Transcripts For FBC Mornings With Maria Bartiromo 20240712 :

FBC Mornings With Maria Bartiromo July 12, 2024

Start of trading but nasdaq another record high uncharted territory there. But nasdaq now at 11,046 up 95 points and dow industrials up 164 and s p up 22. This on top of the rally in tech stocks helping to push nasdaq to yet another record close. Thes dow s p 500 also finishing the green, monday. Yesterday, as you can see the nasdaq up sharply two and a half percent on the sessions. The s p 500 is now positive for the year. Unrest in america violence is surging this morning across the country. President trump is warning that he will send federal agents to more cities to bring back law and order. At 8 30 a. M. Eastern Border Control commissioner mark morgan is here with more on rising crime and role federal agents can play to bring safety and security back to American Cities. And the china keeps up on pressure keeps up on china mike pompeo meeting with Boris Johnson today trying to get the u. K. To take a firmer stance on china. Meeting coming week after london banned Huawei Technology from country 5g network. Week long look at instagram stars continue this is morning today the cofounder of upward family photos. Those pictures the free smiles to people posting them. Mornings with maria is live right now. Maria well the Global Markets have a firmer tone take a look at european indices green across the board s p 500 up 34 and paris up 70 and dax in yerm is higher by 245 points almost 2 . Eu leaders agreeing on historic 2 trillion spending package to help unrecover from the economic from the coronavirus and deal needs to be approved by Member States but markets are certainly reacting to it. Eu spending package in positive news on Coronavirus Vaccine trials led to ingas across board there as well. Take a look thats within hong kong hank shank index up two and third percent. Some of the top stories were waving this morning. Top democrats ready to meet with the white house officials today to discuss the latest round of covid19 stimulus relief package House Speaker naption and senator minority leader Chuck Schumer set to sit down with Steven Mnuchin and white house chief of staff mark medicine does today. To discuss their details of a 1 trillion proposal. That includes more than 70 billion to help schools. Very latest round of talks coming as number of new u. S. Covid cases climbs at slowest rate by more than of 0,000 case. Overnight eu reach an agreement on 2 trillion plan on coronavirus plan after heated talks in europe. Promising news this morning for a possible Coronavirus Vaccine. A partnership between Oxford University and reducing strong immune response in the early stages of human trials. Researchers say vaccine triggered two immune responses but producer antibodies and increasing tcells half infected cells. After share this is morning up slightly take look it is up that 1 . Next hour well speak with a doctor who will break down these results, coming up. House minority leader Kevin Mccarthy clamping down on foreign hackers to steal vaccine research. Today hell introduce defend covid to give the ability to sanction any foreign person engaging in angt that threatens fiber health or National Security. China, russia, iran accused of trying to steal vaccine related information that tells group of senators led by arizona senator martha release the Civil Justice for victims of covid act yesterday. That allows china to be sued for its role in the pandemic. Southern Grocery Store chain dixie now required it to wear covers. And wanted to undue friction with the mandate and beginning next month. That includes all of navy, Banana Republic and name sake the gaap. Attorney general william barr is ordering the fbi to investigate that deadly shooting and a new jersey federal judges home. The alleged gunman now identified as roy b. Rfs found dead yesterday in upstate new york. Police believe he was the gunman who dressed as a fedex driver and murdered the 20yearold son of district judge he was antifeminist lawyer who went after judge in a book he published online. Markets are rallying this morning futures indicating gain at start of trading this morning largely lifted by u. K. Stimulus deal and hopes for Coronavirus Vaccine dow is up 171 points right now tech stocks giving this market a boost. Nasdaq added to that huge rally yesterday with another gain of 100 points right now. The s p 500 finish near session highs yesterday turning positive for 2020 the year, and it is now on track for its third day of gains joining me now is ed, also joining conversation this morning, is fox business Dagen Mcdowell the wall street journal writer john and pwc partner. This Tuesday Morning, and ed let me start it off with you. We seen these spiex and there have certainly been new worries sparked ab slowsdown in the economic recovery. Whats your take second half of the year in terms of growth. Getting back to growth. Well, i think weve seen a v shaped recovery in some areas of the economy like retail sales extraordinarily are basically back to where they were before this great virus crisis started. But a lot of that was fueled by a tremendous amount of government stimulus. The government said that everyone checks almost everyone checks sent provided 600 dollars week in extra Unemployment Benefits and all of this add up to tremendous boost to personal income. But more than offset the drop in that wages related to unemployment, so its stimulus thats really giving us this v shaped recovery. But its nots geng to last without continuing stimulus and apparently theyre already thinking about talking about as youve said that more stimulus and europeans have got stimulus. So turning here turning there. Adds up to serious money. Maria as you feel we need another stimulus package, obviously, theyre working on this this morning and yesterday in washington. Without that, youre not expecting a comeback to be sustained . Well, yeah. I think clearly if we see a e elimination of 600 per week people dont get another check. Its going all be up to employment recoverying and the problem with that, of course, is the case count has gone up it is slowing but still as we said 60,000. So the case cut going up has cost governors to slow down on opening their economies. And thats the issue we are seeing some of the daily and weekly indicators of the economy starting to stall right now. So thats where we are. Wow. What about earning season ed this morning were standing by for dow components cocacola Quarterly Results get lockheed morris snap and United Airlines orr big namings reporting Quarterly Earnings any take away from your standpoint from Second Quarter earning season so or pa . No real surprises, i mean, the drop in earnings maybe a few months ago would have been surprisingly bad. But certainly shocking bad theyre not surprisingly bad theyre down 40 on a year over year basis on Second Quarter thats pretty bad clearly and then were going see year over year decline in the third and Fourth Quarter but less so. Market is looking beyond that to a recovery pattern. We are, in fact, seeing analyst starting to become less pessimistic about the outlook for earnings this year and next year. And i think a lot of that has to do with perception that economy is opening up. That despite some of the outbreaks weve seen, and perception that were going get more stimulus and low and behold maybe get a vaccine as you reported. Yeah. Which would be great. Ibm is up this morning on earn bug tech overall where money has been. Youve recently said stocks are overvalued could face a shock if coronavirus cases continue to rise. Tell me about that, how significant are you looking at this overevaluation and where specifically is it . Right. Well evaluation really is a matter of opinion. Theres no science to it. Historically, the average forward pe based on analysis expectations for earnings has been around 15 to 18. The s p 500 now were at 22 going on 23. And this is all been lead by tech significant stocks and evaluation multiple around 40. And going maybe to 50. So historically speaking, the market is overvalued, led by these handful of tech companies. And looks like its not stopping money continues to pour there, and some of them are rightly so because they benefit from doing business over the internet and were all spending more time working on the internet getting educated on the internet, and having on the internet. Theyre not cheap. Maria theyre not cheap i wonder if that 40 goes to 50 or goes down to 30 let me get john in here. Go ahead, john. I want to hear what ann has to say about the global stocking outlook. You know the u. S. Has really led the charge over last few years in particular tech stocks that youre talking about. International stock havent been a great place to be for u. S. Investors is that changing at, and if so wring. I know you spend a lot of time over years looking at the chinese stock market. Where is the value overseas and more importantly wheres the growth overseas . John. The value is almost everywhere else but here. But here the problem is overevaluation the elevated evaluation of just a handful of tech companies. You take them out, and youve got all multiple it is more like a 18 socalled value stocks selling around 17, 18. The rest of the world is selling also kind of look a value stock of around 17 or is. So the they think that see interesting to me is that it looks from a Health Perspective that the rest of the world particularly europe and some countries in asia are doing a much better job of opening up their economy and containing the virus. Were not doing as good a job and from that perspective it might be worth well looking for opportunities overseas also from relative evaluation perspective. All right we will leave it there and ed always a pleasure to e sou you sir. Thanks so much. Thank you. Joining us there and getting start this had morning we have a lot coming up stay with us strategic analyst and up next. Unriseing tensions with china as beijing reportedly weigh retaliating against nokia and erickson in battle for 5g then at 7 a. M. Eastern this morning we have top stories investors in washington this morning and word on wall street segment. Dont miss it. Find out how your money should be allocated and then lee is here on potential stimulus with the august recess rapidly approaching will they get it done. Labor secretary on what President Trump wants to see if that stimulus relief package. In the 8 a. M. Hour were talking request senate arm service with his take on actor morgan on unrest across portland across the krpght and taking a look at one influencer this morning making his name on Awkward Family Photos. I may have some of my own ready to go. Dont miss that all coming up right after this. Stay with us. Maria welcome back democrats from the meeting with white house officials today about their version of the new covid19 stimulus relief package. This comes day after Republican Leaders met with the president yet over their proposal which well see over 70 billion going to schools. Joining me right now was fox news contradict it is good to see you thanks so much for being here whats your fake on this new bill and what are you expecting will eventually be in it . Well, i expect the tax cuts to be in it, and when you think about it maria, tax cuts are the best way to stimulate the economy. This puts more disposable income in handle of americans who know the best way how to spend this money. Consumer spending is 70 of our economy. So it is not on that aspect but the fact that it is incentive for businesses to hire and to symptom late job growth. So tax cuts i think is a really great idea and going to help the country economically when you think about what the president did prior to the pandemic with the rollback in taxes, the regulations we have record low unemployment wage growth more jobs and people to fill them. So i think theyre going in the right direction with this. Yeah. Mean mile you have all of this unrest across country. We havent heard from joe biden on this yesterday he said hes four black women on his short list to become vice president. He was not given a guarantee hell have a black woman as vice president. What are your thoughts on where we are. We are waiting to see who his partner in this race is while they incredible unrest across the country is warranting some kind of a response. It was shame on joe biden for not responding to unrest that were seeing going across our country. But as the member with black voices for trump maria, we have exposed joe biden as a fraud. Hes not only a serial plagiarist but he supported seg segregation and get ahead in the career and joe bide listen do and say anything to be elected president of the United States. So now what hes doing is pangeddering to black vote percent by saying, hes got four black women or so on his list that hes going to suggest for vp. So what. What are content of character . What about the persons ability to do the job to task at hand . Hes just pandering to black volt percent because hes desperate for black voters supports. Deneen how it black support for President Trump this n this view before this pandemic it was clear that unemployment situation had gotten so much better under President Trump. And yet now here we are with the double digit Unemployment Rate again. Whats your take on the Africanamerican Community and its support for the president going into the election . Sure. I think black voters will definitely take good look at what is going on the dynamic between President Trump and former president joe biden. President want laws and order across country and we have this democratrun cities who are just in utter chaos and they are not stemming violence and destruction that is going on. Theyre letting them run wild. President trump wants law and order hes also concerned about economic security. For all americans and especially in black communities. Which is why they have the opportunity zones which is helping disadvantage neighborhoods to provide the help jobs and lower taxes, regulations and other opportunities for black americans. So they are certainly taig a good look at President Trump and his agenda of the America First agenda. Maria all right deneen great to talk with you this morning well keep watching her there. Stay with us. Well be right back. Due to afib. Not caused by a heart valve problem. So if theres a better treatment than warfarin, im reaching for that. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Im on board. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Ask your doctor about eliquis. And if your ability to afford. Your medication has changed, we want to help. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Maria welcome back the future of the American Cities at stake new study find some wall street firms are considering cutting their presence in new york city by 20 . The report also finds one in four employers aren playing on reducing their foot precinct in the city. John wrote the story about state of cities in wall street journal piece this week. John wrote this within extended lockdown to drain cities of their energy, charm, and financial promise. That so many in the first place and underlying weaknesses inconveniences, and risks with Remote Technology facilitating work from home for many. Some new yorkers have already decamp to suburbs and great piece in the journal teat us more about it. Well, you know, American Cities have been through Something Like a 30year renaissance you know maria as well ass then what new yorks like, in the late 1980s. One of the big issues that turn new york and other cities around was crime fell so much and people felt safer being there, and new york is and many other cities are being hitting right now by two safety shocks. One is an increase in crime. In particular i should says an increase in Violent Crime murder robberies are down across many cities and then the other is the coronavirus pandemic. So American Cities after having a boom really for the last 30 years are going through their beggest test in a long time. And i should say you know the other thing that was really going for cities for a long time with this tech boom it was drawing workers, skilled educated workers into met pollal areas now question is whether technology is going to draw people out by having more people working remotely. Yeah. I mean are you seeing plans being changed right now given the fact that we are now choired about a second spike.

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