Transcripts For FBC After The Bell 20240712 : vimarsana.com

FBC After The Bell July 12, 2024

Only hear from the voters, we also have Ohio Republican senator rob portman coming up. This is a big show, stay with us throughout the entire hour. We start the with fox Business Team coverage. Blake burman at the white house. Well get to black in a moment. We begin this afternoon with Lauren Simonetti on the markets. Lauren. Lauren today, guys, wall street took a little bit of a breather with the first down day in four days. Three main concerns here, mainly stimulus, the whole question mark when well get more of it. But also a rise in coronavirus cases in new york which was once the epicenter of the virus, raising fears of another lockdown. Yes, two lesser extent, investors waiting to see whats going to happen. Who will emerge the winner if there is it one after the president ial showdown tonight. This is how we finished the session. You can see the dow, the s p 500 down half of 1 each. The nasdaq down a quarter of 1 . This is the second to last day of the terrible month of september. Also the third quarter. It is traditionally heading into a strong time for the market, even in election years. The Fourth Quarter is typically pretty strong. A lot of investors are saying look, things came down into september. That could be a buying opportunity for some investors. Take a look at gold. It got a downs today. Ubs says buy it. They say buy it because its a safety play in the event that we do get a contested election that fear is driving a lot of the action that we saw in the Options Market and continue to see. Look at the vix futures. I want to show you guys this graph. It is above 30 for october, november, december. Almost into january. Optimize advisors that is a hint that some investors think challenges to the election may not be resolved until inauguration day. Meanwhile one more thing, weve got the Conference Board america sure of Consumer Confidence for the month of november, surged, best number, highest number since march. The reason near term optimism about personal finances that is good news ahead of fridays jobs data. Back to you guys. Connell lauren, thank you. Bridging the gap meantime treasury secretary Steve Mnuchin today and House Speaker nancy pelosi meeting discussing the next covid relief package. Of course weve been waiting for that for some time. Lets get to blake burman live at the white house with the latest reporting on the back and forth between the white house and capitol hill. Blake. Reporter probably have to wait for it certainly a little bit longer. The question, connell, will it ever come . We can tell you nancy pelosi, House Speaker, Steve Mnuchin, treasury secretary spoke on the phone today. Lasted about an hour. They are also expected to talk again tomorrow about a covid relief bill but both sides are still hundreds of billions of dollars apart. The democrats put forth a 2. 2 trillion package. Im told when the white house make as counteroffer here likely in the coming days it will be the in air of 1. 4, or 1. 5 trillion. Despite that gap show pelosi described the conversation between herself and mnuchin a positive one. This was the read a little while ago from larry kudlow. But if the speaker is more optimistic, than i guess im glad to hear it. I dont think the recovery depends on it but i think targeted help and targeted assistance would help. I think it would be very good. Reporter one thing to remember here, airlines have warned if they do not get another lifeline, 25 billiondollar lifeline, extension of it in the cares act, then come thursday, october 1st, there will be furloughs and layoffs across that industry by the thousands. The conversations that i have had, connell it is very unclear as to how that could potentially resolve itself between now and then. So, when we talk about the fate of a, another package between the two sides, both are talking but remember 1. 4, 1. 5 counter offer likely, 2. 2 trillion, there is hundreds of billions there in between from both sides. Back to you. Connell yeah. It is a huge gap. I know they want to avoid the job cuts or furloughs but that is a huge gap. Blake, thank you. Melissa. Melissa fully but surely, first jpmorgan, now Investment Firm every core and show infelt Asset Management bring their workers back to office along with other big names like barclays for example. Here is james freeman, from the wall street journal and also a fox news contributor. We have a whole laundry list, well put them them up on the screen including goldman sachs, theyre trying to get their managers back in new york and all around the country. Get back in. Hard to tell employees they must return if they dont feel like youre safe. They can talk to the managers. They can sort of set the examples. The scuttlebutt i am hearing about this, the banks are realizing they are the ones left holding the bag when midtown real estate or other big places downtown chicago, people dont come back to the office, you dont pay your events, those real estate owners dont pay their mortgage, all of it goes back to the bank at the end of the day. And theyre the ones that have to bear the losses. So some of these ceos said we need to set the example, lets get people back to work. What do you think about that theory and that possibility . Well certainly the banks benefit when people pay their mortgages and pay their bills and pay their loans but i think there is also a real upside here for their staff, particularly for the younger workers, new in the workforce, who are not so much at risk for covid or for any adverse out comes from covid. They are missing when they are at home a lot of the little interactions during a day that allow to you pick up a companys culture to learn from the older people around the office and so new york has been way behind the rest of the country. Its basically 10 occupancy right now versus closer to 25 nationwide so you talked about slowly but surely, this is a very slow move back in new york. I think it ought to go quicker but i dont think it is just about corporate bottom line. I think this is a benefit to a lot of workers to get back to reengaged. For those young people, a lot of their apartments in the city will not be as nice as the office. Some of them may want to come in. Melissa well there is this push and pull though because you have jamie dimon, i was looking for the exact quote. He calls it creative combustion. He says something is lost when everybody works from home. The flipside of that we heard a lot of Companies Say in their last earnings report, well, wait a second, were saving a fortune on real estate. People are just as productive from home i heard a lot of people say. Even if there is some lost productivity theyre not wasting all the commute time getting to the office. So netnet, theyre kind of getting more out of their workers in the day. So whats the truth there . You hear some managers say one and some managers say another. What do you think the truth is . Yeah. I think the debate will go on. I personally think, im a little more efficient at home but the, jpmorgan is obviously a leader in that industry and i think jamie dimon feels his conviction that the Bank Benefits from having more people there is probably going to have a big impact across the industry because in many ways hes seen as the model to emulate. That will be influential. There is also this debate as you say on distance versus this question whether we dont need cities anymore because now weve all got Broadband Internet connections and jerry seinfeld, the comedian, like dime deep, no, you actually need to have people gathering together and they want to be together and that is how you get creativity and innovation and growth and you know, will be an interesting experiment on the other side of the country as well. You cecil con valley, also a lot of empty offices right now. Theyre at about 15 occupancy or people at work versus around 10 in new york city but these are both businesses where you would think theoretically they dont actually need people to be next to each other but i think a lot of people in both Industries Even though theyre knowledge businesses they do recognize the benefits of collaboration and human interaction. I do notice it, how different the work mace it is when i was first coming in the workforce where there are just a lot of little interactions maybe around the coffee machine that just dont happen now i think that mainly is a loss for younger workers trying to learn the ropes. Melissa yeah. So im so grad you brought up Silicon Valley because this is a conversation that has an impact on everything, whether youre a stock market investor, watching the debate, youre talking about the vaccine and challenges around covid. If youre just a regular person trying to figure out in your city what will happen next. You look at the tech model, Silicon Valley theyre not still talking about not coming back to the offers in 2020. We havent heard a big dent out of that. On the flipside of that, jamie dimon starting this wave in the big banks and everybody else has fallen into line. That is what that list that we showed you was all about. Theyre saying, got to start to get people to come back into the office here. So there is a big dive vied. With whether youre somebody that is trying to decide, i will invest in peloton or zoom, all these things from home, maybe there is a buy in things that have been left for dead will come back to life. How do you think it will end up, all the people home right now, do 25 go back, do 50 go book, do 75 go back. How many of all of us end back in the office at the end of the day, what is your best . I tend to think most of us will go back. We should note there is this other issue of big city mayors tolerating lawlessness. So that has an impact im sure on peoples thinking how much they want to be going into the office. Yeah, were waiting for the jamie dimon of Silicon Valley perhaps to sort of lead the way on that end but i tend to think people will eventually like to gather again and maybe next few months, there is a little more comfort moving forward. I guess vaccine could be a gamechanger obviously. Maybe after the election people start to be open to new ideas if they have become entrenched in certain views about the virus. I think the longterm bet cities will continue is probably a good one. Melissa that is a great point you made because it wasnt that long ago those 100 companies all signed a letter to mayor de blasio you need to step up to do your job because we want our people to go back to work. You have to clean up the subway, make the streets safe again. That is a factor. James freeman, brilliant as always. We appreciate it. Wow, you too, melissa. Melissa round one of the president ial debates, President Trump and democratic nominee joe biden set to go facetoface for the first time. Well talk to joe concha about the most important things to watch for tonight. I have my list ready. I bet you do too, connell. Connell absolutely. We, were on the ground here in the state of ohio and well continue our coverage, speaking to the voters about what they think is important, what theyre looking for in the debate this evening. In addition to that, amy coney barrett, making her first appearance on capitol hill meeting with republican senators a couple weeks before her confirmation hearings are set to begin. Well have the republican senator from this state rob portman joining us talking about the Supreme Court fight and much more. Stick around, well be back. After the bell is live from the state of ohio. Searching for a way to help stop your cold sore . Only abreva can get rid of it in. As little as 2 1 2 days when used at the first sign. Abreva starts to work immediately to block the virus and protect healthy cells. Abreva acts on it. So you can too. You know limu,g after all these years its the ones that got away that haunt me the most. [ squawks ] cause youre not like everybody else. Thats why Liberty Mutual customizes your car insurance, so you only pay for what you need. What . Oh, i said. Uh, this is my floor. Nooo only pay for what you need. Liberty. Liberty. Liberty. Liberty. So youre a small bor a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Melissa fox business alert, regeneron halted afterhours. The company saying its experimental antibody cocktail reduced viral levels and reduced symptoms in patients with mild to moderate covid19. Adding it plans to rapidly discuss the trial results with regulatory authorities. Hmmm. Just hours away from the first president ial debate. President trump and former Vice President joe biden will go headtohead on a number of issues tonight. Hillary vaughn is live on the ground in cleveland, ohio with, the latest. Hillary. Reporter melissa, President Trump was the first to touch down here in cleveland ahead of tonights debate. Democratic nominee joe biden is on his way right now in the air from wilmington. He is expected to land in about half an hour from now. This will be the first facetoface showdown between the two candidates but the backstage negotiations leading up tonight are leaking out. The Trump Campaign requested an ear check of each candidate before taking the stage tonight to confirm there wont be anyone talking in the candidates ear, feeding them information. The Trump Campaign said bidens team originally agreed but then took it back, saying this in a statement. Joe bidens hand several days ago agreed ear inspection for electronic earpieces but abruptly changed it. Bidens handlers asked for multiple breaks during the debate which President Trump doesnt need so we rejected the requestens campaign say that never happened. They are spilling a request that the Trump Campaign made behind the scenes. It is completely absurd. Of course he is not wearing an earpiece and we never asked for breaks. If were playing that game then you know, the trump team asked that Chris Wallace never mention the number of covid deaths once during the debate. You can consider that confirmed from the Biden Campaign. Reporter tonight there will be six topics and there will be a lot to talk about. The economy will get an entire 15 minutes focused on that alone. Another hot top pick will come up, and not just each candidates tax plans but their tax returns. Both biden and harris released their 2019 tax returns ahead of the debate as a way to troll trump that they wrote much bigger checks to the is last year than he did after the New York Times reported that trump paid 750 in income taxes last year. The bidens paid nearly 300,000 to the irs. Kamala harris and her husband over one million dollars. Were getting new information about joe biden es strategy heading into tonight, melissa. A month ago he promised he would be a fact checker on stage standing next to President Trump but today his Campaign Advisors say thats not going to happen. So something changed between august and now. Melissa . Melissa i cant believe bidens team is making a covid death joke when theyre the ones that said it was 200 million dead. Hillary, thank you, connell . Connell lets talk to the ohio senator rob portman, a republican about all of this and of course senator portman is stuck back in washington while i get to enjoy his beautiful state right along lake erie. Thank you, sir, for coming on. I dont know if you given President Trump any suggestions what to do, or not to do tonight, have you . Im jealous with you being in geneva on the lake . Are you in lake erie. Connell right on the lake. Beautiful place. Were voting here on the continuing resolution to keep government open so i have to be here. Otherwise i would be with you. Im there in spirit. Look i think President Trump will do well. I also think it has been missed by some that Vice President biden is a pretty good debater. You saw his debate performance against paul ryan where he was widely viewed having done a good job and won that debate. The same with sarah palin was viewed by all the commentators winning the debate. This guy spent 47 years in Public Service and had a lot of debates. So i think, this notion that somehow he is going to come out on the stage to be unable to hold his own is not accurate. So well see. I think it will be an interesting night no matter what. Connell he hasnt been pressed too much though, senator, as you know, that has been the criticism from republicans whether it be not making yourself available to questionss from the media or not sitting down for quote, unquote tough interviews, he will be tonight. So will President Trump by Chris Wallace, the moderator. If you had to come up with question or two for the former Vice President where would you be . Where do you think biden needs to be pressed this evening . I think youre absolutely right. I think the media has been less tough on him than they have been on President Trump. So he hasnt had tough questions, even when he has been in a press conference, they seem to pull back on some of the tougher questions. So heres the big difference between these two guys. One has been in Public Office for 47 years, has much less to show for what 47 years

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