Transcripts For FBC Varney Company 20240712

On the dow. Stocks now on pace to finish the week in the red. Those big name tech stocks we follow so closely every day, down again. We have news of a possible delay of the new iphone and apple was responsible for yesterdays market selloff as well. News on the virus. President trump says now is not the time to be holding a big event in florida, canceling the jacksonville portion of the Republican Convention. The rnc will join us in the 11 00 hour to talk about that. To chicago, where two Christopher Columbus statues came down overnight. Just as a way to appease the protesters. We will see what tom homan has to say about that in our next hour. But lets end on a positive note, shall we . It is feedback friday. Always fun. Theres stu smiling. Yes, baseball is back. Dr. Anthony fauci throwing out the first pitch of the baseball season. It wasnt great. You could say he flattened the curve with that one. Whoa. Just outside. The ceo of fox sports and Keith Hernandez joins us on baseballs return. Jampacked starstudded show as always. Im Ashley Webster. Varney Company Begins right now. Ashley lets take a look at the futures. We mentioned the trending lower after china closes an american consulate in that country in retaliation for the chinese consulate being closed in houston. As you can see, down. 33 on the dow, the s p down nearly 1 , though, on the nasdaq. Time to bring in jonathan hoenig, fox news contributor. Jonathan, could this whole spat, this tit for tat, derail the trade deal with china, the bigger trade deal . Well, it easily could, especially since this issue of whats going on with china and trade in particular affects the most important stocks in the market right now. You could almost say as goes big tech, so goes the nation, certainly so goes the stock market. Without the five biggest tech stocks we talk about, that we always talk about, the s p would actually be down year to date. Six tech stocks make up, what, 50 of the nasdaq 100 so those big stocks impacted by china in particular trade are starting to weaken and i think it has to give one reason for concern, when you see stocks like that give up 10 in just a few weeks, or apple as you talked about, down hard yesterday and now the target of government investigations. Lot of concerns over tech end up in concerns over the market. Ashley as the money comes out of tech, take a look at gold. Prices soaring. These are the tradesensitive premarket. Take a look at gold, up another 7. 50. Really moving in to 1900. Again, tensions with china. Are you buying gold, jonathan . Yeah. I think this is look, we have been talking about it for at least a year. Gold is up, what, 30 over that one year. Lot of things in golds favor right now. Tensions over china, certainly uncertainty over the virus and the government response, and in particular, a weakening of the u. S. Dollar. Not to get too into the weeds but the lower the value of the dollar goes, the higher the value writ large of commodities goes. Gold, silver. People forget, back in 20082009, gold was the bitcoin of that era. You are seeing a lot of money flowing to gold right now. 11 consecutive weeks of mutual fund money coming into gold and the trend given the chart i think probably continues. Ashley all right. As always, great stuff. Jonathan, thanks for joining us this morning on this friday. Moving on, the rising virus cases are obviously impacting not just the stock market but also the economy and the election. Lets bring in economist greg valliere. How concerned are you about the impact on the economy from as we see this growing number of virus cases and perhaps the potential for more closures . Fairly worried, ashley. Yesterdays Employment Data were not good. Unemployment claims rose. Beyond that, i do think we need a stimulus bill. We need something for state and local governments, something for businesses, liability reform, we need another check to individuals and the entire process has gridlocked. Its broken down. Mitch mcconnell will not have a bill ready until early next week. A lot of republicans have issues with his bill. I think were at least a week away before they even begin negotiating with nancy pelosi. Thats not a good story, either, for the overall economy. Ashley greg, where are you standing in this perhaps split gop . Would you prefer to see a payroll tax cut as per larry kudlow, or Steven Mnuchin, treasury secretary, says we need to get direct payments out there . Which one do you prefer . I think the direct payments would inject, infuse some capital right away. I understand the argument for a payroll tax cut. I get it. I get the wall street journal editorial this morning. But at the same time, the republicans are at risk of a Public Relations disaster, if this drags on for weeks and people have no unemployment aid, if the economy starts to really fizzle, the republicans will get most of the blame. Ashley do you see the economy just bumping along until we can essentially find a vaccine and a treatment for covid . Thats a good point. I think yes. We may have to wait until winter before we see anything that will bring us out of this. But there are things that can be done fairly soon. Im hopeful that before Congress Goes on its recess on august 7th, they will pass a bill. But its going to take another two or three weeks to get one. Ashley how, you know, every day is vital for a business trying to hang on. The damage being done as we sit here and talk is pretty substantial, is it not . Yes, it is. I understand the argument that the deficit has really exploded. Thats something we will have to deal with later in the decade. For right now, this is triage. We still have to save the patient and things dont look as good for the economy right now as they did even a month ago. Ashley all right. On that happy note, we have to leave it there. Greg valliere, thank you so much for joining us today. Telling it as it is. Thank you. Lets check apple, if we can. Bring in susan li. Susan, new report says they will push the iphone 12 event, i guess the launch, back to late october. Why . Susan instead of september, the last few years. Production delays which have been really welldocumented, is behind this. Especially as we head into the 5g super cycle. These are the first iphones with 5g capability so its a bit more complicated. We are hearing this from the Japanese Apple blog, and they are predicting four new 5g iphones will be available for release and sale in november, and analysts say as long as we get iphones ready to sell by the holidays it will all be fine. Apple shares falling yesterday by 4 , down in the premarket session this morning and losses really accelerated after that axios report in the afternoon that multiple states are probing apple for what they call Consumer Protection violations. I want to caution going through this report, they only mention texas, no other states, and texas didnt respond and it didnt specify what exactly the violations were. Apple didnt have any comment. Also, that big tech antitrust hearing in washington, d. C. On monday was cook, bezos, pichai and zuckerberg looks unlikely which is disappointing because how else are you going to get all four of these big tech ceos to come together once again. Ashley not easy task. All right, susan, thank you very much. Lets take a look at intel, if we can. Lets bring in lauren simonetti. Lauren, they had a big Second Quarter but the stock is getting absolutely hammered, down more than 13 . Lauren and set to shave about 52 points off the dow. Look, this is despite intel reporting a 22 increase in profit and 19. 7 billion in revenue. They are benefiting from work from home. Pc sales up 7 . Companies and employees demanding faster processing speeds and sales of its server chips rose 43 , but heres the problem. Intel is warning of significant delays of its newest, fastest chip. May even have to use a third party to make them and investors are worried about lost market share with the delay. So thats why shares are down 13. 5 today. Backlash on wall street. Ashley yeah. No kidding. Big backlash. Lauren, thank you. By the way, the faa is ordering emergency inspections for boeing 737 aircraft that have been in storage, who havent flown for seven days or more. The inspections were sparked by concerns over engine problems. Boeing this morning down almost 1 at exactly 175 or thereabouts in the premarket. Big Companies Reporting this morning, the earnings season goes on. First, american express. They reported a surprise bump in profits but their revenue was down last quarter because, well, a decline in credit card spending and a lower average discount rate. That stock down close to 1 . Check verizon, if we can. They say, the company says the pandemic impacted its ad spending. Revenue and profits, though, were still higher than wall street expected. That stock up marginally about. 25 , at 56. Lets take a look at those futures, if we can. We can see the dow now down triple digits, 118 points, before we actually open for real. The s p down half a percent. Now the nasdaq, that is down close to 1. 25 . Yes, baseball is back and we have two big hitters on the show today. Fox sports ceo eric shanks and twotime world series champion Keith Hernandez. Plus a live report from Wrigley Field. Dont miss that. Here we go again. Two of chicagos Christopher Columbus statues are now a thing of the past after being removed overnight. Looks like the angry protesters got their way. But is tearing down our history now the new norm . We will discuss that. President trump is praising elon musk after urging him to open the tesla plant in texas. Well have sound on that and you will hear it coming up. As china prepares to be evicted from its consulate in houston today, the Chinese Government orders the u. S. To close its consulate in chengdu. Is this payback . Of course it is. That story is next. Stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Schwab. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com ashley tensions with china are worsening, no doubt. The Chinese Communist party is retaliating, closing this american consulate in chengdu, china. Heres what secretary of state mike pompeo had to say. Roll it. This decision about the consulate that was made is consistent with a whole bunch of other actions that weve already taken, a whole bunch more that were going to continue to do until we get the change, until the Chinese Government will get to make its decisions about our diplomats there inside of china, well make sure that we do right by the American People. Ashley lets bring in fred pleitz, former National Security council chief of staff. Now the chinese say they wont leave, possibly wont leave the houston consulate. How is this all going to play out . Ashley, great to be here. Well, they will leave. This is simply international convention. A nation can only remain in a diplomatic facility in another country with consent of the host country. But what we see here, look, we all know that nations spy out of consulates and embassies. Theres an unwritten rule that thats something various nations put up with. But theres a certain line youre not supposed to cross, and apparently in houston, the chinese had some type of industrial scale operation to steal intellectual property. It may have been related to a nearby huawei facility. And the Trump Administration just said enough, were closing the consulate. Ashley its interesting, fred, secretary mike pompeo is urging the Chinese People to change the communist party but its not exactly not like you can look at the ballot and say im not going to vote for you this time, im going to vote for this party. How are they able to do that . Well, its something that the u. S. Government has to speak up against. You know, when we supported china joining the World Trade Organization in 2001, we thought this would lead to responsib responsible responsibility by china in international relations, global trade and maybe it would lead to greater freedoms for the Chinese People. President after president has ignored the fact that this hasnt happened. Well, this president , President Trump, has decided to speak out on it. Not just because of the oppression within china, which is just outrageous, but because of growing efforts by the Chinese Communist party under president xi to engage in an effort to dominate the world, and its something that, you know, we had to press our allies to also stand up to china. Ashley as this develops, fred, does this threaten to derail the trade agreement that is still hanging out there . I think the trade agreement is in trouble. I think this is something that President Trump has struggled with. But with the crackdown in hong kong, the outrageous images of the uighur muslims being persecuted and chinas criminal negligence in the way it mishandled the coronavirus, these are things the u. S. Has to first deal with and have china answer for, especially on the virus. We still dont know the origins of the virus. They still will not allow objective investigators to go to wuhan to find out what happened. Until we get those things resolved, theres going to be real problems in the bilateral relationship. Ashley all right. Have to leave it there. Certainly the tensions are rising, no doubt. Fred, thank you very much for taking time with us this morning. We appreciate it. Thank you. All right. Want to take a look at moderna. They are down this morning. That stock down more than 7 . The company says their Coronavirus Vaccine might be delayed. Why . Well, because of a patent issue. The government says they do not have a claim over a patent held by a rival company. That is a problem. They need that patent for their vaccine development. Thats not a good piece of news and the stock is moving down in response. Lets check the other drug makers. President trump, by the way, will sign an executive order on drug pricing today. Lets bring Edward Lawrence in. Edward, what does that order say . Reporter yeah. That is basically going to push, try and drive down the cost of prices. The administration has already made a push for generic drugs in order to lower the cost and getting more generic drugs to the market, pushing the cost of drugs down. What this is going to do is its going to direct all departments to try and figure out other ways, other plans, to bring those drug prices down. The president also pushing for schools to reopen but now acknowledging that some School Systems may have to delay because of the surge in cases. The administration saying its no one size fits all when it comes to schools going forward. He says they may have to modify or some may have to modify to do insession inperson learning. Also today, treasury secretary Steven Mnuchin back negotiating related to the coronavirus. Hes going to be talking with law makers about whats next in the cares four. The secretary and Senate Majority leader Mitch Mcconnell yesterday laid out exactly what was going to be in that. Its 105 billion for schools, but part of that money if the school does not reopen, then the administration wants that money to go to parents so they can choose a private or Charter School that may reopen in that district. Also in the package, direct payments to americans, talking about Companies Getting another ppp loan as well as vaccines and money for hospitals, and Liability Protection for businesses, churches, nonprofits. Ashley . Ashley all right. Lot in that package. Edward, thank you very much. Appreciate that. Next case, sean hannity interviewed President Trump and the president says he pushed elon musk to build his new factory in texas. Roll that tape. I was with elon musk, i said elon, build a factory in texas. He Just Announced today theyre building one of the biggest plants in the world, auto plants, for tesla, and its going to be in texas. And you know, its great. He called me up just a little while ago to say i got it done. That meeting, he got it done but i was pushing that job very hard from elon. Ashley interesting. Susan, should texas be thanking President Trump there . Susan its a definite victory for austin and texas, no doubt. These 5,000 jobs, over 2,000 acres costing over 1 billion. Musk has said fremont in california, the other u. S. Car production plant, contributes around 5 billion to the states economy and this is one of the few major car plants to be built in the u. S. Over the past decade. It will make the cybertruck, the new semitruck and the model 3, the y, for the eastern half of north america, slated to start production next year. Texas Governor Greg Abbott said that tesla didnt receive any state incentive to locate in texas, but we know that austin approved tax incentives totalling around 16 million over several years. Im sure the full package of incentives in terms of wage, tax relief, property taxes, will be a lot more. Think about it. Nevada offered 1. 4 billion in tax incentives over several years to get their giga factory. Trump is right that elon is getting it done. Thats what he said last night. We know that President Trump and musk agree on numerous issues like their love of twitter, manufacturing in america and less red tape but they do disagree on a lot of topics as well, including immigration. I would call it kind of a bromance, no . Ashley right. I agree. They obviously agree on texas. Interesting stuff, susan. Thank you very much. Looks like we are going to be down at the opening bell which is coming up right after this break. Well be right back. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums to listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. Ashley all right. Lets take a look at disney. They are delaying the release of mulan indefinitely and star wars and avatar are being pushed back a year. Interesting. Lets bring in bernie mcteernen, rosenblatt securities. Let me ask you this. Wouldnt they benefit from just moving these big releases to disney plus . That could add a lot of subscribers, right . Certainly could. I think thats something they have to be weighing here. We can see if people go back to theaters or not and i think the spend on that content is higher if you are monetizing in multiple windows but you can see if people dont go back to theaters, thats certainly an option. Theyhamilton but we havent seen the studio take a big budget film and put it exclusively on streaming first and avoid that window. Ashley so look, the big movie studios like paramount and sony, they are putting a lot of their, you know, movies, delaying their blockbusters. Amc is not planning opening as planned. Isnt this great news for netflix and all the other streamers . They are really making out like bandits. It is. And streaming usage is off the charts. Thats why netflix had such a good first half of the year. The big question for us is, whats next and actually, if you look at their investor deck, you will see that streaming subscriptio subscriptions [ inaudible ] was off the charts by beginning of june and was just negative at the end of the month. We are wondering if this is a pull forward of demand instead of expansion and if we are talking about covid beneficiaries where the market could be expanding, we are really bullish on peloton here. We think the athome streaming fitness Business Model is really expanding here. We have a buy rating with a 70 price target. Ashley even though people are probably desperate to get out, once we can fully. Yeah. We did a Fitness Survey and 40 of respondents indicate they are at least three months away from wanting to return to the gym, or to wait and see a vaccine. We think they will report a Strong Quarter because gyms arent open and also, the next atmosphere is [ inaudible ]. Ashley got it. I think im about two years away from wanting to return to the gym. Bernie, thank you very much. We are off and running on this friday. Lets see where we begin. Well, as expected, the dow off, down about 158 points, as we see a little more of the red than the green. Down 169, 153 points. Thereabouts. Down about. 5 , put it that way. Take a look at the s p, if we can. Also down more than. 5 , down 22 points at 3213 right out of the gate on the s p. Lets take a look at the nasdaq. We are seeing a lot of money coming out of big tech, we know that. Down again at the opening bell, 1. 5 , down 161 points, 10,300. Lets take a look at some of the china stocks, under pressure today. No big surprise, as tensions rise between the u. S. And china. The diplomatic tensions. You can see the chinese stocks all moving lower anywhere from 1 to close to 3 . Baidu, alibaba and so on. Lets get a check on intel. They reported, yes, chip sales jumped more than 40 last quarter but they have also announced major delays in manufacturing. That is hitting the stock. Its down 14 , 14 at 51. 78. How many points is that knocking off the dow . 58 points. There you go. Thats almost, well, about almost say 40 of the dow is thanks to intel. Take a look at advanced microdevices on that news. They are up big, in record territory, no doubt. Up nearly 10 for amd, up 5. 61. And big tech, coming off a huge selloff. We know that. This morning, as you can see, that continues. Susan, it was led by a report from axios saying that apple, under another Consumer Protection investigation. Susan i wouldnt say that that was a catalyst. It was probably the accelerant in the afternoon session for apple but the report only listed texas. I didnt see any other states. It was pretty light on specifics. There are numerous other factors at play as well. For instance, we had Goldman Sachs calling apples rally unsustainable. U. S. china tensions also flaring up with the houston consulate being shut down and weekly jobless claims went up for the first time in 15 weeks, and that suggests that maybe the u. S. Recovery might be stalling. There has just been so much concentration into these megacap tech names like apple, amazon, microsoft, google and facebook and these stocks now make up more than 25 of the s p 500, which is closing in on a two decade high. Also, microsofts earnings this week were good. Not explosive. Thats kind of where we are with these stocks. Priced for perfection. Also theres money on the sidelines or moving to the sidelines as we await the rollout of these earnings. You know, apple, amazon, google reporting on the same day, thursday, and i will be superbusy on that day. You betcha. Ashley oh, yes, you will. You will be earning your paycheck and then some. Lets bring in jonathan hoenig, bring him back. Fox news contributor. Jonathan, is this just a oneday thing, or are these names, the big tech, you kind of alluded to this earlier, they drive the market, we are seeing a rotation out, but how long will that last . Well, we simply dont know. Whats interesting, particularly about tech, ashley, is that so many of the stocks that led in one decade are laggards from decades prior. Cisco is a great example. We talked about it before. Cisco was almost like the facebook or amazon of the 1990s bull market and what you saw wasnt that cisco went away after the 90s ended, but that the stock never came back as a leader. What could happen when it comes to a lot of these big names is that facebook, amazon, netflix dont go anywhere but the conversation catches up and we talked about tesla on the network in the last couple weeks. Think about how many auto makers now are working their pants off to try to compete with tesla. Same thing with amazon. Thats what we are likely to see in my estimation about tech. Its not necessarily that they go away or go bankrupt but that the stock at some point, they arent the leaders they are today and have been. We could see the beginning of that trend right now. Ashley right. We have to see. Stay right there. I want to check boston beer company. Its friday, after all. Makers of sam adams. Perhaps more importantly, truly hard seltzer. Theres a can of it. Lauren, they are truly cashing in on the trend, are they not . Lauren the stock is at a record high, up 8. 5 . The message here is no bars, no problem for boston beer. The coronavirus has been great for drinking at home, particularly hard seltzer. This is a hot category. Boston beer has the truly hard line. That is selling well, plus twisted tea, then the dogfish head brand and all of the growth in those brands helped to overcome a decline in sales of traditional beer with venues like ball parks, concerts, those have been closed. Sam adams reporting sales to Liquor Stores grew more than 40 in the quarter, because people are going to the liquor store to buy their booze. Ashley lets go from booze to toy makers. Mattel, the big toe may, sales down across the board except for barbie. Lauren barbie is hot again. Sales rose 7 in the quarter. But they made up a quarter of all mattel sales. Barbie was the most popular toy in the country for five straight weeks during lockdown. Overall, online sales have been very strong for mattel. Digital orders, more than doubled in the quarter. Stocks up about 1 . It was up a little bit more moments ago. Ashley all right. Hard seltzer and barbies. Interesting. Lauren put them together, what do you get . Ashley yeah. I dont want to think about it. Lets think about bank of america, why not. We are hearing Warren Buffetts Berkshire Hathaway just bought 34 million more shares of the big banks stock which, by the way, is down more than 30 this year. Come back in, jonathan hoenig. Jonathan, has mr. Buffett lost his luster . Well, look, his stock, Berkshire Hathaway, its down 15 this year, as you mentioned, a big part of that has been not only [ inaudible ] on the airlines but also a lot of the banks which mr. Buffett has owned in previous years. He sold some of those positions, sold out of jpmorgan, sold out of Goldman Sachs, but hes adding bank of america now. Look, you have to give Warren Buffett all the credit in the world. He is one of the worlds richest men. Hes 89 years old. Maybe he has lost a little step here because theres a lot of reasons why the banks arent likely in my estimation to recover any time soon. The most obvious is Interest Rates. Actually, Interest Rates are coming down, signaling a slowing economy. That makes it more and more difficult for the banks to make money at all. If you look at, for example, overseas, a lot of the european banks, they are below what they were 20 years ago. That could happen with u. S. Bank stocks as well. Another area i think theres caution. This is a dip you dont want to buy. Ashley well see how it turns out for mr. Buffett. Jonathan hoenig, thanks for putting in a big shift today. We appreciate that. Thank you, everyone. Now lets move to this. Protests erupting overnight outside the home of chicago mayor lori lightfoot. They are furious over the president s decision to send the feds into the city despite growing violence. Meantime, in portland, demonstrators there flooding the streets for a 57th straight night. What the heck is happening in our major cities . We are going to be talking about that. Also, did you hear President Trumps big announcement . I told my team its time to cancel the jacksonville, florida component of the Gop Convention. Its just not the right time for that. Ashley big announcement. The rnc will be joining us in the 11 00 hour to talk about that and other things. Take a look at this devastating number. Nearly two million Small Businesses are either closed permanently or temporarily in the Second Quarter. How do we bounce back from this . Well have that story, next. Ashley lets take a look at the markets again. We have tensions between the u. S. And china hurting sentiment. We also have concerns about the economic recovery and we see the dow off 140 points, the s p down nearly 1 . Check out the nasdaq, slipping further, down nearly 2 now, 203 points to the negative at 10,257 on the nasdaq. Also, honeywell, they reported profits down over 30 for the quarter. Well, basically because nobodys buying up their spare aircraft parts. They also gave a not so rosy forecast for the rest of the year. That will do it for the stock, down. 5 . Not by that much. Honeywell at 153. All right. Lets talk Small Businesses. Weve got a new report that says over 1. 8 million of them have either temporarily or permanently closed in the Second Quarter because of the virus. Thats a big number. Lets bring in jeff hoffman, Board Chairman of the Global Entrepreneurship network. Jeff, great to see you. The question is, how can these Small Businesses survive . So not only is there almost nearly two million of them that have closed their doors during the Second Quarter, but more than a third of Small Businesses have said that they dont have but a month left of cash reserves. More and more are going to shut down. This honestly is a pandemic of its own. We cannot afford as a country to lose Small Businesses. If you look at the Stanford Report of the 2008 recession, Small Businesses led the economic recovery, especially minority ones. So heres two things, two tips i have for what we can do for Small Businesses. First of all, Small Business owners need to take out a blank sheet of paper and map out the new normal. What new requirements and hence new Business Opportunities exist now because of covid. An example is subscription services. I would have never thought that you could order a subscription service, have toilet paper delivered to your house by mail by amazon, by shipping once a month. It could be produce, fruit, whatever. Subscription services. Looking at Going Digital with your Small Business, if customers cant come to you, you need to bring your business to them. The second thing is that we, the rest of america, needs to step up to save Small Businesses. As an example, my organization, Global Entrepreneurship network, has teamed with a Small Business firm and we are giving out our own 10,000 grants to Small Businesses to keep them alive. Its not government money, its not a loan. More people need to, especially our major corporations, need to step up. The private sector needs to save Small Businesses by doing programs like ours. Its incumbent upon all of us at this point to save these Small Businesses. We cant afford to lose them. Ashley we hear you. Jeff, while i have you here, want to talk about these mask mandates, especially on planes. Then you pair that with no Business Travel and you essentially get a dying industry. My question is, how can the airlines and the travel industry as a whole rebound from this . Well, i dont think we ever rebounded the travel industry all the way back. The travel industry is facing three headwinds. First, is that surge in cases and the masks and especially down in the south. Second is the fact that even when you travel, theres nothing to do when you get there at this point. More businesses closed back down in july than opened in june. These are serious issues. The third is that even when, you know, the airlines used to have the problem of trying to convince us to get on the plane. Now theyre trying to convince us to get off the plane, because we dont want to get quarantined on a trip we didnt know we were going to get stuck on, and technology. So many Small Business owners are telling me, and big businesses, ceos are telling me we will never go back to quite the amount of Business Travel we did before now that we have discovered online collaboration and tools like zoom and slack. Its going to be a tough, long haul. Ashley it certainly is. Well have to leave it there. Jeff hoffman, thank you so much for talking with us this morning. We appreciate it. Thank you. Ashley all right. Some bad news, by the way, for gyms. Lauren, apparently its looking like a growing number of people wont renew their memberships once this pandemic is over, right . Lauren you are correct. Td ameritrade finding 59 of people will not return to the gym when they reopen because they have learned to exercise at home. Thats going to be another blow to the struggling fitness industry. Americans spend an average of 177 a month working out before covid, the expensive fitness classes and memberships, but many of them, i wish i was one of them, replaced their Healthy Lifestyles with cheaper, athome routines and they are not expected to give up the convenience of working out at home any time soon. Like i said, i wish i was one of them. Ashley well, keep trying, lauren. Keep trying. Thank you very much. Lauren classes, thats how i go. I dont lose my money. Ashley all right. Very good. By the way, this is a video we just cant get enough of. This is dr. Fauci throwing what can best be described as a wild first pitch of the baseball season. I wish we could go back and show that again. Its quite something. We here we go. Is that his way of flattening the curve . Just outside. We are looking at some pandemic winners by the way coming up on your screen. My next guest will explain how the virus has changed consumers behavior. Well be right back. Instead of trying to decide should i invest in stocks or not . Meaning, are stocks going to rise or not . , lets instead stop looking at the investments, which we cant control, and lets now look at our goals, which we can control. In other words, we only want to take as much risk as is necessary to achieve our goals. We need to protect the money thats there. And that says you should be investing in. We need to protect the money thats there. Welcome to camp tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. Ashley take a look at the stocks on your screen. More pandemic winners, though today, of course, in a tough market they are all moving lower. But lets bring in our next guest who says the virus changed the way consumers think and buy. Lets bring in mark mahaney, rbc managing director. Mark, thanks for being here. I want to focus on spotify, shopify and roku. Why do you like those particular companies . Okay. Well, we like them intrinsically but i dont think theres any doubt that the covid crisis accelerated the adoption of usage of all those three services. Spotify and roku fall into this streaming entertainment segment, we are streaming more since were stuck at home, or we have had our movement restricted. And then shopify is a play off of one of the biggest winners of this pandemic so far, which is the need to do shopping from home, Online Retail has accelerated for multiple months and shopify is one of the best enablers of Online Retailing. So those are all three winners from this crisis. Ashley what about netflix . We continue to say that they have just continued to make out like bandits and we see that the big movie studios continue to delay and push back production of the big blockbuster movies. The movie theaters are closed, anyway. Theres a lot of room to run, would you say, for netflix . Yeah, probably. Look, theyve had record subscriber adds, number of new subscribers the last two quarters, and i think that just like roku and spotify, they fall into this kind of streaming bucket. Theres a lot of other elements, too, ashley. The unfortunate reality is our Entertainment Options are have been very limited and will probably continue to be limited. Live sports is hopefully starting to come back. Last night with baseball and the nba next week. But thats not a given. We dont know what the fall sports lineup is going to be collegewise. People arent able to travel the way they want to so theyre looking for Entertainment Options and theres a safe, actually very inexpensive Home Entertainment option which is called streaming. Netflix is the single biggest beneficiary of that. And will continue to be. Ashley very quickly, want to mention disney. They have indefinitely delayed the unveiling of mulan and have pushed back, what, star wars and avatar. We asked the question earlier, couldnt they debut these on disney plus . You know, really give their Subscriber Base a boost . Yeah, absolutely, they could. I think they had a nice boost with the recent launch of the hamilton movie on disney plus. But it kind of feeds into the broader point you made earlier. Look, there are just fewer Entertainment Options and a lot of movies that were slated to come out later this year are being pushed back. Where are you going to go . You are going to your home streaming device, you will look at a couple different services, almost certainly netflix will be one of those. Ashley no doubt. All right. Have to leave it right there. Mark mark, thanks for joining us. Much appreciate it. Thank you, ashley. Ashley thank you. Still to come, tammy bruce on the state of the 2020 race. Fox news ceo eric shanks on the return of baseball. Lawrence jones on the unrest in portland. And Rnc National Spokesperson Liz Harrington on the president s decision to scrap the convention in florida. More varney, the second hour, next. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. E 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Some Companies Still ehave 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. 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. Ashley im Ashley Webster in for stuart today were 30 minutes into the trading day and here are where things stand right now. A lot of red on the screen. The dow, the s p, and the nasdac all down the nasdac is the biggest loser down more than 1. 5 . Here is what former National Security council said about the tensions with china. Roll tape. I think the trade agreement is in trouble. I think this is something President Trump has struggled with but with the crackdown on hong kong, the outrageous images of the muslims being prosecuted and chinas criminal negligence in the way mishandling of the coronavirus, these are things the u. S. Has to first deal with and have china answer for , especially on the virus. Ashley well you know what . That tension, the growing tension between the u. S. And china weighing on the markets and of course now china ordering a u. S. Consolate to close in their country. All right now this , we have the latest read on new home sales breaking right now, susan . Looks like we are up 13. 8 in the month of june thats way higher than economist forecasts were just calling for a meager growth of 4 so it looks like 77 6,000 units were sold again much better than anticipated, economists are looking for just around 700,000 units to ship and this follows on dont forget from that blowout Record Number of existing home sales that we saw in the month of june where we saw a 21 uptick so you see these record low Mortgage Rates and also the pentup demand means that people are buying homes once again and real estate is really recovering after the covid lockdown. Ashley very encouraging signs, susan thank you. The dow now, well its not down triple digits, so lets move on. The young and the affluent are moving out of states like new york, we know that, lauren the question is where are they moving to . Lauren were talking rich millennials or those with incomes above 100,000, they like the west and they like the southern part of the country this comes from smart assets, they find washington state, colorado, texas, florida, and North Carolina are the top five states rich millennials are picking and speaking of new york , yes, theyre leaving new york in big numbers between 2017 2018, there was 17,000 rich millennials left new york while 11,000 moved to new york so the concrete jungle where dreams come true is disappointingly no longer. In the worlds of Frank Sinatra if you can make it there you can make it anywhere, whats going on . This is a sea change. Ashley i know, go west, young man, young woman, i guess these days, all right thank you, lauren. Lets check the markets. We are still down now triple digits on the dow as you can see the nasdac and the s p also moving lower as we said nasdac the big loser of the morning so far, big tech continuing to lose ground. Lets bring in ed yardani. Great to see you this morning, ed. Thank you. Ashley youve always been bull ish but now you say were in a meltup situation that could set the stage for a meltdown. Explain. Well, we live in very surreal times. I think we all know that but one of the things thats really been surreal is the economy has been struggling. We have a lot of people unemployed. We are starting to see a pretty decent recovery in may and june, but theres already signs that things are stalling out in july, and yet the markets been extreme ly strong and thats clearly because the fed has provided so much liquidity. It just keeps filling up that punch bowl with more and more liquidity and its been great for the stock market but the reality is its been great for just a handful of stocks and right now today and yesterday theyre correcting, the big cap tech names but i think that when people are looking at asset classes, bonds just arent that interesting and i think youll continue to see money pouring into the stock market so the risk is that the market just keeps going up while the fundamentals become kind of questionable, and then at some point, maybe itll be the election, maybe itll be this tension with china, and theres a potential for a correction but for now, the ideal scenario be for the market to consolidate its gains so i kind of actually like whats happening today what happened yesterday is profit taking. Lets sit back, lets wait for the fundamentals to catch up ashley very quickly, then, we could be just going sideways from now until the election, with the Economic Uncertainty and the tensions with china would you agree . Well there should and could. That be the best scenario for the stock market is to go sideways and consolidate but what it might do is continue to go up despite the negatives. The markets been accentuating the positives and ignoring the negatives though the past two days maybe its starting to pay attention. Ashley maybe thats a little healthier to your point, ed thank you so much for joining us this morning on this friday, we do appreciate your input. I want to take a look at oil, if we can right now. Look at the price of oil. This , of course as Tropical Storm hannah is making its way into the gulf of mexico, crude essentially flat up 41 a barrel lauren, this storm though, headed for the texas coast, right . Lauren yeah, oil had been higher for the first time in three days but now, the two day slide extends to three days, 40. 98 per barrel. Were watching Tropical Storm hannah shes barreling towards texas sustained winds of about 40 miles an hour expected to strengthen and make landfall in texas tomorrow afternoon, bringing three to six inches of rain, more in some places. Rainfall could also be a concern into louisiana, so Hurricane Season upon us, here we go. Its a tough time. Lots going on. Ashley its toot name off year for sure, there it is, the graphic. 65mile an hour winds by saturday, early saturday afternoon. All right lauren thank you very much. President trump canceling the Gop Convention in jacksonville, florida. Listen to what he had to say about that. Roll the tape. President trump i told my team, its time to cancel the jacksonville, florida component of the Gop Convention. Well be starting in North Carolina for the monday and ill still do a Convention Speech in a different form but we wont do a big crowded convention per se. Its just not the right time for that. Ashley not the right time, he says. Lets bring in tammy bruce. Tammy the president canceling the convention, or at least the jacksonville portion, and hes back to holding briefings every day on the virus, urging people to wear masks. It feels like his tone has changed a little bit. Is this a calculated effort do you think to turn things around for him in the polls if you believe the polls . Well look one thing weve known about President Trump is that he is the same guy during primary season and through a general election. Hes not a man who he would say adjusts himself based on the polls obviously or what other people may or may not think. Hes a man who does what he thinks is right. Sometimes that irritates people and most of the time, thank goodness, its been good for the economy, good for the nation, but i do think that what youre seeing here and this is what perplexes other people about President Trump is that he genuinely is doing what he thinks is right, and just like all the rest of us, you know, its a daytoday dynamic where were looking at what is going on, but his main goal clearly is to make sure this nation and this is what he ran on in 2016. To get back on her feet. Economically and otherwise, so now weve got a sloo of vents not just the coronavirus but now in these Daily Press Conferences , talking about the legend, operation legend, the surge of our Law Enforcement agents into these troubled inner city areas, so that was an important update. Coronavirus which is clearly important to all americans, so i think its less about adjusting himself than doing what all of us are doing which is looking at the fundamentals and making adjustments. Ashley right and responding to them quickly, tammy. Not giving a speech in a Gop Convention setting in jacksonville, where you can really stir up the base and hes very good at that. Now it goes to i guess a rally or whatever its called. That could hurt him though, could it not . Because it doesnt have the same impact. Well we all know whats going on. Its not a surprise so were prepared for that. The president was elected, i think its safe to say, not because of a rally but because of what he was talking about and what his policy prescriptions were and are, so while its disappointing because that is a really great way to communicate with the American People, which is also unique, the kind of transparency that comes from those kinds of rallies, hes been getting an incredible response online. Youre looking at millions of people tuning into various online streams, to his calling, zoom calls and such, versus in a recent one for joe biden, 19 viewers, so i think hes realiz ing that the American People want to hear from their leadership and thats donald trump and hes going to be able to reach as many and look hes going to have another four and a half years. Theres plenty of time for a rally. Ashley [laughter] okay well have to leave it there tammy bruce, tammy thank you very much. Thank you, ash. Ashley appreciate it. Thank you. Lets take a look at amazon if we can. The company, by the way, being accused of stealing ideas and information from startups. Susan whats all that about . Amazon being called a wolf according to this investigative piece in the wall street journal so after interviewing two dozen entrepreneurs investors and advisors the journal found numerous examples where amazon invested in some of these Technology Companies and incorporating some of the confidential information and data into their own amazon products like the echo devices so one example, nucleus which is a Small Company that made a home video communication device, fairly similar to the amazon echo, and after investing into nucleus and then gaining access to the companys internal data, amazons alexa enabled video chat device did many of the same things that nucleus product did and unable to compete against a giant like amazon, nucleus sales dropped sharply, retailers stopped placing orders for their goods and nucleus sued amazon, that case was settled for 5 million but thats just one example. There are numerous ones in this report like Living Social and the daily deals website amazon invested in and then amazon started hiring away their employees and using internal data, vocalife, and amazon improperly using speech Detection Technology to find Cloud Computing unit launched a fairly similar Artificial Intelligence product to theres and ubi, they made this voice activated device and they say it was fairly similar to echo and amazon terminated and started producing their own speakers after their initial conversation s. Now amazon, i want to bring this up because this is important to be balanced here because amazon says unfortunately there will always be selfinterested parties who complain rather than build, wow. Now any legitimate disputes about intellectual property, ownership are rightly resolved in the courts but this is a very explosive case since we know there are a lot of antitrust investigations from several numerous government departments. Ashley thats a long list of claims for sure. All right, susan thank you very much. I want to take a look at intel if we can, chip sales jumped more than 40 last quarter, thats the good news, but they also announced major delays in manufacturing. Thats not such good news, intel down 16 close to 17 today at 50 a share down 10. Also lets take a look at advanced micro devices, the rival of course, amd benefiting at 66 for advanced micro devices. All right as we said President Trump canceling his eeventually in florida, but says he will still hold a Convention Speech so whats it going to look like . Ill ask the rnc Liz Herrington about that in our next hour. Also coming up, baseball is back , thank goodness well be speaking with twotime world series champion Keith Hernandez and were also by the way talking to the ceo of fox sports this hour, i want to know if he expects a ratings boom without fans, of course, in the stands. Youd think so. But first, chicago mayor Laurie Lightfoot removing two Christopher Columbus statues in the city and also pushing back on President Trumps order to send in federal agents, but tom homan says we need them and he is next, the second hour of Varney Company just getting started. Ashley in chicago overnight, mayor lightfoot ordering two statues of Christopher Columbus be removed after tense clashes between protesters and police. Dozens of people standing across the street cheering as these statues came down, one in grant park the other one came down in chicagos little italy neighborhood and there you can see video of that, and by the way, in the last 28 days, chicago has seen 394 shootings. That compared to this time last year, where the city had 208 shootings. Meanwhile take a look at new york city there have been 250 shootings in the last 28 days. This time last year, that number stood at 85 shootings for the weekending july 19. Clearly, the crime numbers are going in the wrong direction, time to bring in tom homan, former acting i. C. E. Director tom great to see you this morning. The president is facing pushback for sending federal agents to these cities but you say we most definitely need them. Well absolutely especially youre talking about chicago and new york city, both those mayors are failures, right . Its been years. Mayor lightfood refuses to cooperate with i. C. E. So criminal ale yankeeses walk out of Cook County Jail every day. Ms13 members walk out of Cook County Jail every day. Armed illegal aliens walk out of Cook County Jail every day so shes doing everything she can to protect chicago . No because i. C. E. Cannot only remove these people from the neighborhood but they can remove them from the country so President Trump is doing exactly what the president of the United States should do in his priority protecting the American People. Articleii of the constitution gives him the right to do it and what the president should be doing and im grateful hes doing it. Ashley another one for you tom. I want you to listen to what nancy pelosi says about those very federal agents. Roll the tape and ill ask you a question. The use of storm troopers under the guide of law and order is a tactic that is not appropriate to our country in any way. Ashley not appropriate in any way, tom she calls them storm troopers in no fashion are they law and order, your response . Im sick and tired of nancy pelosi villifying the men and women who strap a gun to their hip every day, leave the safety and security of their home to protect the American People. To compare them to nazis is the ultimate insult so as speaker of the house i need to remind her of something. Theyre enforcing the laws that congress enacted theyre not making this up so if theyre storm nazis what does that make you because you wrote the law they are enforcing. Us an insult to these brave men and women, 22000 names on national Law Enforcement Memorial Wall that gave the ultimate sacrifice to this country. Thats an insult and its disgusting that she would Say Something like that to a chief lawmaker. Ashley very quickly, tom, look 57 nights in a row of violent protests in portland, oregon. How do we bring this to an end . Not just portland, but elsewhere as well. Our elected leaders need to stop being, they need to stop hating this president , they need to love their community and love their country more than they hate this president and they need to let the president stand up and enforce law and order. They need to allow their chiefs of police to enforce the law. The same with mayor deblasio and the mayor in portland, the governors. They need to let Law Enforcement do their job and let Law Enforcement know that they have their backs and these are american heros and american patriots. They arent the bad guy. This world is upside down when those who enforce the law are the bad guys, and those who break the law all of a sudden are the victims. Law enforcement needs to have they have their support and let them do their job, theyre professionals and good at what they do let them do it. Ashley laying it on the line, tom homan thanks for joining us we appreciate your comments, thank you for being here. Lets take a look at some of the stocks that we can. Sales, thank you, the sales of guns up big time for firearms we understand, how much, lauren . Lauren well almost doubling across all demographics as more americans are looking to protect themselves now, 87 of retailers say gun sales rose in the First Six Months of this year versus last year. That according to the National Shooting sports foundation. Look the number was even higher for ammunition, 92 of retailer s seeing an increase in ammo sales in the First Six Months of the year, ashley. Ashley wow. Some big numbers, all right lauren and whats this about people who legally cant own gun s trying to buy them . Lauren this is a concern, so the fbi ran background checks on about 1. 5 million perspective gun purchases in the month of march that was almost double from march 2019, and it blocked almost 24,000 of them, suggesting that the governments background check system is overwhelmed and guns could be getting into the wrong hands. It could be illegal gun purchases. Ashley yeah, we dont want that all right lauren thank you. I want to get back to the markets if we can the dow cutting its losses a little bit we were down well over 100 points, 150 points now were just down 64 points on the dow jones up close to half a percent on the s p, down 1 just a little bit more than that on the nasdac. All right, lets take a look at disney. The company is saying it will delay the release of its new movie, mulan indefinitely. Its star wars and avatar movies also getting pushed back a year the stock now down just a little more than half a percent at 117 for disney. Lets take a lack at amc theaters the movie theatre chain delaying its reopening again, and amc theaters will now reopen beginning in midtolate august instead of this month. The stock unimpressed, no one is doing anything its unchanged at just over 4. Next, here is a name that we dont cover very often, i know that for a fact. Sketchers, the shoe people. Theyve just posted a blowout earnings report. And said their early signs of recovery thats good news but for the consumer and the Retail Sector so narrower loss than anticipated in the quarter also ecommerce booming up 428 in those three months because people are ordering at home since theyre stuck at home during the covid lockdown china doing better up around 11. 5 and if you want to marry the sketch ers report with mattel what does this say about the consumer and this recovery were seeing with people willing to open their wallet once again for toys and footwear and i asked the question to our producers who wears sketchers any more, because everybody flashed their sketchers at me so its popular out there. Ashley wow i guess thats the ultimate, you know, support there, all right interesting, susan thank you. Sketchers maybe we should. The wall street journal standing up to cancel culture, saying these pages will not work under cancel culture passion. Thats what we like to see , thats good. Its also what the hills media guy wants to see and hes on the show in our next hour. But first, baseball back in full swing. Weve got some highlights including yes, dr. Fauci slightly off target first pitch we cant stop saying that but were showing it to you but actually showing some real baseball there and by the way, fox ceo of sports will be here too to talk baseball. Well be back. President trump a great friend of mine from the yankees and he asked me to throw out the first pitch and i think im doing that on august 15 at yankee stadium, and i say hows the crude going to be, and its like, you dont have a crowd. There is no such thing. Its going to be interesting. Ashley there is no crowd. Now the president does throw that first pitch in august for the yankees. It will be the first time he has thrown the first pitch by the way since hes been elected and speaking of the yankees, well get this highlight in, smashing the first home run of the season, giving the yankees a 2nill lead pounding the ball into the empty stand and that was the first thing they went on to win and the rain shortened the game but before the game, dr. Fauci oops, threw out the first pitch and while just a little bit outside, Edward Lawrence just sent out an email saying he was practicing social distancing from the home plate. Well done, doctor. Of course he did flatten the curve as well just a bit too much. Dr. Fauci describes himself as a die hard fan, got to love the mask as well. All right all that said lets bring in eric shanks, ceo of fox sports eric great to have you. I want to know, what should we expect when baseball returns to fox . Well baseball returns tomorrow here on fox, and fox sports, and its going to be great baseball, so people are going to tune in and they are going to see their favorite teams, the yankees, the dodgers, the nationals that they watched last night, and the players are in informed and they are ready to go, as you saw last night and now the one thing that youll see on fox are full stadiums, so weve put a lot of effort and technology into figuring out exactly how we can make these broadcasts sound and feel as normal as possible. Ashley so how do you do that . Well, probably since the very beginning to middle of march when we thought that there might be this problem to solve that people might not be able to go to whether its a baseball game, a soccer game, a football game, we never thought wed have to solve the problem of putting fans into a stadium to make it semen joyable and i think as you know, when you watch a game on television if theres nobody in the stands, you kind of feel like why am i watching if nobodys there so even if people cant go, were trying to make the environment and the atmosphere as robust as possible. Ashley those virtual fans look terrific, but to make a point, eric, with no stands and the fans, are you expecting a ratings boom . Yeah, we actually are, and i think the early numbers that we saw from last nights games are actually confirming that, that there is definitely a desire and a pentup demand to either escape, or adjust really get engaged into baseball and other sports, and the way that the seasons played out clearly, we would have loved to have a full season, but when you think about having 60 games in such a short period of time, there is, i mean, every game matters more than it normally would and i think theres going to be a real excitement around what is essentially a playoff race from day one. Ashley it is going to be a lot of drama. I want to change sports if we can moving to football, eric. The washington Football Team, washingtons Football Team just going to call itself washington Football Team until it settles on a new name. What do you make of that . Well it feels like the right thing, and i think that the way that the process of the name change is happening, the decision i thought and the presentation of the team during this season, i really like it. Its kind of cool, its kind of modern, and i think it gives them the time to do it right. Now, i will tell you, there will definitely be times when announcers whether its on fox or other stations just out of habit, i have a feeling youre still going to hear that name but everybody is going to be trying to call it the Washington Football Club all season long. Ashley they will indeed, well leave it right there, eric, thank you so much for joining us best of luck with the baseball season and youre right, with just 60 games and expanded playoff format, every game is going to be pretty important, so we look forward to that and those virtual crowd members as well. Eric thank you so much for joining us. All right, thank you. Ashley thank you. Lets take a look at the markets if we can. We were trying to come back we were down less than triple digit s on the dow but now were down 130 points, nasdac is same story down 1 and a third and the s p down. 6 of a percent at 32. 13 on the s p we should check gold. We checked it earlier and it has topped 1,900 an ounce for the very first time up another 9. 20 right at 18. 99 right now. Money, i guess, going into gold which speaks to the Market Sentiment right now. By the way coming up two time world series champion Keith Hernandez well be sure to ask him about sports teams adopting new pc names. Keiths former team the Cleveland Indians are under pressure to make a switch. Well see what he makes of it all in the next hour. Hes always a great guest. The New York Times introducing a new podcast where it calls up white parents for longstanding issues with the Public School system. Whats that about . Well hear what theyre saying coming up. Also, rapper kanye west encouraging African Americans to abandon the democrat party, rob smith a good friend of the show will tell us why, next. Isit paycom. Com should i invest in stocks or not . Meaning, are stocks going to rise or not . , lets instead stop looking at the investments, which we cant control, and lets now look at our goals, which we can control. In other words, we only want to take as much risk as is necessary to achieve our goals. We need to protect the money thats there. And that says you should be investing in. I think ive been looking in the wrong places for whats broken in our schools. I think you cant understand whats broken if you dont look here. One of the most powerful forces shaping public education, white parents. Ashley that was a clip from the New York Times podcast called nice white parents. The podcast is all about the 60 year relationship between white parents and the Public School down the block i have no clue what theyre saying here lets bring in rob smith turning point usa spokes person. Rob, what do you make of this . Im missing the point entirely. I dont know what theyre trying to say. I dont know what theyre trying to say either and its laughable to me that this podcast is coming from the New York Times and new york city upwards of 85 of the students in the Public Schools are African American and latino so im not entirely sure how white parents are to blame for the utter failure of these schools in new york city, and of a lot of the Public Schools all across the country. I mean, we can talk about fail ing teachers, we can talk about how bureaucrats and teachers unions fail our kids every single day in these public School Systems but im just curious as to what theyre trying to get at here. I dont know. I dont think they know. I think that they just thought this was something controversial and theyd get a lot of attention. Ashley [laughter] im glad you said all of that because i thought i was being a little dim about it, but thank you for saying that. Rob ive got another one for you your new book, always a soldier , talks about the kanye effect, why black americans are leaving democrats behind, but before we get to that i want to show you this poll from fox news it finds that 85 of African Americans would back joe biden if the election were held today only 6 would back President Trump. Thats quite a remarkable poll. How do you explain that . Well thats a remarkable poll but 85 plus 6 is 91 so if you are really going to believe that poll right . So number two, joe biden needs more than 85 of African American voters, democrats need upwards of 90 of African American voters which is why they encourage all of the writing and stuff that weve seen over the past couple of months, but as we all know we seem to not learn the lesson from 2016 that these polls, at the end of the day, you dont know until the election happens. There was so much polling that remember when they were talking about Hillary Clinton is going to win texas . That didnt happen. So i would take these polls with a grain of salt as big as that book right there, and were going to have to see what happens in november. Ashley should the president do a better job of reaching out to the African American community and what can he do to have an impact . Yeah, so i talk about it in the book, the chapter 15 the kay yeah effect, why black meningitises are leaving democrats behind, theres a section called the trump truth and so the trump truth is just focusing on things that have actually been done, like permanently funding historically black colleges and universities, actual tangibles that have happened for everyones during this administration, i think thats how President Trump and republicans even on the local level can speak to African American voters and like i said on fox news earlier this week and i did an opinion piece on this as well i think School Choice is a really big thing and i think that that is a very empathetic message to present to African American voters. Ashley do you think with these polls, rob, that its said that people, it was much like brexit in the uk. People would never admit to supporting it, and they will tell you one thing to the survey , but when they go into the voting both, they vote another way. Do you think thats an element here in the African American community as well . You know, thats a huge element to it and the kanye effect chapter right there, i break down theres so many structures in the black community from entertainment to media to our journalists and politicians and rappers and celebrities. These all come together to push the idea to African Americans that democrats are their only option that in joe bidens words , you aint black, if youre not voting for democrats, and you have to stand up against that and some people are so uncomfortable standing up and saying that yes, they will vote for President Trump, yes they will vote republican, because its deeply unpopular, and that is why we have a lot of that stuff going on, so i think that some African Americans are not ready to admit it but i think theyll show up in the voting booth. Ashley interesting. Rob smith were out of time, rob thanks so much for joining us and good luck with the book always a soldier, we appreciate your time today. Thank you, rob. Absolutely. Ashley were getting headlines by the way from the Justice Department on china. Susan . Senior u. S. Justice Department Official being quoted with numerous updates on the flareup intentions between the u. S. And china this week. First of all lets talk about the Embassy Since we know that houston consolate for china is being shut down and now the senior u. S. Justice Department Official says its understood that this activity went well and above what was normal and acceptable. Now, was it criminal . They say no because of the diplomatic immunity that is granted to these diplomats and these consolates that exist across the country. Also when it comes to that one student that was hiding out in the San Francisco chinese consolate looks like they have now turned up at least for some arraignment or some sort of Court Hearing on some of the charges against this Chinese Student and also when it comes to the chung du, we know that the u. S. Embassy is the one thats ordered to shut and it looks like the u. S. Justice department recognizes that as well, so some numerous headlines here but we know that the tensions are right and its probably deteriorating between the worlds two laurest econom ies. Ashley certainly seems that way , all right susan thank you for the latest on that. Joe biden praising the obama economy in his latest virtual event. Listen to this. You cant separate out the Public Health crisis from the economy. If you want the economy growing again, people have to feel safe. What you did and what all great president s do is they persuade. Ashley so, mr. Biden wants to return to obamaera economics. Is that really what the country needs . Ill be asking that question, you can bet on that but right after this , Brian Kilmeade, im told hes fired up about getting the debate to get kids back into the classroom, well find out what Brian Kilmeade has to say, after this. Devin, did you know geico is now offering an extra 15 percent credit on car and motorcycle policies . Ok . Thats 15 percent on top of what geico could already save you. So what are you waiting for . Dj khaled to be your motivational coach . Yo devin remember to brush in a circle motion. Thank you. Dj. Khaled. Tiny circles, devin. Do another one. Another one. Is this good . Put in that work, devin. Dont give up. Geico. Save an extra 15 when you switch by october 7th. Save without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Ashley all right quick check of the market for you as you can see were all in the red the major markets the dow now off 83 points trying to come back just found a third of a percent. All right attention shoppers. New reports that instacart may have been hacked. The company is pushing back though, lauren . What do you have on this . Lauren yeah, they certainly are theyre denying a data breach but buzzfeed is reporting that almost 300,000 customers had their names order histories and the last four digits of their credit cards leaked on the dark web. Instagram is tweeting this. Our investigation has shown that the platform was not compromised , continuing, we believe this is the result of credential stuffing, a technique used by third Party Bad Actors similar to phishing, so that is the latest, they say, no but you know theyve been a winner and maybe a lot of people want to get their data now. Ashley thank you very much, lauren. Joining us now live on the radio , Brian Kilmeade, host of the Brian Kilmeade show, great to have you along, brian. Its friday of course so stu doesnt do fridays. President trump admitting that not all schools may open as planned this year and here is what happens, he says, if they dont. Roll tape. President trump if schools do not reopen, the funding should go to parents to send their child to public, private, charter, religious or home school of their choice. Ashley is brian what do you think about that . I cant see democrats allowing tax dollars to go to private schools, do you . Brian well especially in los angeles where they said one of the demands for them to actually work and do their job was to de fund the Charter Schools, isnt that amazing . So it be a tough role. I dont know how you execute it so Billy Johnson schools close but wants to go to the private school, catholic school, the Charter School down the block. Where do you get the money from . Do you actually get a physical voucher that you can honor, almost like you get a gift card at a store that says you could go to amazon . Im not sure, but that would put pressure on schools to make an admirable and honest effort in opening up where you lose some of that financing. They are going to get money anyway, ashley, because this rescue five plan has got money for schools to disinfect, to spread out and have outside option when the weather is good. Ashley how critical, brian, is it to get the kids back in the classroom because the critics will say youre putting their health at risk and especially the teachers and they shouldnt go back if theres ever any doubt. How do you respond to that . Brian you have to go back. You saw the stats. They dont lie. Theres risk in everything in life but theres more of a chance of you getting the flu and dying from it than it is if youre a kid, especially if youre in your singledigits if youre in grammar school, more of a chance to die from the flu. We always hear about flu going through schools and we get notices but the kids go to School Without a mask and you wonder has that kid really recovered but now the chances of a kid dying and suffering from it and bringing it around add carriers is low, so why not do it . Also, what a message to kids. Sometimes life throws hurdles so you dont just sit, shelter in place and wait for the scary stuff to go away, you find a way to adapt, and do responsible things. So much more in eight months. Ill give you shutdown, we dont know enough. Well now its been six months, we know a lot and we know this. Whats a hotspot, whats not, where the danger is and where it isnt. There should be a fallback plan in case something happens where two kids come down with it or a teacher tests positive theres going to be a hallway situation where everyone in that hallway has to get tested or go home for two or three days. Theres going to be rapid test purchases with a dollar figure on how much we need, with temperature checks, i have kids playing sports now starting to do contact not football contact but soccer, your brand of football contact and baseball, full league games as tournaments going on but the kid cant go and sit in school for four or five hours if you want a hybrid model where nervous maybe a new parent who tends to be more nervous than the experienced parents will say okay, i want to start out at home, and i want to have a camera in every classroom so that kid can decide to learn from home as well ago to school. Do you see what happens when you want to get it done when you understand its in the best interest not of money, not of politics, of the child . The british did a study and they talk about a whole generation being set back in a workforce suffering and a National Economy suffering if a kid misses a year of school, think about that. Do you no one kid that said seventh grade, second grade, or college, that said i learned online, and it worked out well. None. They all know its a total waste of time, theres no accountability. Ashley you know, very quickly, we need the kids to get backtoschool, brian because we need the parents to get back to work. It has a huge Economic Impact beyond the classroom. Brian 100 and what about the people that are most susceptibile . The urban environments, the rural environments, that they dont have the wifi, they dont necessarily have the dollars to where they can take off and be home. Some of these kids in urban environments have not been out of their apartment. The parks have been shutdown, the options are few, their leagues arent happening, their camps have been canceled and now you tell them after four months they cant go backtoschool, a school that was maybe financially challenged anyway . Its going to get some money from the rescue five package. Use that money to tell kids life is full of hurdles were going to find a way and thats the message because the kids that need it the most will suffer the most. The parents who are lucky enough to have some money are going to get the tutors and have the support mechanisms, certainly of the wifi. Ashley right. Brian not there. Ashley couldnt agree with you more, Brian Kilmeade youve been on a role today and thanks for taking time out from your show to chat with us we appreciate it. Hes a good guy isnt he, Brian Kilmeade, got lots to say very sensible young chap. Tensions between u. S. And china escalating well have that and so much more, after this. In your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums theres an art to listening. 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Call now and get your free infokit ashley it is 11 00 a. M. On the east coast and the markets are moving lower, as you can see. The dow, though, trying to come back, down just 44 points now. Good morning. Im Ashley Webster in today for stuart varney. Lets take a live look, if we can, at the white house. At any moment now, President Trump will present the president ial medal of freedom to jim ryan, a former kansas congressman and, by the way, a threetime olympian runner. This is the nations highest civilian honor. Thats going on in this hour. I want to get back to the common theme of this show, the election, and its effect on your money. So lets bring in jason katz, ubs managing director. Jason, you say, welcome, by the way, you say the election is about to become a greater focal point in the markets. My question is, has the market today already priced in a trump or biden win . Youre right, ashley. Good morning. The election definitely has become a focal point, although three months is an eternity from the standpoint of election cycle. There is a lot at stake in this election. Arguably more so than in recent elections. So higher taxes is a very big theme we are hearing from clients, whether it be on the corporate side, individual side, Capital Gains tax rates, this taxation on financial transactions, not to mention tighter regulations and more antitrust scrutiny. So this is a theme that is becoming a focal point, as it should, and we are keeping a keen eye on it. Ashley all right. So just to answer the question, you think the market is pricing in a biden win right now . Or is it just a wait and see . I think the market has braced for a potential biden win but i dont think it has discounted a blue wave. I think if you should see that happen, you are going to see a lot of head winds for energy stocks, financials, big tech in particular, which was already coming under a little pressure of late. Ashley all right. Weve got to move on, talk about china. In the headlines again. But we are always fighting with the chinese. I know we are trying to get a trade deal done but we are always exchanging diplomatic barbs. What impact is this having on the market . To what you said earlier, its damaging Market Sentiment to some extent, but you would think in light of the news this morning, we wouldnt be down 30, 40 some odd points, it would be a lot more than that. Thats because i think the market understands this is more a war of words than it is anything thats actionable. The rhetoric is going to be tough, whether thats for political reasons or other reasons, but no serious actions likely to come to fruition, at least until after the election. Ash, after the election, regardless of the outcome, the United States is going to remain tough on china. Ashley yes. That is for sure. Very quickly, we have seen a little bit of rotation out of those big tech stocks that have led the way so dramatically. Is that a good thing . Is that kind of healthy, do you think . Oh, without equivocation. We have seen the biggest disparity from the standpoint of performance between growth and value in history. We are looking at 12 gains for the russell 1000 growth index versus a 13 odd loss from the value index. Thats narrowed considerably in the last few days. I do think that a rotation is a normal healthy thing and we are focusing and tilting towards select cyclicality in value, in industrial, in health care, in areas that i think will benefit should we come out of this recession. Ashley all right. Very good. Great stuff, as always. Jason katz, managing director at ubs, thank you very much for being with us today. Appreciate it. Thank you. Ashley we talked about the election. Lets get back to the election. I want to show you a clip of joe biden praising president obamas economy at his latest event. Roll that tape. You cant separate out the Public Health crisis from the economy. If you want the economy growing again, people have to feel safe. What you did and what all great president s do is they persuade. Ashley lets bring in lawrence jones. Great to see you, lawrence. Fox news analyst and fox nation host, by the way. All right, lawrence. First question for you, is the return to obama era economics really what the country needs . I think thats going to be the big question. I think most reasonable people would say that you had some progress coming out of the recession with obama but i think also reasonable people would say that during the trump era the economy was actually able to grow because of deregulation, tax cuts. It benefited most americans. Now, we have been hit by a pandemic and so the way that we look at the economy is much different, but i think most reasonable people would also say that is that really trumps fault or was it because of what china did and hid it and now we are dealing with, you know, a big mess. At the end of the day, i dont think it really matters about the obama era because the question is can biden really lead on the economy. He cannot just run on president obama being the guy because in fact, obamas not on the ticket. Ashley i want to talk to you about portland. Portland, oregon. Protesters there have turned against the democrat mayor, ted wheeler, demanding his resignation. They call him tear gas ted. You reported on the ground in portland last year, did you not, and 57 nights in a row now of protests. How does this thing play out . How do we get this under control . Well, wheeler has been under a lot of scrutiny before even the pandemic, before all these protests started happening. I think most people would say, just on the ground based on my reporting, he hasnt really led. You got homelessness, you have people that are wanting Economic Growth in that town and you have a lot of drugs that are on the street, and now you have people that are protesting, almost pretty much we have morphed from the legitimate protests to straightup rioting, going after federal buildings, so at the end of the day, i think most people, when you ask them before this even happened, they didnt feel safe but now that you have people essentially burning down the city, i think its problematic. Now, where this goes, i dont know. This is a local matter. They have the duty to protect their citizens. Of course, the president would say look, these are my people, too, and i think the federal government has a right to go in there, but again, i think this is going to get a lot worse before it gets better. Ashley before you go, lawrence, i want to talk about your new special, one nation. It airs this sunday on fox news, 10 00 p. M. Eastern. It will be on fox nation as well, by the way. Give us a quick preview, if you can, in 30 seconds. We are going to talk about it all, ash. I think the country is so divided, whether you are talking about instances where the state las abu has abused its power or the crime thats lapping in citihap cities, the looting and burning down cities. Because of my reporting on the ground when it comes to these issues, im going to be able to go in the fields, talk with people, talk about how we can bring this country together and address these problems, then in the studio with a couple panelists, to talk about how we move forward. We are going to do both. We will talk about it all. I ask everyone to give it a chance. Im so grateful for our bosses at fox news, suzanne scott, Lauren Pederson having my back on this and giving me this opportunity. Ashley we look forward to it. Congratulations to you. Lawrence jones, thanks for joining us today. We appreciate it. Thanks, brother. Be well. Ashley you be good, too. Quick check of some stocks. At t just made available their nationwide 5g network, the superfast network, making them the second phone company to do this after tmobile. If you are a customer of at t you get access to it on august 7th. Not doing anything for the stock, down about half a percent in this market. Big drag on the market today, apple and intel. Susan, whats the news . Susan apple is coming back. We are only down less than 1 now. We are good for maybe a 20 point, 15 point drag on the dow for apple. Intel, the bigger drag, 50 points plus. Numerous issues here affecting the tech giant including the u. S. china tensions flairing up with the consulate closures, Goldman Sachs calling the apple rally unsustainable and yesterday we had the axios report that a multistate probe is under way. I would caveat that report saying its only texas that was named in that report. We dont know who the other states are. Texas didnt respond and there are no specifics on the violations. The market is also talking about the likely postponement of the megatech ceo hearing that was set for this monday, cook, bezos, pichai, zuckerberg set to testify in the house hearing but because of conflicts of timing, especially with the Memorial Service for the late john lewis, looks like that hearing is not going to happen which is disappointing because its hard to get such powerful people in the same room at least in the same hearing. Intel is down today, losing about 44 billion in market cap at one point because its delaying its new seven nanometer computer chip. Also considering for the first time in the companys history to outsource manufacturing. Intels losses, amds gain. Amd is rocketing close to 10 , 12 now, hitting a new record high. Ashley that was quite some Conference Call by intel yesterday. What about twitter, susan . You know, im told a Staggering Number of people at the Company Reportedly had the ability to help hackers get into accounts. How many . What does that tell us about that bitcoin hack . Susan it says 1,000 people according to reuters reporting had access to those internal systems that could have had access to those passwords of those 130 famous accounts and also politicians. Now, we know so far, 36 of those had their private information and those direct messages being downloaded. None of them being prominent politicians here in the u. S. , only one was cited in the netherlands. We havent heard any further about whether the kanye west or elon musk or jeff bezos had their accounts and personal direct messages being downloaded. Now, initially, this was seen as a bitcoin scam. We know the hackers, one ringleader called kirk according to New York Times reporting, netted about 150,000 in bitcoin. However, some people think that if you are going to be downloading some of these private messages and this information, maybe it wasnt a bitcoin scam after all. Maybe they were after Something Else and maybe it wasnt just four young hackers as the New York Times outlined. It could have been a bigger group, possibly a nation state. Ashley doesnt fill you with a sense of safety, thats for sure. Susan remember, twitter is not secure. Thats the takeaway. Ashley very true. All right. How about this story. Pop star taylor swift releases a surprise album overnight, but one streaming Service Delayed its midnight debut and fans are fuming. We will tell you which one coming up. Nationals outfielder juan soto testing positive for coronavirus just hours before his teams home opener. Will the league be able to stop the spread of the virus or is it inevitable . First, President Trump cancels the Republican Convention in florida, so how exactly will he accept his nomination . That story next. Hey, can i. Safe drivers save 40 guys guys safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him safe drivers do save 40 . Click or call for a quote today. In a highly capable lexus suv. At the golden opportunity sales event. Get zero percent financing on all 2020 lexus models. Experience amazing at your lexus dealer. I told my team its time to cancel the jacksonville, florida component of the Gop Convention. Well be starting in North Carolina for the monday. Ill still do a Convention Speech in a different form, but we wont do a big crowded convention per se. Its just not the right time for that. Ashley just not the right time for that. President trump officially canceling the rnc event in jacksonville, florida. But he will still give a Convention Speech in one form or another. Good time to bring in Liz Harrington, Rnc National Spokesperson. Liz, thanks for coming in today. What exactly is that going to look like when the president accepts the nomination . Is it going to be a streaming event . How does that work . We are still working out those details. But i can tell you it will be a celebration of america. You know, this decision that President Trump made is just like any other decision he makes in the oval office which is what is in the best interests of the American People and thats why he made this decision so were working out those details but i can tell you it will show the contrast between President Trump and his leadership of america and keeping america the greatest country on earth for prosperity and freedom the world has ever known, or go with joe biden and go to the radical left and the radical left is pulling the strings in bidens basement. I think its a clear choice for the American People. Ashley how disappointing is it, though, that you have to pull out of jacksonville because when you have a huge arena and you have the president giving his acceptance speech, really rousing and firing up the base, then you cant do that, then you have to go potentially online in some form or fashion, do you lose something . Do you lose the impact that the speech will have . No, not at all. We saw the ratings were through the roof, broke all records for your Sister Network at fox news when President Trump had his first rally in months. Theres so much energy and enthusiasm. I know i heard a lot from a lot of our supporters yesterday, they are disappointed. We want to gather together. We want to celebrate whats best about this country. But theres going to be some choices that have to be made to defeat this virus from communist china. Thats what President Trump is focused on. Thats what the American People are focused on. Lets get our kids back in school. Lets get people back to work in a safe way. Lets keep this vshaped recovery roaring. We know the democrats would absolutely destroy that if they could control. Ashley all right. Liz, i want to get your reaction, please, to what market guru bob doll had to say about the president s reelection chances. Listen to this tape. Then i will ask you the question. In january, donald trump was a shoein for reelection. In april, not so much. 16 president s, stuart, have run for a second term since the year 1900. The ten that ran without a recession were all reelected. The six that ran that had a recession, only one was reelected. Five went down to defeat. Thats why weve changed our tune on the election. We think its an uphill battle for donald trump. Ashley you heard it right there. This is just one persons opinion. An uphill battle. Your response to that . I wouldnt bet against the American People. Look, this is completely different from any event in history. We had the best economy in the world in generations and then we turned it off overnight because of china lying to the world and letting its virus escape. This is very unique, its certainly not because of the fundamentals of the economy that President Trump ushered in. He did usher in the best economy we have ever seen and now we already see that v shape coming back. Record job numbers in may and june. Look at the home sales. American people, you shouldnt underestimate them and they shouldnt underestimate President Trump either. Ashley kind of noticed a different tone from the president , liz. Hes restarted the coronavirus briefings, hes leading those, he seems to have a different tone, hes wearing a mask a lot more often. Is that deliberate . Well, i think the president , its important for him to get out there and tell the truth about whats going on. Other networks, the mainstream media, its a lot of hysterical fearmongering, a lot of politicization of this virus. When you look at the closing schools, its nothing other than science denial when we see all the research and studies show that kids should be back in school, its way far detrimental to their health to keep them out. So i think its important for the president , he spoke about that issue yesterday. Its important for him to get out there and set the record straight. We are going to win. If you watch msnbc they are so down on america, they are so pessimistic, they are amping up hysterical numbers, theyre not telling the full story. President trump will and he will usher in this optimism that we already see back into this economy. The American People cant be kept down no matter what communist china did. We are going to win this thing and President Trump is going to keep continue to tell the truth about it. Ashley all right. We will leave it right there. Liz harrington with the rnc, thanks for joining us. We appreciate it. Appreciate your time. Good to see you. Lets get a check on big tech, if we can. First take a look at facebook. That stock essentially flat right now. Just announced an update to their zoomlike video chat feature. You can now stream your calls live from your profile page. Kind of cool. All through facebooks messenger app. The stock not really reacting. Flat at 232. That milestone big tech hearing that was supposed to take place monday on capitol hill, as susan has been telling us, likely to be postponed. It was announced the late congressman john lewis will lie in state at the capitol next week. No word yet on a perhaps rescheduled date for the big tech leaders. Next case, live look at the white house. Later this afternoon, President Trump is expected to sign an executive order on drug pricing. No word as to what exactly is in that order but you can bet we will bring it to you when it happens on fox business, of course. Staying on your health, lauren simonetti, walmart is adding more Health Clinics in the south. Lauren yes. So you can grocery shop and also get a physical for 30 bucks at the same time. Thats walmarts plan. It is opening at least its convenient, clinics in atlanta, georgia this year. It currently operates four in the state. The goal is 13 nationwide. Next year, big push by walmart. Already the nations largest private employer and grocer, now moving in a big way into health. These clinics offer primary care, dental exams, Mental Health counseling at low prices and the services are manned by actual doctors, not nurse practitioners. Walmart has been a pandemic winner, we know that, but this health push can differentiate it from amazon if, lets say, their Subscription Program thats been rumored includes some health perks. That gives walmart a leg up against amazon, in my opinion. Ashley yeah. All right. Kind of like the convenience. Interesting to see how quickly its like you say, could get some frozen food and Blood Pressure taken. All right. Lets take another look at tesla. Susan, elon musk tweeting again on the next stimulus package. Susan also getting praised by President Trump for choosing austin, texas as its new giga factory, a 1 billion investment, comes with 5,000 jobs. If we can bring up President Trumps tweet first, where he says great job to elon musk, in agreeing to build in texas what is expected to be the largest auto plant anywhere in the world. He kept his word to me. Texas and tesla are big winners, made in the usa. Just a few minutes ago we heard from elon musk in terms of how the government should be stimulating the economy and he says that another government stimulus package is not in the best interest of the people, in his opinion, and he goes on to say that these are jammed to the gills with special interest earmarks and he says if we are to do any stimulus at all, elon musk says we should be doing direct payments to consumers. In some ways, after getting praised by the president , then contradicting him in terms of how to get the economy up and running once again and to get consumers first of all, to get people back into work and then to get consumers to start spending. Ashley hes had his fair share of government help along the way, too. Interesting. Thank you, susan. Baseball is back but the fans, well, the fans are stuck at home, of course. Team owners, by the way, expect to lose 640,000 for every game without spectators. Thats a lot of money. How do empty stands affect the players . We are going to ask twotime world series champ Keith Hernandez that question and more. Plus major newspaper says enough is enough. They wont cave to cancel culture after staffers complain about opinion pieces. Thats next. 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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. Ashley ah, yes, thats the latest video from pop queen taylor swift. Very talented artist who dropped a surprise album at midnight last night, but lauren, that wasnt the case for apple music users. Oops. Lauren not at first. But this is the eighth album from taylor swift, its more mature, its getting rave reviews but it was written and recorded entirely during lockdown. Already the album has been viewed about six million times on youtube, shaping up to break records, and fans were outraged at first because apple music didnt have all the tracks but that issue looks like it has since been resolved. Ashley thank goodness for that. All right. Thank you very much. Well, from taylor swift and pop culture to cancel culture. Check out this new piece from the wall street journal editorial board. They say they will not back down to cancel culture pressure after nearly 300 staffers complained about quote, misinformation in opinion pieces. Good time to bring in joe concha, media reporter for the hill. Joe, good for the journal. What do you make of this . They are taking a page out of the goya ceo playbook. Remember, he said something nice about the president just last week, everybody was calling on that company to be boycotted and canceled and all he said was look, i said something nice about President Trump, i said something nice about president obama. I will not apologize. I will not wilt. Heres also what the wall street journal said. This is a telling quote. It was probably inevitable that the wave of progressive cancel culture would arrive at the journal as it has at nearly every other cultural, business and academic Business Institution but we are not the New York Times. Why did they bring up the New York Times . Because just last month, they published a piece from senator tom cotton, republican, he advocates using the military when protests get out of control which polls supported at the time, at least the majority of americans supported, and that editor was forced to resign because some people at the paper had a problem with an opinion being expressed over something that the American People supported. So yeah, the wall street journal is right to do this. I hope a lot of other companies do this as well when something trends on twitter for five months, dont overreact and start apologizing for having people resign. Stick to your guns. Ashley next one for you, 46 of people in this country say the cancel culture has gone too far. We have seen the mob in action a lot lately, of course. What do you find the most outrageous . Oh, boy. You know, there was a teacher in michigan and all he did was tweet you know what, im done being silent. Donald trump is our president. Thats all he tweeted. Instead of the school board saying you know what, lets not get political as teachers, maybe tone it down a little bit, hey, youre going to be suspended for a week even though i dont agree even with that, they fired the guy outright. They eliminate him simply for expressing an accurate opinion but the most egregious, sacramento, a sportscaster for the nba kings, somebody on twitter randomly asked him what do you think about black lives matter. He says you know what, i come from the school of thought that all lives matter. Just for expressing that very reasonable sentiment, he was fired. Again, not suspended, not pulled aside. He wont work again in sacramento. So look, i could give you a thousand examples but i believe we have finite time in cable news. Ashley we do. Unfortunately. All right, joe, take a look at your screen. I dont know if you can see it. We have new York Governor Andrew Cuomo without a mask at an event in savannah, georgia. There he is, elbow bumping the mayor. Now, hes back in new york and is not quarantining. Breaking his own virus rules. But mr. Cuomo seems to be a media darling. How does that work out . He breaks his own rules. He breaks his own rules because he has a media in new york which is supposed to be the toughest in the country, and a National Media for that matter that wont ask him in any capacity outside of very light openended questions why again did you put covidpositive patients back into Nursing Homes and 6,000 people died. Thats like taking a blow torch to dry grass. Hes not asked about that. Hes not asked about not Wearing Masks when he screams at people Wearing Masks in public. So andrew cuomo does this because he knows simply he can get away with it because the people in this business that are supposed to speak truth to power and hold him accountable arent doing so because of the letter thats next to his name that is not an r but a d. Ashley can you imagine if President Trump did the same thing . There would be a national outrage, we would be talking about it for weeks. The pitchfork store would run out of pitchforks. Outrage would be turned to 11. Instead with andrew cuomo, again, free ride, free pass. Same goes for the Presumptive Democratic nominee in joe biden. Ashley all right. Joe concha, as always, great stuff. Thank you very much. All right. Lets take a look at gold. We mentioned it a couple of times. Gold seems to be in fashion for sure. Look at this. It did touch 1900 an ounce for the very first time this morning. Its come back a little bit. Still up six bucks. Susan, whats going on with gold . Is this a safe play . Susan theres a lot of things because its an inflation hedge, given all the stimulus we are seeing from the european, china, even the u. S. Side, and so thats usually what rallies gold prices. Also hedge, youre right, as a safety play since theres so much uncertainty there and where the coronavirus and the pandemics path is tracking. Now, also, gold prices by the way, also moved when the dollar is weak and were looking at the u. S. Dollar sinking to its lowest level in close to two years. Hence you are looking at gold prices back above 1900 briefly. Last time we saw this was back in 2011 and im sure you will remember this very clearly, back in 2011, what did we have . The european sovereign debt crisis. This time around, i dont think we are necessarily in a crisis since we have the stock market at these record levels but more like an inflation hedge. Ashley very good. There you have it. Lot of people getting into gold. All right. Susan, great stuff. Thank you very much. Yes, it is the end of the work week. Guess what . Time for friday feedback. You have been sending us your questions and suggestions. You have been sending suggestions, all right. We will read some of them for you coming up. First, its a big day for baseball. Athletes on 26 teams lacing up their cleats today as the shortened season gets under way in full. We will be live from chicagos Wrigley Field with a preview right after this. As a caricature artist, i appreciate what makes each person unique. Thats why i like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Which is why we keep taking care of ourselves, like screening for colon cancer. Because when caught in early stages, its more treatable. Cologuard is noninvasive and detects altered dna in your stool. To find 92 of colon cancers. Even in early stages. Its for people 45 plus at average risk for colon cancer, not high risk. False positive and negative results may occur. So, dont wait to screen. Ask your prescriber or an online prescriber if cologuard is right for you. Its going to be great baseball so, you know, people are going to tune in and theyre going to see their favorite team. There is definitely a desire and a pentup demand to either escape or just really get engaged into baseball and other sports and i think that theres going to be a real excitement around what is essentially a playoff race from day one. Ashley that, it is indeed. That was fox sports ceo eric shanks on this show just in the last hour. He says there is pentup demand for baseball. I think hes right. Lets stay on this, bring in Grady Trimble live at the fabled Wrigley Field in chicago. Grady, things looking a lot different this years home opener. Reporter they are, ashley. The cubs taking on the Milwaukee Brewers this evening at 7 10 eastern, and when the game starts, Wrigley Field will look a lot like it does right now, obviously no fans in the stands. Its a little bit of a different opening day than theyre used to here. Im with david cromwell. Hes in charge of ballpark operations here at wrigley. This opening day is not what you expected when the season ended last year. Not quite. But there really isnt anything quite like opening day at Wrigley Field, and while obviously this year will be different, normally we would be welcoming in a soldout crowd to watch our cubs take on the visiting team, nonetheless, its an exciting day for us. We are happy to bring baseball back to the country and for fans to be able to get a chance to see our cubs this evening. Reporter you have become a bit of an expert in coronavirus because of this, because you have kind of spearheaded the changes at the ballpark. Tell us what people will be able to notice when they are watching the games on tv. Everything we have done is obviously grounded in health and safety. So from our social distancing efforts, you will see extended dugouts on both the home and visiting side, our players are consuming their meals in the ballpark. We have moved our strength and conditioning equipment upstairs, our players and coaches have access to suites. So we are doing everything we can to keep everyone as spaced out and as safe as possible. Certainly our testing and Monitoring Program is a big part of that as well. Then our general just education and awareness, things like proper hygiene, hand washing, use of hand sanitizer. So fans will certainly see a different wrigley as you said, but we are excited nonetheless. Reporter one last quick update, so far, none of the cubs players have tested positive for the coronavirus as they are being tested every other day right now. Certainly good news, as we await first pitch this evening. Ash . Ashley first pitch is going to look different but looking forward to the game. All right, Grady Trimble at Wrigley Field, thank you very much. Dr. Anthony fauci threw out the first pitch at the Washington Nationals game. We have been showing you this. Look at this. I dont think he will be getting a Contract Offer any time soon. Heres what he said about that experience just moments ago. Well, besides the fact that i bounced it, john, it was an awesome feeling to be out there. Im a very enthusiastic fan of baseball in general, particularly of the nats and just to stand out there on the mound and to throw that pitch was just such a great feeling. It was really, really humbling and awesome. Ashley as Edward Lawrence pointed out, he was just social distancing from home plate. At least there were no fans in the stadium to boo or heckle him. There you go. Who could heckle dr. Fauci. Come on. We have been talking about it all morning, of course, how the baseball season will be limited. We know that. Its going to be down to teams will only play 60 games, thats a far cry from the usual 162. Team owners expect to lose 640,000 per game just from ticket sales. That hurts. But i want to bring in Keith Hernandez, of course twotime world series champion. Keith, great to see you. Obviously, the lack of fans affects the bottom line, we know that, but whats it like for a player, do you think, to have nobody in the stands . What does it do to them and their performance . Well, ashley, its going to be not a serious problem, but its something theyre going to have to adjust to. Its reminiscent for me of they used to call them in the spring training, they would have bgames at 10 00 in the morning with no fans in the park so the pitchers could get extra work. Its that similar feel. When i played with the giants in the 70s, late 70s were terrible, they had no one at the ballpark, candlestick park. When the mets were awful after they traded sever in the late 70s, the cardinals would come to town, there would be 3,000 people, 5,000 people in the stands. We would have to find ways to get up coming from st. Louis where we were playing in front of 30,000, 40,000 people a night. But it was only for three games and you are off to the next city. This is for a whole 60game season. So the players, its going to be totally bizarre. They are going to have to find ways to motivate themselves. The game itself should provide that. Ashley yeah. You know, i wanted to mention, Washington Nationals star juan soto tested positive for coronavirus before the game. Thats kind of an indication of what could happen. How can they sustain a shortened season if we have more players testing positive . Well, its the first time youve got like a taxi squad like football. Youve got 60 players that are going to be available to be called up if injuries or someone gets sick, to fill the void. Youre going to have a 30man roster for the first active roster for the first two weeks of the season, when normally its 26. After two weeks it will drop to 28. Then after the first month, its going to go back to 26 where it will remain. I think that is to factor in the potential of injuries. But what is the threshold, what level if people go down sick or get injured, you know, will it dilute the game . Its all about the playoff money right now. They expanded the playoff format another tier, there will be 16 teams out of the 30 that get to the playoffs, so thats their goal, to get to the post season. Im just thrilled that baseballs back. I watched last night, i had dinner out, and youre sitting at the bar, eating at the bar, and the tv is on and theres no sports. Well, i watched the yankees and the nationals last night. I watched intently and i was just thrilled to see baseball. Ashley yeah. Just a little touch of normalcy. Very quickly, keith, to put you on the spot, you know this, whos going to win it all in this shortened season . Oh, boy. Its a tough one. We played two exhibitions, the mets, that is, i work for the mets, of course. We played two exhibitions against the yankees. They look pretty powerful. Ashley okay. Thats as far as ill go, ashley. Ashley thats it. We shall see. Keith hernandez, as always, thank you so much for joining us, keith. We really appreciate it. My pleasure. Ashley all right. We go from baseball to boats. Boats are a pandemic winner. You dont have to buy one to get in on the action. One website is renting them out like airbnbs. Not a bad idea. By the way, business is booming. That story, next. Tara, did you know geico is now offering an extra 15 credit on car and motorcycle policies . Wow. Ok thats 15 on top of what geico could already save you. So what are you waiting for . Idina menzel to sing your own theme song . Tara, tara, look at her go with a fresh cup of joe. Gettin down to work early following her dreams into taxidermy oh, its. Tax attorney. I read that wrong, oh yeeaaaah geico. Save an extra 15 percent when you switch by october 7th. Give it up for tara but what if you could stdo better than that . K. When you switch by october 7th. Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Ashley in the middle of the pandemic, boat rentals are surging. Now boat rental apps are booming right along. Kirk knudssen is looifr frive f marina del ray. Lucky him. How does this all work . Reporter good morning to you. We take you on board 75foot mojo risin here in the marina del ray area. Around the country we are seeing boating really getting a refresh for a variety of reasons. First you have the work from anywhere crowd that are tapping into Technology Like this to take your zoom calls out flawlessly. This is a shakespeare stream wireless booster, it will amp up your cell phone signal and let you share it with everyone else on board. Thats that safe zone people are looking for. Social distancing on board boats is apparently driving this demand. You have also apps, they are like the airbnb of apps. This one is get my boat. This next one is the second big one called boatsetter. Then we end with one called sailo. These are all downloadable, they act like airbnb for boats and it is driving an incredible demand, anywhere from 270 to 350 reported by get my boat which is the largest and leading one of these. They are talking about huge sales, all of a sudden starting in may, and they continue, including boats sales. Thats where barbara kaufmann, a leading yacht broker operating in florida and here in california, is seeing sales like nobodys business. Good morning. How are you . Thanks for having me today. Reporter we are talking about, tell us whats the demand about . You know, i have never seen anything like this before. Always busy all year round and i think no one saw it coming but since covid, everybodys very interested in getting into buying a boat right now. Our seasoned boat owners are looking at moving up in size and whatnot and theres so much activity in brokerage boats right now. Reporter awesome. She says theres more buyers than there are sellers of boats, and we will of course list them. You can go to foxbusiness. Com. We will have this story and connection to barbara and all the stuff there later on. Ashley . Ashley fantastic stuff. Sign me up. I think thats kind of my style. All right. Thank you very much. Time for friday feedback. You have been sending in your comments all week. Come in, susan li, lauren simonetti. I will get to read the first one. We are going to start with tim r. He writes would like to hear more on China Companies that are listed on usa exchanges. Ill keep watching. P. S. , ashley needs a pay raise. I did not say that. Chris, thank you so much. Lauren who selected that, ashley . Who selected that that be read on tv is my question . Ashley me. Yeah. That would be me. Take it away, lauren. Lauren okay. I have one. Bill has a suggestion for us. He says consider extending the show to four hours. What do you guys think of that . Pay raise. Susan definite pay raise. Ashley oh, boy. All right. We are already out of time. The pay raise and four hours. We heard our viewers. Thanks to everybody who responded. Sorry, susan. We ran out of time. We will get to you soon. Maybe have an extended one next week. More varney after this. Usaa is made for whats next no matter what challenges life throws at you, were always here to help with Fast Response and Great Service and it doesnt stop there. For when it matters most and thats just one of the many ways were here to help the military Community Find out more at usaa. Com breeze from the air wind blows through my hair dont care if people see my dancing in my car and if it shines or rains oh i cant complain its still a Beautiful Day because i got love got love got love got love its a Beautiful Day ashley time to kick off the weekend and on this national day, we are done for the hour were going to throw it over now to our good friend david asman. David, cheers to you. David cheers to you, we need a good shot of tequilla every now and again, thank you very much ash, welcome to cavuto coast to coast. Im david asman in for neil cavuto, a jam packed two hours coming right up well be coast to coast starting in d. C. Where lawmakers are under pressure for stimulus plans that some say stop short of growing the economy, its more about spending your tax dollars. Then to portland where protester s are now calling for demonstrations coast to coast as protests are expected for a 57th straight night in portland. Then to san jose, california one of a dozen u. S. Cities showing a concerning rise in coronavirus cases, the mayor of that city