Transcripts For FBC Mornings With Maria Bartiromo 20240713 :

FBC Mornings With Maria Bartiromo July 13, 2024

The dow futures down 448 points. Down almost 2 . S p better than 2 , nasdaq lower by 225. 2 and a half percent there as well. Strong showing in april despite losses yesterday, the dow, s p 500 posting largest monthly gain in 33 years for month of april. Oil prices are still down this morning sliding again, take a look, this morning more on the impact, low prices and decline in demand are having on big energy. Oil now 39 cents, better than 2 . I will be speaking this morning exxon mobile and chevron will be reporting and we will speak with the ceo of chevy robe coming up. Amazon with jump in sales but seeing profits fall as cost of doing business of the pandemic rises. Could post First Quarterly loss in 25 years. More bombshells, more unsealed documents reveal the fbi was moving to close the investigation of Michael Flynn back in january of 17 before agent peter strzok stepped in to say keep the case open. Flynns Attorney Sidney Powell will join me powell at 8 10 a. M. Eastern on the efforts to have the former National Security adviser case thrown out. Mornings with maria right now. Global markets this morning, red across the board. Take a look at european indices, ftse down 126, dax down 246, thats declines about 2 on both of those major averages this morning. The cac quarante in paris closed for may day holiday this morning. Meanwhile check asia overnight, most markets closed overnight, there was trading in japan and there were losses there. As you will see japans nikkei average lower overnight. Down almost 3 . Now some of the stories that we are watching this morning, President Trump says that he has seen proof that covid19 came from a lab in wuhan, china, something you know ive been shining a spotlight on for months. The president did in the say what the evidence was but also slamming the World Health Organization for hiding that information. The World Health Organization should be ashamed of themselves. So far china has been trying to be or at least they seem to be trying to be somewhat transparent with us but we will find out. Maria now, the u. S. Intelligence has ruled out that the virus was manmade, however, they have not confirmed that if it escaped from the lab by accident or not, the Chinese Communist party has refused to let u. S. Investigators inside, they said no to the cdc. President trump now says that the trade deal with china is of secondary importance as his administration weighs retaliatory measures against beijing for the coronavirus outbreak. Talks in the very early stages but some ideas that are reportedly being considered are new sanctions, new nontariff trade restrictions and possible effort to lift china sovereign immunity. All of that this morning. Nearly half of the country will begin to gradually reopen this morning this as the latest unemployment numbers hit new record. 30 Million People have now filed for jobless benefits in the last 6 weeks, in Texas Governor greg abbott says that the Lone Star State is open for business, movie theaters, retail stores, restaurants will open with restrictions today now that the governors stay at home order has expired. And in just a few hours workers of some of the countrys largest retailers will walk off the job. Employees at amazon, target, walmart, whole foods, fedex and instacart all planning may protests. May day usually marked with worldwide demonstrations, stay at home and lockdown orders will like i will keep protestors off the streets. Apple showing latest quarter that topped expectations but iphone sales dropped. Tim cook says sales in china headed in the right direction as the country reopens. Apple did not give forecast for the First Quarter. Amazon warning of possible loss, Ceo Jeff Bezos saying the profit for the period will be spent on covid19 expenses. Amazon shares ended at record territory, however, they are pulling back this morning in premarket trading. Amazon down better than 5 . Take a look at futures. 450 point sell ah, investors are waiting on exxon and chevron Earnings Reporting later this morning, dow components, Technology Giant apple and amazon issuing quarterly numbers. Apple sales rising and amazon revenue up 21 from a year ago with Online Shopping surging. Joining me right now cochief Investment Officer hank smith, also joining the conversation fox business Dagen Mcdowell, republican strategist pinion and stephen moore. Great to see everybody. Hank, let me kick it off with you, jobless claims numbers yesterday. 30 Million People having applied for Unemployment Benefits, you have a market down 450 points this morning. How do you see this economy recovering lets call it in the upcoming year . Hank its going to feel like a v decline but its really going to take a little bit of time to fully normalize and thats about getting Consumer Confidence back to norm and that will take seem here. Maria what do you want to do in the meantime in terms of investments, markets down 427 points, would you buy it . I think you do have to take advantage of these declines. Look, weve never had a fourweek bear market of 35 followed by a 4week bull market and we also know weve never had bear markets that dont have tests but we are going to have tests, lets expect that but i think you definitely buy on that. Remember last week we had 2 terrible days on monday and tuesday and maybe we are going to finish this week with 2 bad days yesterday and today. Maria Dagen Mcdowell. Dagen hank, but weve never had an entire economy shut down overnight, not because of anything that the workers and Business Owners did and youve got more than 30 Million People filing for Unemployment Benefits in just six weeks but the nasdaq is flat for the year, how does that make sense because seems like all of the liquidity and stimulus from the Federal Reserve is juicing up asset prices but doing jack, nothing, for the american worker. Hank two observations, the stock market is in the middle of an epic battle on the one hand of the greatest contraction of Quarterly Economic activity ever but on the other end, the greatest policy response in terms of monetary and fiscal stimulus to the tune of 20 of gdp and that explains the bear market and the new mini bull market and secondly with regard to technology we are learning that it is actually the most offensive sector in todays environment and that explains why these stocks have held up because revenues, earnings are holding up and take am, for apple, for example, the most interesting announcement yesterday was 6 increase in dividend and adding 50 billion to share buyback, theres not Many Companies in a position to do both of that. Maria thats a good point. Everybody is pulling back on their buyback programs, thats for sure. We are doing everything at home so we are taking advantage of things like amazon and and the digital economy, if you will, so steve moore on the president s task force in terms of reopening the economy, let me bring him in, go ahead, steve. Steve good morning, maria. I just want to push back on one issue thats already been discussed which is this massive monetary stimulus which we have had but, you know, i believe, maria, in addition to all of the other problems the economy has we are in the midst of one of the greatest deflations, deflations in our countrys history. Youve seen this obviously in the massive decline in commodities. As you know when i was under consideration of the fed, i was add big advocate of Commodity Prices to see where all prices are headed and theyve been very prices are down 60 to 70 this year. You obviously see that in oil and now youre seeing in Consumer Prices as well. Weve got 2 months of very significant negative results in Commodity Prices so i would ask the folks on this panel what what about the deflation problem. Maybe the fed needs to put more stimulus into this economy. Maria hank, what do you say . More than 7 trillion in stimulus when you consider fiscal and and monetary. You think we need more, hank . Hank i know steve moore is not a big fan of Government Intervention but in this environment we certainly need it and we certainly need the monetary response that weve had to keep the plumbing of the Financial System open. As to to more fiscal stimulus, lets spend what weve already appropriated and not rush, lets lets be a little bit judicious here one observation, steve, when we have a normal economy, i think we will see onshoring particularly in Vital Industries Like Pharmaceuticals and that has some inflation implications if we bring manufacturing back on the wage on the wage side of inflation maria go ahead, steve. Steve look, theres a difference between fiscal stimulus and by the way nothing we have done on the fiscal side has stimulated the economy. You dont stimulate and so i dont believe that the programs, they provided some aid to businesses and aid to workers but they dont stimulate the economy. What im saying is the fed is not doing enough to hold prices up, the purpose of the fed in my opinion is to hold prices stable. We do not have prices stable now. We have prices dramatically falling and that means the fed is actually doing insufficient in terms of the dollar liquidity thats putting into the economy. I know thats a controversial position but the data is very clear, we have deflation right now. Maria so im going to i will pose that question to our upcoming guest. The president of the dallas Federal Reserve, steve, so we will talk about that. Hank, great to have you. Thank you so much, we will see you soon. Thank you, hank. A lot coming up. Coming up in the next hour, join us i will spoke with may owe ceo john ricco on expanding covid testing and board of trustees chairman ken langone on the state of retail and hospitals. Michael joining me with reaction of giants First Quarter Earnings Report as well as the price of oil since saudi price car. General mike flynns Attorney Sidney Powell weighing as President Trump slammed the fbi as newly unsealed Michael Flynn documents and the president of Federal Reserve kaplin to boost Lending Program and the stimulus that steve was talking about. Big show, we will be right back. Life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. Seems to me like Michael Flynn would be exonerated based on what ive seen. Ive never seen anything like this. You wouldnt want this happening to you, what they did to general flynn. Maria President Trump sounding off on the fbis handling of the general flynns case. Peter strzok kept the probe of Michael Flynn open despite lack of evidence. In fact, in january 4th memo the fbi detailed decision to close the case writing this, ch team determined crossfire razer was no longer candidate, but also revealed strzok for reasons unknown kept the investigation going. Texts an fbi case manager this, hey, if you havent closed razer, dont do so yet, he answers, okay. Joining me former u. S. Attorney bud cummings, bud, this gets worse and worse every time you look at it. Your reaction to what we have learned this week with all of the documents indicating this was a setup against general flynn. Maria, you have been ahead of the story for almost 3 years now and everything that you said or speculated as far as i know has been right. I dont use the expression it made me sick to my stomach. Its not something that i say but last night as i prepared for your show and reviewed the defiant testimony of peter strzok and the snarky comments of james comey taking credit for basically breaking the rules and sneaking two fbi agents see if they can trap innocent man and create case that didnt exist, i felt ill, physical ill. Maria yeah, when i was upcoming this stuff over the 3year period, thank you for that, for me it wasnt about politics, it wasnt about President Trump, its about fairness. This is america. You cant make up a story that somebody colluded with russia and then try today run into all of their Campaign Associates to try to make it true and thats what you have going on here. So are we going to see accountability . Ive been asking this question over and over for the last year and a half. People want to be able to, if you will, trust the fbi again that its not being run by political ideologies and, in fact, by fairness. Do you believe we will see accountability, first off. I tweeted on sunday this is is week my sources tell me that general Michael Flynns will be completely exonerated. Do you think these memos exonerate him . This is what i tweeted out on sunday that my sources tell me that these documents were about to get public . I think the documents are damming, as a matter of fact when someone pleads guilty like general flynn is difficult guilty plea and they demonstrate the trap that was set for him, doesnt mean on a legal basis that the judge will or should unwind that guilty plea, but the man should be not guilty and there is a matter of fundamental fairness. The department of justice can come in and join with the Defense Attorneys and ask that the case be dismissed and that his guilty plea be withdrawn, and i think that thats what we may be building up to. Maria yeah, because they knew i think its coming. Its going to happen imminently, by the way. Peter strzok is the agent that was really sort of the master mind here and peter strzok is involved in general flynn. Hes involved in carter page, wiretapping him. He was informed in informants running into Trump Campaign people before july of 2016, he was also doing the Hillary Clinton investigation. He was the guy investigating Hillary Clintons email situation which he closed mid year. They called it midyear review obviously. Do you think given the fact that he lied about everything else. He may be writing about the Hillary Clinton investigation and thats going to be reopened . I dont know. Im skeptical about that and skeptical as to how many criminal indictments may come out of this. Im not sure theres criminality here. Theres awful judgment. Wrong people for the wrong jobs. I think we need to step back. We cant just put a band aid. The fbi is out of control. Can you imagine an fbi that feels so independently important and an fbi director that they can have meeting with new president. General flynn had not committed any crime. They had already investigated and determined he had committed no crime and they sat and had a meeting and decided lets go see if we can create a crime and they did and that is incredible and the fbi need top to bottom with maria bud, thank you so much announcer there are everyday actions to help prevent the spread of respiratory diseases. Wash your hands. Avoid close contact with people who are sick. Avoid touching your eyes, nose and mouth. Stay home when you are sick. Cover your cough or sneeze. Clean and disinfect frequently touched objects with household cleaning spray. For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. Thcan it helpber 360 of bsmartkeep me asleep . Now. Absolutely, it senses your movements and automatically adjusts to keep you both comfortable save up to 400 on select sleep number 360 smart beds. Plus, no interest until january 2023 on all smart beds. Ends monday. Show me what youre made of. So we showed it our people, sourcing and distributing more fresh food than anyone. We showed it our drivers helping grocers restock their shelves. We showed it how were donating millions of meals to those in need. We showed it how we helped thousands of restaurants convert to takeout and pop up markets. And how were encouraging all americans to take out to give back. Adversity came to town. So we looked it right in the eye. And it wont be us. That blinks first. Maria welcome back, we want to focus on retail this morning. Coronavirus bringing to standstill, macys, though, plan to go reopen 68 stores this monday, 1 phase 1 and meanwhile j crew to file for bankruptcy protection as early as this weekend. Company working to secure more than 40 million of financing during during chapter 11. Dagen, your thoughts on j. Crew, they had issues during the pandemic and this made things worse. Dagen even macys and lord taylor just to name a few were already struggling, these were the stores that never got the online channel right and have brick and Mortar Stores across the country. Quite frankly if you open, this is not scientific, its not from a medical perspective but if you open more areas you will avoid the crowding that youve had in so many places at Gr

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