Transcripts For FBC Mornings With Maria Bartiromo 20180202 :

FBC Mornings With Maria Bartiromo February 2, 2018

The 10year treasury yield hitting fouryear high on the news. Now a 2. 80 , yeah, things are getting interested. This is ahead of jobs report due in two and a half hours, economists are looking for 180,000 jobs added to the economy in the month of january with Unemployment Rate holding steady. It was Technology Trifecta on wall street last night. Apple topped expectations, iphone sales were down, short of expectations, a different story for amazon, the Company Posted the largest profit in history. Take a look on the premarket. More on those numbers coming up this morning. Overall markets had a mixed performance. Worst week since september 2015. S p. Take a look at indices this morning, down across the board. 23 points lower, cac quarante down 1 and a quarter percent as dax index in germany. In asia markets were mostly lower with the exception of china, shanghai composite up 1 and a half of 1 . Bitcoin taking a tumble, lost half of its value in just the last six weeks, look at that, 8,142, the latest in regulatory crackdown for bit bitcoin. That memo expected to be public today, Speaker Paul Ryan weighing in. Involves American Civil Liberties and if American Civil Liberties were abused, then that needs to come to light so that that doesnt happen again. It is your job to make sure that the process is followed properly and if its not followed properly, then we need accountability, the more transparency the better so that the people of this country can see that Civil Liberties are being protected, that the constitution is being followed. Maria despite objections from the fbi the white house says that President Trump is okay with the release of that memo, more as the public weeks to see the u. S. Braces for another round of cold, punxsutawney, we will see if he sees his shadow. Ground hog day, joining me to talk about it fox business dagen mcdowell, Brian Brendberg and lindsey bell. Good to see you. Good morning. Maria happy friday. Good to be here. Do you want to see a shadow or not . Maria if i were him i would go back in. Go back in and hide. [laughter] dagen coin toss has better outcome than punxsutawney. So much to talk about. Ive made a list. I try not to text your email maria we just sort of go with it. Its all so interesting. Taig day i jumped out of my seat when i saw the atlanta fed forecast. Maria can you believe this . 5. 4 , fastest quarterly growth that we have seen since recession ended in early 2009. Is fast growth bad for the market . Maria we were talking about the magic number, 2. 3 that the markets will get unnerved. It looks like its unnerving markets, right . Swift move, i think, the tenyear was 2. 45 at the start of the year, we are now 2. 8. Crazy. Dagen always watch the bond markets, those nerds maria like you. And a nerd, lets be honest. [laughter] maria we have a lot coming up, joining the conversation former ambassador to the un and fellow Institute John bolton, the governor of puerto rico Ricardo Rosello and president of the Cleveland Clinic dr. Toby and jack brewer stops by ahead of super bowl. Dont miss a moment of it, we will kick it off with the top story, markets pointing to another selloff at the opening of trading this morning ahead of jobs report out at 8 30 a. M. , take a look at futures this morning . A. We are looking at another selloff better than 260 points, this would be the third day of tripledigit losses and comes as tenyear treasury hoovers around 2. 8 , just as last atlantic Federal Reserve comes out with gdp growth at 5. 4 , much higher than people expected. We will see a 5. 4 number next quarter according to atlanta fed. That would be the strongest since thursday quarter in 2003. The economy got close reaching 5. 2 in the Third Quarter of 2014. Joining us right now to talk all about it chief strategists phil orlando. Happy ground hog day. Maria happy ground hog day. I want to start with the fed number. Our First Quarter estimate is 4 and a half percent and consensus is around 2 and a half percent. People thought we were lunatics until you Just Announced a minute ago. [laughter] this is why the First Quarter will be so strong, the forty quarter number that was flashed last friday was 2. 6 , thought to be disappointing, the underline core of that number, sales was up 4. 3 , the number the came 2. 6 was two offs, the import number surged 14 despite the weakness in the dollar. Maria that was a onetime thing. Thats not consistent. Absolutely. Inventories for some reason fell from 39 billion in the Third Quarter to only 9 billion in the Third Quarter despite the strongest christmas in six years that didnt make any sense that took 70 basis points out of growth. We think that either those numbers are going to be revised up or we will get the growth back in the First Quarter, thats why fed rated and the atlanta fed are look for Fourth Quarter. Maria is that no longer possible . Theyre supposed to go hand and glove. The consumer is the one part of the Fourth Quarter gdp number that was strong. You saw consumption go up 3. 8 . Net worth of individuals as a percent or ratio to disposable income is 6. 7 . That is the highest number since 1960s. Dagen business nonresidential investment, this is what was missing since the end of the recession in 2009, it was up 6. 8 in the Fourth Quarter. Again, the businesses are stepping up and beginning to spend and you will only have a tail wind going into the new year with the tax reform, but i think that if you do start, you have to watch what goes on the bond market because, again, with higher rates, higher longterm rates, that is what you use in your calculation and what stocks are worth, right, and you could or the opposite theory would be that you have money coming out of the monday market for fear of bear market and going into the stock market. Maria where are you going to go . We are not there yet. The economy is growing strongly, corporate earnings are having very good Fourth Quarter, the best fourthquarter pace in years. So it is not maria fear of missing out. It is not fomo, underlying reasons. Maria part of it is the technology sector. Apple, alphabet, apple beat expectations, earnings revenue. Disappointing outlook. Thats really what is important. The outlook for the quarter. Amazon posting the largest profit in the history. Look at the numbers. Blasting past wall street estimates. There was alphabet, beat on revenue. They did talk about strong advertising growth. Phil, give us your reaction on what youre seeing in earning sector by sector . You have broadbase strength, a number of stars, Technology Health care, materials, industrials, Financial Service companies, energy companies, you are seeing good numbers across the board and i think thats going to be reflected in the labor market data we see this morning. How important is it the technology sector, though, for the market to continue higher with the leader in 2017, a leader now, 20 of the gains we have seen this year have been led by four companies, google, amazon, netflix and microsoft . The reason they are doing well is because growth is well above the growth of the broad market. The bigger move in technology, i think, is because of the tax reform specifically the cap x portion of that, we think theres going to be a Significant Technology upgrade cycle, chip software, et cetera, and i think a lot of the stocks are moving in anticipation of what companies are going to do to rebuild their Technology Platforms the first time in a really long time. Maria pay up for that. Phil, talk about the narrative between apple and amazon. We saw both stocks pop up yesterday. Apple reported strong earnings because they are charge lg more for a product thats been around for a long time. Amazon is making more money because they are making the biggest inroads, big growth business, is there a fundamentally big narrative between the two companies and you will see them diverge over time . They sort of guided down on the volumes. They think they will do in apple 10. Amazon seems to be cracking. S, higher longterm rates, that is what you use in your calculation and what stocks are worth, right, and you could or the opposite theory would be that you have money coming out of the monday market for fear of bear market and going into the stock market. Maria where are you going to go . We are not there yet. The economy is growing strongly, corporate earnings are having very good Fourth Quarter, the quarter pace in years. So it is not maria fear of missing out. It is not fomo, underlying reasons. Maria part of it is the technology sector. Apple, alphabet, apple beat expectations, earnings revenue. Disappointing outlook. Thats really what is important. The outlook for the quarter. Amazon posting the largest profit in the history. Look at the numbers. Blasting past wall street estimates. There was alphabet, beat on revenue. They did talk about strong advertising growth. Phil, give us your reaction on what youre seeing in earning sector by sector . You have broadbase strength, a number of stars, Technology Health care, materials, industrials, Financial Service companies, energy companies, you are seeing good numbers across the board and i think thats going to be reflected in the labor market data we see this morning. How important is it the technology sector, though, for the market to continue higher with the leader in 2017, a leader now, 20 of the gains we have seen this year have been led by four companies, google, amazon, netflix and microsoft . The reason they are doing well is because growth is well above the growth of the broad market. The bigger move in technology, i think, is because of the tax reform specifically the cap x portion of that, we think theres going to be a Significant Technology upgrade cycle, chip software, et cetera, and i think a lot of the stocks are moving in anticipation of what companies are going to do to rebuild their Technology Platforms the first time in a really long time. Maria pay up for that. Phil, talk about the narrative between apple and amazon. We saw both stocks pop up yesterday. Apple reported strong earnings because they are charge lg more for a product thats been around for a long time. Amazon is making more money because they are making the biggest inroads, big growth business, is there a fundamentally big narrative between the two companies and you will see them diverge over time . They sort of guided down on the volumes. They think they will do in apple 10. Amazon seems to be cracking. Theres a bit of a divergence there. Probably little bit of consolidation. We still expect to see the s p at 3100 level which is still another 10 higher than we are right now. The day after chemo might mean a trip back to the doctors office, just for a shot. But why go back there, when you can stay home with Neulasta Onpro . Strong chemo can put you at risk of serious infection. 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You know, its made me think, im closer to my retirement days than i am my college days. Hm. Im thinking. Will i have enough . Should i change something . Well, youre asking the right questions. I just want to know, am i gonna be okay . I know people who specialize in am i going to be okay. I like that. You may need glasses though. Yeah. Schedule a complimentary goal Planning Session today with td ameritrade. Maria welcome back, now this, a van carrying gas tanks plowedded to pedestrians in china. Lauren with the headlines, good morning. Lauren police dismissing fear that is the crash was a planned attack. The van veered onto sidewalk, burst into flames after the driver lost control. In business, cvs and bico, no to evaluate a potential merger 12 years after splitting up. They tried and failed to do this about two years ago but theres a new push following disneys announced purchase of some entertainment assets of 21st century fox, the parent of fox business. Media company say they need to be bigger to stay competitive in the age of streaming. Well, the bears are running the show when it comes to bitcoin. Take a look at this. The Digital Currency losing more than half of value in six weeks time falling below 9,000 this morning. Thats more than 55 down from alltime high of just about 20,000 back in december. Bitcoin is under pressure following regulatory scrutiny from china, from south korea and most recently from india, maria. Maria all right, thank you so much, lauren, coming up the president s big decision, we are on it, the commander in chief could tell lawmakers to release the highlyclassified document today, the continued controversy, what happens next right after the short break. Exxon mobile, chevron opening books on busy earnings, we will have the numbers as soon as they hit the tape. Back in a moment. Mvo its not necessarily about eating together, but its about building relationships with one another. Because that will manifest change. Ill stand by you. Mvo anybody can make a difference. Its easy to give back. Its just a little bit of time. Ill stand by you. Sometimes, they just drop in. Obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Whos the new guy . They call him the whisperer. The whisperer . Why do they call him the whisperer . He talks to planes. He talks to planes. Watch this. Hey watson, whats avionics telling you . Maintenance records and performance data suggest replacing capacitor c4. Not bad. Whats with the coffee maker . Sorry. We are not on speaking terms. Maria welcome back, debate over government surveillance and privacy taking center stage today. President trump has cleared the way for the release of the fisa memo. It could be made public as early as this morning. House intel chairman devin nunes drafted the document which alleges that the fbi and the Justice Department illegally spied on the Trump Campaign in 2016. The memo has sparked outrage among democrats, House Minority leader nancy pelosi slammed nunes yesterday calling for Speaker Paul Ryan to remove him from the intel committee. The House Speaker said yesterday the democrats are putting on a show. What this memo is congress doing its job in conducting legitimate oversight over a very unique law fisa. Fisa is a unique situation which involves americans Civil Liberties and if American Civil Liberties were abused, that needs to come to light so that doesnt happen again. What they are trying to do is sidetrack us for political gain. Maria joining us Fox News Contributor and former ambassador john bolton. Your thoughts on this debate surrounding the memo . I think the memo should be made public, i think, in fact, you will have a broad disclosure of a lot of underlying documents and emails and the rest going right back to the clinton email and Clinton Foundation investigation, this cuts against every grain of my being as an executive branch creature, i hate this kind of disclosure but i think we are at a point where the mistrust has corroded peoples faith and basic institutions and unfortunately the only way to cure that problem or to try to cure the problem is to get it all out starting with this memo and im sure theyll be more to come. Maria you would think that both sides of the aisle want to be able to trust the fbi, want to be able to feel that they are doing their job independent of politics and yet we see the texts and its impossible to feel that way. Yeah, ive had a lot of experience with the fbi during my days at the Justice Department, when i was in the state department dealing with the bureau, the way the clinton investigation was handled by james comey and top sub i just dont see any other way to repair the damage thats been done. Theres so much anticipation on the release of this memo, what happens for this to be a dud and what happens for this to really take off and change the trajectory of the conversation that we are having . What are the risks and opportunities here . Being a lawyerly have an opinion on the document wh

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