Return especially in texas is a factor. Now look at this. Five stocks at or near record levels. Apple, microsoft, google, facebook. What you are looking at is premarket prices. I see apple and amazon up again. Not much of a selloff in the other three. Facebo facebook, google and microsoft, after yesterdays stellar performance. Put together, these five make up 22 of the s p 500. Now, that is dominance. The news from the street this morning. It is not good. In atlanta, armed men took over a small area and refused to let the police in. In wisconsin, a state senator beaten when he took a photo of demonstrators. In our Nations Capital, the flag burned by a cheering mob. Varney company is about to begin. Stuart a political bombshell is unfolding. Longtime democrat congressman of new york, elliot engel, is fighting for his political life. The 16term incumbent is trailing by double digits against a progressive. He received the full support of congresswoman alexandria ocasiocortez. Engel was supported by the democrat establishment, Hillary Clinton, senator schumer, speaker pelosi. What a race. Now look at aocs race. She was in a primary yesterday. She easily defeated her challenger again by a wide margin. So what do these results say about the state of the Democrat Party as the election approaches . Thats the president ial election. Fox news contributor lisa booth joins us now. Im referring particularly hi, stuart. Stuart what looks like the loss of elliot engel and the win for jamal bowman. The mans a progressive. What does that tell you about the democrats . Well, i think any time you see someone like aoc in 2018 be able to knock off a democratic establishment giant like joe crowley, that certainly inspires others like her to try to do the same and it looks like that happened again in new york with jamal brown but you also have to look at some of the actions elliot engel has taken recently that probably led to this moment. You look at the fact that the atlantic reported he hadnt been in his district for two months during the coronavirus pandemic. He was also caught on a hot mic moment saying he wouldnt have attended an antipolice rally if it hadnt have been for the primary. It seemed like he sort of lost touch with both the Democratic Base and his Congressional District as well as the district itself. I also think it reflects the split in the Democratic Party right now. We saw this even play out with the democratic president ial primary race between Bernie Sanders and joe biden as well. So theres definitely that very evident split between the progressives, the very very liberal part of the Democratic Party and you know, the more kind of old School Establishment part of the Democratic Party. Stuart definite split right there. It just got wider. Stay there for a second. Im going back to you in a moment. I want to get back to the markets for a moment. I want to bring in our guest. The muchwatched and frequently guesting on this program shah gilani. Shah gilani, how are you, lad . Good to see you again. Great, stuart. How are you . Stuart im in great shape, thank you very much indeed. Ive got an obvious question for you. We have had a terrific runup in the big tech stocks. Yesterday, most of them closed at alltime record highs. Obvious question, i think, is it time to sell any of them . No. Pardon the frankness of this answer but the obvious answer is definitely not. These are the companies that have the revenues, the profits, the cash generation, they have moats around their businesses. They are leading the market higher because they should be, because this is where investors are putting their money. They have become safe haven stocks. That is for good reason. They have got everything going for them, they are doing everything right and they should be leading the market. Investors who are not in these stocks and its still not too late to get into them, are missing out. These stocks will continue to go higher for as far as the eye can see. There is nowhere else for people to put their money but in these leadership stocks. Stuart so if you put more money into these stocks and they lead the market, do they lead the market, the overall market, higher still . Yes. Absolutely, stuart. Again, investors are putting money and bidding up these stocks because of their ability to produce profits. Eventually they are going to start to pay more dividends, they will revert to buybacks and put a pillow under their share. We looked at apple when it reached 1 trillion and were marvelling how is that even possible they could get to 1 trillion, isnt that great. But now its approaching 2 trillion. We will probably see a 2 trillion valuation on apple by midsummer next year if not sooner. Stuart stay there. I will get back to you in a second, shah gilani. Meanwhile, let me take a look at the big tech stocks. They are apple, amazon, microsoft, facebook and of course, google. They closed, most of them, i think four of the five closed in record territory yesterday. A clear boost for the nasdaq. Now, apple closed above 366. Amazon, 2700 a share. Microsoft, over 201. Facebook, 242. This morning, no big selloff for any of them. Not one. Thats big tech for you. That is dominance. Now, lets get the latest on the virus. Total u. S. Cases over 2. 3 million. Dr. Fauci on the hill yesterday said some areas are indeed seeing quote, a disturbing surge in new cases. Roll that tape. In some respects, weve done very well. However, in other areas of the country, were now seeing a disturbing surge of infections that looks like its a combination but one of the things is an increase in Community Spread, and thats something that im really quite concerned about. Stuart now, one of the hot spots, the hot spot at the moment, is texas. Ashley, come on in and give us an update on the lone star state, please. Ashley yeah. Texas in particular, 5,400 plus new cases in a single day being reported since june 10th, 42, 5 42,155. Hospitalizations also hitting record numbers. Governor greg abbott for the First Time Since lifting the lockdown is now giving cities and counties the power to put restrictions on larger gatherings. He hasnt done that since the lockdown. He says he was questioned about having maybe another kind of weaker lockdown put in place. He said that would be a very last resort, although hes stressing that people should be wearing face coverings in public but he says that is not mandatory. It is so bad in houston that they have opened the largest Pediatric Hospital there to adults who have covid19. Bottom line is we are definitely seeing a surge in texas. However, the governor says he believes it is still safe to reopen Public Schools in august. But they are concerned, of course, with the fourth of july coming up that gatherings at that could also make the situation worse. Stuart got it. Thanks very much. Come back in again, shah gilani, please. You say that a second waves impact on the markets will not be as bad as the initial first big wave. Why . Because were not going to see the same kind of lockdowns in terms of states in the country closing down, stuart. We may see lockdowns here and there in certain cities, but we are not going to see the kind of lockdowns across the country that we saw before. So the market understands that the playbook has already been written. Markets understand, investors understand what congress is doing, what its going to continue to do in terms of fiscal stimulus. We know what the fed is doing, is going to continue to do. We know now we will not have a national lockdown. If we go state by state, city by city, we will see perhaps intermittent lockdowns. Thats not going to impact the market. The economy is going to continue to come out of this and the economy is going to continue to allow businesses to reopen, to prosper again. The markets already reading that, discounting that, and thats why we are up as lie hig we are and probably have higher to go. Stuart thanks, shah gilani. See you again soon, promise. Look at the vitamin and supplement chain gnc. They are filing for bankruptcy. Tell me more, susan. Susan they have plans to close around 800 to 1200 Stores Across the country. Gnc has over 7300 storefronts in the u. S. Not a large proportion, think about maybe 20 or so, of the shares had been halted late tuesday pending this news. The stores, i should note, will remain open as gnc has secured around 130 million in immediate cash which is good news. The company has also found a buyer. This deal still needs to get approval and to go through but a Chinese Pharmaceutical Company is set to buy gnc for over threequarters of a billion dollars. The stock, despite the fact the company filed for bankruptcy, rallied nearly 75 the past three months. Still down over 70 on the year. This is part of that retail ice age theme. Bricks and mortar suffering and a researcher says 20,000 to 25,000 stores will close this year. That would be a record. Stuart it sure would. Im not surprised, though. I think they have been done in by the virus and by online selling and online trading. Thats whats done them in. Susan, thank you. Turning to a fox business alert. Yeah, more unrest in our Nations Capital overnight and elsewhere. Youre looking at socalled protesters burning an american flag, whooping it up right there in lafayette park. Thats right close to the white house, obviously. In atlanta, armed gunmen seen taking over the wendys where Rayshard Brooks was shot and killed. Listen to what theyre saying. Roll tape. I got a 12 gauge shotgun, its for me and the rest of my people to protect us and the police arent allowed here because theyre not here to protect us. Stuart thats atlanta. In seattle, a third person shot near the chop zone as the citys mayor proposes a 20 million budget cut to the police department. Lisa booth, come back in again, please. My question is, look, i know where the president stands on this. What about all the republicans . Why arent they speaking out . Well, im just going to be real lhonest with you which i always am. I think republicans, including the president , are being incredibly weak on this issue. There is an opportunity to paint a very sharp contrast with what is happening and the lawlessness and criminality that is happening in so many of these liberal cities run by liberal mayors, liberal governors, and to paint a contrast and stand in solidarity with police and stand in solidarity with law and order. What do republicans do to respond, to put a target on Police Officers backs that somehow Police Reform is the answer thats going to stop these criminals from burning down their own cities . And you know what ends up happening, its going to be black people in these communities that pay the price the most, because if you look at 2018 fbi statistics, 53 of the known homicide victims in this country are black. So they are the ones that are going to be the least safe as a result of this attack on Police Officers across the country and even liberal mayor rahm emanuel previously said regarding ferguson, about the ferguson incident, is his Police Officers were in the fetal position because they were so terrified to do their jobs. We are seeing that play out even in cities like new york which saw a 414 increase in shootings last week from the week prior or from the same week in 2019. So this is whats happening in the country. Stuart its just shocking. Its time for republicans to step up and call it what it is. Stuart its just shocking to wake up in the morning and see that happening overnight. Lisa booth, sorry im out of time. Got to run. Thanks for being with us. Check futures, please. We have come back a bit. We will be down at the opening bell but this is not a huge loss, maybe 180 down for the dow. President trump says there will never be an autonomous zone in washington, d. C. Guess what . Twitter flagged that tweet and called it a threat. We will give you the full story later this hour. Remember this . Chain link fence, barbed wire aroundic conic saks fifth avenue in new york . Its reopening. We will take you there. A very generous second stimulus check being discussed. How much . We are on it and will deal with it next. announcer reliability is everything. So, if your networks down, youre down. Verizon knows your customers need to reach you seamlessly. Your team needs to work from different places across many devices. Plus, you want the security trusted by some of the Largest Companies in the world. And thats why you trust us. The most Reliable Network in america. Stuart whats this . The u. S. Reportedly taking a look at 3 billion worth of tariffs on new imports, thats new tariffs from, on products coming from the European Union or the united kingdom. Whats with that . Lets bring in Treasury Department spokesperson monica crowley. Welcome back. Good to see you again. Great to be here, stuart. Stuart why are we thinking about imposing tariffs on goods from the European Union and britain . Why . For the first day of his administration, President Trump has delivered on his promise to provide more fair and more reciprocal trade for the american people. Hes kept that promise through negotiating the new nafta, the usmca deal, the phase one china deal. Hes put all these things in place to make sure that american industries, businesses and American Workers can compete on a level playing field. Last october, the World Trade Organization handed President Trump the authorization to retaliate on about 7. 5 billion worth of eu exports because of responsible to the eus protectionary measures on airbuds. This goes back about 15 years. Its been a fight in the World Trade Organization for a long time. What ambassador lighthizer and the ustr office has notified the eu last night that they are prepared to rachet up the pressure and as ambassador lighthizer mentioned, hes doing this because he would like to see a settlement in accord with the wtos findings last october. Stuart okay. So its a possible tariff to prod things along. Okay. Yesterday on this program, we had larry kudlow and he was talking about a second, possible second stimulus. Listen to what he had to say. Roll tape, please. I think the tax rebates or the direct mail checks are on the table. Theres a lot of discussions going on. Probably we would want to target those to those folks who lost their jobs and are most in need. Thats the speculation on my part but i think thats where its going. Stuart monica, larry kudlow used the words direct mail checks. In other words, ordinary people get a check in the mail. Can you tell me more about that, please . Yes. Well, President Trump is going to be the first president in modern American History to be called upon to deliver a booming economy not once, but twice, and hes going to do it. Look, this was an unprecedented economic and Public Health crisis that required unprecedented response. What we were able to do through this administration, through treasury and the Small Business administration, is stand up this astonishing fiscal response done through sort of a private sector approach to make sure that american businesses, american industries, and American Workers were protected through this period of time. That involved the Economic Impact payments. We were able to get out about 160 million of them in record time. If we see in a few weeks that the need is still there for an additional kind of stimulus and again, we are hoping that we can move from rescue and relief efforts of the u. S. Economy into economic stimulus, progrowth incentives. If those conditions still exist in a few weeks, the administration has made it very clear that we will consider all options including additional stimulus checks. Stuart okay. Additional stimulus checks. Thats what i want to hear about. Monica, thanks for joining us. We appreciate it. It was good to see you again. A pleasure, stuart. Thanks. Stuart sure thing. Lets get to new york city. And entering phase two of reopenings this week. The citys famed fifth avenue is opening back up again. Lauren simonetti is right there at saks fifth avenue. Are they opening today . Lauren they are opening in less than two hours from now, stuart. Remember the barbed wire that was around this store to protect it from rioters just a few weeks ago . Thats down. The window displays are up. Take a look. You can see some mannequins behind me. I will walk through. Now you just see empty space, stuart. This is the iconic flagship 40th store of 40 saks nationwide to reopen among the pandemic and we are looking at empty windows. This could change in the next two hours bii gut i got to tell, i was expecting Something Like the christmas windows tourists come to see. That might be the problem. Who exactly is going to show up on fifth avenue to shop at saks today . Luxury shoppers are at their summer homes, shopping online, concierge service, and the tourists, very few tourists here. They represent about a third of saks sales. There are things that are missing and one more thing before i go, stuart. I want you to look at this picture because they made so many precautions and changes inside. You might see purple and green light emanating from the escalators. They have a uv light disinfectant that will clean the rails as you go up and down the ten floors. Stuart okay. All thats missing is the people, the tourists and people who work in new york city. Lauren its sad but true. Stuart it is. Its good to see them reopening but sad there are no people. Thanks very much. Im sure we will be back to you shortly. Check that market, please. We will open up in about four or five minutes. We will be down 200 for the dow, 30 odd f