Trading resuming after all three major averages closing in record territory on wednesday and markets of course closed yesterday for independence day. Jobs report out in just over two hours. Economists are expecting 160,000 jobs added to the u. S. Economy. Unemployment expected to hold steady at 3. 6 . Joining me this morning, fox business jackie deangeles, max funds. Com cofounder, jonas and chief workforce analyst joanie courtney. Thank you all. Good to see you. One day after the holiday. So jonas, what are you expecting from the jobs report . Im expecting it to be a little weak, actually. Based on adp or Something Else . Based on the bond market. I dont think all these Bond Investors are wrong. I think were under a 2 yield because the economys slowing globally, not just here. Mostly globally, actually. If thats not what we get, the bond markets crash a little today and Interest Rates should go back up. Theyre basically pricing in a slowdown. I think stock market invests, which is at records, are wrong and bond Market Investors are right. Well know that today. The yields are two andahalf year lows. Youve been watching that too. The yields are telling one story and the stock market is telling another story, even with a shortened trading day, we hit new records and closed at new records. The market ise enthusiastic. We came in under expectations last month. I think this month if we just meet and toe the line, the market would be happy with that, given Everything Else thats going on. What do you think this means for the fed . We heard some people say, especially after the adp report, maybe the fed does 50 basis point cut in july. I dont know why they didnt maintain when longterm rates went low, they should have lowered shortterm rates just to keep the yield curve going up, which makes people not freak out. I think by letting it go negative, theyre only letting people think theres going to be a recession. Now, the flip side of all this is if were not really in a weak economy, these lower longterm rates are going to boost the economy as tax cuts because Mortgage Rates are a lot lower. We could just as easily take off in the economy because the rates are such that the economys not going to be strong, its like an economic stimulus plan. One of the best comments was that markets right now are priced for two extremes, half pricing for heaven, half pricing for hell, like nothing in between. Following all those trends, what are you you expecting this morning . I think there are going to be a tremendous amount of eyes on this report even though its a day after a holiday. Wall streets really watching this. The fed is really watching this. Because last month was so weak. It could be a good report because the demand is out there. The jobs are out there. You know, over 7 million open jobs across the United States not as many unemployed people, so the challenge could be if we see a weak number today, part of it could also be just due to the supply. We dont have enough people out there to fill the jobs and the he demand in the market. So i would expect that we could see a number around expectations. Maybe 150, 160, 170. But then again, because of the difficulty in actually getting the jobs filled and finding the right talent to meet that demand, we could see a low number as well. So the other thing i do think the fed will really be looking at is wages and Labor Participation. You know, are we seeing more people actually participate in the workforce. In other words, those who want to have a job, have a job. Yeah, and get people back to work. Thats really important as well. Well come back to all this. We have to take a look at china, concerns over huawei. U. S. Government defending a law that prevents federal agencies from doing business with the Chinese Telecom giant, placing National Security concerns. Company claiming this was unconstitutional. On the trade front, china reportedly insisting that all u. S. Tariffs be removed as part of a trade deal with the u. S. Jackie, we have been talking about this for i think 18 months at this point in one form or another. Weve been talking about it for a while. What does this mean . Huawei named 30 u. S. Companies as core suppliers. So even though we want to fight, somehow there are a lot of lets say overlap between u. S. Corporates and huawei. We want to fight but at the same time what we saw just about a month ago, broadcom told us the huawei hit will be huge for that company. We want to fight. We want to protect National Security. At the same time, we dont want to put our companies in danger of losing profits. Its a tough spot to be in at this point. I think that the president has taken a stand here. Hes trying to work things out with china. At the same time, hes trying to protect the country and sort of put some of these companies in their place, huawei, to be one example. Its a tough position to be in. Theres a reason nobody else has ever taken the fight on. Thats a great point too. Theres a lot of people who say that maybe tariffs werent the best way to go but yet there are other people who say the ip theft has been going on for decades so at some point it those be addressed in some way. Jonas, what does this mean for the markets if investors begin to doubt the strength of tech for whatever reason . Well, okay, u. S. Tech, not talking about huawei and 5g. Yeah. Is the market is riding on that not having a problem. Even though the valuations are pretty ridiculous, looking like its bubbly, if that starts to fall, that would take the whole market down. Theres no question about that. That would be that is the backbone of this market, theres no question about it. Huawei in particular, you know, this is a tough one. The real proof of them doing anything bad is tapping the robot and thats pretty mickey mouse at the end of the day. This is all allegedly what could in theory it could. Anybody in those kind of Equipment Companies could hack everybody. Its like batman, when they we use phones to hack too. The u. K. And germany have essentially say we know huawei is spying on us. We already hedged that in. Germany, spied on through their phones. You cant throw too many stones in these rooms. Were playing dirty basically because tariffs will not be enough. Its hard to go higher than that without hurting consumers here. Even if there was a provision for this in whatever trade deal we end up getting, everyone says enforcement is the difficult aspect of it. Enforcing it through business is another means of doing it, a harder way of doing it, but at least you know youll get the results youre looking for. Profit warning from samsung, the company saying Second Quarter profits are going to be sliding more than 50 compared to last year. U. S. China trade tensions likely one of the reasons for the slump. Jonas, whats your take . You would think would benefit from the trade war with apple because of the main competitor in high end phones. If you look at a galaxy phone, you know it says made in china on it. Theyll be hit by any escalation of tariff as well. I think this is more about the 1,000 phone market and also the shifting particularly its all going on the cloud. Thats not their area. They were selling like ssd hard drives and stuff and that space, that storage is not going into their drives. Galaxy fold was a painful, painful pr snafu for them. Well, be sure to stay here. We have our jobs in America Special, that starts 8 00 a. M. Eastern time. You will not want to miss that. Well bring you the numbers, instant analysis as well. In the meantime, californias largest earthquake in decades rattles the southern part of the state, was felt as far away as las vegas. Aishah hasnie with us now. How is it there . Reporter theyve been having aftershocks all through the night, overnight hours. In fact, just about 15 minutes ago there was a 3. 5 magnitude quake, so its really scary and seismologists are warning theres a very high chance that there will be a magnitude 5 or even bigger earth quake in the next couple days. One should always be preparing for a big one. This does not make it less likely. There is about a one in 20 chance that this location will be having an even bigger earthquake within the next few days. Reporter so thursdays 6. 4 magnitude quake is the strongest quake to hit california in some 20 years. It happened near the town of ridge crest, its about 150 miles from la. And this Surveillance Video really shows what went down there. This is close to the epicenter. Shows bottles and food thrown all over the place inside a convenience store. This video shows panicked people running when they felt the quake happen. Now, the earthquake caused multiple injuries, house fires, gas leaks, even cracked roads. I could see really shaking and its like its really happening. It was intense. A rolling earthquake. Long. Like 30 seconds long. Was strictly rolling, was not a shock. Reporter California Governor Gavin Newsom tweeting he approved an emergency proclamation for the earthquake, grateful for the work of our responders, he said, office of emergency and local leaders who have been working closely with the communities impacted by todays earthquake. But again, as those aftershocks continue, people are just terrified, afraid of what might come next. I imagine. Aishah hasnie thank you so much. At 7 20, by the way, l laguna hills mayor will be our guest. When we come back, saluting americas heroes, highlights from President Trumps 4th of July Celebration, what his critics are saying about it as well. Plus, Joey Chestnut going for another title, the hot dog eating legend aiming for his 12th championship. The finish, next. If you want it, you got it, you got that boom, boom. That a speaker is just a speaker. Or that the journey cant be the destination. Most people havent driven a lincoln. Discover the lincoln approach to craftsmanship at the lincoln summer invitation. Right now, get 0 apr on all 2019 lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. Brad, ive got an idea for a song. Nationwide has this app. Plus no payments for up to 90 days. You can pay your bills, even start an auto claim. So what i was thinking. Let me guess. Start a claim right from your app. Have you been looking in my notes . Dear tech, youve been making headlines. Smart tech is everywhere. But is that enough . I need tech that understands my business. I need tech that works at scale. Dear tech, dear tech, dear tech, were using ibm blockchain to help make sure food stays fresh. Were exploring quantum to develop next generation energy. Were using ai to help create more Accessible Health care. Were using iot to create new kinds of digital wallets. Lets see some more headlines about that. Lets expect more from technology. Lets put smart to work. Deirdre a Tennessee Police officer killed in a fiery crash. Cheryl casone has the details. Cheryl. Cheryl thats right, 28yearold officer John Anderson died early yesterday morning. Hillaryafter his cruiser washita 17yearold who didnt have a license. Police say anderson was on his way to assist another officer when his car was struck, causing it to hit a utility pole. The vehicle caught fire. Anderson leaves behind a wife and 18monthold son. The other driver faces a number of charges including vehicular homicide. Univision is reportedly considering a sale from private equity owners. The Spanish Language network hired outside advisors to review extrstrategic options. It was bought in 2007 for 13. 7 billion. And joey jaws chestnut is still top dog, winning his 12th nathans hot dog eating contest yesterday. The 35yearold dominated in the annual competition. He devoured 71 franks in 10 minutes, fell short of breaking his record from last year, which was 74 hot dogs. He swears next year hes coming back and breaking the record and one eagleeyed viewer said he looked a little nauseous after the event. Thats not always the case with Joey Chestnut. Deirdre that video is a little tough at any hour, but especially 6 15 a. M. Eastern. Cheryl i felt nauseous watching it. Who wants to be eagleeyed. I go there, watch really close. Deirdre inside track on joe je chestnut. I heard his better view, before the contest, hes like ive been running, im in great shape, ive got the breathing down. Have you though have a strategy. He thought he was going to break his record. I think he was disappointed. This is our thing. Yeah, yeah, yeah. Its america. Were stuffing hot dogs in. My advice, dont get on the scale today. Yeah, yeah, yeah. Hes making money for gluttony givglut. Deirdre when, candidates are taking aim at President Trumps signature legislation. The effect on your wallet next. More than 1 million and 70 700horsepower. Ford unveiling a new super car. There is a catch for anyone lucky enough to get one. Details ahead. Dont put it all on the line. For just one road. Youve got to have an ace in the hole. If youre headed down a one way street. Youre not sure its the way you want to go. Truecar is great for finding new cars. Youre smart, you already knew that. But its also great for finding the perfect used car. Youll see what a fair price is and you can connect with a truecar certified dealer. Now youre even smarter. This is truecar. We like drip coffee, layovers and waiting on hold. What we dont like is relying on fancy technology for help. Snail mail we were invited to a y2k party. Uh, didnt that happen, like, 20 years ago . Oh, look, karolyn, weve got a mathematician on our hands check it out now you can schedule a callback or reschedule an appointment, even on nights and weekends. Todays xfinity service. Simple. Easy. Awesome. Id rather not. Deirdre your taxes in focus, 2020 Democratic Candidates, kamala harris, joe biden, vowing to repeal President Trumps tax cuts and jobs act. This as a recent ap norc poll shows that 17 of americans say they paid less in federal taxes compared to 2017. So 2018 paying less than 2017. Joining us now is americans for tax reform president , grover norquist. What do you make of the poll that 17 that feels like they paid less in 2018 as compared to 2017, because 17 is not really a ringing endorsement, is it . Its also not accurate. So that 70 or 80 of americans paid significantly less in taxes on average. Its a 25 reduction for people. Thats the average. What we do have is one more time, one more april 15th between now and the next election. You saw the support for the tax cut plan grow. It was unpopular when it passed because all people had was the media telling them it wasnt for them. Then as we got closer to april 15th when people saw that the average family, average income family with two kids got a 2,000 tax cut. Deirdre let me ask you a procedural question. In other words, for some people it just was the way that the money was given back to them incrementally, right, when you go back to president bush, for example, even though people complained that it took too long to get their checks, they got a physical check. They saw it in one amount. Would that have been a better way to just do this proceed l rally, so people procedurally so people looked at something physical . I think that would certainly raise the visibility of it. I do think as people look at 18, 19 and 20, and see the lower taxes, make it clearer, i think everybody can do a better job, americans for tax reform and other groups highlighting this. But it is there in black and white. 25 on average tax cut across the board. Another when the democrats say theyre going to undo the tax cut, there is now a specific number that people can look at. Single parent making 41,000 a year would pay 1,300 higher taxes, not just one year, but every year for the rest of his or her life, if the democrats undid the republican tax cut. And middle income feedback family with two family with two kids, 2,000. You can calculate to the dollar how much it will cost you if you vote for a democrat for president. I think the establishment media doesnt tell the truth, ads during the campaign might. Some of the democratic no, nominees were talking about undoing some of the tax cuts. You can argue theyve been stimulating, thats what its all about, getting money back into the economy, getting the engine chugging. The stock market will tell you thats actually happening. At the same time, what i dont see the democrats addressing is saying why dont we cut spending a little. Because the reason they want higher taxes is to spend more money. They talk about the deficit, only as an argument against reducing taxes. The deficit as far as the democrats are concerned, theres never an argument to spend less, only an argument to raise taxes. What we should be focusing on is spending as a percentage of the economy and you can bring that down either by spending less, also you can bring it down by growing the economy and thats what trump and the republicans have done. The democrats said when trump won, you could never get faster growth than 1. 8 because thats all obamas been able to do and that was turned into 3 growth as soon as the tax cuts took event ect after eblght and when weffect. We could see anothe commieconomy as well. Jonas ferris here. I want to maybe have a nonpolitical discussion about this data point. I understand that polling people as to what their taxes is, isnt that useful, they dont know. My question, grover, if tax cuts do pay for themselves, shouldnt people be paying more, they shouldnt be paying less in taxes because their wages should go up, the economy should be growing and even with the lower tax rate they should be paying more in taxes like the poll says. If theyre not paying more in taxes like you say, and this isnt accurate, then how are they paying for themselves, is the question. Tax deductions if theyre done right will give you more growth and that actually results in the government getting more revenue over time. Weve seen total revenues go up a little bit since the tax cut and that is because just as youre saying, millions more americans have jobs, millions more americans have higher pay and, therefore, theyre paying more in taxes. But as a percentage of their income, theyre seeing lower its lower tax. Are they paying a lower percentage, are they paying more dollars in taxes one way or another, even if the rate is lower than they were the last year, wouldnt that have to h