Transcripts For FBC Mornings With Maria Bartiromo 20240713 :

Claims at 8 30 a. M. Eastern time. Economists are expecting 3. 5 million jobless claims falling record 3. 2 the following week. We will bring you those numbers and jobs number coming out tomorrow. We are expecting a firm e tone with Dow Jones Industrial average up 332 and s p by 72. Take a look at the numbers. Dow industrials down 973 points at the close yesterday. S p 500 down 114. President trump is considering grounding domestic flights between hot spots to try and contain the spread of the virus and boeing to send early retirement as the virus takes a toll on the aircraft industry, its 73 max fleet remains grounded. Coronavirus impacting the 2020 race. Former Vice President joe biden calling for the Democratic Convention to be pushed from midjuly into august. This as pandemic could lead to virtual election. Long lines at Grocery Stores. What you should be getting right now and how to store it and what measures can be taken to make sure takeout orders are safe. We are getting answers from foodsafety expert. Dont miss that. What money questions do you have as the world battles coronavirus, send us to instagram or twitter, mornings with maria, we will answer those questions tomorrow. Mornings with maria live right now. Woe r we want to heck global markets. We are seeing worsening numbers in italy. Ftse 100 up one point and dax index in germany negative by 4 points right now. Flat session so far in europe. In asia overnight markets mostly higher except for japan. Japanese Retail Holding company fast retailing whose brands include siri, down 2 and a half percent there. Oil prices meanwhile are up this morning. President trump says hes expecting russia and saudi arabia to make a deal to end this costly price war, the president also said to meet with Oil Executives to discus possible assistance, probably conference call. Oil prices up 1. 89, up 9 at 22. 21. Meanwhile Interest Rates are rising, lets take a look at 10year, still rockbottom numbers. Under 1 basis points at. 591 on the 10year, below. 6 on the 10year yield this morning. Now the latest on the coronavirus for the first time coronavirus deaths in the United States skyrocketed by more than 1,000 in a single day, right now more than 1,500 deaths in the u. S. 216,000 cases reported nationwide, President Trump warning that the worst is yet to come. Difficult days are ahead for our nation. We are going to have a couple of weeks starting pretty much now but especially a few days from now that are going to be horrific. Maria in new york the epicenter of the outbreak,eak, more than 0 deaths have been confirmed making up 43 of all deaths in the United States. More than 1300 of those in new york city, new York Governor Andrew Cuomo say it is virus is lifechanging. This is going to be transformative. We will never be the same again. The fear that we have, the anxiety that we have, thats just not going to go away. When do we get back to normal . I dont think we get back to normal. I think we get back or we get to a new normal. Maria overall total confirmed deaths over 47,000. Thats the latest for the world right now while confirmed cases coming close to hitting 1 Million People confirmed cases with nearly 940,000 infected with covid19. Newborn baby young victim of covid19. Infant just 6 weeks old. Test confirming the baby was positive for coronavirus. There are more than 3500 cases of coronavirus in connecticut. 85 people in connecticut have died. Four more states have issued stay at home orders. Florida Governor Ron Desantis to only go out for essential products. Americans should stay at home through the month of april. Georgia, mississippi, nevada all issuing orders. Firefighters lining the streets outside of emergency room in new york city applauding the Healthcare Workers, mount sinai posting video on twitter saying we are deeply honored. Thank you. [sirens] maria what a sight. Just beautiful. The Coronavirus Crisis meanwhiling hitting air travel as well as more states issue stay at home orders. President trump answering questions about a potentially drastic move to slow the illness down. Are you considering a temporary ban on all domestic flights. I am looking hot spots and i am looking at flights are going into hot spots. Some of the flights i didnt like from the beginning but closing up every single flight and every single airline, thats a very, very rough decision but we are thinking about hot spots. We will let you know fairly soon. Maria this as more lawmakers are asking Major Airlines to issue cash refunds to customers canceling plans. Joining the conversation fox business Dagen Mcdowell, cfra director of equity ken leon and Fox News Contributor liz peek. Good morning, team, good to see you this morning even in another bleak day in terms of this path of the coronavirus, dagen. Dagen indeed, in terms of the airlines, airlines have cut back capacity and flights so dramatically. I dont know who unless they had a job here like a Healthcare Worker would want to fly into new york city at this point. Just one day this last week, the number of people screened at u. S. Airports was down 93 from the same time last year, so virtually very few people are traveling in this country. Another issue are the air Traffic Controllers and trying to protect their health and do and does our system have enough people to monitor air traffic. This is a huge issue. I dont think its a necessary step, though. Maria markets are looking for a rebound this morning. Yeah, go ahead, liz. Liz i was going to say with your lead its really no wonder that the markets are skittish, where is the good news . To believe thing that we can look at near term that would be positive, it would be a positive i believe if you could see oil prices really begin to recover. We are in the terrible place where theres literally no place to put oil and this happened in 2015 and ive seen this happen 2 or 3 other times where the incremental barrel has virtually no value because its so expensive to store it now. This is a time when we should be stockpiling in our Strategic Petroleum reserve. China has announced they will do that. We should be doing this too. That was a proposal during the negotiations on the stimulus bill. Unfortunately democrats scuttled it. Its viewed as handout to oil industry and it really is not. A positive measure for mesh consumers to protect crisis going forward. This is a huge miss in my view and i would love to see this happen. Maria yeah, its never good when you see oil prices plummet. This industry represents a lot of jobs and theres a lot of indirect sourcing and jobs as well, so this is certainly a big issue for markets now and the economy. Ken, it is the first day of the Second Quarter, yesterday where we saw a big selloff. We started off on a down note with a steep tripledigit selloff. Today on day 2 of Second Quarter and oil prices are up 10 . President trump says that the saudirussia oil feud can be resolved as we are awaiting the weeklies jobless claims this morning. 3. 5 million jobless claims are expected. We got 3. 8 million, what strikes you this morning of market activity and when we might see sentiment tone for the market . Well, maria, first thanks for having me and front and center is the health of the American People but the conversation is changing in the Second Quarter to what this economy will look look. We are just beginning to get the full impact this month and then also in terms of markets trying to figure how companies are going to do and the fed has done a great job in terms of the liquidity crisis but solvency, Small Businesses to large businesses, the ability to downsize for the downturn and what would this economy look like several months out, the v shapes seems to be disappearing and the question is how can we get this economy going. Thats what the markets really want to look at. Maria so do you have any clarity at all at this point . We are talking about questions how deep the recession will be and how deep the contraction in Second Quarter. You need all of those numbers and expectations in order to really get a good estimate for 2020, right . Well, you do. I think recession is second and Third Quarter. St. Louis fed was talking about unemployment of about 15 and then the question becomes getting that stimulus package out to businesses. Small and large, and just to keep the payroll going, but clearly when you talked about solvency, the ability for a company to stay in business, its about cash flow. Its about cutting off the noncore areas and we will hear a lot about that from companies. Maria we will hear as probably most important guidance, liz, go ahead. Liz yeah, sorry. A couple of banks are out with unemployment number with 5 or 6 million job losses. Fyi. Unfortunately you get no credit for being neutral, middle of the road these days, everyone is going to big numbers. It could be huge. Dagen the biggest problems that Unemployment Benefits are not getting to individuals who are looking for paychecks, payments, thats a huge issue and we can talk about it for the next 3 hours and the states are swamped. The federal government is slow, the guidance is not there on freelancers and gig workers getting benefits, they need to get their act together. Maria why are they not getting it because the states are swamped with having to get things out . Dagen because the systems are antiquated and shifting people over to handling. It is a Record Number of calls but the systems are antiquated and the state offices are saying, we dont know about giving freelancers these benefits. Its a nightmare. People are on the phone literally for days if not weeks trying to get the benefits and this is the linchpin in making sure this economy recovers. Maria we will see what the numbers look like today and whether or not we will get any clarity in that blockage that youre referring to. We are just getting started. A lot on task. One of the best researchers out there. Christian is here on the saudirussia oil standoff and 7 00 a. M. Hour dont miss texas congressman michael burgess, Atlas Capital Founding Partner bob diamond and we will take a look at banks. Food safety expert Benjamin Chapman on how you should be buying groceries today. 8 00 a. M. Scott minor walks us through market this is morning and investing today. General here on the military response to covid19 pandemic. Senate Armed Services Committee Member Martha Mcsally in battling the outbreak. When considering another treatment, ask about xeljanz xr, a oncedaily pill for adults with moderate to severe Rheumatoid Arthritis or active Psoriatic Arthritis for whom methotrexate did not work well enough. It can reduce pain, swelling, and significantly improve physical function. Xeljanz can lower your ability to fight infections like tb; dont start xeljanz if you have an infection. Taking a higher than recommended dose of xeljanz for ra can increase risk of death. Serious, sometimes fatal infections, cancers including lymphoma, and blood clots have happened. As have tears in the stomach or intestines, serious allergic reactions, and changes in lab results. 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Maria i want to get your take in terms of growth. You are always so great in terms of navigating growth and and looking at the markets relative to the economys potential but you have to throw on top of everything the price of oil, right, how do you see everything right now . Well, you know, its hard to get point estimates these days on real gdp and corporate earnings, theres a range out there of 15 of 30 on the decline in real gdp and annual rate in the Second Quarter and half that in the Third Quarter and maybe pretty good v shape recovery in the Fourth Quarter. I think thats probably the ranges we are looking at. Its not going to be surprisingly bad. We are all expecting really bad news and i think the market is struggling to kind of look past the bad news towards the recovery. Maria so what do you how do you invest if you just look ahead to the recovery. Do you believe that we will see a big rebound come the Fourth Quarter . Well, its interesting, you know, when the markets took the dive in march, a lot of the institution accounts that i speak to told me that they really wanted to rebalance, they wanted to sell their bonds and and buy stocks, stocks look cheap, 30 down as we saw in march, but they couldnt get bonds. It was just credit crunch, squeeze, just a mad dash for cash early and then the fed came in a week ago monday with helicopter money. I think its actually b52 money. I think they just poured liquidity into the system so i think that maria so yeah. Ed yeah. Maria we are waiting at jobless claims at 8 00 a. M. Hour. Theyll be out at 8 30. Expecting to first show look in march in terms of unemployment since pandemic started. How are you allocating capital given the fact that we will see 3 and a half claims. You see we could see contraction of 30 . Ed 15 to 30 estimates. Im at the 15 . I think in this environment the stocks remain very cheap. I think we we are trying very hd form bottom here around 2300 to 2400 on the s p 500. We will see, we may be testing it again here in the past next few days but the key issue here is that the economic prices and financial crisis calls by healthcare crisis so we have to see that peak in the cases and i think thats what the market is looking for. Maria okay. But you said stocks are cheap, meaning youre buying stocks here ed or are you on the sidelines . Ed no, i think its a Good Opportunity to buy stocks awfully cheap. I could be wrong simply because im not a they have different models. Maria yeah. Ed stocks are cheap if you believe you will see virus situation peak. Maria end at some point. Ed, thank you. We will be right back. Has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. As we work to get through these times together. Helping you weather storms like his one, you may not be thinking about blood donation, but blood is desperately needed now to save lives of people who are sick with a range of serious illnesses. Its easy, and safe to give. If you are in good Health Please donate, we need heroes now. Visit redcrossblood. Org to schedule an appointment. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Maria welcome back, boeing is now weighing buyouts. The air space giant reportedly offering early retirement and buyout packages to workforce as covid19 weighs on the economy and the company according to wall street journal this morning. Boeing has taken steps to preserve cash amid the crisis including freeze on hiring and overtime. It is not yet laid off any employees, but looks like they have coming, liz peek. Liz the question is how much of this is related to the coronavirus and how much of it is related to ongoing problems starting back production of its illfated airplane that has problems, maria. I just wonder, certainly makes sense to me that they will take measures and certainly a lot appealing for Company Looking for government aid probably down the road, not to just have layoffs, but i kind of wonder whats going on at boeing at this point. Maria you know, i mean, when i spoke with steve mnuchin, the treasury secretary, on this program a week ago and i asked him, would you consider boeing National Security given its broad military business, he said, look, boeing has been very clear, they dont want any help, they dont want assistance but that may change. Look, liz, look at the number of flights that have been canceled. I believe traffic on the airlines is down between 70 and 90 . So i dont see a lot of backlog orders right now, do you, for new planes . They did have enormous backlog during the downturn, my guess is theres only two plane makers in the wor