york. And thats what makes cuomos behavior so horrible. Look what florida did, they did the exact opposite. Maria well take a break. When we come back, were awaiting key Economic Data this morning. The former president of the forf the federal bank of atlanta is here, the ceo, Dennis Lockhart, former ceo of atlantas fed. Jobless claims, the economy, were going to look at that when we come back. Stay with us. In neighborhoods across the country, youll see gratitude. Communities showing support in their own way. Our way is massmutual healthbridge, a free Life Insurance program just for healthcare workers fighting covid19. So to all the healthcare workers on the front lines, thank you. Thank you. 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. Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im Maria Bartiromo. It is thursday, june 25 that. Heres a check of markets at 7 33 a. M. On the east coast. Were looking at weakness, dow futures under pressure as investors watch a record spike in coronavirus cases. Dow futures down 166, the nasdaq futures down 10, the s p down 15 andahalf. In just about an hour well get another look at the impact the pandemic is having on the American Economy when initial jupeless claims are released. Well have the numbers as soon as they hit the tape, followed by reaction from larry kudlow. Plus, find out where he thinks stimulus is now and whether or not we need to see more stimulus to help aid this economy. Larry kudlow joining me live in one hour. European indices erasing early losses, the fq100 is down 13 points, the cac is up 16, the dax in germany is up 31, about a quarter of a percent higher. In asia overnight it was south korea and japan on the move, seeing declines, the kospi index down two and a quarter percent. Investors fearing a slower than expected recovery. Markets in hong kong and china closed for holidays overnight. Bubba wallace speaking out after the fbi determined he was not in fact the target of a hate crime. Cheryl casone with those details. Cheryl the nascar driver says hes relieved the rope that was found in his garage over the weekend was not a noose. Wallace released a statement on twitter saying i think well take a little embarrassment over what the alternative could have been. This should not detract from the show of unity we had on monday and the progress. The entire nascar community showed support for wallace on monday. There it is, escorting his car onto the track at talladega super speedway. The fbi determined the rope was not a hate crime and had been in the garage since late last year. Videos reviewed by the New York Post showed several similar garage pulls being used at talladega in the past. Well, the ceo softbank is stepping down from alley bay alibabas board after 15 years. Had resignation comes one month after alibabas cofounder left softbanks board. Softbank is alibabas biggest shareholder. The parting of the ways was smooth. Softbank still keeps 25 stake in alibaba. They have been criticized after several of the companys investments in wework and uber soured. Taking a look at softbank shares, up nearly 15 this year, unchanged in the premarket. Finally, heres a look at whats trending on foxbusiness. Com. The extra 600 a week in Unemployment Benefits for outofwork americans is set to expire at the end of july, as the coronavirus pandemic is still triggering layoffs. California plans to ask a state court judge to force uber and lyft to classify drivers as employees rather than contractors. Gmc has filed for bankruptcy with plans to close 800 to 1200 stores and possibly will put themselves up for sale, maria. Those are your headlines from the newsroom. Back to you. Maria all right, cheryl, thank you. Fears of a second coronavirus wave driving markets lower this morning and certainly yesterday. The dow futures down 176 points, nasdaq down 11, s p down 16. This comes as investors brace for a handful of Economic Data out this morning, due out in about an hour from now. Another 1. 3 million americans expected to have filed for Unemployment Benefits last week. We also have the final read on First Quarter gdp, expected to contract 5 . But a positive outlook for many for the durable goods report for the month of may, that is expected to be up 10. 9 . Joining me now is former Federal Reserve bank of atlanta president and ceo, distinguished professor of the practice for the Sam Nunn School of international affairs, Dennis Lockhart. Thanks very much for joining us. Thank you, maria. Good to be back, thank you. Maria so before i get into what were expecting in terms of this rise in coronavirus cases and whether thats going to change your expectations, where are you on the economy right now . Give us your status check in terms of growth returning. Well, i think we have seen some of the benefits of the reopening. At the same time, i would say the situation right now is a little bit ambiguous. Some of the data are positive and encouraging. For example, construction permits came out a few days ago. And then other data are a little bit more downbeat. So i think were in a little bit of a situation now in which we always have uncertainty but in which were a little bit uncertain how this is going to play out over the summer. Maria so do you still expect 5 contraction in the First Quarter . Are you expecting a sharp contraction in the Second Quarter, up to 30 . What are those numbers . Yeah, i think the 5 has already been booked a couple of times. So theres i guess one more final number to come. The Second Quarter clearly will be by far the worst. A contraction of 30 is quite i think quite plausible. After that, well begin to see improvement and i really have no reason to argue with the federal open Market Committee projection of an annual contraction of around 6 . Maria i see. Mark tepper. Mark dennis, help me to understand what the disconnect is here. So the Unemployment Rate has been coming down. Yet theres still over a million new people filing for Unemployment Benefits every single week. Are Small Businesses using the crisis as a cloak to trim employees that they dont need . Whats going on here . Well, i havent seen any call it studied evidence on that, but theres a lot of anecdotal feedback that some of the layoffs are likely to be permanent, not temporary. In the financial crisis of 2008 and 2009, recession that followed that crisis and then the slow recovery, a lot of firms in a way used the recession as air cover to restructure their employment base. If this goes on for many more months, it would not surprise me to see similar behavior on the part of firms, small or even large firms, who just decide they can operate with a smaller employee base. Maria so you think the job cuts will continue then . I mean, congress july 4th resource just days away. The Trump Administration is expected to negotiate another wave of stimulus checks after the holiday break, dennis. Do you see a need for more stimulus at this point and what do you think 2021 looks like . Is that going to be the year when we start getting back on our feet economically speaking . Well, when the supplemental 600 runs out the end of july and as Unemployment Benefits run out over the coming weeks and months, there could be a lot of households that are in pretty deep trouble. And then youre going to see the effect on rent payment defaults, credit card defaults, car payment, that kind of thing. And so i can imagine if this does not go well, the underlying epidemic does not go well, that we have a sort of cascading effect that continues and that could be the story really of this year and into next year. So i dont think its easy at the moment to come up with a high confidence prediction of whats going to happen. I continue, as i said last time i was on your program, to think in terms of multiple scenarios, some scenarios are optimistic and some are really not so optimistic. And i think there is a pretty wide range of outcomes that we could see. Maria so what are the odds things get worse economically later on in the year . What are the odds . [ laughter ] well, im not going to put an exact probability on that but i do think there is a scenario maria are you expecting things to get worse . Are you expecting things to get worse . Am i expecting things to get worse . The first answer is i dont know, but i certainly include in my outlook the possibility that things get worse, yes. Maria all right. Dennis, well keep watching. Obviously we all want to get back to growth. Dennis lockhart joining us this morning. Stay tuned, ill be execking with larry speaking with larry kudlow here in the next hour on. Mark . Welon. Were zeroing in on the t jobs in america coming up. Were looking at the industries hiring amid the covid19 downturn and where the growth in jobs will be in the coming year. Plus, rocking the sports world, the new York City Marathon canceled as some of golfs most recognizable names pull out of a major tournament coming up. Tomorrow ill speak with former nypd commissioner ray kelly on policing in the United States and the surge in murder rates in the country, dont miss that important interview. Well be right back. 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. Experience amazing youre first. First to respond. First to put others lives before your own. And in an emergency, you need a network that puts you first. That connects you to technology to each other and to other agencies. Built with and for First Responders. Firstnet. The only officially authorized Wireless Network for First Responders. Because putting you first is our job. Maria so what are the next jobs in america . Of course, constantly evolving as the country reopens of. Despite high unemployment, there are jobs out there. Career builder out with a list of industries desperate to beef up their payrolls. Joining us now to learn more is Career Builders ceo ey irena novaskoski. Can you discuss what industries youre seeing demand and needing to hire . For the first time, the regular industries we have been seeing around trucking, logistics and retailers continue to be looking. Some of the new industries that are popping up are around the Tech Services and Customer Services areas. Were also seeing manufacturing start to move on a job level. Were actually seeing Software Developers increase. Were seeing Customer Service representatives having a much higher increase and thats actually an interesting job because it fits with so many different skill sets that can help move some of the hospitality workers from one space into another one. Maria yeah, weve got a great liss listyouve been going thro, the jobs that are in the most demand. Do you need a special skill set for these jobs . No, not necessarily for some. Obviously with accounting and some of the Financial Services roles and mortgage roles, you might. But one of the things that we have seen and we talked about this before covid and even more relevant now is 60 of the workforce is millennials and gen z and they dont have large resumes to begin with. One of the things that were starting to do is invest in technology to do skills based matching, making sure on your resume and when youre searching youre highlighting the skills you have so you can go from being a bartender to a Customer Service representative by highlighting your social skills and communication skills, work ethic skills and leveraging the tools you already have versus the experience that you might not. Maria so which specific employers are you seeing hiring the most right now . What do you think is behind those demands that youre seeing, specific employers. Specific were seeing two categories. One is the ones we talked about, the trucking companies, name the top 10 trucking companies, all of them are hiring. Clearly, amazon, cvs, walmart, all the big box retailers are continuing to hire. On the other side, one of the things were seeing is theres several companies and its sprinkled across the country but really from a tech perspective that are looking to build their pipelines. So while they may not be actively hiring, maria, theyre definitely starting to build their pipe so when theyre ready they have really good talent they can leverage and take advantage of and quickly hire. Maria great advice and info there. Great to have you this morning, thank you. Coming up, rocking the sports world, the new York City Marathon canceled as some of golfs most recognizable names pull out of a major tournament. Weve got all the details. Stay with us. 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Dagen, were seeing this all over again, it seems. Dagen right. I was kind of astonished when the new York City Ballet canceled the fall dance season. Theres not going to be a nutcracker. We talked about that. So no nutcracker in december. But in terms of the marathon, ill point out super storm sandy hit new york city eight years ago this fall and mayor Michael Bloomberg canceled the marathon just days before it was set to take place because there was so much devastation and death out on Staten Island in particular, where the marathon starts and where the storm hit the hardest. I just remember all those marathoners were actually mad that the marathon got canceled and were running around in the streets on the sidewalk. We were trying to get by and go to work and survive the storm. And these marathoners, particularly from europe, were like jogging in groups, screaming at us going on your left, on your left, on your left. Again, unless you can comport yourself, i dont think new yorkers need all those folks here right now. Maria mark, how do you see it . Mark its unfortunate. You know, it doesnt matter if its an amateur sporting event or professional event, participants are pulling out, events are being canceled because of covid fears, covid risks. Unfortunately, i just dont think its going to change until we have an effective treatment. I mean, who would have thought that this would be happening in golf, which is completely outdoors, social distancing at its finest. Maria thats a good mark the thing that stinks, this is happening as baseball has finally gotten it together, theyre finally ready to start and now were seeing this happening so it stinks. Maria yeah, youre right. And steve forbes, you were on the president s committee and their Advisory Panel in terms of when to reopen. How do you see everything here . Are we seeing a second wave . Steve youre seeing a spike but i dont think it should shut down the economy. And i think unfortunately, maria, a lot of this is being politicized in terms of the pace of reopenings and i dont think that that should politics should play a role. Baseball, unfortunately on baseball not unfortunately, but the Players Union won a a resounding victory again. Will they play or not . The unions have shown when it comes to showdown with the owners, the players always hit the ball and the owners strike out. Maria all right. We will take a break. When we come back, Michael Flynns attorney is here, Sidney Powell, on her clients legal victory, next hour,. Mark , morningswith maria, sta. Now is the time for a new bath from bath fitter. Every bath fitter bath is installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Maria welcome back. Good thursday morning. Thanks for joining us. Im Maria Bartiromo. Thursday, june 25 top stories 8 00 a a. M. On the button east coast coronavirus spiking it is raising more concerns, the u. S. Seeing largest single day surge, issue 8 30 a. M. Eastern this morning we are getting another look at impact of pandemic is having on jobs, when initial job claims will be released 30 minutes time, right after numbers hit tape National Economic could be us ill director larry kudlow will join me to react livaway in with whether more stimulus is needed futures pointing to lower opening for stocks this morning dow futures down in triple digits we are now at lows of the morning down 240 on dow 29 lower nasdaq s p 500 down 23, mornings with maria is live right now. Maria d. C. Court of appeals ordering lower court judge dismiss the case against Michael Flynn per Justice Department request lawyers for former National Security adviser released notes from transition period showed president obama Vice President joe biden weighing in on case a shift from are former with dwi director jim comeys story for sure joining me attorney for the former National Security adviser Michael Flynn author of the book conviction machine, Sidney Powell congratulations on big win for team. Thank you for all reporting on these issue issues. And it is important, because this is the rule of law, in a democracy we want at the o see rule of law carried out tell us what you believe the notes that were released yesterday tell us and these are Peter Strzoks notes we are not sure if taken on january 4th or january 5th because we know there was a big significant meeting on 5th with president obama was about strzok writes they are believed january 4th he writes, that susan rice was there obama veryh jim comey sally yates joe biden scruffing transcripts of general flynns calls with kislyak how to proceed against flynn obama directed right people investigate flynn, this calls former fwi director comey to acknowledge the calls were legitimate with mr. Kislyak then joe biden, in these notes according to notes appears joe biden of raises the idea of the logan act walk through notes what they tell us sidney. Yes, well appears there was a conversation, or a meeting, that involved all of these people making the comments indicated in the notes, and that much simply tells us that the highest level of the administration likely already from other documents like susan rices memo to self note to self she wrote definite inauguration about meeting january 5 oval office, of course, comeys stunning memo of the same day january 5th. From his meeting there, when he was dispatched to talk about salacious aspects of the steele dossier to President Trump that set the news hook they wanted to say president and president elect had been briefed on steele dossier so they could slowed that into media with cnn, are buzzfeed became acknowledged pretext for mr. Strzok to interview people according to one of their infamous Text Messages he and bill sitting there watching that explode on cnn said quote pretext to intru win two weeks general flynn interviewed we know also a pretext. The true you are referring to was really more ambush, i know jim comey admits that we have him on tape saying oh i spent few agents there we wanted him in a jocular position they didnt want him to know, that he whatever he said is going to be used against him. Exactly they specifically had many meetings, to plan and scheme howt to interview him morning Upper Echelon 10 people in fbi to plan a way to interview him keep him relaxed unguarded would not even no a suspect of anything he thought two agents were stopping by to talk. And they did not even tell him about the 1001 they told him nothing they planned to keep him in the park so if it blew up in their faces they wouldnt have a problem with him. Maria so just to be clear what is 1001, explain to audience they did about 1001. Right that is a false statement statute that if they even think somebody about might be telling them something that is not true, they at least tell them that they rhyme them 1001 prohibits false statements to fbi agents did not do that on purpose they considered doing it deliberate decided not to, they considered showing him, the evidence they had they deliberately decided not to, they broke protocol in every way, shape or form, to conduct that interview then falsified the 302 government admitted the things put in fbi report that have interview are not reflected in notes, and we know they are false they were falsified by fbi. This was clearly a coup to take down donald trump, as he was running for president and then elected president then sitting president. And they still wanted to take him down, general flynn was one of the first if not the first people that they had their rely on, to take down, from the campaign, but they also ran infinites into George Papadopoulos wiretapped unlawfully carter page why do you think general finally was target take us back to when flynn was in Obama Administration all players knew flynn they wanted flynn out of the way, why . Sidney . He was very outspoken about the iran nuclear deal, he was vee meant elie opposed to that extremely concerned about the rise of isis and testified truthfully in front of congress about that issue, contrary to all the other mr. Clapper mr. Brennan, for example, who were also testifying at the time. He brought down the wrath of obama on him, with that testimony wound up being fired from heading dia because he was so honest about the real issues facing the country. I mean flynn was democrat he was trying to speak the truth, and help president obama get he the Foreign Policy right, instead, he was persecuted, proce process acuteed, nonwas right making up from getgo. Obama did not like him one are person that obama said he warned trump about general flynn, at some point during that transition period, but these notes are really important, because it puts obama and biden on the scene, it puts them there talking about investigated flynn and perhaps Holding Information back from incoming team, later on, as the country wasgoing cries over collusion we are looking for evidence of collusion couldnt find it i certainly couldnt find it kept talking with congressman june ratcliffe. In september 2018 i said to ratcliffe what is all of this hysteria going on, about collusion with trump . And he had just come out of a closeddoor meeting, interviewing witnesses let me tell you what he kneeled september 2018 watch. They had informants trying to lure Trump Campaign officials to get them into meetings they had a media strategy are apparently all the while knowing that there was no collusion. I mean this is just extraordinary congressman will. More than 70 witnesses appeared before house intelligence can he all asked say will question what evidence do you have of russian collusion with donald trump or Trump Campaign what evidence do you have of conspiracy, what evidence do you have of coordination . And they batted 1,000 folks like susan rice Samantha Powers sr. , doj Department Officials intelligence Law Enforcement officials all said we dont have any. Maria sidney this is september of 2018 we dont have any evidenced of any collusion. And yet they still wanted to take down Trumps Campaign beginning with general flynn do you basically opened this up this is going to be a domino effect, beginning of us the window into what really took place are there other things that have been declassified that the public needs to see to better understand this . O well there are things we still dont have, like you you origin flynn 302 are onlial fbi report fbi has not flawed if mr. Wray wants to approve anything i think that would be first place to start the next draft too we know multiple alterations there is no skews for not having produced first draft fbi 302 because sentinel system logs in everything if destroyed will log in destruction trail also, flynn was going to audit intel agencies that would have included some fbi work as well. I mean all absolutely terrified of an honest person getting in the job of National Security adviser finding out what they had all done in addition to all the other atrocities. This is really important point that you just made, flynn wanted to audit the intel agencies, you had these full force of the u. S. Government all in on going against donald trump and wiretapping using intelligence agencies to do so. If he is going to go start auditing intelligence agencies then the whole thing is blown up, he is going to realize the incoming nsa know this way they have been investigating trump for the last year so they needed to get him out of the way they had to have him gone they wanted him gone as much as they wanted trump gone he was initial target the insurance policy case remember, on august ugg 15 strzok and page talked about insurance policy mccabes office, august 16 opened case on flynn, august 17 they sent agent pianka into a president ial briefing supposed to be trusted environmentuse him will two hours to spy on trump and flynn to gauge assess he americanisms everything in case to interview him later ie if trump ends up in white house, sure should you have ambushed in the white house. Unbelievable biggest political scandal in our lifetime that i have ever seen we had front row seat so much Collateral Damage lives ryaned. The history of the country was ruined they changed the history of the country taking flynn out of that position disrupting the administration of one of its most Crucial Leaders hid suppressed all evidence of his innocence the innocence of the entire Trump Administration, on these, for all this time. For 3 1 2 years now. Many. Maria of that you can say obstruction of justice. Congrats to you yes, it is obstruction of justice there is collusion in there somewhere as well just that. Oh there is a criminal conspiracy in there maria lets call it what it is. That is the criminal conspiracy to obstruct justice. A you are right Sidney Powell thank you so much we will be watching the developments a lot coming out still to come weve got a lot to talk about next up house jiernt leaders Kevin Mccarthy here Police Reform state of the economy National EconomicCouncil Director larry kudlow on economy the coronavirus surge ceo, surge in popularity of work from home tools, dont miss a moment of it. Well be right back. 13 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. Are. Maria welcome back, Police Reform a roadblock in the Senate Senate dmaets preventing senator tim scotts move from moving forward claiming inadequate following the death of george floyd senator scott spectacleing out on the floor yesterday. I know how it will feels to walk into a store, and have the little clerk follow me around even as United States senator. I get that. Of the but what i miss in this issue is that the stereotyping of republicans is just as toxic and poison to the outcome of the most Vulnerable Community in this nation. This bill is gone, people forget about it. And you know about what is going to happen. Something bad. And we will be right back here, talking about what should have been done what could have been done why we must act now. Maria today house lawmakers expected to vote on sfloid justice policing act joining me right now you house are are minorityr leader Kevin Mccarthy thank you so much for being here. Thank you for having me back on. Tell me about the Police Reform bills where they are going, is it now dead on arrival in terms of what senator scott brought to the floor yesterday. Everybody in america should be upset what happened yesterday wasnt democrats voting against the bill that tim scott not that tim scott worked on it last week of last month he has been working on this entire Life Experiences what he lived through, they voted not to even bring the bill up, even after the republican said you aelt amendments. Democrats not allowinging any amendment did not allow any amendments in committee did not talk to republicans, as they wrote this bill. Then the speaker of the house, has accused of tim scott every republican of murder, being this office of speaker is too big for comment so small that nancy pelosi has set they are not serious, about getting a law. What they want to do is politicize it make sure nothing happens what house is doing the democrats will not pass it will be partisan we have talked about coming to conference finding legislation make sure we solve this problem, President Trump led he has done an executive order, about 80 of both bills are similar. But they wont even allow it to come up for debate even though they their afterward amendments where reputation republicans are not in house i want to ask how you are going to vote on democrats bill but Speaker Pelosi is defending comments yous just said she accused of gop of trying to get away with murder, and she says she is defending it watch this. Will you apologize . Absolutely positively not. The fact is i think you frankly and the press have given them far too much credit for a bill that does nothing. Maria what do you say she said she is absolutely not apologizing because the bill does nothing. Says a lot if democrats keep her as speaker for her to say that in a time if nation needs to have healing, to rebuild to work together, at the same time, i was asked a question about the Democrat Bill to point out all the things that i would not like. I said no, i wont do that i want to work together, to solve this problem. Instead of pointing putting red marks on paper left in a lets solve this issue she is going the hyperbole to call tim scott a murderer for what he walked through in life what he has worked on from opportunity zones, from the idea of making it mandatory spending when it comes to black colleges what weve been able to achieve for her to play politics this moment in time seeing uprising across america she he is unfit for the job wouldnt even apologize for that she knows she is playing politics that is what is wrong with the system today you. Maria so what happens now . Well what happens now. Maria i mean are we not getting Police Reform and look where we are, going into the election gop, says that President Trump, should make a course correction, and shift in strategy a, after these polls show him trailing, are joe biden. Weve got this you know coup that failed we are learning more and more about what happened in 2016 when they tried to tick do take down donald trump i am reading a report saying if biden wins Elizabeth Warren will be main Economic Voice going into flex massive back from colleagues on left creating inability to get anything done even Police Reform everybody agrees with. I think i want to go to voters let he them make decision who is with best to lead who is best to rebuild this economy strongest ever before virus came from foreign land we did not invite we will defeat, who is best to stand up to china . President trump . Even shiz trump was warning us what china was doing or a person like in the basement of joe biden with his son make billions of dollars from china . I i mean we have a real clearcut election here, all we need to do is have that debate, the president is always strongest when having debate mano a mano and that will come. Congressman great to have you this morning we will be watching i know busy will you vote no today on democrats bill. Yeah because it does not solve the problem i will vote no continue to work to try to find law i will make sure that weve offered amendments democrats wont have the only persons holding it up is schumer and nancy pelosi. We will keep following. Well be right back. Dissent. Futures lower expecting selloff dow futures down 210 nasdaq futures down 26 s p futures right now lower by 21, one issue coronavirus cases spiking in United States inside concerns growing over a second wave of coronavirus, we are also expecting key economic date out you the five minutes jobless claims coming out First Quarter gdp, the may durable goods report due out 5 minutes time, dagen, i mentioned this report from cowan and Company Earlier cowan and company telling clients today that if joe biden wins it will be Elizabeth Warren who will be the most important voice on the economy. Whether at treasury could be treasury secretary or even stays in the Senate Getting to be most important voice what do you think about that. Dagen that show rattle Technology Investors in particular she has sites on them busting them up not necessarily reasons we talk about in terms of controlling speech, also, weighing on the markets, is the 3900 management jobs that macys is cutting, again, the job losses, are not over, with spike in coronavirus cases, very worrisome. Will. We will get numbers in a minute take a break job claims when we come right back. 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. Now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Maria welcome back. Good thursday morning thank you so much for joining swrus. I am Maria Bartiromo thursday june 25 breaking news right now the Economic Impact coronavirus pandemic is having on u. S. Economy initial jobless claims due out calling for 1. 3 million jobless claims americans filed for Unemployment Benefits last week we are also waiting on durablegoods orders for month of may the immunizing there jump of 10. 9 final read First Quarter gdp expected down contraction of 5 , for the First Quarter, those numbers coming out as well, right now, markets were lower into these anybodies, this is a jampacked bublth nukt of numbers dow industrials down 250 nasdaq down 40, s p 500 down 24 points right now as we wait on jobless claims gdp, and durable goods orders, this final read for the First Quarter going to be important we are expecting a contraction the First Quarter but Second Quarter even worse Cheryl Casone with numbers right now. Cheryl weve got a couple big ones first i want to get to initial jobless claims for the week ending june 20, this estimate was 1. 3 million came will a little bit higher than that 1. 48 million, that is for initial claims last week now continuing claims, a little bit better than expected but not by much continuing claims estimate 19. 96, down from 20 and one half we got last week came in 19. 522. Also, want to give you looks like, durable goods month offer month estimate gain 10. 9 , 15. 8 , 15. 8 you got to compare this to month ago number a plunge for april, 17. 7 so investors looking at number a big one if you strip out transportation for may durable goods again this is monthovermonth estimate 2. 5 came in 4 , so, as you can see, not a lot of movement on dow right now but again better numbers than we expected u. S. Final gdp First Quarter, is looks like right about in line the consensus was loss of 5 that is the final read we are 5 first two weeks we got pretty much in line with what we have gdp as expected, we also were seeing again what continuing initial claims for the month, excuse me for the week ending june 13 we are again seeing the continuing claims a little bit higher that have been a little bit lower than expected, initial claims a little bit higher than expected if you add in now this 1. 48 initial claims, and bring that up to 12week average, we have gotten 45. 74 we are at 47 million initial claims so far maria, since pandemic began. And again news coming out with macys, with disneyland all companies kind of trying to reopen maybe not getting there not quite as hopeful as we expected maria back over to you. Maria all right, cheryl thanks so much weve got numbers really, of mostly in line with estimate as you just said although this market is weakening dow industrials down 277 points get with panel steve forbes reaction to bucket of economic doot gdp unchanged but a contraction of 5 , steve. Steve . Well that is no surprise, the big news to me is that continuous claims went down. And that is a number i think is going to get better especially after the end of july other we dont have that inducement of some people not to seek jobs. So, about i dont understand market going down a little bit more 19 1 2 million continuous claims as long as continuous games go down reports like durable good numbers bodes well for economy i think in terms of the coronavirus spike i think we are learning to, operate without them even if disney delays, other people are getting back to work. Finding ways to work, so it is encouraging, i am pleased. Maria yeah, i i mean numbers you would have expected a contraction, we were expecting numbers to look like this mark, yet this market is worsening as we watch it perhaps with out or bigger story coronavirus spikes across the country. Here is deal with markets, it has now been 65 trading days since the bottom on march 23rd, s p up 36 over that time, that is the third best 65day rally ever, 2009 was, up 38 we are in pretty good company when we look at the 10 best rallies, off major lows here is two Key Takeaways first and foremost performance over the next month or so, typically isnt that great we are looking at slightly negative returns, however, returns over next year tend to be strong up 12 on average, so i think we are just seeing a consolidation right here. Maria umhmm day ago awaken do you say. Dagen a i dont like talking about numbers when these arelize livelihoods, people the fact that we still have nearly 1 and 1 2 million premium, filing for weakly jobless benefits is really distressing, and i think that the question you are seeing in the markets is whether with the spike in the cases, in some areas, whether it is arizona, texas, and florida to name three, that you will see even more layoffs and this begs the question of what point about do jobs get destroyed forever, we still dont have our arms around that. This of. Maria well we will see, recovery according to economists in the Third Quarter, but what that recovery looks like is another question. I mean we could see a flat showing, steve forbes, could see 2021 as lockhart said former ceo atlanta Federal Reserve, 2021 be the year even there he wasnt so bullish it could be a couple years according to Dennis Lockhart to really feel we are getting back to normal what do you think . Steve i think he having the pace of normalcy is going to depend on election maria in toerms of what kind of environment we have next year, if a positive environment more tax cuts more moves in deregulation, you will see this thing current around quickly, but the big overhang what happens if democrats win looking good in Senate President ial race very much in question, so those things are going to weigh, in the meantime, but in terms of the other big thing what kind of stimulus bill pass if it cliz as you suspending payroll tax a year or so very positive other things significant expensing making that firm would be positive what comes out in that bill very important as to how the economy goes in the fall especially as people return in terms of minds after labor day what kind of Fourth Quarter are we going to have. Maria mark tepper what do market think about election has donald trump become underdog or do you think there is still a belief, that his policies will prevail . If you take a look at the stock, that would benefit from trump being reelected, from january 1 until day those stocks are you know pretty much treading water. However, you know, from the covid bottom stocks are underperforming a bit a big concern with regards to the election, but look it is early. I mean no president has ever, ever, ever in history of america, been reelected with a reas heing win last two years of their presidency uphill battle for President Trump to overcome but he is probably going to be walking into an election, with a plus 20 gdp quarter. That a hasnt happened either. So, you know, we will see as things get closer. Maria i mean today, i mentioned earlier mark that cowan and Company Without a report saying that if biden were to win most important financial voice Economic Voices is going to be Elizabeth Warren either treasury secretary in treasury somewhere or even if in senate going to be most important Economic Voice, this is from a wall street firm, telling clients, so they can look at their holdings in the finances, technology we know she wants to break up all of them. Yeah, i think you are going to have to look at all of your holdings, i mean, i looked at a piece months ago, with regards to Elizabeth Warren and her impact on the stock market, should she have a um a republicanable position next campaign, and when stocks would benefit Cannabis Companies esg companies most holdings that people have in for the followios right now good balance portfolio could potentially be in trouble if that is the case. A short break we want to talk with larry kudlow coming up reaction to all of this then we are talking about working from home, are we working from home forever . I will speak with ceo of slack next how ep company is helping to get that job done, stay with us. Maria welcome back, entire industries creating remote workforces overnight when coronavirus hit more than three months later a possibility working from home, could last a long time maybe forever, but do they have all tools longer term joining us ceo of slack, Stuart Butterfield it is great tuf you this morning thanks very much for joining us slack is a tool that people working from home rely on, to communicate with colleagues, you are rolling out slackconnect, first assess business for us, what have you seen in this last three months as we are all working from home . Great question, thank for having me we saw everything, so, we have 122,000 consumers around the world, u. S. Japan europe, issued a we saw some big increase in activity starting in yaesh in europe, then in u. S. But that many customers Small Businesses amazon verizon, so we feel their pain when Companies Stop hiring do layoffs that affect our business pretty direct way we also, of course, have huge tailened, more than twice as many new customers last year interesting time we have a strong tail windy headwinds in turbulence the big picture enormously beneficial to business huge increase, 18 months three year timeline we saw enormous acceleration not just us but companies stuart i know it has been incredible growth story last couple months over last year by the way, but you also are looking at a real competitive market, Microsoft Teams is your biggest competitor, and they are taking about market share. Certainly, when you look at Small Business youve got 25 revenue coming from companies with less than 100 employees, youve got that market but Larger Companies you are seeing a real Competitive Landscape with microsoft how are you going to set apart slack to continue this leadership growth story . As to well, you know i think our customers are doing that for us i mentioned amazon secondary third biggest employer in United States a dozen agencies in a federal government we got authorization union agency, are veterans, so tens of thousands there, i think what you are seeing is kind of tell markets, this is enormous divergence between using Microsoft Teams for and more than half enterprise customers, users overwhelming mairt juice teams, teamed and slack alongside. What about zoom how does amazon fit into this this is another platform people are using there is a worry around zoom that servers are in china. I am not speaking to that so much my understanding is all servers are in u. S. They are a partner of ours i think what is interesting traditional called unified communications messing, videoconferencing stock sand zoom what happens if you unbundle slack one direction zoom another great partners with them but opens the functionality to consumers especially at this time zoom has been doing great webinars, we Just Launched stock net allows, communication across organizational boundaries we changes big step forward for communication big step forward with collaboration simultaneously big step for security interesting usually you choose between two security at expense of User ExperiencePeople Choose better materials, wear trying tee improve both of those simultaneously. Tell me about term there is a goldman report this morning talking about the Industries Directly impacted by the pandemic less than 20 of your clientele, but they see it elevated risk of churn next 12 months as, the risk to industries continues, particularly now, as we are talking abouts staying at home as covid crisis perhaps is spiking. Yeah, so, as i said we see everything so he we have customers Financial Services, Media Companies as you know customers of stock travel and hospitality but tax preparers, Restaurants Hotel chains when they stop hiring have impact on us, the good news is, i think important for people to keep that in mind, unless we believe on one way path to dark ages if you believe there is some kind of recovery that comes back we try to keep key the impact having execution on our side, of course, the macroimpact on all customers that part of it is going to work out overtime as long as focus on value i think that is important before think started we had more than 100,000 customers all of them happily using slack in offices Business Travel up for Communication Works that becomes even more important, at a time people i think what you advance down that path going to see increased use areers might be retained long after we go back to offices whenever that turns out to be. Yeah, that is what i was going to say where will we be doing this when we get out, congratson all this we will keep watching the story we appreciate you joining us this morning Stuart Butterfield ceo of slack, larry kudlow is up next on breaking Economic Data when we will go back to work. Stay with us. Maria welcome back, hole host Economic Data out this morning, initial jobless claims out moments ago 1. 48 Million People filed for Unemployment Benefits last week, making the total of 47. 3 million jobs lost since lockdown joining me for reaction about National EconomicCouncil Director larry kudlow great to see you give your reaction to this bucket of Economic Data out this morning, including the contraction in gdp, of 5 , larry. The first point unemployment claims which is important that is down for the 12th straight week it is down 12 straight weeks also i would say continuing claims, which is a very good leading indicator of what the jobs report is going to be those fell by 767,000. The so on those two points, i think the strong v recovery is still there i am hopeful once we get next set of jobs report based on weekly numbers. Maria so you are still then expecting growth in this Third Quarter and Fourth Quarter larry you still think that we are going to come and have this snapback about in a vshou v shape. I do a variety of indicator jobs and employment retail sales blowout one automotive another Housing Demand very strong travel with the next very strong new Business Applications very strong business opening now, Small Business, almost 80 have reopened one way or the other. Shipping, trucking i notice on some private sector so, yeah, i think you can see the v right now once we get into summer months Third Quarter data we will probably look at 20 , growth snapback q3, q4, hope 5 the reason i unchangeds would get us to the peak of the economy, in late 2019 wont take five or six years, according to estimate. Yeah. 20 Third Quarter 20 in Fourth Quarter sounds great but what about this issue of new cases spiking across the country larry how worried are you that in fact we are going to see, a shutdown. Apple is reclosing stores it had opened youve got a number of companies saying well we were going to open now we are not because you are seeing spikes in hot spots cross the country. There are sfiekz about in hot spots no doubt about that, there will be some shutdowns, in individual places, certain stores we are keeping very close eye on this. And let me say that basically the lineup is still so positive, even with hot spots now i know, you are talking texas florida, arizona the carolinas, difficult points, i must say we are going to have to live with this from time to time. But that is a different matter than the whole country. We have seen case growth rates, rise nationally just a little bit, right just a little bit. Fatality rates however continuing to down i want to note maria, you know you name states where there are problems but look at this, colorado down 30 , washington, d. C. Area down 31 illinois off 36 , michigan, down 80 , the new york metropolitan area down 20 i am just saying you youve got to balance this out we dont see it not telling us there is a second wave, we have the tools to deal with this much more expeditiously an two or three months ago. Maria so give me your ideas on where what industries are going to lead us out, of this in terms of growth larry . First of all, do you expect you can get Unemployment Rate below 10 by year sentenced secondly what industries are going to lead us toward growth . Well, i do think we can get unemployment below 10 by yearend i think going to be a steady drum with higher jobs lower unemployment maria look for housing, look for auto sales, factories are back on line, by the way, restaurants and tourism entertainment senator Martha Mcsallys plan to get Tax Deductions credits if you travel around is going to be a very strong positive. All right. Now is the time for a new bath from bath fitter. Every bath fitter bath is installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Some Companies Still have hr stuck between employeesentering data. A. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Maria thanks for joining us this morning. Have a great day, everybody. Varney Company Begins right now. Stu, take it away. Stuart i shall. Good morning, maria. Good morning, everyone. The polls, ah, yes, the polls, are beginning to affect the stock market. Joe biden has opened up a big lead. Investors dont like it. Now, we have been talking about this for some time and today, bank of america joins in. A Biden Victory would be bad for stocks. This morning, the New York Times poll showed the president 14 points behind