Transcripts For FBC After The Bell 20240714 : vimarsana.com

FBC After The Bell July 14, 2024

Meet the whistle blow and his sources. Why critics fear the ongoing fight could stall some of the president s agenda. Were live at the white house with the latest. Fair, paytoplay. Top College Athletes in california on the bring of potentially making a profit before going pro. Well talk to congressman Anthony Gonzalez a former colts wide receiver what the move could mean for the business of College Sports. Deep discounts on luxury living. Mortgage rates dropping but so are the value of highend homes. Were taking you inside one of those lavish homes later this hour. Melissa it is pretty. Fox Business Team coverage. Keeping track of todays top stories. Deirdre bolton on the floor of the new york stock exchange, blake burman at white house, Edward Lawrence is live in d. C. And phil flynn watching oil from the cme. Deirdre, kick it off. The dow closed in the green. If you look at apple was the standout star. Jpmorgan raising a price target to 20 higher than where apple closed on friday, saying believe it or not it expects apple to do very well with the latest round of iphone models. They will see strong sales. On the dow, that is what you had there. As youve been alluding to, last day of september, last day of the Third Quarter for september, the dow, s p 500, nasdaq all clearly higher for this ninth month. Well take that. If you look on a quarterly basis the dow and s p 500 clearly up for the quarter. Nasdaq just ever so slightly, skating along the unchanged line. Well see where it settles. If you want to know where you stand out stocks are, take a nice step back. Markets from 30,000 feet, apple not surprisingly a standout stock. Strength in proctor gamble, consumer staples, consumer play, another one, nike. Look at ones that hurt the dow. Pfizer, unh, two health cares under a bit of pressure there and also cisco. Quick snapshot for you guys. Back to you. Melissa deirdre, thank you. Connell to washington, firing back, President Trump leveling new accusations today as democrats doubling down on impeachment. Blake burman at the white house with latest from there. Blake . Reporter President Trump and those around him are continuing to question whether the whistleblower should be considered that at all. The president today, for example, taking to twitter to use the hashtag fake whistleblower. He sent out the following tweet at one point earlier today, the fake whistleblower complaint is not holding up. He ends the tweet the whistleblower knew almost nothing. His secondhand description of the call is a fraud. Over the weekend the president tweeted he wants to meet the whistleblower, whoever gave them their information. After swearing in the new labor secretary, gene scalia earlier this afternoon the president suggested that there is an effort to determine who this whistleblower might be. Listen. Were trying to find out about a whistleblower. We have a whistleblower that reports things that were incorrect. As you know, you probably now have figured it out, the statement i made to the president of ukraine, a good man a nice man, new, was perfect. It wasser tech. Reporter condition nell, melissa, news within the last 10 to 12 minutes, rudy giuliani, personal attorney, one of them for President Trump has just been subpoenaed by Top Democrats up on capitol hill for documents relating to ukraine. Earlier today before all of this happened giuliani sat down with Maria Bartiromo and maria asked him what would happen if democrats want him to testify . And he gave this response right here. I cant answer that question right now. That is a very, very difficult question for a lawyer. Despite the fact that the swamp media doesnt accept it, even President Trump has Constitutional Rights called the right to counsel, Attorney Client privilege, Attorney Client work product, things like that. Reporter now giuliani brought into the forefront of all of this. Senate Majority Leader Mitch Mcconnell said today if the house if the house were to pass articles of impeachment he would quoteunquote have no choice but to take it up in the senate. Connell, melissa, back to you. Connell giuliani subpoenaed for documents . Reporter for documents. Connell not subpoenaed yet. Reporter for documents. The question whether or not he would testify. A lot of issues with giuliani. Connell blake burman at the white house. Melissa we have scott martin, a Fox News Contributor and deion. Looking at market here we setted up about 96 points t had been 101 at the close there. Doesnt seem like investors are terribly worried what is going on in washington. What is your take . Did he didnt seem concerned initially. We got a selloff but wasnt a 2, 3 selloff in times like a constitutional crisis which is what some folks say were looking at here. I think the market doesnt see this as against President Trump is going anywhere. They think it could slow down the agenda, tax cuts, deregulation. Things the market did like. But they dont think it will be derailed. The chances of him being put out of the white house is very low. The senate made up of majority republicans. Most of them will have the president s back. Melissa scott, for our audience what impact does it have on the economy and markets . Were looking ahead to getting tomorrow ism manufacturing report. You want to know, does this slow down confidence . Does it slow down execution . What are your thoughts . It probably does, melissa and that was already going on before we had the impeachment talk because of the china tariff wars. Deon is right. It probably down portend outright removal of President Trump as far as developments but doesnt help either. Usmca is still not on the floor. Infrastructure spending is out there. Tax cuts were mentioned. There is a lot of other things the market is counting on early summer that might not happen, might not be in the balance. To me if they go forward with this impeachment process, albeit slowly it, still slows down the other agendas but that keeps market from breaking new highs. Melissa have to watch usmca that is a big one. Connell china trade we always talk about, theyre bracing for a showdown with china facing uncertainty over trade and the escalating tensions weve seen in hong kong. All this on the eve of its 70th anniversary. Get to Edward Lawrence in washington with the latest. Reporter celebrations have already started in china as it is tomorrow there. The administration pushing back on a plan, talking about limiting Chinese Companies from registering on the u. S. Stock exchanges. A spokeswoman for the Treasury Department says that the u. S. Is not blocking Chinese Companies from listing shares at the present time, adding we welcome investments into the United States. Other advisors say today there is an issue with transparency among Chinese Companies. Still this is in the discussion phase. It has not gone to the president. Former Sun Microsystems cofounder Scott Mcnealy says regardless, now is the time to take on china, level the trade Playing Field for the longevity of u. S. Companies. China is no longer just a little third world developing nation. They are the, i think the second largest gdp in the world. Very, very powerful, very strong and there is no question that their intellectual property actions are very detrimental to us. There is no question that their tariffs are higher than the tariffs we have on them. Reporter Sun Microsystems built servers and processors was bought by oracle in 2010. Going into the trade talks with the heads of the trade teams, the chinese are using muted language about all this, quote, we hope the u. S. Will continue to work with china to deepen our trade and economic and financial cooperation. The chinese focus today on the big celebration of the 70th anniversary of the peoples republic. Still china dealing with scenes like this hong kong. Protesters turned violent over the weekend. Reuters are reporting that china doubled number of troops in hong kong to 12,000. Protesters worry the democratic rights will be stripped. Others think the protesters are out of line. Translator we support all policies and reforms and openings by the government. Some people in hong kong are causing trouble and as chinese citizens we are very angry. We must carry on with patriotic spirit. Reporter china well into the celebration. The markets are closed for the week to mark the 70th anniversary. Connell closed for the week. Ed lawrence in washington. Weve been looking forward to this date a long time a lot of people had it circled on the calendars what would happen in hong kong or Mainland China n terms of hong kong those are more disturbing pictures, right . Things got violent over the weekend. Can we have an agreement on trade between the u. S. And china if it still looks as it looks in honk tongue . Well i mean certainly connell i think that is complicated issues for sure between the u. S. And china how they handled hong kong so far. Gosh, guys. Look at behavior of china over the last six months, 12 months, certainly 18 months. Doesnt feel like they want to do a deal. They walked away from agreements they made. They canceled meetings. Changed the tone at the meetings. Sent underlings instead of sending people to get the real deal them. This is longterm game until they outlast trump or get us to fold which were not going to do. Connell china doesnt necessarily quote, unquote wants to do a deal. What about the u. S. With a trial balloon appears floating on friday, limiting investment or banning Chinese Companies from listing here . Does the u. S. Really want to get a deal done in the short term . How do you think the administration views it . Trump could really use a deal. A deal would be great for him. It would bolster his reputation as a dealmaker t would certainly calm the markets down. There are black clouds that are hanging over both sides. Images on the screen coming from hong kong. That is a big problem for xi xinping, president of china. President trump has impeachment ordeal hanging over his head. That is what the market worries about. They want the tariffs to stop. They want increasing tensions to stop. They want things evened out with the chicago pmi today. This is having real impact on the on the u. S. Economy. Were seeing impacts on the heartland in the u. S. , that area that chicago coughs, the midwestern states where we get manufacturing and trade, and all that. Were starting to see that have an effect. A deal would really help ease tensions and get things back on track and that is what the market wants to see. Connell well see what happens later this month. The next round of talks. Deion and scott, thanks so much. Melissa oil settling down 3 . Phil flynn on this one. Phil. Big slide today. Saudi arabia production is back to 100 since the attacks a couple weeks ago. A lot of traders credited that, with concerns about slowing growth globally. We saw the euro hit a 28month low on slowing growth concerns and that really drove the market lower. Good news the gasoline prices for consumers that really spiked up because of the saudi attack saw gas prices spike up over 10 cents. Hopefully they start to come down with production coming back online. There are still hurdles for saudi arabia to get the oil out on the global market. Even though production is back online, they will still have a hard time refining it because their Refining Capacity down a bit. Lets hope the gas prices come down. Back to you. Phil, thank you. Connell senator Bernie Sanders pushing for higher taxes, surprise, surprise, on companies with wide pay gaps between their top executives and their workers. What his plan could mean for you. Melissa great idea. Plus impeachment buzz continues in washington so how could it all impact the 20 20 election . Were breaking it all down with karl rove, former george w. Bush Senior Advisor. Thats next. Connell you may want to check your medicine cabinet, theyre pulling zantac and other heartburn medications from the shelves. That is coming up. Melissa big story. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums there is a chance thats the last time. 300 miles per hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me retirement is protected. Annuities can provide protected income for life. Learn more at retireyourrisk. Org ll sale on the provide protected income for life. Sleep number 360 smart bed. You can adjust your comfort on both sides your sleep number setting. Can it help keep us asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. And snoring . No problem. And done. So you can really promise better sleep . Not promise, prove. And now, the queen sleep number 360 c4 smart bed is only 1,399, save 300. Plus 0 interest for 24 months on all smart beds. Only for a limited time. Billionaire class in this country, not only are they going to pay more in taxes they will pay significantly more in taxes. Melissa everybody is cheering. Taking aim at wall street again. President ial candidate Bernie Sanders announcing a quote, income inequality plan today, calling for a significant tax increase on companies that pay ceos more than 50 times what the median worker makes. Here now to react is karl rove, former Senior Advisor to george w. Bush. He is also a Fox News Contributor. Karl, thank you for joining us. You bet. Melissa i love about this idea, his remedy is to tax, between 50 to 100 times the median worker versus the ceo. It would be. 5 . He will increase taxes so he will confiscate the money to give it to the government. Not to the worker. Yeah, go ahead. The little man will get screwed on this, the little man, the little woman. These companies theyre targeting a large number of entry level jobs, retail, fastfood, it will be walmart it, will be mcdonalds, the retail shop. Yeah there will be disparity between very large number of people who have to make that enterprise work to operate and the management of that firm. As a result medium, Median Income will be relatively low. So compared to say for example, the Financial Institutions or big manufacturing plants or oil and gas. Melissa yeah. So what is going to happen he will penalize company that oftentry level jobs. That means he will penalize people looking for their first break if life a whom a job at mcdonalds or job at walmart must be first entry into the workforce. So lets penalize the opportunity for people to get a job and begin a career. Forget it. Melissa because, what is going to happen is, if you look at a place like walmart, the easiest way to change the ratio is to have fewer employees. Exactly right. Bingo. Melissa you move towards automation. Right. Melissa look at somebody like Doug Mcmillan the ceo of walmart, the walmart ceo makes 1076 times more than the median worker. Well its a company that has 275 million customers, 11,000, more than 11,000 stores. He oversees 700,000 employees. I dont know, he has a pretty big job but you tax other option, karl, they can raise the prices of everything in order to pay for the tax. Either way. A little bit of both will happen if it does happen. But look, think about this, what weve just said here for a minute. Here is a company that went out of its way to say everybody is demanding a 15dollar an hour wage. Were going to offer that for all our starting employees. Well phase it in but everybody will have the 15dollar minimum wage. How do they get, what is the response from Bernie Sanders . Not to say, wait to go, thank you so much for doing that, to say, now that you have met that one demand, here is another demand i will tax you because youre paying your ceo too much because youve got so many new jobs youre providing to people who are entering the workforce. He speaks, he claims on behalf of the little man and the little woman but he giving them particular if theyre young a harder start. Melissa Republican Party reportedly raised nearly 15 million on the impeachment threat. What is the impact of people what is going on, as a result of impeachment . One thing the massive fundraising, what do you see as implications Going Forward . Both sides are fundraising on isnt. They both are. We dont know what the democrats have gotten off of this. 15 milliondollar figure was like in the first 36 hours, thereabouts after this all broke. So the republicans have an advantage they have got one candidate and party organization. We dont have similar numbers from the dnc. And the democrat president ial field is split between so many candidates. Melissa yee. It will show show persistent strength as we go into 2020 because the democrats have their money divided between all these president ial candidate who are fighting among each other for the nomination while trump is able to build up these big resources. He, his campaign bought 10 million worth of tv ads in response to the impeachment feature joe bidens speech at the council on Foreign Relations bragging melissa im glad you brought that up. We want to look at, impeachment thing to a lot of people it is just noise but what matters is, it is shaping who will be running against President Trump. That makes a big difference. If you knock joe biden out who

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