Details. They are changing as we speak. Its all piling on as we see what could be another record day for the markets. Now, heres why i say that. Any gain for the nasdaq will be another record close, but right now, the nasdaq is down 15 points. The dow this morning crossed the magical 27,000 point level for the first time ever. We are still there. We are at 27,027. And the s p 500 again today topped 3,000 intraday, but you know, we couldnt close there yesterday. Will today be the day . Got to stay with me. We expect President Trump to make remarks at the white house during this hour. Hes scheduled to speak at something he put together, a social media summit. Our tech Panel Reading between the tweet lines, which might be a little difficult to have a social media segment here, because guess whos not invited to the social media summit . Two of the top social media people. Plus, president ial wanttobes attacking President Trump and Corporate America but is that what Business Owners who might be voting for democrats really want to hear . Billionaire Bernard Schwartz is a democratic megadonor. Hes here in a fox business exclusive to tell us what joe biden, Elizabeth Warren and the rest need to stop saying in order to get the vote of americas Business Owners. Less than an hour to the closing bell. Oh, yeah, and Charlie Gasparino just saw a sighting of jeff bezos girlfriend. Lets start the claman countdown. Liz oh, i dont know. This is not great news. We are just getting it now. The u. S. Budget gap widened 23 in the first nine months of the fiscal year. This according to the Treasury Department which is just releasing this information. The government, heres what they did, they collected 2. 6 trillion in tax receipts, that is a 3 increase from a year earlier, but it was not enough to offset higher fiscal costs of spending which ramped up 7 due to higher spending and debt servicing. Both figures are setting a record. We are watching it now but its a mixed session for the dow. We are going for a win there at least for the Dow Jones Industrials which breached the 27,000 level for the first time ever, hitting an alltime high. Its on pace for a record close. We are watching it closely. United health care, though, is really whats holding up the dow 30 here. Its accounting for nearly half of the dow gains. Its adding about 89 points to what we see as 169 point gain here for the dow. Shares of the insurer are surging, why . Well, President Trump dumped a rule that could have killed rebates collected by pharmacy benefit managers, allowing managed Care Companies to continue to benefit from those discounts. Dont forget that these companies are not just insurers. We know United Health group is known as an insurer but United Health owns major pharmacy benefit managers so in that vein, they earn optimum rx, cigna is home to express scripts, another pbm and separately, cvs health is the parent of caremark rx. We are watching those names spiking. Cvs up 4 . Cigna better by nearly 8 . United health care growing by about 5. 25 . Now that the administrations efforts to tackle pbms have failed or at least the administrations backing down here, the crusade to lower drug prices will probably laser in on drug makers. The big pharmaceutical names. They are on a little bit of life support today. We do have everybody down here. Lily, merck pfizer, Bristolmyers Squibb and mylan down as well. Investors anticipating pressure applied directly to those Companies Might hurt any kind of acquisition of the biotechs because we see big pharma saying let us buy some of these bioTech Companies. Its easier to buy than to start generating that stuff themselves. We have a double threat at this hour for oil, but oddly, crude is moving in the opposite direction. On the lfeft side of your scree, the louisiana gulf coast rushing to prepare for Tropical Storm barry. On the right side of your screen, weve got still photos of the United Kingdom tanker, british tanker, and the iranian boats menacing it yesterday, as tensions continue ramping up in that arabian region. Lets get back first to Tropical Storm barry. Its located fewer than 150 miles southsoutheast of the mouth of the Mississippi River right now. It could be the first hurricane if it turns into that of 2019. Already bringing, we are talking feet of rain, folks, to louisiana. It could bring a downpour that will test the upgrades made in new orleans in the aftermath of Hurricane Katrina 14 years ago. The river could rise 20 feet. Thats what were hearing from experts. Thats the same as the capacity of the new levees that have been built. Governor John Bel Edwards of louisiana issuing a sorry, getting choked up here because i actually covered hurricane andrew which smacked right into, yeah, it was called new iberia, where they make tobasco sauce. Thats where this is headed. A statewide emergency declaration, drilling rigs being evacuated as well as platforms scattered across the gulf of mexico. Three rigs have been moved out of the storms expected path. The latest numbers from the bureau of safety and Environmental Enforcement show Oil Production cut by more than half now, 53 at this hour, due to the storm. This morning, i believe it was more like 23 . Yes. Thats what we had, 23 . Now 53 has been sealed off at the moment in advance of that storm. Meanwhile, to the persian gulf. Tensions ramping up as the royal navy warding off an attempted attack on a British Oil Tanker by vessels of the Iranian Revolutionary guard. This follows successful attacks on tankers last month, tand the shooting down of a u. S. Recon drone. The iranians are denying that. Lets look at oil. Oil is already in the aftermarket. It actually closed down, right, 60. 20 a barrel, down just a touch. But you know, at least its above the 60 mark and thats significant. Can the market overall weather these storms . Lets get to jeff flock at the chicago mercantile exchange. Lets talk about oil traders. Are they worried . What does this mean for oil names in the sector . Reporter well, they thought earlier in the day that this day would be driven by those two gulf crises you mentioned. The persian and the mexico but actually, it wound up oil closing down, it was up to lets see, whats my number here . Up 50 cents during the session but closed down almost at the session lows. Why . The president tweeting about china. That got in there and as soon as they heard that, everything started to pull back and thats where you go. Thats why oil didnt know how to go and the stocks didnt know how to go. The oil stocks. Shell is the biggest producer in the gulf. Take a look at the numbers on shell today. Shell stock, the largest gulf producer by volume, five production hubs in the gulf, many of those shut down now and it was pretty flat today. Other big producers in the gulf, that would be bp, anadarko, chevron, one up, one down, one flat. I leave you with a map. This is how big a deal it could be in the gulf. With this what could be hurricane barry. There are 175 plus rigs out there. If you look at that map, you see just how proliferating they are. More rigs there than anywhere, other than the north sea. More even than in the persian gulf. If we get a bad hurricane, it probably wont be bad but it will be a lot of rain shutting down operations, could be for a long time, gas prices also could rise as a result of that. Liz . Liz how many hurricanes now have you covered in your career, jeff . Reporter every major hurricane since 1985. I dont have the exact number but every big one thats hit the u. S. Liz so you and i reporter whats more, im headed down there. Liz yeah. Concurrently we covered hurricane andrew together. Reporter you were down there in new iberia for andrew. Came across florida, cat 5, cat 3 into morgan city and new iberia. That shut Oil Production down there for a very long time. Liz indeed. I will say this about the folks in new iberia back then. Grace under pressure. They were lovely even though they were losing their homes. I just love those people down there in louisiana. Thanks so much, jeff. From oils global turmoil to the feds growing rate concerns. While fed chairman Jerome Powell testified in front of congress again, this is the second day, this time before the senate, signaled yet again the need for a rate cut. We saw the following data. First, the Consumer Price index. This is an indication of Consumer Prices. Inflation at the consumer level, it rose 1. 6 in june year over year. Compare that, though, to the feds preferred inflation gauge year over year, change in what they look at. They look at the core personal consumption expenditure, core pce as its known. Slightly different from Consumer Price index. But it was up 1. 6 in may, comfortably below the feds 2 inflation target, although powell was pretty clear that hes not so comfortable if we fall below 1 . Then we got u. S. Jobless claims for the week. Comes out every week, right. People lining up on the unemployment rolls. Well, that dropped to a threemonth low of 209,000. Thats reflecting the strongest labor market in decades. Then theres this. Former Philadelphia Federal Reserve president Charles Plosser sending up a massive flare about cutting rates, giving this warning on mornings with maria today. Listen. I find the notion that theres this panic that we need to react to troubling, and now theyre in a position where i think to some degree, the feds probably afraid that if they dont now deliver on the rate cuts, theyre going to cause another bout of volatility and they dont want to do that. Thats the curse of paying too much attention to financial markets. Liz is he right . Is the fed watching too closely what you see on your screen . The stock market . Lets get to our floor show traders. Start with you, sarge. I know how you feel about the fed. Lets not get into the bashing that i know you absolutely adore. You know, plosser is saying come on, the data arent that bad, we have to be really careful about preserving rate cuts for emergency times. I think what Charles Plosser and other high level economists misunderstand, its not about trailing Economic Data, its not about the markets. Its about repairing the yield curve which has to be job one Going Forward or else we will lose this economic momentum we have. You will notice today, the short end and the long end have been moving in the right direction. We nearly uninverted the threemonth tenyear today which would have been a huge occurrence. We already know that between the german tenyear bond and the u. S. Tenyear note theres about a 240 basis point gap thats almost never violated. The germans have a little bit of a weak auction, we back off a little bit. Almost like its in lockstep. Almost as if its run by algorithms, which it is. This is what they have to understand. You fix the yield curve, then you can move on to things like maintaining confidence surveys, getting new orders back on track, getting Capital Expenditure back up to speed. You also need the chinese for that. But at least lets start here. I think its important that academic economists dont opine too much because jay powell seems, im going to stick up for him here, seems to have a clue right now. He seems to understand that we need a minimum of a 25 point basis cut. Liz ira, he spoke to the house yesterday. Today he spoke to the Senate Banking committee. Let me play a little bit of sound from today, where he said in direct contrast with what Charles Plosser says, hes not looking at financial markets, hes looking at the data. Heres powell. We are always going to do our work objectively based on data with transparency and we are going to do what we think is right for the u. S. Economy. Thats what were going to do. Thats what were always going to do. So that with data, youre prepared to raise rates if necessary. Absolutely. Well do what we think is right. Liz ira, what do you think is going to happen here . Hes going to cut rates and probably a series of rate cuts, because the fed has europe and japan as examples. Hes looking at that, he said it. He doesnt want to get to the point where we cant get out of that zero Interest Rate trap. What hes going to do, hes going to raise rates enough to create inflation, keep that going. This is not a oneoff deal. This is a minimum of two cuts. I was the opposite. I didnt think he would cut. This has changed an opinion for me. Liz we have about 25 seconds. Got to tell me what you think, scott. The fed funds futures are baking in exactly what ira just talked about. A cut at the end of july. Yep. Powells a lot smarter than me. They should probably cut a quarter but that is it. We are not in dire straits like other economies in the world. I disagree with you, sarge and i love you. We dont need to have this cut right now. This should be forward looking, which they are doing, but if you look at the Economic Data that we have, we are not in dire circumstances. If they cut 50 basis points in a couple weeks, in a couple weeks, you better duck because this market is going to sell off and sell off hard, because Investor Confidence is going to be shot out the window. Liz all right. I dont want 50 points, scott. Not in july. Ill take the other 25 in september. Liz got to run, guys. Our floor show traders, thank you so much. When we come back, a billionaire megadonor for the democratic party, he is going to talk about what the Democratic Candidates should stop talking about in order to increase their chances of winning the white house. Bernard schwartz joins us in a fox business exclusive. Youve got to hear what he has to say. Cant see what it is yet. Re . What is that . Thats a blazer . Thats a chevy blazer . Aww, this is dope. This thing is beautiful. I love the lights. Oh man, its got a mean face on it. It looks like a piece of candy. Look at the interior. This is nice. This is my sexy mom car. I would feel like a cool dad. 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Order now and well send you our most popular treatment boosting accessories. A 50 value absolutely free go to revitive. Com or call. Get moving today has been excellent. They really appreciate the military family and it really shows. With all that usaa offers why go with anybody else . We know their rates are good, we know that theyre always going to take care of us. It was an instant savings and i should have changed a long time ago. It was funny because when we would call another insurance company, hey would say oh we cant beat usaa were the webber family. Were the tenneys were the hayles, and were usaa members for life. Get your usaa Auto Insurance quote today. Liz breaking news. Take a look at twitter right now. Intraday, it is falling. We are at the lows pretty much of the session. We are getting reports that thousands and thousands of people are having trouble logging into their twitter accounts. We also hear that some are saying that their followers have disappeared. We dont know if thats just a temporary thing but heres mine at the moment. Heres my page. lizclaman. It says something went wrong, try again. Twitter says at this hour it is investigating the issues that people are having, which pretty much centers around the inability to access their accounts. A twitter spokesperson says the company is planning an update as soon as they are able to. The microblogging site, of course, popular vehicle for politicians to launch and trumpet their campaigns. The timing for what appears to be a temporary outage is absolutely unbelievable here, because i want to say in about 20 minutes, the president is set to hold a social media summit at the white house that we will be taking so twitter, which was not invited at the moment is struggling and right now, down about 1 for the stock. All right. Lets get to former Vice President and 2020 president ial candidate joe biden. Just minutes ago, he wrapped up a speech here in new york city where he emphasized that his Foreign Policy plan of strengthening bonds with americas allies is in direct contradiction to that of President Trump. Who he says embraces dictators from north Koreas Kim Jongun<