Transcripts For FBC Mornings With Maria Bartiromo 20240714 :

FBC Mornings With Maria Bartiromo July 14, 2024

And so well talk. No. Thank goodness, and lets talk about markets earnings. I want to know what hes fixing. Fixing facet. Lets talk about markets and the recordbreaking last week. Futures are pointing to higher ownership a 28 point gain on across the board after all three major market games finished in record territory on friday. Second quarter earning season kicks off in about two hours. City reports President Trump tweeting on the economy last night, were doing great economically as a country. Number one, despite the feds aint waited policy on raids and tightening room to grow. Mitch lets start with again the feds getting ready to cut Interest Rates based on all indications. So thats thats not tightening. But lets talk about earning season what do you expect because again, rip to, quote, ya a rip roaring market but you have earnings are expected to come in negative for this quarter. Last quarter same i mean for the Second Quarter, and negative even in the Third Quarter based on expectations right now. Clearly the good news is the fed potentially making money more easy. But the bad news is estimates for the Second Quarter are down 3 and that was yes for the the First Quarter as well and then came in almost flat so they may be above sandbagging going on by corporate america. But theres 80th s p 500 that are indicating that perhaps the earnings will be disaa pointing guidance that theyve already given. So its strange that the market is as enthusiastic going into earning season, i think what market parpghts now is fact of the matter is back will be probably strong or and maybe some of the companies are beginning to expectations as they do 80 of the s p 500 beat expectations. So i think baked into the pricing right now, is the fact that earnings are going to be very slow. Because they were negative in the First Quarter down 3 tenth of one percent and expectation for the Second Quarter is 3 decline. Exact expectation for the First Quarter came in down. Dges still negative, and expectation for the Third Quarter is negative 9. 5 of the so were official lily looking at earnings recession which the gdp number only corporate profits are already told us based on Fourth Quarter and First Quarter. One thing to remember that last year was aberration because of the benefit of the lower tax Corporate Tax rates. So we are comparing this year to much different last year. Gary and there are a lot of people who when you look for Companies Saying were not really sure that it is Earnings Growth that is driving the stock market higher. It is the fact that debt has been so cheap. Im actually watching reuters came out with a report yesterday saying that u. S. Companies may be able to do business with huawei so i know thats giving a little support thats not confirmed thats just one News Organization that has it. But thats giveing a little support this morning. A report out that were going to get it to later this hour about huawei cutting jobs in the u. S. So again thats the as a result of being blacklisted. Exactly. So thats part of the trade tngses with the United States because it is all part of one thing. Black rock global fix income chief investment was on Maria Bartiromo wall street weighing in on these markets. Listen to this. Well get your reaction. We heard a little jay powell the fed we heard ecb minute there is. What was your reaction . A huge week and when you think about after the trade agreement we get debate or not but it was after that, then you have powell ecb and christine news is a very big piece of news. I think that is more aggressive going forward. Markets have certainly started to react to that. And by the way, the cpi report you know we dont think inflation is moving that much higher but it is nice to see that now all of a sudden theres a bit of Pricing Power that companies for the equity market you know i thought it was pretty interesting that you have a bit more inflation and saying that is hard for the fed not really. But the fed is going to keep moving because theyre worried about Global Growth companies have Pricing Power and used car apparel a bit better and place have been tough pretty good news. So yeah if you take the last two weeks, pretty good set of developments for the markets. Speaking of Global Growth we found out this morning, that china is experiencing a pretty serious economic slowdown, the report out it was that the economy in china grew at 6. 2 in the Second Quarter and sounds awesome but slowest rate since at least 1992 so the slowest rate on record the president s policy this tough trade policy, the tariff fight is taking a toll on the chinese economy. On that way is on the u. S. It does, and this is where the president will have to really test the loyalty of his supporters that he put everything in context of an election because we shouldnt be making decisions based on thats the real house. Exactly but at the end of the day people have to be willing to have a longterm understanding of the fact that this is going to take a while and theres some pain before there could be potentially any gain but when you hear people on ground talking about president policies with tariffs and trade, a lot of Trump Supporters say theyre willing take pain because china is too powerful. Theyre willing to go through this. Mitch a sign this is working story in journal is that one of the top stories in the paper manufactures are moving their supply chains out of china. That this is part of the strategy it is not just that finally you have a president standing up getting tough, and a manufactures are saying and American Companies are saying you know what this is going to be a change just to name a few of them. Crocks yeti cooler roomba make 65 of the furniture all of the that going to vietnam. Ive spoken to Business Leaders asked about tariff and supply chain and they were reluctant to shift is around where they make stuff but whats interesting is not the tariffs per se but uncertainty regarding whether the not theyll be in and what they want the certainty and if they can find certainty in indonesia or malaysia or inked why and vietnam theyll shift there. Problem is it is a long process you just cant pick and move a factory and define a vender in that local jurisdiction that you can trust is a challenge. It depends on how complicated products are that are manufactured more complicated the product the harder it is to move it out of china because the way that theyre manufacturing. So topnotch quite frankly. And one of those things that is cheap really is what is cheap. Cost is big thing because reason why theyre not bringing them back here is they cant replace labor cost it is night and day. Lest stay on china investigating google. This is thats what billionaires investor peter teal reportedly says that fbi and ca should be doing as a result of a tech giant work with the chinese military. Again, this is something this is part of the overall fight that President Trump has taken on to call out china again it is military aggression. Its desire to essentially dominate the entire world. Yeah i think what peter is saying well how come google you wont work with the puss military . But youll work with china and this is based on his view of a project that google was viewing as having a censored Search Engine in china. So i think the implication is that it could have military implication im not sure it is a direct line, but peter likes to cause a rift in waters every time again. I think him speaking at the Republican Convention again he was yeah. And hes very, obviously, disruptive. But yeah. Well see what this does to google stock today. J i think look at big tech something thats probably bipartisan if both sides of the aisle could agree upon what they dont like about big tech. But fact of the matter is to many candidates on the campaign they are attacking big business and big tech part of the big business. To bring it full circumstance pl big tech is one of the areas that people very concerned about and in terms of the Earnings Growth there, and journal says decline in margin for largely expecting to change that. That has been leading tech has been leading this rally right for the past 18 months so it is true with all of these concerns that dont bode well if texas slow down. I dont see replacement sector right . We have retail sales coming out later this week for the last not for may they were up half of one percent. They revised private months i think retail sales are strong you heard it here. Prime day. Prime day today hey i have a free bag. Whole fooded wasnt that the bet somebody gave me a free bag overly enthusiastic about this. Long conversation with the cashier who helped me about what it was like to work there. Positive, negative well they have Health Insurance and dental, and 401 k and this day and phage you get dental insurance it is pretty good. She liked it and like it is better than previous job. At walgreens, so she gets paid more so there you go. Well sounds like 401 k plan and a free bags. For everyone it was just one day only made my sunday you find in new york it is not the company that people work for, it is the people that they have to deal with. The customers not the corporation. [laughter] coming up, louisiana under water cleanup from Tropical Storm barry begins today as flood waters start to recede there but threat is not over yet. We have the the latest plus huawei strug pl the chinese tell come giant planning massive layoffs in the u. S. The fallout from the blacklist straight ahead. Most people think a button is just a button. 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. Your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. Iran offering to negotiate with the United States under one condition, Cheryl Casone has the details. Cheryl. Good morning iranian president said in a televised speech yesterday that iran is willing to talk with the u. S. But only if sanctions are listed. Iran recently begun surpassing limits in the deal but said move can be reversed if given enough economic incentive. An interview with with Washington Post secretary of state pompeo dismissed rouhanis idea. Well jeff reepstein due back in the court for a bail hearing as several nor women claim they were abused by epstein had which they were minors offered to put up to 77 Million Dollar manhattan apartment, and his private jet as collateral to guarantee hell show up for trial on federal sex trafficking charges and theyre opposing his bill and charge that epstein fade to buy asylum. A potential witness well major hayoffs reportedly are coming to huawei here in the United States. Wall street journal is reporting that hundreds of people could be let go after the Trump Administration blacklisted the company. These job cuts expected to affect Huawei Research and development for said area which has labs in california, texas, and Washington State. Those are your headlines dagen. Thank you so much cheryl, and ill tease the story that you have coming up, de blasio must go. [laughter] new york city fell into a blackout and this dude was in iowa. Managing the crisis from iowa so i know it is a new york story but he is running for the democratic nomination talk about about that coming up. I cant wait. [laughter] i love people are angry. I cant even start yeah. Well have that in a bit. But you know what you need to take trains run on time to keep light on thats pretty much the basic element of your job. [laughter] this guy cant even do that. And then well take you down south thank you cheryl extreme weather in the south. Tropical storm barry leads much of louisiana underwater and it is taking a toll on gulf Oil Production what it means if prices at the pump as they rise. Plus amazon prime day how a strike could impact you. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. Serious side effects may include pancreatitis. Taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. 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. Its just really chic. I love this thing. Its gorgeous. I would pull up in this in a heartbeat. I want one of these. That is sharp. The allnew chevy blazer. Speaks for itself. I dont know who they got to design this but give them a cookie and a star. What do all these people have in common, limu . Oug [ paper rustling ] exactly, nothing. Theyre completely different people, thats why they need customized Car Insurance from Liberty Mutual. Theyll only pay for what they need [ gargling ] [ coins hitting the desk ] yes, and they could save a ton. Youve done it again, limu. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Tornado in flash flood warnings are are threatening the gulf coast as water start to recede in louisiana. Thousands remain in the dark with tropical depression barry slowing moving land. Fox news Casey Stegall is live in new orleans with an update for everybody. Hey casey. Hey dagen good to see you a 51,000 customers around the state of louisiana still remain without power this morning although the number is going in the right direction considering the Energy Company here says that service to about 188,000 customers has already been restored nearly 4,000 energy crews are out and about put out new pole and lines working to get everyone back online as soon as possible. Meantime as you said the recovery has already started in some of the lower lying parishes that took on water. Look at this video out of grand aisle louisiana south of here where the u. S. Coast guard says it is infecting the waterways to make sure that they are safe for boat traffic to resume. That is a huge fishing spot down there and shrimping spot a lot of boats in and a out. Louisiana govan saying he is grateful barry did not pack as big of a punch as they were thinking. Obviously barry has been an extremely slow moving storm that from its very own section has behaved differently than other storms other tornadoes that we have experienced. That being said i for one am extremely grateful that the forecast did rain and flooding. Did not materialize. Meantime flights are slowly starting to resume at new Orleans International airport today, last night Delta Airlines started bringing in aircraft and trying to get flights going. Bus services are supposed to resume today here in new orleans. So no doubt this thing is starting to lift up into arkansas right now create a problems up there and right now new orleans really breathing a collective sigh of relief this morning. Dagen. City thanks so much for that. City stegall in new orleans. Meantime Oil Production in gulf of mexico taking a hit as Tropical Storm barry makes its way through the region. Tropical depression causing a 73 shutdown of production there joining us now price futures group, flynn good to see you phil as always this production can get back up pretty quickly assuming theres not any damage. It can and were already seeing that some of the exxonmobil and couple of other companies are out there restarting production. And it is almost amazing to me had you consider the fact of what they have to do to get all of the people off th

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