Starts. That means demand up for Mortgage Applications, supply going up in the future. That follows a remarkable improvement in the outlook for home builders. They are much more optimistic. The housing rebound would give the overall economy a real boost just when it really needs it. Now lets get to the market. Again, look at this. We are going up again, not much, going up at least at the opening bell. The rally continues. The dow up maybe 70. S p, maybe 10. Nasdaq, better gain, up nearly a half percentage point. Thats a 46point gain for the nasdaq. Okay. The fed is printing money. Theres a new stimulus plan in the works. Retail sales saw a huge increase, a positive News Development on virus treatment plus real estate and you add it all up, youve got a continuing stock market rally. Weve got a big show for you today. The president s reelection hangs on the economy which is coming back strong. So why is he trailing joe biden in the polls . We will address that. Social distancing is the big holdup for going back to school, going back to the office, going back on Public Transportation or even making a profit if you run a restaurant. How do we get back to anything like normal if we have to keep six feet apart . We will address that, too. The New York Times and the democrats, they have a woke problem. Free speech, not allowed. Ive got an opinion on that. Varney company is about to begin. We will soon be in a stronger position than we were before the plague came in from chi china. When the numbers reach the point and i know they will, we will again be a great unity and great spirit in our country. People will have that job back they might have lost. They will be making even more money than they did before. Youll see next year will be one of the best economic years this country has ever had. Stuart thats the president , bullish as ever about our economic recovery. Now more numbers to back him up as we were saying from the housing sector. There are signs of life. Lauren simonetti, this is mostly positive developments. Why dont you start with Mortgage Applications. Lauren they rose last week, the most in 11 years, up 4 on the week, up more than 20 on the year. Talk about refinancing. They have doubled in the past year, up 106 thanks to ultralow rates that are here to stay through 2021, according to fannie mae. But there are challenges in the market. A big challenge right now is supply is not meeting the demand to move, the demand for new homes. As such, we saw may construction of new homes rise 4. 3 . A decent number but not enough. Keep in mind two things here. Number one, its may. Some workers in some states are just getting back to work. Construction was just restarting. Also keep in mind the red tape. It takes a lot of permitting, a lot of costs to build a home. You have to work with local and state regulators. So positive signs but they need to add more supply to this market to keep up with this raging demand. Stuart i see permits were up 1. 2 million i believe in the latest month. Thats a good sign for the future, i would guess. Thanks very much indeed. Positive stuff on real estate there. Come in, d. R. Barton. If weve got a comeback for Housing Market, surely that means opportunity for investors. I take it thats why you like home depot. Youre right, stuart. You have hit those numbers really well. One of the things theyre showing us is an up and coming trend. We will see people staying at home to work, working from home, saying i dont need to live in the city anymore, i can move out to the suburbs. That migration is going to give a big boost to Companies Like home depot, who are already killing it during the crisis. Home depots same store sales up 6. 4 year over year. Thats just unheard of for an established company like them. So they are already doing really well. Good trend coming and lots of new permits, everything happening in the construction business. Home depot is one youve got to have in your portfolio. Stuart today, home depot is at 252 a share. Does it go to where . Where does it go to . If i buy it now, wheres it going . I think we have upside based on those comp numbers, based on these trends. Weve got upside for 20 more on this stock in the next 12 months. Stuart thats about 300 a share within 12 months. All right, d. R. We will leave it there for now. I will get back to you shortly. I want to stay on the economic recovery. For a start, look at the number of new jobs created in the month of may. A surprising, a huge 2. 5 million. Then we have that retail sales number, another big winner. Sales at what, 17. 7 in may. David avella is with us, republican guy, go pac chair. David, you say the economy will be President Trumps biggest reelection draw and we are indeed expanding the economy. But democratrun states, they are reopening slowly. I dont want to be a conspiracy theorist here but do you think the democrats are going slow on the reopening deliberately . No. They just are misguided in how to bring about the economy, which is no surprise, if you look at their history. What we do know, though, is consumers are going to drive and are driving this economy. Think about five months ago, when we were having very good economic times. You had a race that was at 1 , 2 between trump and biden. Now, if this economy continues in the direction its heading, you are going to see a very close election this november, but as long as the president and republicans continue an economic message and talking about what were doing to help revive the economy, we are on message. Every day were not talking about that, republicans are off message. Stuart all right, david. One more for you. New polling, it comes from realclear politics, the average of all polls, they show biden with an eightpoint lead over the president. Biden has been on the upswing lately. President trump has been sinking. You cant just dismiss these polls. Rubbish, to use a word you know well. What we just said. If this economy is back strong or showing good signs of recovery, thats republicans best message because what is capital one . Capital one is certainty. It is the policies that have been put in place by this president and the congress that have put tax rates where they are, that encourages more businesses to bring jobs back to america, which goes to the message of we need to have more of our supply created here in the United States, which will create more jobs, which will have more paychecks returning which will give people more money to put in their retirement account. A Strong Economy is the republicans best message going into the fall election. Stuart david, thanks for joining us. See you again real soon. Next case. Im going to get to the latest on the virus. Im going to put a map on your screen showing the states that have seen increases in new cases as they reopen. Ashley, take me through the numbers. Ashley well, there you can see the map, stu. As you notice, they are all in the southeast, states that really got the reopening process under way first, in the first round. They were very eager to get going. Now we have seen cases rise in oregon, they are trying to contain an outbreak in oregon linked to a church. Also Health Officials say the reopening of the businesses, memorial day weekend, protests gathering, testing, increased testing, all have contributed to a rise or spike, if you like, of cases. They hit record highs in six states, including those there. Nevada saw its highest number of daily infections since going all the way back to march of march 22nd. All in all, there are those that say look, we are opening too quickly but these states say yes, but it is being contained. Yes, there is more testing, yes, there will be more positive results but some in some cases, certainly in texas, some of the icu units are being put to the test, as in tucson, arizona. A report there that they are quickly running again out of icu beds. So all in all, yes, we have seen some higher single day tallies. Yes, these are in the states that opened the fastest but Health Officials in these states say so far, they do have it under control. Stuart got it. Ashley, thank you very much indeed. Back to d. R. Barton. You say were not going to see new highs on the market until the virus is contained. Are you talking about a vaccine . Not at all, stuart. I think that we have to see some of these numbers that ash was just giving us start to we have seen them flatten out, start to drop a little bit. We have seen that in europe. Theres a bright light of hope that they have the message that they give us is that if we do the right things with distancing and use the tools, that they are going down but weve got another huge piece out yesterday that you hinted to early in the show. The dexamethasone, we have a steroid that is helping people who are having trouble getting their blood oxygen levels up, helping them a lot, reducing death rates in a 6,000 person trial at Oxford University and stuart, that is good news. I think thats one of the reasons the market picked up again yesterday afternoon. Stuart we will get it. Thank you, d. R. See you again real soon. Check boeing real fast. Lets have a look at this. This morning its down four bucks, 194 is the quote. They are the subject of testimony on capitol hill this morning about the max jet. And Qatar Airways says they wont buy any more max jets. The stock is down. How about futures again, please. A modest gain at the opening bell. Pretty much across the board. Nice gain for the nasdaq, though. Up maybe a half percentage point. Conservative website the federalist forced to shut down temporarily its Comment Section because google deemed it dangerous and derogatory towards black lives matter movement. And get this. Nbc news is now under fire over their reported involvement in it. We will explain it. Chop protesters say they have the right to take over part of seattle. What about the lawabiding citizens and Business Owners who are trapped inside . We are on that story. We will deal with it next. Dial 911 asking for the police to come. Police didnt come. We design and engineer in america. And assemble more vehicles here than anyone else. Its why at moments notice we can take American Ingenuity and our manufacturing capability and put it to work. Building respirators, ventilators and face shields. Building what weve been building for over a century. An unbreakable connection between the Ford Motor Company and america. Some Companies Still have hr stuck between employeesentering data. A. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. De [ chanting ] stuart fox business alert. Youre looking at hundreds of protesters who shut down the important fremont bridge in portland, oregon overnight. They were calling to defund the police. Today, the Portland City Council will decide whether to slash 27 million from the Portland Police budget. Meanwhile, in seattle, some Business Owners are caught inside the socalled chop zone and they have had enough. Watch this. I dialed 911, im asking for the police to come. Police didnt come. Were not trying to escalate this. Were trying to protect our property. Were trying to just maintain our business and function as a business, Family Business that has families that work here. Its the Police Departments job. There is no Police Presence that ive seen. Stuart ashley, come into this, please. Seattle building a wall . Ashley well, what they have done actually by taking down temporary barriers and putting up concrete ones is reduce the area of this area on capitol hill from six or seven blocks down to three blocks. Its the first time in weeks the traffic, as youre looking at this video, you can have pedestrian traffic on one other. The first time as i say in weeks that traffic will be able to move past that Shutdown Police precinct. Its been blamed for severely hampering emergency services. This will free that up. Its now capitol hill organized protest, chop. It used to be called chaz, as we know. Whatever you want to call it, i would call this a sign of progress because as we say, the main area thats been locked down has now shrunk and also traffic and pedestrian traffic is able to move more clearly. By the way, the Seattle City Council voted unanimously to ban the police using chokeholds, also from using tear gas and pepper spray to control crowds. So Seattle Police no longer allowed to do that. But the occupation, if you like, goes on but on a perhaps smaller basis. Stuart okay. I dont know what they are going to do with it in the long term but it goes on for now. Thanks, ash. On capitol hill, congressional leaders are quote, deep in discussion with the white house about a fourth stimulus plan costing, according to fox business, around 2 trillion. Andy biggs, arizona republican, with us now. Sir, are you in favor of spending another 2 trillion or 1 trillion or whatever it is, are you in favor of more spending . No, sir. Im not in favor of more spending. I think there are other ways to stimulate the economy such as tax policy, regulatory policy, reducing red tape and heres a number to remember, stuart. 26 trillion. Thats the size of the National Debt today. Throw another 2 trillion in by the end of this fiscal year, we will be sitting between 28 trillion and 30 trillion in National Debt. Stuart let me make this case to you. The president needs a vibrant economy by november to win the election. A vibrant economy might need more Government Spending in the next few months. Would you be in favor of it to get him reelected . Stuart, i dont think we need to spend more money to get him reelected. I think the economy the fundamentals of the economy are right there. You saw it in the job creation in may, those numbers. You see it when the states that are opening up, you are seeing people coming back to work. Nou wh you know what you need to do. You need to get rid of that incentive pay to stay unemployed. Thats what you need to get rid of so people will come back. I just talked to people yesterday in my state. They said we cant get people to come back to work for entry level jobs because they are getting that bonus payment. I think we can do this without spending a whole lot more money. Stuart in your state, arizona, the number of virus cases increased over the past week after arizona lifted a lot of restrictions. Would you consider a new lockdown . I know its not your call, but would you consider a new lockdown for the state or for parts of the state . No, i dont think thats necessary, either. Ill tell you why. We do have more detected cases of the virus but heres some metrics that you need to be aware of. The same percentage of testing positive is what we had during the lockdown so you had the range between 5. 5 to 7 positive. Thats where we are during the open period. Thats an important metric. Why . Because it tells you that we are testing more people and we are still getting basically the same rate of positive cases that we had during the lockdown. But people dont take into account the other problems. People like getting chemotherapy, increased domestic violence, increased child abuse, increased drug and alcohol abuse. All those things that were going on during the lockdown that are going to be eased because people can get back to work and restore their lives. This is a tradeoff people dont even want to talk about. Stuart congressman, thanks for joining us, sir. Be seeing you again soon, im sure. Thank you, sir. All right. Staying on the virus subject, susan, youve got an update on or renewed lockdown in beijing . Susan we have 1,000 domestic flights being canceled in and out of beijing. Schools have been closed, People Living in high risk districts are prohibited from leaving their homes. Total cases now, 137 after a Record Number were found in beijing. This stems from one of the largest fruit and vegetable markets, in fact, it supplies around 80 of the food and vegetables that beijingers in the capital use. There are concerns that it might be spreading. In fact, if you look at some other provinces, four of them have now prevented those from beijing traveling there. Talking about provinces across the country in different regions across the country. So there are concerns of a second flareup and how this might impact the economy. So we have 356,000 so far tested in beijing but you know, if you listen to the head of the de facto beijing mayor, he said its a very grave condition in his words. When he says Something Like that, obviously that sounds pretty dire, dont you think . Stuart i do, but its interesting that a second wave, you might call it that in beijing, has not hurt our market here. In fact, investors here dont seem to be paying much attention to it at all. Thats an interesting movement there. Susan, thank you. Look at futures. We are still on the upside but only just. 50 up for the dow, 33 for the nasdaq. Holding right there at 10,000. Well be right back. Thats why ive got the power of 1,2,3 medicines with trelegy. The only fdaapproved, oncedaily 3 in 1 copd treatment. With trelegy and the power of 1, 2, 3, im breathing better. Trelegy works 3 ways to open airways, keep them open, a