Heres the markets performance this thursday morning. Not paying much attention to those jobless numbers. We are going to be down pretty much across the board. The dow industrials on the down side to the tune of 200. The s p down about 20. The nasdaq, not much of a loss there, down 12 points. Now, ive got some negatives to lay out for you. This may be a negative. Several states report big spikes in virus cases following their reopening. Its the second wave worry. Number two, medical authorities in beijing say the new outbreak has been controlled, their words, but virus statements out of china dont have much credibility with investors. Heres another one. This is not helping. The European Union will go ahead with its plan to tax big American Technology companies. The u. S. Has withdrawn from those talks. This too might be hurting investor sentiment. John boltons book, very negative on the president. Bolton says that everything he does is geared to his reelection and that includes shifting china trade policy. If this is a problem for mr. Trump in the election, its going to be a problem for wall street. But lets look on the bright side. You are about to hear from a highly respected market watcher who says fear about a second wave is nonsense and you will hear about the real estate boom. Cheer up, everyone. Varney company is about to begin. And then in terms of bolton, he broke the law. He was a washedup guy. I gave him a chance. He couldnt get Senate Confirmed so i gave him a nonSenate Confirmed position like i just put him there, see how he worked, and i wasnt very enamored but he broke the law, very simple. As much as its going to be broken, this is highly classified, thats the highest stage, its highly classified information and he did not have approval. Thats come out now very loud and very strong. Stuart there you have it. Clean cut. The president claims his former National Security adviser broke the law with his new book. The Justice Department is trying to block its publication. John bolton, well, hes speaking out. Hes done a tv interview, repeating his claim that the president geared every action to his reelection. Got more on that later in this hour. Back to the jobless claims numbers. I will all right, i will round up. 1. 51 million newly filed unemployment people last week. Brian wesbury, economist, is with us now. Thats only down 58,000 from the week before. Thats not much of a drop. What do you make of it . No, its not, stuart. Its 11 weeks in a row where we have seen declining new claims. Thats not great. We are still at 1. 5 million so there are still problems with this economy. Thats why i have always theres not a perfect letter for the recovery that we are going to have. Initially i was calling it a u, then a square root, where you get a v at the beginning, then you slow, and now im sort of calling it a swoosh. We are having a vshaped recovery but its not going to take us all the way back to the peak for a couple of years. Stuart hold on a second. Youre the guy when you appear on this program, you always give us almost daily indicators of the pace of the economic recovery. So what kind of pace are you seeing right now . Oh, this i mean, these initial claims are coming down because we are opening up. Last month, box office receipts, movie ticket sales, up 158 last week over the week before. We bottomed tsa, people going into airports, at about 80,000 a day. We are now back to about 500,000 people flying every day. So rail car traffic, steel production, hotel occupancy, all of them are exploding upwards but we have to remember, theyre still way below where they were a year ago and thats kind of why im calling it a square root, where you get a bounce off the bottom and thats what were seeing. Retail sales, employment, all of these things, but really, there are Small Businesses that will never open up again. We did a lot of damage to the economy by turning off the light switch, so to speak, and it will take awhile to get back to those peaks. But we will get there, as long as we dont shut down the economy again. Stuart yes, indeed. Thats a good story. All right, brian, thank you very much indeed. Thanks, stuart. Stuart on this idea of shutting the economy down again. Of course, that would be related to the virus. Heres the news. Over 2. 1 million confirmed cases in america as of right now. But there has been a surge in a few states, just in recent, in the last week, i think it is. Ashley, give me the numbers from these states. Ashley yeah. Its interesting. Lets take a look, we are talking about oklahoma, texas, florida, arizona, we are definitely seeing a surge. This is from johns hopkins. Oklahoma in one day, the past 24 hours, up 259 but check out florida. Up more than 2600. A lot of that being linked to bars that are now reopen and we are seeing clusters of positive cases from people going to bars. Arizona at 1800 plus. By the way, Health Officials in arizona want to make it mandatory for the public to wear face masks whenever they are in public places. The city council says it will address that issue. Look at california. More than 4200, more than half of those cases in l. A. County alone and very quickly, i want to mention texas, because one day tally of 3100 and also a Record Number of hospitalizations. Hospitalizations does not mean there has been extra testing. Thats a whole separate category that has nothing to do with testing. We are seeing those levels rise in some states as well. Stuart okay. Got it. Thank you. Now, remember everyone, i promised you at the top of the show, we have a market watcher who says the second wave idea is utter nonsense. The man who is saying that is david bahnsen. He joins us now. Utter nonsense, the second wave. Strong stuff, david. Make your case. Well, the language i would use to describe whats going on is not nearly as strong as the language everybody is using to try to fearmonger and sensationalize the data. You heard what ash just said. 259 cases in oklahoma. 259. So this is a surge, right. Now, its a couple thousand in florida, it has been trending, 1600, up a few hundred, it actually went down yesterday versus the day before. Not a single one of these states is even close to Ventilator Capacity or hospitalization capacity, but when they say its being linked to a couple bars that reopened, im sorry, all of those bars reopened in europe, when all of those countries have seen their declines totally stabilize. The median state decrease in our country where theres been reopenings is all negative. The case growth is negative. Positivity rate is going lower. There are a couple counties where you have seen an increase. L. A. County is one, Maricopa County in arizona, miamidade in florida. But the numbers have to be taken in context where you are talking about a few hundred people here and there. On a personal level, human level, you know me well enough to know i dont belittle that. I dont want any mortalities. I want this disease to go away. But when i see the sensationalism that is going on with so much of the press that refused to present this as a health risk three weeks ago when you had millions of people protesting, and none of those states have seen an outbreak. Those positive test cases would be coming in now from minnesota and new york. We are seeing declines in new york. So at the end of the day im a market watcher, as you said. My objective is to evaluate how this impacts the economy, how this impacts things for investors. I dont want a couple hundred more people in the hospital in arizona any more than anyone else does, but theres no possible way thats leading to this whole second wave economic shutdown. Its sensationalism. I will let other people decide if they think some of its politically motivated or not but i certainly think most of it is clickbait and i think its shameful. Stuart okay. Thats strong stuff, mr. Bahnsen. I like the way youre going. Im holding back, stuart. Im holding back. Stuart okay. If thats you holding back i would love to see you unleashed. David bahnsen, everyone. Good man. See you again soon. Thank you very much. All right. I want to look at kroger, the supermarket people. They reported just a few moments ago, lauren, youve looked at the numbers, i believe that sales were up we knew they were going to be up but i didnt see a forecast from kroger. Did you . Lauren no. They pulled it. They pulled it because they have no idea how consumers are going to shop as the virus eases. So we did see in the quarter that online sales jumped 92 , profits rose 57 but they pulled that guidance and they also said they spent 830 million on bonus pay and testing for covid19 for their workers, including 100,000 additional new hires. Stuart thats an enormous amount of money. 830 million. I notice the stock is only down a fraction, though. This lack of outlook is not really hurting that much. Okay. Thanks very much, lauren. More earnings coming up later today. The gun maker smith wesson reports this afternoon. They have seen a nice pop over the past few weeks because of the unrest in the country. People go out and buy guns. The stock is fractionally higher this morning at 18 a share. Its had a nice pop so far. Futures, have a look at them again. Still on the down side, 200 down for the dow, 20 for the nasdaq for the s p, 22 for the nasdaq. Heres interesting news. Spotify. Whoa, spending big on their podcast. First, it was 100 million joe rogen. Now they snagged an exclusive deal with Kim Kardashian. More on that later. Wonder how much she got. Former National Security adviser john bolton is not holding back on how he really feels about President Trump. Watch this. How would you describe trumps relationship with Vladimir Putin . I think putin thinks he can play him like a fiddle. Hi, im bob harper, and i recently had a heart attack. It changed my life. But im a survivor. After my heart attack, my doctor prescribed brilinta. 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My heart is worth brilinta. If you cant afford your medication, astrazeneca may be able to help. You get the freedom of what a 7day return policy. This isnt some dealership test drive around the block. Its better. This is seven days to put your carvana car to the test and see if it fits your life. Load it up with a weeks worth of groceries. Take the kiddos out for ice cream. Check that it has enough wiggle room in your garage. You get the time to make sure you love it. And on the 6th day, well reach out and make sure everythings amazing. If so. Excellent. If not, swap it out for another or return it for a refund. Its that simple. Because at carvana, your car happiness is what makes us happy. How would you describe trumps relationship with Vladimir Putin . I think putin thinks he can play him like a fiddle. I think putin is smart, tough and i think he sees that hes not faced with a serious adversary here. I dont think hes fit for office. I dont think he has the competence to carry out the job. There really isnt any guiding principle that i was able to discern other than whats good for Donald Trumps reelection. Stuart okay. You heard it right there. John bolton, former National Security adviser, clearly tearing into President Trumps relationship with Vladimir Putin and saying hes not fit for office. Hes set to release his book about his experiences in the white house, thats upcoming. Lets bring in senator john barrasso, republican of wyoming. Senator, the book says the president , you just heard john bolton, the president is not fit for office. All hes geared to is reelection. What do you make of the book and what john boltons just had to say . Well, john bolton has become the darling of the liberal left. Hes using sensationalism to sell books. I dont intend to buy it. He claims the president is thinking about his own reelection. Stuart, that is not a surprise. Every president thinks that way. He is accusing the president of trying to sell Agricultural Products to china. Well, being from wyoming, an agriculture state, im for that. I will tell you, every time i have been with john bolton, he wants everybody there to believe that he is the smartest guy in the room. He thinks he ought to be president , he ought to be speaker of the house, he ought to be chief justice of the Supreme Court all rolled into one. Im pretty much done with him. Stuart okay. We hear you, mr. Senator. I will leave it at that. I do want to talk about more spending. Fed chair Jerome Powell, he wants more fiscal stimulus. But a lot of the republicans who have appeared on this program say no more spending. Where do you stand, sir . Well, number one, jobs are number one. We need to get people back to work. Thats the most important thing we need to do to get the economy moving again. Im going to be meeting with Jerome Powell on tuesday. This will come up certainly as a point of discussion. The senates not going to consider another bill on this matter until midjuly. We want to assess the situation, see if we are continuing to add jobs like we did 2. 5 million last month to see if Consumer Spending continues to go up as it just has done, so we are going to make a decision then what is necessary. Stuart but you wouldnt rule out i mean, we had senators on the program that say look, no more spending, thats it, whether its now or three months from now, no more spending. Youre not in that camp . Im going to continue to work with the president and with other members of the senate to assess about a month from now where we need to go at that point. If there is additional spending, stuart, it needs to be on things that are going to get people back to work. To me, thats the highway bill, its infrastructure, its roads and bridges which put people to work in all of our states, good paychecks for folks. Thats an area we can take a look for in terms of recovering and getting people back to work. We have a bill that passed the committee that i chair, it passed the committee 210 and makes a difference to get people to work. Stuart senator rob portman has suggested a bonus for those people who do go back to work. How about that . Well, one of the things hes focused on, this Unemployment Insurance bonus of 600 on top of what people would get for being out of work. We now have a situation certainly in wyoming and across the country where people are getting paid more to not work than to work. We have help wanted signs around the state of wyoming but because we have a generous Unemployment Insurance program, the income level is better to stay home than to go to work. We have to get rid of that perverse incentive. It expires july 31st and we need to make sure that for people that really cant go back to work, there is help because if those jobs arent there, but for people that are able to get back to work, we need to get them back on the job. Its the best thing we can do for our country and our economy. Stuart so you will reassess the situation midjuly. Senator john barrasso, republican, wyoming, thanks for joining us, sir. We appreciate it. Thank you, stuart. Stuart another big story in the news today. Thats the big tech stocks. Susan, you know more about this. The European Union wants to tax them bigtime . Susan thats right. After failing to reach a deal and talks breaking off, france is set to resume collecting 3 taxes on revenues at Big Tech Companies of sales of more than 800 million a year. Think of alphabet and facebook. This 3 tax could be delayed if there is a deal before the end of this year. A deal was nearly agreed to according to the french finance minister but treasury secretary Steve Mnuchin sent a letter to his counterpart saying that negotiations should be paused and broken off during a pandemic. They have other things to worry about. Remember that france had agreed to suspend the collection of this Digital Services tax after the u. S. Threatened to impose retaliatory tariffs on 2. 4 billion worth of cheese, wine and handbags but its not just france. The uk, italy, spain have all been pursuing their own targeted taxes on digital companies. Alphabet, facebook and amazon, they are under pressure there. Stuart would it be fair to say that america is now at odds not just with the European Union but with other allies like india, for example, all these countries want to tax American Companies which do business in their country . They say thats legitimate. So we are now at odds with much of the world. Susan yes. A lot of our longstanding allies as well. Also, trading partners that have been on good relations but why are they taxing American Companies . Shouldnt they be focusing on innovating and maybe producing their own apple, amazons and alphabets in the future . Stuart i think their argument is you do business in this country, you make a profit in this country, youve got to pay tax in this country. I think thats their argument. Although i agree with you, why dont they create an apple themselves. Why dont they do a facebook themselves. Susan america is the biggest market