Transcripts For FBC Mornings With Maria Bartiromo 20240713 :

FBC Mornings With Maria Bartiromo July 13, 2024

Package may not be needed. Dow industrials down 76, s p down 4 points and nasdaq lower by 2 and a half this after roller coaster week on wall street where we saw dow industrials go back to bull market territory posting largest weekly gain since 1938. Dow, nasdaq, s p 500 up better than 9 on the week. We are now off of the lows at 20. 54 a barrel, down 97 cents, 4 lower. Cases of coronavirus are rising across the country, death toll topping 1,000 in new york. Mayor de blasio says people who do not practice social distancing in the city can face fines up to 500dollars. A Million Dollars raised fox last night including fox business. More Companies Help to go fight the war on coronavirus. Manufacturing, medical supplies to free flight to healthcare workers. Mornings with maria is live right now. Maria lets check Global Markets this morning as u. S. Searches for direction. We have weakness across europe, cac quarant down 41 and dax index in germany lower by 32 points. European leaders continue feuding unable to take unified action to compact combat the impact of coronavirus. Businesses and consumers across the euro zone lost confidence ever during march as impact of virus grew. Red across the board overnight. That was the largest cut in nearly 5 years, injecting 7 billion in money markets. The worst performer was japan. Lets check Interest Rates. 10year treasury is lower. Yield down 4 and a half basis points right now. The 10year sitting at level of. 638 following two consecutive weeks of losses. In the United States the total confirmed cases now accounting 20 of cases across the globe. 2500 americans have died from this virus. President trump says that social distancing is helping to curve the spread of the virus. Hes extending social distancing guidelines through the end of april, until april 30th the president says. Hes calling previous easter target aspirational. Therefore we will be extending our guidelines to april 30th to slow the spread. On tuesday we will be finalizing the plans and supporting data and strategy to the American People. Maria the president also thanks the American People for playing their role in social distancing and predicting a date of june 1st when we can hope to see the economy begin to recover. Meanwhile white house experts saying that we could see 1 million covid19 cases. Possibly 100 to 200,000 deaths. Its not its not a certainty that we would hit the numbers but cautioning it could happen according to dr. Fauci. Now topping 723,000 in the world. Italy has the most deaths, nearly 11,000 people died in italy. Spain nearly 7,000. Then theres china, iran, and france, rounding up top 5 followed by the United States with 2500 deaths so far. The u. S. Leads the world with the most cases meanwhile at 143,000 cases in america. Italy now with 97,000 followed by china, spain and germany. Meanwhile the number of infected First Responders also on the rise. In new york city the Police Commission says he expects 900 officers to test positive for coronavirus today. Almost 13 of the force is out sick. 3 members of the department have died of the coronavirus in the last few days. Cleanup under way after possible Weekend Storms push through the south. Homes and businesses are destroyed after his ef3 tornado touched down in jonesborough, arkansas. Italy reporting that two 100yearolds have beat the coronavirus. First 102yearold woman who made miraculous recovery in italy hospital and 101yearold man resting at home days after testing positive for covid19. Markets this morning volatile as ever, the president is now extending social distancing guidelines meanwhile through the month of april. Futures are shedding some gains, we are looked at mix story this morning as you can see the dow futures are down 4 points. S p futures went positive. Up 5 and a quarter points and nasdaq futures up 18 and a half. This after investors saw roller coaster week. It was the biggest weekly gains since 1938 last week as you could see from those numbers. Joining the conversation this morning Dagen Mcdowell, fox business Dagen Mcdowell in new york, kings View Asset Management and Fox News Contributor scott martin apong with pwc partner Mitch Roschelle, good morning team. Mitch good morning. Scott hey, guys. Maria the president said we would like to get back to work by easter and we have the social distanning and the guidelines extended through april, april 30th, dagen. Dagen indeed, virtually no cash flow in this country to get to the other side of this to even Start Talking about a recovery particularly in jobs and and finances in the economy. I want to point this out the wall street journal has incredible article about the make or break week in america this week. So the u. S. Restaurant industry has lost 25 billion in sales. 50,000 stores of u. S. Major u. S. Retailers that have been shutter and guess what is due repayments and many restaurants and retailers saying they will not pay rents which poses a threat to 3 trilliondollar commercial mortgage market. This is what we are talking about, what is going on in the real world and how its going to play out in the Financial Markets and to quote scott heimer, my experience in all kinds of markets including financial crisis is is bottom fish asking the most expensive sport in the world and he thinks 10 to 20 downside in equities and high yield default rates in the next year. Maria meanwhile i spoke with larry kudlow yesterday on sunday morning futures about what it is going to take for the u. S. Economy to reopen for business. Here is what he said. Are you wrangling with this question every day when to reopen the economy . Everybody is leaning towards keeping americas great economy first of all as stable as we can in the next few weeks, maybe its going the take longer, i dont know, but obviously all of the economic assistance packages, 6. 2 trillion as you know are given we will give direct assistance to 175 Million People. We will come back strong, but a lot of this depends on the virus and whether we can flatten it out and get to go town. Maria Mitch Roschelle, your reaction. Mitch you dont have to lock past the oils future market which was down around 18 to show you that theres fear that the Global Economy is slowing and will continue to slow and i think that thats the real message. This is not just a u. S. Problem. Its a global problem and i think the president indicating that we are not back to business until june, i think thats what the market is trying to digest this morning, what that means. I will trickle back to what dagen said. I think this is a make or break month. The biggest question i got over the weekend from Small Businesses and friends and Large Businesses is what do we do with rent payment this month . So i think theres realities rippling through the Financial Markets as we start to see the risk of defaults in a lot of securitized products. Maria scott, the cdc issued tri state travel advisory to slow down covid19. President trump says a mandatory quarantine is not necessary but rage it is rumor that he would do that. The 5 states with mandatory 11day quarantine for travelers are florida, rhode island, texas, maryland and south carolina, scott. Scott yeah, what scares me, maria, in illinois where weve had a pseudoo quarantine for 14 days. A lot of people dont seem that they are adhering to it. Traffic is down, yes, the number of people that are out, yes, are down but people are still out for unknown reasons, so until, maria, people take this seriously, adhere to recommendations from officials i think you still have risks as larry kudlow says that this virus is not contained say in april or may and have further impact to businesses in a longer time that we are stuck this this thing. Maria yeah, really the market needs clarity obviously. We need to understand what the earnings picture is going to look like for the rest of 2020 because we know that we are going to have a contraction the Second Quarter. We know that we are going to have slow growth if not another contraction in the Third Quarter, dagen. We will speak with sam stoval. Dagen not just in new york area but across the country and just to point out rhode island over the weekend it amended order where it went after specifically new yorkers. It was sending the National Guard, looking for new yorkers to tell them to quarantine for 14 days and threat of lawsuit from the governor of new york, the rhode island governor amended the order to include any anybody coming into the state not just new yorkers but andrew cuomo called it unconstitutional, luckily the governor of rhode island backed off on that. Maria unbelievable. We are just Getting Started this morning at 7 00 a. M. Eastern this morningly speak with agricultural secretary sunny perdue on impact on farmer. Chief investment strategist sam stoval on markets in getting clarity, plus Washington Examiner byron york will weigh in on president ial race, the impact there. 8 00 a. M. Eastern kyle bass on the markets reaction to the coronavirus pandemic and Misinformation Campaign coming out of china. New york archbishop Timothy Dolan here and austin joining me on the shifting labor trends, dont miss a moment of egg, big 3 hours coming up. 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Maria these are such extraordinary times and they are calling for, i guess, extraordinary moves. I want to get your reaction to this as well as the panel because the government is now going to take stakes in the airline industry, possibly boeing as well. I spoke with National Economic director larry kudlow about this, about the extra executive compensation for Large Businesses and what will be the result of having the government as a shareholder. Here is sunday morning futures, watch. Is the government going to be activist shareholder or wanting to tell the companies how to run businesses, larry . I dont think we will be activists but we are laying down some conditions as i think you know no stock buybacks, no executive compensation increases, things of that sort. Maria apparently, michael, the government will get warrants and get equity stakes in the airlines. Mike people forget the government made a lot of money in Bank Bailouts a decade ago. I was in Morgan Stanley at the time. I believe that Morgan Stanley paid back in months and i think once we weather the storm and get through it this is an opportunity for the taxpayer to make money, so i think thats the right way to go. I think its a situation where it will work for everybody and will work for the companies, itll work for the government and work for the taxpayer. Maria dagen, its just so different than anything that you would expect come out of Larry Kudlows mouth after years and years as free market economists and talking so much about independence and free markets that now the government is going to be a shareholder because Steven Mnuchin told us last week, they look at the airlines as National Security. Dagen they are and the airlines are a special case in all of this because theyve been bailed out once by the federal government, they were still reckless in their management. Delta, for example, went bankrupt shortly after that and then they were using billions of dollars collectively to buy back stock, the executives paid well. I believe delta paid 1 and a half billion dollars in bonuses to its employees. The airlines, for example, are in the business of managing risk and thats something that they didnt do. They were not planning, they were not managed for an event even of much smaller proportions than the global viral outbreak and to ask for, hey, we are giving you 25 billion in cash, another 25 billion in loans, we are taking we are taking some of your stock, its called a different type of stock buyback, isnt it . Maria i guess so as they are saying no stock buybacks with any of this money of their own. Michael, do you have any clarity whatsoever in terms of what the earnings picture looks like for 2020 or is that at the end of the day the issue for markets . Mike you know what, maria, i dont think its so much 2020, its the return of normalcy. Fourth quarter 2020 or is it second or Third Quarter of 2021. I think investors i think companies in some cases be able to use this to get away as a crutch for earnings. I think expectations for the Second Quarter will be so low that its almost not relevant. Its when are we going to get back to normalcy. Are we going to have a snapback economy and i say that based on government legislation thats coming out thats a distinct possibility. Spa lending where you can get a loan within a day of approval, thats a gamechanger and also sending direct money to people. I dont know that that money will be enough for people struggling to pay bills and pay the rent but absolutely better than nothing and when you combine with unemployment benefits, the government has done something right here. Maria its big because you have the leverage that can be taken you have because of the combination of the treasury and the fed balance sheet. Michael, thank you, we will keep following that. Michael lee, stay with us. We have the market thats mixed and we have a lot to come right here. Stay with us. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Maria welcome back, we continue to look at the rest of the tempf where this goes, covid19 disease. I spoke with arkansa yesterday y morning futures on whether the Chinese Government has been lying over the spread of coronavirus in the country. Here is his take. You raised questions about whether or not, in fact, the pandemic is gone in china. Are they still lying . China says they have no more new cases, no more new deaths, yet they closed all movie theaters nationwide only a few days after having opened them up or looked at some of the mortuaries. They have ordered more than 5,000 urns and you know communist party is still lying today as december in january and thats why what could have been a local Health Problem in wuhan turned into a Global Pandemic for more than 2,000 americans have now died. Maria so its hard to know what to believe, Mitch Roschelle, jump on in on for a moment because we know china down played the virus from the getgo, they knew about this at the end of november in 2019 and didnt tell anybody, didnt allow the cdc into china to actually investigate origins of it. How do we know now that everything is fine in wuha, in the way they are saying . Mitch yeah, its very difficult and the thing that i worry about is the the lead for global coordination around data so we can make informed decisions. The president s presser tony fauci talked about the models. We need information thats reliable from another country like china so we can know what the right assumptions are for our model. Thats the thing thats quite troubling that youre not sure that theres enough transparency so we can make decision for ourselves. Dagen hey, maria. Maria a lot of media right now on the fact that wuhan is back to normal, dagen. Dagen i want to point out that Jennifer Griffin tweeted out. The United States sent 17 tons of ppe, personal protective equipme

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