That continues a down trend but only just. A spike in new virus cases, especially arizona and texas. The words second wave have some investors worried. The Federal Reserve, well, jay powell sees the effects of the virus dragging on the economy until 2022. Thats not the rapid recovery the administration sees. Larry kudlow joins us in our 11 00 hour. So what do you do . Do you hold on to the stocks youve got, do you buy this dip . That was successful in the past. Or do you get out and take your profit while you can . We will try to answer at least some of those questions. Politics. Joe biden says President Trump may try to steal the election and joe biden says the president promotes racism. His words. This as demonstrators create what they call a no cop zone in downtown seattle. It was created overnight. The president is not happy about that. And this afternoon, mr. Trump heads to dallas, texas. We expect to hear from him about Police Reform and maybe about any new help for the economy from the government. Brief stories. The europeans are going after amazon. Expected. Disney will fix splash mountain to get rid of any hint of racism. And wait for it, poor patrol takes heat for showing the police in a bad light. Varney company is about to begin. Stuart all right. The story of the morning is the selloff. Here it comes. Im going to go through some stock groups for you to show how bad this selloff is. First, the airlines. They are going to be way down. This is the third day in a row they are down but they have been rallying for more than a week before that. Look at the percentage losses for all the major airlines. Its pretty much the same story with the cruise lines. They have been rallying. They took a hit in the last couple of days. They are taking a big hit this morning. Thats the cruise stocks. We will get to them in a second. Casino stocks, well, yeah, las vegas, the strip, partially reopen. Okay, theres casinos for you. The strip in vegas partially reopened and the stocks went up but now they are selling off bigtime. Maybe this is because of what jay powell was saying about the lingering effects of the virus and maybe this possible second wave that people are talking about. Hotel stocks, they are all down as well. All of the sectors that we have been listing had been making gains on recovery and reopening optimism, today they are way down. The big banks, they have done okay because Interest Rates were rising, but this morning, the yield on the tenyear treasury is down significantly. That hurts the bank stocks and the financials generally. The retailers. If we have the effects of the virus shutdown lagging or dragging on until 2022, the retailers are not looking good. Their stocks are down in double digit percentage terms this morning. All right. Big tech. Not going to be a bright spot today as it has been in the past. All of them down but not quite the same percentage drops as we have seen in other groups. I think we need a professional market watcher to join us now. Weve got one. His name is brian belski. Last time he was on, i labeled him brian belski the bull and he is a bull. He was a bull. Tell us, are you still bullish today . We are. Good morning, everyone. Good morning. Thanks for having us. I would say this. The selloff here today speaks to the fragileity of the investor mindset and the emotional side and rhetoric side that drives day by day type of trading but remember, as you put out in your preamble this morning, we are now nine days into the month of june and when the market opens at 9 30 here, seven of those days were excessively strong and we saw very big moves in these areas that you highlighted that quite frankly have had secular issues even before covid. Were hammered during covid and coming out of covid, they are going to be really forced to employ secular systemic type of fundamental change within their industry. So thats why tech in particular is doing better on these down days and it doesnt mean that the value and the cyclical move is over, it just means that on days like today, this is when you want to buy the banks. Stuart okay. Thats what i want to get to. Are you buying this dip, because if you bought the dip in the past, you would have done very well. Are you buying this dip today . Heres what we would say in terms of buying dips. We are fully invested all the time. At the end of the day we have core positions that we follow in terms of stock positions in the portfolios that we manage both in the United States and canada, so we are maintaining those positions and on days like today, where you own concentrated portfolios, 35 to 40 names, these are the type of days where you want to recalibrate your weightings so yeah, we are from a stock perspective, if someone is buying our portfolios today, we are buying the banks. Stuart got it. Still the bull. Thanks for joining us, brian. See you again real soon. One of the reasons for the market being down today, concerns about this uptick in virus cases and the use of the expression second wave. Look, in the last seven days, there have been approximately, what, 100,000 new cases in this country. You can see it in the chart. A few spikes over the last couple of months. And a big increase recently. Dr. Marc siegel is with us, fox news medical contributor. Obvious question, doctor. Are we opening up too quickly . I dont think so, stuart. I dont think we are getting the real headlines here. If you look at arizona and texas, the reason you are seeing a spike in cases is primarily because we are testing more. Theres actually a testing blitz going on in texas right now. Thats why you are seeing more cases. In terms of hospitalizations, texas has been pretty much around the same for weeks now and in terms of arizona, youre seeing a lot more hospitalizations but in part, for noncovid related matters. Over 80 of these hospitalizations are because people are now less afraid to go to the e. R. Because they are having a heart problem or because they could be having a stroke, god forbid. This is the real headline here. We also need to look quickly at states that have done well with reopening like wisconsin. Its in the wall street journal over the past 24 hours, great editorial about the idea that wisconsin reopened on may 13th and did it responsibly with social distancing still in place. Has not seen a spike in cases. Same with georgia, same with norway, by the way, the country of norway, switzerland and germany. Reopening it working but we have to do it responsibly with social distancing. Stuart got it. Dr. Marc siegel, thank you for joining us. Always appreciate it. Thanks very much. Some news about vaccine treatment and all the rest of it, first, moderna, they are going to start the final testing stage of their vaccine. Thats in july. Moderna is up in a down market. Regeneron are beginning the first Clinical Trial of their antibody cocktail for the prevention and treatment of the virus. They are up eight bucks, 1. 3 . Johnson johnson, they are moving up the start of human trials for their vaccine. They are moving up to the end of next month. The stock is down just a fraction in a major league selloff elsewhere. Now, two headlines for you on amazon, a stock thats really been moving recently. Its moving today, too. One, they are facing antitrust charges in europe. Give me that story, susan. Susan according to the wall street journal, it looks like the european antitrust regulators will be filing charges against amazon over their treatment of Third Party Sellers on their platform, possibly as early as next week or even this week. Of course, the wall street journal sources. What it stems to is the fact amazon might be abusing its power as one of the worlds if not the Worlds Largest online marketplace and selling their own private label products as well and using that information that they scoop up from these Third Party Sellers and their products to better make amazon label products. Thats a problem for the eu. We know that european regulators have been eyeing a lot of these Big Tech Companies and fining google in the billions, also looking at facebook as well. Stuart the other story on amazon is amazon is blocking Police Departments from using their facial Recognition Software. What do we know about this . Susan a oneyear moratorium for amazon working with these Police Forces and they say its to give d. C. More time to come up with better regulation. We can bring up the statement from amazon here. It says that we hope that this oneyear moratorium might give congress enough time to implement appropriate rules and we stand ready to help if requested. Politicians in d. C. On monday also floated the idea of outright banning the use of facial recognition by Police Forces and there have been numerous studies including one by m. I. T. That shows facial recognition unfortunately fails to accurately identify minority faces. Ibm this week also said they are getting out of facial recognition entirely. Microsoft has also asked for more oversight and concrete rules around this technology as well. Amazon, we dont exactly know how many Police Forces have used amazon recognition technology. We know only one has been officially listed in oregon but we know also that amazon works with close to 1,000 Police Forces across the country when it comes to using their ring surveillance. Thats the video on the video doorbells that they employ. Stuart amazons stock right now is down 42. Just above 2600 a share. Take a look at this video. Happened overnight. Protesters in seattle, they literally took over city hall. Now, i know for a fact the president was watching so ashley, what did the president say about this . Ashley well, simply put, he tweeted that domestic terrorists have taken over seattle run by radical left democrats and of course, of course, and says law and order. As you say, stu, those protesters taking over city hall. This is just days after a sixblock area around downtown seattle have been declared the property of the seattle people, basically zoned off that area and theres actually a Police Precinct in that area thats been zoned off and thats been shuttered. So chaos rules. The protesters are demanding that the mayor of seattle step down if she refuses to defund the citys police department. Mr. Trump says take back the city, seattle. The mayor shot back at mr. President and said get back to your bunker, mr. Trump. Its ugly. Stuart i call that a standoff. That is an occupation in the center of seattle. Right. One more time. Lets check futures. Weve gone a little further south in the last few minutes. Now we are going to be down about well over 900 points for the dow, 80 points for the s p. The nasdaq coming off comparatively well, down 1. 5 . Still, big losses across the board. In our 11 00 hour this morning, Top White House economist larry kudlow will join us. One of the questions is the market down on concerns about a second virus wave. I want to know if hes worried about this. We will certainly ask him. Then theres cancel culture taking no prisoners, yanking cops and live pd off the air. Briefly, take a look at their next potential victim. Please watch this. Am i glad to see you. Chase is on the case. Stuart in case you dont know it, that is paw patrol, a childrens cartoon. Because they are going after it because you may not portray the police in a favorable light at all, ever. We are going to debate that next. Usaa was made for right now. And right now, is a time for action. So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. 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I want to get to this cancel culture. Its sparing nobody. Watch this. You might recognize a few of the items here. Roll tape. Try to get there as quick as we can. Its around the corner. Youre supposed to follow the traffic laws, right . Stop at red lights, use hand signals, things like that. Stuart look, the first clip there was from live pd. Lauren, thats a very popular show, isnt it . Is it gone . Lauren one of the highest rated on cable. A e has canceled it. It says this. This is a critical time in our nations history and we have made the decision to cease production on live pd. Going forward we will determine if theres a Clear Pathway to tell the stories of both the community and the Police Officers whose role it is to serve them. So it is pulling the plug one day after paramount pulled the plug on cops. Cant portray Law Enforcement these days. Stuart i want to talk about paw patrol. My grandchildren, they watch it. Youve got young kids. Dont they watch it . Lauren umhum. Absolutely. We love paw patrol. Even chase, the dogood cop, German Shepherd in the show, you cant even portray him patrolling the neighborhood because thats considered wrong these days. This is what the New York Times in an oped had to say about paw patrol. Seems harmless enough and thats the point. The movement rests on understanding that cops do plenty of harm, even fictional cops, they were fictional cops. One quick thing here. Nickelodeon and paw patrol tweeted out this whole were listening, were muted while we listen to the protests going across the country right now. They tweeted that out and people responded back, euthanize the police dogs, defund paw patrol. Stuart oh, man. Ive got to move on before i explode. Disneys splash mountain. Whats wrong with it . Lauren thats the log flume ride, based off the 1946 movie song of the south which is a racist movie. Disney does not show it on its platforms including disney plus. There is now a change. Org petition to have disney retheme the ride to princess and the frog. That movie is the first to portray a black disney princess. Stuart okay. I think i got it all. Thank you very much, lauren. Lets wrap all this up with dan crenshaw, congressman, republican from texas. Paw patrol. Really, congressman . Well, it seems obvious, right, its not diverse enough. Theres no cats in paw patrol. They want some kind of woke patrol that isnt based in Police Officers but based in some kind of, you know, almost religiouslike enforcement of whatever the Progressive Left wants. But its really concerning that they are canceling other shows like cops and live pd because these show what police deal with. It shows the difficulties they deal with, people screaming at each other, screaming at them. They dont you to actually see that. Stuart where are you coming from on this issue of defunding the police . I mean, its complete nonsense. The sad part is its a radical left slogan manifested into real policy, in los angeles, new york city, minneapolis, so you cant ignore it anymore. You cant just blame it on the fringe left. This has gone mainstream and its crazy. It will harm the communities that we seek to help the most. It harms communities of color. There are no examples where thats not the case. They like to point to camden, new jersey as a place where they defunded the police and all of a sudden things got better. Its not true. They actually increased