Meanwhile Federal Reserve not even thinking about raising rates now. Fed chair jay powell saying the current economic down torn is the most severe in our lifetime. Warning containing covid is essential to protecting our health and the economy. Big tech in focus all reporting today, their earnings after the bell, ceos grilled on capitol hill yesterday about anticonservative bias, Business Practices, privacy and china. Highlights from the fiery hearing coming up. Markets this morning pointing to selloff at the start of trading. Take a look at futures indicating decline 216 points right out of the gate, s p lower by 28. Marks rallied yesterday following Federal Reserve decision. The market was up 160 points don oh dow. The nasdaq up 140 and s p up 40 points yesterday. Unrest in america with violence in major cities. And the nba tipping off today, players taking to court in bubble at disney world with empty stands, we will check it out. The ceo of fanduel is here on how the virus is impacting gambling, mornings with maria is live right now. Global markets this morning red across the board, take a look at european indices. Cac quarante down 51 and the dax index in germany lower by 289 points. We have a selloff underway this morning. The German Economy shrinking record 10. 1 . Thats Second Quarter due of course, to coronavirus shutdowns. We will get to gdp for the u. S. In asia markets mostly lower, worst performer was hong kong market, hang seng down twothirds of 1 , major indices flat overnight. Some of the top stories that we are right now another round of talks on new stimulus bill set for today with no compromise in sight. We are still very far a part on a lot of issues. I do think theres a subset of issues that we do agree on but overall we are far from an agreement and the president is focused on the issue of unemployment. Maria republicans proposing a second round of 1,200dollar checks for americans making less than 75,000 a year. Democrats want to extend the 600 weekly unemployment benefit while republicans are pushing to cut that amount to 200 a week. House Speaker Nancy Pelosi rejecting President Trumps support for shortterm bill if the two sides cannot reach an agreement by tomorrow when enhanced jobless benefits are set to expire. Well, the u. S. Reaching another grim milestone in coronavirus pandemic surpassing 150,000 deaths now leading the world in deaths and cases in the United States 7 states reporting a recordnumber of deaths in a single day yesterday. All members of the house of representatives now required to wear a mask while on the floor after texas congressman Louie Gohmert tested positive for covid19. Attorney general bill barr was tested after being with gohmert. Barr tested negative. The president toured an oil rig in midland and promise today put America First when it comes to energy production. The president also doing fundraising during the trip. Federal agents are now expected to begin leaving portland today as city sees 63rd night of unrest. The Trump Administration and oregon leaders reaching a deal yesterday to withdraw agents after accusations of Excessive Force used against protestors, operation legend deploying agents to milwaukee, cleveland and detroit. Fiery hearing, big tech on the hot seat facing tough questions on subcommittee all virtually in washington. Ceos of amazon, facebook and google grilled about competition and alleged political bias. The tech giants asked about Science Technology theft. Facebook Ceo Mark Zuckerberg the only one to see problem well documented. President trump weighing on twitter saying he will take action on big tech if congress doesnt. Well, investors are awaiting key Economic Data this morning. Futures are down ahead of gdp number. First estimate coming later this morning. The numbers expected to show recordbreaking decline, 34. 1 contraction in the last quarter. Initial jobless claims hitting the tape this morning. The number of americans seeking Unemployment Benefits possibly rising for second week in a row this morning. Joining me to talk more about all of that Investment Adviser jim, along with the conversation, joining the conversation fox business Dagen Mcdowell, forbes media chairman former president ial candidate steve forbes and Strategic Partner president and ceo mark tepper. Great to see everybody this morning. Thanks so much for being here. Dagen great to see you. Maria let me kick it off with you and expectations, we have earnings as well is Economic Data, what drives markets this morning . My expectation we will get the grim economic report, the markets know that not just for weeks but months. We also think the big tech earnings clearly are going to help this market either propel a little bit more, regain the losses that we see today as we make our way in the year. This is a market request fear continues to be pushed to the backseat based on a lot of hopes relating to medical data. From our view medical data matters more than Economic Data, its the foundation for sustained rebound from where we are. Remarkable rebound over the last handful of months to the point where i hope investors are not getting complacent. Maria what about the earnings today, weve got dow component Proctor Gamble this morning which we are waiting on as well as cigna and we have Technology Giants on the hot seat yesterday, apple, amazon, google parent alphabet. What has been your assessment of earnings youve seen so far and what to expect tonight . We expect to see tech continue to exhibit strength, we expect to Health Care Continue to exhibit strength, tailwinds of the pandemic as opposed to other sectors who have been hammered by it. We dont see anything in the medical data to suggest that the trends, consumer staples, tech, health care are going any time soon. For those looking on the value stocks side of the fence saying their valuations are dramatically cheap that they are raging by, we are not buying that. We still think its a value trap, we still think you can let tech winners run so long as counter balance by defensive bull works, bonds, we like to have reserves in portfolios, we are seeing evidence that gold which obviously has been gaining dramatically momentum here is also tactical models are intrigued about. Maria all right, you want to have a little exposure to gold while youre having exposure to the market as well as having some hedges. Let me get to mark tepper, what do you make of all of that, mark mark today is a big day, four to have biggest five companies reporting. When you look at five Biggest Companies in s p they make up 20 of the s p, as go the big boys go the market typically but whats interesting to me is that the market has been resilient. I mean, we are within 5 or so of hitting alltime highs despite all of the economic speed bumps we have been hitting with economic reopenings and rolling them back and then the big boys have been stalling out, so you look at performance of microsoft, facebook, apple, netflix, google, theyve all underperformed the market since july 1st yet the market continues to grind higher so that is pretty impress i have to me. I agree with what jim said. I dont think theres a lot of value in just buying the index right now. You need to look for specific opportunities. Maria of course, we heard from the Federal Reserve yesterday giving the markets a boost, steve forbes, what your take on that. Chairman jay powell said the central bank will not raise rates leaving them near zero, powell added that the path to economic recovery is coronavirus response. We are talking about zero rates, steve, until 2024 at least . Pick a date, maybe 2124 with the way things are going now. The mention of gold, thats moving up. Inflationary pressures, the weakening to have dollar it would be interesting how the fed responds because usually they try to slow the economy when they see signs of that. They dont have that option this time. I think theres more turbulence ahead than the markets realize in terms of whats going to happen with the dollar. Maria jim, what do you make of that, any surprises from the Federal Reserve yesterday in. No, the fact that they are towing the line of not even thinking about raising rates until 2024, certainly theres a lot of concern that the fed has to fend over weeks and months not just quarters and years and we know market rebound ask is effectively based on furlough, stimulus, those are weak legs for any economy, any market to stand on. What we are thankful for the gains that we have received, we think our job will be extremely difficult safeguarding gains on a goforward basis even as we will remain selective in terms of adding opportunities not just domestically but certainly in europe which is absolutely beaten down for mainly for the right reasons but also globally with familiar to china and small, midcap stocks in merging markets. Maria all right, we will leave it there. Europe, the valuation is a different story in europe relative to the United States. Good to see you, thank you, sir. Jim lowell joining us there. Next hour rick scott to talk about the latest of the coronavirus and the stalled stimulus plan and florida congressman matt gates joining us on grilling on capitol hill, one to have big techs on the move. In the 8 00 a. M. Hour press secretary Sarah Sanders talked about the stimulus talks and conservative bias in social media. Then from live to virtual we are introducing you to a new streaming platform for concerts all coming up right here, but first quick break and then past due, the back rent is swelling in america as lawmakers not offering eviction relief. You have questions and we have answers. Send the video questions to maria, youre watching mornings with maria on fox business. Maria welcome back, heated back and forth on capitol hill yesterday the ceo of facebook, amazon, alphabet and apple testified virtually facing tough questions from house judiciary subcommittee about antitrust, privacy, anticonservative bias, watch. Can you assure americans today you wont tailor your features to help joe biden win the election . We wont do any work to politically pull one thing or another. But you did it in 2016. Despite that you did it in 2016 President Trump won,i just want to make sure you wont do it in 2020. Big tech is out to get conservatives, thats not a suspicion, hunch, thats a fact. Thethe power these companies hae to impact the election, what americans get to see prior to their voting is pretty darn important. It is possible that at facebook your employees do have the power to disadvantage conservative viewpoints. Of course, when you have a tens of thousands of employees, people make mistakes, people have some of their own goals some of the time. Maria joining me right now the federalist Senior Editor christopher bedford. Chris, good to see you this morning, your reaction to what you saw yesterday . Good morning, i thought it was a good mix of questions, democrats coming out it from antimonopoly point of view and republicans bringing very important issue of censorship here. The tech ceos, of course, managed to not answer a lot but at the same time give us interesting things. Google claimed for example, that the reason why daily callers traffic through search has flatlined, to stop election interference. That does not pass the smell test at all. Seems just not true at all. We didnt see much criticism of china. Mark zuckerberg was the only ceo willing to complement hauwei, spy agency for china, i was happy with the substance of the questions from both sides of congress. Maria analysts and counting company this morning is telling clients heavy criticism of big tech gives regulators cover to file antitrust lawsuits against google and facebook, do you believe antitrust lawsuits are coming . Chris i think its very likely. Theres a huge appetite for it in washington. Republicans who are traditionally the defenders of big business have felt attacked and targeted by a lot of the companies in Silicon Valley and democrats have never been traditionally an ally for big business against antitrust. They have managed to align both sides of the political spectrum and they dont usually agree on anything on the same side against them, that usually means its political will to get that kind of thing done. Maria all right, in this report that im looking at from paul, heavy criticism gives regulate ors file antitrust lawsuits against google and facebook but for apple and amazon lawsuits remain unlikely and secilini seemed to suggest that amazon can be poised for a breakup. Dagen mcdowell jump in. Dagen chris, the root of any antitrust bus top is consumer benefit to consumer detriment and the wall street journal in editorial page writes about this that big tech antitrust paradox, the legal test is consumer benefit and not size and in terms of benefit i know that the federalist has experienced this that you reliant on googles ad network that they can if they see fit deplatform you, demontize you and essentially put you out of business, nevertheless the federalist and the vast majority of all Online Publications on this day and age literally couldnt exist without googles ad network, back in the first dotcom bubble you cant afford and hire and add sales team to stay afloat. I saw business after business toppled because of that but a site like the federalist has basically sold part of yourself and your soul to google just to exist. Chris well, the federalist would have taken a hit for sure if we were taken out of Advertising Network but we would have survived because we have diversity of renew at the federalist. Some other sites would not survive, those responsible for googles traffic. Google has thing here where they have undercut a lot of the traditional ad sellers. We used to go to new site and have an Actual Program that was bought by the new or bought by advertiser and looks attractive and lowered a lot faster. Google would sell ads so much cheaper and using target information and foolish to buy ad campaign and that drove business out of business and it was only google. Dangerous reliance theyve created. You are an example of the impact. Great to see you so much. Chris bedford from the federalist. More of bigtech hearings as ceos defend Business Practices, thats right after this, stay with us. Mom . Youll get an extra 15 on top of what geico could already save you. Can i call you back . Your fathers been researching our geneology. Were vikings theres never been a better time to save with geico. Switch by october seventh for an extra 15 on car and motorcycle insurance. Hey, we lost the wifi password. Do you remember what that is . Now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Why should instagram be broken off to a separate company . Well, congressman, i think the ftc had all of these documents and reviewed this and unanimously voted at the time not to challenge the acquisition. I mean, i think with hindsight it probably looks like obvious that instagram would have reached the scale that it has today. Would amazon ever access and use thirdparty seller data when making business decisions. I cant answer that question yes or no. What i can tell you we have a policy against using sellerspecific data to aid our private label business, but i cant guaranty you that that policy has never been violated. Maria that was jeff bezos and Mark Zuckerberg facing questions over Business Practices at yesterdays hearings. Steve forbes, it wasnt just a focus on conservative bias, it was also antitrust. What did you make of it . Well, yes and i think this underscores the fact that these companies have not been very good at dealing with criticism and not done much to get to public will. Maria, in the old days, the old at t before it went out legal monopoly went out of its way to make sure every complaint was dealt with and went out of their way to make everyone happy and these people displayed arrogance and coming back to bite them. Consumers like the services they have and which is why companies do well. Politically they have offended both sides and when theyve had to practices they shouldnt have done theyve been slow in responding to them, look liked they tried to brush it aside and they are going to get political trouble, whether its section 230, shields them from liability on what appears on their platforms or something else, they are going to take a political hit and they brought it on themselves not because of overall because of overall performance but arrogance in responding legitimate criticisms whether google not allowing, having some of the lectures on youtubes, stupid things like that, theyve been very, you know, as germans would say its going to hurt them and its going to hurt us. Maria mark tepper it was interesting to look at both sides because both sides of the aisles were mad at big tech and the democrats were prepared, cutting people off just as much republicans anger over conservative speech. Yeah, thats definitely been a big problem with social media in general, but if you think about it we are fighting the wrong fight. I mean, we are fighting against facebook, we are fighting against twitter, we are not fighting against tiktok. Thats the fight we should be fighting right now but with regards to the company here is the defense, am done can say they lost comp