Transcripts For FBC After The Bell 20240714 : vimarsana.com

FBC After The Bell July 14, 2024

Luxury gym equinox and soulcycle, despite the growing calls to boycott his businesses. We have the latest response from President Trump. Plus campaign tradition in full swing. 2020 democrats at the iowa state fair. It is not all fun and games. We have the latest from des moines, one group is calling on its representative to spend a little more time at home doing his main day job. The hong kong airport once again occupied by hundreds of demonstrators as police brace for the 10th straight weekend of protests. Fox Business Team coverage. Edward lawrence is live at the white house, Jackie Deangelis is on the floor of the New York Stock Exchange and phil flynn is watching gold and oil at the cme. Edward, lets kick it off with you. Reporter you heard it here President Trump says he is not ready, were not ready for a trade deal with china. The president unloading on the chinese earlier today, say tag china needs a deal. China is doing horribly, horribly, first time anyone can remember. They are having a year like they have never had, almost, you know, go back 30, 40 years. They are having one of the worst years ever. Reporter the president also turning up the heat saying the u. S. Government will not do business with huawei. The ban will extend to business contractors, Government Contractors in august of 2020. President stopped short saying that the u. S. Dollar needs to be weaker. He said china was currency manipulators. He would like the Federal Reserve to lower Interest Rates by a point or more over time. We have the safest currency in the world. We have the standard of the world. But because it is so strong, it has gotten so strong, because other countries have problems, it makes it harder for our manufacturers. If we lowered Interest Rate by Federal Reserve that would automatically bring down the dollar a little bit. That would make it easier for caterpillar and these companies. Reporter the chinese trade delegation is expected to be here in september. The u. S. Trade delegation is waiting on the chinese. Theyre making preparations for that facetoface meeting. One, well have to see if they show up, two, if anything cops from it now that tensions are increasing. Melissa thanks, edward. Major averages ending the week in the red. Jackie deangelis on floor of New York Stock Exchange. Jackie. Reporter melissa, red across the board and also for the week for those three major indices. Obviously china trade issues had this market very jittery all week. Back and forth it was very volatile, not typical in terms of the kind of August Action we usually see. Having said that it rippled across all sectors, it had an impact, especially areas like big technology. They do business in china. But also in the industrial names, retail names as well. In terms of the dow and big losers we saw caterpillar and intel, they had a rough time this week as well as ibm. Back over to. Jackie, thank you. Oil closing up more than 3 but down nearly 7 so far this month. Lets go to phil flynn with all the details. Phil. Reporter the bear market might not be around very much longer the way the market is coming back. Part of reason we saw a big comeback today the fact that saudi arabia is sending signals, not only will they cut production to customers next month, theyre getting ready to lawn of ipo of saudi aramco. They will fast forward next year. Oil traders know what that means. That means saudi arabia cant allow oil prices to fall too much further. Theyre taking steps to reduce inventory. That is going to be very bullish for oil. At the same time we got a private forecaster, gemscape, reported that supplies at cush, oklahoma, a key distribution point, fell 2. 3 million barrels. The talk of oil enjoin terries low. It continued to hold in there today. Traded higher, traded lower. With the possibility of donald trump talking about you know, more Interest Rate cuts, uncertainty about what can happen overseas over the weekend, that is giving gold bulls a Bright Future into next week. A very exciting day down at cme. Back to you. Melissa i dont know if i believe the saudis about the ipo. They have been saying that a long time. Lets bring in todays market panel. Gary b. Smith, fox news contributor. Carol roth, future file planning legacy system. Thanks to you both for joining us. Gary, i will start with you. What is reaction to all the crosscurrents . Every day a new take with china, deals on, deals off,. Until we reach some sort of resolution, maybe even better, there is no headline news, im not sure we will get a resolution, i think market is going to continue to go up and down, by big numbers. I will say overall after nearly, what, four days the dow dropped 1000 points, very hard for me to believe it is going straight back up. Weve seen, you know, were up and then kind of a little flattish today. I think we do need to probably drop down at least, retest the lows that we said earlier this week if not a little bit further. Right now im not very bullish. Melissa care, what about you . I think gary is a very wise man, i hope everybody is stocking up on their dramamine. I think well see ups and downs, ups and downs. If you think about china i dont know anybody thinks well get a deal but the question will tariffs increase in september . Is that a bluff . Are the talks on, or are the talks off . Every time we get a piece of headline that will shift things. The same thing with the fed, they will move 25 basis points, signal that is on the table for the future. It will not be as much as the market wants. Every time a little piece of information comes out, you will get a wild swing up or down. When you start gettingdown swings, i would have your Shopping List ready, look at names maybe you want to add positions. Were not getting out of this anytime soon, melissa. Melissa cutting ties, as Edward Lawrence just reported. President trump telling reporters today the u. S. Government is done doing business with huawei. Listen the. Were not doing business with huawei. Were not doing business with them. I really made the decision. It is much simpler not to do any business with huawei. So were not doing business with huawei. That doesnt mean we wont agree to something if and when we make a trade deal but were not going to be doing business with huawei. Melissa after the Chinese Telecom giant unveiled a smartphone operating system that could replace googles android in an effort to insulate itself against u. S. Sanctions. Gary, what do you make of that move . Well, you know, it is interesting. I dont know what percentage the federal government is of huawei. I would suspect it is fairly small and to me it is kind of as we used to say sleeves out of the vest. I dont think he is giving away anything. I dont think he is getting anything because most of the Government Agencies do business indirectly with googles and other people that are doing business with huawei. So it sounds good. It sounds tough. You know,. Melissa yeah. I dont think it will make any difference though. Melissa carol, you want to stand firm and not have any of the Huawei Technology embedded, any hardware for sure embedded in our infrastructure when it comes to the government because they claim huawei is not an extension of the Chinese Government but, i dont know why we would possibly believe that . Yeah. I actually really like this move. I wish this is the entire tactic structure that the president and his administration would be using to negotiate with the chinese because i think this is where the issues are. The issues are on spying and cybersecurity. Melissa right. Ip enforcement. This is much more important than the tariffs. They can take the whole tariff thing, put it away, stay focused on this, from my standpoint this is a really good tactic. I would like to see more on this, less than the tariff side. Melissa i think the two are intertwined. Everybody would like them separated using one or the other to put pressure. Interesting stuff, guys thanks so much. Youre welcome. Melissa defending politics and business, President Trump defending billionaire stephen ross as he faces a major Backlash Holding a fundraiser for his Campaign Amid calls from celebrities. Calling for them to boycott equinox and soulcycle. Oh, no. Will the move backfire on the Democratic Party . Steve forbes, forbes media chairman sounds off next. Plus a billboard sized message from the big apple. Bill de blasio one coalition is calling for the new york mayor get off the 2020 stage, get back to his mayoral duties. Do we really want him doing that . Might be better to have him far away. We might have to think about that. 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One of them was gaining extra attention as focus is on stephen ross. He is known in the miami community, owner of the miami dolphins. University of michigan donated hundreds of millions of dollars. He heads up the related group which owns some of the newest, brightest Properties Across the u. S. And in some of the largest cities in the u. S. His portfolio also includes investments in the luxury workout chains equinox and soulcycle. Here is the issue, some customers, antitrump activity individuals are causing for boycott. Ross tried to back away from some of the president s policies. Ive known donald trump for 40 years. While i agree on some issues, we strongly agree on others. I have never been bashful about expressing my opinions. Rnc, Trump Campaign saying ross is exercising his First Amendment rights. When the president left the white house earlier this morning for those fundraisers, he also said rose is raising his profile in this case for the better. He is a great guy. He is, by the way i think he is probably more inclined to be a liberal, if you want to know the truth but he likes me. He respects me. The controversy makes steve ross hotter. Figure that out in about a week. Reporter despite all the controversy here the president says the fundraisers were sold out and will raise somewhere around 11 or 12 million. Melissa . Melissa blake, thank you so much. Here now to react, steve forbes, forbes media chairman. So, steve, one thing really makes me laugh is that i follow related for a long time. Im familiar with all the guys who run it. Im not sure that stephen ross is really right of center. It kind of reminds me that something donald trump said a long time ago, that every Real Estate Developer in new york gives money to every political candidate across the spectrum, you have to cover your bases. You have to get permits. I bet he is given money to schumer. He has given money to de blasio. He will probably give money to the democratic candidate as well. What do you think . A prominent Real Estate Developer, John Catsimatidis ran for mayor several years ago, may run for mayor, when you did work with new york city you had to be a democrat. Of course they will cover bases. Melissa right. This is a sign of the poisonous political atmosphere today, if you do anything they will be attacked. You see what happens at senator mcconnells house. Congressman castro trying to shame, get pressure, harassment of people that gave to donald trump. Melissa yeah. This is the kind of thing people dont like. It is poisonous. Im ready to sign up for soulcycle hard as that is to believe. Melissa dont get crazy. One good thing, people may give twice before they give money. I would not be sad if there was less money in politics, netnet. Maybe you could shrink the money going in. That is probably a pipedream. Takes money to get a message out especially in this day and age. The grassroots. When you have karl rove on, he said the most powerful money right now is the very small money from the individual donors. Maybe kind of discourages the big guys with a lot of money. The other thing that i think is funny, you look at two businesses that related is invested in, if you compare look at soulcycle. Theyre getting slammed. People say they will give back the membership because he owns it. The ceo of soulcycle is actually, i think pretty liberal i heard a number of times. Right. Melissa her business is getting slammed. She does not like trump. The chef, who has that anchor restaurant in hudson yards. He quickly denounced stephen ross, who is also a major investor for him. And he is not getting boycotted. You know theyre not saying to him, oh, you got to close down your restaurant because youre a stephen ross property. Youre on hudson yards. People should boycott you. It was a Smart Business decision for that chef to slam ross who supported him. Now his business wont get boycotted, do you note the irony in all of that . Shows how crazy the atmosphere is. Theyre targeting certain people. By golly, small donors. Dont be surprised if in the future people start looking at them, calling up employers, calling up friends. I have seen this with the people who fight some of government unions on the west coast what they go through. It is bad stuff. I think highlighting, actually shows most people will say, i will buy what i want to buy, i dont care who owns it. Whether theyre good or bad in my mind, do what you want to do. I bio occasionally ben jerrys ice cream. Those are two, were very far leftist. Sells a product unhealthy for you. Clogs your heart. I will not boycott it at my age. Melissa you cant keep up with the boycotts. Everybody day youre supposed to boycott 10 new companies for 14 different reasons. I bet you we need to go back in a month, how many people quit and stay away. They stay away for a week and go back. Number of people promised to go to canada because of a certain candidate. Melissa theyre all still here, dammit. While youre here, the high state exodus, hightaxed state exodus continues. New numbers reveal florida is the number one beneficiary from relocations out of all 50 states by a landslide. Part of it is has to do with weather, everybody in florida, texas, these folks coming down there to avoid taxes are going to turn their states blue and vote it back to the same nonsense that is going on in new york and california. Do you think people that relocate, will then vote in the other direction . In florida i dont think so because many are people who have accumulated resources over their lifetime. They know why theyre moving to florida because of taxes. But amazing too, how in many other areas people dont remember why they moved. People leave california. They still vote blue in states like arizona and nevada. New hampshire got a huge influx of people from massachusetts when it was known as taxachusetts. They voted for hightaxed candidate in new hampshire. So people got to be reminded, why did you move . What did you leave behind . Why do you want to bring that here . So it as matter of persuasion. I was talking to Wealth Managers today. They say, in new york, numerous people, numerous of their clients are moving to florida. Why . Taxes. Melissa yeah. No, it is huge. There is even if you look at private schools in new york, they say applications were so coveted now theyre down by 50 . I hope so. The New York School situation, i wont get into that. Melissa another time. Good talking to you, steve. Have a great weekend. Melissa please, im with you. I have got three kids. When trump meets kim again, President Trump sounding confident about resuming Nuclear Talks with north korea even as the rogue regime continues to test Ballistic Missiles. Where things currently stand. Plus hong kong uprising, massive protests set to fill the streets for the 10th weekend in a row. So has the city hit a point of no return . A report overseas next. A report overseas next. A report overseas next. Introducing the allnew chevy silverado. With fif

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