Cents. The price of gold holding steady. Its up just a little. Have we got a price there . Okay. We will get to it later. Its 1300 an ounce. What did you say . 14 . Gold is 1400 an ounce this morning. Big gain yesterday, a fractional gain this morning. Got that. Investors do not know what to make of this. Chinas leader goes to north korea. Interesting that right after that visit was announced, President Trump called xi jinping and worked out an extended meeting. So its a threeway dance and no one knows whether it helps the trade talks or not. Look at this, too. After a big rally yesterday, no significant pullback this morning. Yes, the dow, the s p, the nasdaq, they will all open lower but all three are still at or very close to their alltime highs, despite whats going on around the world. Go figure, maybe. Friday morning. Varney company about to begin. Stuart want you to see the video. Look at it. Its cooling down a little bit now but that was a massive explosion at an oil refinery in philadelphia early this morning. Can you go through what happened . Deirdre yeah. It is the biggest one, i want to point this out, on the eastern seaboard. At 4 00 a. M. This morning, you had a huge fireball reaching to the sky, huge flames. Commuters taking photos of this. It was really a frightening sight. This is a 150yearold refinery and you are seeing futures for gas prices, even natural gas prices, move higher off the back of this. It is the largest one on the east coast, so 4 00 this morning, no injuries, cause unclear but it is affecting stuart the picture on your screen is the damping down after the fire. There was a fireball literally in the middle of the night. Deirdre going from that refinery to the sky. Stuart extraordinary stuff. We are trying to get that video a little later on. It is dramatic indeed. Now, back to iran. We have new video from the defense department. You can just make it out. That shows the trail of smoke after the drone was shot down. Fox news has confirmed that a strike was in motion overnight in retaliation for the drone attack. Then it was called off. Joining us, general jack keane. Sir, welcome back to the program. Any idea why there was a standdown, calling them back . Yeah. I have more than an idea. I know what happened. The president planned to conduct a strike, directed that strike and it was largely against the means that delivered the blow to knock down our drone. In other words, radar, missile command and control, et cetera, but they received Additional Information that followed the president s instincts. If you remember, when he was in the oval office, he said my instincts tell me this could have been a mistake possibly, but later, they got information that confirmed just that, that the Iranian National leadership was furious with the tactical commander who shot down the drone, because they clearly did not want that provocation to take place. Based on those facts, new information to the president , he called off the strike. And i dont think there will be a reattack based on now the conclusion by the Intelligence Community that this was not the National Leaderships intention to conduct this provocation. Stuart whoa. Now, that is fascinating. To get to that late stage where the planes are in the air, then you get new information and you call it off. General, thats very interesting. Im glad you found out for us exactly what happened in the middle of the night. But i do want to turn to john bolton. As you know, sir, hes headed to israel next week. My question is, is this all about Irans Nuclear program, uranium enrichment . Because israel said many, many times iran must not get a nuclear bomb. Yeah. There are two things in front of us now with this crisis. Obviously the crisis has escalated because of the impact of the crippling sanctions on iran, and iran is trying to get International Community support, particularly from our allies, to put pressure on the Trump Administration to back off the sanctions. So that is really their main objective. They are also using the threat of busting the jcpoa or the Nuclear Deals restriction on uranium enrichment which sits at 3. 67 , and threatening to go to 20 . That is alarming. Because to go from the restriction of 3. 6 to 20 is a major, major progress forward and to go from there to weaponization can be done very quickly. So that is the central issue thats on the table. If the iranians carry that out, right now what theyre trying to do is use that as a threat to leverage the International Community, create alarm, put pressure on the United States, back off on the sanctions. Ambassador bolton is clearly going there to talk to Bibi Netanyahu about this incident. Clearly netanyahu cannot accept 20 enriched uranium because they can move very quickly to a weapon. So that is the most dangerous thing in front of us on the table that the iranians are threatening. Secretary pompeo is also going to go to the middle east and hes going to shore up a coalition to actually stuart im just interrupting, forgive me, sir, but President Trump has just said he stopped the attack because the response would not have been proportional and he is in no hurry on iran. He literally just said that, sir. Your comment, please. Well, i dont know what the details of that are in terms of what it means by proportional. Clearly, i believe he was going against the means that destroyed the drone. I think the tradeoff in his mind also is one, they took out a drone asset that clearly is worth multi millions of dollars, as we know. The tradeoff in taking out missile batteries, radar sites and command and control would be loss of life. The second issue is the escalation itself. When you step on that ladder of escalation to do whatever the planned strike was, the iranians have to respond to that. They will not accept it. Then you begin the ladder of escalation. So all of those are in the factor of the president s mind, i think plus the information that the tactical commander was not operating in concert with the national authority. So yeah. We are where we are. I dont think well see a reattack of that mission. Based on this decision. Stuart as the president says, hes in no hurry on iran. Interesting. General, im so glad you could lead our show this morning, because obviously, you know what youre talking about. Right in the middle of this im not going to call it a crisis, but this standoff with iran. General jack keane, a valued guest on this program. Thank you, sir. Appreciate it. Great talking to you. Stuart yes, sir. We better get back to your money. Take a look at futures. We are down about 60 on the dow. Down about 30 on the nasdaq. Thats nearly a half percentage point. Not that much of a pullback despite whats going on all round the world. Joining us, market watcher john layfield. John, let me bore you with my theory. In my opinion, profits rule wall street and at this point, the iran standoff does not hurt profits. Thats why there is no huge pullback. What do you say . I completely agree. It also shows the fundamental strength of this economy. Corporate profits are still coming in around the mid teens so we have a really good economy, we have low historic unemployment, we have wage growth. This is not something that forbodes a recession like some have predicted. We do have what appears to be a slowdown but were not falling off a cliff. You have three political events that seemingly could derail the economy from the iran standoff to brexit to the trade war, but these things have not really affected this market because this economy is so strong. Stuart okay. Im just going to read the president s tweet that we received moments ago. Here it is. Its in four parts but im going to go through them. President obama made a desperate and terrible deal with iran, gave them 150 billion plus 1. 8 billion cash. Iran was in big trouble and he bailed them out. Gave them a free pass to Nuclear Weapons and soon. Instead of saying thank you, iran yelled death to america. I terminated deal which was not even ratified by congress and imposed strong sanctions. They are a much weakened nation today than at than at the beginning of my presidency, where they were causing major problems throughout the mideast. Now they will bust. On monday they shot down an unmanned drone flying in international waters. We were cocked and loaded to retaliate last night on three different sites when i asked how many will die. 150 people, sir, was the answer from a general. Ten minutes before the strike i stopped it. Not proportionate to shooting down an unmanned drone. Im in no hurry. Our military is rebuilt, new and ready to go, by far the best in the world. Sanctions are biting and more added last night. Iran can never have Nuclear Weapons, not against the usa and not against the world. All right, john. How do you think thats likely to affect the market . I know you are just hearing this for the first time but i dont see that as a negative for stocks. Do you . I love it. I love the measured response by the president. I was worried this thing would escalate very quickly. I still worry that its going to escalate. There have been six tankers that have been mined or torpedoed in the strait of hormuz, from norwegian tankers to Marshall Islands to uae to saudi arabia. For some reason, everybody looks to us to defend the waterways of the world, especially when Oil Transport is involved, and now the president is showing some restraint. I think that an autocratic regime that when they get into a corner and i agree with what the president is doing here but i think iran, the chance of them doing something stupid here is slightly better than 50 50. Im proud that the president showed some measured response so far. Stuart john layfield, thanks for joining us. An important day. Appreciate it. Check futures. Any movement there in light of the president s tweets moments ago. No. We are still down just a little, 50 down on the dow, 28 down on the nasdaq. Take a look at amazon. Wants to use its delivery drones for surveillance. Says they can be used to protect you by spotting intruders and other criminals. Quite a story. Were on it. Give it to you. The Border Patrol chief going after aoc for comparing migrant detention facilities to concentration camps. You hear what she had to say. We are just Getting Started on varney. Carvana is six years old this year and is the Fastest Growing place to buy a car in the nation. Its because we have thousands of people working hard to make our customers experiences the best. Its because we have tens of thousands of cars ready to be delivered to your doorstep. And its why hundreds of thousands of happy customers have ditched the dealership and bought their car online, earning us an average 4. 7 stars in the process. So if you didnt know about us before, you do now. Were carvana, and we want to give you the car buying experience you deserve. This is Something Bigger. [ movin on up by primal scream ] that is big. Not as big as that. Sure thats big. Thats bigger. Big. Bigger. Big. Bigger. Big. But thats bigger. Wow, big. So much bigger. This is big. But thats. Well, you got this. Stuart Border Patrol chief taking aoc to task for comparing detention facilities to concentration camps. Watch this. Recently a member of congress has referred to those Detention Centers as concentration camps. Would you care to comment on that . I personally find them offensive. My men and women as well as the men and women in i. C. E. Are doing the best that they can with the limited resources that they have. Stuart i think we need a more significant response. Here is Fox News Contributor tammy bruce. Good morning. Stuart your response, please. Well, this is what i like about alexandria ocasiocortez is that we dont have to wonder about how ignorant she is. We know. This is the issue. And its not just her. We have now at least one generation, close to two, where in schools theres no history taught. There is no context taught about world events. Unless youre watching and at least maybe you get some on the History Channel but she clearly doesnt watch that, either. So you are looking at the use of words for shock effect. She knows its a phrase thats important. Shes clearly using it in a context to imply a seriously bad situation but shes also incurious. Shes not asking well, what does that really mean because the concentration camps were a factory to use slave labor to abuse people to death, to also then accomplish the mass extermination, the mass murder of a group of people because of who they are, and then to say that for those who do know what this means and im giving her the benefit of the doubt that she really didnt know. If she does, its even worse. That for the world listening, it then implies to people who dont know and then learn that we are like the nazis. This is a theme. And the problem for the left is when youre relying on manipulating peoples emotions, you must always up the ante. So now americans are not just nazis, weve got concentration camps and i guess that means we are using them for slave labor and then we are interested somehow in mass murdering people. This of course harms national security, it harms our relationship with our allies, it sends a message to people around the world maybe thats true and we dont know. It is a remarkably ignorant thing to say but also dangerous thing to say. Stuart did you also see this about the border. 1,500 migrants who came across in just two of these caravans, 1500 of them have prior convictions in the United States. Those are the ones we captured. This has been the argument all along. Not just when it comes to crime and the impact. Remember, these individuals then go into the communities of other undocumented people, of the hispanic communities who are then victimized first again by this movement of criminals into the arena, then youve got the same people on the left saying we should abolish i. C. E. Which then tracks down these people in the interior to get them out again. The problem here of course is the introduction of crime into those communities that the left says that they care particularly about, into the american scene in general, but then also theres the issue of infectious diseases, about what we know, what they have done, what we are able to track. This is for again, the First Communities hurt are the immigrant communities. Illegal and legal, because those are the communities that these people are being moved into. If the democrats are serious about being concerned about them, then dont lie about how we are trying to handle this influx with the Detention Centers and how we are holding people, and also be honest about the dangerous environment that the democrats are helping to create in the immigrant communities themselves. Stuart tammy bruce, thank you for bringing back the border on to the front burner. Where it should be. Thank you. Check futures again. Weve got a couple of tweets from the president this morning explaining why he stood down the attack on tiran overnight. The market has come back a little. We will be down about 40 on the dow. A florida city making headlines after it agreed to pay hundreds of thousands of dollars in ransom to hackers who had taken over its computer system. Big story. Weve got it for you. An fbn programming note. Charles payne will Interview White House trade adviser Peter Navarro on making money today, 2 00 p. M. Eastern. More varney after this. 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