Long and nobodys ever seen this much water. Historic, after what happened, but it happened in texas and texas can handle anything. Trade to residents in the houston area but they welcomed flight. The sun finally rising go viral. Harvey continues to have an impact on the energy area. Reuters reporting the largest refinery in the United States shutting down due to the storm. This disruption could have a major toll on gasoline prices as they head to the holiday weekend. Right now one fifth of all u. S. Refining capacity is shut down and gasoline prices already a. Gasoline prices of 20 cents a gallon continued to rise. Features in the stock market are showing gains across the board on the dow futures after a nice reversal of the market yesterday. Blue chip of about 57 points in trading tuesday. The psyche of reading a secondquarter domestic product, our biggest reading on the economy divided it to the event eastern time could expect them to. 7 growth. Investors eyeing President Trump on tax reform in missouri this afternoon. The commanderinchief will outline his burden on both companies and workers. Fox business will bring you special coverage of the event starting at 1 30 p. M. Eastern time. Europe stocks across the board are moving out. In asia overnight, markets mostly higher as well. Shanghai being the only loser among the four major markets. All that in so much more. With me all morning long, political analyst Kirsten Haglund kelly co. Managing partner kevin kelly and republican strategists trained surrogate erin elmore. Great to see you. Is this your first time on the panel . I know youve been on the program before. This breaking news, headed to missouri this afternoon to lay out his vision for a better, more favorable equitable tax system. The commanderinchief will explain his plan to jumpstart the economy, reducing tax burden for American Companies and workers from a local Small Business owners elected officials from missouri expected to be at that event. Kevin, what you expect to hear from him today . I think hes really going to focus on Small Businesses and get them a more equitable rate. We see that Tax Complexity really hurt Small Businesses in the american worker. Think about all the payroll taxes, Rising Health care costs really impacting the smallbusiness community. Weve had people on here talk about the last three years, 21 for employees alone has gone up for them. That hasnt translated into rising wages. Im in the briar forest neighborhood. The floodwaters have gone down. In this neighborhood because of the outflows from those reservoirs, water is still going up and get a first look. Weve seen a lot of the floodwaters tied, exteriors of homes drowned. Yesterday we got inside his flooded home. The gentleman was so kind to bring a sin for the first visit at since he left on saturday. Extraordinary pictures of everything floating. That is a theme that is oliver houston right now and in the neighborhood particularly behind me. He mentioned the rescues. The two do total assessments. We had to do a few rescues again. I guess people heeded the warnings. We try to explain how dangerous it could be and we would come get them if they wanted out and we did. We spent most of the day yesterday moving people that wanted to be moved. Hopefully they listen to the warnings and that made our job a lot easier last night. Dagen sheriff, do people have a way of reaching out . How much water is out . Believe it or not, not as much as we thought. The city of sulfur has had a few transformers blow up. It is very spotty. In other words, no major outage. I know the Sheriffs Office yesterday we actually lost power for 30 minutes. We have full generator power, so we can function with or without power. We are totally selfcontained. We made a lot of those changes after rebate. Trade u. S. Going to ask a guy. You are in office for just over year after hurricane rita hit in 2005. What lessons did you learn after dealing with that hurricane as you prepare for harvey . How much different is it in terms of your readiness . Well, i think we were ready then, but the lessons we learned is be able to take care of yourself for the first 24, 36 hours because it may be difficult for help to get to you. And we did that. We can really literally function for days. We had generators back then, but the only operated portions of our operation. We have generators at all of our buildings. We can operate fully without any power in the know we have housing for deputies. Weve done a lot of preparation, a lot of planning and its paid off the morale of our deputies stay high because of that. We also know weve got to take good care of our family out there doing a tough job. Train to be well come to be. Blessings to everybody. Tony mancuso, sheriff and prosecute parish. United technologies priced at 20 billion. How they are reacting to the possible megamerger. A vw recall could cause certain models to crash. Train to a new york city man charged with trying to join jesus in syria. Cheryl casone has the details on that. Thats right, good morning. Accused of sending message on social media about support of the terror group in trying to join asis in saudi arabia last spring. They were stopped from entering an identified unidentified country. They were arrested there. Being held without bail this morning. Volkswagen recalling more than 208,000 cars in the United States. The german automaker says the computer can actually lose power and cause the engine to start. The cc from the 2009 through 2016 model years. But thats not also on this list, 2006 through 2010. Volkswagen says no reports of crashes in the United States caused by this problem. United technologies reportedly getting close to a deal to buy Rockwell Collins for more than 20 billion. It would create one of the worlds biggest aircraft equipment makers. Wall street journal says the Companies Discussed the pershare price for rockwell of 140, maybe less. There is a yeartodate chart as you can see. The report says the agreement could come as soon as the beacon. Docs up 38 so far this year. Dagen thank you so much commissioner appeared kevin, would he make of this deal . The dealmaking environment is healthy in part because Companies Feel confident enough to come together like that. It does speak to the environment residents create. Wasting for activity this year because we expect policy decisions to be made. You are seeing a lot of big deals happening. This has been in the works for a while over the past couple weeks they are we signaling this deal will not be above shareholders to agitate. They dont want actors to come in. Refer to kind of rocket to deal and they should get done and i speak to the regulatory environment. Everybody focuses on what congress hasnt been able to get done in terms of the repeal and replace them up on the caring agenda items for what the administration has done is rolled back regulations and create an environment without the federal trade commission, and even the fcc to make Companies Feel comfortable enough to get these deals done. A big part of President Trumps platform. This just has to stop yet another example of how we are moving in the right direction. On top of that, its really important to notice even on anticipation of tax reform and greater gdp growth, you see a Market Research in some Companies Like this because they have confidence things will get done eventually, even if we say here going whenever he can make a Corporate Tax reform. They see the environment is going to improve come as the of these markers continue to give them confidence. Gdp numbers expected to come out today. People think it could be above 3 . Dagen we will see. I will play now President Trump is going to be in missouri today talking about tax reform. This is something he was criticized when he didnt given up on the care repeal and replace reformist in front of congress that he needed to get out there more. Hes doing that for tax reform. North korea issuing threats to paul mcgann. What kim jong un is reportedly saying now and the strong reaction from our u. N. Ambassador nikki haley. Markets ahead of the Second Quarter talking about the psychic reading on the Second Quarter gdp. Also a jobs report coming out on friday. Peek into that as well when we come back. The i had to put my trust in somebody. When i first met steve, we recommended chemotherapy, and then we did high dose therapy and then autologous stem cell transplant. Unfortunately, he went on to have progressive disease. I thought that he would be a good candidate for immune therapy. Its an intravenous medicine that can affect the patients immune system and unleash it against the cancer. With chemotherapy, i felt rough, fatigue, nauseous. And with immune therapy weve had such a positive result. Im back to working hard. Ive honestly never felt this great. I believe the future of immunotherapy at ctca is very bright. The evolution of cancer care is here. Learn more at cancercenter. Com Appointments Available now. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Its time for the biggest sale of the year with the new sleep number 360 smart bed. It senses your every move and automatically adjusts on both sides to keep you effortlessly comfortable. And snoring. Does your bed do that . The new 360 smart bed is part of our biggest sale of the year where all beds are on sale. And right now save 50 on the labor Day Limited Edition bed, plus 36 month financing. Ends monday train to take a look at futures. Gains across the board right now. 56 on the 57point gain really reversing triple digit loss there. I want to take him today in the rest of the week in terms of numbers on the economy. The psychic reading on secondquarter gdp comes out this morning. The economy to show growth of 257 . Kevin kelly may be than 3 . Lets bring in private Wealth Management advisor cat. Your expectations for this and doesnt speak to the overall sound growth of the economy . At 257, we are modestly lower than that with what has happened with harvey in the short run, it could deter from the number perhaps the next quarter by as little as 2. 4 . Interestingly, you could actually see in addition to gdp as a result of replacing businesses, factories, homes. Often as horrible as these disasters are coming as the rebuilding and that begins immediately. You see a recovery effort and that is money that does pour into these regional economies. In terms of what is going on with harvey, weve had so much Refining Capacity, about one fifth down is now shut down largest in the country. We are to have exxon baytown and , second largest in the country shut down. Texas all the way to new jersey. Are you worried about that interesting Business Activity in the short run . In the short run, clearly going to be disruptive. I would however Energy Prices in the long run will follow the economy and were very good. We see oil north of 60 looking roughly 12 months from now. Dagen because of the demand side . Exactly. Where only 40 off the market has right now. A lot of people feel like markets are overvalued. Earnings are worth more in the low Interest Rate environment. What is your take on how the markets will perform Going Forward . I dont see any impact of regulatory changes for tax reform based in earnings estimates. Can people buy the market here . Can we break the alltime highs . A great question. All of our address is predicated on a customized Financial Plan which informs Asset Allocation and part of those are tactical changes. To get to your question, we are modestly reducing exposure here, stressed modestly in for a variety of reasons. Namely to your earlier point relations had 18 points for earnings, is solely and yet fairly valued. That said, a number of reasons to be constructed on the market if you look out over the course of the intermediate to longterm. Bonds people are the more overvalued. Dagen at the tenure at the 10 year yield a two part 13 as a sign of it overvalued, you wouldnt allocate more of assets in u. S. Treasuries. Not necessarily. We are being tactical survey of modestly reducing exposure. As far as redeploying money come i tell clients that often times return of your money. A big part of our job is not only growing assets by preserving them. What is your outlook . What a tax reform doesnt happen in 2017. Lafayette happens in 2018. What is your view on how that will affect Small Businesses. Talking about larger scale, what aspect you think theyll have an Small Business, Consumer Confidence in how will that play out in the market . More so one Small Businesses and the investor for that matter. Part of the rally was predicated on the hopes of deregulation and tax reform and to some extent the market has discounted all of this occurring. We think you will get tax reform perhaps not as large as we all hoped, perhaps not quickly as we all hoped, but its not a matter of days. Its a matter of when. In the 24 hour news cycle, what happens in the market, how do you manage client expect patient . Dagen thats a really good question, aaron. I had people ask me that a lot. The market did this. More and more i get those questions from individuals. Its not easy. Im tethered to my iphone in your news program. The fact of the matter is its my job to counsel people to look at things from a much wider lens and longer days. If we make decisions within the plan, and that at least goes out of market cycle and not a few months. We tend not to get environments like this. Dagen jason, thank you for being here. Take with us all day long today but we are covering the jobs report on friday. 182,000 is the expectation we are getting a little bit less than july, but the Unemployment Rate is supposed to hold them all to your low a 4. 3 . Coming up, something serious has to happen. The latest message from u. S. Ambassador north korea nikki haley on north korea. Defense secretary james mattis revealing his plan with troops in how he will handle those currently serving. So let me get this straight. Youre a rabbit . Im vern, the orange money retirement rabbit, from voya. Riiight. And that means. . Im the money you save for retirement. I help you get organized so your money could multiply. See . Got it. Whos he . Hes green money for spending today. You know, paying bills, maybe a little online shopping. Makes it easy to tell you apart. That, and i am better looking. I heard that. When its time to get organized for retirement, its time to get voya. 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But the super absorbent core turns liquid to gel. For incredible protection. Thats surprisingly thin. So its out of sight. And out of mind. Always discreet. For bladder leaks. Also in liners. Largest u. S. Refinery is shutting down due to the storm. Thats in port arthur, texas, also problem with pipelines getting gasolines from the texas coast all the way up into new jersey, into chicago, we monitor those pipelines as we watch the price of gasoline moving up heading into the holiday weekend. You have gasoline futures there, gain of almost 12 cents a gallon in the last session. Speaking of gains, good news to report, 21point began, after 57 point gain yesterday. Nice reversal from tuesday. Second reading on the Second Quarter gdp at 8 30 eastern time. Economists are looking 2. 7 growth and investors are watching President Trump for his speech on tax reform in missouri this afternoon. The commander in chief will outline strategy to reduce the tax burden on both companies and workers. Fox business will bring you special coverage of the event at 2 30 p. M. Eastern time. We were a little early but we are always covering taxes for you on fox business. In europe stock higher across the board, england, france and germany. Asia overnight same story, slight loss in shanghai. Uber taking a big step toward easing Privacy Concern as new companys ceo gets ready to take the wheel. They are not going track you es